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Virnetx (VHC) Financials

Virnetx logo
$11.84 +0.69 (+6.19%)
Closing price 03:55 PM Eastern
Extended Trading
$12.56 +0.73 (+6.12%)
As of 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Virnetx

Annual Income Statements for Virnetx

This table shows Virnetx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -29 -29 -17 -25 -19 280 -43 -36 -28 -18 -18
Consolidated Net Income / (Loss)		 -29 -29 -17 -25 -19 280 -43 -36 -28 -18 -18
Net Income / (Loss) Continuing Operations		 -29 -29 -17 -25 -19 280 -43 -36 -28 -18 -18
Total Pre-Tax Income 		-29 -28 -17 -25 -20 307 -49 -20 -28 -18 -18
Total Operating Income		 -29 -29 -17 -25 -20 158 -49 -22 -31 -20 -19
Total Gross Profit		 1.56 1.55 1.55 0.06 0.09 303 0.04 0.05 0.01 0.01 0.16
Total Revenue		 1.56 1.55 1.55 0.06 0.09 303 0.04 0.05 0.01 0.01 0.16
Operating Revenue		 1.56 1.55 1.55 0.06 0.09 303 0.04 0.05 0.01 0.01 0.16
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 31 30 19 26 20 145 49 22 31 20 20
Selling, General & Admin Expense		 23 25 15 21 16 46 53 16 22 14 13
Research & Development Expense		 2.28 4.16 4.16 4.82 3.85 8.83 5.58 6.41 9.71 6.04 5.65
Impairment Charge		 - - - - - - - - - - 0.50
Total Other Income / (Expense), net		 -0.05 0.07 0.05 0.05 0.09 150 0.05 1.85 3.50 2.23 1.21
Interest & Investment Income		 - 0.07 0.05 0.05 0.09 108 0.05 1.85 3.50 2.23 1.21
Income Tax Expense		 0.01 0.13 0.00 0.00 -0.39 27 -6.21 16 -0.08 0.00 -0.00
Basic Earnings per Share		 ($0.56) ($0.51) ($0.30) ($0.40) ($0.28) $3.96 ($0.60) ($10.17) ($7.79) ($5.05) ($5.00)
Weighted Average Basic Shares Outstanding		 52.38M 55.98M 58.35M 62.99M 68.56M 70.85M 71.16M 3.57M 3.58M 3.60M 3.65M
Diluted Earnings per Share		 ($0.56) ($0.51) ($0.30) ($0.40) ($0.28) $3.92 ($0.60) ($10.17) ($7.79) ($5.05) ($5.00)
Weighted Average Diluted Shares Outstanding		 52.38M 55.98M 58.35M 62.99M 68.56M 71.62M 71.16M 3.57M 3.58M 3.60M 3.65M
Weighted Average Basic & Diluted Shares Outstanding		 52.38M 55.98M 58.35M 62.99M 68.56M 71.06M 71.23M 71.42M 3.68M 4.24M 4.19M

Quarterly Income Statements for Virnetx

This table shows Virnetx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Consolidated Net Income / (Loss)		 -4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Net Income / (Loss) Continuing Operations		 -4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Total Pre-Tax Income 		-4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Total Operating Income		 -5.64 -7.78 -4.93 -4.42 -4.39 -6.67 -4.05 -3.94 -4.64 -6.81 -4.51
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.05 0.06 0.06 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.05 0.06 0.06 0.00
Operating Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.05 0.06 0.06 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 5.64 7.78 4.93 4.42 4.39 6.67 4.05 3.99 4.70 6.86 4.51
Selling, General & Admin Expense		 4.42 5.41 3.66 3.19 3.21 4.30 2.79 2.78 3.06 4.82 3.35
Research & Development Expense		 1.22 2.37 1.27 1.22 1.18 2.37 1.26 1.22 1.14 2.04 1.16
Total Other Income / (Expense), net		 0.72 0.67 0.64 0.59 0.55 0.45 0.37 0.32 0.30 0.22 0.15
Interest & Investment Income		 0.72 0.67 0.64 0.59 0.55 0.45 0.37 0.32 0.30 0.22 0.15
Income Tax Expense		 -0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 -0.00 0.00
Basic Earnings per Share		 ($1.36) ($1.99) ($1.19) ($1.07) ($1.07) ($1.73) ($1.01) ($0.99) ($1.18) ($1.80) ($1.16)
Weighted Average Basic Shares Outstanding		 3.61M 3.58M 3.62M 3.59M 3.60M 3.60M 3.63M 3.66M 3.67M 3.65M 3.75M
Diluted Earnings per Share		 ($1.36) ($1.99) ($1.19) ($1.07) ($1.07) ($1.73) ($1.01) ($0.99) ($1.18) ($1.80) ($1.16)
Weighted Average Diluted Shares Outstanding		 3.61M 3.58M 3.62M 3.59M 3.60M 3.60M 3.63M 3.66M 3.67M 3.65M 3.75M
Weighted Average Basic & Diluted Shares Outstanding		 3.62M 3.68M 3.68M 3.74M 3.73M 4.24M 4.24M 4.27M 4.27M 0.00 4.19M

