Virtus Investment Partners, Inc. (VRTS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$6.09	$5.54	-9.0%	—	$199.9M	—
Q1 26	$5.67	$5.38	-5.1%	—	$198.1M	—
Q4 25	$6.5	$6.5	0.0%	—	$206.4M	—
Q3 25	$6.77	$6.69	-1.2%	—	$215.1M	—
Q2 25	$6.21	$6.25	+0.6%	—	$209.5M	—
Q1 25	$5.41	$5.73	+5.9%	—	$216.9M	—
Q4 24	$7.43	$7.5	+0.9%	—	$232.4M	—
Q3 24	$6.8	$6.92	+1.8%	—	$226M	—
Q2 24	$6.61	$6.53	-1.2%	—	$223.4M	—
Q1 24	$5.41	$5.41	0.0%	—	$221.1M	—
Q4 23	$5.96	$6.11	+2.5%	—	$213.9M	—
Q3 23	$6.17	$6.21	+0.6%	—	$218.3M	—
Q2 23	$5.89	$5.43	-7.8%	—	$212.4M	—
Q1 23	$3.82	$4.2	+9.9%	—	$197M	—
Q4 22	$4.88	$5.17	+5.9%	—	$197.2M	—
Q3 22	$6.39	$5.76	-9.9%	—	$209.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$20.3	—	—	$847.9M	—
FY24	—	$17.2	—	—	$902.8M	—
FY23	—	$18	—	—	$841.5M	—
FY22	—	$15.9	—	—	$881.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$321.7M	$424.4M	$551.4M	$562.3M	$603.2M	$974.7M	$881.7M	$841.5M	$902.8M	$847.9M
YoY change	-15.4%	+31.9%	+29.9%	+1.98%	+7.29%	+61.6%	-9.54%	-4.56%	+7.29%	-6.08%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	321.7M	424.4M	551.4M	562.3M	603.2M	974.7M	881.7M	841.5M	902.8M	847.9M
Cost of revenue	135.6M	191.4M	238.5M	240.5M	267.3M	358.2M	371.3M	404.7M	432.6M	400.7M
Gross profit	186.1M	233M	312.8M	321.7M	335.9M	616.4M	510.5M	436.7M	470.2M	447.2M
Gross margin	57.8%	54.9%	56.7%	57.2%	55.7%	63.2%	57.9%	51.9%	52.1%	52.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	69M	72M	92.4M	82.1M	77M	141M	112.6M	96.8M	96.2M	89M
Operating expenses	125.5M	148.7M	169.9M	159.5M	156.8M	230.2M	238.5M	223.1M	226.6M	220.2M
Operating income	55.1M	68.6M	113.2M	127M	144.3M	337.9M	209.5M	146.8M	178.4M	167.2M
Operating margin	17.1%	16.2%	20.5%	22.6%	23.9%	34.7%	23.8%	17.4%	19.8%	19.7%
Non-operating income, net	4.5M	7.6M	-23.3M	6M	5.9M	-6M	-64M	8.4M	-4.4M	-17.3M
Pretax income	69.8M	80.4M	109M	140.7M	163.9M	353.7M	163.9M	186.6M	207.9M	187.2M
Income tax	21M	40.5M	33M	35.2M	43.9M	90.8M	57.3M	45.1M	55.4M	51.3M
Net income	48.8M	39.9M	76.1M	105.5M	120M	262.8M	106.6M	141.5M	152.5M	136M
Net margin	15.2%	9.41%	13.8%	18.8%	19.9%	27%	12.1%	16.8%	16.9%	16%
EBITDA	84.1M	140.1M	253.3M	288.3M	296.1M	484.3M	385.3M	425M	466.6M	434M
EPS	6.34	4.09	9.37	12.5	10.5	27.1	15.9	18	17.2	20.3
Diluted EPS	6.2	3.96	8.86	11.7	10	26	15.5	17.7	16.9	20

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	218.3M	213.9M	221.1M	223.4M	226M	232.4M	216.9M	209.5M	215.1M	206.4M	198.1M	199.9M
Cost of revenue	101.6M	99.8M	115.2M	105.7M	105.6M	106.2M	109.1M	98M	98.8M	94.8M	105.2M	102.5M
Gross profit	116.7M	114M	105.9M	117.7M	120.4M	126.2M	107.8M	111.5M	116.3M	111.6M	92.9M	97.5M
Gross margin	53.5%	53.3%	47.9%	52.7%	53.3%	54.3%	49.7%	53.2%	54.1%	54.1%	46.9%	48.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24.2M	23.5M	24.3M	23.7M	24.2M	24M	22.9M	22M	22M	22.1M	20.5M	20.3M
Operating expenses	54.2M	56.5M	55.4M	58.6M	53.9M	58.6M	55.9M	54.3M	53.7M	56.3M	57.3M	52M
Operating income	45.6M	40.4M	33.1M	41.6M	51.3M	52.4M	36.6M	42.2M	47.8M	40.6M	18.7M	23.7M
Operating margin	20.9%	18.9%	15%	18.6%	22.7%	22.6%	16.9%	20.1%	22.2%	19.7%	9.45%	11.9%
Non-operating income, net	-3.5M	3.7M	4.7M	-11.3M	4M	-1.8M	-7.6M	2.9M	-12.8M	251K	-16.2M	21.8M
Pretax income	50.3M	51.8M	46.7M	37.8M	64.9M	58.5M	40.4M	55.1M	44.4M	47.3M	13.3M	53M
Income tax	12.2M	13.3M	8.8M	11.7M	15.8M	19M	12.3M	12.4M	13.1M	13.4M	7.2M	8.4M
Net income	38.2M	38.5M	37.9M	26M	49.1M	39.5M	28.1M	42.7M	31.3M	33.9M	6.2M	44.6M
Net margin	17.5%	18%	17.1%	11.6%	21.7%	17%	12.9%	20.4%	14.6%	16.4%	3.11%	22.3%
EBITDA	116.2M	115.3M	106.4M	115.6M	121.7M	123M	104.3M	107.2M	112.6M	109.9M	88.6M	93.7M
EPS	4.26	4.3	4.19	2.47	5.8	4.75	4.12	6.18	4.73	5.25	1.07	6.79
Diluted EPS	4.19	4.21	4.1	2.43	5.71	4.66	4.05	6.12	4.65	5.17	1.05	6.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	806.8M	569.8M	847.5M	1.7B	2.3B	1.4B	1.8B	1.6B	1.1B	858M
Enterprise value	—	2.2B	2.2B	2.9B	3.7B	4B	3.2B	3.6B	3.6B	3.5B	1.3B
Shares outstanding	7.6M	7M	7.2M	7M	7.6M	7.7M	7.4M	7.2M	7.1M	6.8M	6.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	20.2	7.49	8.03	13.8	8.67	13.3	12.4	10.2	8.19	7.44
P/S	—	1.9	1.03	1.51	2.74	2.34	1.6	2.08	1.73	1.31	1.05
P/B	—	1.32	0.81	1.13	1.98	2.34	1.51	1.8	1.55	1.07	0.91
EV/EBITDA	—	15.5	8.7	9.9	12.5	8.25	8.21	8.44	7.79	8.02	6.4
EV/Sales	—	5.11	4	5.08	6.15	4.1	3.59	4.26	4.03	4.1	1.57
Earnings yield	—	4.95%	13.4%	12.4%	7.25%	11.5%	7.54%	8.07%	9.76%	12.2%	13.4%
FCF yield	—	-22.9%	-13%	-5.22%	-13.7%	29%	8.91%	13%	-0.24%	-6.65%	6.56%
PEG	—	—	—	—	—	—	—	—	—	—	0.75

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.8%	54.9%	56.7%	57.2%	55.7%	63.2%	57.9%	51.9%	52.1%	52.7%	48.8%
Operating margin	17.1%	16.2%	20.5%	22.6%	23.9%	34.7%	23.8%	17.4%	19.8%	19.7%	11.8%
Net margin	15.2%	9.41%	13.8%	18.8%	19.9%	27%	12.1%	16.8%	16.9%	16%	14.5%
ROE	13.6%	6.55%	10.8%	14.1%	14.3%	26.9%	11.4%	14.5%	15.1%	13.1%	10.7%
ROA	5.92%	1.54%	2.65%	3.29%	3.46%	6.68%	2.7%	3.85%	3.82%	3.17%	1.99%
ROIC	6.53%	1.73%	3.38%	3.46%	3.65%	9.33%	5.07%	3.96%	4.24%	3.57%	2.6%
Return on tangible assets	6.64%	2.43%	4.72%	5.27%	5.16%	11.6%	4.5%	7%	6.24%	4.78%	5.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.64	0.62	0.61	1.98	5.29	2.86	2.46	3.07	2.49	—	2.66
Quick ratio	2.64	0.62	0.61	1.98	5.29	2.86	2.46	3.07	2.49	—	2.43
Debt / equity	1.08	2.8	2.78	3.19	2.86	2.36	2.5	2.24	2.45	2.74	0.45
Debt / assets	0.47	0.66	0.68	0.75	0.69	0.58	0.59	0.59	0.62	0.66	0.62
Net debt / EBITDA	2.74	9.74	6.45	6.96	6.95	3.54	4.54	4.32	4.45	5.45	6.27
Interest coverage	6.83	2.7	2.29	2.26	2.68	6.08	2.75	2.04	2.13	2.15	1.95
Effective tax rate	30.1%	50.3%	30.2%	25%	26.8%	25.7%	34.9%	24.2%	26.7%	27.4%	26.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	42.1	60.5	76.9	80.7	79.2	127	119.3	116.1	127.5	124.2	122.9
EPS (basic)	6.34	4.09	9.37	12.5	10.5	27.1	15.9	18	17.2	20.3	20.3
EPS (diluted)	6.2	3.96	8.86	11.7	10	26	15.5	17.7	16.9	20	17.5
Book value per share	46.9	86.9	97.8	107.7	109.8	127.2	126.7	134.2	142.5	152	142.7
FCF per share	2.47	-26.3	-10.4	-6.36	-29.8	86	17.1	31.5	-0.54	-10.8	-7.66
Cash per share	20.7	48.8	44	55.1	43.8	76.3	79.6	46.9	56.4	69.9	43.2
Capex per share	—	—	—	—	—	—	—	—	—	1.01	0.89

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.81%	0.74%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	-10.3%	-13.2%
Payout ratio	28.2%	47.2%	29.4%	24%	20.7%	12%	44.3%	36.8%	38.1%	47.5%	53.9%
Dividend yield	—	2.33%	3.93%	2.99%	1.5%	1.38%	3.34%	2.97%	3.72%	5.8%	7.4%

Yield

7.4%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.40

ex-dividend Jul 31, 2026

Payout ratio

54%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$2.40
Apr 30, 2026	$2.40
Jan 30, 2026	$2.40
Oct 31, 2025	$2.40
Jul 31, 2025	$2.25
Apr 30, 2025	$2.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$218.3M	$213.9M	$221.1M	$223.4M	$226M	$232.4M	$216.9M	$209.5M	$215.1M	$206.4M	$198.1M	$199.9M
YoY change	+4.36%	+8.44%	+12.2%	+5.19%	+3.53%	+8.67%	-1.91%	-6.21%	-4.79%	-11.2%	-8.66%	-4.56%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	158.5M	342M	316M	383.9M	333.5M	585.5M	588.5M	340.3M	399.6M	477.2M
Receivables	35.9M	65.6M	70M	74.1M	84.5M	123.9M	99.3M	109.1M	117.2M	102.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	119.5M	299.9M	324.7M	396.1M	424.3M	710M	688.5M	450.1M	517.5M	580.9M
Property, plant & equipment	7.7M	10.8M	20.2M	18.1M	14.5M	12.5M	19.1M	26.2M	79.8M	97.1M
Goodwill & intangibles	90.4M	944.2M	1.3B	1.2B	1.1B	1.7B	1.6B	1.7B	1.6B	1.4B
Total assets	824.4M	2.6B	2.9B	3.2B	3.5B	3.9B	4B	3.7B	4B	4.3B
Accounts payable	25.2M	29.6M	27.9M	23.3M	25.4M	48.5M	33.2M	38.8M	49.5M	54.5M
Short-term debt	30M	248.3M	329.2M	277.8M	—	—	—	—	—	—
Total current liabilities	45.3M	484.1M	528.9M	200.3M	80.2M	248.4M	279.9M	146.6M	207.5M	—
Long-term debt	358.8M	1.5B	1.6B	2.1B	2.4B	2.3B	2.3B	2.2B	2.5B	2.8B
Total liabilities	465.4M	2B	2.2B	2.5B	2.6B	3B	3B	2.7B	3B	3.1B
Shareholders' equity	358.9M	609.4M	701.3M	750.1M	836.5M	975.6M	936.7M	973.2M	1B	1B
Total debt	388.8M	1.7B	1.9B	2.4B	2.4B	2.3B	2.3B	2.2B	2.5B	2.8B
Net debt	306.1M	1.5B	1.7B	2.1B	2.1B	1.7B	1.7B	1.8B	2.1B	2.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	405.1M	340.3M	246.9M	349.7M	310.5M	399.6M	218.9M	242.7M	461.3M	477.2M	273.5M	285.9M
Receivables	107M	109.1M	116.4M	105.6M	112.2M	117.2M	112.9M	108.6M	106.5M	102.7M	104.4M	101.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	512.8M	450.1M	364.1M	456.3M	424.1M	517.5M	332.5M	352M	568.7M	580.9M	378.8M	388.5M
Property, plant & equipment	—	26.2M	—	—	—	79.8M	81.1M	102M	99.6M	97.1M	97.9M	97.5M
Goodwill & intangibles	1.7B	1.7B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.4B	2.5B	2.5B
Total assets	3.8B	3.7B	3.5B	3.6B	3.6B	4B	3.7B	3.7B	3.9B	4.3B	4.6B	4.5B
Accounts payable	32.7M	38.8M	44.3M	30.3M	30.1M	49.5M	56.7M	49.4M	51.7M	54.5M	52.8M	51.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	234.4M	146.6M	152.1M	149.4M	133.4M	207.5M	178.3M	149.5M	147.6M	152.7M	222.8M	160.1M
