Latest Ratios: P/E Ratio 12.3x · EV/EBITDA 9.9x · 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 | $5.4B | $2.8B | $3.1B | $1.9B | $2.1B | $3.4B | $3.1B | $1.8B | $2.6B | $1.1B | $615M |
| Enterprise Value | $13.3B | $10.8B | $8.0B | $8.0B | $4.9B | $5.9B | $5.6B | $5.4B | $4.2B | $3.2B | $1.2B |
| P/E Ratio → | 12.33 | 6.50 | 12.01 | 14.27 | 8.36 | 7.37 | 4.88 | — | 9.27 | 70.38 | 18.13 |
| P/S Ratio | 1.49 | 0.78 | 1.09 | 0.83 | 0.90 | 1.21 | 0.95 | 1.20 | 1.40 | 1.11 | 0.88 |
| P/B Ratio | 2.73 | 1.44 | 2.11 | 1.36 | 1.29 | 1.83 | 1.66 | 1.48 | 1.76 | 0.99 | 1.15 |
| P/FCF | 4.16 | 2.19 | 5.75 | 4.59 | 3.14 | 2.98 | 3.08 | 16.42 | 3.82 | 4.22 | 2.70 |
| P/OCF | 3.96 | 2.09 | 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 | — | 2.96 | 2.77 | 3.49 | 2.06 | 2.11 | 1.73 | 3.55 | 2.25 | 3.09 | 1.77 |
| EV / EBITDA | 9.94 | 8.03 | 5.56 | 7.55 | 4.65 | 4.28 | 3.23 | 12.42 | 4.06 | 8.53 | 4.13 |
| EV / EBIT | 10.84 | 8.72 | 6.27 | 8.66 | 5.54 | 4.89 | 3.52 | 32.86 | 4.65 | 11.79 | 4.71 |
| EV / FCF | — | 8.29 | 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 | — | 6.10 | 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 | 1.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 18.7% | 18.7% | 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 | 8.1% | 15.4% | 8.3% | 7.0% | 12.0% | 13.6% | 20.5% | — | 10.8% | 1.4% | 5.5% |
| FCF Yield | 24.0% | 45.6% | 17.4% | 21.8% | 31.9% | 33.6% | 32.5% | 6.1% | 26.2% | 23.7% | 37.0% |
| Buyback Yield | 3.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $85M | $88M | $94M | $104M | $118M | $122M | $114M | $102M | $63M | $39M |
Regulatory Market Structure Reform
According to recent market data, Virtu trades at a forward P/E of 9.54, which appears to discount the firm's earnings volatility relative to broader capital market peers, suggesting investors remain skeptical of the sustainability of trading income in a lower-volatility environment compared to historical peaks.
The current valuation multiple suggests that the market views Virtu as a cyclical play rather than a compounding growth story. This discount relative to exchange operators may be warranted given the inherent unpredictability of principal trading income versus the recurring fee-based models of traditional venues.
Based on reported figures, Virtu's ROIC has remained in a narrow range between 1.7% and 4.1% over the last ten quarters, indicating that the firm's ability to compound capital is heavily influenced by the cyclical nature of its trading margins rather than structural efficiency gains.
The low ROIC relative to peers like MarketAxess suggests that Virtu's capital-intensive market-making model requires significant balance sheet deployment to generate incremental returns. Investors should monitor whether management can improve these returns through better asset utilization or if the current levels represent a structural ceiling for the business.
As reported in financial statements, Virtu's asset turnover remains consistently low at approximately 0.05, reflecting the firm's reliance on a massive balance sheet to support liquidity provision, which complicates traditional efficiency metrics compared to less capital-intensive financial services firms in the broader sector.
The high DSO figures, which reached 252 days in 2025Q3, suggest that the firm's working capital cycle is heavily influenced by the timing of trade settlements and clearing house requirements. This lack of efficiency in cash conversion warrants further investigation into how liquidity management impacts the firm's overall operational flexibility.
According to recent quarterly filings, Virtu's interest coverage ratio has fluctuated significantly, dropping to 1.09 in 2023Q4 and recovering to 12.22 in 2026Q1, highlighting a precarious reliance on trading income to maintain debt service comfort during periods of lower market volatility.
The firm's debt-to-EBITDA ratio, which peaked above 20x in recent periods, suggests that leverage is highly sensitive to earnings swings. This level of indebtedness may limit management's strategic options during market downturns, potentially forcing a prioritization of debt reduction over shareholder returns if volatility remains suppressed.
As noted in industry analysis, the P/E ratio is frequently misapplied to Virtu, as it fails to account for the non-cash amortization of intangibles and the high variability of trading income, which can distort the perceived earnings power of the firm's core market-making operations.
Analysts should instead prioritize Adjusted Net Trading Income and EV/EBITDA to better capture the firm's cash-generating potential. Relying on GAAP P/E may lead to an inaccurate assessment of the firm's valuation, as it ignores the significant impact of acquisition-related costs and the cyclical nature of the business model.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying VIRT stock.
Virtu Financial, Inc.'s current P/E ratio is 12.3x. The historical average is 19.0x. This places it at the 60th percentile of its historical range.
Virtu Financial, Inc.'s current EV/EBITDA is 9.9x. 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 12.3x. This is at the 60th 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 1.63% with a payout ratio of 18.7%.
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.