VHC Nasdaq Patent Owners & Lessors Financials FY2016βFY2025
VirnetX Holding Corp had $0.2M of revenue in fiscal 2025, up 3,140.0% on the year before. Over five years, revenue changed β77.8% a year on average.
Last close Β· Oct 23, 2026
$10.48
2.4%Hi! I read VirnetX Holding Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+3,140.0%
Yes. Sales grew 3,140.0% last year.
Does it make a profit?
β11,250.0%
No. It lost money last year.
Does profit turn into cash?
β9,667.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days VirnetX Holding Corp did it, and the next one. Share prices often move a lot on those days.
Next results
November 13, 2026
Friday Β· in 18 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 14, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 15, 2026 | Q1 '26 | After the market closes | 10-Q β |
| Mar 24, 2026 | Q4 '25 | After the market closes | 10-K β |
| Nov 14, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 12, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 14, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Mar 17, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 13, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· VirnetX Holding Corp had $0.2M of revenue in fiscal 2025, up 3,140.0% on the year before. Over five years, revenue changed β77.8% a year on average. Its operating margin was β12,000.0%, up 395,940.0Β pts: of every 100 in sales, about β12,000 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· VirnetX Holding Corp lost $18.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$15.7M in fiscal 2025, β9,667.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably VirnetX Holding Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $169M | $152M | $53.5M | $38.1M | $21.5M |
| Current ratio | 166.0x | 208.3x | 42.9x | 5.3x | 10.7x |
| Quick ratio | 166.0x | 208.3x | 42.9x | 5.3x | 10.7x |
| Total assets | $187M | $153M | $60.4M | $49.6M | $31.1M |
| Total liabilities | $1.1M | $0.7M | $4.4M | $10.0M | $8.6M |
| Shareholders' equity | $185M | $152M | $56.0M | $39.6M | $22.5M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· VirnetX Holding Corp passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 3 / 7 | 2 / 7 | 6 / 7 | 2 / 7 | 4 / 7 | 2 / 7 | 3 / 7 | 4 / 7 |
| Accruals ratio | β35.2% | β17.9% | β32.8% | β42.6% | β0.8% | 4.2% | β11.4% | β2.9% | β5.2% | β6.4% |
| Altman Z'' | β32.06 | β95.04 | β59.41 | β105.62 | 33.14 | 185.76 | 222.35 | 5.52 | β7.95 | β20.70 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.6M | $1.5M | $0.1M | $0.1M | $303M | $0.0M | $0.0M | $0.0M | $0.0M | $0.2M |
| Research and development | $4.2M | $4.2M | $4.8M | $3.8M | $8.8M | $5.6M | $6.4M | $9.7M | $6.0M | $5.7M |
| Operating income | β$28.5M | β$17.3M | β$25.5M | β$19.7M | $158M | β$49.2M | β$22.1M | β$31.4M | β$20.4M | β$19.4M |
| Pretax income | β$28.4M | β$17.3M | β$25.4M | β$19.6M | $307M | β$49.1M | β$20.2M | β$28.0M | β$18.2M | β$18.2M |
| Income tax | $0.1M | $0.0M | $0.0M | β$0.4M | $27.0M | β$6.2M | $16.0M | β$0.1M | $0.0M | β$0.0M |
| Net income | β$28.6M | β$17.3M | β$25.4M | β$19.2M | $280M | β$42.9M | β$36.3M | β$27.9M | β$18.2M | β$18.2M |
| Diluted EPS | β$0.51 | β$0.30 | β$0.40 | β$0.28 | $3.92 | β$0.60 | β$10.17 | β$7.79 | β$5.05 | β$5.00 |
| Diluted shares | 0.06B | 0.06B | 0.06B | 0.07B | 0.07B | 0.07B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | β$21.9M | β$14.9M | β$22.3M | β$15.1M | $281M | β$51.7M | β$16.9M | β$24.8M | β$15.3M | β$15.6M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M |