Long-term debt	2.2B	2.2B	2.2B	2.2B	2.2B	2.5B	2.3B	2.3B	2.5B	2.8B	2.8B	2.8B
Total liabilities	2.8B	2.7B	2.6B	2.6B	2.6B	3B	2.7B	2.7B	2.9B	3.3B	3.5B	3.4B
Shareholders' equity	963.8M	973.2M	991.2M	1B	990.8M	1B	1B	1B	1B	1B	1.1B	1.2B
Total debt	2.2B	2.2B	2.2B	2.2B	2.2B	2.5B	2.3B	2.3B	2.5B	2.8B	2.8B	2.8B
Net debt	1.8B	1.8B	1.9B	1.9B	1.9B	2.1B	2.1B	2.1B	2.1B	2.4B	2.6B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	48.8M	39.9M	76.1M	105.5M	120M	262.8M	106.6M	141.5M	152.5M	136M
Depreciation & amortization	5.8M	18.3M	33.4M	39.6M	38.9M	50.8M	64.2M	68.4M	69M	63.6M
Stock-based compensation	11.9M	20.3M	23.1M	22.2M	21.5M	26.2M	24M	26.8M	32.8M	24M
Change in working capital	-584K	15.5M	-2.1M	-435K	-3.8M	-30.9M	44.4M	8.5M	6.8M	24.2M
Operating cash flow	28.8M	-159.8M	-89.7M	-26M	-215.6M	600.8M	128.8M	241.6M	19.8M	-67.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	-6.9M
Investing cash flow	5.1M	-415.5M	-109.5M	12M	9.7M	-169.2M	-20.9M	-120.9M	-11.4M	-47.3M
Dividends paid	-13.8M	-18.8M	-22.4M	-25.3M	-24.9M	-31.4M	-47.3M	-52M	-58.1M	-64.6M
Share repurchases	-233.8M	-7.5M	-27.5M	-40M	-32.5M	-57.5M	-90M	-45M	-44.9M	-60M
Financing cash flow	-48.6M	750.4M	203.3M	98.8M	235.3M	-244.4M	-102.1M	-356.1M	74.9M	191M
Net change in cash	-14.7M	175.1M	4.2M	84.8M	29.5M	187.2M	5.9M	-235.5M	83.3M	76.5M
Free cash flow	18.9M	-184.4M	-74.3M	-44.3M	-227.1M	659.9M	126.1M	228.3M	-3.8M	-74.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	38.2M	38.5M	37.9M	26M	49.1M	39.5M	28.1M	42.7M	31.3M	33.9M	6.2M	44.6M
Depreciation & amortization	17.8M	17.4M	18.2M	18.4M	16.3M	16.2M	16.1M	15.8M	16.2M	15.5M	17.7M	22.5M
Stock-based compensation	7.7M	6.8M	6.8M	9.2M	8.2M	8.6M	6.7M	6.8M	5.7M	4.7M	5.2M	10.9M
Change in working capital	-12.7M	45.2M	-116.3M	-969K	4.4M	-1M	13.4M	-6.3M	6.4M	10.8M	8.7M	-10.1M
Operating cash flow	93.7M	10.1M	-26.9M	37.2M	29.6M	-140.8M	113.6M	56.7M	108.3M	-247.4M	35.9M	57.4M
Capital expenditure	—	—	—	—	—	—	—	—	-1.4M	-944K	-2.4M	-1.3M
Investing cash flow	-215K	0	-537K	-12K	-609K	-10.2M	—	—	-1.4M	-831K	-198.5M	-1.3M
Dividends paid	-12M	-13.7M	-14.9M	-13.7M	-13.7M	-15.9M	-17.1M	-15.8M	-15.4M	-16.3M	-17.9M	-16.3M
Share repurchases	-15M	-20M	-5M	-12.5M	-14.9M	-12.5M	-20M	-30M	0	-10M	-10M	-10.5M
Financing cash flow	-75M	-70.3M	-56.1M	-703.8M	-107.7M	204.5M	-174.5M	-52.1M	112.3M	305.3M	-40.9M	-43.5M
Net change in cash	18.5M	-60.2M	-83.6M	-666.6M	-78.6M	53.4M	-60.8M	4.6M	219.1M	57M	-203.5M	12.6M
Free cash flow	123.9M	4.9M	-36.5M	68.6M	68.7M	-104.7M	-6.8M	74.2M	106.9M	-248.4M	33.5M	56.1M

Virtus Investment Partners, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement