Business Description

Virtus Investment Partners, Inc. is a publicly owned asset management firm headquartered in Hartford, Connecticut. The company operates a distinctive multi-boutique business model, providing investment management services through a network of autonomous affiliated managers and unaffiliated subadvisers. It offers a wide array of financial products, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and retail separate accounts for both individual and institutional clients.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Transaction-Based Revenues774,618828,522767,628795,857
Other Revenues78,24778,42777,64090,522
Total Revenues852,865906,949845,268886,379
Cost of Sales400,720432,587404,742371,259
Gross Profit452,145474,362440,526515,120
Selling, General & Administrative Expenses89,04796,22396,802112,612
Depreciation & Amortization Expenses59,76965,25766,83162,427
Other Operating Expenses134,649130,392125,409142,621
Operating Profit168,680182,490151,484197,460
Interest and Investment Income199,755217,220210,165111,773
Interest Expense(162,379)(183,324)(178,766)(93,407)
Non-Operating Income(18,807)(8,510)3,681(51,938)
Total Non-Operating Income18,56925,38635,080(33,572)
Income Before Provision for Income Taxes187,249207,876186,564163,888
Provision for Income Taxes51,26155,42345,08857,260
Consolidated Net Income135,988152,453141,476106,628
Net Income Attributable to Minority Interests and Other(2,408)30,70710,855(10,913)
Net Income Attributable to Common Shareholders138,396121,746130,621117,541
Basic EPS20.2717.1918.0215.90
Diluted EPS19.9716.8917.7115.50
Basic Weighted Average Shares Outstanding6,8297,0827,2497,391
Diluted Weighted Average Shares Outstanding6,9297,2107,3757,582
Shares Outstanding6,6956,9677,0887,182
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents386,483265,888239,602338,234
Short-Term Investments157,480119,216132,696100,330
Total Cash and Cash Equivalents543,963385,104372,298438,564
Restricted Cash and Segregated Assets91,703134,421101,412250,945
Trading Assets2,633,3522,270,7172,082,7132,190,113
Accounts Receivable102,733117,207109,07699,274
Other Current Assets40,620174,37143,23545,445
Total Current Assets3,412,3713,081,8202,708,7343,024,341
Net Property, Plant & Equipment97,05779,84989,44519,123
Net Intangible Assets327,409378,229432,119442,519
Goodwill397,098397,098397,098348,836
Other Long-Term Assets57,26557,49851,233118,115
Total Assets4,291,2003,994,4943,678,6293,952,934
Accounts Payable54,52049,49256,04733,200
Accrued Expenses182,808224,501200,837181,805
Short-Term Debt2,749,7852,404,0762,175,6552,338,339
Other Current Liabilities98,217158,03390,523246,709
Total Current Liabilities3,085,3302,836,1022,523,0622,800,053
Leases93,22570,03778,142—
Other Long-Term Liabilities74,86679,437104,267216,227
Total Long-Term Liabilities168,091149,474182,409216,227
Total Liabilities3,253,4212,985,5762,705,4713,016,280
Common Stock123122122120
Treasury Stock(749,593)(689,594)(644,464)(599,248)
Additional Paid-in Capital1,342,1531,319,1081,300,9991,286,244
Accumulated Other Comprehensive Income462(364)(87)(358)
Retained Earnings340,898268,221207,356130,261
Total Common Shareholders' Equity934,043897,493863,926817,019
Minority Interests and Other103,736111,425109,232119,635
Total Shareholders' Equity934,845901,636868,289822,936
Total Liabilities and Shareholders' Equity4,291,2003,994,4943,678,6293,952,934
FY 2025FY 2024FY 2023FY 2022
Net Income——141,476106,628
Depreciation & Amortization——71,73174,427
Share-Based Compensation Expense——26,82524,042
Other Adjustments——(10,702)66,368
Changes in Trading Assets——(1,405)(127,842)
Changes in Trade Receivables——5,38835,483
Changes in Accrued Expenses——3,863(47,379)
Changes in Other Operating Activities——3,9939,057
Cash from Operating Activities——237,157132,670
Capital Expenditure——(8,821)(6,582)
Purchases of Investments——(11,645)—
Payments for Business Acquisitions——(108,999)(20,577)
Other Investing Activities——(267)(308)
Cash from Investing Activities——(129,732)(27,467)
Issuance of Long-Term Debt——319,260306,296
Repayments of Long-Term Debt——(522,669)(204,617)
Net Issuance / (Repayments) of Long-Term Debt——(203,409)101,679
Repurchases of Common Shares——(58,774)(106,830)
Net Issuance / (Repurchases) of Common Shares——(58,774)(106,830)
Common Share Dividends Paid——(52,047)(47,254)
Other Financing Activities——(55,657)(66,482)
Cash from Financing Activities——(356,113)(102,057)
Effect of Exchange Rate Changes on Cash and Cash Equivalents——523(112)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash——(248,165)3,034

Key Metrics & Ratios

MetricValue
Market Cap$1.09B
P/E8.17x
P/S1.28x
EV/EBITDA15.30x
Return on Equity14.8%
Return on Invested Capital3.5%
Current Ratio1.11x
Dividend Yield0.0%
Free Cash Flow Margin0.0%

Margins

Gross margin
53.0%
Operating margin
19.8%
Net margin
16.2%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $201M -4.4% 13.6% $27M
Q1 2026 $200M -8.4% 7.7% $15M
Q4 2025 $208M -10.9% 19.1% $40M
Q3 2025 $216M -4.7% 21.7% $47M
Q2 2025 $211M — 21.5% $45M
Q1 2025 $218M — 16.8% $37M
Q4 2024 $233M — 21.7% $51M
Q3 2024 $227M — 24.3% $55M

More on Virtus Investment Partners, Inc.

Figures compiled from public company filings.

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