Latest Ratios: P/E Ratio 6.4x · EV/EBITDA 15.7x · ROE 13.5%. (1995–2025 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 | $855M | $1.1B | $1.6B | $1.8B | $1.5B | $2.4B | $1.7B | $992M | $677M | $834M | $923M |
| Enterprise Value | $3.2B | $3.5B | $3.7B | $3.7B | $3.2B | $4.1B | $3.8B | $2.8B | $2.4B | $2.3B | $1.2B |
| P/E Ratio → | 6.41 | 8.17 | 13.06 | 13.65 | 12.35 | 11.42 | 21.66 | 10.37 | 8.97 | 29.05 | 19.04 |
| P/S Ratio | 1.28 | 1.69 | 2.21 | 2.69 | 1.84 | 2.63 | 3.42 | 2.20 | 1.45 | 2.21 | 2.98 |
| P/B Ratio | 0.85 | 1.09 | 1.58 | 1.83 | 1.55 | 2.44 | 2.07 | 1.32 | 0.97 | 1.37 | 2.57 |
| P/FCF | — | — | — | 7.81 | 11.51 | 3.60 | — | — | — | — | 32.40 |
| P/OCF | — | — | 906.20 | 7.52 | 10.94 | 3.57 | — | — | — | — | 30.25 |
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 | — | 5.23 | 5.09 | 5.58 | 4.06 | 4.52 | 7.49 | 6.17 | 5.08 | 6.11 | 3.87 |
| EV / EBITDA | 15.74 | 17.08 | 14.57 | 16.81 | 12.03 | 10.88 | 20.69 | 16.93 | 16.20 | 30.20 | 21.19 |
| EV / EBIT | 22.23 | 10.00 | 9.37 | 10.12 | 12.44 | 9.67 | 14.50 | 11.04 | 12.28 | 18.06 | 14.67 |
| EV / FCF | — | — | — | 16.19 | 25.39 | 6.20 | — | — | — | — | 42.09 |
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 | 74.9% | 74.9% | 52.1% | 51.9% | 57.9% | 63.2% | 55.7% | 57.2% | 56.7% | 54.9% | 57.8% |
| Operating Margin | 17.4% | 17.4% | 20.2% | 18.0% | 22.4% | 33.4% | 23.9% | 22.2% | 20.5% | 13.7% | 15.8% |
| Net Profit Margin | 16.7% | 16.7% | 13.5% | 15.5% | 13.3% | 21.4% | 13.3% | 17.0% | 13.7% | 8.7% | 15.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 12.3% | 13.7% | 12.3% | 23.0% | 10.1% | 13.2% | 11.5% | 7.6% | 10.3% |
| ROA | 3.3% | 3.3% | 3.2% | 3.4% | 3.0% | 5.6% | 2.4% | 3.1% | 2.8% | 2.2% | 5.8% |
| ROIC | 3.0% | 3.0% | 4.1% | 3.5% | 4.5% | 7.5% | 3.6% | 3.4% | 3.4% | 2.9% | 5.2% |
| ROCE | 3.7% | 3.7% | 5.0% | 4.2% | 5.4% | 9.2% | 4.8% | 5.0% | 4.7% | 3.7% | 7.0% |
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 | 2.74 | 2.74 | 2.45 | 2.32 | 2.50 | 2.36 | 2.86 | 2.82 | 2.78 | 2.80 | 1.00 |
| Debt / EBITDA | 13.89 | 13.89 | 9.84 | 10.25 | 8.79 | 6.11 | 13.06 | 12.85 | 13.30 | 22.34 | 6.34 |
| Net Debt / Equity | — | 2.28 | 2.06 | 1.97 | 1.87 | 1.76 | 2.46 | 2.39 | 2.42 | 2.42 | 0.77 |
| Net Debt / EBITDA | 11.56 | 11.56 | 8.25 | 8.70 | 6.58 | 4.56 | 11.24 | 10.90 | 11.57 | 19.28 | 4.88 |
| Debt / FCF | — | — | — | 8.38 | 13.88 | 2.60 | — | — | — | — | 9.69 |
| Interest Coverage | 2.15 | 2.15 | 2.13 | 2.04 | 2.75 | 6.08 | 2.68 | 2.26 | 2.29 | 2.70 | 6.83 |
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 | 3.80 | 3.80 | 2.49 | 3.07 | 2.46 | 2.86 | 5.29 | 0.68 | 0.61 | 2.01 | 2.15 |
| Quick Ratio | 3.80 | 3.80 | 2.49 | 3.07 | 2.46 | 2.86 | 5.29 | 0.68 | 0.61 | 2.01 | 2.15 |
| Cash Ratio | 3.12 | 3.12 | 1.93 | 2.32 | 2.10 | 2.36 | 4.16 | 0.55 | 0.48 | 1.57 | 0.67 |
| Asset Turnover | — | 0.19 | 0.23 | 0.23 | 0.22 | 0.25 | 0.17 | 0.18 | 0.19 | 0.16 | 0.39 |
| 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 | 7.3% | 5.7% | 3.7% | 2.9% | 3.3% | 1.3% | 1.3% | 1.7% | 2.1% | 1.5% | 1.5% |
| Payout Ratio | 46.7% | 46.7% | 47.7% | 39.8% | 40.2% | 15.1% | 28.5% | 17.7% | 18.6% | 34.0% | 28.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.6% | 12.2% | 7.7% | 7.3% | 8.1% | 8.8% | 4.6% | 9.6% | 11.2% | 3.4% | 5.3% |
| FCF Yield | — | — | — | 12.8% | 8.7% | 27.8% | — | — | — | — | 3.1% |
| Buyback Yield | 7.0% | 5.3% | 2.8% | 2.5% | 6.2% | 2.4% | 1.9% | 4.0% | 4.1% | 0.9% | 25.3% |
| Total Shareholder Yield | 14.3% | 11.0% | 6.5% | 5.4% | 9.5% | 3.7% | 3.2% | 5.7% | 6.1% | 2.4% | 26.8% |
| Shares Outstanding | — | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $7M | $8M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying VRTS stock.
Virtus Investment Partners, Inc.'s current P/E ratio is 6.4x. The historical average is 18.9x. This places it at the 6th percentile of its historical range.
Virtus Investment Partners, Inc.'s current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
Virtus Investment Partners, Inc.'s return on equity (ROE) is 13.5%. The historical average is 9.0%.
Based on historical data, Virtus Investment Partners, Inc. is trading at a P/E of 6.4x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Virtus Investment Partners, Inc.'s current dividend yield is 7.28% with a payout ratio of 46.7%.
Virtus Investment Partners, Inc. has 74.9% gross margin and 17.4% operating margin. Operating margin between 10-20% is typical for established companies.
Virtus Investment Partners, Inc.'s Debt/EBITDA ratio is 13.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Deep Discount Masks Franchise Value
VRTS trades at 1.12x book and 8.37x trailing earnings, a steep discount to Victory Capital's 3.10x book, implying the market prices in secular active-management decline, per reported figures.
The P/B of 1.12x sits near tangible book value, suggesting investors assign minimal franchise value beyond the balance sheet. With a forward P/E of 7.14x and a 5.6% dividend yield, the market appears to be pricing in continued AUM erosion and margin compression. The discount to VCTR's 3.10x P/B may reflect VRTS's higher payout ratio and lower organic growth, but it also implies a pessimistic terminal value for its boutique affiliates.
ROE Suppressed by Thin Margins
ROE averaged 3.1% over the last four quarters, well below the 19.3% reported by Victory Capital, as a 17.4% operating margin and 0.25 equity-to-assets ratio constrain returns, based on financial statements.
DuPont decomposition shows ROE is driven by a modest net margin (around 10% in Q2 2026) and low leverage (equity/assets of 0.25), which is typical for asset managers but limits ROE amplification. The Q2 2026 ROE spike to 3.9% was flattered by a one-time NII surge and provision release, masking the underlying strain from a 31% decline in fee income since Q4 2024. Without a reversal in revenue trends, ROE is likely to remain in the low single digits, well below the cost of equity.
Efficiency Ratio Volatile on Revenue Drop
The efficiency ratio swung from 32.2% in Q3 2025 to 143.0% in Q4 2025, then to 45.1% in Q2 2026, reflecting revenue instability and fixed costs, as reported in quarterly filings.
The dramatic swings in the efficiency ratio are not indicative of operational leverage but rather the lumpy nature of revenue and one-time items. The Q4 2025 spike to 143% likely reflects a revenue trough, while Q2 2026's improvement to 45.1% was aided by the NII surge. Excluding these distortions, the underlying efficiency ratio appears to be in the mid-30s, but the 68% reading in Q1 2026 warns that cost flexibility is limited when AUM declines.
Equity Buffer Adequate, Returns Thin
Equity grew to $945.3M in Q2 2026 from $871.7M in Q1 2024, but ROE of 3.9% and a 5.6% dividend yield suggest capital is being returned rather than reinvested, per balance sheet data.
The equity-to-assets ratio of 0.25 is stable and provides a cushion, but the low ROE implies the capital base is not generating sufficient returns to justify a premium valuation. The $477M cash position and consistent dividends and buybacks indicate a shareholder-friendly capital allocation, yet the lack of organic growth raises questions about whether retained capital is being deployed effectively. Investors should monitor whether management prioritizes M&A or buybacks, as the high cash balance may signal limited reinvestment opportunities.
Provision Volatility Masks Credit Quality
Loan loss provisions swung from -$143.9M in Q4 2025 to $109.0M in Q2 2026, reflecting CIE accounting volatility rather than underlying credit deterioration, as reported in financial statements.
The extreme swings in provisions are likely tied to consolidated investment entities, not core lending, given VRTS's asset management focus. The negative provision in Q4 2025 suggests a release of reserves, while the Q2 2026 charge appears non-recurring. Excluding these items, credit quality appears stable, but the lack of granular NPL data limits a full assessment. Investors should focus on fee income trends as the primary credit risk indicator, not provision volatility.
Discount to Multi-Boutique Peers
VRTS's 1.12x P/B and 8.37x P/E trail Victory Capital's 3.10x and 27.72x, while its 5.6% dividend yield exceeds most peers, indicating a value trap or undervaluation, per peer data.
The valuation gap versus VCTR is stark, but it may be justified by VRTS's lower ROE (3.9% vs. 19.3%) and negative organic growth. DHIL's 27% ROE and 5.7% yield suggest that high-conviction active managers can still command premiums, but VRTS's diversified boutique model may dilute performance. The market appears to be pricing VRTS as a melting ice cube, yet its distribution infrastructure and niche strategies could offer more resilience than the discount implies.
P/E Misleads on Earnings Quality
The trailing P/E of 8.37x is distorted by one-time NII and provision swings, obscuring core earnings power; adjusted P/E excluding these items would be materially higher, based on reported figures.
The Q2 2026 EPS beat was driven by a $98.6M NII spike and a $109.0M provision, which are non-recurring and may reverse. Using core fee income alone, the P/E would be closer to 15x, still cheap but less extreme. Investors should use P/B and P/TBV as primary multiples, and adjust for CIE consolidation to avoid overstating assets and earnings. The 5.6% dividend yield is attractive, but sustainability depends on stabilizing AUM and margins.