Liquidity remains under pressure as evidenced by the current ratio dropping to 1.08 in 2026Q1, while erratic working capital swings, including a $98.4 million outflow, complicate consistent cash generation.
| 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 |
|---|
| Cash from Operations | -27.51M | -67.2M | 1.75M | 237.16M | 132.67M | 665.73M | -226.1M | -36.72M | -62.55M | -182.69M | 30.52M | -209.43M | -58.87M | 28.84M | 39.82M | 23.65M | 21.74M | -11.65M | 6.35M | 12.99M | 55.52M | 52.44M | 25.7M | 27.6M | 21.2M |
| Operating CF Growth % | 972.23% | -3929% | -99.26% | 78.76% | -80.07% | 394.44% | -515.7% | 41.29% | 65.76% | -698.56% | 114.57% | -255.74% | -304.15% | -27.58% | 68.36% | 8.8% | 286.58% | -283.44% | -51.09% | -76.61% | 5.86% | 104.08% | -6.88% | 30.17% | - |
| Net Income | 116.87M | 135.99M | 152.45M | 141.48M | 106.63M | 262.83M | 61.81M | 105.51M | 76.08M | 39.94M | 48.76M | 30.67M | 96.97M | 77.13M | 37.77M | 145.42M | 9.64M | -6.48M | -529.09M | -14.15M | 26.71M | 34.64M | 24.15M | 26.72M | 15.69M |
| Depreciation & Amortization | 65.17M | 63.62M | 69M | 68.44M | 64.22M | 50.77M | 38.85M | 39.64M | 33.43M | 18.33M | 5.8M | 6.97M | 6.76M | 7.05M | 6.2M | 5.87M | 6.93M | 8.99M | 26.26M | 31.19M | 34.19M | 25.72M | 16.9M | 11.84M | 4.09M |
| Deferred Taxes | 8.36M | 8.4M | 7.12M | 1.39M | -1.96M | -9.66M | 0 | 5.98M | 10.43M | 22.84M | 6.4M | 6.36M | 4.39M | 32.6M | 26.69M | -132.48M | 218K | 40K | -65.31M | -7.24M | -7.55M | -7.8M | -9.89M | 5.01M | 627K |
| Other Non-Cash Items | -248.18M | -300.24M | -243.26M | -13.33M | -57.24M | 293.85M | -338.55M | -205.71M | -205.67M | -294.8M | -51.4M | -258.57M | -179.58M | -120.05M | -41.12M | -6.46M | -1.33M | -3.01M | -149K | -12.69M | 1.66M | 334K | -5.01M | -10.63M | -5.12M |
| Working Capital Changes | 10.63M | 1.07M | -16.41M | 12.35M | -3.02M | 41.72M | -9.7M | -4.37M | 80K | 10.67M | 9.02M | -6.72M | 2.81M | 24.16M | 3.35M | 5.68M | 2.39M | -14.71M | 5.68M | 2.8M | -4.1M | 10.33M | -720K | -8.39M | -405K |
| Cash from Investing | -242.82M | -47.34M | -16.95M | -129.73M | -27.47M | -175.03M | 8.68M | 4.45M | -121.23M | -416.99M | 3.08M | -6.44M | -8.18M | -6.23M | -5.17M | -4.07M | -1.86M | -2M | -6M | -1.69M | -122.62M | 20.89M | -176.68M | -2.79M | 3.25M |
| Purchase of Investments | -458.99M | -1.49B | 0 | 0 | -948.34M | -1.17B | 0 | -1.02B | -20.19M | -21.43M | -145K | -227K | -313K | -196K | -729K | -3.33M | -1.54M | -1.17M | -1.2M | -1.23M | -598K | -6.63M | -10.38M | -3.77M | -250K |
| Sale/Maturity of Investments | 63.5M | 1.13B | 0 | 0 | 820.5M | 1.45B | 0 | 2.02M | 37.78M | 615.57M | 406.23M | 1.47M | 10.63M | 0 | 0 | 0 | 0 | 0 | 4.5M | 0 | 11.96M | 0 | 11.24M | 0 | 1.08M |
| Net Investment Activity | -395.5M | -357.15M | 0 | 0 | -127.84M | 285.98M | 0 | -1.01B | 17.6M | 594.13M | 406.09M | 1.25M | 10.31M | -196K | -729K | -3.33M | -1.54M | -1.17M | 3.31M | -1.23M | 11.37M | -6.63M | 862K | -3.77M | 831K |
| Acquisitions | -196.11M | 0 | 0 | -120.64M | -20.58M | -155.64M | 0 | 1.02B | -127M | -393.45M | 6.15M | 89K | -10.63M | 0 | 0 | 0 | 0 | 0 | -929K | 0 | -128.55M | 30.35M | -201.15M | -5.89M | 1.26M |
| Other Investing | 348.16M | 309.81M | -11.37M | -267K | 127.53M | -299.53M | 9.72M | 9.98M | -113K | -616.17M | -407.13M | -3.09M | -5.44M | -4.03M | -656K | 4.17M | -2.65M | 630K | -3.58M | 0 | 0 | -643K | 25.91M | 9.88M | 2.49M |
| Cash from Financing | 324.59M | 191.03M | 74.95M | -356.11M | -102.06M | -244.4M | 235.33M | 99.56M | 204.16M | 750.46M | -48.3M | 109.95M | -1.19M | 185.49M | -16.47M | -18.26M | -4.55M | -8.79M | 13.89M | -8.34M | 80.01M | -65.91M | 150.38M | -18.65M | -19.58M |
| Dividends Paid | -65.35M | -64.6M | -58.12M | -52.05M | -47.25M | -31.41M | -24.88M | -25.32M | -22.38M | -18.83M | -13.77M | -16.05M | -8.18M | 0 | 0 | -10.19M | -3.4M | -2.86M | -2.19M | 0 | -10.46M | -12.06M | -15.33M | -13.91M | -45.89M |
| Share Repurchases | -50M | -60M | -44.87M | -45M | -90M | -57.5M | -32.5M | -40M | -27.5M | -7.5M | -233.76M | -80M | -40.26M | -19.7M | -8.94M | -7.87M | -924K | 0 | 0 | 0 | -4.11M | -8M | -2.61M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.49M | 0 | 0 | 0 | 191.77M | 0 | 0 | 0 | 0 | 0 | 0 | 2.69M | 1.39M | 1.69M | 2.26M | 213K |
| Net Stock Activity | -50M | -60M | -44.87M | -45M | -90M | -57.5M | -32.5M | -40M | -27.5M | 101.98M | -233.76M | -80M | -40.26M | 172.07M | -8.94M | -7.87M | -924K | 0 | 0 | 0 | -1.42M | -6.61M | -920K | 2.26M | 213K |
| Debt Issuance (Net) | 2M | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 0 | 0 | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Other Financing | -80.77M | -45.49M | -32.11M | -55.66M | -66.48M | -29.75M | -13.71M | 816K | -15.09M | -40.58M | 9.11M | 52.27M | 44.7M | 28.43M | -7.53M | -205K | -221K | -931K | 35.91M | 60.9M | -2.15M | -643K | -184K | 0 | 31.62M |
| Net Change in Cash | 54.85M | 77.88M | 59.3M | -248.16M | 3.03M | 246.3M | 17.91M | 67.28M | 20.37M | 150.78M | -14.7M | -105.92M | -68.24M | 208.1M | 18.18M | 1.32M | 15.33M | -22.44M | 14.24M | 2.95M | 12.9M | 7.43M | -594K | 6.16M | 4.87M |
| Exchange Rate Effect | 603K | 1.39M | -456K | 523K | -112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 478.19M | 400.31M | 341.01M | 589.18M | 586.14M | 339.85M | 321.94M | 254.66M | 234.28M | 82.69M | 97.38M | 203.3M | 271.55M | 63.45M | 45.27M | 43.95M | 28.62M | 51.06M | 36.81M | 33.86M | 29.3M | 21.87M | 22.47M | 16.31M | 11.43M |
| Cash at End | 274.44M | 478.19M | 400.31M | 341.01M | 589.18M | 586.14M | 339.85M | 321.94M | 254.66M | 233.47M | 82.69M | 97.38M | 203.3M | 271.55M | 63.45M | 45.27M | 43.95M | 28.62M | 51.06M | 36.81M | 42.2M | 29.3M | 21.87M | 22.47M | 16.31M |
| Interest Paid | 0 | 19.07M | 20.26M | 22.31M | 11.13M | 6.48M | 8.86M | 18.07M | 11.85M | 8.15M | 420K | 266K | 266K | 393K | 415K | 362K | 472K | 1.32M | 8.33M | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 46.04M | 56.38M | 31.16M | 74.31M | 95.41M | 35.39M | 29.06M | 23.8M | 12.15M | 16.71M | 31.85M | 23.27M | 1.7M | 74K | 427K | 679K | 368K | 91K | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -26.89M | -74.09M | -3.82M | 228.34M | 126.09M | 659.89M | -227.15M | -44.28M | -74.27M | -184.2M | 28.5M | -214.11M | -61.3M | 26.83M | 36.04M | 22.91M | 21.41M | -12.47M | 1.55M | 12.53M | 50.08M | 50.26M | 23.4M | 24.59M | 19.87M |
| FCF Growth % | -203.99% | -1837.47% | -101.67% | 81.09% | -80.89% | 390.51% | -413% | 40.38% | 59.68% | -746.35% | 113.31% | -249.27% | -328.5% | -25.55% | 57.31% | 6.97% | 271.67% | -904.26% | -87.62% | -74.99% | -0.36% | 114.78% | -4.85% | 23.78% | - |
