Latest Ratios: P/E Ratio -2.4x · EV/EBITDA N/A · ROE -58.7%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $49M | $61M | $28M | $25M | $31M | $62M | $120M | $87M | $50M | $72M | $41M |
| Enterprise Value | $34M | $45M | $14M | $2M | $-55652450 | $-80260345 | $-72549389 | $84M | $43M | $69M | $34M |
| P/E Ratio → | -2.35 | — | — | — | — | — | 0.43 | — | — | — | — |
| P/S Ratio | 304.12 | 375.73 | 5645.72 | 3579.00 | 643.93 | 1761.70 | 0.40 | 1021.61 | 799.82 | 46.53 | 26.49 |
| P/B Ratio | 1.91 | 2.71 | 0.71 | 0.45 | 0.20 | 0.33 | 0.54 | 15.43 | 5.10 | 46.35 | 3.68 |
| P/FCF | — | — | — | — | — | — | 0.43 | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 0.43 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 279.76 | 2855.92 | 343.29 | -1159.43 | -2293.15 | -0.24 | 985.87 | 679.01 | 44.50 | 22.22 |
| EV / EBITDA | — | — | — | — | — | — | -0.47 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | -0.24 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | -0.26 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.8% | 85.8% | 100.0% | -28.6% | 100.0% | 100.0% | 70.2% | 100.0% | 100.0% | 98.3% | 43.0% |
| Operating Margin | -11691.4% | -11691.4% | -407940.0% | -449214.3% | -45991.7% | -140497.1% | 51.5% | -23135.3% | -40407.9% | -1119.7% | -1839.0% |
| Net Profit Margin | -11250.0% | -11250.0% | -363500.0% | -398157.1% | -75541.7% | -122631.4% | 92.7% | -22564.7% | -40327.0% | -1116.9% | -1843.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -58.7% | -58.7% | -38.0% | -26.8% | -21.5% | -20.9% | 243.8% | -247.2% | -444.1% | -272.1% | -217.7% |
| ROA | -45.2% | -45.2% | -33.0% | -26.1% | -21.4% | -20.4% | 231.5% | -199.3% | -268.5% | -132.7% | -139.2% |
| ROIC | -87.1% | -87.1% | -51.8% | -47.6% | -30.3% | -98.2% | 684.0% | -606.1% | -5494.3% | -884.3% | -392.7% |
| ROCE | -53.0% | -53.0% | -40.2% | -29.7% | -13.1% | -24.0% | 135.4% | -252.8% | -404.7% | -212.0% | -188.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.24 | 0.06 | — | 0.00 | 0.00 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 0.00 | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -0.35 | -0.40 | -0.57 | -0.77 | -0.86 | -0.54 | -0.77 | -2.02 | -0.59 |
| Net Debt / EBITDA | — | — | — | — | — | — | -1.24 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -0.69 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($16M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.70 | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.67 | 3.16 | 5.44 | 1.16 | 3.15 |
| Quick Ratio | 10.70 | 10.70 | 5.31 | 42.93 | 208.29 | 166.01 | 21.67 | 3.16 | 5.44 | 1.16 | 3.15 |
| Cash Ratio | 10.63 | 10.63 | 5.29 | 42.70 | 207.97 | 165.79 | 21.37 | 3.03 | 5.05 | 1.02 | 3.04 |
| Asset Turnover | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 1.29 | 0.01 | 0.01 | 0.22 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 42.81 | — | 104.29 | 106.46 | 177.29 | 0.01 | 21.47 | 34.76 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 100.0% | — | — | 58.9% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 25.3% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 233.1% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 233.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.0% | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | 100.0% | 0.1% | 0.3% | 58.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M |
Liquidity exhaustion from burn
According to current market data, VHC trades at a P/S multiple of 335.64, a valuation level that appears disconnected from the company's negligible revenue base and suggests investors are pricing in speculative legal outcomes rather than the underlying commercial viability of the firm's nascent software product suite.
The extreme P/S ratio indicates that the market is not valuing VHC as a traditional software entity, but rather as a binary option on future patent litigation. This valuation disconnect warrants caution, as the lack of a forward P/E or PEG ratio reflects the absence of predictable earnings or growth, leaving the stock highly sensitive to idiosyncratic legal news rather than fundamental performance.
Based on reported financial statements, VHC's ROIC has consistently trended in negative territory, reaching -61.4% in 2026Q1, which highlights a structural inability to generate returns on invested capital as the company continues to burn through its remaining cash reserves without achieving meaningful operational scale.
The persistent decay in ROIC suggests that the capital allocated to R&D and legal enforcement is not yielding productive assets. Investors should monitor whether this trend is a permanent feature of the business model, as the current negative returns indicate that every dollar invested is effectively eroding shareholder value rather than compounding it.
As reported in recent filings, VHC's DPO has remained exceptionally high, often exceeding 5,000 days, which suggests that the company is either delaying payments to vendors or lacks a standard operational cycle typical of a functioning software-as-a-service provider in the current technology landscape.
The lack of meaningful asset turnover, which remains at 0.00, confirms that the company's infrastructure is not being utilized to generate revenue. This inefficiency implies that the firm's working capital management is not aligned with the requirements of a scalable software business, further complicating the transition from a litigation-centric model.
The P/S ratio is the most commonly misapplied metric for VHC, as it obscures the company's reliance on non-recurring, lumpy patent settlements rather than predictable subscription revenue, leading to a distorted perception of the firm's growth trajectory and its actual ability to sustain operations through commercial software sales.
Analysts should instead focus on the 'Enterprise Pilot Conversion Rate' and 'Cash Burn Rate' to assess the company's true health. Relying on P/S in this context is misleading because it treats volatile, one-time legal windfalls as if they were recurring software revenue, which fundamentally misrepresents the company's risk profile and long-term sustainability.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VHC stock.
VirnetX Holding Corp's current P/E ratio is -2.4x. The historical average is 49.6x.
VirnetX Holding Corp's return on equity (ROE) is -58.7%. The historical average is -83.8%.
Based on historical data, VirnetX Holding Corp is trading at a P/E of -2.4x. Compare with industry peers and growth rates for a complete picture.
VirnetX Holding Corp has 85.8% gross margin and -11691.4% operating margin.