Virtu Financial Inc. (VIRT)
NYSE:VIRT
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Virtu Financial
(NYSE:VIRT)
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Rating:77Outperform
Price Target:
$62.00
▲(22.41% Upside)
Action:Reiterated
Date:06/11/26
The score is driven by strong financial profitability and cash generation alongside an improving technical uptrend, supported by an attractive low P/E valuation. Offsetting factors are balance-sheet leverage and management’s caution that results can be highly dependent on market conditions, with potential expense pressure from rising compensation.
Positive Factors
Cash generation & FCF conversion
FCF roughly equal to net income and strong year-over-year FCF growth indicate durable cash conversion ability. This supports dividends, capital expansion and hiring without immediate financing, enhancing financial resilience across medium-term cycles despite operating volatility.
Negative Factors
Elevated leverage / capital structure risk
Material leverage increases financial vulnerability: higher fixed obligations amplify earnings volatility and constrain flexibility to absorb adverse market shocks. While leverage improved, the capital structure still limits optionality for large investments or sustained drawdowns without raising external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF conversion
FCF roughly equal to net income and strong year-over-year FCF growth indicate durable cash conversion ability. This supports dividends, capital expansion and hiring without immediate financing, enhancing financial resilience across medium-term cycles despite operating volatility.
Read all positive factors
Virtu Financial (VIRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.94B
Dividend Yield2.88%
Average Volume (3M)1.25M
Price to Earnings (P/E)9.0
Beta (1Y)0.45
Revenue Growth28.84%
EPS Growth73.53%
CountryUS
Employees969
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)6.28
Shares Outstanding87,024,430
10 Day Avg. Volume1,250,865
30 Day Avg. Volume1,251,331
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.79
Price to Sales (P/S)0.78
P/FCF Ratio2.19
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue3.67
Enterprise Value/Gross Profit6.14
Enterprise Value/Ebitda7.66
Forecast
1Y Price Target
$52.80Price Target Upside4.24% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)6.37
Revenue Forecast (FY)$2.44B
Virtu Financial Business Overview & Revenue Model
Company Description
Virtu Financial, Inc. stands as a leading financial services firm, delivering a comprehensive suite of data, analytical, and connectivity products to a global clientele. The company is structured around two core operational segments: Market Making...
How the Company Makes Money
Virtu primarily makes money through two operating segments: (1) Market Making and (2) Execution Services.
1) Market Making (principal trading)
- Core activity: Virtu continuously posts buy and sell quotations across many instruments and venues, a...
Virtu Financial Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call portrayed a very strong quarter driven by record adjusted net trading income, robust adjusted EBITDA and EPS, high returns on capital, meaningful capital infusion and clear momentum in execution services and hiring. Management balanced these achievements with cautionary commentary about the outsized role of a favorable market environment, potential expense increases from higher compensation, and quarter‑to‑quarter variability that creates uncertainty about sustainability through the cycle.Positive Updates
Record Adjusted Net Trading Income (ANT)
Adjusted net trading income of $12.9 million per day, totaling $787 million for Q1 2026 — the highest quarter total ever for Virtu.
Negative Updates
Environment-Dependent Performance and Sustainability Uncertainty
Management repeatedly emphasized that the exceptionally strong quarter was aided by a very favorable operating environment and headline volatility; executives cautioned that results are environment‑dependent and sustainability of record ANT through the cycle is uncertain.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Adjusted Net Trading Income (ANT)
Adjusted net trading income of $12.9 million per day, totaling $787 million for Q1 2026 — the highest quarter total ever for Virtu.
Read all positive updates
Company Guidance
Management's guidance focused on continued capital and talent expansion while preserving shareholder returns and profitability: they will maintain the quarterly dividend of $0.24/sh and keep expanding the capital base (having added >$500M of new trading capital over the past seven months to reach $2.6B of invested capital as of March 31), pursue a medium‑term (roughly 3‑year) push toward prior capacity targets (discussed in the context of a ~$4B trading‑capital objective) and a through‑the‑cycle ANT goal of ~$10.0M/day, grow headcount toward ~1,100 this year and deliberately support higher cash compensation (Q1 cash comp ratio 22%) to hire and retain talent, all while deploying capital to maximize returns (trailing‑12‑month return on capital ~107%; return on total capital >100%) and sustaining strong profitability (Q1 ANT $12.9M/day, Q1 ANT $787M total; Market Making ANT $10.4M/day; Execution Services ANT $2.5M/day (2.1M TTM); Q1 adjusted EBITDA $521M at a 66% margin; Q1 adjusted EPS $2.24; TTM adjusted EBITDA $1.6B and adj. EPS $6.66).Virtu Financial Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.89B | 3.63B | 2.88B | 2.29B | 2.36B | 2.81B |
| Gross Profit | 2.33B | 1.74B | 1.77B | 1.39B | 1.35B | 1.69B |
| EBITDA | 1.86B | 1.35B | 1.39B | 1.05B | 1.01B | 1.35B |
| Net Income | 550.99M | 468.36M | 276.42M | 142.04M | 265.03M | 476.88M |
Balance Sheet | ||||||
| Total Assets | 25.12B | 20.15B | 15.36B | 14.47B | 10.58B | 10.32B |
| Cash, Cash Equivalents and Short-Term Investments | 973.23M | 1.06B | 872.51M | 820.44M | 981.58M | 1.07B |
| Total Debt | 4.64B | 8.98B | 5.71B | 6.93B | 3.73B | 3.60B |
| Total Liabilities | 22.92B | 18.18B | 13.87B | 13.06B | 8.93B | 8.46B |
| Stockholders Equity | 1.73B | 1.58B | 1.25B | 1.20B | 1.34B | 1.55B |
Cash Flow | ||||||
| Free Cash Flow | 437.78M | 454.89M | 544.68M | 415.65M | 679.60M | 1.15B |
| Operating Cash Flow | 503.27M | 518.39M | 598.99M | 491.78M | 706.80M | 1.17B |
| Investing Cash Flow | -45.69M | -40.62M | -61.85M | -94.48M | -29.53M | -87.35M |
| Financing Cash Flow | -205.97M | -281.05M | -469.56M | -585.03M | -735.75M | -957.86M |
Virtu Financial Technical Analysis
Positive
50.65
Price Trends
51.03
Positive
45.55
Positive
39.99
Positive
Market Momentum
1.62
Negative
69.71
Neutral
93.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VIRT, the sentiment is Positive. The current price of 50.65 is below the 20-day moving average (MA) of 52.81, below the 50-day MA of 51.03, and above the 200-day MA of 39.99, indicating a bullish trend. The MACD of 1.62 indicates Negative momentum. The RSI at 69.71 is Neutral, neither overbought nor oversold. The STOCH value of 93.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VIRT.
Virtu Financial Risk Analysis
Virtu Financial disclosed 47 risk factors in its most recent earnings report. Virtu Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Virtu Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.36B | 22.45 | 19.31% | ― | 23.83% | 45.00% | |
77 Outperform | $8.94B | 9.02 | 35.67% | 2.88% | 28.84% | 73.53% | |
76 Outperform | $5.62B | 19.15 | 21.56% | 1.63% | 30.99% | 32.50% | |
73 Outperform | $5.51B | 23.56 | 42.00% | 3.69% | 19.19% | 26.01% | |
73 Outperform | $3.93B | 21.98 | 76.40% | 0.58% | 21.44% | 17.50% | |
72 Outperform | $4.30B | 13.80 | 24.27% | 1.66% | 7.85% | 46.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
VIRT
Virtu Financial
57.70
16.72
40.81%
SNEX
StoneX Group
135.73
79.12
139.78%
MKTX
Marketaxess Holdings
121.00
-98.43
-44.86%
PIPR
Piper Sandler
79.52
17.74
28.71%
MC
Moelis
69.09
15.20
28.21%
PJT
PJT Partners
156.37
4.88
3.22%
Virtu Financial Corporate Events
Executive/Board ChangesShareholder Meetings
Virtu Financial Stockholders Back Board, Pay and Auditor
Positive
Jun 10, 2026
At its June 10, 2026 annual meeting of stockholders, Virtu Financial, Inc. reported the election of three Class II directors — Aaron Simons, Joseph J. Grano, Jr., and Joanne M. Minieri — to three-year terms expiring in 2029, reinforcin...
Executive/Board Changes
Virtu Financial Enhances Contract for Chief Financial Officer
Positive
Jun 9, 2026
On June 8, 2026, Virtu Financial’s subsidiary Virtu Financial Operating LLC entered into an amended and restated employment agreement with Chief Financial Officer Cindy Lee, setting her annual base salary at $500,000 and making her eligible ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.