Virtus Investment Partners (VRTS) Financials

$137.68 +5.08 (+3.83%)

Closing price 05/20/2026 03:59 PM Eastern

Extended Trading

$138.00 +0.32 (+0.23%)

As of 04:14 AM Eastern

Annual Income Statements for Virtus Investment Partners

This table shows Virtus Investment Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	35	49	29	67	87	80	208	118	131	122	138
Consolidated Net Income / (Loss)	31	49	40	76	106	120	263	107	141	152	136
Net Income / (Loss) Continuing Operations	31	49	40	76	106	120	263	107	141	152	136
Total Pre-Tax Income	68	70	80	109	141	164	354	164	187	208	187
Total Operating Income	80	51	58	113	125	143	325	197	151	182	169
Total Gross Profit	245	187	234	314	323	337	621	515	441	474	452
Total Revenue	382	323	426	552	563	604	979	886	845	907	853
Operating Revenue	382	323	426	552	563	604	979	886	845	907	853
Total Cost of Revenue	137	136	191	239	241	267	358	371	405	433	401
Operating Cost of Revenue	137	136	191	239	241	267	358	371	405	433	401
Total Operating Expenses	165	136	176	201	198	193	296	318	289	292	283
Selling, General & Admin Expense	68	57	78	78	78	80	94	131	130	135	136
Depreciation Expense	3.44	3.09	3.50	4.60	4.99	4.66	3.90	3.92	5.80	8.96	7.99
Amortization Expense	3.30	2.46	12	25	30	30	44	59	61	56	52
Other Operating Expenses / (Income)	90	69	72	92	82	77	141	113	97	96	89
Restructuring Charge	0.00	4.27	11	0.09	2.30	1.16	0.00	4.02	0.82	1.49	0.69
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	12	8.02	-5.51	-5.61	-2.21
Total Other Income / (Expense), net	-13	19	22	-4.06	16	21	28	-34	35	25	19
Interest Expense	1.01	12	47	84	111	97	70	93	179	183	162
Interest & Investment Income	-13	30	68	77	125	116	94	60	214	207	177
Other Income / (Expense), net	0.90	1.09	1.64	3.29	2.41	1.88	4.23	-0.15	-0.44	2.04	3.47
Income Tax Expense	37	21	40	33	35	44	91	57	45	55	51
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.44	0.26	2.93	0.55	9.86	40	55	-11	11	31	-2.41
Basic Earnings per Share	$3.99	$6.34	$4.09	$9.37	$12.54	$10.49	$27.13	$15.90	$18.02	$17.19	$20.27
Weighted Average Basic Shares Outstanding	8.80M	7.65M	7.01M	7.17M	6.96M	7.62M	7.67M	7.39M	7.25M	7.08M	6.83M
Diluted Earnings per Share	$3.92	$6.20	$3.96	$8.86	$11.74	$10.02	$26.01	$15.50	$17.71	$16.89	$19.97
Weighted Average Diluted Shares Outstanding	8.96M	7.82M	7.25M	8.53M	8.15M	7.98M	8.00M	7.58M	7.38M	7.21M	6.93M
Weighted Average Basic & Diluted Shares Outstanding	8.41M	6.82M	7.17M	7.01M	7.72M	7.58M	7.51M	7.18M	7.09M	6.97M	6.70M
Cash Dividends to Common per Share	$1.80	$1.80	$1.80	$2.00	$2.44	$2.98	$4.64	$6.30	$7.10	$8.30	$9.30

This table shows Virtus Investment Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	31	31	30	18	41	33	29	42	32	35	7.13
Consolidated Net Income / (Loss)	38	38	38	26	49	39	28	43	31	34	6.15
Net Income / (Loss) Continuing Operations	38	38	38	26	49	39	28	43	31	34	6.15
Total Pre-Tax Income	50	52	47	38	65	59	40	55	44	47	13
Total Operating Income	45	39	32	44	55	51	37	45	47	40	15
Total Gross Profit	118	115	107	119	121	127	109	112	118	113	94
Total Revenue	219	215	222	224	227	233	218	211	216	208	200
Operating Revenue	219	215	222	224	227	233	218	211	216	208	200
Total Cost of Revenue	102	100	115	106	106	106	109	98	99	95	105
Operating Cost of Revenue	102	100	115	106	106	106	109	98	99	95	105
Total Operating Expenses	73	76	75	75	66	77	72	67	71	73	79
Selling, General & Admin Expense	31	34	32	36	0.00	36	0.00	33	33	36	0.00
Depreciation Expense	1.50	1.67	2.03	2.27	2.33	2.33	2.35	2.01	1.92	1.72	1.67
Amortization Expense	15	15	15	15	13	13	13	13	13	13	15
Other Operating Expenses / (Income)	24	23	24	24	55	24	57	22	22	22	59
Restructuring Charge	0.69	0.13	0.80	0.69	0.00	-	0.00	0.00	0.69	-	2.87
Other Special Charges / (Income)	0.00	-	-	-3.30	-4.00	-	0.00	-3.01	0.00	-	0.41
Total Other Income / (Expense), net	5.43	13	14	-6.44	9.64	7.79	3.81	9.94	-2.61	7.44	-2.15
Interest Expense	44	49	46	48	44	46	39	38	39	47	41
Interest & Investment Income	50	61	60	41	53	54	42	47	35	53	38
Other Income / (Expense), net	0.13	0.62	0.55	0.60	0.55	0.34	1.00	1.14	0.54	0.80	0.62
Income Tax Expense	12	13	8.83	12	16	19	12	12	13	13	7.15
Net Income / (Loss) Attributable to Noncontrolling Interest	7.25	7.67	8.01	8.41	8.12	6.17	-0.60	0.37	-0.59	-1.60	-0.97
Basic Earnings per Share	$4.26	$4.29	$4.19	$2.47	$5.80	$4.73	$4.12	$6.18	$4.73	$5.24	$1.07
Weighted Average Basic Shares Outstanding	7.26M	7.25M	7.12M	7.13M	7.07M	7.08M	6.96M	6.86M	6.76M	6.83M	6.69M
Diluted Earnings per Share	$4.19	$4.21	$4.10	$2.43	$5.71	$4.65	$4.05	$6.12	$4.65	$5.15	$1.05
Weighted Average Diluted Shares Outstanding	7.38M	7.38M	7.29M	7.24M	7.18M	7.21M	7.07M	6.92M	6.87M	6.93M	6.81M
Weighted Average Basic & Diluted Shares Outstanding	7.18M	7.09M	7.13M	7.08M	7.02M	6.97M	6.91M	6.75M	6.75M	6.70M	6.68M
Cash Dividends to Common per Share	$1.90	-	$1.90	$1.90	$2.25	-	$2.25	$2.25	$2.40	-	$2.40

