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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#4310
Positioning
Market Dominance
Manufacturing
Pharmaceutical Products
$73M
Cameron J. Reynolds
VolitionRx Limited engages in the development of blood tests to help diagnose a range of cancers and other diseases worldwide. It sells Nu.Q that detect cancer; NuQ Nets, monitoring the immune system, and NuQ Vet cancer screening test for veterinary applications. The company operates Nucleosomics a technology platform.
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| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$VNRX VOLITIONRX LTD | 33 | 43 | 36 | 8 | - | - | 78.7% | -357.7% | 100.0% | -1459.9% | -1468.6% | 58.5% | 0.0% | - | $73M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
VOLITIONRX LTD (VNRX) receives a "Avoid" rating with a composite score of 32.8/100. It ranks #4310 out of 7,333 stocks in our coverage universe and carries a 1-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Direct cash return
Cameron J. Reynolds
Chief Executive Officer
Labor Force
80
43
24
46
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for VNRX
Lagging peers — losers tend to keep underperforming
Fair valuation relative to peers
Average quality profile
Average volatility — neutral timing signal
Aggressive spending — empire-building risk, dilutive growth
Below-average composite — caution warranted
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for VNRX.
View All RatingsHigh margin volatility — erratic forensic earnings quality
ROIC -64.2% vs WACC 9.9% (spread -74.1%)
GM 100% vs sector 43%, OM -1460% vs sector 1%
Capital turnover 0.10x, R&D intensity 594.6%
Rev growth 58%, 10yr history
Interest coverage -5.8x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our quantitative model flags VOLITIONRX LTD with an Avoid rating, assigning a composite score of 32.8/100 and 1 out of 5 stars. Ranked #4310 of 7,333 stocks, VNRX falls in the bottom tier across key factors. Historically, stocks with this profile have faced elevated risk of underperformance and capital loss.
VNRX's quality score of 43/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of 78.7% (sector avg: -2.5%), gross margins of 100.0% (sector avg: 42.5%), net margins of -1468.6% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 36/100, VNRX appears somewhat expensive relative to its fundamentals. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
VOLITIONRX LTD's investment score of 24/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 58.5% vs. a sector average of 5.9% and a return on assets of -357.7% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
VOLITIONRX LTD is experiencing notably weak momentum with a score of just 8/100. The stock has underperformed its peers and is trending below major moving averages. Revenue growth stands at 58.5% year-over-year, while a beta of 0.13 reflects its sensitivity to broader market moves. While deep momentum weakness can occasionally present value opportunities, it often reflects deteriorating fundamentals or structural headwinds that may persist.
With a stability score of 46/100, VNRX exhibits average financial resilience. Key stability metrics include a beta of 0.13. While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
The short interest score of 52/100 for VNRX suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include micro-cap liquidity risk. With a $73M market cap (micro-cap), VOLITIONRX LTD may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
VOLITIONRX LTD is a micro-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #4310 of 7,333 overall (41st percentile). Key comparisons include ROE of 78.7% exceeding the -2.5% sector median and operating margins of -1459.9% below the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While VNRX currently exhibits a AVOID profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
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Improvement in Momentum (8) would have the largest impact on the composite score.
ROE 3274% BELOW SECTOR MEDIAN
Gross Margin 135% ABOVE SECTOR MEDIAN (FAVORABLE)
Op. Margin 113271% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate VOLITIONRX LTD (VNRX) as Avoid with a composite score of 32.8/100 at a current price of $0.20. The stock falls in the bottom quintile of our universe across key quantitative factors, and the multi-factor weakness suggests a high probability of continued underperformance.
The rating is primarily driven by strength in stability (46th percentile) and quality (43th percentile), which together account for the majority of the composite score. Offsetting weakness in momentum (8th percentile) and investment (24th percentile) tempers our overall conviction. We assign a No Moat rating (28/100), Medium uncertainty, and Poor capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs; sustainability of the current growth rate; the path to profitability. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
VOLITIONRX LTD holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 32.8/100 places it at rank #4310 in our full 7,333-stock universe. At $73M in market capitalization, VOLITIONRX LTD is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue is growing at 58%, though momentum at the 8th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 100% (+57.5pp vs sector) narrow to operating margins of -1460% (-1461.2pp vs sector) and net margins of -1468.6%, yielding a gross-to-net conversion rate of -1469%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $0.20, VOLITIONRX LTD is trading at a premium to fundamental value. Our value factor score of 36/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. The premium valuation implies the market is pricing in significant future growth or quality improvements that are not yet fully reflected in current fundamentals.
The stock currently trades at P/S of 15.4x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
Gross margins of 100% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
Returns on equity of 78.7% exceed the cost of equity for most companies, indicating genuine shareholder value creation and a reinvestment engine that compounds wealth over time.
Revenue growth of 58% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
The Avoid rating (composite 32.8/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Thin net margins of -1468.6% provide limited cushion against cost pressures, competitive pricing, or macroeconomic headwinds — even small changes in costs could swing the company to a loss.
We assign a Medium uncertainty rating to VOLITIONRX LTD. The stock presents a balanced risk profile: current negative profitability (net margin -1468.6%) and low beta of 0.13 — while defensive, this may indicate limited upside participation in bull markets. While not risk-free, the core business fundamentals are adequate to withstand moderate economic stress, and the range of potential outcomes around our fair value estimate is manageable.
Specific risk factors that inform our assessment include: current negative profitability (net margin -1468.6%); low beta of 0.13 — while defensive, this may indicate limited upside participation in bull markets. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 46th percentile and quality factor at the 43th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: healthy gross margins of 100% provide a buffer against cost pressures. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate VOLITIONRX LTD's capital allocation as Poor. Key concerns include negative profitability, weak asset returns (ROA -357.7%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — VOLITIONRX LTD significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, VOLITIONRX LTD receives a Avoid rating with a composite score of 32.8/100 (rank #4310 of 7,333). Our quantitative framework assigns a No Moat (28/100, trend: stable), Medium uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 31/100.
Our analysis does not support a constructive view on VOLITIONRX LTD at this time. The combination of limited competitive advantages, medium uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign VOLITIONRX LTD a meaningful economic moat, scoring 28/100 on our composite assessment. The ROIC-WACC spread of -74.1% is the primary signal of economic value creation. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, margin superiority, reached only 10.4/20.
The strongest moat sources are margin superiority (10.4/20) and growth durability (10.2/20). GM 100% vs sector 43%, OM -1460% vs sector 1%. Rev growth 58%, 10yr history. These pillars form the core of VOLITIONRX LTD's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (0/20) and financial resilience (0/20). ROIC -64.2% vs WACC 9.9% (spread -74.1%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect VOLITIONRX LTD's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 100% providing a solid profitability foundation, robust top-line growth of 58% expanding the revenue base, returns on equity of 78.7% driving shareholder value creation. The margin cascade from 100% gross to -1460% operating to -1468.6% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 43th percentile.
The margin profile shows gross margins of 100%, operating margins of -1460%, net margins of -1468.6%. Return metrics include ROE of 78.7% and ROA of -357.7%. Relative to the Manufacturing sector, gross margins are 57.5 percentage points above the sector median of 43%, and ROE of 78.7% compares to a sector median of -2.5%.
The balance sheet reflects revenue growth of 58%. Overall balance sheet health is adequate for the current business environment.
Weak momentum (8th percentile) suggests institutional selling pressure and unfavorable technical dynamics that may persist.
Above 50MA
37.18%
Net New Highs
+51081
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