VolitionRX Ltd

VolitionRX operates with a negative equity position of -$15.6 million and a total asset base of $19.4 million, indicating a capital structure heavily reliant on liabilities. The company's liquidity position is weak, with a current ratio of 0.43 and cash and equivalents of $11.8 million, which is insufficient to cover its total liabilities of $35.0 million. The company's free cash flow is negative at -$8.3 million, and its operating cash flow is also negative at -$8.3 million, suggesting ongoing cash burn.

Profitability metrics show that VolitionRX is not currently generating positive returns. The company reported a net loss of $8.4 million and an operating loss of $8.4 million in the latest period. Return on equity is positive at 53.6%, but this is misleading due to the negative equity base. Return on assets is negative at -4.3%, indicating that the company is not generating returns on its asset base. The company's EBITDA multiple is negative at -1.36, and its enterprise value to revenue ratio is 66.69, suggesting a high valuation relative to its revenue.

VolitionRX's revenue is concentrated in a single business segment focused on diagnostic tests for cancer detection. The company does not disclose geographic revenue breakdowns, but its operations are primarily based in the United Kingdom. The lack of geographic diversification and segment diversification increases the company's exposure to market-specific risks.

The company's growth trajectory is uncertain. Revenue for the latest period was $171.5 thousand, and there is no indication of significant revenue growth in the near term. The company's outlook for the current fiscal year is not provided, but the negative operating and net income suggest continued financial challenges. The company's capital expenditure of -$78.8 thousand indicates a reduction in capital spending, which may be a sign of financial constraints.

Risk factors for VolitionRX include its negative equity position, high debt-to-equity ratio of -0.35, and weak liquidity. The company has a low dilution risk, with no immediate filing-based liquidity or dilution flags detected. However, the company's reliance on external financing and its negative cash flows increase the potential for future dilution. The company's valuation is based on pre-computed metrics, and there are no adjustments applied to the valuation.

Recent events for VolitionRX include analyst estimates that suggest a wide range of price targets, with a mean of $29.21 and a median of $20.00. The mean recommendation from analysts is 2.40, indicating a "hold" rating. There are no strong buy recommendations, with three buy and two hold ratings. These analyst estimates suggest a mixed outlook for the company's stock.

Revenue grew 109.3% CAGR over four years, reaching $1.73 million in fiscal 2026, demonstrating strong top-line expansion.

Analysts project 1,360% upside to a mean price target of $29.21, signaling significant expected valuation re-rating.

Net losses narrowed 13.4% year-over-year to $23.4 million in fiscal 2026, showing improving profitability trajectory.

Cash conversion ratio of 1.0 exceeds the cohort median of 0.87, reflecting superior operational cash flow efficiency.

The company faces high credit risk and maintains a high leverage band, threatening financial stability.

Net margin of -48.8% places the firm in the bottom quartile of 372 biotechnology peers.

Free cash flow remains deeply negative at -$22.6 million in fiscal 2026, indicating persistent cash burn.

Current ratio of 0.17 suggests severe short-term liquidity constraints, raising concerns about meeting immediate obligations.

Long-term debt increased to $11.5 million in fiscal 2026, doubling from the prior year's $5.6 million.

Revenue $447.0k, +133,2% YoY; Operating income +16,7% YoY.

• ▍Revenue $447.0k, +133,2% YoY
• ▍Operating income +16,7% YoY
• ▍Net income −8,2% YoY
• ▍Free cash flow −5,0% YoY
• ▍Net margin -1402.8%

Revenue $627.3k, +32,2% YoY; Operating income +13,1% YoY.

• ▍Revenue $627.3k, +32,2% YoY
• ▍Operating income +13,1% YoY
• ▍Net income +7,6% YoY
• ▍Free cash flow +10,0% YoY
• ▍Net margin -857.4%

Revenue $406.7k, +2,8% YoY; Operating income +9,9% YoY.

• ▍Revenue $406.7k, +2,8% YoY
• ▍Operating income +9,9% YoY
• ▍Net income +10,0% YoY
• ▍Free cash flow +11,7% YoY
• ▍Net margin -1545.2%

Revenue $246.4k, +43,6% YoY; Operating income +34,1% YoY.

• ▍Revenue $246.4k, +43,6% YoY
• ▍Operating income +34,1% YoY
• ▍Net income +35,2% YoY
• ▍Free cash flow +36,8% YoY
• ▍Net margin -2201.3%

Revenue $191.7k; Operating income -$5.8M.

• ▍Revenue $191.7k
• ▍Operating income -$5.8M
• ▍Net margin -3022.7%

Revenue $474.5k; Operating income -$5.9M.

• ▍Revenue $474.5k
• ▍Operating income -$5.9M
• ▍Net margin -1226.8%

Revenue $395.8k; Operating income -$7.0M.

• ▍Revenue $395.8k
• ▍Operating income -$7.0M
• ▍Net margin -1764.9%

Revenue $171.5k; Operating income -$8.4M.

• ▍Revenue $171.5k
• ▍Operating income -$8.4M
• ▍Net margin -4877.8%

Revenue $1.7M, +40,0% YoY; Operating income +19,6% YoY.

• ▍Revenue $1.7M, +40,0% YoY
• ▍Operating income +19,6% YoY
• ▍Net income +13,4% YoY
• ▍Free cash flow +15,5% YoY
• ▍Net margin -1352.2%

Revenue $1.2M, +59,1% YoY; Operating income +24,9% YoY.

• ▍Revenue $1.2M, +59,1% YoY
• ▍Operating income +24,9% YoY
• ▍Net income +23,6% YoY
• ▍Free cash flow +24,9% YoY
• ▍Net margin -2186.3%

Revenue $775.3k, +153,0% YoY; Operating income −13,2% YoY.

• ▍Revenue $775.3k, +153,0% YoY
• ▍Operating income −13,2% YoY
• ▍Net income −16,7% YoY
• ▍Free cash flow −14,0% YoY
• ▍Net margin -4555.5%

Revenue $306.4k, +240,3% YoY; Operating income −12,2% YoY.

• ▍Revenue $306.4k, +240,3% YoY
• ▍Operating income −12,2% YoY
• ▍Net income −12,9% YoY
• ▍Free cash flow −15,6% YoY
• ▍Net margin -9879.2%