AUM-linked revenue volatility
As reported in financial statements, the relationship between net income and operating cash flow for VRTS is highly erratic, with OCF/NI ratios swinging from -6.98 in 2025Q4 to 5.04 in 2026Q1, suggesting that accounting earnings provide a poor proxy for actual cash generation capabilities.
The extreme volatility in the conversion of net income to cash flow appears driven by significant swings in working capital and non-cash adjustments. Investors should monitor this divergence, as it suggests that the firm's reported profitability may be decoupled from the underlying cash-generating efficiency of its boutique investment strategies.
Based on VRTS's reported figures, free cash flow margins have exhibited severe instability, oscillating between a negative 127.7% in 2025Q4 and a positive 49.7% in 2025Q3, which highlights the difficulty in maintaining consistent cash flow generation amidst a contracting revenue environment and shifting asset management demand.
The erratic FCF trajectory suggests that the firm's cash flow is highly sensitive to quarterly operational fluctuations rather than a steady, predictable stream. This inconsistency may indicate that the firm's cost structure is not sufficiently flexible to protect cash flow during periods of declining AUM and revenue.
According to recent SEC filings, VRTS has experienced massive swings in working capital, including a $98.4 million outflow in 2026Q1 and a $116.2 million outflow in 2024Q1, indicating that the firm's cash position is frequently disrupted by timing differences in its operational and investment cycles.
These large, periodic working capital swings suggest that the firm's cash management is subject to significant lumpy outflows that may not be fully captured by standard operating metrics. Such volatility warrants further investigation into the nature of these movements, as they appear to be a primary driver of the firm's inconsistent cash flow profile.
As indicated by historical data, VRTS continues to prioritize dividends and share repurchases despite a contracting top line, with $17.9 million in dividends and $10.0 million in buybacks paid in 2026Q1, even as the firm faces significant pressure on its core asset management revenue streams.
The firm's commitment to returning capital to shareholders while revenue is declining suggests a defensive posture that may limit its ability to reinvest in new growth initiatives. Investors should monitor whether this capital allocation strategy remains sustainable if the current trend of net organic outflows persists.
Quick answers to the most common questions about buying VRTS stock.
Virtus Investment Partners, Inc. (VRTS) generated $-67.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Virtus Investment Partners, Inc. (VRTS) reported negative free cash flow of $74.1M in 2025, indicating capital requirements exceeded cash from operations.
Virtus Investment Partners, Inc. (VRTS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Virtus Investment Partners, Inc. (VRTS) returned $64.6M to shareholders via cash dividends and spent $60.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.