Virtu Financial
VIRT on NYSE. Virtu Financial sells trading technology and liquidity to banks, brokers, and investment firms. Market value $3.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 23 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.81.
Profit per $100 you pay: $10.47.
Quality score: 73 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$61.62 a share, 95% above its 1-year low
Over the past year the price has ranged from $31.55 to $68.76.
Dividend: 6.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.8bn | $2.4bn | $2.3bn | $2.9bn | $3.6bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.10bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 2.3% a year
- Buying back its own sharesYes, 28% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 19% on a year ago.
- Profit: $151 million, about the same as a year ago.
- Spare cash over the past 12 months: $478 million, down from $522 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $707m |
| December 2024 | $834m |
| March 2025 | $838m |
| June 2025 | $1.0bn |
| September 2025 | $825m |
| December 2025 | $970m |
| March 2026 | $1.1bn |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $60m |
| December 2024 | $94m |
| March 2025 | $100m |
| June 2025 | $151m |
| September 2025 | $78m |
| December 2025 | $140m |
| March 2026 | $182m |
| June 2026 | $151m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 472 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $5m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $5m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Boston PartnersBoston Partners team | $2m | <0.1% | Added |
Largest holders overall
- BlackRock$698mAdded
- Vanguard Portfolio Management$356mAdded
- FMR$281m
- Vanguard Capital Management$221mAdded
- State Street$183mAdded
- Renaissance Technologies$171mCut
- AQR Capital Management$170mAdded
- Allspring Global Investments Holdings$147mAdded
- Portolan Capital Management$128mAdded
- Dimensional Fund Advisors LP$109mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Vincent J. ViolaInsider or founderat least 45.2%(filed with 4 related holders)Since 11 April 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented to incorporate by reference the information set forth in Item 3 of this Amendment No. 7. Following the transactions contemplated in this Amendment No. 7, TJMT continues to beneficially own the majority of the voting…
Read the filing - BlackRock, Inc.Passive investor11.1%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor6.4%Since 31 March 2026
- FMR LLCPassive investorat least 5.7%−1.6 pts(filed with 1 related holder)Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- Douglas A. CifuPassive investorat least 4.7%−1.3 pts(filed with 4 related holders)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vincent J. Viola Insider or founder | at least 45.2% (filed with 4 related holders) | 11 April 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented to incorporate by reference the information set forth in Item 3 of this Amendment No. 7. Following the transactions contemplated in this Amendment No. 7, TJMT continues to beneficially own the majority of the voting… Read the filing |
BlackRock, Inc. Passive investor | 11.1% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 6.4% | 31 March 2026 | |
FMR LLC Passive investor | at least 5.7%−1.6 pts (filed with 1 related holder) | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
Douglas A. Cifu Passive investor | at least 4.7%−1.3 pts (filed with 4 related holders) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $15m.
- GRANO JOSEPH J JRDirectorSold
- Date
- 19 August 2026
- Shares
- 8,400
- Price
- $60.94
- Value
- $511,856
- Gambale VirginiaDirectorSold
- Date
- 18 August 2026
- Shares
- 6,460
- Price
- $62.00
- Value
- $400,520
- Nixon JohnDirectorSold
- Date
- 17 August 2026
- Shares
- 9,094
- Price
- $60.13
- Value
- $546,822
- Fairclough BrettCo-President & Co-COOSold
- Date
- 8 May 2026
- Shares
- 30,000
- Price
- $50.06
- Value
- $2m
- Gambale VirginiaDirectorSold
- Date
- 5 May 2026
- Shares
- 4,000
- Price
- $50.00
- Value
- $200,000
- Molluso JosephCo-President & Co-COOSold
- Date
- 19 February 2026
- Shares
- 200,000
- Price
- $38.88
- Value
- $8m
- Cavoli StephenEVPSold
- Date
- 17 February 2026
- Shares
- 28,370
- Price
- $38.94
- Value
- $1m
- Cavoli StephenEVPSold
- Date
- 13 February 2026
- Shares
- 30,000
- Price
- $38.35
- Value
- $1m
- Cavoli StephenEVPSold
- Date
- 12 February 2026
- Shares
- 30,000
- Price
- $37.61
- Value
- $1m
- Cavoli StephenEVPSold
- Date
- 11 February 2026
- Shares
- 11,630
- Price
- $38.65
- Value
- $449,553
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | GRANO JOSEPH J JR Director | Sold | 8,400 | $60.94 | $511,856 |
| 18 August 2026 | Gambale Virginia Director | Sold | 6,460 | $62.00 | $400,520 |
| 17 August 2026 | Nixon John Director | Sold | 9,094 | $60.13 | $546,822 |
| 8 May 2026 | Fairclough Brett Co-President & Co-COO | Sold | 30,000 | $50.06 | $2m |
| 5 May 2026 | Gambale Virginia Director | Sold | 4,000 | $50.00 | $200,000 |
| 19 February 2026 | Molluso Joseph Co-President & Co-COO | Sold | 200,000 | $38.88 | $8m |
| 17 February 2026 | Cavoli Stephen EVP | Sold | 28,370 | $38.94 | $1m |
| 13 February 2026 | Cavoli Stephen EVP | Sold | 30,000 | $38.35 | $1m |
| 12 February 2026 | Cavoli Stephen EVP | Sold | 30,000 | $37.61 | $1m |
| 11 February 2026 | Cavoli Stephen EVP | Sold | 11,630 | $38.65 | $449,553 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.