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Virtu Financial, Inc.

VIRT Financial Capital Markets

Virtu Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 26.2% from fiscal 2024.

Revenue
+19.1%
EPS
−1.21%
Free cash flow
+78.6%
Total debt
+16.2%

Quarter to June 2026, against a year earlier

53.75 0.72 +1.36%
Market cap
$8.4B
P/E
8.9×
Fwd P/E
8.2×
Dividend yield
1.79%
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2015

  • Market Making
  • Execution Services

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 14.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 4 — — 2 — — 3 — — —
Insider Ownership 3.76%

Capital & Financial Ratios $m

Size
Market Cap 8,370.00
Revenue ttm 4,079.96
Net income ttm 1,061.18
Free cash flow ttm 478.41
Net debt Q (4,738.27)
Valuation
P/E 8.93
Forward P/E 8.15
Price / sales 1.15
Forward P/S Powerpack
Price / FCF 9.84
Price / book 2.03
Financial health
Current ratio Q 0.45
Debt / equity Q 0.87
Interest coverage Q 2.67
Growth
Revenue growth Q +19.05% (above 0%: growing)
Operating income growth Q −1.29% (below 0%: shrinking)
EPS, this year +27.46% (at or above 15%: strong)
EPS, next year A −0.22% (below 0%: weak)
Revenue, next year A −24.12% (below 0%: weak)
EPS, past 5 yrs −0.12% (below 0%: weak)
EPS, next 5 yrs A +10.06%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 33.96%
10-year low 10-year high
P/S against its own 10 years 63.37%
10-year low 10-year high
P/B against its own 10 years 85.15%
10-year low 10-year high

Dividends

Yield
1.79%
Annual rate
0.96
Payout ratio
16.0%
Growth, 2017–25
0.00%/yr
  1. 0.96 ’17
  2. 0.96 ’18 +0
  3. 0.96 ’19 +0
  4. 0.96 ’20 +0
  5. 0.96 ’21 +0
  6. 0.96 ’22 +0
  7. 0.96 ’23 +0
  8. 0.96 ’24 +0
  9. 0.96 ’25 +0
  10. 0.96 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,090 4,192 5,307 6,764
Receivables 844 1,251 2,058 3,517
Inventory — — — —
Other — — — —
4,934 5,443 7,364 10,282
2023 2024 2025 Q'26
Payables 1,191 965 1,041 1,263
ST’ Debt — — — —
Other 9,197 10,145 13,989 20,279
10,839 11,706 15,695 22,700

Compound Annual Growth %

10y 5y 3y
Sales 16.39% 2.32% 15.38%
Cash Flow 7.13% (13.34%) (9.82%)
Earnings 35.56% (7.58%) 19.70%
Book Value 13.47% 1.24% 6.12%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.68 Actual 1.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.97 1.05 Beat by 0.08
Q4 FY25 1.28 1.85 Beat by 0.57
Q1 FY26 1.66 2.24 Beat by 0.58
Q2 FY26 1.68 1.82 Beat by 0.14
Q3 FY26 1.47 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.99 1.63 — — —
’25 1.08 1.65 0.86 1.54 5.13
’24 0.59 0.71 0.64 1.03 2.97
’23 0.56 0.16 0.63 0.05 1.42
’22 0.98 0.78 0.37 0.27 2.44
’21 1.89 0.50 0.59 0.89 3.91
’20 1.80 1.58 0.92 0.88 5.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,095 1,190 — — —
’25 838 1,000 825 970 3,632
’24 643 693 707 834 2,877
’23 620 507 630 536 2,293
’22 701 605 561 498 2,365
’21 1,013 549 544 706 2,811
’20 1,001 906 656 677 3,239
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 0 117 — — —
’25 15 63 (69) 509 518
’24 (395) 491 112 391 599
’23 (148) 122 170 348 492
’22 (255) 313 233 416 707
’21 134 222 19 797 1,172
’20 (219) 718 (16) 577 1,061
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) 92 — — —
’25 (15) 52 (82) 500 455
’24 (422) 482 100 384 545
’23 (183) 108 162 328 416
’22 (287) 303 224 401 642
’21 110 207 10 784 1,112
’20 (238) 705 (33) 566 1,001
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing −0.6% a year for ten years. It grew 23.6% a year over the last ten.

