{ "ok": true, "cik": "1082324", "ticker": "VHC", "name": "VirnetX Holding Corporation", "filings": [ { "form": "8-K", "filed": "2026-10-01", "items": [ "1.01 Entry into a Material Definitive Agreement", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126038170/0001140361-26-038170-index.htm" }, { "form": "10-Q", "filed": "2026-08-14", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126033140/0001140361-26-033140-index.htm" }, { "form": "8-K", "filed": "2026-06-16", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126025419/0001140361-26-025419-index.htm" }, { "form": "10-Q", "filed": "2026-05-15", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126021650/0001140361-26-021650-index.htm" }, { "form": "DEF 14A", "filed": "2026-04-24", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126016717/0001140361-26-016717-index.htm" }, { "form": "10-K", "filed": "2026-03-24", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126010895/0001140361-26-010895-index.htm" } ], "events12m": 3, "healthWatch": { "window": "last 12 months", "since": "2025-10-02", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 1, "latest": { "filed": "2026-06-16", "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126025419/0001140361-26-025419-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001082324.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1082324" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up VirnetX Holding Corporation ($VHC). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-10-01. 3 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 162000, "revenueGrowth1y": 31.4, "revenueGrowthPerYear": 0.46676906730470313, "yearsOfData": 5, "operatingMargin": -120, "operatingMarginPrior": -4079.4, "netMargin": -112.5, "operatingCashFlow": -15644000, "capitalSpending": 17000, "freeCashFlow": -15661000, "researchAndDevelopment": 5654000, "researchShareOfRevenue": 34.901234567901234, "cash": 15548000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 35000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 48000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 7000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 5000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 162000 } ], "totalEquity": 22474000, "totalAssets": 31062000, "equityRatio": 0.7235207005344151, "returnOnEquity": -0.8109370828512948, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": 0, "dividendYearsRising": 0, "dividendCut": true, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -5, "sharesOutstanding": 3647, "bookValuePerShare": 6162.325198793529, "revenuePerShare": 44.420071291472446, "range80": { "low": 1369704.5697232257, "high": 5320039.662235147, "baseline": 2745900, "n": 2483, "band": "b000", "bandLabel": "under $50M", "method": "v4.1", "credibility": 0.25, "growthYears": 2, "ownVolatility": 0.4612635625874411, "classVolatility": 0.3000583276631395, "volatility": 0.3474439070450287 }, "ifPaceHeld": { "low": 1369704.5697232257, "high": 5320039.662235147 } }, "edgarette": "🔖 Exposure: revenue $162K (FY2025). Experience: revenue up 3140.0% on the year, up 46.7% a year over 4 years; operating margin -12000.0%, up from -407940.0%. Soundness: equity 72.4% of assets, return on equity -81.1%, the dividend per share fell in the latest year on record. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.4M and $5.3M next year (method v4.1: its own 2-year record of growth weighed at 25% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.2M to $5.9M. A statistical range, not company guidance. Against peers (87 filers, $50M+ revenue, its industry group): operating margin -12000.0% against a 25.6% median; growth 3140.0% against 4.1%.", "peers": { "sic": 6794, "sicDescription": "Patent Owners & Lessors", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "679", "growth": [ 0.0413, 167 ], "opMargin": [ 0.2556, 87 ], "equityRatio": [ 0.3913, 162 ], "returnOnEquity": [ 0.0327, 136 ], "payoutRatio": [ 1.4218, 88 ] }, "summary": "VirnetX Holding (VHC) grew revenue 3140% in FY2025 to $0 million, operating margin -12000% against a 25.6% median for patent owners & lessors, equity 72.4% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
VirnetX Holding Corporation against its own record and its peers
Operating marginPeer median 25.6%-12000.0%Revenue, on the yearPeer median 4.1%3140.0%Equity of assetsPeer median 39.1%72.4%Return on equityPeer median 3.3%-81.1%Gold tick: the median of 136–162 peers with $50M+ revenue in patent owners & lessors
", "chartHorizon": "
Handed back now, or kept to compound · of each dollar of profit
Handed back per share$0cut in the latest year

Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 6, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-02T14:02:33.720Z", "hash": "a53f816a443f5e7a", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "VirnetX Holding (VHC) grew revenue 3140% in FY2025 to $0 million, operating margin -12000% against a 25.6% median for patent owners & lessors, equity 72.4% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 162000, "totalDebt": null, "cash": 15548000 }, "experience": { "revenueGrowth1y": 31.4, "revenueGrowthPerYear": 0.46676906730470313, "operatingMargin": -120, "operatingMarginPrior": -4079.4, "netMargin": -112.5, "freeCashFlow": -15661000 }, "soundness": { "equityRatio": 0.7235207005344151, "returnOnEquity": -0.8109370828512948, "payoutRatio": null, "dividendPerShare": 0, "dividendYearsRising": 0, "dividendCut": true, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6794, "sicDescription": "Patent Owners & Lessors", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "679", "growth": [ 0.0413, 167 ], "opMargin": [ 0.2556, 87 ], "equityRatio": [ 0.3913, 162 ], "returnOnEquity": [ 0.0327, 136 ], "payoutRatio": [ 1.4218, 88 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-10-02", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 1, "latest": { "filed": "2026-06-16", "url": "https://www.sec.gov/Archives/edgar/data/1082324/000114036126025419/0001140361-26-025419-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 1369704.5697232257, "high": 5320039.662235147, "baseline": 2745900, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 2483, "sizeBand": "under $50M", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.25, "growthYears": 2, "ownVolatility": 0.4612635625874411, "classVolatility": 0.3000583276631395, "pricedVolatility": 0.3474439070450287, "k": 3 }, "stress": { "low": 1248004.2861665073, "high": 5857742.410484184, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 6, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-02T14:02:33.720Z", "hash": "a53f816a443f5e7a", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001082324.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1082324" }, "speedCash": null, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative (-$15.6M in FY2025)" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±59%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -15644000, "investing": 8769000, "financing": -873000, "capitalSpending": 17000, "free": -15661000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -51722000, "free": -51733000 }, { "fiscalYearEnd": "2022-12-31", "operating": -16893000, "free": -16893000 }, { "fiscalYearEnd": "2023-12-31", "operating": -24773000, "free": -24838000 }, { "fiscalYearEnd": "2024-12-31", "operating": -15327000, "free": -15349000 }, { "fiscalYearEnd": "2025-12-31", "operating": -15644000, "free": -15661000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 15548000, "shortTerm": 5979000, "longTerm": null, "equityHoldings": null, "totalAssets": 31062000, "ladder": null, "currentRatio": 10.7, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": null, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative (-$15.6M in FY2025)" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±59%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -15644000, "investing": 8769000, "financing": -873000, "capitalSpending": 17000, "free": -15661000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -51722000, "free": -51733000 }, { "fiscalYearEnd": "2022-12-31", "operating": -16893000, "free": -16893000 }, { "fiscalYearEnd": "2023-12-31", "operating": -24773000, "free": -24838000 }, { "fiscalYearEnd": "2024-12-31", "operating": -15327000, "free": -15349000 }, { "fiscalYearEnd": "2025-12-31", "operating": -15644000, "free": -15661000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 15548000, "shortTerm": 5979000, "longTerm": null, "equityHoldings": null, "totalAssets": 31062000, "ladder": null, "currentRatio": 10.7, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }