The firm's capital structure appears increasingly vulnerable, with total debt reaching $2.8 billion against a compressed equity base of $917.4 million, resulting in a debt-to-equity ratio of 2.56.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Total Current Assets | 241.03M | 580.92M | 517.52M | 450.09M | 688.45M | 710.02M | 424.35M | 396.07M | 324.7M | 299.93M | 264.89M | 478.38M | 504.87M | 470.36M | 164.83M | 92.59M | 78.37M | 60.78M | 84.85M | 83.13M | 99.29M | 83.54M | 68.12M | 56.49M | 53.62M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.02M | 727K | 680K | 644K | 604K | 6.36M | 483K | 936K | 817K | 984K | 10.35M | 8.23M | 0 | 5.09M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.43B | 3.71B | 3.48B | 3.23B | 3.26B | 3.22B | 3.04B | 2.81B | 2.55B | 2.29B | 559.49M | 381.35M | 193.91M | 174.59M | 167.92M | 193.78M | 70.55M | 73.25M | 74.16M | 669.04M | 582.4M | 480.18M | 536.83M | 309.19M | 303M |
| Property, Plant & Equipment | 169.49M | 97.06M | 127.17M | 89.44M | 19.12M | 12.54M | 14.49M | 18.15M | 20.15M | 10.83M | 7.73M | 9.12M | 7.19M | 7.22M | 7.79M | 5.45M | 6.56M | 8.24M | 5.89M | 2.23M | 12.47M | 8.59M | 10.07M | 8.38M | 8.26M |
| Fixed Asset Turnover | 6.83x | 8.56x | 7.10x | 9.41x | 46.11x | 77.71x | 41.64x | 30.98x | 27.36x | 39.18x | 41.63x | 41.70x | 62.37x | 53.71x | 35.76x | 37.18x | 21.79x | 14.22x | 30.24x | 101.35x | 22.62x | 25.48x | 16.34x | 18.21x | 13.58x |
| Goodwill | 640.79M | 397.1M | 397.1M | 397.1M | 348.84M | 338.41M | 290.37M | 290.37M | 290.37M | 170.15M | 6.79M | 6.7M | 5.26M | 5.26M | 5.26M | 4.79M | 4.79M | 4.79M | 4.79M | 454.37M | 353.67M | 300.25M | 308.45M | 171.66M | 163.48M |
| Intangible Assets | 619.23M | 327.41M | 378.23M | 432.12M | 442.52M | 500.57M | 280.26M | 310.39M | 338.81M | 301.95M | 38.43M | 40.89M | 41.78M | 44.63M | 48.71M | 52.1M | 52.98M | 54.84M | 60.98M | 208.18M | 202.86M | 146.4M | 159.67M | 55.09M | 67.09M |
| Long-Term Investments | 10.21B | 2.77B | 2.37B | 2.2B | 2.28B | 2.24B | 2.4B | 2.11B | 1.83B | 1.71B | 436.34M | 256.22M | 63.45M | 37.26M | 10.38M | 9.34M | 6.22M | 5.37M | 2.49M | 4.26M | 12.17M | 22.14M | 54.64M | 56.31M | 51.03M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 4.56B | 4.29B | 3.99B | 3.68B | 3.95B | 3.93B | 3.47B | 3.2B | 2.87B | 2.59B | 824.39M | 859.73M | 698.77M | 644.95M | 332.75M | 286.38M | 148.91M | 134.02M | 159.01M | 752.16M | 681.69M | 563.72M | 604.95M | 365.68M | 356.62M |
| Asset Turnover | 0.19x | 0.19x | 0.23x | 0.23x | 0.22x | 0.25x | 0.17x | 0.18x | 0.19x | 0.16x | 0.39x | 0.44x | 0.64x | 0.60x | 0.84x | 0.71x | 0.96x | 0.87x | 1.12x | 0.30x | 0.41x | 0.39x | 0.27x | 0.42x | 0.31x |
| Asset Growth % | 40.93% | 7.43% | 8.59% | -6.94% | 0.48% | 13.48% | 8.19% | 11.64% | 10.8% | 214.27% | -4.11% | 23.03% | 8.34% | 93.83% | 16.19% | 92.32% | 11.11% | -15.71% | -78.86% | 10.34% | 20.93% | -6.82% | 65.43% | 2.54% | - |
| Total Current Liabilities | 222.78M | 152.74M | 207.53M | 146.57M | 279.91M | 248.39M | 80.2M | 579.49M | 528.92M | 149.09M | 123.18M | 110.76M | 103.27M | 91.49M | 62.41M | 46.66M | 34.16M | 28.66M | 51.67M | 86.34M | 64.9M | 53.22M | 46.13M | 28.17M | 32.67M |
| Accounts Payable | 52.8M | 54.52M | 49.49M | 56.05M | 33.2M | 48.5M | 25.36M | 23.31M | 27.93M | 29.61M | 25.18M | 23.04M | 31.63M | 29.91M | 19.87M | 9.82M | 4.23M | 4.41M | 5.64M | 3.67M | 3M | 2.12M | 2.49M | 982K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 277.84M | 329.18M | 0 | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 12M | 964K | 964K | 8.09M | 2.5M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101.38M | 93.34M | 0 | -30M | 65M | 67.37M | 61.58M | 35.38M | 31.17M | 19.25M | 14.71M | 0 | 854K | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.08x | 3.80x | 2.49x | 3.07x | 2.46x | 2.86x | 5.29x | 0.68x | 0.61x | 2.01x | 2.15x | 4.32x | 4.89x | 5.14x | 2.64x | 1.98x | 2.29x | 2.12x | 1.64x | 0.96x | 1.53x | 1.57x | 1.48x | 2.01x | 1.64x |
