What is VirnetX Holding Corp 's return on invested capital?

VirnetX Holding Corp (VHC) reported return on invested capital of -122.4% in Q1 2026.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

VirnetX Holding Corp VHC Return on invested capital

Return on invested capital at other companies

Palo Alto Networks, Inc.PANW

5.1%-19.3pp

Leidos HoldingsLDOS

15.8%-0.6pp

Cloudflare, Inc.NET

-19.3%+8.7pp

ZscalerZS

-7.2%-2.0pp

Telos CorporationTLS

-44.6%-12.9pp

Varonis SystemsVRNS

-34.2%+16.4pp

Other financials

Income statement

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Revenue-—

Operating income-$4.5M-11.4%

Net income-$4.4M-18.3%

EPS (diluted)-$1.16-14.9%

Balance sheet

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Cash & equivalents$14.8M-36.4%

Total debt$7.2M-10.8%

Total equity$18.9M-48.2%

Total assets$26.7M-40.8%

Cash flow

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Operating cash flow-$4.3M-10.3%

CapEx$17.0K—

Free cash flow-$5.8M-5.2%

Valuation

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Market cap$53.16M+26.6%

Enterprise value$45.6M+39.7%

P/S328.2×-512×

Profitability

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Operating margin-12,284.6%-6,084pp

Net margin-11,666.7%-5,775pp

FCF margin-35,193.8%—

Returns & leverage

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Return on equity-68.5%+181pp

Debt / equity0.4×+0.2×

Current ratio8.5×-9.2×

Where this comes from

Calculated from VirnetX Holding Corp ’s reported figures.

nopat/invested capital=-122.4%

Based on trailing twelve months.

The official record: VirnetX Holding Corp ’s 10-Q, filed May 15, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is VirnetX Holding Corp 's return on invested capital?: VirnetX Holding Corp (VHC) reported return on invested capital of -122.4% in Q1 2026.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.