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Virtu Financial

VIRT NYSE Investment Banking & Brokerage Financials FY2016–FY2025

Virtu Financial's revenue rose 26.2% to $3.6 billion in fiscal 2025. Its net margin was 12.9%, up from 9.6% a year earlier. Free cash flow was $496 million, down 15.5%. It paid out $2 million in dividends and buybacks, 0% of free cash flow. The diluted share count fell 2.9%.

Last close · Oct 23, 2026

$55.93

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$3.6B
26.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$468M
69.5%
Free cash flow Cash from operations minus capital spending.
$496M
15.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
37.9%
12.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.3x
On $6.02 EPS (TTM)

What Virtu Financial does

No business description yet.

Legal name
Virtu Financial, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001592386-26-000009
0001592386

Revenue and margins

Virtu Financial had $3.6B of revenue in fiscal 2025, up 26.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $496M in fiscal 2025, 13.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Virtu Financial returned $1.6M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Virtu Financial yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.0B and divides by 85.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.3x · peers 25.4x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Virtu Financial can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$982M$820M$873M$1.1B
Debt incl. finance leases $1.7B$1.8B$1.8B$1.8B$2.1B
Net debt / EBITDA 0.5x1.1x1.8x1.1x0.8x
Debt / equity 1.1x1.4x1.5x1.4x1.3x
Interest coverage 13.5x7.1x4.3x7.6x9.2x
Total assets $10.3B$10.6B$14.5B$15.4B$20.2B
Total liabilities $8.5B$8.9B$13.1B$13.9B$18.2B
Shareholders' equity $1.5B$1.3B$1.2B$1.3B$1.6B
Net debt (− = net cash) $602M$834M$936M$930M$1.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −2.8%−2.2%−0.3%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Virtu Financial VIRT $4.9B 26.3% — 13.6% 37.9% 9.3x —
Evercore EVR $10.4B 29.5% — 30.5% — 14.2x 5 Compare →
Robinhood HOOD $86.7B 51.6% — 36.3% — 41.9x — Compare →
BGC Group BGC $5.6B 30.0% — 12.7% 13.2% 28.8x — Compare →
Houlihan Lokey HLI $8.9B 9.6% 20.1% 26.1% — 22.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $702M $1.0B $1.9B $1.5B $3.2B $2.8B $2.4B $2.3B $2.9B $3.6B
Interest expense $28.3M $64.1M $71.8M $122M $87.7M $80.0M $92.0M $99.3M $97.8M $133M
Pretax income $180M $113M $696M −$116M $1.4B $997M $557M $325M $645M $1.1B
Income tax $21.3M $94.3M $76.2M −$12.3M $262M $170M $88.5M $61.2M $110M $182M
Net income $33.0M $2.9M $289M −$58.6M $649M $477M $265M $142M $276M $468M
Diluted EPS $0.83 $0.03 $2.78 −$0.53 $5.16 $3.91 $2.44 $1.42 $2.97 $5.13
Diluted shares 0.04B 0.06B 0.10B 0.11B 0.12B 0.12B 0.10B 0.09B 0.09B 0.09B
Cash flow
Cash from operations $240M $291M $715M $169M $1.1B $1.2B $707M $492M $599M $518M
Capital expenditure $11.9M $18.9M $26.5M $9.3M $28.9M $24.6M $27.2M $37.8M $12.4M $22.8M
Free cash flow $228M $272M $688M $159M $1.0B $1.1B $680M $454M $587M $496M
Depreciation and amortization $19.8M $52.2M $74.5M $115M $112M $98.1M $90.9M $89.6M $75.0M $66.8M
Stock-based compensation $22.9M $26.3M $31.9M $71.7M $59.8M $55.8M $67.2M $63.9M $75.5M $100M
Acquisitions $0.0M $5.6M $0.0M $836M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $4.5M $2.7M $66.2M $0.2M $0.0M $3.5M $8.3M $1.6M $0.0M $1.6M
Dividends paid $37.8M $63.8M $100M $112M $121M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $42.3M $66.5M $167M $113M $121M $3.5M $8.3M $1.6M $0.0M $1.6M
Balance sheet
Cash and short-term investments $181M $533M $730M $732M $890M $1.1B $982M $820M $873M $1.1B
Total debt $590M $1.4B $922M $2.0B $1.7B $1.7B $1.8B $1.7B $1.8B $2.1B
Finance lease liabilities $0.0M $0.0M $0.0M $13.4M $11.7M $6.6M $15.3M $29.6M $23.1M $20.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $29.7M $137M $113M $116M $114M $89.6M $85.2M $100M $91.4M $96.4M
Total assets $3.7B $7.3B $7.4B $9.6B $10.0B $10.3B $10.6B $14.5B $15.4B $20.2B
Total liabilities $3.2B $6.2B $5.9B $8.4B $8.1B $8.5B $8.9B $13.1B $13.9B $18.2B
Shareholders' equity $146M $831M $1.1B $931M $1.5B $1.5B $1.3B $1.2B $1.3B $1.6B
Margins
EBITDA margin 32.4% 22.3% 44.9% 8.0% 48.8% 41.8% 31.3% 22.4% 28.4% 35.6%
Net margin 4.7% 0.3% 15.4% −3.9% 20.0% 17.0% 11.2% 6.2% 9.6% 12.9%
FCF margin 32.4% 26.4% 36.6% 10.5% 31.9% 40.8% 28.7% 19.8% 20.4% 13.6%
Returns
Return on capital 19.5% 6.0% 36.8% 0.2% 46.0% 34.7% 22.1% 14.3% 25.9% 37.9%
Return on equity — 0.6% 30.8% −5.9% 54.1% 31.6% 18.3% 11.2% 22.5% 33.0%
Return on assets 0.9% 0.1% 3.9% −0.7% 6.6% 4.7% 2.5% 1.1% 1.9% 2.6%
Growth
Revenue growth −11.8% 46.4% 82.8% −19.2% 113.5% −13.2% −15.9% −3.0% 25.5% 26.3%
Net income growth 57.9% −91.1% 9,748.3% −120.2% — −26.5% −44.4% −46.4% 94.6% 69.4%
EPS growth 40.7% −96.4% 9,166.7% −119.1% — −24.2% −37.6% −41.8% 109.2% 72.7%
FCF growth −6.7% 19.3% 153.3% −76.8% 547.2% 11.2% −40.8% −33.2% 29.2% −15.5%
Share count change 9.1% 62.4% 63.1% 11.6% 7.4% −3.2% −11.8% −9.9% −6.7% −2.9%
Financial health
Net debt / EBITDA 1.8x 3.9x 0.2x 10.5x 0.5x 0.5x 1.1x 1.8x 1.1x 0.8x
Debt / equity — 1.7x 0.9x 2.2x 1.2x 1.1x 1.4x 1.5x 1.4x 1.3x
Interest coverage 7.3x 2.8x 10.7x 0.1x 16.8x 13.5x 7.1x 4.3x 7.6x 9.2x
Capital allocation
Capex / revenue 1.7% 1.8% 1.4% 0.6% 0.9% 0.9% 1.2% 1.7% 0.4% 0.6%
Stock comp / revenue 3.3% 2.6% 1.7% 4.7% 1.9% 2.0% 2.8% 2.8% 2.6% 2.8%
Payouts / FCF 18.6% 24.5% 24.2% 70.6% 11.7% 0.3% 1.2% 0.3% 0.0% 0.3%
Quality scores
Accruals ratio −5.8% −5.2% −5.8% −2.7% −4.2% −6.9% −4.2% −2.8% −2.2% −0.3%

Source: SEC EDGAR XBRL filings (CIK 0001592386). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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