Virtus Investment Partners, Inc. (VRTS) 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

+346.3%

$544.08

vs $121.90 price

Levered DCF

$91.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.64

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	8.05×	12.83×	13.08×	12.04×	10.95×	20.69×	8.86×	8.97×
P/B	1.19×	1.74×	1.98×	1.73×	2.75×	2.33×	1.47×	1.08×
P/S	1.34×	1.73×	2.03×	1.6×	2.34×	2.74×	1.76×	1.23×
EV / EBITDA	8.42×	7.9×	8.35×	9.71×	8.42×	12.37×	9.54×	10.47×
Gross margin	74.9%	52.1%	51.9%	57.9%	63.2%	55.7%	57.2%	56.7%
Operating margin	17.4%	20.2%	18.0%	22.4%	33.4%	23.9%	22.2%	20.5%
Net margin	16.7%	13.5%	15.5%	13.3%	21.4%	13.3%	17.0%	13.7%
Current ratio	3.8×	2.49×	3.07×	2.46×	2.86×	5.29×	0.68×	0.61×
Debt / equity	3.04×	2.76×	2.61×	2.86×	2.78×	3.36×	3.13×	3.09×
Interest coverage	0.89×	1×	0.85×	2.11×	4.67×	1.48×	1.12×	1.34×
Dividend yield	5.8%	3.7%	3.0%	3.3%	1.4%	1.5%	2.6%	3.3%
Payout ratio	46.7%	47.7%	39.8%	40.2%	15.1%	31.1%	26.5%	29.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	13.6%	15.1%	14.4%	25.1%	11.2%	14.2%	12.0%
Return on invested capital	2.5%	3.5%	3.3%	3.5%	6.6%	3.1%	3.2%	3.0%
Return on assets	3.2%	3.0%	3.6%	3.0%	5.3%	2.3%	3.0%	2.6%
Free cash flow yield	-6.6%	-0.2%	13.4%	8.9%	29.0%	-13.7%	-4.5%	-11.0%
Earnings yield	12.4%	7.8%	7.6%	8.3%	9.1%	4.8%	9.6%	11.2%
Enterprise value	$3.5B	$3.6B	$3.6B	$3.2B	$4B	$3.7B	$2.8B	$2.4B
Net debt / EBITDA	5.72×	4.51×	4.41×	5.37×	3.62×	6.86×	6.14×	7.48×
Cash conversion cycle (days)	-50	6	-3	8	-3	17	13	125