Virtu Financial (VIRT)
Market Price (3/30/2026): $42.52 | Market Cap: $3.6 BilSector: Financials | Industry: Financial Exchanges & Data
Virtu Financial (VIRT)
Market Price (3/30/2026): $42.52Market Cap: $3.6 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 13% | Trading close to highsDist 52W High is -4.0%, Dist 3Y High is -4.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% | Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. | |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% | ||
| Low stock price volatilityVol 12M is 31% | ||
| Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. |
| Trading close to highsDist 52W High is -4.0%, Dist 3Y High is -4.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219% |
| Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. |
Qualitative Assessment
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Virtu Financial (VIRT) stock has gained about 20% since 11/30/2025 because of the following key factors:
1. Exceptional Q4 2025 Earnings Beat.
Virtu Financial reported adjusted earnings per share (EPS) of $1.85 for the fourth quarter of 2025 on January 29, 2026, significantly exceeding analysts' consensus estimates of $1.24 by 49.19%. Total revenues for the quarter reached $969.9 million, marking a 16.3% increase year-over-year and surpassing estimates of $513.5 million. This strong financial performance included an adjusted net trading income of $613 million, representing the highest quarterly total since Q1 2021.
2. Favorable Market Volatility and Increased Trading Activity.
As a prominent market maker, Virtu Financial capitalized on elevated market volatility and increased trading volumes experienced throughout late 2025 and early 2026. The company's Q4 2025 earnings report highlighted "strong performance in a favorable market environment" and "heightened trading activity and client demand" as key contributors to its results. Macroeconomic conditions, characterized by geopolitical tensions and fluctuating economic data during this period, created "bouts of volatility" that generally benefit Virtu's business model.
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1. Exceptional Q4 2025 Earnings Beat.
Virtu Financial reported adjusted earnings per share (EPS) of $1.85 for the fourth quarter of 2025 on January 29, 2026, significantly exceeding analysts' consensus estimates of $1.24 by 49.19%. Total revenues for the quarter reached $969.9 million, marking a 16.3% increase year-over-year and surpassing estimates of $513.5 million. This strong financial performance included an adjusted net trading income of $613 million, representing the highest quarterly total since Q1 2021.
2. Favorable Market Volatility and Increased Trading Activity.
As a prominent market maker, Virtu Financial capitalized on elevated market volatility and increased trading volumes experienced throughout late 2025 and early 2026. The company's Q4 2025 earnings report highlighted "strong performance in a favorable market environment" and "heightened trading activity and client demand" as key contributors to its results. Macroeconomic conditions, characterized by geopolitical tensions and fluctuating economic data during this period, created "bouts of volatility" that generally benefit Virtu's business model.
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Stock Movement Drivers
Fundamental Drivers
The 20.4% change in VIRT stock from 11/30/2025 to 3/29/2026 was primarily driven by a 8.8% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.32 | 42.52 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,497 | 3,632 | 3.9% |
| Net Income Margin (%) | 12.1% | 12.9% | 6.7% |
| P/E Multiple | 7.1 | 7.7 | 8.8% |
| Shares Outstanding (Mil) | 85 | 85 | -0.1% |
| Cumulative Contribution | 20.4% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VIRT | 20.4% | |
| Market (SPY) | -5.3% | 13.0% |
| Sector (XLF) | -10.0% | 20.2% |
Fundamental Drivers
The 2.7% change in VIRT stock from 8/31/2025 to 3/29/2026 was primarily driven by a 7.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.40 | 42.52 | 2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,379 | 3,632 | 7.5% |
| Net Income Margin (%) | 12.0% | 12.9% | 7.6% |
| P/E Multiple | 8.7 | 7.7 | -11.8% |
| Shares Outstanding (Mil) | 85 | 85 | 0.7% |
| Cumulative Contribution | 2.7% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VIRT | 2.7% | |
| Market (SPY) | 0.6% | 8.4% |
| Sector (XLF) | -10.8% | 20.5% |
