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VRTS

Virtus Investment Partners, Inc.

VRTS

Virtus Investment Partners, Inc. • NASDAQ
$159.59 ▼ -0.41% (-0.66)
Market Cap $1.08 B
52w High $252.82
52w Low $142.18
Dividend Yield 9.60%
P/E 8.2
Volume 28.43K
Outstanding Shares 6.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $215.148M ▲ $69.281M ▲ $31.926M ▼ 14.839% ▼ $4.73 ▼ $99.242M ▼
Q2-2025 $209.492M ▼ $66.252M ▼ $42.373M ▲ 20.227% ▲ $6.17 ▲ $108.98M ▲
Q1-2025 $216.851M ▼ $71.163M ▼ $28.647M ▼ 13.21% ▼ $4.12 ▼ $95.643M ▼
Q4-2024 $232.408M ▲ $75.485M ▲ $33.294M ▼ 14.326% ▼ $4.75 ▼ $120.848M ▼
Q3-2024 $225.97M $65.157M $40.98M 18.135% $5.8 $125.089M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $461.332M ▲ $3.906B ▲ $2.883B ▲ $918.702M ▲
Q2-2025 $242.71M ▲ $3.696B ▲ $2.675B ▲ $896.396M ▲
Q1-2025 $218.854M ▼ $3.688B ▼ $2.671B ▼ $893.716M ▼
Q4-2024 $399.582M ▲ $3.994B ▲ $2.986B ▲ $897.493M ▲
Q3-2024 $310.489M $3.602B $2.611B $889.046M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $42.743M ▲ $75.757M ▲ $-1.028M ▲ $-52.064M ▲ $23.75M ▲ $74.207M ▲
Q1-2025 $28.052M ▼ $-3.787M ▲ $-2.984M ▲ $-174.461M ▼ $-180.723M ▼ $-6.771M ▲
Q4-2024 $39.46M ▼ $-102.807M ▼ $-12.135M ▼ $204.453M ▲ $88.396M ▲ $-104.728M ▼
Q3-2024 $49.104M ▲ $69.135M ▼ $-1.016M ▲ $-107.662M ▼ $-38.784M ▼ $68.728M ▲
Q2-2024 $26.022M $69.955M $-1.34M $34.302M $103.02M $68.627M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Closed End Funds
Closed End Funds
 $10.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲
Institutional Accounts
Institutional Accounts
 $50.00M ▲$90.00M ▲$40.00M ▼$40.00M ▲
Investment Management Fees
Investment Management Fees
 $190.00M ▲$390.00M ▲$190.00M ▼$180.00M ▼
Open End Funds
Open End Funds
 $80.00M ▲$160.00M ▲$70.00M ▼$70.00M ▲
Retail Separate Accounts
Retail Separate Accounts
 $50.00M ▲$110.00M ▲$50.00M ▼$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Virtus looks like a mature asset manager with steady but not spectacular growth. Revenue has generally moved upward over the past five years, with a small dip during tougher market conditions and a recovery more recently. Profitability is solid for an asset manager: operating and EBITDA margins remain healthy, which suggests decent fee levels and cost control. However, net income and earnings per share have been quite up‑and‑down, peaking a few years ago and since settling at a lower, more normal level. Overall, the business earns good money when markets are favorable, but results clearly move with market cycles and asset levels.

Balance Sheet

Balance Sheet The balance sheet is fairly stable and typical for an asset manager. Total assets have grown gradually, and shareholder equity has inched higher over time, indicating that the company is slowly building its capital base. Cash on hand is meaningful but not excessive, which gives some flexibility but not a huge buffer. The main watchpoint is leverage: debt is sizable compared with equity, so the firm does rely on borrowing as part of its capital structure. That level of leverage is not unusual in this industry, but it does mean that disciplined risk management and consistent profitability are important.

Cash Flow

Cash Flow Cash generation is more volatile than the income statement suggests. There were years of very strong operating cash flow and free cash flow, but also a year with negative cash flow and the most recent year showing roughly breakeven levels. Capital spending is very light, which fits a fee-based, service business and means most cash, when generated, is available for debt service, acquisitions, or shareholder returns. The key issue is consistency: the pattern shows that cash flows can swing meaningfully with markets and investor behavior, so the company’s ability to sustain strong cash generation through downturns is not yet fully proven.

Competitive Edge

Competitive Edge Virtus’s competitive strength comes from its multi‑boutique model. Instead of one centralized investment team, it oversees a collection of specialized managers, each with distinct styles and products. This gives Virtus a broad menu of strategies across traditional and alternative assets, and helps attract entrepreneurial portfolio managers who want autonomy but also benefit from a larger distribution platform. Recent acquisitions in liquid alternatives, event‑driven strategies, and emerging‑markets credit deepen this differentiation, allowing Virtus to offer strategies that are less tied to broad stock market movements. The main trade‑off is complexity: managing many boutiques and brands can be harder than running a single, unified shop, and performance at individual affiliates can be uneven over time.

Innovation and R&D

Innovation and R&D Even though asset management is not traditionally R&D‑heavy, Virtus is leaning into innovation in a few notable ways. It uses an AI‑driven, systematic investment platform at one affiliate, combining behavioral insights and quantitative models to support security selection and risk management. It has also launched specialized funds in areas like artificial intelligence and technology, using flexible structures that invest across both equity and debt. On top of that, Virtus is building out sustainable and responsible investing offerings, aiming to align with shifting client preferences. Much of its “innovation” is executed through acquiring and integrating specialized boutiques, which can be powerful when well chosen, but always carries integration and execution risk.

Summary

Virtus Investment Partners is a diversified asset manager with a solid, fee‑driven business and a distinctive multi‑boutique structure. Financially, it shows good underlying profitability but with earnings and cash flow that move noticeably with market conditions. The balance sheet is generally sound but uses a meaningful amount of debt, which makes consistent performance important. Strategically, Virtus has carved out a differentiated position through specialized acquisitions, alternative strategies, and use of data‑driven and AI‑enhanced investment processes, while also pushing into sustainable investing. The opportunity lies in leveraging this differentiated platform and product breadth; the main risks are market dependency, cash‑flow volatility, and the ongoing challenge of integrating and maintaining performance across many autonomous investment boutiques.

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