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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

54.40 0.45 +0.83%
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
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Virtu Financial, Inc. (VIRT) valuation and DCF model

What the price implies · reverse DCF

At $54.40 the price implies −0.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 23.6% a year over the last ten years, 0.7% over the last five. The price asks for 24.1 points a year less than its ten-year rate. Return on equity averaged 15.8% over ten years; the price implies 15.8% for good.

In December 2017 the price assumed 4.0% a year; Virtu Financial, Inc. went on to grow the dividend a share 5.5% a year to FY2025.

Price implies
−0.4%
Last 5 years, reported
0.7%
Last 10 years, reported
23.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−0.4% a year for ten years
$54.40
today’s price
Its base case
20.0% a year for five years, then 12.0%
$192.22
253.4% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Virtu Financial, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing −0.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Virtu Financial, Inc.’s own cost of capital: risk-free 4.3% + beta 0.69 × equity premium 4.5% = 7.4% cost of equity; after-tax cost of debt 30.1%; weighted, 14.3%.

Use 14.3%
Base case value per share $192.22 ten years discounted, and what follows
Current price $54.40 market price per share
Above today’s price 253.4% upside at the base case’s assumptions

How we got there$66.67 10 years of dividends+$125.55 terminal value=$192.22 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 8.93× 10.09× 24.61× 64% below 14.35× 38% below
P/FCF 9.84× 5.95× 6.07× 62% above 9.28× 6% above
P/B 2.03× 1.65× 1.59× 27% above 1.36× 48% above
EV/EBITDA — 1.29× 1.58× — 3.38× —
EV/Sales — 0.59× 0.66× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
4.81×50.44×96.08×141.72×10Y avg 24.61×2016201720182020202120222023202420252026

VIRT trades at 8.93× P/E, against a 10-year average of 24.61× (range 4.84×–156.70×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $149.93 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.