Annual Cash Flow Statements for Virnetx

This table details how cash moves in and out of Virnetx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -9.93 -2.10 -3.49 4.48 -4.48 190 -51 -55 -60 -2.99 -7.75
Net Cash From Operating Activities		 -26 -22 -15 -22 -15 281 -52 -17 -25 -15 -16
Net Cash From Continuing Operating Activities		 -26 -22 -15 -22 -15 281 -52 -17 -25 -15 -16
Net Income / (Loss) Continuing Operations		 -29 -29 -17 -25 -19 280 -43 -36 -28 -18 -18
Consolidated Net Income / (Loss)		 -29 -29 -17 -25 -19 280 -43 -36 -28 -18 -18
Depreciation Expense		 0.03 0.03 0.03 0.02 0.01 0.01 0.00 0.01 0.01 0.02 0.02
Non-Cash Adjustments To Reconcile Net Income		 7.59 5.39 3.99 4.06 3.71 13 4.18 2.98 2.79 1.90 2.47
Changes in Operating Assets and Liabilities, net		 -4.83 1.20 -1.68 -0.97 0.38 -12 -13 16 0.30 0.92 0.09
Net Cash From Investing Activities		 13 0.70 7.80 -0.37 -0.61 -26 1.03 -39 36 12 8.77
Net Cash From Continuing Investing Activities		 13 0.70 7.80 -0.37 -0.61 -26 1.03 -39 36 12 8.77
Purchase of Property, Plant & Equipment		 -0.01 -0.01 0.00 0.00 -0.01 0.00 -0.01 0.00 -0.07 -0.02 -0.02
Purchase of Investments		 -11 -11 -0.95 -3.09 -5.78 -33 -26 -67 -50 -29 -16
Sale and/or Maturity of Investments		 23 11 8.74 2.72 5.19 7.11 27 29 86 41 25
Net Cash From Financing Activities		 3.82 19 3.66 27 11 -66 -0.20 -0.03 -71 -0.13 -0.87
Net Cash From Continuing Financing Activities		 3.82 19 3.66 27 11 -66 -0.20 -0.03 -71 -0.13 -0.87
Other Financing Activities, net		 0.55 -0.07 -0.02 0.18 0.67 0.69 -0.20 -0.03 -0.01 -0.13 -0.87
Cash Income Taxes Paid		 0.01 0.13 0.01 0.00 0.00 39 0.00 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Virnetx

This table details how cash moves in and out of Virnetx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.88 -1.56 1.30 -1.31 -1.16 -1.83 -0.07 -5.93 -0.16 -1.58 -0.77
Net Cash From Operating Activities		 -3.29 -7.02 -3.52 -3.08 -3.22 -5.51 -3.89 -2.94 -3.00 -5.81 -4.30
Net Cash From Continuing Operating Activities		 -3.29 -7.02 -3.52 -3.08 -3.22 -5.51 -3.89 -2.94 -3.00 -5.81 -4.30
Net Income / (Loss) Continuing Operations		 -4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Consolidated Net Income / (Loss)		 -4.92 -7.11 -4.29 -3.83 -3.84 -6.22 -3.68 -3.62 -4.35 -6.58 -4.35
Depreciation Expense		 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Non-Cash Adjustments To Reconcile Net Income		 0.71 0.71 0.49 0.46 0.46 0.50 0.43 0.44 0.98 0.62 0.74
Changes in Operating Assets and Liabilities, net		 0.92 -0.62 0.28 0.29 0.16 0.20 -0.65 0.24 0.36 0.14 -0.69
Net Cash From Investing Activities		 5.17 5.46 4.82 1.77 2.07 3.80 3.82 -2.98 2.85 5.08 3.52
Net Cash From Continuing Investing Activities		 5.17 5.46 4.82 1.77 2.07 3.80 3.82 -2.98 2.85 5.08 3.52
Purchase of Investments		 -11 -13 -7.37 -11 -8.22 -2.16 -3.46 -7.95 -4.77 - 0.00
Sale and/or Maturity of Investments		 16 19 12 13 10 5.96 7.28 4.97 7.64 5.08 3.52
Net Cash From Financing Activities		 -0.01 - -0.00 - -0.01 -0.12 0.00 -0.01 -0.01 -0.85 -0.00
Net Cash From Continuing Financing Activities		 -0.01 - -0.00 - -0.01 -0.12 0.00 -0.01 -0.01 -0.85 -0.00
Other Financing Activities, net		 -0.01 - -0.00 - -0.01 -0.12 0.00 -0.01 -0.01 -0.85 -0.00

Annual Balance Sheets for Virnetx

This table presents Virnetx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 22 19 7.18 12 7.50 235 187 153 60 50 31
Total Current Assets		 19 16 5.18 10 5.77 224 169 152 54 38 22
Cash & Equivalents		 8.73 6.63 3.14 7.61 3.14 193 142 87 26 23 16
Short-Term Investments		 9.95 9.25 1.45 1.80 2.39 28 27 65 27 15 5.98
Accounts Receivable		 - - 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.00 0.02
Prepaid Expenses		 0.69 0.59 0.59 0.72 0.24 0.26 0.20 0.22 0.28 0.12 0.12
Plant, Property, & Equipment, net		 0.05 0.03 0.01 0.01 0.02 0.01 0.02 0.01 0.07 0.07 0.06
Total Noncurrent Assets		 2.76 2.37 1.99 1.60 1.71 10 17 0.70 6.51 11 9.34
Long-Term Investments		 - - - - - - - 0.00 2.50 2.50 2.00
Other Noncurrent Operating Assets		 2.76 2.37 1.99 1.60 1.71 1.30 1.06 0.70 4.01 8.84 7.34
Total Liabilities & Shareholders' Equity		 22 19 7.18 12 7.50 235 187 153 60 50 31
Total Liabilities		 7.08 7.72 5.62 1.86 1.87 10 1.07 0.73 4.40 9.99 8.59
Total Current Liabilities		 5.58 5.22 4.48 1.86 1.83 10 1.02 0.73 1.25 7.20 2.03
Accounts Payable		 2.29 1.81 0.41 1.05 1.35 0.65 0.34 0.37 0.44 0.34 0.39
Current Employee Benefit Liabilities		 1.38 1.52 2.18 0.28 0.29 0.22 0.27 0.31 0.32 0.26 0.26
Other Current Liabilities		 - - 0.00 0.14 0.19 0.04 0.06 0.05 0.50 6.60 1.38
Total Noncurrent Liabilities		 1.50 2.50 1.14 0.00 0.04 0.00 0.05 0.00 3.15 2.79 6.56
Other Noncurrent Operating Liabilities		 - 0.00 0.14 0.00 0.04 0.00 0.05 0.00 3.15 2.79 6.56
Commitments & Contingencies		 0.00 0.00 - - - - - - - - 0.00
Total Equity & Noncontrolling Interests		 15 11 1.55 9.89 5.63 224 185 152 56 40 22
Total Preferred & Common Equity		 15 11 1.55 9.89 5.63 224 185 152 56 40 22
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 15 11 1.55 9.89 5.63 224 185 152 56 40 22
Common Stock		 145 169 177 208 223 232 236 240 243 244 245
Retained Earnings		 -130 -158 -176 -198 -218 -8.01 -51 -87 -186 -205 -223
Accumulated Other Comprehensive Income / (Loss)		 -0.02 -0.01 -0.01 -0.01 -0.01 -0.01 -0.07 -0.31 -0.01 0.00 -0.02

Quarterly Balance Sheets for Virnetx

This table presents Virnetx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 64 62 59 56 45 42 38 27
Total Current Assets		 61 50 47 44 35 32 28 18
Cash & Equivalents		 28 28 26 25 23 17 17 15
Short-Term Investments		 33 22 21 19 11 14 11 2.45
Accounts Receivable		 0.00 0.00 0.00 0.00 - 0.05 0.02 0.00
Prepaid Expenses		 0.44 0.37 0.30 0.27 0.40 0.26 0.22 0.34
Plant, Property, & Equipment, net		 0.01 0.06 0.07 0.06 0.06 0.06 0.07 0.06
Total Noncurrent Assets		 2.44 12 12 12 10 10 9.48 9.08
Long-Term Investments		 2.00 2.50 2.50 2.50 2.50 2.50 2.00 2.00
Other Noncurrent Operating Assets		 0.44 9.34 9.17 9.01 7.97 7.73 7.48 7.08
Total Liabilities & Shareholders' Equity		 64 62 59 56 45 42 38 27
Total Liabilities		 1.60 10 10 10 8.75 8.65 8.69 7.84
Total Current Liabilities		 1.60 7.03 7.01 7.14 1.95 1.94 2.07 2.06
Accounts Payable		 1.18 0.49 0.33 0.28 0.33 0.29 0.38 0.35
Current Employee Benefit Liabilities		 0.41 0.32 0.35 0.38 0.33 0.35 0.38 0.27
Other Current Liabilities		 0.01 6.22 6.33 6.47 1.30 1.30 1.31 1.44
Total Noncurrent Liabilities		 0.00 3.06 3.13 2.96 6.80 6.71 6.62 5.78
Other Noncurrent Operating Liabilities		 0.00 3.06 3.13 2.96 6.80 6.71 6.62 5.78
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Total Equity & Noncontrolling Interests		 62 52 49 45 36 33 29 19
Total Preferred & Common Equity		 62 52 49 45 36 33 29 19
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 62 52 49 45 36 33 29 19
Common Stock		 242 243 243 244 245 245 246 246
Retained Earnings		 -179 -191 -195 -198 -208 -212 -216 -227
Accumulated Other Comprehensive Income / (Loss)		 -0.11 -0.04 -0.04 0.03 -0.01 -0.02 -0.02 -0.03

Annual Metrics And Ratios for Virnetx

This table displays calculated financial ratios and metrics derived from Virnetx's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 53,046,308.00 56,689,167.00 58,836,073.00 66,762,618.00 69,510,097.00 71,058,570.00 71,232,856.00 71,424,650.00 3,618,431.00 3,729,122.00 4,238,581.00
DEI Adjusted Shares Outstanding		 2,652,315.00 2,834,458.00 2,941,804.00 3,338,131.00 3,475,505.00 3,552,929.00 3,561,643.00 3,571,233.00 3,618,431.00 3,729,122.00 4,238,581.00
DEI Earnings Per Adjusted Shares Outstanding		 -11.02 -10.08 -5.87 -7.61 -5.52 78.93 -12.05 -10.15 -7.70 -4.87 -4.30
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.50% -0.32% -0.19% -95.93% 34.92% 355,942.35% -99.99% 37.14% -85.42% -28.57% 3,140.00%
EBITDA Growth		 -195.16% 2.27% 39.20% -47.09% 22.72% 1,113.52% -124.66% 55.09% -42.44% 35.18% 4.71%
EBIT Growth		 -195.60% 2.47% 39.24% -46.97% 22.75% 1,112.78% -124.69% 55.11% -42.44% 35.13% 4.69%
NOPAT Growth		 -139.84% 2.30% 39.24% -46.97% 22.75% 1,146.20% -123.90% 55.11% -42.44% 35.13% 4.69%
Net Income Growth		 -195.23% 2.27% 39.52% -47.04% 24.51% 1,562.09% -115.31% 15.52% 23.14% 34.79% -0.28%
EPS Growth		 -194.74% 8.93% 41.18% -33.33% 30.00% 1,500.00% -115.31% 15.52% 23.40% 35.17% 0.99%
Operating Cash Flow Growth		 -1,439.96% 16.83% 31.83% -49.21% 32.37% 1,965.97% -118.38% 67.34% -46.65% 38.13% -2.07%
Free Cash Flow Firm Growth		 -421.60% 26.07% 26.53% -54.35% 37.22% 1,152.49% -133.65% 101.06% -4,427.07% 38.63% -1.21%
Invested Capital Growth		 58.32% -31.91% 35.82% 115.62% -79.11% 3,113.13% 408.55% -98.63% -115.38% -2,720.59% -9.80%
Revenue Q/Q Growth		 -2.14% -0.19% -0.06% -85.35% 1.19% -0.01% -12.50% -11.11% -41.67% 0.00% 52.83%
EBITDA Q/Q Growth		 -106.68% 1.63% 6.51% -1.59% 8.96% 22.29% 4.49% -4.28% 0.87% 5.16% -0.69%
EBIT Q/Q Growth		 -106.24% 1.73% 6.50% -1.58% 8.96% 22.28% 4.54% -4.28% 0.86% 5.15% -0.70%
NOPAT Q/Q Growth		 -105.20% 1.73% 6.50% -1.58% 8.96% -2.52% 4.54% -4.28% 0.86% 5.15% -0.70%
Net Income Q/Q Growth		 -106.24% 1.72% 6.50% -1.53% 9.15% -1.05% 2.62% -97.79% 38.05% 4.68% -2.03%
EPS Q/Q Growth		 -115.38% 5.56% 6.25% 2.44% 6.67% -1.01% 3.23% -97.79% 37.43% 4.54% -2.88%
Operating Cash Flow Q/Q Growth		 -411.69% -9.24% 16.87% -5.26% 8.31% -7.73% 31.30% -30.19% 0.28% 8.95% -1.94%
Free Cash Flow Firm Q/Q Growth		 -180.36% -8.14% 17.28% -4.06% 6.00% -14.80% 36.58% 105.16% -328.67% 11.03% -1.06%
Invested Capital Q/Q Growth		 -45.85% 11.92% -86.08% -64.17% -77.85% 118.46% -24.68% -98.65% 95.25% -26.02% -16.74%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -1,871.96% -1,835.29% -1,117.97% -40,379.37% -23,127.06% 65.83% -140,388.57% -45,977.08% -449,085.71% -407,520.00% -11,985.80%
Operating Margin		 -1,876.33% -1,839.03% -1,119.65% -40,407.94% -23,135.29% 52.17% -140,497.14% -45,991.67% -449,214.29% -407,940.00% -12,000.00%
EBIT Margin		 -1,879.49% -1,839.03% -1,119.65% -40,407.94% -23,135.29% 65.81% -140,497.14% -45,991.67% -449,214.29% -407,940.00% -12,000.00%
Profit (Net Income) Margin		 -1,880.00% -1,843.16% -1,116.87% -40,326.98% -22,564.71% 92.66% -122,631.43% -75,541.67% -398,157.14% -363,500.00% -11,250.00%
Tax Burden Percent		 100.03% 100.47% 100.02% 100.01% 97.99% 91.21% 87.37% 179.26% 99.72% 100.02% 99.99%
Interest Burden Percent		 100.00% 99.76% 99.73% 99.79% 99.53% 154.37% 99.90% 91.63% 88.89% 89.09% 93.76%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 8.79% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% -4,804.71% 8,781.42% -355.63% -188.48% -23,541.71% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% -4,732.24% 8,661.12% -351.28% -175.52% -23,536.08% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 4,557.48% -8,537.64% 334.69% 167.00% 23,514.95% 0.00% 0.00%
Return on Equity (ROE)		 -122.52% -217.73% -272.09% -444.12% -247.23% 243.78% -20.94% -21.48% -26.77% -38.01% -58.70%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -4,499.77% -4,673.82% 8,593.49% -489.90% 6.13% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -86.90% -138.90% -133.00% -269.02% -204.32% 164.40% -23.34% -13.01% -29.47% -37.08% -48.20%
Return on Assets (ROA)		 -86.93% -139.22% -132.67% -268.48% -199.28% 231.48% -20.38% -21.36% -26.12% -33.04% -45.18%
Return on Common Equity (ROCE)		 -122.52% -217.73% -272.09% -444.12% -247.23% 243.78% -20.94% -21.48% -26.77% -38.01% -58.70%
Return on Equity Simple (ROE_SIMPLE)		 -193.67% -256.29% -1,112.56% -256.94% -340.80% 124.95% -23.14% -23.82% -49.76% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -20 -20 -12 -18 -14 144 -34 -15 -22 -14 -14
NOPAT Margin		 -1,313.43% -1,287.32% -783.76% -28,285.56% -16,194.71% 47.59% -98,348.00% -32,194.17% -314,450.00% -285,558.00% -8,400.00%
Net Nonoperating Expense Percent (NNEP)		 -29.41% -49.86% -50.36% -108.36% -72.47% 120.30% -4.35% -12.95% -5.63% -8.07% -14.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -39.30% -36.03% -60.55%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 1,491.32% 1,613.94% 950.81% 32,865.08% 18,711.76% 15.14% 150,614.29% 32,754.17% 310,557.14% 287,280.00% 8,301.23%
R&D to Revenue		 146.43% 268.06% 268.84% 7,642.86% 4,523.53% 2.92% 15,934.29% 13,345.83% 138,757.14% 120,760.00% 3,490.12%
Operating Expenses to Revenue		 1,976.33% 1,939.03% 1,219.65% 40,507.94% 23,235.29% 47.83% 140,597.14% 46,100.00% 449,314.29% 408,040.00% 12,100.00%
Earnings before Interest and Taxes (EBIT)		 -29 -29 -17 -25 -20 199 -49 -22 -31 -20 -19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -29 -28 -17 -25 -20 199 -49 -22 -31 -20 -19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.65 3.28 41.13 4.76 13.77 0.55 0.34 0.21 0.45 0.74 0.00
Price to Tangible Book Value (P/TBV)		 2.65 3.28 41.13 4.76 13.77 0.55 0.34 0.21 0.45 0.74 0.00
Price to Revenue (P/Rev)		 25.73 23.61 41.29 746.32 911.87 0.40 1,810.28 661.77 3,618.43 5,854.72 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.44 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 58.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 228.88% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 79.33 727.07 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 13.71 13.37 38.33 596.89 846.83 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.26 -1.32 -1.61 -1.22 -0.96 -0.99 -0.95 -0.95 -1.00 -1.01 -1.03
Leverage Ratio		 1.41 1.56 2.05 1.65 1.24 1.05 1.03 1.01 1.02 1.15 1.30
Compound Leverage Factor		 1.41 1.56 2.05 1.65 1.23 1.63 1.03 0.92 0.91 1.02 1.22
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -8.33 -13.08 -35.06 -14.80 -23.77 12.23 35.46 25.99 -1.54 -4.62 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.47 3.15 1.16 5.44 3.16 21.67 166.01 208.29 42.93 5.31 10.70
Quick Ratio		 3.35 3.04 1.02 5.06 3.03 21.37 165.81 207.99 42.70 5.29 10.64
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -25 -19 -14 -21 -13 141 -47 0.50 -22 -13 -14
Operating Cash Flow to CapEx		 -263,570.00% -168,630.77% 0.00% 0.00% -107,714.29% 0.00% -470,200.00% 0.00% -38,112.31% -69,668.18% -92,023.53%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.08 0.12 0.01 0.01 2.50 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 15.45 46,559.38 2.80 3.10 0.88 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 27.77 38.27 77.35 7.88 6.80 22,417.48 2.41 3.31 0.18 0.07 2.53
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 23.62 0.01 130.36 117.86 417.14 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 23.62 0.01 130.36 117.86 417.14 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -3.59 -4.73 -3.04 0.47 0.10 3.18 16 0.22 -0.03 -0.96 -1.05
Invested Capital Turnover		 -0.26 -0.37 -0.40 -0.05 0.30 184.53 0.00 0.01 0.07 -0.01 -0.16
Increase / (Decrease) in Invested Capital		 5.02 -1.14 1.69 3.51 -0.38 3.08 13 -16 -0.26 -0.93 -0.09
Enterprise Value (EV)		 21 21 59 38 72 -99 -106 -120 -31 -11 0.00
Market Capitalization		 40 37 64 47 78 123 63 32 25 29 0.00
Book Value per Share		 $0.28 $0.20 $0.03 $0.15 $0.08 $3.16 $2.60 $2.13 $15.48 $10.63 $6.16
Tangible Book Value per Share		 $0.28 $0.20 $0.03 $0.15 $0.08 $3.16 $2.60 $2.13 $15.48 $10.63 $6.16
Total Capital		 15 11 1.55 9.89 5.63 224 185 152 56 40 22
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -19 -16 -4.59 -9.41 -5.53 -221 -169 -152 -56 -41 -24
Capital Expenditures (CapEx)		 0.01 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.07 0.02 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.89 -4.64 -3.89 -1.14 -1.58 -7.18 -0.80 -0.49 -0.97 -7.07 -1.89
Debt-free Net Working Capital (DFNWC)		 14 11 0.70 8.28 3.95 214 168 152 53 31 20
Net Working Capital (NWC)		 14 11 0.70 8.28 3.95 214 168 152 53 31 20
Net Nonoperating Expense (NNE)		 8.81 8.62 5.15 7.59 5.41 -136 8.50 21 5.86 3.90 4.62
Net Nonoperating Obligations (NNO)		 -19 -16 -4.59 -9.41 -5.53 -221 -169 -152 -56 -41 -24
Total Depreciation and Amortization (D&A)		 0.12 0.06 0.03 0.02 0.01 0.07 0.04 0.01 0.01 0.02 0.02
Debt-free, Cash-free Net Working Capital to Revenue		 -314.60% -299.10% -251.52% -1,807.94% -1,863.53% -2.37% -2,288.57% -1,027.08% -13,857.14% -141,460.00% -1,164.20%
Debt-free Net Working Capital to Revenue		 886.69% 725.16% 45.05% 13,134.92% 4,641.18% 70.74% 481,345.71% 315,687.50% 751,100.00% 620,180.00% 12,124.07%
Net Working Capital to Revenue		 886.69% 725.16% 45.05% 13,134.92% 4,641.18% 70.74% 481,345.71% 315,687.50% 751,100.00% 620,180.00% 12,124.07%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($11.20) ($10.20) ($6.00) ($8.00) ($5.60) $79.20 $0.00 ($10.20) ($7.79) ($5.05) ($5.00)
Adjusted Weighted Average Basic Shares Outstanding		 2.72M 2.91M 3.04M 3.40M 3.54M 3.54M 0.00 3.57M 3.58M 3.60M 3.65M
Adjusted Diluted Earnings per Share		 ($11.20) ($10.20) ($6.00) ($8.00) ($5.60) $78.40 $0.00 ($10.20) ($7.79) ($5.05) ($5.00)
Adjusted Weighted Average Diluted Shares Outstanding		 2.72M 2.91M 3.04M 3.40M 3.54M 3.58M 0.00 3.57M 3.58M 3.60M 3.65M
Adjusted Basic & Diluted Earnings per Share		 ($11.20) ($10.20) ($6.00) ($8.00) ($5.60) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.62M 2.80M 2.92M 3.15M 3.43M 3.55M 0.00 3.57M 3.68M 4.24M 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -20 -20 -12 -18 -14 144 -34 -15 -22 -14 -13
Normalized NOPAT Margin		 -1,313.43% -1,287.32% -783.76% -28,285.56% -16,194.71% 47.59% -98,348.00% -32,194.17% -314,450.00% -285,558.00% -8,183.95%
Pre Tax Income Margin		 -1,879.49% -1,834.58% -1,116.68% -40,322.22% -23,027.06% 101.59% -140,360.00% -42,141.67% -399,285.71% -363,440.00% -11,251.23%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 25.26% 0.00% 0.00% -256.28% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 25.26% 0.00% 0.00% -256.28% 0.00% 0.00%

Quarterly Metrics And Ratios for Virnetx

This table displays calculated financial ratios and metrics derived from Virnetx's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 71,639,905.00 3,618,431.00 3,681,970.00 3,680,661.00 3,735,270.00 3,729,122.00 4,238,581.00 4,238,581.00 4,238,581.00 4,238,581.00 4,238,581.00
DEI Adjusted Shares Outstanding		 3,581,995.00 3,618,431.00 3,681,970.00 3,680,661.00 3,735,270.00 3,729,122.00 4,238,581.00 4,238,581.00 4,238,581.00 4,238,581.00 4,238,581.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.37 -1.96 -1.17 -1.04 -1.03 -1.67 -0.87 -0.85 -1.03 -1.55 -1.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -25.00% 0.00% 0.00% -50.00% -33.33% 0.00% -100.00% 4,700.00% 2,800.00% 0.00% 0.00%
EBITDA Growth		 -5.23% 3.43% 16.78% 63.60% 22.23% 14.27% 17.86% 10.68% -5.87% -2.01% -11.38%
EBIT Growth		 -5.23% 3.40% 16.71% 63.57% 22.15% 14.25% 17.84% 10.67% -5.86% -2.04% -11.39%
NOPAT Growth		 -5.23% 3.40% 16.71% 63.57% 22.15% 14.25% 17.84% 10.67% -5.86% -2.04% -11.39%
Net Income Growth		 -14.91% 70.66% 3.94% 66.34% 21.94% 12.55% 14.26% 5.46% -13.26% -5.82% -18.35%
EPS Growth		 -14.91% 70.69% 4.80% 66.35% 21.32% 13.07% 15.13% 7.48% -10.28% -4.05% -14.85%
Operating Cash Flow Growth		 -31.06% 0.99% -29.69% 73.80% 2.13% 21.47% -10.75% 4.61% 6.74% -5.41% -10.35%
Free Cash Flow Firm Growth		 901.41% -150.28% -127.81% -126.52% -122.95% 27.86% 28.61% -22.77% -2.77% -24.74% -9.04%
Invested Capital Growth		 -104.36% -115.38% 62.32% -392.68% -6.28% -2,720.59% 2.49% 7.50% -18.53% -9.80% -18.53%
Revenue Q/Q Growth		 50.00% 0.00% 0.00% -50.00% 100.00% 0.00% 0.00% 0.00% 20.83% -3.45% -100.00%
EBITDA Q/Q Growth		 53.51% -37.99% 36.69% 10.38% 0.66% -52.11% 39.35% 2.55% -17.75% -46.57% 33.77%
EBIT Q/Q Growth		 53.50% -38.01% 36.66% 10.37% 0.63% -52.02% 39.32% 2.55% -17.75% -46.53% 33.75%
NOPAT Q/Q Growth		 53.50% -38.01% 36.66% 10.37% 0.63% -52.02% 39.32% 2.55% -17.75% -46.53% 33.75%
Net Income Q/Q Growth		 56.78% -44.51% 39.62% 10.74% -0.24% -61.89% 40.80% 1.58% -20.08% -51.26% 33.80%
EPS Q/Q Growth		 56.78% -46.32% 40.20% 10.08% 0.00% -61.68% 41.62% 1.98% -19.19% -52.54% 35.56%
Operating Cash Flow Q/Q Growth		 72.00% -113.19% 49.89% 12.40% -4.58% -71.06% 29.33% 24.55% -2.25% -93.34% 26.02%
Free Cash Flow Firm Q/Q Growth		 52.98% -139.36% 23.31% 42.56% -32.40% -23.71% 24.11% 1.24% -10.83% -50.15% 33.66%
Invested Capital Q/Q Growth		 -449.27% 95.25% -844.12% -86.92% -26.83% -26.02% 67.36% -77.32% -62.52% -16.74% 64.77%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 0.00% 100.00% 100.00% 100.00% 0.00% 0.00% 100.00% 100.00% 100.00% 0.00%
EBITDA Margin		 -187,766.67% 0.00% -246,050.00% -441,000.00% -219,050.00% 0.00% 0.00% -8,206.25% -7,996.55% -12,139.29% 0.00%
Operating Margin		 -187,833.33% 0.00% -246,300.00% -441,500.00% -219,350.00% 0.00% 0.00% -8,216.67% -8,006.90% -12,151.79% 0.00%
EBIT Margin		 -187,833.33% 0.00% -246,300.00% -441,500.00% -219,350.00% 0.00% 0.00% -8,216.67% -8,006.90% -12,151.79% 0.00%
Profit (Net Income) Margin		 -163,933.33% 0.00% -214,550.00% -383,000.00% -191,950.00% 0.00% 0.00% -7,543.75% -7,496.55% -11,744.64% 0.00%
Tax Burden Percent		 99.98% 100.00% 100.00% 100.08% 100.00% 100.00% 100.05% 100.00% 100.00% 99.94% 100.00%
Interest Burden Percent		 87.29% 91.38% 87.11% 86.68% 87.51% 93.19% 90.86% 91.81% 93.63% 96.71% 96.58%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -201.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -200.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 186.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -14.09% 0.00% -42.83% -34.96% -35.37% -38.01% -39.67% -42.34% -47.77% -58.70% -68.46%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -18.69% 0.00% -16.19% -41.98% -18.36% 0.00% 0.00% -8.15% -18.14% -48.81% 0.00%
Return on Assets (ROA)		 -16.31% 0.00% -14.11% -36.42% -16.06% 0.00% 0.00% -7.49% -16.98% -47.17% 0.00%
Return on Common Equity (ROCE)		 -14.09% 0.00% -42.83% -34.96% -35.37% -38.01% -39.67% -42.34% -47.77% -58.70% -68.46%
Return on Equity Simple (ROE_SIMPLE)		 -72.20% 0.00% -53.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.94 -5.44 -3.45 -3.09 -3.07 -4.67 -2.83 -2.76 -3.25 -4.76 -3.16
NOPAT Margin		 -131,483.33% 0.00% -172,410.00% -309,050.00% -153,545.00% 0.00% 0.00% -5,751.67% -5,604.83% -8,506.25% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -0.88% -1.60% -1.29% -1.28% -1.41% -3.20% -1.90% -2.07% -2.87% -5.66% -4.29%
Return On Investment Capital (ROIC_SIMPLE)		 - -9.72% -6.61% -6.33% -6.75% -11.78% -7.79% -8.32% -11.10% -21.20% -16.74%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 147,333.33% 0.00% 183,000.00% 319,300.00% 160,650.00% 0.00% 0.00% 5,785.42% 5,274.14% 8,614.29% 0.00%
R&D to Revenue		 40,600.00% 0.00% 63,400.00% 122,300.00% 58,800.00% 0.00% 0.00% 2,531.25% 1,970.69% 3,637.50% 0.00%
Operating Expenses to Revenue		 187,933.33% 0.00% 246,400.00% 441,600.00% 219,450.00% 0.00% 0.00% 8,316.67% 8,106.90% 12,251.79% 0.00%
Earnings before Interest and Taxes (EBIT)		 -5.64 -7.78 -4.93 -4.42 -4.39 -6.67 -4.05 -3.94 -4.64 -6.81 -4.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.63 -7.77 -4.92 -4.41 -4.38 -6.66 -4.04 -3.94 -4.64 -6.80 -4.50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.29 0.45 0.45 0.51 0.58 0.74 0.86 1.39 2.60 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.29 0.45 0.45 0.51 0.58 0.74 0.86 1.39 2.60 0.00 0.00
Price to Revenue (P/Rev)		 1,516.98 3,618.43 3,333.76 4,171.42 5,266.73 5,854.72 10,441.04 919.77 719.36 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 393.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245.25 434.52 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.93 -1.00 -1.01 -1.00 -1.01 -1.01 -1.01 -1.01 -1.02 -1.03 -1.01
Leverage Ratio		 1.01 1.02 1.65 1.10 1.11 1.15 1.21 1.23 1.25 1.30 1.30
Compound Leverage Factor		 0.89 0.94 1.43 0.95 0.97 1.07 1.10 1.13 1.17 1.26 1.26
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 3.73 -0.25 -2.33 -2.57 -2.90 -3.71 -3.75 -3.37 -2.28 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 38.39 42.93 7.17 6.74 6.17 5.31 17.72 16.26 13.72 10.70 8.53
Quick Ratio		 38.12 42.70 7.11 6.69 6.13 5.29 17.52 16.12 13.62 10.64 8.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 13 -5.19 -3.98 -2.29 -3.03 -3.74 -2.84 -2.81 -3.11 -4.67 -3.10
Operating Cash Flow to CapEx		 0.00% -10,793.85% 0.00% 0.00% 0.00% -50,090.91% 0.00% 0.00% -17,670.59% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 1.09 0.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.26 0.18 0.19 0.16 0.15 0.07 0.05 0.80 1.63 2.53 2.77
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 334.58 417.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 334.58 417.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -0.72 -0.03 -0.32 -0.60 -0.76 -0.96 -0.31 -0.56 -0.90 -1.05 -0.37
Invested Capital Turnover		 0.00 0.07 -0.01 -0.03 -0.01 -0.01 -0.01 -0.09 -0.13 -0.16 -0.47
Increase / (Decrease) in Invested Capital		 -17 -0.26 0.53 -0.81 -0.05 -0.93 0.01 0.05 -0.14 -0.09 -0.06
Enterprise Value (EV)		 -45 -31 -29 -24 -20 -11 -5.35 12 46 0.00 0.00
Market Capitalization		 18 25 23 25 26 29 31 46 76 0.00 0.00
Book Value per Share		 $0.87 $15.48 $14.17 $13.26 $12.18 $10.63 $8.58 $7.83 $7.97 $6.16 $5.02
Tangible Book Value per Share		 $0.87 $15.48 $14.17 $13.26 $12.18 $10.63 $8.58 $7.83 $7.97 $6.16 $5.02
Total Capital		 62 56 52 49 45 40 36 33 29 22 19
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -63 -56 -53 -49 -46 -41 -37 -34 -30 -24 -19
Capital Expenditures (CapEx)		 0.00 0.07 0.00 0.00 0.00 0.01 0.00 0.00 0.02 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.16 -0.97 -6.66 -6.71 -6.87 -7.07 -1.55 -1.63 -1.83 -1.89 -1.72
Debt-free Net Working Capital (DFNWC)		 60 53 43 40 37 31 33 30 26 20 16
Net Working Capital (NWC)		 60 53 43 40 37 31 33 30 26 20 16
Net Nonoperating Expense (NNE)		 0.97 1.66 0.84 0.74 0.77 1.55 0.85 0.86 1.10 1.81 1.20
Net Nonoperating Obligations (NNO)		 -63 -56 -53 -49 -46 -41 -37 -34 -30 -24 -19
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Debt-free, Cash-free Net Working Capital to Revenue		 -9,666.67% -13,857.14% -95,171.43% -111,800.00% -137,380.00% -141,460.00% -51,733.33% -3,262.00% -1,726.42% -1,164.20% -1,062.96%
Debt-free Net Working Capital to Revenue		 498,900.00% 751,100.00% 619,185.71% 670,016.67% 737,700.00% 620,180.00% 1,087,466.67% 59,190.00% 24,870.75% 12,124.07% 9,569.14%
Net Working Capital to Revenue		 498,900.00% 751,100.00% 619,185.71% 670,016.67% 737,700.00% 620,180.00% 1,087,466.67% 59,190.00% 24,870.75% 12,124.07% 9,569.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.36) ($1.99) ($1.19) ($1.07) ($1.07) ($1.73) ($1.01) ($0.99) ($1.18) ($1.80) ($1.16)
Adjusted Weighted Average Basic Shares Outstanding		 3.61M 3.58M 3.62M 3.59M 3.60M 3.60M 3.63M 3.66M 3.67M 3.65M 3.75M
Adjusted Diluted Earnings per Share		 ($1.36) ($1.99) ($1.19) ($1.07) ($1.07) ($1.73) ($1.01) ($0.99) ($1.18) ($1.80) ($1.16)
Adjusted Weighted Average Diluted Shares Outstanding		 3.61M 3.58M 3.62M 3.59M 3.60M 3.60M 3.63M 3.66M 3.67M 3.65M 3.75M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.99) $0.00 $0.00 $0.00 ($1.73) $0.00 $0.00 $0.00 ($1.80) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.62M 3.68M 3.68M 3.74M 3.73M 4.24M 4.24M 0.00 0.00 0.00 4.19M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.94 -5.44 -3.45 -3.09 -3.07 -4.67 -2.83 -2.76 -2.90 -4.76 -3.16
Normalized NOPAT Margin		 -131,483.33% 0.00% -172,410.00% -309,050.00% -153,545.00% 0.00% 0.00% -5,751.67% -5,001.38% -8,506.25% 0.00%
Pre Tax Income Margin		 -163,966.67% 0.00% -214,550.00% -382,700.00% -191,950.00% 0.00% 0.00% -7,543.75% -7,496.55% -11,751.79% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -158.78% -256.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -158.78% -256.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

VirnetX Holding Corp. (NASDAQ: VHC) continues to operate with a very large cash cushion, but its core business remains unprofitable and revenue is still extremely small. Over the last four years, the company’s financial profile has been dominated by recurring operating losses, heavy cash burn, and a balance sheet that relies more on investment assets and prior capital than on operating cash generation.

Quarterly trend snapshot: In Q1 2026, VirnetX reported zero revenue and a net loss of $4.35 million, compared with a $6.58 million loss in Q4 2025 and a $4.35 million loss in Q3 2025. Cash and equivalents fell to $14.8 million from $17.1 million in Q3 2025, while total assets dropped to $26.7 million from $37.98 million at the prior quarter-end.

  • Strong liquidity remains a key support: As of Q1 2026, VirnetX held $14.8 million in cash and $2.45 million in short-term investments, plus $2.0 million in long-term investments.
  • Debt appears limited: Total liabilities were only $7.84 million in Q1 2026, which is modest relative to the company’s asset base and equity.
  • Interest income helps offset losses: Q1 2026 included $154,000 of interest and investment income, which partially reduced the pre-tax loss.
  • Operating expenses are lower than last year’s levels: Q1 2026 operating expenses were $4.51 million, down from $4.70 million in Q3 2025 and well below $6.86 million in Q4 2025.
  • Shares outstanding have been relatively stable: Basic weighted-average shares were 3.75 million in Q1 2026, not showing a dramatic increase versus recent quarters.
  • The business still lacks meaningful revenue: Q1 2026 revenue was $0, following only $56,000 in Q4 2025 and $58,000 in Q3 2025.
  • Cash generation from investing activity is driving quarter-to-quarter swings: The company has repeatedly used investment sales and maturities to manage liquidity, rather than relying on operating cash flow.
  • Balance sheet equity is positive but not straightforward: Common equity was $18.85 million in Q1 2026, supported by a large common stock balance but offset by a substantial accumulated deficit.
  • Operating losses remain persistent: Q1 2026 operating loss was $4.51 million, and the company has been unprofitable in every quarter shown.
  • Cash from operations is deeply negative: Q1 2026 operating cash flow was negative $4.30 million, after negative $5.81 million in Q4 2025 and negative $3.00 million in Q3 2025.
  • Revenue has collapsed versus earlier periods: The company generated only token revenue in 2024 and 2025, then dropped to zero revenue in Q1 2026.
  • Retained earnings are deeply negative: Retained earnings stood at negative $227.2 million in Q1 2026, reflecting years of cumulative losses.
  • Cash and investments have been trending down: Total current assets declined to $17.56 million in Q1 2026 from $28.44 million in Q3 2025 and $50.37 million in Q1 2024.
  • Equity has also fallen materially over time: Total equity dropped from $52.18 million in Q1 2024 to $18.85 million in Q1 2026.

Bottom line: VirnetX currently looks like a company with enough liquidity to keep operating in the near term, but the long-term investment case remains challenged by minimal revenue, consistent losses, and ongoing cash burn. Until the company shows a durable path to monetization or a meaningful reduction in losses, the stock is likely to remain highly speculative.

07/17/26 04:22 PM ETAI Generated. May Contain Errors.

Virnetx Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Virnetx's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Virnetx's net income appears to be on an upward trend, with a most recent value of -$18.23 million in 2025, falling from -$29.23 million in 2015. The previous period was -$18.18 million in 2024. View Virnetx's forecast to see where analysts expect Virnetx to go next.

Virnetx's total operating income in 2025 was -$19.44 million, based on the following breakdown:
  • Total Gross Profit: $162 thousand
  • Total Operating Expenses: $19.60 million

Over the last 10 years, Virnetx's total revenue changed from $1.56 million in 2015 to $162 thousand in 2025, a change of -89.6%.

Virnetx's total liabilities were at $8.59 million at the end of 2025, a 14.0% decrease from 2024, and a 21.4% increase since 2015.

In the past 10 years, Virnetx's cash and equivalents has ranged from $3.14 million in 2017 to $192.91 million in 2020, and is currently $15.55 million as of their latest financial filing in 2025.

Over the last 10 years, Virnetx's book value per share changed from 0.28 in 2015 to 6.16 in 2025, a change of 2,065.2%.


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Financial statements for NASDAQ:VHC last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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