Implied
−0.6%
10 years, reported
23.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 702 1,028 1,879 1,517 3,239 2,811 2,365 2,293 2,877 3,632 4,080 +20.0% 2,756 2,749 2,886 (7.4%)
Gross margin, % 68.50 75.01 79.96 74.50 76.57 73.49 73.82 77.83 76.56 78.81 81.77 +10.3 pt
EBT 180 113 696 (116) 1,383 997 557 325 645 1,094 1,276 +22.2%
EBT margin, % 25.57 11.01 37.07 (7.64) 42.69 35.46 23.55 14.18 22.42 30.13 31.27 +4.6 pt
Net income 158 19 620 (104) 1,121 827 468 264 535 912 1,061 +21.5%
Per share, $
Per share, $ Revenue 18.22 16.43 18.62 13.32 26.62 23.96 22.74 24.38 32.89 42.62 46.57 +9.9%
Earnings 0.88 0.26 2.82 (0.53) 5.19 3.95 2.45 1.42 2.98 5.14 6.02 +21.7%
Cash flow 6.22 4.64 7.08 1.48 8.72 9.98 6.80 5.23 6.85 6.08 6.37 (0.2%)
Capex (0.53) (0.53) (0.48) (0.51) (0.50) (0.51) (0.62) (0.81) (0.62) (0.75) (0.90) +4.0%
Free cash flow 5.69 4.11 6.61 0.97 8.22 9.47 6.17 4.42 6.23 5.34 5.46 (0.7%)
Book value 13.87 18.40 14.82 10.79 15.24 15.88 15.88 14.94 17.00 23.16 26.54 +5.9%
Shares, m 39 63 101 114 122 117 104 94 87 85 86 +9.2%
Valuation, ×
Valuation, × P/E 18.03 156.70 8.67 0.00 4.84 7.37 8.55 14.54 11.97 6.48 8.93 23.7
P/S 0.88 1.12 1.38 1.20 0.95 1.20 0.91 0.83 1.09 0.78 1.15 1.0
P/B 1.16 1.00 1.74 1.48 1.65 1.82 1.30 1.36 2.10 1.44 2.03 1.5
EV/Sales 1.11 0.52 0.72 0.59 0.69 0.85 0.59 (0.20) 0.23 (0.12) — 0.5
EV/FCF 3.57 2.07 2.03 8.06 2.25 2.16 2.16 (1.08) 1.23 (0.94) — 2.1
Cash, $m
Cash, $m Operating cash flow 240 291 715 169 1,061 1,172 707 492 599 518 558 +9.0%
Capex (20) (33) (48) (58) (60) (60) (65) (76) (54) (63) (79) +13.5%
Free cash flow 219 257 667 111 1,001 1,112 642 416 545 455 478 +8.4%
Balance, $m
Balance, $m Working capital (1,511) (1,657) (1,502) (1,561) (1,532) (2,550) (2,899) (5,905) (6,263) (8,330) (12,418) +20.9%
Net debt 164 (616) (1,244) (927) (816) (985) (767) (2,363) (2,452) (3,267) (4,738) n/m
Shareholders’ equity 534 1,152 1,495 1,229 1,855 1,864 1,651 1,405 1,487 1,973 2,325 +15.6%
Returns, %
Returns, % ROA 0.93 0.05 3.94 (0.69) 6.63 4.70 2.44 1.07 1.75 2.47 2.22 +1.5 pt
ROIC 16.08 13.19 173.72 71.03 83.15 70.88 39.35 0.00 0.00 0.00 0.00 (16.1) pt
ROE 6.04 0.35 21.88 (4.30) 42.10 25.65 14.52 8.76 18.00 25.30 26.18 +19.3 pt
People
People Employees 148 560 483 1,012 976 973 993 975 969 1,027 — +24.0%
Revenue/emp, $m 4.75 1.84 3.89 1.50 3.32 2.89 2.38 2.35 2.97 3.54 — (3.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Virtu Financial is an electronic trading firm that buys and sells financial instruments and provides trading services to institutional clients. Founded in 2008, it is headquartered in New York City, and Aaron Simons is its chief executive officer.

