Total assets expanded to $25.1 billion by 2026Q1 while equity remained constrained at $1.7 billion, resulting in a debt-to-equity ratio of 2.11 that warrants monitoring for potential leverage risks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 1.27B | 3.18B | 2.17B | 1.7B | 2.23B | 2.29B | 2.91B | 2.2B | 1.85B | 1.56B | 630.14M | 639.77M | 463.52M | 493.75M | 406.12M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 64.74M | 46.09M | 35.02M | 56.66M | 49.49M | 117.45M | 41.12M | 6.5M | 55.07M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.6B | 16.97B | 13.19B | 12.77B | 8.35B | 8.03B | 7.06B | 7.41B | 5.53B | 5.76B | 3.06B | 2.75B | 2.86B | 3.47B | 2.8B |
| Property, Plant & Equipment | 304.89M | 310.08M | 266.46M | 329.86M | 272.64M | 314.92M | 382.45M | 430.62M | 113.32M | 137.02M | 29.66M | 37.5M | 44.64M | 37.59M | 31.46M |
| Fixed Asset Turnover | 14.10x | 11.71x | 10.80x | 6.95x | 8.67x | 8.93x | 8.47x | 3.52x | 16.58x | 7.50x | 23.68x | 21.23x | 16.20x | 17.68x | 19.57x |
| Goodwill | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 836.58M | 844.88M | 715.38M | 715.38M | 715.38M | 715.38M | 715.38M |
| Intangible Assets | 143.15M | 154.93M | 203.19M | 257.52M | 321.48M | 386.33M | 454.5M | 529.64M | 83.99M | 111.22M | 992K | 1.2M | 1.41M | 1.63M | 2.64M |
| Long-Term Investments | 59.21B | 14.63B | 11.08B | 10.59B | 6.16B | 5.73B | 4.56B | 4.84B | 4.06B | 4.18B | 2.05B | 1.77B | 2.06B | 2.67B | 2.01B |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 25.12B | 20.15B | 15.36B | 14.47B | 10.58B | 10.32B | 9.97B | 9.61B | 7.38B | 7.32B | 3.69B | 3.39B | 3.32B | 3.96B | 3.21B |
| Asset Turnover | 0.18x | 0.18x | 0.19x | 0.16x | 0.22x | 0.27x | 0.33x | 0.16x | 0.25x | 0.14x | 0.19x | 0.23x | 0.22x | 0.17x | 0.19x |
| Asset Growth % | 160.46% | 31.17% | 6.19% | 36.69% | 2.55% | 3.55% | 3.71% | 30.19% | 0.83% | 98.25% | 8.86% | 2.18% | -16.25% | 23.52% | - |
| Total Current Liabilities | 2.37B | 1.89B | 1.76B | 1.86B | 1.01B | 1.41B | 1.82B | 1.66B | 1.09B | 1.25B | 1.02B | 836.78M | 1.28B | 1.19B | 668.99M |
| Accounts Payable | 0 | 1.69B | 1.52B | 1.64B | 769M | 1.08B | 1.49B | 1.32B | 862.42M | 1.08B | 765.26M | 573.38M | 779.53M | 611.15M | 332.68M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 2.37B | 12.38M | 38.54M | 1.8B | 3.94M | 61.51M | 64.69M | 73.49M | 15.13M | 27.88M | 25M | 45M | 495.72M | 580.52M | 336.31M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 1.53M | -1.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.54x | 1.69x | 1.23x | 0.91x | 2.21x | 1.63x | 1.59x | 1.32x | 1.69x | 1.25x | 0.62x | 0.76x | 0.36x | 0.41x | 0.61x |
| Quick Ratio | 0.54x | 1.69x | 1.23x | 0.91x | 2.21x | 1.63x | 1.59x | 1.32x | 1.69x | 1.25x | 0.62x | 0.76x | 0.36x | 0.41x | 0.61x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 20.55B | 16.29B | 12.11B | 11.2B | 7.92B | 7.05B | 6.29B | 6.72B | 4.79B | 4.92B | 2.14B | 2B | 1.83B | 2.57B | 2.1B |
| Long-Term Debt | 2.03B | 8.7B | 5.44B | 4.85B | 3.48B | 3.26B | 3.05B | 3.86B | 2.32B | 2.53B | 787.16M | 1.02B | 499.87M | 1.04B | 752.26M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 22.92B | 18.18B | 13.87B | 13.06B | 8.93B | 8.46B | 8.11B | 8.38B | 5.89B | 6.17B | 3.16B | 2.83B | 3.11B | 3.76B | 2.77B |
| Total Debt | 4.64B | 8.98B | 5.71B | 6.93B | 3.73B | 3.6B | 3.43B | 4.3B | 2.33B | 2.56B | 812.16M | 1.06B | 995.59M | 1.62B | 1.09B |
| Net Debt | 3.67B | 7.92B | 4.84B | 6.11B | 2.75B | 2.53B | 2.54B | 3.57B | 1.6B | 2.03B | 630.75M | 899.96M | 919.73M | 1.55B | 1.05B |
| Debt / Equity | 2.11x | 4.55x | 3.84x | 4.93x | 2.26x | 1.93x | 1.85x | 3.50x | 1.56x | 2.22x | 1.52x | 1.91x | 4.69x | 7.97x | 2.47x |
| Debt / EBITDA | 2.49x | 6.70x | 3.98x | 6.53x | 3.55x | 2.59x | 1.97x | 9.91x | 2.24x | 6.88x | 2.69x | 2.83x | 3.14x | 5.42x | 4.06x |
| Net Debt / EBITDA | 1.97x | 5.91x | 3.37x | 5.75x | 2.62x | 1.82x | 1.46x | 8.22x | 1.54x | 5.45x | 2.09x | 2.40x | 2.90x | 5.20x | 3.91x |
| Interest Coverage | 3.71x | 8.85x | 2.03x | 1.54x | 2.72x | 5.54x | 7.48x | 0.59x | 4.26x | 1.72x | 3.12x | 3.64x | 3.48x | 3.69x | 2.19x |
| Total Equity | 2.2B | 1.97B | 1.49B | 1.41B | 1.65B | 1.86B | 1.86B | 1.23B | 1.49B | 1.15B | 534.41M | 557.87M | 212.26M | 203.29M | 440.24M |
| Equity Growth % | 107.47% | 32.68% | 5.84% | -14.9% | -11.39% | 0.46% | 50.95% | -17.78% | 29.8% | 115.49% | -4.2% | 162.82% | 4.42% | -53.82% | - |
| Book Value per Share | 25.51 | 23.13 | 16.94 | 14.94 | 15.81 | 15.74 | 15.16 | 10.79 | 14.64 | 18.40 | 13.87 | 15.79 | 6.65 | 6.39 | 13.83 |
| Total Shareholders' Equity | 1.73B | 1.58B | 1.25B | 1.2B | 1.34B | 1.55B | 1.47B | 931.37M | 1.05B | 830.57M | 145.67M | 130.71M | 212.26M | 203.29M | 440.24M |
| Common Stock | 1K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 307.35M | 275.99M | 508.64M |
| Retained Earnings | 1.62B | 1.52B | 1.17B | 1B | 972.32M | 830.54M | 422.38M | -90.37M | 96.51M | -62.13M | -1.25M | 3.52M | -91.38M | -74.03M | -68.35M |
| Treasury Stock | 0 | -1.48B | -1.34B | -1.17B | -954.64M | -494.07M | -88.92M | -55.01M | -55.01M | -11.04M | -8.36M | -3.82M | 0 | 0 | 0 |
| Accumulated OCI | -4.97M | -3.01M | -7.06M | 17.05M | 31.6M | -10.2M | -25.49M | -647K | -82K | 2.99M | -252K | 99K | -3.71M | 1.33M | -55K |
| Minority Interest | 68.06B | 391.12M | 233.2M | 202.63M | 309.53M | 314.23M | 386.5M | 297.56M | 442.8M | 321.01M | 388.74M | 427.16M | 0 | 0 | 0 |
Regulatory Market Structure Reform
As reported in recent financial statements, Virtu's total assets surged to $25.1 billion in 2026Q1 from $14.5 billion in 2023Q4, while equity remained relatively stagnant at $1.7 billion, signaling a significant increase in balance sheet leverage to support the firm's expanding market-making operations.
The rapid growth in total assets relative to equity suggests that the firm is increasingly reliant on debt-funded liquidity provision to maintain its competitive position. Investors should monitor whether this asset expansion is generating commensurate returns or if it reflects a higher risk profile in the firm's trading inventory.
Based on the provided quarterly data, Virtu's debt-to-equity ratio fluctuated significantly, reaching 2.11 in 2026Q1, which reflects a strategic, albeit volatile, approach to managing the capital requirements necessary to sustain its high-frequency trading infrastructure and institutional execution services across global markets.
The variability in leverage metrics suggests that management actively adjusts its debt load to align with market volatility and trading opportunities. While this flexibility is a hallmark of the firm's business model, the reliance on debt to fund operations warrants close scrutiny regarding refinancing risks during periods of market stress.
According to recent SEC filings, Virtu's current ratio dropped to 0.54 in 2026Q1, a notable decline from the 1.69 observed in 2025Q4, indicating a tightening liquidity position that may limit the firm's ability to absorb sudden shocks without external financing or capital adjustments.
The sharp contraction in the current ratio highlights the sensitivity of the firm's liquidity to short-term trading obligations and working capital swings. This trend suggests that the firm's cash runway is highly dependent on the velocity of its trading cycle rather than a static cash reserve.
As indicated by historical balance sheet data, Virtu has grown its retained earnings to $1.6 billion by 2026Q1, demonstrating a consistent, long-term accumulation of profits that serves as the primary foundation for the firm's equity base despite ongoing capital return programs.
The steady growth in retained earnings suggests that the firm's core profitability remains intact, providing a cushion against the inherent volatility of its trading income. However, the persistent use of capital for dividends and buybacks may limit the firm's ability to build a more robust equity buffer.
Quick answers to the most common questions about buying VIRT stock.
As of 2025, Virtu Financial, Inc. (VIRT) had total assets of $20.15B including $3.18B in current assets.
Virtu Financial, Inc. (VIRT) carries total debt of $8.98B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Virtu Financial, Inc. (VIRT) has total shareholders' equity (book value) of $1.58B ($23.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Virtu Financial, Inc. (VIRT) reported a current ratio of 1.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.