VirnetX Holding Corp. (VHC) intrinsic value & 10-year financials
VirnetX Holding Corp. (VHC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 22.2% a year to $162.0K, with an average return on invested capital of -126.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $10.14
- Market cap
- $37.0K
- Revenue (FY2025)
- $162.0K
- Revenue growth (10-yr CAGR)
- -22.2%
- ROIC (10-yr avg)
- -126.4%
- Free cash flow (FY2025)
- -$15.7M
VHC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $162.0K | -$18.2M | -$5.00 | -$15.7M | -12000.0% | -62.6% |
| FY2024 | $5.0K | -$18.2M | -$5.05 | -$15.3M | -407940.0% | -42.7% |
| FY2023 | $7.0K | -$27.9M | -$7.79 | -$24.8M | -449214.3% | -30.1% |
| FY2022 | $48.0K | -$36.3M | -$0.51 | -$16.9M | -45991.7% | -12.9% |
| FY2021 | $35.0K | -$39.6M | -$0.56 | -$51.7M | -140497.1% | -19.2% |
| FY2020 | $302.6M | $280.4M | $3.92 | $281.4M | 52.2% | 125.2% |
| FY2019 | $85.0K | -$19.2M | -$0.28 | -$15.1M | -23135.3% | -248.4% |
| FY2018 | $63.0K | -$25.4M | — | -$22.3M | -40407.9% | -445.0% |
| FY2017 | $1.5M | -$17.3M | — | -$14.9M | -1119.7% | -272.8% |
| FY2016 | $1.6M | -$28.6M | — | -$21.9M | -1839.0% | -255.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VirnetX Holding Corp is facing top-line stagnation, with revenue contracting over the decade.
VirnetX Holding Corp has historically struggled to out-earn its cost of capital, averaging just -5.5% ROIC.
VirnetX Holding Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VirnetX Holding Corp is modeled at -22.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-121.34 per share.