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Virtus Investment Partners (VRTS) Financials

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$166.96 +1.80 (+1.09%)
As of 03:39 PM Eastern
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Annual Income Statements for Virtus Investment Partners

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

Quarterly Income Statements for Virtus Investment Partners

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 31 30 18 41 33 29 42 32 35 7.13 45
Consolidated Net Income / (Loss)		 38 38 26 49 39 28 43 31 34 6.15 45
Net Income / (Loss) Continuing Operations		 38 38 26 49 39 28 43 31 34 6.15 45
Total Pre-Tax Income 		52 47 38 65 59 40 55 44 47 13 53
Total Operating Income		 39 32 44 55 51 37 45 47 40 15 27
Total Gross Profit		 115 107 119 121 127 109 112 118 113 94 99
Total Revenue		 215 222 224 227 233 218 211 216 208 200 201
Operating Revenue		 215 222 224 227 233 218 211 216 208 200 201
Total Cost of Revenue		 100 115 106 106 106 109 98 99 95 105 102
Operating Cost of Revenue		 100 115 106 106 106 109 98 99 95 105 102
Total Operating Expenses		 76 75 75 66 77 72 67 71 73 79 72
Selling, General & Admin Expense		 34 32 36 0.00 36 0.00 33 33 36 0.00 33
Depreciation Expense		 1.67 2.03 2.27 2.33 2.33 2.35 2.01 1.92 1.72 1.67 1.68
Amortization Expense		 15 15 15 13 13 13 13 13 13 15 20
Other Operating Expenses / (Income)		 23 24 24 55 24 57 22 22 22 59 20
Restructuring Charge		 0.13 0.80 0.69 0.00 - 0.00 0.00 0.69 - 2.87 0.83
Other Special Charges / (Income)		 - - -3.30 -4.00 - 0.00 -3.01 0.00 - 0.41 -4.41
Total Other Income / (Expense), net		 13 14 -6.44 9.64 7.79 3.81 9.94 -2.61 7.44 -2.15 26
Interest Expense		 49 46 48 44 46 39 38 39 47 41 41
Interest & Investment Income		 61 60 41 53 54 42 47 35 53 38 67
Other Income / (Expense), net		 0.62 0.55 0.60 0.55 0.34 1.00 1.14 0.54 0.80 0.62 -0.73
Income Tax Expense		 13 8.83 12 16 19 12 12 13 13 7.15 8.41
Net Income / (Loss) Attributable to Noncontrolling Interest		 7.67 8.01 8.41 8.12 6.17 -0.60 0.37 -0.59 -1.60 -0.97 -0.70
Basic Earnings per Share		 $4.29 $4.19 $2.47 $5.80 $4.73 $4.12 $6.18 $4.73 $5.24 $1.07 $6.79
Weighted Average Basic Shares Outstanding		 7.25M 7.12M 7.13M 7.07M 7.08M 6.96M 6.86M 6.76M 6.83M 6.69M 6.67M
Diluted Earnings per Share		 $4.21 $4.10 $2.43 $5.71 $4.65 $4.05 $6.12 $4.65 $5.15 $1.05 $6.68
Weighted Average Diluted Shares Outstanding		 7.38M 7.29M 7.24M 7.18M 7.21M 7.07M 6.92M 6.87M 6.93M 6.81M 6.78M
Weighted Average Basic & Diluted Shares Outstanding		 7.09M 7.13M 7.08M 7.02M 6.97M 6.91M 6.75M 6.75M 6.70M 6.68M 6.62M

