Virtus Investmen Financials
This page shows Virtus Investmen (VRTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High reported margins masked a cash-conversion break, leaving shareholder payouts increasingly supported by the balance sheet rather than operations.
Across the latest filings, net income stayed positive at$152.5M and$136M , yet operating cash flow slid from barely positive to negative, taking free cash flow with it. Because financing inflows turned positive while long-term debt rose to$390M , distributions were increasingly being funded by stored liquidity and external capital rather than by current operations.
Operating margin compression from
Liquidity is still buffered because cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Virtus Investmen's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Virtus Investmen has an operating margin of 19.8%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is down from 20.1% the prior year.
Virtus Investmen's revenue declined 6% year-over-year, from $906.9M to $852.9M. This contraction results in a growth score of 34/100.
Virtus Investmen carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
While Virtus Investmen generated -$67.2M in operating cash flow, capex of $6.9M consumed most of it, leaving -$74.1M in free cash flow. This results in a low score of 27/100, reflecting heavy capital investment rather than weak cash generation.
Virtus Investmen's ROE of 14.6% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 17.0% the prior year.
Virtus Investmen passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Virtus Investmen generates $-0.49 in operating cash flow (-$67.2M OCF vs $136.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Virtus Investmen generated $852.9M in revenue in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
Virtus Investmen's EBITDA was $232.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.6% from the prior year.
Virtus Investmen reported $136.0M in net income in fiscal year 2025. This represents a decrease of 10.8% from the prior year.
Virtus Investmen earned $19.97 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.2% from the prior year.
Cash & Balance Sheet
Virtus Investmen generated -$74.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1837.5% from the prior year.
Virtus Investmen held $478.2M in cash against $390.0M in long-term debt as of fiscal year 2025.
Virtus Investmen paid $9.30 per share in dividends in fiscal year 2025. This represents an increase of 12.0% from the prior year.
Virtus Investmen had 7M shares outstanding in fiscal year 2025. This represents a decrease of 3.9% from the prior year.
Margins & Returns
Virtus Investmen's operating margin was 19.8% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.
Virtus Investmen's net profit margin was 16.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Virtus Investmen's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.4 percentage points from the prior year.
Capital Allocation
Virtus Investmen spent $60.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 33.7% from the prior year.
Virtus Investmen invested $6.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 23.5% from the prior year.
VRTS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $199.5M-4.1% | $208.0M-3.9% | $216.4M+2.8% | $210.5M-3.4% | $217.9M-6.7% | $233.5M+2.8% | $227.0M+1.2% | $224.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $105.2M+11.0% | $94.8M-4.1% | $98.8M+0.8% | $98.0M-10.1% | $109.1M+2.7% | $106.2M+0.6% | $105.6M-0.1% | $105.7M |
| Operating Income | $15.4M-61.2% | $39.8M-15.4% | $47.1M+4.1% | $45.2M+23.5% | $36.6M-27.9% | $50.7M-8.2% | $55.3M+25.0% | $44.2M |
| Interest Expense | $6.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $7.2M-46.6% | $13.4M+2.2% | $13.1M+5.7% | $12.4M+0.4% | $12.3M-35.2% | $19.0M+20.6% | $15.8M+34.5% | $11.7M |
| Net Income | $6.2M-81.8% | $33.9M+8.1% | $31.3M-26.7% | $42.7M+52.4% | $28.1M-29.0% | $39.5M-19.5% | $49.1M+88.7% | $26.0M |
| EPS (Diluted) | $1.05 | N/A | $4.65-24.0% | $6.12+51.1% | $4.05 | N/A | $5.71+135.0% | $2.43 |
VRTS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.6B+6.3% | $4.3B+9.9% | $3.9B+5.7% | $3.7B+0.2% | $3.7B-7.7% | $4.0B+10.9% | $3.6B-1.3% | $3.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $274.4M-42.6% | $478.2M+3.4% | $462.2M+90.0% | $243.3M+10.8% | $219.6M-45.1% | $400.3M+28.3% | $311.9M-11.1% | $350.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $104.4M+1.6% | $102.7M-3.5% | $106.5M-2.0% | $108.6M-3.8% | $112.9M-3.7% | $117.2M+4.5% | $112.2M+6.2% | $105.6M |
| Goodwill | $640.8M+61.4% | $397.1M0.0% | $397.1M0.0% | $397.1M0.0% | $397.1M0.0% | $397.1M0.0% | $397.1M0.0% | $397.1M |
| Total Liabilities | $3.5B+6.1% | $3.3B+12.8% | $2.9B+7.8% | $2.7B+0.1% | $2.7B-10.5% | $3.0B+14.4% | $2.6B-1.3% | $2.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $439.3M+12.7% | $390.0M-0.2% | $390.6M+68.9% | $231.3M-0.2% | $231.7M-0.2% | $232.1M-2.2% | $237.5M-4.1% | $247.6M |
| Total Equity | $917.4M-1.8% | $934.0M+1.7% | $918.7M+2.5% | $896.4M+0.3% | $893.7M-0.4% | $897.5M+1.0% | $889.0M+2.3% | $868.7M |
| Retained Earnings | $331.6M-2.7% | $340.9M+5.8% | $322.3M+4.9% | $307.4M+9.4% | $281.0M+4.8% | $268.2M+6.7% | $251.3M+10.9% | $226.5M |
VRTS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $35.9M+114.5% | -$247.4M-328.5% | $108.3M+42.9% | $75.8M+2100.4% | -$3.8M+96.3% | -$102.8M-248.7% | $69.1M-1.2% | $70.0M |
| Capital Expenditures | $2.4M+150.0% | $944K-33.1% | $1.4M-8.9% | $1.6M-48.1% | $3.0M+55.3% | $1.9M+372.0% | $407K-69.4% | $1.3M |
| Free Cash Flow | $33.5M+113.5% | -$248.4M-332.4% | $106.9M+44.0% | $74.2M+1196.0% | -$6.8M+93.5% | -$104.7M-252.4% | $68.7M+0.1% | $68.6M |
| Investing Cash Flow | -$198.5M-373.5% | -$41.9M-2868.5% | -$1.4M-37.4% | -$1.0M+65.5% | -$3.0M+75.4% | -$12.1M-1094.4% | -$1.0M+24.2% | -$1.3M |
| Financing Cash Flow | -$40.9M-113.4% | $305.3M+171.9% | $112.3M+315.7% | -$52.1M+70.2% | -$174.5M-185.3% | $204.5M+289.9% | -$107.7M-413.9% | $34.3M |
| Dividends Paid | $17.9M+10.0% | $16.3M+6.0% | $15.4M-2.9% | $15.8M-7.7% | $17.1M+8.1% | $15.9M+16.2% | $13.7M-0.1% | $13.7M |
| Share Buybacks | $10.0M0.0% | $10.0M | $0-100.0% | $30.0M+50.0% | $20.0M+60.0% | $12.5M-15.9% | $14.9M+19.0% | $12.5M |
VRTS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 7.7%-11.4pp | 19.1%-2.6pp | 21.8%+0.3pp | 21.5%+4.7pp | 16.8%-4.9pp | 21.7%-2.6pp | 24.3%+4.6pp | 19.7% |
| Net Margin | 3.1%-13.2pp | 16.3%+1.8pp | 14.5%-5.8pp | 20.3%+7.4pp | 12.9%-4.0pp | 16.9%-4.7pp | 21.6%+10.0pp | 11.6% |
| Return on Equity | 0.7%-3.0pp | 3.6%+0.2pp | 3.4%-1.4pp | 4.8%+1.6pp | 3.1%-1.3pp | 4.4%-1.1pp | 5.5%+2.5pp | 3.0% |
| Return on Assets | 0.1%-0.7pp | 0.8%0.0pp | 0.8%-0.4pp | 1.2%+0.4pp | 0.8%-0.2pp | 1.0%-0.4pp | 1.4%+0.6pp | 0.7% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.48+0.1 | 0.420.0 | 0.43+0.2 | 0.260.0 | 0.260.0 | 0.260.0 | 0.27-0.0 | 0.28 |
| FCF Margin | 16.8%+136.2pp | -119.4%-168.8pp | 49.4%+14.1pp | 35.3%+38.4pp | -3.1%+41.7pp | -44.9%-75.1pp | 30.3%-0.3pp | 30.6% |
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Frequently Asked Questions
What is Virtus Investmen's annual revenue?
Virtus Investmen (VRTS) reported $852.9M in total revenue for fiscal year 2025. This represents a -6.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Virtus Investmen's revenue growing?
Virtus Investmen (VRTS) revenue declined by 6% year-over-year, from $906.9M to $852.9M in fiscal year 2025.
Is Virtus Investmen profitable?
Yes, Virtus Investmen (VRTS) reported a net income of $136.0M in fiscal year 2025, with a net profit margin of 16.0%.
What is Virtus Investmen's EBITDA?
Virtus Investmen (VRTS) had EBITDA of $232.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Virtus Investmen have?
As of fiscal year 2025, Virtus Investmen (VRTS) had $478.2M in cash and equivalents against $390.0M in long-term debt.
What is Virtus Investmen's operating margin?
Virtus Investmen (VRTS) had an operating margin of 19.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Virtus Investmen's net profit margin?
Virtus Investmen (VRTS) had a net profit margin of 16.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Virtus Investmen pay dividends?
Yes, Virtus Investmen (VRTS) paid $9.30 per share in dividends during fiscal year 2025.
What is Virtus Investmen's return on equity (ROE)?
Virtus Investmen (VRTS) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Virtus Investmen's free cash flow?
Virtus Investmen (VRTS) generated -$74.1M in free cash flow during fiscal year 2025. This represents a -1837.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Virtus Investmen's operating cash flow?
Virtus Investmen (VRTS) generated -$67.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Virtus Investmen's total assets?
Virtus Investmen (VRTS) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Virtus Investmen's capital expenditures?
Virtus Investmen (VRTS) invested $6.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Virtus Investmen's debt-to-equity ratio?
Virtus Investmen (VRTS) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Virtus Investmen's return on assets (ROA)?
Virtus Investmen (VRTS) had a return on assets of 3.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Virtus Investmen's cash runway?
Based on fiscal year 2025 data, Virtus Investmen (VRTS) had $478.2M in cash against an annual operating cash burn of $67.2M. This gives an estimated cash runway of approximately 85 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Virtus Investmen's Piotroski F-Score?
Virtus Investmen (VRTS) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Virtus Investmen's earnings high quality?
Virtus Investmen (VRTS) has an earnings quality ratio of -0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Virtus Investmen?
Virtus Investmen (VRTS) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.