This table details how cash moves in and out of Virtus Investment Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-437	-24	151	20	67	18	246	3.03	-248	59	78
Net Cash From Operating Activities	-209	21	-183	-63	-37	-226	666	133	237	1.76	-67
Net Cash From Continuing Operating Activities	-236	21	-183	-63	-37	-226	666	133	237	1.76	-67
Net Income / (Loss) Continuing Operations	31	49	40	76	106	120	263	107	141	152	136
Consolidated Net Income / (Loss)	31	49	40	76	106	120	263	107	141	152	136
Depreciation Expense	6.97	5.80	18	33	40	39	51	69	70	69	64
Amortization Expense	7.92	6.13	7.42	3.85	7.45	13	9.12	5.87	1.69	4.53	3.45
Non-Cash Adjustments To Reconcile Net Income	-278	-39	-264	-174	-187	-398	301	-43	13	-208	-271
Changes in Operating Assets and Liabilities, net	-4.01	-1.04	16	-2.08	-2.40	0.10	42	-5.08	11	-16	1.07
Net Cash From Investing Activities	-6.44	3.08	-417	-121	4.45	8.68	-175	-27	-130	-17	-47
Net Cash From Continuing Investing Activities	-4.59	3.08	-417	-121	4.45	8.68	-175	-27	-130	-17	-47
Purchase of Property, Plant & Equipment	-4.68	-2.02	-1.51	-12	-7.56	-1.04	-5.84	-6.58	-8.82	-5.58	-6.89
Acquisitions	0.00	-0.90	-393	-127	0.00	0.00	-156	-21	-121	0.00	-41
Other Investing Activities, net	-	-2.47	-	-	-	-	-	-0.31	-0.27	-11	0.64
Net Cash From Financing Activities	110	-48	750	204	100	235	-244	-102	-356	75	191
Net Cash From Continuing Financing Activities	-196	-48	750	204	100	235	-244	-102	-356	75	191
Repayment of Debt	154	-157	-153	-697	-251	-474	-577	-205	-523	-806	-501
Repurchase of Common Equity	-80	-234	-7.50	-28	-40	-33	-57	-90	-45	-45	-60
Payment of Dividends	40	-14	11	-28	-18	-32	-35	-53	-46	-25	-54
Issuance of Debt	0.00	346	734	962	415	780	364	306	319	1,016	862
Other Financing Activities, net	-4.96	-0.64	-55	-5.77	-6.97	-6.45	62	-61	-62	-65	-56
Effect of Exchange Rate Changes	-	-	-	-	-	0.00	0.00	-0.11	0.52	-0.46	1.39
Cash Interest Paid	-	0.42	8.15	12	18	8.86	6.48	11	22	20	19
Cash Income Taxes Paid	32	17	12	24	29	35	95	74	31	56	46

This table details how cash moves in and out of Virtus Investment Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	48	-65	-93	103	-39	88	-181	24	218	17	-204
Net Cash From Operating Activities	128	7.32	-35	70	69	-103	-3.79	76	108	-247	36
Net Cash From Continuing Operating Activities	128	7.32	-35	70	69	-103	-3.79	76	108	-247	36
Net Income / (Loss) Continuing Operations	38	38	38	26	49	39	28	43	31	34	6.15
Consolidated Net Income / (Loss)	38	38	38	26	49	39	28	43	31	34	6.15
Depreciation Expense	18	18	18	18	16	16	16	16	16	16	18
Non-Cash Adjustments To Reconcile Net Income	52	-99	26	5.81	-42	-198	60	5.75	8.72	-346	111
Changes in Operating Assets and Liabilities, net	20	49	-116	18	45	37	-108	11	52	46	-98
Net Cash From Investing Activities	-4.11	-2.38	-2.46	-1.34	-1.02	-12	-2.98	-1.03	-1.41	-42	-198
Net Cash From Continuing Investing Activities	-4.11	-2.38	-2.46	-1.34	-1.02	-12	-2.98	-1.03	-1.41	-42	-198
Purchase of Property, Plant & Equipment	-3.89	-2.38	-1.92	-1.33	-0.41	-1.92	-2.98	-1.55	-1.41	-0.94	-2.36
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-196
Net Cash From Financing Activities	-75	-70	-56	34	-108	204	-174	-52	112	305	-41
Net Cash From Continuing Financing Activities	-75	-70	-56	34	-108	204	-174	-52	112	305	-41
Repayment of Debt	-163	-173	-18	-678	-55	-54	-124	-3.42	-52	-321	-391
Repurchase of Common Equity	-15	-20	-5.00	-12	-15	-13	-20	-30	-	-10.00	-10
Payment of Dividends	-8.51	-14	1.84	-12	-7.92	-6.94	0.12	-18	-21	-15	-31
Issuance of Debt	132	137	-	-	-	278	0.00	-	-	862	419
Other Financing Activities, net	-21	-0.34	-35	-0.59	-29	-0.41	-30	-0.86	186	-210	-28
Effect of Exchange Rate Changes	-0.45	0.59	-0.20	0.10	0.76	-1.12	0.51	1.09	-	-	-0.28

This table presents Virtus Investment Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	860	824	2,591	2,871	3,205	3,467	3,934	3,953	3,679	3,994	4,291
Total Current Assets	146	119	198	324	396	424	710	688	450	518	581
Cash & Equivalents	97	83	132	254	321	333	586	589	340	400	477
Restricted Cash	10	-	-	-	-	6.36	0.60	0.64	0.68	0.73	1.02
Short-Term Investments	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable	39	36	66	70	74	84	124	99	109	117	103
Plant, Property, & Equipment, net	9.12	7.73	11	20	18	14	13	19	26	23	22
Total Noncurrent Assets	448	698	2,382	2,527	2,791	3,028	3,212	3,245	3,202	3,454	3,688
Goodwill	6.70	6.79	170	290	290	290	338	349	397	397	397
Intangible Assets	41	38	302	339	310	280	501	443	432	378	327
Noncurrent Deferred & Refundable Income Taxes	54	48	32	22	16	9.54	19	23	25	23	19
Other Noncurrent Operating Assets	23	605	1,878	1,875	2,174	2,448	2,353	2,431	2,348	2,656	2,945
Total Liabilities & Shareholders' Equity	860	824	2,591	2,871	3,205	3,467	3,934	3,953	3,679	3,994	4,291
Total Liabilities	276	465	1,981	2,169	2,455	2,630	2,959	3,016	2,705	2,986	3,253
Total Current Liabilities	27	29	36	36	32	34	63	49	56	49	55
Accounts Payable	23	25	30	28	23	25	48	33	56	49	55
Total Noncurrent Liabilities	249	437	1,945	2,133	2,422	2,596	2,895	2,967	2,649	2,936	3,184
Long-Term Debt	153	359	1,706	1,949	2,112	2,392	2,300	2,338	2,176	2,404	2,750
Noncurrent Employee Benefit Liabilities	50	48	87	93	101	123	187	182	201	225	183
Other Noncurrent Operating Liabilities	47	30	153	91	209	82	408	447	273	308	251
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	74	37	4.18	57	64	116	139	114	105	107	103
Total Equity & Noncontrolling Interests	509	322	605	644	686	721	837	823	868	902	935
Total Preferred & Common Equity	510	322	589	630	676	711	828	817	864	897	934
Total Common Equity	510	322	478	519	565	711	828	817	864	897	934
Common Stock	1,141	1,090	1,216	1,210	1,199	1,298	1,277	1,286	1,301	1,319	1,342
Retained Earnings	-473	-424	-386	-311	-215	-135	61	130	207	268	341
Treasury Stock	-158	-344	-352	-379	-419	-452	-509	-599	-644	-690	-750
Accumulated Other Comprehensive Income / (Loss)	-1.03	-0.22	-0.60	-0.73	0.01	0.03	0.02	-0.36	-0.09	-0.36	0.46
Noncontrolling Interest	-0.17	0.00	17	14	11	9.80	8.35	5.92	4.36	4.14	0.80

This table presents Virtus Investment Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,546	3,698	3,646	3,765	3,548	3,648	3,602	3,688	3,696	3,906	4,562
Total Current Assets	500	516	462	512	364	456	424	332	352	569	378
Cash & Equivalents	395	417	357	405	247	350	310	219	243	461	273
Accounts Receivable	105	98	104	107	116	106	112	113	109	106	104
Plant, Property, & Equipment, net	19	19	23	26	26	25	23	24	23	23	22
Total Noncurrent Assets	3,026	3,163	3,160	3,228	3,158	3,166	3,154	3,332	3,321	3,315	4,162
Goodwill	349	349	397	397	397	397	397	397	397	397	641
Intangible Assets	467	428	468	452	417	402	389	365	352	339	619
Noncurrent Deferred & Refundable Income Taxes	25	22	23	24	24	24	28	22	20	19	17
Other Noncurrent Operating Assets	2,185	2,364	2,272	2,355	2,320	2,343	2,341	2,547	2,552	2,559	2,884
Total Liabilities & Shareholders' Equity	3,546	3,698	3,646	3,765	3,548	3,648	3,602	3,688	3,696	3,906	4,562
Total Liabilities	2,616	2,747	2,679	2,801	2,557	2,646	2,611	2,671	2,675	2,883	3,451
Total Current Liabilities	53	53	54	50	61	47	50	57	49	52	53
Accounts Payable	38	39	39	33	44	30	30	57	49	52	53
Total Noncurrent Liabilities	2,563	2,694	2,625	2,752	2,496	2,599	2,561	2,614	2,625	2,832	3,398
Long-Term Debt	2,120	2,311	2,206	2,218	2,175	2,238	2,178	2,269	2,253	2,421	2,753
Noncurrent Employee Benefit Liabilities	145	69	118	162	96	132	180	93	120	163	75
Other Noncurrent Operating Liabilities	297	314	301	372	225	229	204	252	252	248	570
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	124	107	110	96	115	129	98	121	123	103	193
Total Equity & Noncontrolling Interests	806	844	857	868	876	872	893	896	898	920	918
Total Preferred & Common Equity	799	838	852	862	872	869	889	894	896	919	917
Total Common Equity	799	838	852	862	872	869	889	894	896	919	917
Common Stock	1,282	1,282	1,287	1,296	1,298	1,304	1,314	1,322	1,328	1,335	1,345
Retained Earnings	107	156	174	191	223	227	251	281	307	322	332
Treasury Stock	-589	-599	-609	-624	-649	-662	-677	-710	-740	-740	-760
Accumulated Other Comprehensive Income / (Loss)	-0.77	-0.26	-0.15	-0.37	-0.19	-0.20	0.23	-0.07	0.59	0.60	0.44
Noncontrolling Interest	6.73	6.38	5.20	5.45	4.35	3.44	3.68	2.53	1.93	1.08	1.01

This table displays calculated financial ratios and metrics derived from Virtus Investment Partners' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	6,754,405.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	6,754,405.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	20.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.23%	-15.56%	31.95%	29.75%	1.99%	7.22%	62.15%	-9.48%	-4.64%	7.30%	-5.96%
EBITDA Growth	-38.46%	-33.62%	33.81%	79.90%	13.37%	13.15%	97.65%	-30.25%	-18.02%	15.84%	-7.30%
EBIT Growth	-38.25%	-36.14%	14.96%	95.05%	9.22%	14.10%	127.33%	-40.16%	-23.45%	22.17%	-6.71%
NOPAT Growth	-60.81%	-2.61%	-18.81%	173.82%	18.52%	12.04%	130.84%	-46.89%	-10.58%	16.51%	-8.47%
Net Income Growth	-68.37%	58.99%	-18.10%	90.49%	38.68%	13.70%	119.10%	-59.43%	32.68%	7.76%	-10.80%
EPS Growth	-62.70%	58.16%	-36.13%	123.74%	32.51%	-14.65%	159.58%	-40.41%	14.26%	-4.63%	18.24%
Operating Cash Flow Growth	-255.74%	109.99%	-974.17%	65.79%	41.29%	-515.70%	394.44%	-80.07%	78.76%	-99.26%	-3,929.00%
Free Cash Flow Firm Growth	-54.73%	-978.14%	-176.70%	91.04%	62.20%	-370.48%	279.30%	-69.86%	-93.36%	-916.58%	-145.16%
Invested Capital Growth	-33.14%	1,107.98%	242.92%	9.83%	6.03%	13.62%	-6.66%	-0.10%	3.93%	7.30%	9.85%
Revenue Q/Q Growth	-6.38%	-1.91%	12.76%	1.85%	1.44%	4.42%	10.70%	-7.11%	1.96%	2.13%	-2.90%
EBITDA Q/Q Growth	-19.46%	-5.95%	31.88%	3.82%	4.27%	5.62%	13.76%	-16.28%	2.55%	4.38%	-4.11%
EBIT Q/Q Growth	-20.07%	-5.76%	33.92%	1.46%	6.82%	10.42%	10.85%	-21.30%	6.12%	6.64%	-5.72%
NOPAT Q/Q Growth	-27.54%	9.70%	-8.67%	11.81%	16.35%	18.32%	6.99%	-22.88%	7.88%	4.10%	-4.37%
Net Income Q/Q Growth	-29.40%	14.78%	-13.58%	-5.64%	37.35%	36.43%	0.08%	-25.33%	9.83%	0.63%	-3.96%
EPS Q/Q Growth	-24.18%	19.00%	-25.00%	-3.49%	30.88%	33.96%	3.13%	-8.88%	-2.91%	2.67%	2.57%
Operating Cash Flow Q/Q Growth	-1,447.44%	113.62%	-123.01%	65.34%	42.51%	27.99%	15.21%	-66.57%	14.20%	-98.43%	-186.78%
Free Cash Flow Firm Q/Q Growth	-63.35%	14.20%	-16.00%	65.21%	37.25%	-0.15%	-3.45%	-40.49%	153.27%	-254.98%	-884.94%
Invested Capital Q/Q Growth	313.65%	-1.59%	9.88%	-2.05%	-2.59%	-1.74%	-0.73%	1.17%	0.52%	4.75%	10.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.11%	57.95%	55.03%	56.81%	57.30%	55.74%	63.42%	58.12%	52.12%	52.30%	53.01%
EBITDA Margin	25.18%	19.79%	20.07%	27.83%	30.93%	32.64%	39.79%	30.66%	26.36%	28.45%	28.05%
Operating Margin	21.04%	15.75%	13.64%	20.48%	22.14%	23.71%	33.24%	22.28%	17.92%	20.12%	19.78%
EBIT Margin	21.28%	16.09%	14.02%	21.08%	22.57%	24.02%	33.67%	22.26%	17.87%	20.35%	20.19%
Profit (Net Income) Margin	8.03%	15.12%	9.38%	13.78%	18.73%	19.86%	26.84%	12.03%	16.74%	16.81%	15.94%
Tax Burden Percent	45.34%	69.85%	49.66%	69.77%	75.00%	73.19%	74.32%	65.06%	75.83%	73.34%	72.62%
Interest Burden Percent	83.23%	134.50%	134.79%	93.69%	110.67%	113.00%	107.26%	83.06%	123.52%	112.65%	108.77%
Effective Tax Rate	54.66%	30.15%	50.34%	30.23%	25.00%	26.81%	25.68%	34.94%	24.17%	26.66%	27.38%
Return on Invested Capital (ROIC)	55.26%	10.27%	2.04%	3.44%	3.78%	3.85%	8.64%	4.75%	4.17%	4.60%	3.88%
ROIC Less NNEP Spread (ROIC-NNEP)	56.37%	-0.31%	3.23%	3.26%	4.46%	4.63%	9.74%	3.50%	5.65%	5.57%	4.51%
Return on Net Nonoperating Assets (RNNOA)	-50.01%	0.08%	6.21%	8.17%	10.76%	11.28%	20.37%	6.40%	10.65%	10.78%	9.41%
Return on Equity (ROE)	5.24%	10.35%	8.25%	11.61%	14.54%	15.12%	29.01%	11.15%	14.82%	15.38%	13.29%
Cash Return on Invested Capital (CROIC)	94.98%	-159.15%	-107.65%	-5.94%	-2.08%	-8.91%	15.53%	4.85%	0.32%	-2.44%	-5.51%
Operating Return on Assets (OROA)	10.43%	6.16%	3.49%	4.26%	4.18%	4.35%	8.91%	5.00%	3.96%	4.81%	4.16%
Return on Assets (ROA)	3.94%	5.79%	2.34%	2.79%	3.47%	3.60%	7.10%	2.70%	3.71%	3.97%	3.28%
Return on Common Equity (ROCE)	4.81%	9.13%	6.81%	8.83%	10.86%	12.16%	24.65%	9.60%	13.04%	13.67%	11.89%
Return on Equity Simple (ROE_SIMPLE)	6.02%	15.16%	6.79%	12.08%	15.61%	16.87%	31.73%	13.05%	16.38%	16.99%	0.00%
Net Operating Profit after Tax (NOPAT)	36	35	29	79	94	105	242	128	115	134	123
NOPAT Margin	9.54%	11.00%	6.77%	14.29%	16.61%	17.35%	24.70%	14.49%	13.59%	14.76%	14.36%
Net Nonoperating Expense Percent (NNEP)	-1.11%	10.58%	-1.20%	0.17%	-0.68%	-0.79%	-1.11%	1.25%	-1.48%	-0.97%	-0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.06%	3.77%	4.05%	3.32%
Cost of Revenue to Revenue	35.89%	42.05%	44.97%	43.19%	42.70%	44.26%	36.58%	41.88%	47.88%	47.70%	46.99%
SG&A Expenses to Revenue	17.81%	17.74%	18.31%	14.19%	13.92%	13.33%	9.57%	14.73%	15.39%	14.83%	15.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.07%	42.19%	41.39%	36.33%	35.16%	32.03%	30.18%	35.84%	34.20%	32.18%	33.24%
Earnings before Interest and Taxes (EBIT)	81	52	60	116	127	145	330	197	151	185	172
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	96	64	85	154	174	197	390	272	223	258	239
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.63	1.80	1.46	0.94	1.30	2.09	2.48	1.56	1.92	1.71	1.16
Price to Tangible Book Value (P/TBV)	1.79	2.09	124.08	0.00	0.00	10.57	0.00	49.75	47.84	12.54	5.18
Price to Revenue (P/Rev)	2.17	1.79	1.63	0.88	1.30	2.46	2.10	1.44	1.96	1.69	1.27
Price to Earnings (P/E)	23.61	11.92	24.26	7.26	8.42	18.57	9.88	10.86	12.71	12.58	7.85
Dividend Yield	1.88%	1.83%	1.85%	2.79%	2.17%	1.45%	1.46%	3.48%	2.96%	3.64%	5.69%
Earnings Yield	4.24%	8.39%	4.12%	13.78%	11.88%	5.39%	10.12%	9.21%	7.87%	7.95%	12.74%
Enterprise Value to Invested Capital (EV/IC)	11.81	1.40	1.10	0.98	1.06	1.26	1.45	1.16	1.28	1.21	1.05
Enterprise Value to Revenue (EV/Rev)	1.63	2.76	5.64	4.28	4.81	6.06	4.00	3.55	4.26	4.02	4.06
Enterprise Value to EBITDA (EV/EBITDA)	6.49	13.96	28.11	15.39	15.56	18.58	10.06	11.58	16.18	14.13	14.47
Enterprise Value to EBIT (EV/EBIT)	7.68	17.17	40.24	20.32	21.33	25.25	11.88	15.94	23.86	19.76	20.11
Enterprise Value to NOPAT (EV/NOPAT)	17.12	25.11	83.31	29.98	28.99	34.94	16.20	24.48	31.38	27.25	28.26
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	42.61	0.00	0.00	0.00	0.00	5.88	23.71	15.20	2,077.97	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	9.96	0.00	0.00	0.00	0.00	0.00	9.01	24.00	414.23	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	1.00	2.80	2.78	2.82	2.86	2.36	2.50	2.24	2.38	2.65
Long-Term Debt to Equity	0.26	1.00	2.80	2.78	2.82	2.86	2.36	2.50	2.24	2.38	2.65
Financial Leverage	-0.89	-0.27	1.92	2.51	2.41	2.43	2.09	1.83	1.88	1.94	2.09
Leverage Ratio	1.33	1.79	3.53	4.17	4.19	4.21	4.08	4.12	4.00	3.87	4.05
Compound Leverage Factor	1.11	2.40	4.75	3.90	4.63	4.75	4.38	3.43	4.94	4.36	4.40
Debt to Total Capital	20.74%	49.99%	73.68%	73.54%	73.80%	74.09%	70.22%	71.40%	69.09%	70.44%	72.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	20.74%	49.99%	73.68%	73.54%	73.80%	74.09%	70.22%	71.40%	69.09%	70.44%	72.60%
Preferred Equity to Total Capital	0.00%	0.00%	4.79%	4.18%	3.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.01%	5.19%	0.90%	2.70%	2.60%	3.88%	4.50%	3.65%	3.47%	3.26%	2.74%
Common Equity to Total Capital	69.25%	44.82%	20.63%	19.58%	19.73%	22.03%	25.29%	24.95%	27.44%	26.30%	24.66%
Debt to EBITDA	1.59	5.62	19.97	12.69	12.13	12.13	5.90	8.61	9.77	9.32	11.49
Net Debt to EBITDA	-2.90	4.33	18.42	11.04	10.28	10.41	4.40	6.44	8.24	7.76	9.50
Long-Term Debt to EBITDA	1.59	5.62	19.97	12.69	12.13	12.13	5.90	8.61	9.77	9.32	11.49
Debt to NOPAT	4.19	10.11	59.19	24.70	22.59	22.82	9.51	18.20	18.94	17.96	22.45
Net Debt to NOPAT	-7.64	7.78	54.60	21.49	19.15	19.58	7.09	13.62	15.97	14.97	18.54
Long-Term Debt to NOPAT	4.19	10.11	59.19	24.70	22.59	22.82	9.51	18.20	18.94	17.96	22.45
Altman Z-Score	1.95	0.75	0.32	0.43	0.53	0.73	1.16	0.88	0.94	0.92	0.79
Noncontrolling Interest Sharing Ratio	8.26%	11.78%	17.45%	23.95%	25.32%	19.57%	15.05%	13.96%	11.98%	11.13%	10.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.37	4.14	5.47	9.07	12.28	12.35	11.21	14.05	8.03	10.46	10.66
Quick Ratio	4.99	4.14	5.47	9.07	12.28	12.16	11.20	14.03	8.02	10.44	10.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	63	-550	-1,522	-136	-52	-243	435	131	8.70	-71	-174
Operating Cash Flow to CapEx	-4,472.13%	1,034.01%	-12,101.85%	-533.88%	-486.08%	-21,678.14%	11,403.37%	2,015.65%	2,688.55%	31.46%	-975.31%
Free Cash Flow to Firm to Interest Expense	62.21	-45.96	-32.22	-1.62	-0.46	-2.49	6.25	1.40	0.05	-0.39	-1.07
Operating Cash Flow to Interest Expense	-207.97	1.75	-3.87	-0.74	-0.33	-2.32	9.56	1.42	1.33	0.01	-0.41
Operating Cash Flow Less CapEx to Interest Expense	-212.62	1.58	-3.90	-0.88	-0.40	-2.33	9.48	1.35	1.28	-0.02	-0.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.38	0.25	0.20	0.19	0.18	0.26	0.22	0.22	0.24	0.21
Accounts Receivable Turnover	8.63	8.64	8.38	8.14	7.81	7.61	9.40	7.94	8.11	8.02	7.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	46.84	38.30	45.86	35.64	29.41	37.01	72.46	55.98	37.29	37.07	38.24
Accounts Payable Turnover	5.02	5.63	6.99	8.29	9.39	10.99	9.70	9.09	9.07	8.20	7.71
Days Sales Outstanding (DSO)	42.27	42.23	43.53	44.84	46.72	47.94	38.83	45.94	44.98	45.53	47.06
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	72.77	64.87	52.24	44.02	38.87	33.23	37.62	40.16	40.24	44.52	47.37
Cash Conversion Cycle (CCC)	-30.49	-22.64	-8.70	0.82	7.84	14.71	1.21	5.79	4.74	1.01	-0.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	53	638	2,190	2,405	2,550	2,897	2,704	2,702	2,808	3,013	3,309
Invested Capital Turnover	5.79	0.93	0.30	0.24	0.23	0.22	0.35	0.33	0.31	0.31	0.27
Increase / (Decrease) in Invested Capital	-26	586	1,551	215	145	347	-193	-2.61	106	205	297
Enterprise Value (EV)	624	891	2,401	2,366	2,711	3,662	3,917	3,145	3,604	3,647	3,461
Market Capitalization	829	578	696	488	735	1,485	2,056	1,277	1,660	1,532	1,086
Book Value per Share	$58.80	$54.63	$66.74	$72.63	$82.12	$93.41	$109.16	$112.97	$120.24	$127.88	$138.29
Tangible Book Value per Share	$53.31	$46.95	$0.78	($15.41)	($5.22)	$18.46	($1.41)	$3.55	$4.83	$17.41	$31.02
Total Capital	736	718	2,315	2,651	2,862	3,228	3,276	3,275	3,149	3,413	3,788
Total Debt	153	359	1,706	1,949	2,112	2,392	2,300	2,338	2,176	2,404	2,750
Total Long-Term Debt	153	359	1,706	1,949	2,112	2,392	2,300	2,338	2,176	2,404	2,750
Net Debt	-278	276	1,574	1,696	1,791	2,052	1,714	1,749	1,835	2,004	2,272
Capital Expenditures (CapEx)	4.68	2.02	1.51	12	7.56	1.04	5.84	6.58	8.82	5.58	6.89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	7.22	30	34	42	50	61	50	53	68	48
Debt-free Net Working Capital (DFNWC)	119	90	162	288	363	390	647	639	394	468	526
Net Working Capital (NWC)	119	90	162	288	363	390	647	639	394	468	526
Net Nonoperating Expense (NNE)	5.77	-13	-11	2.83	-12	-15	-21	22	-27	-19	-13
Net Nonoperating Obligations (NNO)	-530	280	1,580	1,703	1,800	2,061	1,729	1,765	1,835	2,004	2,272
Total Depreciation and Amortization (D&A)	15	12	26	37	47	52	60	74	72	74	67
Debt-free, Cash-free Net Working Capital to Revenue	3.01%	2.24%	6.93%	6.22%	7.44%	8.30%	6.18%	5.67%	6.27%	7.47%	5.65%
Debt-free Net Working Capital to Revenue	31.21%	27.87%	37.98%	52.17%	64.52%	64.58%	66.04%	72.14%	46.62%	51.60%	61.72%
Net Working Capital to Revenue	31.21%	27.87%	37.98%	52.17%	64.52%	64.58%	66.04%	72.14%	46.62%	51.60%	61.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.99	$6.34	$4.09	$9.37	$12.54	$10.49	$27.13	$15.90	$18.02	$17.19	$20.27
Adjusted Weighted Average Basic Shares Outstanding	8.80M	7.65M	7.01M	7.17M	6.96M	7.62M	7.67M	7.39M	7.25M	7.08M	6.83M
Adjusted Diluted Earnings per Share	$3.92	$6.20	$3.96	$8.86	$11.74	$10.02	$26.01	$15.50	$17.71	$16.89	$19.97
Adjusted Weighted Average Diluted Shares Outstanding	8.96M	7.82M	7.25M	8.53M	8.15M	7.98M	8.00M	7.58M	7.38M	7.21M	6.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.41M	6.82M	7.17M	7.01M	7.72M	7.58M	7.51M	7.18M	7.09M	6.97M	6.70M
Normalized Net Operating Profit after Tax (NOPAT)	56	38	48	79	95	106	251	136	111	131	121
Normalized NOPAT Margin	14.73%	11.93%	11.29%	14.30%	16.91%	17.49%	25.64%	15.38%	13.17%	14.42%	14.23%
Pre Tax Income Margin	17.71%	21.64%	18.90%	19.75%	24.98%	27.14%	36.12%	18.49%	22.07%	22.92%	21.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	80.71	4.34	1.26	1.38	1.14	1.49	4.73	2.11	0.84	1.01	1.06
NOPAT to Interest Expense	36.19	2.97	0.61	0.94	0.84	1.08	3.47	1.38	0.64	0.73	0.75
EBIT Less CapEx to Interest Expense	76.06	4.17	1.23	1.24	1.07	1.48	4.65	2.04	0.80	0.98	1.02
NOPAT Less CapEx to Interest Expense	31.54	2.80	0.58	0.80	0.77	1.07	3.39	1.30	0.59	0.70	0.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-129.29%	28.25%	-28.08%	36.66%	16.61%	26.80%	13.20%	49.50%	32.49%	16.60%	39.86%
Augmented Payout Ratio	131.55%	507.62%	-9.29%	72.80%	54.53%	53.89%	35.07%	133.91%	64.30%	46.03%	83.99%

This table displays calculated financial ratios and metrics derived from Virtus Investment Partners' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	6,754,405.00	6,695,515.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	6,754,405.00	6,695,515.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	5.25	1.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.29%	8.17%	12.21%	5.08%	3.54%	8.81%	-1.85%	-6.18%	-4.69%	-10.91%	-8.44%
EBITDA Growth	4.32%	10.34%	14.28%	12.27%	14.79%	18.33%	5.28%	-1.66%	-11.57%	-14.66%	-37.18%
EBIT Growth	3.86%	28.21%	16.36%	17.29%	23.93%	29.02%	14.42%	3.45%	-14.71%	-20.46%	-57.25%
NOPAT Growth	7.66%	40.46%	14.69%	6.20%	22.83%	18.14%	-3.01%	15.06%	-20.63%	-16.62%	-71.89%
Net Income Growth	39.17%	49.02%	9.31%	-13.78%	28.70%	2.50%	-25.92%	64.26%	-36.17%	-14.21%	-78.07%
EPS Growth	-1.41%	-11.18%	-21.31%	-40.73%	36.28%	10.45%	-1.22%	151.85%	-18.56%	10.75%	-74.07%
Operating Cash Flow Growth	8.97%	132.99%	19.63%	-51.77%	-45.88%	-1,505.04%	89.03%	8.29%	56.61%	-140.69%	1,048.01%
Free Cash Flow Firm Growth	-204.09%	-432.49%	-200.61%	17.15%	53.91%	-121.04%	-110.51%	-97.79%	-77.75%	-57.12%	-388.86%
Invested Capital Growth	4.60%	3.93%	2.67%	2.69%	2.96%	7.30%	4.47%	4.31%	3.68%	9.85%	17.10%
Revenue Q/Q Growth	2.69%	-2.14%	3.47%	1.05%	1.18%	2.85%	-6.66%	-3.40%	2.78%	-3.86%	-4.08%
EBITDA Q/Q Growth	11.67%	-6.05%	-13.57%	23.82%	14.17%	-3.15%	-23.10%	15.65%	2.67%	-6.54%	-43.40%
EBIT Q/Q Growth	17.89%	-12.11%	-16.98%	36.36%	24.56%	-8.50%	-26.38%	23.29%	2.69%	-14.66%	-60.43%
NOPAT Q/Q Growth	18.68%	-14.92%	-9.53%	16.26%	37.28%	-18.18%	-25.72%	37.91%	-5.31%	-14.04%	-74.96%
Net Income Q/Q Growth	26.42%	0.90%	-1.64%	-31.28%	88.70%	-19.64%	-28.91%	52.37%	-26.68%	8.01%	-81.83%
EPS Q/Q Growth	2.20%	0.48%	-2.61%	-40.73%	134.98%	-18.56%	-12.90%	51.11%	-24.02%	10.75%	-79.61%
Operating Cash Flow Q/Q Growth	-11.92%	-94.27%	-571.89%	302.60%	-1.17%	-248.70%	96.32%	2,100.45%	42.92%	-328.53%	114.51%
Free Cash Flow Firm Q/Q Growth	-61.51%	13.02%	34.91%	9.40%	10.15%	-317.13%	38.01%	14.87%	19.25%	-268.73%	-92.88%
Invested Capital Q/Q Growth	-1.29%	0.52%	4.53%	-1.00%	-1.02%	4.75%	1.78%	-1.16%	-1.62%	10.98%	8.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.67%	53.47%	48.13%	52.91%	53.51%	54.52%	49.94%	53.44%	54.34%	54.43%	47.27%
EBITDA Margin	28.66%	27.51%	22.98%	28.15%	31.77%	29.92%	24.65%	29.51%	29.48%	28.66%	16.91%
Operating Margin	20.48%	18.15%	14.55%	19.70%	24.34%	21.72%	16.79%	21.47%	21.75%	19.14%	7.74%
EBIT Margin	20.54%	18.44%	14.80%	19.97%	24.58%	21.87%	17.25%	22.02%	22.00%	19.53%	8.05%
Profit (Net Income) Margin	17.40%	17.94%	17.05%	11.60%	21.63%	16.90%	12.87%	20.30%	14.48%	16.27%	3.08%
Tax Burden Percent	75.80%	74.33%	81.09%	68.90%	75.66%	67.44%	69.43%	77.51%	70.51%	71.64%	46.24%
Interest Burden Percent	111.78%	130.86%	142.13%	84.30%	116.30%	114.58%	107.47%	118.99%	93.39%	116.34%	82.78%
Effective Tax Rate	24.20%	25.67%	18.91%	31.10%	24.34%	32.56%	30.57%	22.49%	29.49%	28.36%	53.76%
Return on Invested Capital (ROIC)	4.71%	4.14%	3.54%	4.17%	5.77%	4.57%	3.51%	4.98%	4.60%	3.70%	0.90%
ROIC Less NNEP Spread (ROIC-NNEP)	4.94%	4.67%	4.15%	3.93%	6.16%	4.84%	3.64%	5.38%	4.50%	3.95%	0.85%
Return on Net Nonoperating Assets (RNNOA)	9.31%	8.80%	8.22%	7.52%	11.71%	9.37%	7.24%	10.41%	8.60%	8.25%	1.82%
Return on Equity (ROE)	14.02%	12.94%	11.77%	11.69%	17.48%	13.94%	10.75%	15.39%	13.19%	11.95%	2.71%
Cash Return on Invested Capital (CROIC)	-0.60%	0.32%	1.44%	1.56%	1.62%	-2.44%	0.03%	0.39%	0.76%	-5.51%	-12.60%
Operating Return on Assets (OROA)	4.66%	4.09%	3.55%	4.82%	5.93%	5.17%	4.30%	5.33%	5.15%	4.02%	1.63%
Return on Assets (ROA)	3.95%	3.97%	4.09%	2.80%	5.21%	4.00%	3.21%	4.92%	3.39%	3.35%	0.62%
Return on Common Equity (ROCE)	12.30%	11.39%	10.36%	10.21%	15.66%	12.39%	9.45%	13.43%	11.84%	10.69%	2.31%
Return on Equity Simple (ROE_SIMPLE)	14.94%	0.00%	16.60%	16.18%	17.04%	0.00%	15.96%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	34	29	26	30	42	34	25	35	33	29	7.14
NOPAT Margin	15.52%	13.49%	11.80%	13.57%	18.42%	14.65%	11.66%	16.64%	15.33%	13.71%	3.58%
Net Nonoperating Expense Percent (NNEP)	-0.23%	-0.53%	-0.61%	0.24%	-0.39%	-0.27%	-0.13%	-0.39%	0.10%	-0.25%	0.04%
Return On Investment Capital (ROIC_SIMPLE)	-	0.95%	0.86%	-	-	1.03%	0.80%	1.11%	0.99%	0.77%	0.19%
Cost of Revenue to Revenue	46.33%	46.53%	51.87%	47.09%	46.49%	45.48%	50.06%	46.56%	45.66%	45.57%	52.73%
SG&A Expenses to Revenue	14.16%	15.74%	14.44%	16.03%	13.58%	15.27%	15.63%	15.85%	15.22%	17.22%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.19%	35.32%	33.59%	33.21%	29.17%	32.79%	33.15%	31.96%	32.59%	35.29%	39.53%
Earnings before Interest and Taxes (EBIT)	45	40	33	45	56	51	38	46	48	41	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	59	51	63	72	70	54	62	64	60	34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.62	1.92	1.91	1.84	1.65	1.71	1.32	1.38	1.38	1.16	0.96
Price to Tangible Book Value (P/TBV)	110.55	47.84	28.88	22.81	14.22	12.54	9.01	8.43	6.93	5.18	0.00
Price to Revenue (P/Rev)	1.69	1.96	1.92	1.81	1.65	1.69	1.31	1.39	1.44	1.27	1.06
Price to Earnings (P/E)	10.36	12.71	13.69	14.62	12.31	12.58	9.82	8.53	9.27	7.85	7.57
Dividend Yield	3.42%	2.96%	3.02%	3.28%	3.67%	3.64%	4.89%	4.82%	4.81%	5.69%	7.04%
Earnings Yield	9.65%	7.87%	7.30%	6.84%	8.12%	7.95%	10.19%	11.72%	10.78%	12.74%	13.21%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.28	1.27	1.24	1.19	1.21	1.09	1.11	1.12	1.05	0.99
Enterprise Value to Revenue (EV/Rev)	4.00	4.26	4.27	4.11	3.87	4.02	3.72	3.80	3.79	4.06	4.26
Enterprise Value to EBITDA (EV/EBITDA)	15.26	16.18	16.33	15.20	13.90	14.13	13.10	13.09	13.34	14.47	16.49
Enterprise Value to EBIT (EV/EBIT)	23.29	23.86	23.87	22.29	19.86	19.76	17.73	17.68	18.22	20.11	23.62
Enterprise Value to NOPAT (EV/NOPAT)	31.13	31.38	31.42	29.94	26.72	27.25	25.39	24.69	25.97	28.26	33.85
Enterprise Value to Operating Cash Flow (EV/OCF)	15.96	15.20	15.13	21.21	30.71	2,077.97	103.28	88.10	42.96	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	414.23	88.88	80.74	74.95	0.00	3,525.96	291.85	149.91	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.30	2.24	2.19	2.23	2.20	2.38	2.23	2.21	2.37	2.65	2.48
Long-Term Debt to Equity	2.30	2.24	2.19	2.23	2.20	2.38	2.23	2.21	2.37	2.65	2.48
Financial Leverage	1.88	1.88	1.98	1.91	1.90	1.94	1.99	1.93	1.91	2.09	2.13
Leverage Ratio	3.86	4.00	3.73	3.70	3.77	3.87	3.60	3.63	3.73	4.05	3.88
Compound Leverage Factor	4.31	5.23	5.30	3.12	4.38	4.44	3.87	4.32	3.48	4.71	3.21
Debt to Total Capital	69.71%	69.09%	68.70%	69.08%	68.73%	70.44%	69.06%	68.80%	70.30%	72.60%	71.24%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	69.71%	69.09%	68.70%	69.08%	68.73%	70.44%	69.06%	68.80%	70.30%	72.60%	71.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.20%	3.47%	3.78%	4.10%	3.21%	3.26%	3.75%	3.82%	3.03%	2.74%	5.02%
Common Equity to Total Capital	27.10%	27.44%	27.53%	26.82%	28.06%	26.30%	27.20%	27.38%	26.67%	24.66%	23.74%
Debt to EBITDA	10.21	9.77	9.56	9.41	8.81	9.32	8.86	8.74	9.71	11.49	12.76
Net Debt to EBITDA	8.34	8.24	8.47	7.93	7.55	7.76	8.00	7.79	7.85	9.50	11.49
Long-Term Debt to EBITDA	10.21	9.77	9.56	9.41	8.81	9.32	8.86	8.74	9.71	11.49	12.76
Debt to NOPAT	20.83	18.94	18.39	18.53	16.94	17.96	17.17	16.48	18.90	22.45	26.19
Net Debt to NOPAT	17.02	15.97	16.30	15.62	14.51	14.97	15.51	14.70	15.29	18.54	23.59
Long-Term Debt to NOPAT	20.83	18.94	18.39	18.53	16.94	17.96	17.17	16.48	18.90	22.45	26.19
Altman Z-Score	0.78	0.84	0.86	0.87	0.86	0.81	0.74	0.77	0.80	0.69	0.54
Noncontrolling Interest Sharing Ratio	12.29%	11.98%	11.97%	12.62%	10.41%	11.13%	12.08%	12.75%	10.23%	10.51%	14.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.33	8.03	5.98	9.66	8.55	10.46	5.86	7.12	11.01	10.66	7.16
Quick Ratio	10.33	8.02	5.97	9.64	8.52	10.44	5.85	7.11	10.99	10.64	7.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-89	-77	-50	-46	-41	-171	-106	-90	-73	-268	-517
Operating Cash Flow to CapEx	3,284.11%	307.05%	-1,795.53%	5,267.70%	16,986.49%	-5,351.74%	-126.91%	4,887.55%	7,668.20%	-26,212.29%	1,521.23%
Free Cash Flow to Firm to Interest Expense	-2.00	-1.57	-1.10	-0.96	-0.93	-3.70	-2.70	-2.37	-1.88	-5.76	-12.66
Operating Cash Flow to Interest Expense	2.87	0.15	-0.76	1.47	1.58	-2.23	-0.10	1.99	2.80	-5.31	0.88
Operating Cash Flow Less CapEx to Interest Expense	2.79	0.10	-0.80	1.44	1.57	-2.27	-0.17	1.95	2.77	-5.33	0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.22	0.24	0.24	0.24	0.24	0.25	0.24	0.23	0.21	0.20
Accounts Receivable Turnover	7.83	8.11	8.11	8.39	8.10	8.02	7.88	8.30	8.04	7.76	7.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	37.06	37.29	38.19	36.39	36.37	37.07	36.35	36.77	38.17	38.24	36.21
Accounts Payable Turnover	11.14	9.07	10.17	12.13	13.57	8.20	8.45	10.51	10.08	7.71	7.25
Days Sales Outstanding (DSO)	46.60	44.98	44.98	43.51	45.04	45.53	46.34	43.99	45.43	47.06	47.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	32.77	40.24	35.89	30.10	26.89	44.52	43.21	34.73	36.19	47.37	50.35
Cash Conversion Cycle (CCC)	13.83	4.74	9.09	13.41	18.15	1.01	3.13	9.26	9.23	-0.31	-2.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,793	2,808	2,935	2,906	2,876	3,013	3,066	3,031	2,982	3,309	3,591
Invested Capital Turnover	0.30	0.31	0.30	0.31	0.31	0.31	0.30	0.30	0.30	0.27	0.25
Increase / (Decrease) in Invested Capital	123	106	76	76	83	205	131	125	106	297	524
Enterprise Value (EV)	3,315	3,604	3,715	3,617	3,436	3,647	3,356	3,374	3,327	3,461	3,558
Market Capitalization	1,400	1,660	1,668	1,596	1,469	1,532	1,183	1,240	1,263	1,086	885
Book Value per Share	$118.82	$120.24	$122.98	$121.87	$125.53	$127.88	$128.27	$129.70	$136.14	$138.29	$137.02
Tangible Book Value per Share	$1.75	$4.83	$8.15	$9.82	$14.58	$17.41	$18.85	$21.26	$27.00	$31.02	($51.17)
Total Capital	3,182	3,149	3,166	3,240	3,168	3,413	3,286	3,274	3,444	3,788	3,864
Total Debt	2,218	2,176	2,175	2,238	2,178	2,404	2,269	2,253	2,421	2,750	2,753
Total Long-Term Debt	2,218	2,176	2,175	2,238	2,178	2,404	2,269	2,253	2,421	2,750	2,753
Net Debt	1,813	1,835	1,927	1,887	1,866	2,004	2,050	2,009	1,959	2,272	2,479
Capital Expenditures (CapEx)	3.89	2.38	1.92	1.33	0.41	1.92	2.98	1.55	1.41	0.94	2.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	57	53	56	58	63	68	56	59	55	48	52
Debt-free Net Working Capital (DFNWC)	463	394	303	409	374	468	276	303	517	526	325
Net Working Capital (NWC)	463	394	303	409	374	468	276	303	517	526	325
Net Nonoperating Expense (NNE)	-4.12	-9.54	-12	4.43	-7.30	-5.25	-2.64	-7.70	1.84	-5.33	0.99
Net Nonoperating Obligations (NNO)	1,829	1,835	1,944	1,904	1,885	2,004	2,050	2,009	1,959	2,272	2,479
Total Depreciation and Amortization (D&A)	18	19	18	18	16	19	16	16	16	19	18
Debt-free, Cash-free Net Working Capital to Revenue	6.93%	6.27%	6.39%	6.63%	7.04%	7.47%	6.22%	6.66%	6.24%	5.65%	6.18%
Debt-free Net Working Capital to Revenue	55.79%	46.62%	34.88%	46.47%	42.17%	51.60%	30.54%	34.03%	58.87%	61.72%	38.96%
Net Working Capital to Revenue	55.79%	46.62%	34.88%	46.47%	42.17%	51.60%	30.54%	34.03%	58.87%	61.72%	38.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.26	$4.29	$4.19	$2.47	$5.80	$4.73	$4.12	$6.18	$4.73	$5.24	$1.07
Adjusted Weighted Average Basic Shares Outstanding	7.26M	7.25M	7.12M	7.13M	7.07M	7.08M	6.96M	6.86M	6.76M	6.83M	6.69M
Adjusted Diluted Earnings per Share	$4.19	$4.21	$4.10	$2.43	$5.71	$4.65	$4.05	$6.12	$4.65	$5.15	$1.05
Adjusted Weighted Average Diluted Shares Outstanding	7.38M	7.38M	7.29M	7.24M	7.18M	7.21M	7.07M	6.92M	6.87M	6.93M	6.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.18M	7.09M	7.13M	7.08M	7.02M	6.97M	6.91M	6.75M	6.75M	6.70M	6.68M
Normalized Net Operating Profit after Tax (NOPAT)	35	29	27	29	39	34	25	33	34	29	13
Normalized NOPAT Margin	15.76%	13.54%	12.09%	12.77%	17.08%	14.65%	11.66%	15.54%	15.56%	13.71%	6.57%
Pre Tax Income Margin	22.96%	24.14%	21.03%	16.83%	28.59%	25.06%	18.54%	26.19%	20.54%	22.71%	6.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.01	0.80	0.72	0.94	1.27	1.11	0.96	1.22	1.23	0.87	0.39
NOPAT to Interest Expense	0.77	0.59	0.57	0.64	0.95	0.74	0.65	0.92	0.86	0.61	0.17
EBIT Less CapEx to Interest Expense	0.93	0.76	0.68	0.91	1.26	1.06	0.88	1.18	1.20	0.85	0.34
NOPAT Less CapEx to Interest Expense	0.68	0.54	0.53	0.61	0.94	0.70	0.57	0.88	0.82	0.59	0.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.93%	32.49%	20.96%	23.12%	21.06%	16.60%	18.95%	20.41%	32.32%	39.86%	74.87%
Augmented Payout Ratio	65.11%	64.30%	55.52%	60.48%	55.63%	46.03%	60.92%	68.96%	76.46%	83.99%	118.70%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise four-year look at Virtus Investment Partners (VRTS) using the company’s quarterly income statements, balance sheets, and cash flow statements. The focus is on trends in revenue, profitability, cash flow quality, and balance-sheet structure that matter to retail investors.

Profitability has remained positive across the period, with quarterly net income attributable to common shareholders reported in multiple quarters, indicating ongoing profitability even through market cycles.
Interest income generally exceeds interest expense in many quarters, helping to support net income (for example, in 2025 Q4, interest income was higher than interest expense).
Liquidity improved through 2025, with cash and cash equivalents rising to about $461 million by Q3 2025, up from roughly $219 million at the start of the year.
Dividend per share stepped up to $2.40 in 2025 Q4, signaling ongoing and slightly increasing shareholder returns (the cash dividend per share has trended up from earlier levels).
The balance sheet shows a solid asset base, with total assets around $3.9 billion and total equity near $0.9 billion in mid-2025, suggesting a relatively stable capital position given the size of assets and equity.
Debt load increased modestly through 2025 (long-term debt rose from about $2.26 billion in Q1 to roughly $2.42 billion by Q3), indicating higher leverage but still within a target that appears manageable given cash flow generation.
Cash flow from operating activities was positive in several quarters (e.g., 2025 Q3 around +$108 million; 2025 Q2 around +$76 million), but some quarters show negative cash flow tied to working capital movements and unusual one-off items.
Net cash from continuing operating activities turned negative in 2025 Q4 (-$247.4 million) despite positive net income, signaling working capital headwinds or other factors weighing on cash generation that quarter.
A large one-off non-cash adjustment in 2025 Q4 cash flow (-$345.8 million) distorted operating cash flow, making it harder to assess the true cash-generation quality of core operations in that quarter.
The company’s leverage remains sizable relative to equity (long-term debt around $2.4 billion vs. equity near $0.9 billion in mid-2025), implying ongoing interest costs and potential refinancing risk if market conditions tighten.

