Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 9.3x · ROE 27.1%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $2.8B | $3.1B | $1.9B | $2.1B | $3.4B | $3.1B | $1.8B | $2.6B | $1.1B | $615M |
| Enterprise Value | $12.5B | $10.8B | $8.0B | $8.0B | $4.9B | $5.9B | $5.6B | $5.4B | $4.2B | $3.2B | $1.2B |
| P/E Ratio → | 10.27 | 6.50 | 12.01 | 14.27 | 8.36 | 7.37 | 4.88 | — | 9.27 | 70.38 | 18.13 |
| P/S Ratio | 1.31 | 0.81 | 1.39 | 1.13 | 1.04 | 1.32 | 1.02 | 1.47 | 1.58 | 1.31 | 1.00 |
| P/B Ratio | 2.28 | 1.44 | 2.11 | 1.36 | 1.29 | 1.83 | 1.66 | 1.48 | 1.76 | 0.99 | 1.15 |
| P/FCF | 10.07 | 6.25 | 5.75 | 4.59 | 3.14 | 2.98 | 3.08 | 16.42 | 3.82 | 4.22 | 2.70 |
| P/OCF | 8.84 | 5.48 | 5.23 | 3.88 | 3.02 | 2.91 | 2.90 | 10.79 | 3.68 | 3.94 | 2.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.08 | 3.54 | 4.73 | 2.39 | 2.29 | 1.86 | 4.35 | 2.54 | 3.64 | 2.02 |
| EV / EBITDA | 9.33 | 8.03 | 5.56 | 7.55 | 4.65 | 4.28 | 3.23 | 12.42 | 4.06 | 8.53 | 4.13 |
| EV / EBIT | 10.18 | 8.72 | 6.27 | 8.66 | 5.54 | 4.89 | 3.52 | 32.86 | 4.65 | 11.79 | 4.71 |
| EV / FCF | — | 23.65 | 14.64 | 19.28 | 7.18 | 5.18 | 5.62 | 48.55 | 6.15 | 11.68 | 5.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.0% | 48.0% | 61.4% | 60.7% | 57.3% | 60.1% | 64.4% | 49.2% | 68.5% | 57.7% | 56.4% |
| Operating Margin | 33.8% | 33.8% | 45.8% | 40.7% | 38.8% | 44.5% | — | 19.6% | 50.9% | 30.1% | 38.7% |
| Net Profit Margin | 12.9% | 12.9% | 9.6% | 6.2% | 11.2% | 17.0% | 20.0% | -3.9% | 15.4% | 0.3% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.1% | 27.1% | 19.1% | 9.3% | 15.1% | 25.6% | 42.1% | -4.3% | 21.9% | 0.3% | 6.0% |
| ROA | 2.6% | 2.6% | 1.9% | 1.1% | 2.5% | 4.7% | 6.6% | -0.7% | 3.9% | 0.1% | 0.9% |
| ROIC | 10.1% | 10.1% | 12.7% | 10.2% | 12.7% | 17.5% | — | 4.8% | 19.0% | 9.2% | 13.7% |
| ROCE | 7.7% | 7.7% | 10.1% | 8.4% | 9.9% | 14.7% | — | 4.2% | 15.5% | 7.1% | 10.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.55 | 4.55 | 3.84 | 4.93 | 2.26 | 1.93 | 1.85 | 3.50 | 1.56 | 2.22 | 1.52 |
| Debt / EBITDA | 6.70 | 6.70 | 3.98 | 6.53 | 3.55 | 2.59 | 1.97 | 9.91 | 2.24 | 6.88 | 2.69 |
| Net Debt / Equity | — | 4.01 | 3.25 | 4.35 | 1.66 | 1.36 | 1.37 | 2.90 | 1.07 | 1.76 | 1.18 |
| Net Debt / EBITDA | 5.91 | 5.91 | 3.37 | 5.75 | 2.62 | 1.82 | 1.46 | 8.22 | 1.54 | 5.45 | 2.09 |
| Debt / FCF | — | 17.40 | 8.89 | 14.69 | 4.04 | 2.21 | 2.54 | 32.13 | 2.33 | 7.47 | 2.77 |
| Interest Coverage | 8.85 | 8.85 | 2.03 | 1.54 | 2.72 | 5.54 | 7.48 | 0.59 | 4.26 | 1.72 | 3.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.69 | 1.69 | 1.23 | 0.91 | 2.21 | 1.63 | 1.59 | 1.32 | 1.69 | 1.25 | 0.62 |
| Quick Ratio | 1.69 | 1.69 | 1.23 | 0.91 | 2.21 | 1.63 | 1.59 | 1.32 | 1.69 | 1.25 | 0.62 |
| Cash Ratio | 0.56 | 0.56 | 0.50 | 0.44 | 0.97 | 0.76 | 0.49 | 0.44 | 0.67 | 0.43 | 0.18 |
| Asset Turnover | — | 0.18 | 0.19 | 0.16 | 0.22 | 0.27 | 0.33 | 0.16 | 0.25 | 0.14 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.8% | 12.3% | 14.7% | 16.1% | 17.6% | 16.1% | 15.7% | 11.6% | 3.8% | 5.6% | 6.1% |
| Payout Ratio | 74.6% | 74.6% | 167.2% | 215.5% | 141.6% | 114.9% | 74.6% | — | 34.7% | 2171.3% | 114.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 15.4% | 8.3% | 7.0% | 12.0% | 13.6% | 20.5% | — | 10.8% | 1.4% | 5.5% |
| FCF Yield | 9.9% | 16.0% | 17.4% | 21.8% | 31.9% | 33.6% | 32.5% | 6.1% | 26.2% | 23.7% | 37.0% |
| Buyback Yield | 4.2% | 6.7% | 6.1% | 12.1% | 22.9% | 12.6% | 1.6% | 0.9% | 2.9% | 1.2% | 3.9% |
| Total Shareholder Yield | 11.9% | 19.0% | 20.8% | 28.2% | 40.5% | 28.7% | 17.4% | 12.5% | 6.7% | 6.8% | 10.1% |
| Shares Outstanding | — | $85M | $88M | $94M | $104M | $118M | $122M | $114M | $102M | $63M | $39M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VIRT stock.
