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Forensic Analysis · General / Diversified · as of Nov 9, 2026

VirnetX Holding Corp (VHC)

A forensic read on VirnetX Holding Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
-20.7
Distress distance
1
Forensic signals
-58.7%
ROE
3140.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

VirnetX Holding Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -20.7, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns — halted.

What the filings flag

stopped
FY2023→FY2024
Shareholder returns — halted. Capital returns have STOPPED — $71M of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash.

Key fundamentals

Latest Revenue$162,000
Revenue Growth YoY+3140.0%
Revenue CAGR (2yr)+381.1%
Net Margin-11250.0%
Free Cash Flow-$15.7M
Return on Equity-58.7%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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