Fundamental Drivers
The 19.1% change in VIRT stock from 2/28/2025 to 3/29/2026 was primarily driven by a 34.2% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.69 | 42.52 | 19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,877 | 3,632 | 26.2% |
| Net Income Margin (%) | 9.6% | 12.9% | 34.2% |
| P/E Multiple | 11.1 | 7.7 | -30.3% |
| Shares Outstanding (Mil) | 86 | 85 | 0.9% |
| Cumulative Contribution | 19.1% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VIRT | 19.1% | |
| Market (SPY) | 9.8% | 44.7% |
| Sector (XLF) | -7.1% | 47.1% |
Fundamental Drivers
The 158.0% change in VIRT stock from 2/28/2023 to 3/29/2026 was primarily driven by a 53.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.48 | 42.52 | 158.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,365 | 3,632 | 53.6% |
| Net Income Margin (%) | 11.2% | 12.9% | 15.1% |
| P/E Multiple | 6.2 | 7.7 | 24.6% |
| Shares Outstanding (Mil) | 99 | 85 | 17.2% |
| Cumulative Contribution | 158.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VIRT | 158.0% | |
| Market (SPY) | 69.4% | 30.0% |
| Sector (XLF) | 40.5% | 33.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIRT Return | 19% | -27% | 5% | 83% | -4% | 31% | 110% |
| Peers Return | 33% | -18% | 21% | 37% | 13% | 1% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| VIRT Win Rate | 50% | 42% | 50% | 75% | 50% | 100% | |
| Peers Win Rate | 63% | 42% | 57% | 60% | 57% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| VIRT Max Drawdown | -4% | -28% | -18% | -20% | -8% | -2% | |
| Peers Max Drawdown | -10% | -36% | -12% | -9% | -17% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBKR, TW, MKTX, NDAQ, CBOE. See VIRT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | VIRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -56.4% | -25.4% |
| % Gain to Breakeven | 129.6% | 34.1% |
| Time to Breakeven | 685 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -22.9% | -33.9% |
| % Gain to Breakeven | 29.7% | 51.3% |
| Time to Breakeven | 91 days | 148 days |
| 2018 Correction | ||
| % Loss | -58.0% | -19.8% |
| % Gain to Breakeven | 138.2% | 24.7% |
| Time to Breakeven | 909 days | 120 days |
Compare to IBKR, TW, MKTX, NDAQ, CBOE
In The Past
Virtu Financial's stock fell -56.4% during the 2022 Inflation Shock from a high on 4/5/2022. A -56.4% loss requires a 129.6% gain to breakeven.
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About Virtu Financial (VIRT)
Virtu Financial, Inc., a financial services company, provides data, analytics, and connectivity products to clients worldwide. The company operates in two segments, Market Making and Execution Services. Its product suite includes offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology. The company's solutions enable clients to trade on various venues across countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. Its analytics platform provides a range of pre- and post-trade services, data products, and compliance tools for clients to invest, trade, and manage risk across markets. Virtu Financial, Inc. was founded in 2008 and is headquartered in New York, New York.
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1. They are like Visa or Mastercard for institutional financial trading, but instead of processing consumer payments, they ensure fast, liquid trading for global markets by actively making bids and offers.
2. Imagine a super-powered Bloomberg Terminal that not only provides financial data and tools but also actively makes markets and executes trades across all global asset classes.
3. They are like the Amazon Web Services (AWS) of the financial world, providing the lightning-fast technological infrastructure and data that institutions use for trading, while also acting as a crucial liquidity provider.
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- Market Making: Virtu acts as a market maker, providing continuous bid and ask quotes to facilitate trading and add liquidity across various financial markets.
- Execution Services: The company offers services that enable clients to execute trades efficiently across diverse asset classes and global trading venues.
- Liquidity Sourcing: Virtu helps clients access and source deep pools of liquidity across different financial instruments.
- Data & Analytics: Virtu provides clients with pre- and post-trade analytics, market data products, and compliance tools to manage risk and optimize trading strategies.
- Connectivity & Workflow Technology Platforms: The company offers broker-neutral, multi-dealer platforms and connectivity solutions to streamline client workflow and enable trading across numerous venues.
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Virtu Financial (VIRT) primarily sells its services and products to other companies within the financial industry, rather than directly to individual retail investors.
Due to the nature of its market-making and execution services business, Virtu Financial typically serves a broad range of institutional clients, and specific major customer names are not publicly disclosed. Instead, its customer base consists of various categories of financial institutions, including:
- Institutional Investors: This category includes asset managers, hedge funds, pension funds, and mutual funds that utilize Virtu's execution, liquidity sourcing, analytics, and risk management tools for their trading and investment strategies.
- Broker-Dealers and Trading Firms: Other brokerage firms and proprietary trading desks that leverage Virtu's technology, multi-dealer platforms, and market-making capabilities to facilitate trading, access liquidity, and manage order flow across various asset classes.
- Other Financial Institutions: Broader financial entities that may use Virtu's data products, analytics, and connectivity solutions for their treasury operations, risk management, or compliance requirements.
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- Intercontinental Exchange, Inc. (ICE)
- CME Group Inc. (CME)
- Nasdaq, Inc. (NDAQ)
- Cboe Global Markets, Inc. (CBOE)
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Aaron Simons, Chief Executive Officer
Aaron Simons became Chief Executive Officer of Virtu Financial in July 2025. He joined Virtu in 2008, having previously conducted postdoctoral research in theoretical physics. Within the firm, he has experience across various areas of trading and technology. Simons holds a BS in Mathematics from Caltech (2002) and a PhD in Physics from Harvard (2007). His appointment as CEO signals Virtu's continued focus on a technology-first strategy.
Cindy Lee, Chief Financial Officer
Cindy Lee was appointed Chief Financial Officer of Virtu Financial on August 1, 2024. She joined Virtu in 2011 and has previously served as the Global Controller and Deputy Chief Financial Officer. Lee's contributions were integral to the successful completion of Virtu's IPO in 2015 and the integration of major acquisitions, including KCG in 2017 and ITG in 2019. She also spearheaded the automation of financial processes across Virtu's global offices. Prior to her time at Virtu, she worked at The Royal Bank of Scotland in product control and as an auditor at Deloitte & Touche. She holds a Master of Science and a Bachelor of Science in Accounting from the University of Connecticut.
Joseph Molluso, Co-President and Co-Chief Operating Officer
Joseph Molluso serves as Co-President and Co-Chief Operating Officer of Virtu Financial. He initially joined Virtu in 2013 as Chief Financial Officer. After a brief period in 2019 as Chief Financial Officer of Capitolis, he rejoined Virtu in 2020. During his tenure at Virtu, Molluso has overseen all aspects of the company's finances, operations, and day-to-day management. He played a central role in Virtu's Initial Public Offering in 2015 and the integration of KCG Holdings and ITG. Before joining Virtu, Molluso was a Managing Director in J.P. Morgan's Investment Banking Department from 2006 to 2013, where he advised financial institutions on strategic matters, particularly those related to market structure. He also worked as an investment banker at Donaldson, Lufkin & Jenrette and its successor, Credit Suisse, where he helped establish the global financial technology group. Molluso earned an MBA from New York University and a BBA from Pace University.
Brett Fairclough, Co-President and Co-Chief Operating Officer
Brett Fairclough is a Co-President and Co-Chief Operating Officer at Virtu Financial, having joined the firm in 2007. His roles at Virtu have included Managing Director of Asia Pacific operations from 2014 to 2019 and Chief Compliance Officer of Virtu's broker-dealers from 2012 to 2014. He has actively collaborated with exchanges and other industry participants to promote the growth and development of securities markets globally. Fairclough is a graduate of the University of California at Los Angeles.
Vincent Viola, Founder and Executive Chairman
Vincent Viola is the Founder and Executive Chairman of Virtu Financial. He co-founded Virtu in 2008. Viola, a former chairman of the New York Mercantile Exchange (NYMEX), provided the initial capital for Virtu from his previous successful ventures. In May 2011, Virtu merged with Madison Tyler, a proprietary trading firm that Viola co-founded with David Salomon, a transaction backed by the technology-focused private equity firm Silver Lake Partners. He has served as Executive Chairman since November 2013 and previously as CEO and Chairman of Virtu Financial and its predecessors since April 2008. Viola is also a co-owner of the Florida Panthers NHL team.
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Virtu Financial (VIRT) faces several key risks inherent to its market-making and execution services business. *Regulatory Changes Impacting Trading Spreads
The most significant risk for Virtu Financial's business model is the impending SEC Reg NMS amendments scheduled for 2025-2026. These amendments are expected to mandate a reduction in minimum tick sizes, which will directly lower the bid/ask spreads from which Virtu generates a substantial portion of its net trading income. This is anticipated to lead to a structural decrease in profitability that cannot be offset solely by increased trading turnover. Furthermore, the company operates in a highly regulated industry and is continuously exposed to potential legal and regulatory challenges and changes in laws that could adversely affect its operations and profitability. *Dependence on Market Volatility and Trading Volumes
Virtu Financial's profitability is highly correlated with market volatility and trading volumes. The company's business model, as a liquidity provider, thrives on market activity. While high volatility can lead to exceptional performance, a sustained period of low volatility or a decline in overall market activity and retail participation could significantly impact its revenue streams and financial performance. *Technological and Operational Risks Coupled with Intense Competition
As a technology-driven market maker, Virtu is exposed to inherent technological and operational risks. These include potential system failures, network latency spikes, hardware malfunctions, and errors in complex trading algorithms, which can lead to substantial losses if safeguards are insufficient. The financial services industry is also intensely competitive, with Virtu facing rivals from traditional institutions and fintech startups. Maintaining a competitive edge requires continuous, substantial investment in technology and infrastructure, and the failure of these investments to generate timely returns could result in margin pressure and negatively impact the business.AI Analysis | Feedback
Potential regulatory restrictions or a ban on payment for order flow (PFOF).
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Virtu Financial (VIRT) operates within several large addressable markets for its diverse products and services. The market sizes, primarily global, are as follows:
- Global Equities Market Capitalization: The global equity market capitalization was valued at approximately $126.7 trillion in 2024.
- Global Fixed Income Market Outstanding: The size of the global fixed income market is estimated at USD 153.39 trillion in 2025, with projections to reach USD 198.58 trillion by 2030.
- Global Foreign Exchange (FX) Market: The average daily trading volume in global FX markets reached an all-time high of $9.6 trillion in April 2025.
- Global Exchange Traded Funds (ETFs) Market (Assets Under Management): Assets invested in the global ETF industry reached a record high of $18.81 trillion at the end of September 2025.
- Global Futures Trading Service Market: The global futures trading service market was valued at USD 5.2 billion in 2023 and is projected to grow to USD 10.8 billion by 2032.
- Global Cryptocurrency Market: The global cryptocurrency market size was valued at USD 2.49 trillion in 2024 and is projected to reach USD 6.29 trillion by 2033.
- Global Electronic Trading Platform Market: The global electronic trading platform market size was approximately USD 6.5 billion in 2023 and is projected to reach around USD 12.8 billion by 2032.
- Global Financial Analytics Market: The global financial analytics market size was valued at USD 12.57 billion in 2024 and is projected to reach USD 29.65 billion by 2033.
- Global Financial and Market Data Industry: This industry represents approximately $45 billion in 2025 and is projected to reach around $60 billion by 2030.
- Global Online Trading Platform Market: The global online trading platform market size was valued at USD 11.4 billion in 2025 and is projected to reach USD 17.9 billion by 2034.
- Global Algorithmic Trading Market: The global algorithmic trading market size was estimated at USD 21.06 billion in 2024 and is projected to reach USD 42.99 billion by 2030.
- Market Making: null
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Virtu Financial (VIRT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Expansion of Execution Services and Product Offerings: Virtu Financial is focused on accelerating client onboarding and expanding client activity within its Execution Services (VES) segment. The company is committed to launching novel products and services, such as POSIT Alert, Triton Valor EMS, advanced trading analytics, and proprietary execution algorithms, which are increasingly utilized by institutional clients. This expansion capitalizes on the ongoing electronification of markets and the rising demand for sophisticated execution tools.
- Geographic Expansion and New Market Penetration: Virtu Financial is actively pursuing strategic expansion into new international territories, specifically extending its listed options coverage into India and Japan. The company also aims to diversify its earnings by enhancing its digital asset trading operations through integration with new token venues.
- Increased Trading Capital and Favorable Market Conditions: Management has prioritized increasing firmwide trading capital, which demonstrated a significant average return in 2025. While market volatility can fluctuate, both the Market Making and Execution Services segments benefit from generally favorable market conditions and elevated trading volumes. Virtu's profitability is closely correlated with trading volumes and market volatility.
- Investment in Technology and Infrastructure: A key management priority for Virtu Financial is continued investment in its technology infrastructure and enhancing talent across the organization. This focus underpins the company's ability to develop advanced trading solutions and maintain its competitive edge in various markets.
- Expansion into Emerging Asset Classes: Virtu Financial is looking towards 2026 with a focus on expanding into emerging asset classes, including prediction markets and cryptocurrencies. The company's exposure to crypto-related trading provides potential upside during periods of heightened digital asset activity.
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Share Repurchases
- Virtu Financial repurchased 6.7 million shares in 2024, contributing to a total of approximately $1.417 billion in repurchases (53.8 million shares) since the program's inception in November 2020 through September 30, 2025.
- The company bought back shares worth approximately $210 million in 2023.
- As of January 24, 2024, Virtu had approximately $98.2 million remaining capacity for future share repurchases under its program.
Outbound Investments
- In 2024, Virtu expanded its presence across various asset classes, including global options, fixed income, ETFs, and digital assets.
- The company has invested in technology to enhance its capabilities and provide competitive pricing and liquidity across over 50 countries.
- Virtu continues to focus on its flagship Execution Services products, such as Datalytics and Triton EMS, and is expanding its Agency Fixed Income RFQ business, supported by strategic hires.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Virtu Financial Earnings Notes | 12/24/2025 | |
| VIRT Dip Buy Analysis | 07/10/2025 | |
| null | 02/28/2025 | |
| Virtu Financial (VIRT) Operating Cash Flow Comparison | 02/17/2025 | |
| Virtu Financial (VIRT) Net Income Comparison | 02/16/2025 | |
| Virtu Financial (VIRT) Operating Income Comparison | 02/15/2025 | |
| Virtu Financial (VIRT) Revenue Comparison | 02/14/2025 | |
| Virtu Financial vs. S&P500 Correlation | 10/03/2024 | |
| Virtu Financial Price Volatility | 09/24/2024 | |
| Virtu Financial (VIRT) Stock Has 49% Chance Of Rise In The Next One Month | 02/13/2023 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to VIRT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 09302023 | VIRT | Virtu Financial | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 22.1% | 87.6% | -5.0% |
| 11302018 | VIRT | Virtu Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -6.7% | -30.8% | -35.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 99.03 |
| Mkt Cap | 26.7 |
| Rev LTM | 4,173 |
| Op Inc LTM | 1,695 |
| FCF LTM | 1,373 |
| FCF 3Y Avg | 1,052 |
| CFO LTM | 1,460 |
| CFO 3Y Avg | 1,123 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.4% |
| Rev Chg 3Y Avg | 13.3% |
| Rev Chg Q | 10.6% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Mgn LTM | 40.8% |
| Op Mgn 3Y Avg | 40.3% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 41.2% |
| CFO/Rev 3Y Avg | 38.2% |
| FCF/Rev LTM | 37.0% |
| FCF/Rev 3Y Avg | 34.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.7 |
| P/S | 5.8 |
| P/EBIT | 17.0 |
| P/E | 26.0 |
| P/CFO | 16.0 |
| Total Yield | 5.0% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 4.9% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.8% |
| 3M Rtn | 2.0% |
| 6M Rtn | 1.3% |
| 12M Rtn | 12.7% |
| 3Y Rtn | 85.6% |
| 1M Excs Rtn | 0.6% |
| 3M Excs Rtn | 10.3% |
| 6M Excs Rtn | 6.0% |
| 12M Excs Rtn | -1.8% |
| 3Y Excs Rtn | 29.9% |
Price Behavior
Price Behavior
| Market Price | $42.52 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 04/16/2015 | |
| Distance from 52W High | -4.0% | |
| 50 Days | 200 Days | |
| DMA Price | $39.65 | $37.90 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 7.2% | 12.2% |
| 3M | 1YR | |
| Volatility | 34.9% | 31.0% |
| Downside Capture | 0.05 | 0.44 |
| Upside Capture | 156.60 | 66.14 |
| Correlation (SPY) | 13.8% | 42.2% |
VIRT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.44 | 0.42 | 0.22 | 0.77 | 0.65 |
| Up Beta | -0.24 | 0.06 | 0.38 | 0.16 | 0.82 | 0.69 |
| Down Beta | 1.12 | 0.68 | 0.80 | 0.28 | 0.82 | 0.73 |
| Up Capture | 103% | 134% | 76% | 16% | 60% | 42% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 14 | 26 | 36 | 68 | 138 | 414 |
| Down Capture | -65% | -47% | -28% | 25% | 72% | 72% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 7 | 15 | 25 | 56 | 111 | 328 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 13.1% | 30.9% | 0.41 | - |
| Sector ETF (XLF) | -4.0% | 19.2% | -0.33 | 45.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 42.1% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -3.4% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 28.4% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 38.7% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 17.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 11.1% | 31.9% | 0.38 | - |
| Sector ETF (XLF) | 9.1% | 18.7% | 0.37 | 32.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 30.2% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 3.1% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 7.1% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 26.7% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 10.5% | 35.6% | 0.38 | - |
| Sector ETF (XLF) | 12.0% | 22.1% | 0.50 | 14.9% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 14.7% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 3.6% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 3.7% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 13.1% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/20/2023 | -1.9% | -0.7% | -8.4% |
| 1/26/2023 | -6.0% | -5.4% | -6.6% |
| 11/3/2022 | 1.5% | -0.8% | -0.1% |
| 7/28/2022 | 1.3% | 2.8% | 4.9% |
| 4/28/2022 | -13.1% | -12.8% | -22.6% |
| 2/8/2022 | 7.3% | 8.9% | 5.1% |
| 11/3/2021 | 10.1% | 4.1% | 7.3% |
| 8/4/2021 | -5.2% | 0.1% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 6 | 8 |
| # Negative | 7 | 8 | 6 |
| Median Positive | 4.9% | 3.5% | 6.2% |
| Median Negative | -5.2% | -3.9% | -7.5% |
| Max Positive | 10.1% | 8.9% | 34.8% |
| Max Negative | -13.1% | -12.8% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gambale, Virginia | Direct | Sell | 11072025 | 34.57 | 3,875 | 133,959 | 930,901 | Form | |
| 2 | Fairclough, Brett | Co-President & Co-COO | Direct | Sell | 8082025 | 42.40 | 90,701 | Form | ||
| 3 | Nixon, John | Direct | Sell | 5152025 | 42.82 | 6,965 | 298,241 | 1,452,583 | Form | |
| 4 | Cifu, Douglas A | Chief Executive Officer | Direct | Sell | 4282025 | 38.57 | 178,320 | 6,877,986 | 15,770,420 | Form |
| 5 | Cifu, Douglas A | Chief Executive Officer | Direct | Sell | 4282025 | 38.88 | 177,561 | 6,903,640 | 8,993,266 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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