| Quick Ratio | 1.08x | 3.80x | 2.49x | 3.07x | 2.46x | 2.86x | 5.29x | 0.68x | 0.61x | 2.01x | 2.15x | 4.32x | 4.89x | 5.14x | 2.64x | 1.98x | 2.29x | 2.12x | 1.64x | 0.96x | 1.53x | 1.57x | 1.48x | 2.01x | 1.64x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.23B | 3.1B | 2.78B | 2.56B | 2.74B | 2.71B | 2.55B | 1.88B | 1.64B | 1.83B | 342.27M | 165.65M | 9.08M | 18.41M | 22.7M | 56.57M | 66.48M | 75.64M | 70.7M | 40.9M | 361.53M | 276.37M | 339.15M | 134.25M | 142.46M |
| Long-Term Debt | 2.75B | 2.75B | 2.4B | 2.18B | 2.34B | 2.3B | 2.39B | 1.83B | 1.62B | 1.71B | 328.76M | 152.6M | 0 | 0 | 15M | 15M | 21.77M | 21.17M | 17.18M | 31.78M | 315.88M | 222.93M | 194.3M | 21.88M | 33.86M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 3.45B | 3.25B | 2.99B | 2.71B | 3.02B | 2.96B | 2.63B | 2.45B | 2.17B | 1.98B | 465.45M | 276.41M | 112.35M | 109.9M | 85.11M | 103.22M | 100.64M | 104.29M | 122.38M | 127.24M | 426.43M | 329.59M | 385.27M | 162.41M | 175.13M |
| Total Debt | 2.85B | 2.84B | 2.47B | 2.25B | 2.34B | 2.3B | 2.39B | 2.11B | 1.95B | 1.71B | 358.76M | 152.6M | 0 | 0 | 22.7M | 21.35M | 21.77M | 21.17M | 21.18M | 43.78M | 316.84M | 223.89M | 202.39M | 24.38M | 33.86M |
| Net Debt | 2.71B | 2.37B | 2.07B | 1.91B | 1.75B | 1.71B | 2.06B | 1.79B | 1.7B | 1.47B | 276.07M | 55.21M | -203.3M | -271.55M | -40.74M | -23.92M | -22.17M | -7.45M | -29.88M | 6.97M | 274.64M | 194.59M | 180.52M | 1.92M | 17.55M |
| Debt / Equity | 2.56x | 2.74x | 2.45x | 2.32x | 2.50x | 2.36x | 2.86x | 2.82x | 2.78x | 2.80x | 1.00x | 0.26x | - | - | 0.09x | 0.12x | 0.45x | 0.71x | 0.58x | 0.07x | 1.24x | 0.96x | 0.92x | 0.12x | 0.19x |
| Debt / EBITDA | 16.36x | 13.89x | 9.84x | 10.25x | 8.79x | 6.11x | 13.06x | 12.85x | 13.30x | 22.34x | 6.34x | 1.75x | - | - | 0.34x | 1.08x | 1.34x | 8.94x | - | 1.20x | 3.02x | 2.95x | 3.98x | 0.43x | 0.85x |
| Net Debt / EBITDA | 15.58x | 11.56x | 8.25x | 8.70x | 6.58x | 4.56x | 11.24x | 10.90x | 11.57x | 19.28x | 4.88x | 0.63x | -1.48x | -2.25x | -0.61x | -1.21x | -1.37x | -3.15x | - | 0.19x | 2.62x | 2.57x | 3.55x | 0.03x | 0.44x |
| Interest Coverage | 1.98x | 2.15x | 2.13x | 2.04x | 2.75x | 6.08x | 2.68x | 2.26x | 2.29x | 2.70x | 6.83x | 68.17x | 254.84x | 156.89x | 76.88x | 17.61x | 11.33x | -2.57x | -224.42x | 0.25x | 3.41x | 4.78x | 8.14x | 28.38x | 13.54x |
| Total Equity | 1.11B | 1.04B | 1.01B | 973.16M | 936.65M | 975.59M | 836.45M | 750.1M | 701.35M | 609.4M | 358.94M | 583.32M | 586.42M | 535.05M | 247.63M | 183.16M | 48.27M | 29.73M | 36.63M | 624.93M | 255.26M | 234.12M | 219.68M | 203.27M | 181.49M |
| Equity Growth % | 17.39% | 2.86% | 3.67% | 3.9% | -3.99% | 16.63% | 11.51% | 6.95% | 15.09% | 69.78% | -38.47% | -0.53% | 9.6% | 116.07% | 35.2% | 279.44% | 62.36% | -18.84% | -94.14% | 144.82% | 9.03% | 6.58% | 8.07% | 12% | - |
| Book Value per Share | 163.31 | 149.77 | 139.93 | 131.95 | 123.54 | 121.90 | 104.87 | 92.05 | 82.25 | 84.09 | 45.89 | 65.10 | 63.11 | 63.45 | 30.67 | 26.80 | 7.50 | 5.12 | 6.35 | 108.27 | 4.74 | 4.31 | 4.04 | 3.77 | 3.36 |
| Total Shareholders' Equity | 917.4M | 934.04M | 897.49M | 863.93M | 817.02M | 828.3M | 711.14M | 675.7M | 629.91M | 588.56M | 321.67M | 509.62M | 563.54M | 492.93M | 244.47M | 183.16M | 48.27M | 29.73M | 36.63M | 624.93M | 251M | 231.59M | 218.7M | 203.27M | 181.49M |
| Common Stock | 124K | 123K | 122K | 122K | 120K | 119K | 118K | 107K | 106K | 105K | 91K | 96K | 96K | 95K | 81K | 63K | 63K | 58K | 58K | 0 | 458K | 451K | 444K | 440K | 436K |
| Retained Earnings | 331.61M | 340.9M | 268.22M | 207.36M | 130.26M | 60.96M | -135.26M | -215.22M | -310.87M | -386.22M | -424.28M | -472.61M | -507.52M | -605.22M | -680.41M | -718.08M | -863.5M | -873.14M | -866.66M | -337.57M | 60.74M | 44.48M | 21.62M | 12.81M | 0 |
