Company Valuation: VirnetX Holding Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 358.1 185.2 92.85 25.33 29.27 71.28
Change - -48.29% -49.87% -72.72% 15.57% 143.5%
Enterprise Value (EV) 1 136.9 16.04 -59.12 -24.58 0.5386 57.6
Change - -88.29% -468.71% 58.43% 102.19% 10,594.68%
P/E 1.29x -4.64x -2.55x -0.9x -1.55x -3.34x
PBR 1.6x 0.98x 0.61x 0.45x 0.84x 3.12x
PEG - 0x 0.29x 0x 0x 3.11x
Capitalization / Revenue 1.18x 5,292x 1,934x 3,618x 5,855x 440x
EV / Revenue 0.45x 458x -1,232x -3,511x 108x 356x
EV / EBITDA 0.5x -0.98x 3.15x 0.78x -0.03x -3.05x
EV / EBIT 0.5x -0.98x 3.15x 0.78x -0.03x -3.04x
EV / FCF 0.75x -1.29x 6.8x 1.45x -0.05x -5.89x
FCF Yield 133% -77.6% 14.7% 69% -2,006% -17%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 78.4 -11.2 -10.2 -7.79 -5.054 -5
Distribution rate - - - - - -
Net sales 1 302.6 0.035 0.048 0.007 0.005 0.162
EBITDA 1 276.6 -16.42 -18.77 -31.44 -20.38 -18.92
EBIT 1 276.6 -16.43 -18.78 -31.44 -20.4 -18.94
Net income 1 280.4 -39.59 -36.26 -27.87 -18.18 -18.22
Net Debt 1 -221.2 -169.2 -152 -49.91 -28.74 -13.68
Reference price 2 100.80 52.00 26.00 7.00 7.85 16.69
Nbr of stocks (in thousands) 3,553 3,562 3,571 3,618 3,729 4,271
Announcement Date 16/03/21 16/03/22 31/03/23 15/03/24 17/03/25 24/03/26
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 52.28M
27.83x4.47x15.6x2.36% 269B
-91.48x14.45x83.68x-.--% 90.53B
12.74x2.31x8.57x6.48% 75.45B
9.74x1.07x5.6x4.95% 80.24B
18.66x4.9x12.1x3.07% 55.22B
12.77x1.85x7.76x6.08% 41.94B
12.84x1.47x10.06x1.26% 34.58B
18.45x1.35x8.62x1.07% 32.51B
14.09x1.78x8.26x6.14% 29.43B
Average 3.96x 3.74x 17.81x 3.49% 70.9B
Weighted average by Cap. 5.61x 4.61x 20.78x 3.11%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation VirnetX Holding Corporation