VRTS

MKT CAP:$952M

Virtus Investment Partners, Inc.

Market Cap

$952M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$143.14-$19.37 (-11.92%)

Apr 24, 2026

Company Details

Virtus Investment Partners, Inc. is a publicly owned investment manager. The firm primarily provides its services to individual and institutional clients. It launches separate client focused equity and fixed income portfolios. The firm laun...

CEO

George Robert Aylward Jr.

IPO Date

Jan 2, 2009

Website

www.virtus.com

Key Metrics TTM

Revenue

$831M

-8.0% YoY

Net Income

$138M

EPS (Diluted)

$19.97

Free Cash Flow

-$67M

Revenue / Share

$121.13

Gross Margin

74.9%

Operating Margin

17.4%

Net Margin

16.7%

FCF Margin

-8.1%

P/S

1.1x

P/E

6.9x

Earnings Reports

FY 2025

Feb 27, 2026

$831M-8.0%EPS $19.97

Q4 2025

Feb 27, 2026

$189M-18.6%EPS $5.17

Q3 2025

Nov 7, 2025

$215M-4.8%EPS $4.65

Q2 2025

Aug 7, 2025

$209M-6.2%EPS $6.10

Q1 2025

May 9, 2025

$217M-1.9%EPS $4.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$251M	$145M	$66M
Q2 22	$224M	$135M	$57M
Q3 22	$209M	$121M	$44M
Q4 22	$197M	$110M	$31M
Q1 23	$197M	$98M	$29M
Q2 23	$212M	$108M	$39M
Q3 23	$218M	$117M	$45M
Q4 23	$214M	$114M	$39M
Q1 24	$221M	$106M	$32M
Q2 24	$223M	$118M	$44M
Q3 24	$226M	$120M	$55M
Q4 24	$232M	$126M	$51M
Q1 25	$217M	$108M	$37M
Q2 25	$209M	$111M	$45M
Q3 25	$215M	$116M	$47M
Q4 25	$189M	$286M	$16M

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	4.7x
Q2 22	1.0x	6.0x
Q3 22	1.0x	7.2x
Q4 22	1.1x	8.1x
Q1 23	1.2x	7.7x
Q2 23	1.2x	7.0x
Q3 23	1.2x	7.0x
Q4 23	1.1x	7.3x
Q1 24	1.1x	7.8x
Q2 24	1.1x	8.7x
Q3 24	1.1x	8.0x
Q4 24	1.1x	7.8x
Q1 25	1.1x	7.9x
Q2 25	1.1x	6.6x
Q3 25	1.1x	7.0x
Q4 25	1.1x	6.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$82M	-$84M
Q2 22	$119M	$118M
Q3 22	$117M	$116M
Q4 22	-$22M	-$23M
Q1 23	-$43M	-$44M
Q2 23	$145M	$144M
Q3 23	$128M	$124M
Q4 23	$7M	$5M
Q1 24	-$35M	-$36M
Q2 24	$70M	$69M
Q3 24	$69M	$69M
Q4 24	-$103M	-$105M
Q1 25	-$4M	-$7M
Q2 25	$76M	$74M
Q3 25	$108M	$107M
Q4 25	-$247M	-$241M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$1M
Q4 22	$1M
Q1 23	$1M
Q2 23	$1M
Q3 23	$4M
Q4 23	$2M
Q1 24	$2M
Q2 24	$1M
Q3 24	$407.0K
Q4 24	$2M
Q1 25	$3M
Q2 25	$2M
Q3 25	$1M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.2%	+20.5%
Q2 22	-7.7%	+7.1%
Q3 22	-16.6%	+4.8%
Q4 22	-25.5%	-8.3%
Q1 23	-21.6%	-9.3%
Q2 23	-5.3%	+3.5%
Q3 23	+4.4%	+5.0%
Q4 23	+8.4%	+5.4%
Q1 24	+12.2%	+12.1%
Q2 24	+5.2%	+3.4%
Q3 24	+3.5%	-1.5%
Q4 24	+8.7%	+3.9%
Q1 25	-1.9%	-4.5%
Q2 25	-6.2%	-8.3%
Q3 25	-4.8%	-1.5%
Q4 25	-18.6%	-4.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	3.8%
Q2 22	$5M	2.0%
Q3 22	$5M	2.5%
Q4 22	$5M	2.4%
Q1 23	$6M	2.9%
Q2 23	$7M	3.1%
Q3 23	$8M	3.5%
Q4 23	$7M	3.2%
Q1 24	$7M	3.1%
Q2 24	$9M	4.1%
Q3 24	$8M	3.6%
Q4 24	$9M	3.7%
Q1 25	$7M	3.1%
Q2 25	$7M	3.3%
Q3 25	$6M	2.6%
Q4 25	$5M	2.5%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$33M
Q2 22	—	—	$29M
Q3 22	—	—	$27M
Q4 22	—	—	$24M
Q1 23	—	—	$24M
Q2 23	—	—	$25M
Q3 23	—	—	$24M
Q4 23	—	$23M	—
Q1 24	—	$24M	—
Q2 24	—	$24M	—
Q3 24	—	$24M	—
Q4 24	—	$24M	—
Q1 25	—	$23M	—
Q2 25	—	$22M	—
Q3 25	—	$22M	—
Q4 25	$18M	$22M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$335M	$0	$335M
Q2 22	$358M	$0	$358M
Q3 22	$395M	$0	$395M
Q4 22	$589M	$0	$589M
Q1 23	$417M	$0	$417M
Q2 23	$357M	$0	$357M
Q3 23	$405M	$0	$405M
Q4 23	$340M	$0	$340M
Q1 24	$247M	$0	$247M
Q2 24	$350M	$0	$350M
Q3 24	$310M	$0	$310M
Q4 24	$400M	$0	$400M
Q1 25	$219M	$0	$219M
Q2 25	$243M	$0	$243M
Q3 25	$461M	$0	$461M
Q4 25	$477M	$0	$477M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	8M	-1.1%	-2.6%
Q2 22	8M	-3.0%	-5.0%
Q3 22	7M	-1.9%	-6.5%
Q4 22	7M	-0.6%	-6.4%
Q1 23	7M	-0.1%	-5.5%
Q2 23	7M	-0.3%	-2.9%
Q3 23	7M	-0.1%	-1.1%
Q4 23	7M	-0.8%	-1.3%
Q1 24	7M	-0.5%	-1.7%
Q2 24	7M	-0.6%	-1.9%
Q3 24	7M	-0.9%	-2.8%
Q4 24	7M	-0.5%	-2.5%
Q1 25	7M	-0.9%	-2.9%
Q2 25	7M	-1.1%	-3.4%
Q3 25	7M	-1.9%	-4.3%
Q4 25	7M	-0.1%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$376.0K	668
Q2 22	$335.6K	668
Q3 22	$313.1K	668
Q4 22	$255.5K	772
Q1 23	$255.2K	772
Q2 23	$275.1K	772
Q3 23	$282.7K	772
Q4 23	$259.6K	824
Q1 24	$268.3K	824
Q2 24	$271.1K	824
Q3 24	$274.2K	824
Q4 24	$288.7K	805
Q1 25	$269.4K	805
Q2 25	$260.2K	805
Q3 25	$267.3K	805
Q4 25	$236.1K	801

Revenue / Employee