Annual Cash Flow Statements for Virtus Investment Partners

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

Quarterly Cash Flow Statements for Virtus Investment Partners

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -65 -93 103 -39 88 -181 24 218 17 -204 12
Net Cash From Operating Activities		 7.32 -35 70 69 -103 -3.79 76 108 -247 36 57
Net Cash From Continuing Operating Activities		 7.32 -35 70 69 -103 -3.79 76 108 -247 36 57
Net Income / (Loss) Continuing Operations		 38 38 26 49 39 28 43 31 34 6.15 45
Consolidated Net Income / (Loss)		 38 38 26 49 39 28 43 31 34 6.15 45
Depreciation Expense		 18 18 18 16 16 16 16 16 16 18 23
Non-Cash Adjustments To Reconcile Net Income		 -99 26 5.81 -42 -198 60 5.75 8.72 -346 111 -16
Changes in Operating Assets and Liabilities, net		 49 -116 18 45 37 -108 11 52 46 -98 6.27
Net Cash From Investing Activities		 -2.38 -2.46 -1.34 -1.02 -12 -2.98 -1.03 -1.41 -42 -198 -1.34
Net Cash From Continuing Investing Activities		 -2.38 -2.46 -1.34 -1.02 -12 -2.98 -1.03 -1.41 -42 -198 -1.34
Purchase of Property, Plant & Equipment		 -2.38 -1.92 -1.33 -0.41 -1.92 -2.98 -1.55 -1.41 -0.94 -2.36 -1.34
Net Cash From Financing Activities		 -70 -56 34 -108 204 -174 -52 112 305 -41 -44
Net Cash From Continuing Financing Activities		 -70 -56 34 -108 204 -174 -52 112 305 -41 -44
Repayment of Debt		 -173 -18 -678 -55 -54 -124 -3.42 -52 -321 -391 -30
Repurchase of Common Equity		 -20 -5.00 -12 -15 -13 -20 -30 - -10.00 -10 -10
Payment of Dividends		 -14 1.84 -12 -7.92 -6.94 0.12 -18 -21 -15 -31 -3.29
Other Financing Activities, net		 -0.34 -35 -0.59 -29 -0.41 -30 -0.86 186 -210 -28 0.38
Effect of Exchange Rate Changes		 0.59 -0.20 0.10 0.76 -1.12 0.51 1.09 - - -0.28 -0.06

Annual Balance Sheets for Virtus Investment Partners

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		 146 119 198 324 396 424 710 688 450 518 580
Cash & Equivalents		 97 83 132 254 321 333 586 589 340 400 477
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 3,689
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 2,946
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 3,199
Long-Term Debt		 153 359 1,706 1,949 2,112 2,392 2,300 2,338 2,176 2,404 390
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 2,626
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

Quarterly Balance Sheets for Virtus Investment Partners

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 3,698 3,646 3,765 3,548 3,648 3,602 3,688 3,696 3,906 4,562 4,536
Total Current Assets		 516 462 512 364 456 424 332 352 569 378 387
Cash & Equivalents		 417 357 405 247 350 310 219 243 461 273 286
Accounts Receivable		 98 104 107 116 106 112 113 109 106 104 102
Plant, Property, & Equipment, net		 19 23 26 26 25 23 24 23 23 22 22
Total Noncurrent Assets		 3,163 3,160 3,228 3,158 3,166 3,154 3,332 3,321 3,315 4,162 4,127
Goodwill		 349 397 397 397 397 397 397 397 397 641 641
Intangible Assets		 428 468 452 417 402 389 365 352 339 619 599
Noncurrent Deferred & Refundable Income Taxes		 22 23 24 24 24 28 22 20 19 17 16
Other Noncurrent Operating Assets		 2,364 2,272 2,355 2,320 2,343 2,341 2,547 2,552 2,559 2,884 2,871
Total Liabilities & Shareholders' Equity		 3,698 3,646 3,765 3,548 3,648 3,602 3,688 3,696 3,906 4,562 4,536
Total Liabilities		 2,747 2,679 2,801 2,557 2,646 2,611 2,671 2,675 2,883 3,451 3,385
Total Current Liabilities		 53 54 50 61 47 50 57 49 52 53 52
Accounts Payable		 39 39 33 44 30 30 57 49 52 53 52
Total Noncurrent Liabilities		 2,694 2,625 2,752 2,496 2,599 2,561 2,614 2,625 2,832 3,398 3,333
Long-Term Debt		 2,311 2,206 2,218 2,175 2,238 2,178 2,269 2,253 2,421 2,753 2,730
Noncurrent Employee Benefit Liabilities		 69 118 162 96 132 180 93 120 163 75 94
Other Noncurrent Operating Liabilities		 314 301 372 225 229 204 252 252 248 570 509
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		 107 110 96 115 129 98 121 123 103 193 205
Total Equity & Noncontrolling Interests		 844 857 868 876 872 893 896 898 920 918 946
Total Preferred & Common Equity		 838 852 862 872 869 889 894 896 919 917 945
Total Common Equity		 838 852 862 872 869 889 894 896 919 917 945
Common Stock		 1,282 1,287 1,296 1,298 1,304 1,314 1,322 1,328 1,335 1,345 1,355
Retained Earnings		 156 174 191 223 227 251 281 307 322 332 360
Treasury Stock		 -599 -609 -624 -649 -662 -677 -710 -740 -740 -760 -770
Accumulated Other Comprehensive Income / (Loss)		 -0.26 -0.15 -0.37 -0.19 -0.20 0.23 -0.07 0.59 0.60 0.44 0.23
Noncontrolling Interest		 6.38 5.20 5.45 4.35 3.44 3.68 2.53 1.93 1.08 1.01 1.08

Annual Metrics And Ratios for Virtus Investment Partners

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%

Quarterly Metrics And Ratios for Virtus Investment Partners

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 6,754,405.00 6,695,515.00 6,682,122.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 6,754,405.00 6,695,515.00 6,682,122.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 5.25 1.06 6.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.17% 12.21% 5.08% 3.54% 8.81% -1.85% -6.18% -4.69% -10.91% -8.44% -4.35%
EBITDA Growth		 10.34% 14.28% 12.27% 14.79% 18.33% 5.28% -1.66% -11.57% -14.66% -37.18% -20.93%
EBIT Growth		 28.21% 16.36% 17.29% 23.93% 29.02% 14.42% 3.45% -14.71% -20.46% -57.25% -42.61%
NOPAT Growth		 40.46% 14.69% 6.20% 22.83% 18.14% -3.01% 15.06% -20.63% -16.62% -71.89% -34.39%
Net Income Growth		 49.02% 9.31% -13.78% 28.70% 2.50% -25.92% 64.26% -36.17% -14.21% -78.07% 4.36%
EPS Growth		 -11.18% -21.31% -40.73% 36.28% 10.45% -1.22% 151.85% -18.56% 10.75% -74.07% 9.15%
Operating Cash Flow Growth		 132.99% 19.63% -51.77% -45.88% -1,505.04% 89.03% 8.29% 56.61% -140.69% 1,048.01% -24.20%
Free Cash Flow Firm Growth		 -432.49% -200.61% 17.15% 53.91% -121.04% -110.51% -97.79% -77.75% -57.12% -388.86% -501.70%
Invested Capital Growth		 3.93% 2.67% 2.69% 2.96% 7.30% 4.47% 4.31% 3.68% 9.85% 17.10% 18.64%
Revenue Q/Q Growth		 -2.14% 3.47% 1.05% 1.18% 2.85% -6.66% -3.40% 2.78% -3.86% -4.08% 0.92%
EBITDA Q/Q Growth		 -6.05% -13.57% 23.82% 14.17% -3.15% -23.10% 15.65% 2.67% -6.54% -43.40% 45.58%
EBIT Q/Q Growth		 -12.11% -16.98% 36.36% 24.56% -8.50% -26.38% 23.29% 2.69% -14.66% -60.43% 65.51%
NOPAT Q/Q Growth		 -14.92% -9.53% 16.26% 37.28% -18.18% -25.72% 37.91% -5.31% -14.04% -74.96% 221.88%
Net Income Q/Q Growth		 0.90% -1.64% -31.28% 88.70% -19.64% -28.91% 52.37% -26.68% 8.01% -81.83% 625.20%
EPS Q/Q Growth		 0.48% -2.61% -40.73% 134.98% -18.56% -12.90% 51.11% -24.02% 10.75% -79.61% 536.19%
Operating Cash Flow Q/Q Growth		 -94.27% -571.89% 302.60% -1.17% -248.70% 96.32% 2,100.45% 42.92% -328.53% 114.51% 59.95%
Free Cash Flow Firm Q/Q Growth		 13.02% 34.91% 9.40% 10.15% -317.13% 38.01% 14.87% 19.25% -268.73% -92.88% -4.78%
Invested Capital Q/Q Growth		 0.52% 4.53% -1.00% -1.02% 4.75% 1.78% -1.16% -1.62% 10.98% 8.50% 0.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 53.47% 48.13% 52.91% 53.51% 54.52% 49.94% 53.44% 54.34% 54.43% 47.27% 49.11%
EBITDA Margin		 27.51% 22.98% 28.15% 31.77% 29.92% 24.65% 29.51% 29.48% 28.66% 16.91% 24.39%
Operating Margin		 18.15% 14.55% 19.70% 24.34% 21.72% 16.79% 21.47% 21.75% 19.14% 7.74% 13.57%
EBIT Margin		 18.44% 14.80% 19.97% 24.58% 21.87% 17.25% 22.02% 22.00% 19.53% 8.05% 13.21%
Profit (Net Income) Margin		 17.94% 17.05% 11.60% 21.63% 16.90% 12.87% 20.30% 14.48% 16.27% 3.08% 22.15%
Tax Burden Percent		 74.33% 81.09% 68.90% 75.66% 67.44% 69.43% 77.51% 70.51% 71.64% 46.24% 84.14%
Interest Burden Percent		 130.86% 142.13% 84.30% 116.30% 114.58% 107.47% 118.99% 93.39% 116.34% 82.78% 199.30%
Effective Tax Rate		 25.67% 18.91% 31.10% 24.34% 32.56% 30.57% 22.49% 29.49% 28.36% 53.76% 15.86%
Return on Invested Capital (ROIC)		 4.14% 3.54% 4.17% 5.77% 4.57% 3.51% 4.98% 4.60% 3.70% 0.90% 2.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.67% 4.15% 3.93% 6.16% 4.84% 3.64% 5.38% 4.50% 3.95% 0.85% 3.81%
Return on Net Nonoperating Assets (RNNOA)		 8.80% 8.22% 7.52% 11.71% 9.37% 7.24% 10.41% 8.60% 8.25% 1.82% 7.82%
Return on Equity (ROE)		 12.94% 11.77% 11.69% 17.48% 13.94% 10.75% 15.39% 13.19% 11.95% 2.71% 10.66%
Cash Return on Invested Capital (CROIC)		 0.32% 1.44% 1.56% 1.62% -2.44% 0.03% 0.39% 0.76% -5.51% -12.60% -14.18%
Operating Return on Assets (OROA)		 4.09% 3.55% 4.82% 5.93% 5.17% 4.30% 5.33% 5.15% 4.02% 1.63% 2.65%
Return on Assets (ROA)		 3.97% 4.09% 2.80% 5.21% 4.00% 3.21% 4.92% 3.39% 3.35% 0.62% 4.44%
Return on Common Equity (ROCE)		 11.39% 10.36% 10.21% 15.66% 12.39% 9.45% 13.43% 11.84% 10.69% 2.31% 9.04%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 16.60% 16.18% 17.04% 0.00% 15.96% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 29 26 30 42 34 25 35 33 29 7.14 23
NOPAT Margin		 13.49% 11.80% 13.57% 18.42% 14.65% 11.66% 16.64% 15.33% 13.71% 3.58% 11.42%
Net Nonoperating Expense Percent (NNEP)		 -0.53% -0.61% 0.24% -0.39% -0.27% -0.13% -0.39% 0.10% -0.25% 0.04% -0.97%
Return On Investment Capital (ROIC_SIMPLE)		 0.95% 0.86% - - 1.03% 0.80% 1.11% 0.99% 0.77% 0.19% 0.63%
Cost of Revenue to Revenue		 46.53% 51.87% 47.09% 46.49% 45.48% 50.06% 46.56% 45.66% 45.57% 52.73% 50.89%
SG&A Expenses to Revenue		 15.74% 14.44% 16.03% 13.58% 15.27% 15.63% 15.85% 15.22% 17.22% 0.00% 16.45%
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		 35.32% 33.59% 33.21% 29.17% 32.79% 33.15% 31.96% 32.59% 35.29% 39.53% 35.54%
Earnings before Interest and Taxes (EBIT)		 40 33 45 56 51 38 46 48 41 16 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 59 51 63 72 70 54 62 64 60 34 49
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.92 1.91 1.84 1.65 1.71 1.32 1.38 1.38 1.16 0.96 1.00
Price to Tangible Book Value (P/TBV)		 47.84 28.88 22.81 14.22 12.54 9.01 8.43 6.93 5.18 0.00 0.00
Price to Revenue (P/Rev)		 1.96 1.92 1.81 1.65 1.69 1.31 1.39 1.44 1.27 1.06 1.14
Price to Earnings (P/E)		 12.71 13.69 14.62 12.31 12.58 9.82 8.53 9.27 7.85 7.57 7.89
Dividend Yield		 2.96% 3.02% 3.28% 3.67% 3.64% 4.89% 4.82% 4.81% 5.69% 7.04% 6.68%
Earnings Yield		 7.87% 7.30% 6.84% 8.12% 7.95% 10.19% 11.72% 10.78% 12.74% 13.21% 12.68%
Enterprise Value to Invested Capital (EV/IC)		 1.28 1.27 1.24 1.19 1.21 1.09 1.11 1.12 1.05 0.99 1.00
Enterprise Value to Revenue (EV/Rev)		 4.26 4.27 4.11 3.87 4.02 3.72 3.80 3.79 4.06 4.26 4.36
Enterprise Value to EBITDA (EV/EBITDA)		 16.18 16.33 15.20 13.90 14.13 13.10 13.09 13.34 14.47 16.49 17.73
Enterprise Value to EBIT (EV/EBIT)		 23.86 23.87 22.29 19.86 19.76 17.73 17.68 18.22 20.11 23.62 27.47
Enterprise Value to NOPAT (EV/NOPAT)		 31.38 31.42 29.94 26.72 27.25 25.39 24.69 25.97 28.26 33.85 37.79
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.20 15.13 21.21 30.71 2,077.97 103.28 88.10 42.96 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 414.23 88.88 80.74 74.95 0.00 3,525.96 291.85 149.91 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.24 2.19 2.23 2.20 2.38 2.23 2.21 2.37 2.65 2.48 2.37
Long-Term Debt to Equity		 2.24 2.19 2.23 2.20 2.38 2.23 2.21 2.37 2.65 2.48 2.37
Financial Leverage		 1.88 1.98 1.91 1.90 1.94 1.99 1.93 1.91 2.09 2.13 2.05
Leverage Ratio		 4.00 3.73 3.70 3.77 3.87 3.60 3.63 3.73 4.05 3.88 3.79
Compound Leverage Factor		 5.23 5.30 3.12 4.38 4.44 3.87 4.32 3.48 4.71 3.21 7.55
Debt to Total Capital		 69.09% 68.70% 69.08% 68.73% 70.44% 69.06% 68.80% 70.30% 72.60% 71.24% 70.33%
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		 69.09% 68.70% 69.08% 68.73% 70.44% 69.06% 68.80% 70.30% 72.60% 71.24% 70.33%
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		 3.47% 3.78% 4.10% 3.21% 3.26% 3.75% 3.82% 3.03% 2.74% 5.02% 5.32%
Common Equity to Total Capital		 27.44% 27.53% 26.82% 28.06% 26.30% 27.20% 27.38% 26.67% 24.66% 23.74% 24.35%
Debt to EBITDA		 9.77 9.56 9.41 8.81 9.32 8.86 8.74 9.71 11.49 12.76 13.46
Net Debt to EBITDA		 8.24 8.47 7.93 7.55 7.76 8.00 7.79 7.85 9.50 11.49 12.05
Long-Term Debt to EBITDA		 9.77 9.56 9.41 8.81 9.32 8.86 8.74 9.71 11.49 12.76 13.46
Debt to NOPAT		 18.94 18.39 18.53 16.94 17.96 17.17 16.48 18.90 22.45 26.19 28.70
Net Debt to NOPAT		 15.97 16.30 15.62 14.51 14.97 15.51 14.70 15.29 18.54 23.59 25.69
Long-Term Debt to NOPAT		 18.94 18.39 18.53 16.94 17.96 17.17 16.48 18.90 22.45 26.19 28.70
