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. In the quarter to June 2026, revenue grew 19.1%, EPS fell 1.21%, free cash flow grew 78.6% and total debt rose 16.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Virtu Financial, Inc. (VIRT) Piotroski F-score
Virtu Financial, Inc.'s Piotroski F-score for fiscal 2025 is 9 out of 9: 9 of nine tests of profitability, leverage and efficiency passed, up from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 9 | 1.00 |
| FY2024 | 8 | 2.00 |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | (3.00) |
| FY2020 | 8 | 5.00 |
| FY2019 | 3 | (5.00) |
| FY2018 | 8 | 3.00 |
| FY2017 | 5 | 1.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.47% | 1.75% | Pass | 1 |
| Positive operating cash flow | 518.39m | 598.99m | Pass | 1 |
| Rising return on assets | 2.47% | 1.75% | Pass | 1 |
| Cash flow above net income | 80.63m | 338.60m | Pass | 1 |
| Falling long-term leverage | 0.11 | 0.12 | Pass | 1 |
| Rising current ratio | 0.47 | 0.46 | Pass | 1 |
| No new shares issued | 85,216,000 | 87,482,000 | Pass | 1 |
| Rising gross margin | 78.81% | 76.56% | Pass | 1 |
| Rising asset turnover | 0.20 | 0.19 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 9 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VIRT Virtu Financial, Inc. | 9 |
| FUTU Futu Holdings Limited Sponsored ADR compare | 7 |
| SF Stifel Financial Corporation compare | 7 |
| EVR Evercore Inc compare | 6 |
| HLI Houlihan Lokey, Inc. compare | 5 |
| JEF Jefferies Financial Group Inc. compare | 4 |
| SNEX StoneX Group Inc. compare | 3 |
| HUT Hut 8 Corp. compare | — |
| GLXY Galaxy Digital Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover