VIRTUS INVESTMENT PARTNERS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VIRTUS INVESTMENT PARTNERS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	323	426	552	563	604	979	886	845	907	853
Operating expenses	272	368	439	439	461	654	689	694	724	684
Operating income	50.8	58	113	125	143	325	197	151	182	169
Other non-operating income	8.82	18.2	-23.2	8.25	7.05	6.38	-51.9	3.68	-8.51	-18.8
Pre-tax income	69.8	80.4	109	141	164	354	164	187	208	187
Income tax	21	40.5	33	35.2	43.9	90.8	57.3	45.1	55.4	51.3
Net income to minority interests				9.86	40	54.7	-10.9	10.9	30.7	-2.41
Net income	48.5	37	75.5	95.6	80	208	118	131	122	138
EBITDA	56.6	76.4	147	164	182	376	266	222	251	232
EPS, basic	6.34	4.09	9.37	12.54	10.49	27.13	15.90	18.02	17.19	20.27
EPS, diluted	6.20	3.96	8.86	11.74	10.02	26.01	15.50	17.71	16.89	19.97
Shares, basic (weighted)	7.65	7.01	7.17	6.96	7.62	7.67	7.39	7.25	7.08	6.83
Shares, diluted (weighted)	7.82	7.25	8.53	8.15	7.98	8	7.58	7.38	7.21	6.93
Dividend per share	1.80	1.80	2.00	2.44	2.98	4.64	6.30	7.10	8.30	9.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	83.7	132	202	222	340	586	589	341	400	478
Property, plant and equipment	7.73	10.8	20.2	18.2	14.5	12.5	19.1	26.2	22.7	21.9
Lease right-of-use assets				21	17.1	37.3	64.5	63.2	57.1	75.2
Goodwill	6.79	170	290	290	290	338	349	397	397	397
Intangible assets	38.4	302	339	310	280	501	443	432	378	327
Total assets	824	2,591	2,871	3,205	3,467	3,934	3,953	3,679	3,994	4,291
Total liabilities	465	1,981	2,169	2,455	2,630	2,959	3,016	2,705	2,986	3,253
Total debt	30	248	329	278	201	266	255	253	232	390
Paid-in capital	1,090	1,216	1,210	1,199	1,298	1,276	1,286	1,301	1,319	1,342
Retained earnings	-424	-386	-311	-215	-135	61	130	207	268	341
Treasury stock	-344	-352	-379	-419	-452	-509	-599	-644	-690	-750
Other comprehensive income	-0.22	-0.6	-0.73	0.01	0.03	0.02	-0.36	-0.09	-0.36	0.46
Shareholders' equity	322	589	630	676	711	828	817	864	897	934
Minority interests	0	16.7	14	10.6	9.8	8.35				0.8
Total equity	322	605	644	686	721	837	823	868	902	935
Total liabilities and equity	824	2,591	2,871	3,205	3,467	3,934	3,953	3,679	3,994	4,291
Shares outstanding	5.89	7.16	7	6.81	7.58	7.51	7.18	7.09	6.97	6.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.8	39.9	76.1	106	120	263	107	141	152	136
Depreciation and amortization	5.8	18.3	33.4	39.6	38.9	50.8	68.6	70	69	63.6
Stock-based compensation	11.9	20.3	23.1	22.2	21.5	26.2	24	26.8	32.8	24
Deferred income tax	6.4	22.8	10.4	5.98	6.33	-9.66	-1.96	1.39	7.12	8.4
Cash from operations	20.9	-183	-62.6	-36.7	-226	666	133	237	1.76	-67.2
Capital expenditures	-2.02	-1.51	-11.7	-7.56	-1.04	-5.84	-6.58	-8.82	-5.58	-6.89
Acquisitions	0	-393	-127	0	0	-156	-20.6	-109	0	0
Purchases of investments	-0.15	-21.4	-20.2	0	0
Sales and maturities of investments	0	0	37.8	2.02	0	0
Cash from investing	3.08	-417	-121	4.45	8.68	-175	-27.5	-130	-17	-47.3
Debt issued	0	260	105	0	0
Debt repaid	0	-0.65	-23.8	-54.9	-79.1	-12.5	-12.8
Stock issued	0	109	0	0	0.16	0.07
Share buybacks	-234	-7.5	-27.5	-40	-32.5	-57.5	-90	-45	-44.9	-60
Dividends paid	-13.8	-12.6	-14	-17	-22.8	-31.4	-47.3	-52	-58.1	-64.6
Cash from financing	-48.1	750	204	99.6	235	-244	-102	-356	74.9	191
Exchange rate effect					0	0	-0.11	0.52	-0.46	1.39
Net change in cash	-24.1	151	20.4	67.3	17.9	246	3.03	-248	59.3	77.9
Free cash flow	18.9	-184	-74.3	-44.3	-227	660	126	228	-3.82	-74.1
Interest paid	0.42	8.15	11.8	18.1	8.86	6.48	11.1	22.3	20.3	19.1
Income taxes paid	16.7	12.1	23.8	29.1	35.4	95.4	74.3	31.2	56.4	46

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $130.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.7%	Operating income / revenue.
EBITDA margin	20.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	14.5%	Net income / revenue.
FCF margin	-6.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-5.6%	Cash from operations / revenue.
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3,929.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	12.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	25.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$131.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.79x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Goodwill and intangibles / assets	27.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$294.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	37.3x	Revenue / average property, plant and equipment.
FCF conversion	-43.3%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$121.76	Revenue / diluted weighted shares.
FCF per share	-$7.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$6.76	Cash from operations / diluted weighted shares.
Book value per share	$142.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$44.50	Tangible book value / shares outstanding.
Cash per share	$43.33	(Cash + short-term investments) / shares outstanding.
Payout ratio	54.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$864.8M	Share price x shares outstanding.
Enterprise value	$996.5M	Market cap + total debt - cash - short-term investments.
P/E	7.22x	Market cap / net income. Only when net income is positive.
P/S	1.05x	Market cap / revenue.
P/B	0.91x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	1.21x	Enterprise value / revenue.
EV/EBIT	7.69x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.99x	Enterprise value / EBITDA, when both are positive.
FCF yield	-6.0%	Free cash flow / market cap.
Earnings yield	13.9%	Net income / market cap (the inverse of P/E).
Dividend yield	7.6%	Dividends paid over the period / market cap.
Shareholder yield	11.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.82x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VIRTUS INVESTMENT PARTNERS, INC.'s revenue in fiscal 2025?

VIRTUS INVESTMENT PARTNERS, INC. reported revenue of $852.9M for fiscal 2025, 6% lower than the year before.

Was VIRTUS INVESTMENT PARTNERS, INC. profitable in fiscal 2025?

Yes. Net income was $138.4M, a net margin of 16.2%.

How much free cash flow did VIRTUS INVESTMENT PARTNERS, INC. generate in fiscal 2025?

Cash from operations of $67.2M minus capital expenditures of $6.9M left free cash flow of -$74.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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