Altman Z-Score		 0.84 0.86 0.87 0.86 0.81 0.74 0.77 0.80 0.69 0.54 0.57
Noncontrolling Interest Sharing Ratio		 11.98% 11.97% 12.62% 10.41% 11.13% 12.08% 12.75% 10.23% 10.51% 14.90% 15.25%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.03 5.98 9.66 8.55 10.46 5.86 7.12 11.01 10.66 7.16 7.50
Quick Ratio		 8.02 5.97 9.64 8.52 10.44 5.85 7.11 10.99 10.64 7.16 7.50
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -77 -50 -46 -41 -171 -106 -90 -73 -268 -517 -542
Operating Cash Flow to CapEx		 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% 4,301.42%
Free Cash Flow to Firm to Interest Expense		 -1.57 -1.10 -0.96 -0.93 -3.70 -2.70 -2.37 -1.88 -5.76 -12.66 -13.34
Operating Cash Flow to Interest Expense		 0.15 -0.76 1.47 1.58 -2.23 -0.10 1.99 2.80 -5.31 0.88 1.41
Operating Cash Flow Less CapEx to Interest Expense		 0.10 -0.80 1.44 1.57 -2.27 -0.17 1.95 2.77 -5.33 0.82 1.38
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.24 0.24 0.24 0.24 0.25 0.24 0.23 0.21 0.20 0.20
Accounts Receivable Turnover		 8.11 8.11 8.39 8.10 8.02 7.88 8.30 8.04 7.76 7.68 7.85
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		 37.29 38.19 36.39 36.37 37.07 36.35 36.77 38.17 38.24 36.21 36.40
Accounts Payable Turnover		 9.07 10.17 12.13 13.57 8.20 8.45 10.51 10.08 7.71 7.25 7.94
Days Sales Outstanding (DSO)		 44.98 44.98 43.51 45.04 45.53 46.34 43.99 45.43 47.06 47.52 46.47
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)		 40.24 35.89 30.10 26.89 44.52 43.21 34.73 36.19 47.37 50.35 45.98
Cash Conversion Cycle (CCC)		 4.74 9.09 13.41 18.15 1.01 3.13 9.26 9.23 -0.31 -2.84 0.49
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,808 2,935 2,906 2,876 3,013 3,066 3,031 2,982 3,309 3,591 3,596
Invested Capital Turnover		 0.31 0.30 0.31 0.31 0.31 0.30 0.30 0.30 0.27 0.25 0.25
Increase / (Decrease) in Invested Capital		 106 76 76 83 205 131 125 106 297 524 565
Enterprise Value (EV)		 3,604 3,715 3,617 3,436 3,647 3,356 3,374 3,327 3,461 3,558 3,595
Market Capitalization		 1,660 1,668 1,596 1,469 1,532 1,183 1,240 1,263 1,086 885 945
Book Value per Share		 $120.24 $122.98 $121.87 $125.53 $127.88 $128.27 $129.70 $136.14 $138.29 $137.02 $141.46
Tangible Book Value per Share		 $4.83 $8.15 $9.82 $14.58 $17.41 $18.85 $21.26 $27.00 $31.02 ($51.17) ($44.10)
Total Capital		 3,149 3,166 3,240 3,168 3,413 3,286 3,274 3,444 3,788 3,864 3,882
Total Debt		 2,176 2,175 2,238 2,178 2,404 2,269 2,253 2,421 2,750 2,753 2,730
Total Long-Term Debt		 2,176 2,175 2,238 2,178 2,404 2,269 2,253 2,421 2,750 2,753 2,730
Net Debt		 1,835 1,927 1,887 1,866 2,004 2,050 2,009 1,959 2,272 2,479 2,444
Capital Expenditures (CapEx)		 2.38 1.92 1.33 0.41 1.92 2.98 1.55 1.41 0.94 2.36 1.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 53 56 58 63 68 56 59 55 48 52 50
Debt-free Net Working Capital (DFNWC)		 394 303 409 374 468 276 303 517 526 325 336
Net Working Capital (NWC)		 394 303 409 374 468 276 303 517 526 325 336
Net Nonoperating Expense (NNE)		 -9.54 -12 4.43 -7.30 -5.25 -2.64 -7.70 1.84 -5.33 0.99 -22
Net Nonoperating Obligations (NNO)		 1,835 1,944 1,904 1,885 2,004 2,050 2,009 1,959 2,272 2,479 2,444
Total Depreciation and Amortization (D&A)		 19 18 18 16 19 16 16 16 19 18 23
Debt-free, Cash-free Net Working Capital to Revenue		 6.27% 6.39% 6.63% 7.04% 7.47% 6.22% 6.66% 6.24% 5.65% 6.18% 6.04%
Debt-free Net Working Capital to Revenue		 46.62% 34.88% 46.47% 42.17% 51.60% 30.54% 34.03% 58.87% 61.72% 38.96% 40.67%
Net Working Capital to Revenue		 46.62% 34.88% 46.47% 42.17% 51.60% 30.54% 34.03% 58.87% 61.72% 38.96% 40.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.29 $4.19 $2.47 $5.80 $4.73 $4.12 $6.18 $4.73 $5.24 $1.07 $6.79
Adjusted Weighted Average Basic Shares Outstanding		 7.25M 7.12M 7.13M 7.07M 7.08M 6.96M 6.86M 6.76M 6.83M 6.69M 6.67M
Adjusted Diluted Earnings per Share		 $4.21 $4.10 $2.43 $5.71 $4.65 $4.05 $6.12 $4.65 $5.15 $1.05 $6.68
Adjusted Weighted Average Diluted Shares Outstanding		 7.38M 7.29M 7.24M 7.18M 7.21M 7.07M 6.92M 6.87M 6.93M 6.81M 6.78M
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		 7.09M 7.13M 7.08M 7.02M 6.97M 6.91M 6.75M 6.75M 6.70M 6.68M 6.62M
Normalized Net Operating Profit after Tax (NOPAT)		 29 27 29 39 34 25 33 34 29 13 20
Normalized NOPAT Margin		 13.54% 12.09% 12.77% 17.08% 14.65% 11.66% 15.54% 15.56% 13.71% 6.57% 9.92%
Pre Tax Income Margin		 24.14% 21.03% 16.83% 28.59% 25.06% 18.54% 26.19% 20.54% 22.71% 6.67% 26.33%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.80 0.72 0.94 1.27 1.11 0.96 1.22 1.23 0.87 0.39 0.65
NOPAT to Interest Expense		 0.59 0.57 0.64 0.95 0.74 0.65 0.92 0.86 0.61 0.17 0.57
EBIT Less CapEx to Interest Expense		 0.76 0.68 0.91 1.26 1.06 0.88 1.18 1.20 0.85 0.34 0.62
NOPAT Less CapEx to Interest Expense		 0.54 0.53 0.61 0.94 0.70 0.57 0.88 0.82 0.59 0.12 0.53
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 32.49% 20.96% 23.12% 21.06% 16.60% 18.95% 20.41% 32.32% 39.86% 74.87% 61.17%
Augmented Payout Ratio		 64.30% 55.52% 60.48% 55.63% 46.03% 60.92% 68.96% 76.46% 83.99% 118.70% 87.44%

Financials Breakdown Chart

Key Financial Trends

Virtus Investment Partners (NASDAQ: VRTS) showed a mixed but generally healthier operating picture in Q1 2026 compared with the same period a year ago, though balance sheet leverage remains a key issue. Revenue fell modestly year over year, but profitability improved sharply, and the company continued to generate positive operating cash flow. At the same time, Virtus is carrying a sizable debt load and its cash balance declined materially during the quarter.

  • Profitability improved sharply in Q1 2026. Net income attributable to common shareholders rose to $7.1 million from $5.0 million in Q1 2025, even though revenue was lower.
  • Operating income turned into a much better number year over year. Q1 2026 operating income was $15.4 million versus $8.3 million in Q1 2025, helped by better cost control and stronger investment income.
  • Operating cash flow remained positive. Virtus generated $35.9 million of operating cash flow in Q1 2026, which supports the dividend and ongoing operations.
  • Cash generation has been strong over the last several quarters. Q4 2025 and Q3 2025 both produced positive operating cash flow, showing the business can still convert earnings into cash when conditions are favorable.
  • Book equity is stable. Total equity and noncontrolling interests were $918.4 million at the end of Q1 2026, roughly in line with recent quarters.
  • Revenue was softer year over year. Q1 2026 revenue fell to $199.5 million from $217.9 million in Q1 2025, reflecting a tougher top-line environment.
  • The company is still highly acquisition- and goodwill-heavy. A large portion of assets sits in goodwill, intangibles, and other noncurrent operating assets, which is common in asset management but adds balance sheet complexity.
  • Dividend remains meaningful. Virtus reported $2.40 per share in cash dividends in Q1 2026, underscoring its income-oriented profile, but also limiting cash retention.
  • Cash fell sharply during the quarter. Cash and equivalents dropped to $273.5 million from $461.3 million at Q3 2025, reflecting acquisitions, debt activity, and financing outflows.
  • Debt remains very high relative to equity. Long-term debt stood at $2.75 billion versus common equity of $917.4 million, leaving the company leveraged.
  • Interest expense is a major drag. In Q1 2026, interest expense of $40.8 million exceeded operating income of $15.4 million, so earnings still depend heavily on investment income and other non-operating items.
  • Recent cash flow volatility has been substantial. Q4 2025 and Q1 2025 both showed weak or negative operating cash flow, which highlights some inconsistency in the business’s cash generation.
  • Asset values have been affected by debt and acquisition activity. Total liabilities were $3.45 billion at Q1 2026, keeping financial flexibility constrained.

Bottom line: Virtus appears to be operating more profitably than it was a year ago, and Q1 2026 results were an improvement on both earnings and operating income. However, the company’s high leverage, large interest burden, and declining cash balance remain the biggest risks for investors. For retail investors, VRTS looks like a company with solid cash-generating potential, but one that still carries a meaningful balance-sheet overhang.

08/10/26 03:39 PM 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' financial year ends in December. Their financial 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. View Virtus Investment Partners' forecast to see where analysts expect Virtus Investment Partners to go next.

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%.


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Financial statements for NASDAQ:VRTS last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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