Its Market Making business offers to buy or sell instruments using the firm’s own capital. By continuously posting prices, it gives brokers, banks and investors a way to trade across markets that include equities, currencies, fixed income, options, commodities and cryptocurrencies. Its systems automate much of the quoting, trade processing and risk management involved.

Where the money comes from and where it goes Fiscal 2015

Fiscal 2015: revenue by segment, and margins
Market Making 786 98.67%
Execution Services 11 1.33%
Gross margin 70.80%
Operating margin 27.12%
Pre-tax margin 27.12%

Revenue by segment since 2013

Virtu Financial, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SF Stifel Financial Corporation $10.8B 11.8× 11.4× −0.22% (below 0%: shrinking) +13.26% (above 0%: growing) −90.85% (below 0%: shrinking) 99.05% 22.63% Compare
HLI Houlihan Lokey, Inc. $10.2B 24.5× 18.2× +4.85% (above 0%: growing) −1.80% (below 0%: shrinking) −25.70% (below 0%: shrinking) 35.98% 22.25% Compare
FUTU Futu Holdings Limited Sponsored ADR $9.0B 9.2× 10.6× +35.71% (above 0%: growing) +42.98% (above 0%: growing) +443.45% (above 0%: growing) 86.31% 61.99% Compare
VIRT Virtu Financial, Inc. $8.4B 8.9× 8.2× +19.05% (above 0%: growing) −1.21% (below 0%: shrinking) +78.56% (above 0%: growing) 78.24% 46.04%
XP XP Inc. $7.6B 7.7× 7.1× +22.04% (above 0%: growing) +23.26% (above 0%: growing) −127.08% (below 0%: shrinking) 100.00% 34.50% Compare
IREN IREN Limited $7.3B — (loss-making) — (loss-making) −26.73% (below 0%: shrinking) n/m +705.74% (above 0%: growing) 75.71% (585.97%) Compare
SNEX StoneX Group Inc. $6.5B 12.0× 12.1× +15.40% (above 0%: growing) +86.64% (above 0%: growing) −183.02% (below 0%: shrinking) 3.06% 1.67% Compare
HUT Hut 8 Corp. $5.7B — (loss-making) — (loss-making) −14.90% (below 0%: shrinking) +122.92% (above 0%: growing) +173.77% (above 0%: growing) 0.00% 447.73% Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%) Compare
Median of peers $7.5B 11.8× 11.4× +2.32% +33.12% −58.27% 74.01% 22.44%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • On Virtu’s Q1 2026 call, CEO Aaron Simons said the company had added over $500 million in trading capital in the preceding seven months.
  • CFO Cindy Lee said Q1 Execution Services performance reflected investments in technology, client acquisition and an expanded product offering.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 52.88%
Held by the ten largest 28.10%
Holder Shares Stake Change
BlackRock 11.73m 7.55% +778.10k
Vanguard 10.35m 6.67% +583.18k
Fidelity (FMR) 4.72m 3.04% −62.65k
State Street 3.07m 1.98% +159.20k
RENAISSANCE TECHNOLOGIES LLC 2.87m 1.85% −60.50k
AQR Capital Management 2.84m 1.83% +1.48m
Allspring Global Investments Holdings, LLC 2.39m 1.54% +457.70k
Portolan Capital Management, LLC 2.14m 1.38% +930.33k
Dimensional Fund Advisors 1.83m 1.18% −94.86k
Morgan Stanley 1.68m 1.08% +165.14k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Virtu Financial, Inc. (VIRT) Latest News

6 Nov

Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press

29 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · cryptoprowl.com

9 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

7 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

30 Sep

Impact 3 · · Zacks

28 Sep

Impact 4 ·
Impact 4 · · GlobeNewswire

22 Sep

Impact 3 · · Zacks

19 Sep

Impact 4 ·

8 Sep

Impact 3 ·

28 Aug

Impact 4 ·

27 Aug

Impact 4 ·

24 Aug

Impact 3 ·

18 Aug

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

4 Aug

Impact 3 ·

1 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript

30 Jul

Impact 3 · · Moby transcript
Impact 3 · transcript

24 Jul

Impact 4 ·

VIRT metrics, ten years each

stockrow.com/VIRT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com