05/21/26 03:21 AM ETAI Generated. May Contain Errors.

Virtus Investment Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Virtus Investment Partners' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Virtus Investment Partners' net income appears to be on an upward trend, with a most recent value of $135.99 million in 2025, rising from $30.67 million in 2015. The previous period was $152.45 million in 2024. Find out what analysts predict for Virtus Investment Partners in the coming months.

Virtus Investment Partners' total operating income in 2025 was $168.68 million, based on the following breakdown:

Total Gross Profit: $452.15 million
Total Operating Expenses: $283.47 million

Over the last 10 years, Virtus Investment Partners' total revenue changed from $381.98 million in 2015 to $852.87 million in 2025, a change of 123.3%.

Virtus Investment Partners' total liabilities were at $3.25 billion at the end of 2025, a 9.0% increase from 2024, and a 1,077.0% increase since 2015.

In the past 10 years, Virtus Investment Partners' cash and equivalents has ranged from $82.69 million in 2016 to $588.54 million in 2022, and is currently $477.17 million as of their latest financial filing in 2025.

Over the last 10 years, Virtus Investment Partners' book value per share changed from 58.80 in 2015 to 138.29 in 2025, a change of 135.2%.

Related Companies

Financial statements for NASDAQ:VRTS last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Virtus Investment Partners (VRTS) Financials

Financials Breakdown Chart

Key Financial Trends

Virtus Investment Partners Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Virtus Investment Partners (VRTS) Financials

Annual Income Statements for Virtus Investment Partners

Quarterly Income Statements for Virtus Investment Partners

Annual Cash Flow Statements for Virtus Investment Partners

Quarterly Cash Flow Statements for Virtus Investment Partners

Annual Balance Sheets for Virtus Investment Partners

Quarterly Balance Sheets for Virtus Investment Partners

Annual Metrics And Ratios for Virtus Investment Partners

Quarterly Metrics And Ratios for Virtus Investment Partners

Financials Breakdown Chart

Key Financial Trends

Virtus Investment Partners Financials - Frequently Asked Questions

When does Virtus Investment Partners' financial year end?

How has Virtus Investment Partners' net income changed over the last 10 years?

What is Virtus Investment Partners' operating income?

How has Virtus Investment Partners' revenue changed over the last 10 years?

How much debt does Virtus Investment Partners have?

How much cash does Virtus Investment Partners have?

How has Virtus Investment Partners' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools