Virtu Financial, Inc. (VIRT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+827.6%

$503.95

vs $54.33 price

Levered DCF

$581.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.65

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.48×	11.97×	14.27×	8.33×	7.3×	4.85×	-30.17×	9.13×
P/B	1.79×	2.49×	1.58×	1.58×	2.18×	2.09×	1.96×	2.47×
P/S	0.78×	1.08×	0.83×	0.9×	1.2×	0.95×	1.2×	1.38×
EV / EBITDA	7.99×	5.73×	7.62×	4.81×	4.37×	3.22×	17.95×	4.21×
Gross margin	48.0%	61.4%	60.7%	57.3%	60.1%	64.4%	49.2%	68.5%
Operating margin	33.8%	45.8%	40.7%	38.8%	44.5%	0.0%	19.6%	50.9%
Net margin	12.9%	9.6%	6.2%	11.2%	17.0%	20.0%	-3.9%	15.4%
Current ratio	1.69×	1.23×	0.91×	2.21×	1.63×	1.59×	1.32×	1.69×
Debt / equity	5.67×	4.55×	5.76×	2.78×	2.32×	2.33×	4.61×	2.22×
Interest coverage	8.81×	2.1×	1.56×	2.84×	5.7×	0×	1.06×	4.48×
Dividend yield	12.3%	9.6%	16.1%	17.7%	16.2%	15.8%	11.6%	3.9%
Payout ratio	74.6%	108.3%	215.5%	141.6%	114.9%	74.6%	-361.2%	34.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.6%	22.0%	11.8%	19.8%	30.8%	44.2%	-6.3%	27.5%
Return on invested capital	5.6%	8.0%	5.3%	8.1%	11.6%	0.0%	3.3%	13.5%
Return on assets	2.3%	1.8%	1.0%	2.5%	4.6%	6.5%	-0.6%	3.9%
Free cash flow yield	16.0%	17.5%	21.8%	32.0%	33.9%	32.7%	6.1%	26.5%
Earnings yield	16.5%	8.9%	7.5%	12.5%	14.1%	21.2%	-3.2%	11.1%
Enterprise value	$10.8B	$8B	$8B	$4.9B	$5.9B	$5.6B	$5.4B	$4.2B
Net debt / EBITDA	5.88×	3.49×	5.8×	2.72×	1.87×	1.46×	11.88×	1.61×
Cash conversion cycle (days)	-120	-342	-530	-93	-201	-257	-281	-316