Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Virtus Investment Partners reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Profit growing, cash flow isn't.Profit +28% since 2022 (an unusually weak year for profit), operating cash flow −151%.Profit +28% since 2022, operating cash flow −151%.
Virtus Investment Partners's reported profit rose 28% since 2022, but the cash its operations generate changed −151%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Virtus Investment Partners's reported profit rose 28% since 2022, but the cash its operations generate changed −151%. When profit and cash diverge like this, it's worth understanding why.
Returning more cash than it generates. Paid out $325M vs $150M of free cash flow over the 3 fiscal years to 2025.
Virtus Investment Partners returned $325M to shareholders over three years, 216% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Borrowing rising faster than profit. Since 2022: debt +53%, operating profit −15%.
Virtus Investment Partners's debt grew 53% since 2022 while operating profit changed −15%.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield14.5%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 2.38Sector median: 0.0571 · MAD: 0.0371
EBITDA yield21.6%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 3.44Sector median: 0.0689 · MAD: 0.0428
Free cash flow yield-6.5%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.01Sector median: 0.0613 · MAD: 0.0605
Why it changed since the Oct 27, 2026 close: Score 49 → 48
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Virtus Investment Partners
Is Virtus Investment Partners getting weaker?
Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Virtus Investment Partners valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 84/100 against 432 financial services peers.EBITDA yield 21.6% vs a peer median of 6.9% (stronger than 91% of peers).EBITDA yield 21.6% vs peers 6.9% (stronger than 91% of peers).Free cash flow yield -6.5% vs a peer median of 6.1% (weaker than 98% of peers).Free cash flow yield -6.5% vs peers 6.1% (weaker than 98% of peers).
Is Virtus Investment Partners growing?
More slowly than most of its peers. Growth scores 18/100 against 432 financial services peers.Earnings per share growth -25.9% vs a peer median of 10.0% (weaker than 80% of peers).Earnings per share growth -25.9% vs peers 10.0% (weaker than 80% of peers).
How profitable is Virtus Investment Partners?
About as profitable as its peers. Profitability scores 48/100 against 432 financial services peers.Return on invested capital 9.5% vs a peer median of 6.3% (stronger than 64% of peers).Return on invested capital 9.5% vs peers 6.3% (stronger than 64% of peers).Operating margin 15.7% vs a peer median of 23.5% (weaker than 65% of peers).Operating margin 15.7% vs peers 23.5% (weaker than 65% of peers).
How risky is Virtus Investment Partners?
Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings.Beta 1.33 vs a peer median of 0.70 (weaker than 88% of peers).Beta 1.33 vs peers 0.70 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
834.5M USD
825.3M USD
−1.1%
Net income (12 months)
114.1M USD
116.0M USD
+1.6%
Operating margin
17.7%
15.7%
−2.0 pts
Free cash flow (12 months)
−33.8M USD
−51.9M USD
+53.6%
Debt
439.3M USD
418.6M USD
−4.7%
Cash
274.4M USD
286.9M USD
+4.6%
Shares outstanding
6.7M
6.6M
−0.9%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Asset Management · 43 companies
Valuations in Asset Management are near the top of their range since 2016.
95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.
2016Shaded: most expensive fifth of its range2026
Virtus Investment Partners looks cheaper than most of its peers on our valuation measures, while the Asset Management industry as a whole is valued high by its own standards since 2016. Both can be true at once.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
33.2%
22.3%
17.9%
20.1%
19.8%
▼ 0.3 pts
Net margin
21.3%
12.0%
16.7%
16.8%
15.9%
▼ 0.9 pts
Return on assets (ROA)
5.3%
2.7%
3.8%
3.8%
3.2%
▼ 0.6 pts
Return on equity (ROE)
25.1%
13.1%
16.4%
17.0%
14.6%
▼ 2.4 pts
Free cash flow margin
67.4%
14.2%
27.0%
-0.4%
-8.7%
▼ 8.3 pts
Debt to equity
0.32×
0.31×
0.29×
0.26×
0.42×
▲ 61%
VRTS price history
Price history is added with the daily price update and will appear after the next one.