Virtu Financial, Inc.VIRT
NYSE•Financial Services•Capital Markets
Virtu Financial, Inc. operates as a financial services company in the United States, Ireland, and internationally. It operates in two segments, Market Making and Execution Services. The company is involved in buying and selling securities to broker dealers, banks and institutions; trading direct to clients, exchanges, alternative trading systems, and other market centers; cash trading business; and pre- and post-trade services, data products, and compliance tools. It also provides agency execution services and trading venues for transparent trading in global equities, ETFs, fixed income, currencies, and commodities to institutions, banks, and broker dealers; agency-based and execution-only trading; workflow technology; trading analytics; foreign exchange, futures, and cryptocurrency products. The company was founded in 2008 and is headquartered in New York, New York.
Virtu Financial, Inc. (VIRT) reported trailing twelve months revenue of $3.89B as of March 2026, a 26.6% increase year-over-year. Quarterly revenue reached $1.10B, reflecting continued top-line momentum.
Virtu Financial, Inc. generated $550.99M in TTM net income, with quarterly EBITDA of $409.57M. The operating margin expanded from 26.7% to 37.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (37.4%) and net margin (16.6%) indicates significant non-operating expenses or interest burden. Net margin has improved from 11.9% a year ago, signaling stronger bottom-line efficiency.
VIRT trades at a P/E of 9.5x (below the broader market average) and a P/S of 1.3x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-5.76M, indicating cash consumption over the period. The balance sheet shows $25.12B in total assets with $2.03B in long-term debt against $1.73B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~27.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 24.5% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~55.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~32.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation