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VirnetX Holding Corp (VHC)

Nasdaq: VHC · Patent Owners & Lessors · Zephyr Cove, NV · filing with the SEC since 1999
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Grade6.0
◀ Past 4.7● Present 5.6▶ Future 7.7
2 est.
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The grade of VirnetX Holding Corp

Nine metrics read from its own filings, by tense
Headline grade
6.0/10
◀ Past4.730% of the headline
● Present5.640% of the headline
▶ Future7.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
3.6/10

Has it survived what it has been through?

5 warning events since 2017; the latest 2025-09-11.

weight 22% of this tense · 36th percentile among 11 sector filers · read for itself

From the record

VirnetX Holding Corp's filings since 2017 show 5 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2025-09-11); a warning not to rely on past financial statements (8-K item 4.02, the latest 2022-05-13); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2022-05-10) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
1.8/10

What has it actually done, year after year?

-22.2% a year over 10 filed years; profitable in 1 of 6.

weight 45% of this tense · 18th percentile among 10 sector filers · read for its customers

From the record

VirnetX Holding Corp's 10 filed years say what it did: revenue went from $2 million in fiscal 2016 to $162 thousand in fiscal 2025, down 22.2% a year; it rose in 4 of 9 years; the deepest fall was 100% from fiscal 2020 to fiscal 2024; net income was positive in 1 of 6 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span-22.2%bottom 15% of its family
  • the share of years revenue rosebottom 15% of its family
  • the share of filed years with a profitbottom 35% of its family
  • the deepest fall from a revenue peak100.0%bottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
9.6/10

How has it treated the people who own it?

SI estimate 9.6/10, confidence 35 of 100 (one part).

weight 33% of this tense · 95th percentile among 11 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 5% of 11 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 11 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: VirnetX Holding Corp's shareholder treatment is put at 9.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 5% of 11 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.6/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
4.5/10

Is it financially healthy right now?

Leverage 28%: owes 28¢ per asset dollar.

weight 22% of this tense · 45th percentile among 11 sector filers · read for itself

From the record

Leverage: it owed about 28 cents per dollar of assets, and net share issuance: its share count grew 1.4% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 41% of its family
  • the share count against the year beforebottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.9/10

How strong is its position in its industry?

bottom 49% of 11 in its family.

weight 45% of this tense · 49th percentile among 11 sector filers · read for its customers

From the record

VirnetX Holding Corp's standing among 11 graded names in its industry family: revenue of $162 thousand in fiscal 2025 ranks in the bottom 23% by size; revenue growth of 50% a year over the last 3 filed years ranks in the top 25% (its annual reports).

What it rests on

  • revenue against the family$162,000bottom 23% of its family
  • three-year revenue growth50.0%top 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
7.2/10

What are the people in charge doing?

top 28% of 9 in its family for leadership; chief executive since 2007.

weight 33% of this tense · 72nd percentile among 9 sector filers · read for its shareholders

From the record

VirnetX Holding Corp's leadership, from its insiders' filings and its current reports: the chief executive on the record is Larsen, Kendall (President & CEO, as filed), filing under that title since 2007-07-16, 19.3 years (top 6% of its family); the 6 officers and directors filing in the last fifteen months have been on the record a median of 15.9 years (top 6%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 6 people in charge now (bottom 28%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge3 in three years among 6 peoplebottom 28% of its family
  • the median years the people in charge have filed15.9 yearstop 6% of its family
  • the chief executive's years on the record19.3 yearstop 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

7.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed
6.5/10

How much room does it have to grow?

top 35% of 11 in its family for room to expand.

weight 45% of this tense · 65th percentile among 11 sector filers · read for itself

From the record

VirnetX Holding Corp's room to grow, from the newest filed statements (fiscal 2025): cash of $16 million against no long-term debt tagged leaves 50.1% of its assets as net cash, top 5% of its family; cash from operations less capital spending is -9667.3% of revenue (bottom 14%); research spending of 3490.1% of revenue (top 12%) (its annual report).

What it rests on

  • cash less debt against assets50.1%top 5% of its family
  • cash from operations less capital spending against revenue-9667.3%bottom 14% of its family
  • research spending against revenue3490.1%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
7.3/10

What could actually drive growth from here?

top 27% of 10 in its family for growth drivers.

weight 22% of this tense · 73rd percentile among 10 sector filers · read for its customers

From the record

VirnetX Holding Corp's growth drivers, from the filed years to fiscal 2025: revenue grew 50% a year over the last three filed years against -22.2% over all 10, speeding up (top 5% of its family); the newest year grew 3147.7% (top 5%); research spending grew -4.1% a year (bottom 30%) (its annual reports). VirnetX Holding Corp tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+72.2 points a yeartop 5% of its family
  • the newest year's revenue growth3147.7%top 5% of its family
  • three-year growth of research spending-4.1%bottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate
9.5/10

Did its newest year beat what its own record pointed to?

SI estimate 9.5/10, confidence 35 of 100 (one part).

weight 33% of this tense · 95th percentile among 10 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, revenue against the prior three years' pace, which ranks in the top 5% of 10 in its family; the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
one part: revenue against the prior three years' pace, the one part on file, ranked among 10 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: VirnetX Holding Corp's expectations vs reality is put at 9.5 of 10 with a confidence of 35 of 100, because read from one part only, revenue against the prior three years' pace, which ranks in the top 5% of 10 in its family; the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change. A filing that carries the missing parts replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton VHC · research, not advice