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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 62.79M
23.25x3.75x13.1x2.88% 221B
-115.3x18.35x105.96x-.--% 114B
13.11x1.45x7.6x3.65% 108B
15.29x2.8x10.56x5.37% 89.33B
19.78x5.21x12.81x2.88% 59.78B
15.31x2.24x9.49x5.1% 49.52B
22.87x1.75x11.09x0.83% 43.08B
21.64x1.77x10.98x1.35% 41.87B
18.53x2.38x11.3x4.67% 38.48B
Average 3.83x 4.41x 21.43x 2.97% 76.51B
Weighted average by Cap. -0.89x 5.22x 25.29x 2.89%

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