| Free cash flow | β$21.9M | β$14.9M | β$22.3M | β$15.1M | $281M | β$51.7M | β$16.9M | β$24.8M | β$15.3M | β$15.7M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Stock-based compensation | $5.4M | $4.0M | $4.1M | $3.7M | $3.9M | $4.2M | $3.3M | $2.8M | $1.9M | $2.0M |
| Dividends paid | β | β | β | $0.0M | $70.8M | $0.0M | $0.0M | $71.4M | $0.0M | β |
| Dividends and buybacks | β | β | β | $0.0M | $70.8M | $0.0M | $0.0M | $71.4M | $0.0M | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $15.9M | $4.6M | $9.4M | $5.5M | $221M | $169M | $152M | $53.5M | $38.1M | $21.5M |
| Current assets | $16.5M | $5.2M | $10.1M | $5.8M | $224M | $169M | $152M | $53.8M | $38.2M | $21.7M |
| Current liabilities | $5.2M | $4.5M | $1.9M | $1.8M | $10.4M | $1.0M | $0.7M | $1.3M | $7.2M | $2.0M |
| Property and equipment, net | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M |
| Total assets | $18.9M | $7.2M | $11.8M | $7.5M | $235M | $187M | $153M | $60.4M | $49.6M | $31.1M |
| Total liabilities | $7.7M | $5.6M | $1.9M | $1.9M | $10.4M | $1.1M | $0.7M | $4.4M | $10.0M | $8.6M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $11.1M | $1.6M | $9.9M | $5.6M | $224M | $185M | $152M | $56.0M | $39.6M | $22.5M |
| Margins | ||||||||||
| Operating margin | β1,839.0% | β1,119.7% | β40,407.9% | β23,135.3% | 52.2% | β140,497.1% | β45,991.7% | β449,214.3% | β407,940.0% | β12,000.0% |
| EBITDA margin | β1,837.2% | β1,118.0% | β40,379.4% | β23,127.1% | 52.2% | β140,485.7% | β45,977.1% | β449,085.7% | β407,520.0% | β11,985.8% |
| Net margin | β1,843.2% | β1,116.9% | β40,327.0% | β22,564.7% | 92.7% | β122,631.4% | β75,541.7% | β398,157.1% | β363,500.0% | β11,250.0% |
| FCF margin | β1,415.2% | β966.0% | β35,393.7% | β17,757.6% | 93.0% | β147,808.6% | β35,193.8% | β354,828.6% | β306,980.0% | β9,667.3% |
| Returns | ||||||||||
| Return on capital employed | β208.9% | β643.2% | β257.5% | β346.7% | 70.4% | β26.5% | β14.5% | β53.2% | β48.1% | β66.9% |
| Return on equity | β256.3% | β272.1% | β444.1% | β247.2% | 243.8% | β20.9% | β21.5% | β26.8% | β38.0% | β58.7% |
| Return on assets | β151.4% | β132.7% | β268.5% | β199.3% | 231.5% | β20.4% | β21.4% | β26.1% | β33.0% | β45.2% |
| Return on tangible equity | β256.3% | β1,112.6% | β256.9% | β340.8% | 124.9% | β23.1% | β23.8% | β49.8% | β45.9% | β81.1% |
| Growth | ||||||||||
| Revenue growth | β | β0.2% | β95.9% | 34.9% | 355,942.4% | β100.0% | 37.1% | β85.4% | β28.6% | 3,140.0% |
| Net income growth | β | β | β | β | β | β115.3% | β | β | β | β |
| EPS growth | β | β | β | β | β | β115.3% | β | β | β | β |
| FCF growth | β | β | β | β | β | β118.4% | β | β | β | β |
| Share count change | β | 4.2% | 7.9% | 8.9% | 4.5% | β0.6% | β100.0% | 0.0% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Current ratio | 3.2x | 1.2x | 5.4x | 3.2x | 21.7x | 166.0x | 208.3x | 42.9x | 5.3x | 10.7x |
| Quick ratio | 3.2x | 1.2x | 5.4x | 3.2x | 21.7x | 166.0x | 208.3x | 42.9x | 5.3x | 10.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.8% | 0.0% | 0.0% | 16.5% | 0.0% | 31.4% | 0.0% | 928.6% | 440.0% | 10.5% |
| Stock comp / revenue | 348.3% | 257.7% | 6,436.5% | 4,365.9% | 1.3% | 11,954.3% | 6,937.5% | 39,685.7% | 38,040.0% | 1,216.0% |
| Payouts / FCF | β | β | β | β | 25.2% | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 2.0 | 6.0 | 2.0 | 4.0 | 2.0 | 3.0 | 4.0 |
| Altman Z'' | β32.1 | β95.0 | β59.4 | β105.6 | 33.1 | 185.8 | 222.4 | 5.5 | β7.9 | β20.7 |
| Accruals ratio | β35.2% | β17.9% | β32.8% | β42.6% | β0.8% | 4.2% | β11.4% | β2.9% | β5.2% | β6.4% |
Source: SEC EDGAR XBRL filings (CIK 0001082324). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
