BGC Group vs Virtu Financial
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The short version
- Virtu Financial is the larger business, with $3.6B of revenue in fiscal 2025 against $2.9B for BGC Group.
- BGC Group grew revenue faster (30.0%, against 26.3%).
- Virtu Financial turned more of its sales into free cash flow (13.6% FCF margin, against 12.7%).
- Virtu Financial earned a higher return on the capital invested in it (37.9%, against 13.2%).
- Investors pay more for each dollar of BGC Group’s earnings: a P/E of 28.8x against 9.3x for Virtu Financial.
| Latest fiscal year | BGC · FY25 | VIRT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $4.9B |
| Revenue | $2.9B | $3.6B |
| Free cash flow | $373M | $496M |
| Net income | $155M | $468M |
| Growth | ||
| Revenue growth | 30.0% | 26.3% |
| 5-year growth | 7.4% | 2.3% |
| Share count change | 0.4% | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 5.3% | 12.9% |
| FCF margin | 12.7% | 13.6% |
| Return on capital | 13.2% | 37.9% |
| Return on equity | 16.6% | 33.0% |
| Balance sheet | ||
| Net debt | $709M | $1.0B |
| Net debt / EBITDA | 1.7x | 0.8x |
| Dividends and buybacks | $321M | $1.6M |
| Valuation & quality | ||
| P/E | 28.8x | 9.3x |
| Piotroski F-score | — | — |
Revenue
FY16
BGC $1.6B
VIRT $702M
FY17
BGC $1.8B
VIRT $1.0B
FY18
BGC $1.9B
VIRT $1.9B
FY19
BGC $2.1B
VIRT $1.5B
FY20
BGC $2.1B
VIRT $3.2B
FY21
BGC $2.0B
VIRT $2.8B
FY22
BGC $1.8B
VIRT $2.4B
FY23
BGC $2.0B
VIRT $2.3B
FY24
BGC $2.3B
VIRT $2.9B
FY25
BGC $2.9B
VIRT $3.6B
BGC
VIRT
Operating margin
FY16
BGC —
VIRT —
FY17
BGC —
VIRT —
FY18
BGC —
VIRT —
FY19
BGC —
VIRT —
FY20
BGC —
VIRT —
FY21
BGC —
VIRT —
FY22
BGC —
VIRT —
FY23
BGC —
VIRT —
FY24
BGC —
VIRT —
FY25
BGC —
VIRT —
BGC
VIRT
Free cash flow
FY16
BGC −$124M
VIRT $228M
FY17
BGC $368M
VIRT $272M
FY18
BGC −$91.9M
VIRT $688M
FY19
BGC $194M
VIRT $159M
FY20
BGC $272M
VIRT $1.0B
FY21
BGC $407M
VIRT $1.1B
FY22
BGC $214M
VIRT $680M
FY23
BGC $390M
VIRT $454M
FY24
BGC $286M
VIRT $587M
FY25
BGC $373M
VIRT $496M
BGC
VIRT
Return on capital
FY16
BGC 4.9%
VIRT 19.5%
FY17
BGC 2.5%
VIRT 6.0%
FY18
BGC 11.1%
VIRT 36.8%
FY19
BGC 7.7%
VIRT 0.2%
FY20
BGC 7.3%
VIRT 46.0%
FY21
BGC 16.0%
VIRT 34.7%
FY22
BGC 7.6%
VIRT 22.1%
FY23
BGC 7.3%
VIRT 14.3%
FY24
BGC 13.8%
VIRT 25.9%
FY25
BGC 13.2%
VIRT 37.9%
BGC
VIRT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.