| Treasury Stock | -759.59M | -749.59M | -689.59M | -644.46M | -599.25M | -509.25M | -451.75M | -419.25M | -379.25M | -351.75M | -344.25M | -157.7M | -77.7M | -37.44M | -17.73M | -8.79M | -924K | 0 | 0 | 0 | -14.72M | -10.61M | -2.61M | 0 | 0 |
| Accumulated OCI | 436K | 462K | -364K | -87K | -358K | 20K | 29K | 9K | -731K | -600K | -224K | -1.03M | -242K | -150K | -287K | -14K | -308K | -145K | -590K | -46K | 5.14M | 3.57M | -1.17M | -330K | -454K |
| Minority Interest | 194.07M | 103.74M | 111.42M | 109.23M | 119.64M | 147.31M | 125.31M | 74.4M | 71.44M | 20.84M | 37.27M | 73.7M | 22.88M | 42.12M | 3.16M | 0 | 0 | 0 | 0 | 0 | 4.25M | 2.53M | 976K | 0 | 0 |
High leverage and outflows
As reported in financial statements, Virtus Investment Partners' total debt has climbed to $2.8 billion in 2026Q1, while equity has simultaneously compressed to $917.4 million, signaling a weakening capital structure that appears increasingly sensitive to the firm's ongoing struggle with net organic asset outflows.
The widening gap between debt obligations and equity suggests that the firm's financial foundation is eroding as it attempts to navigate a challenging environment for active management. Investors should monitor whether this trajectory reflects a structural inability to deleverage while core revenue streams remain under pressure.
Based on reported figures, the debt-to-equity ratio reached 2.56 in 2026Q1, reflecting a persistent reliance on debt financing that may limit the firm's ability to pursue opportunistic acquisitions or weather prolonged periods of market volatility without further compromising its already strained balance sheet position.
The high leverage ratio relative to the firm's current earnings capacity suggests that debt service requirements could become a significant burden if AUM-based fee income continues to decline. This level of indebtedness appears to leave little room for error in the firm's capital allocation strategy.
According to recent SEC filings, the current ratio dropped sharply to 1.08 in 2026Q1 from 3.80 in 2025Q4, indicating a rapid contraction in the firm's immediate liquidity buffer and raising concerns regarding its ability to meet short-term obligations during periods of market-driven revenue instability.
The dramatic fluctuation in liquidity metrics suggests that the firm's cash position is highly susceptible to timing differences and operational cash outflows. This volatility warrants further investigation into the firm's working capital management and the sustainability of its current cash reserves.
As indicated by the balance sheet data, goodwill remains a substantial component of total assets at $640.8 million in 2026Q1, which may suggest that the firm's asset base is heavily reliant on the historical valuation of past acquisitions rather than tangible, liquid capital.
The concentration of goodwill relative to total equity implies a risk of potential impairment charges if the performance of acquired boutiques continues to underperform expectations. Investors should consider that headline asset figures may overstate the firm's true economic value in a declining fee environment.
Quick answers to the most common questions about buying VRTS stock.
As of 2025, Virtus Investment Partners, Inc. (VRTS) had total assets of $4.29B including $580.9M in current assets.
Virtus Investment Partners, Inc. (VRTS) carries total debt of $2.84B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Virtus Investment Partners, Inc. (VRTS) has total shareholders' equity (book value) of $934.0M ($149.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Virtus Investment Partners, Inc. (VRTS) reported a current ratio of 3.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.