Virtu Financial, Inc.'s current P/E ratio is 10.3x. The historical average is 19.0x. This places it at the 50th percentile of its historical range.
Virtu Financial, Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Virtu Financial, Inc.'s return on equity (ROE) is 27.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.0%.
Based on historical data, Virtu Financial, Inc. is trading at a P/E of 10.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Virtu Financial, Inc.'s current dividend yield is 7.78% with a payout ratio of 74.6%.
Virtu Financial, Inc. has 48.0% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Virtu Financial, Inc.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Provision volatility and rate sensitivity
Metrics are mathematically derived from official filings.
Premium Multiple on Tangible Book
VIRT trades at 26.7x tangible book value, a steep premium to peers, implying the market capitalizes on its fee-driven earnings power and high ROE, as per reported figures.
The P/B of 26.72 in 2026Q2 is far above the peer average of roughly 5.5x, reflecting the market's view of Virtu as a high-return, asset-light franchise rather than a traditional bank. This premium appears justified by the 12.6% ROE and 87.7% fee income mix, but it leaves little room for earnings disappointment. Investors should monitor whether the premium persists if provision volatility or rate sensitivity pressures returns.
Fee-Driven ROE with Thin NIM
ROE improved to 12.6% in 2026Q2 from 3.9% in 2024Q1, driven by fee income (87.7% of revenue) and operating leverage, while NIM remains thin at 0.4%, per financial statements.
DuPont decomposition shows ROE is almost entirely a function of asset utilization and non-interest income, not net interest margin, which is negligible. The efficiency ratio of 18.1% indicates exceptional cost control, but the reliance on fee income exposes earnings to market volatility. The sharp rise in provisions to $558M in 2026Q2 could erode ROE if credit costs persist, warranting close monitoring.
NIM Recovery but Efficiency Shines
Net interest margin turned positive to 0.4% in 2026Q2 from -1.2% in 2024Q1, while the efficiency ratio improved to 18.1%, indicating strong operating leverage, as reported in quarterly filings.
The NIM recovery suggests the interest income drag from negative carry is fading, but at 0.4% it remains a minor contributor to profitability. The efficiency ratio, though volatile, has trended down from 17.3% in 2024Q1, reflecting revenue growth outpacing costs. However, the efficiency ratio's volatility (11.4% to 21.7%) highlights the sensitivity of the cost base to trading volumes and market conditions.
Thin Equity Cushion Under Asset Growth
Equity-to-assets fell to 8% in 2026Q2 from 10% in 2024Q4, as assets surged 79% to $27.5B, per balance sheet data, signaling a thinner capital buffer despite equity growth.
While total equity grew to $1.9B, the rapid asset expansion—driven by a $5.6B increase in investment securities—has outpaced capital generation. The equity-to-assets ratio of 0.08 is low for a depository institution, though Virtu's business model may not require traditional capital ratios. The $214.7M in dividends and buybacks in 2026Q2 exceeded operating cash flow, suggesting capital return is funded by external sources, which may strain the balance sheet if earnings falter.
Provision Spike Clouds Credit Outlook
Loan loss provisions surged to $558.0M in 2026Q2 from $91.4M in 2024Q1, a six-fold increase, per quarterly data, potentially signaling credit deterioration or model changes.
The sharp rise in provisions is a red flag for asset quality, though it may reflect portfolio growth or conservative reserving rather than actual losses. With no explicit NPL data, investors should monitor charge-offs and reserve coverage in future filings. The provision spike, combined with thin NIM, suggests that credit costs could become a material drag on earnings if the trend continues.
P/E Misleads Due to Provision Volatility
The P/E of 10.85 is misleading because provisions swung from $91.4M to $558.0M, distorting earnings; a better metric is P/TBV or P/B, which reflects the franchise value, as per reported figures.
For a market maker like Virtu, earnings are inherently volatile due to trading revenues and provision swings, making trailing P/E unreliable. The forward P/E of 7.73 assumes normalization, but the provision spike in 2026Q2 could recur. Investors should focus on P/TBV (26.7x) and ROE stability, as these better capture the asset-light, fee-driven business model. EV/EBITDA is also misapplied here, as deposits are not debt and the capital structure is atypical.