Virtu Financial Inc VIRT

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 53.76 USD on Nov 1, 2026, +63.6% year to date

Quant rating

Quant rating A Rank 103 of 799 in Financials

Growth C 515 of 799
Valuation A 66 of 799
Quality B 242 of 799
Revisions A 12 of 799
Momentum C 509 of 799

Wall Street consensus Buy (2.29)Average target 69.43 USD +29.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.3B
Enterprise value: 16.8B
52-week range: 31.59 – 68.72
3-year range: 31.59 – 68.72
Dividend yield: 1.79%
Beta (5 years): –
Shares outstanding: 155M
Next earnings: Nov 5, 2026

About the company

Virtu Financial, Inc. is a financial services company that leverages technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. The Company's segments include Market Making and Execution Services. Its Market Making segment principally consists of market making in the cash, futures, and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. The Execution Services segment comprises client-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker-dealers. Its integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools. It provides a product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,565	2,877	2,293	2,365	2,811	–
Revenue growth	23.9%	25.4%	−3.0%	−15.9%	−13.2%	1.9%
EPS (basic, normalized)	5.73	3.55	1.84	3.00	4.57	–
EPS growth	61.4%	92.9%	−38.7%	−34.4%	–	–
Gross margin	56.4%	53.7%	51.3%	58.9%	65.4%	57.1%
Net margin	12.3%	9.1%	5.8%	10.8%	16.5%	10.9%
ROE	–	39.7%	20.3%	33.5%	52.6%	36.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,069
Current ratio	–
Long-term debt (mil)	2,053
Net debt (mil)	8,505
Total equity (mil)	1,868
Net debt / equity	4.55x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,565	+23.9%	4.7x	10.34	−11.2%	5.2x	5.73	+61.4%	9.4x
2026	2,793	−21.7%	6.0x	19.74	+90.9%	2.7x	7.23	+26.2%	7.4x
2027	2,864	+2.5%	5.9x	26.16	+32.5%	2.1x	7.23	−0.1%	7.4x
2028	2,978	+4.0%	5.7x	33.25	+27.1%	1.6x	7.53	+4.2%	7.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,793	+9.0%	+8.1%	+18.1%	7.23	+0.9%	+0.4%	+17.0%
2027	2,864	+8.6%	+10.7%	+22.8%	7.23	+4.2%	+3.1%	+24.0%
2028	2,978	+15.4%	+17.5%	+30.6%	7.53	+10.5%	+12.2%	+30.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	408	426	444	544	590	568	467	613	789	857
Sales mean (mil)	319	332	376	406	463	479	434	505	613	651
Surprise	+28.0%	+28.6%	+18.1%	+34.0%	+27.5%	+18.6%	+7.6%	+21.5%	+28.7%	+31.6%
EPS reported	0.76	0.83	0.82	1.14	1.30	1.53	1.05	1.85	2.24	1.82
EPS mean	0.53	0.60	0.79	0.89	1.20	1.37	0.93	1.29	1.65	1.72
Surprise	+44.1%	+37.6%	+3.7%	+27.5%	+8.2%	+11.4%	+12.7%	+43.0%	+36.1%	+6.1%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VIRT Virtu Financial Inc	8.3B	6.08x	12.3%	4.46x	7.4x	7.4x	9.4x	9.0x
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
BX Blackstone Inc.	142.7B	2.66x	20.9%	10.19x	20.1x	16.2x	18.2x	14.6x
CME CME Group Inc.	108.5B	0.25x	33.6%	4.08x	24.4x	22.9x	21.7x	20.6x
Mean		4.67x	21.6%	5.08x	19.0x	16.4x	19.7x	17.0x
Median		4.37x	21.9%	4.27x	19.9x	16.9x	19.9x	17.6x

Technical analysis

1M+3.4%
3M−8.0%
1Y+58.8%
3Y+29.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Virtu Financial Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,565	2,877	2,293	2,365	2,811	3,239
Cost of revenue	1,556	1,331	1,116	972	972	1,004
Gross profit	2,009	1,546	1,177	1,393	1,840	2,235
Selling, general & administrative expenses	626	532	493	477	464	488
Research & development	–	–	–	–	–	–
Depreciation/amortization	112	116	127	131	137	141
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−72.5	16.2	0.5	7.0	28.1	9.6
Other operating expenses	250	237	231	221	213	214
Operating income	1,094	645	325	557	997	1,383
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,094	645	325	557	997	1,383
Provision for taxes	182	110	61.2	88.5	170	262
Minority interest	−444	−258	−122	−203	−350	−472
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	468	276	142	265	477	649
Extraordinary items	–	–	–	–	–	–
Net income	468	276	142	265	477	649
EBIT, normalized	1,051	669	334	572	1,031	1,392
EBITDA, normalized	1,162	785	462	703	1,169	1,533
Basic EPS, normalized	5.73	3.55	1.84	3.00	4.57	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Virtu Financial Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,062	873	820	982	1,071	890
Receivables	2,058	1,251	844	1,196	1,173	1,898
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	310	266	330	273	315	382
Goodwill	1,149	1,149	1,149	1,149	1,149	1,149
Intangibles	155	203	258	321	386	454
Long-term investments	14,732	11,081	10,593	6,155	5,726	4,564
Note receivable	–	–	–	–	–	–
Other long-term assets	3,805	2,662	2,137	2,685	2,744	3,416
Total assets	20,151	15,362	14,466	10,583	10,320	9,966
Liabilities
Accounts payable	998	919	1,168	274	572	876
Payable/accrued	632	535	422	433	451	480
Accrued expenses	261	230	278	239	279	315
Short-term debt	4,896	3,742	3,125	1,692	1,718	1,474
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,059	1,764	1,757	1,811	1,612	1,651
Minority interest	391	233	203	310	314	386
Other liabilities	16,118	12,111	11,304	7,121	6,845	6,460
Total liabilities	18,568	14,108	13,264	9,241	8,771	8,497
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,542	1,432	1,352	1,293	1,223	1,161
Retained earnings (accumulated deficit)	1,519	1,169	1,000	972	831	422
Treasury stock	−1,476	−1,340	−1,166	−955	−494	−88.9
Other equity	−3.0	−7.1	17.0	31.6	−10.2	−25.5
Total equity	1,582	1,254	1,203	1,342	1,549	1,469
Total liabilities & shareholders' equity	20,151	15,362	14,466	10,583	10,320	9,966

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Virtu Financial Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	912	535	264	468	827	1,121
Depreciation, depletion & amortization	112	116	127	131	137	141
Deferred taxes	39.3	4.2	19.1	−3.5	34.6	21.6
Non-cash items	25.4	84.0	64.1	115	85.9	42.6
Changes in working capital	−570	−140	17.4	−3.8	86.4	−265
Cash from operations	518	599	492	707	1,172	1,061
Investing activities
Capital expenditures	−63.5	−54.3	−76.1	−64.9	−60.1	−60.4
Other investing cash flows	22.9	−7.5	−18.4	35.3	−27.3	57.8
Cash from investing	−40.6	−61.8	−94.5	−29.5	−87.3	−2.6
Financing activities
Financing cash flow items	−292	−256	−183	−17.9	−19.2	−23.1
Cash dividends paid	−87.7	−89.0	−94.8	−375	−548	−484
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	98.9	−124	−308	−343	−391	−332
Cash from financing	−281	−470	−585	−736	−958	−840
Foreign exchange effects	15.7	−9.0	5.0	−24.2	−12.5	15.3
Net change in cash	212	58.5	−183	−82.7	114	234
Free cash flow	455	545	416	642	1,112	1,001

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.