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olivLaw · US equity research

Virtu Financial, Inc. VIRT

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

53.03USD−0.38% · 1 dayClose 04 Nov 2026

Virtu Financial is a financial services firm that provides liquidity to global markets through market making and offers execution services to institutional clients. In the second quarter of 2026 its total revenues reached 1,190.0 million USD, and its Adjusted Net Trading Income rose 26.4%, which shows how sensitive results are to trading volumes and market volatility.

At the close of 04 Nov 2026, Virtu Financial, Inc. (VIRT) stock was 53.03 USD (−0.38% on the day), with P/E 8.7 on diluted EPS of 6.13 USD over the last 12 months, dividend yield 0.45%, beta 0.80, 52-week range 32.53–67.93 USD. Latest reported quarter (Q2 2026): revenue of 1.2 bn USD (+19.0% YoY), net income of 150.9 m USD (−0.2% YoY), diluted EPS 1.63 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
8.7
Diluted EPS TTM 6.13 · TTM to 30 Jun 2026
E/P (TTM)
11.55%
TTM to 30 Jun 2026
Dividend yield
0.45%
DPS 12m 0.24
Beta (2y)
0.80
Volatility (1y) 37%
52-week range
32.5367.93

Price history

Loading chart…

Technical reading

RSI (14)
35.5
weak (30–45)
Bollinger (20, 2)
52.85 – 58.64
in the lower half of the band · %B 0.03 · band width 10.4%
SMA 50 / 200
58.10 / 52.38
mixed trend
MACD (12, 26, 9)
-1.17 / -0.90
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−15.7%−2.0%−13.7 pp—
3 months−9.3%−2.2%−7.1 pp—
6 months+5.7%+4.3%+1.4 pp—
Year to date+59.2%+10.6%+48.6 pp—
1 year+52.6%+10.5%+42.2 pp−16.4%
3 years+194.0%+73.7%+120.3 pp+54.2%
5 years+90.0%+61.7%+28.3 pp—
Max drawdown (1y)
−23.5%
21 Aug 2026 → 28 Sept 2026
Max drawdown (5y)
−57.5%
05 Apr 2022 → 05 Feb 2024
Compound annual growth (5y)
+13.7%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.2 bn USD
+19.0% YoY
Net income
150.9 m USD
−0.2% YoY
Diluted EPS
1.63
−1.2% YoY
net / operating
12.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue706.8 m834.3 m837.9 m999.6 m824.8 m969.9 m1.1 bn1.2 bn
Interest expense24.5 m26.6 m29.9 m32.6 m33.3 m37.1 m34.8 m34.8 m
Pre-tax income147.2 m202.6 m223.7 m347.0 m180.0 m343.6 m409.6 m342.6 m
Income tax28.1 m26.5 m34.1 m54.0 m30.9 m63.0 m63.0 m57.6 m
Net income60.0 m94.1 m99.7 m151.2 m77.6 m139.9 m182.3 m150.9 m
Diluted EPS0.641.09 ≈1.081.650.861.65 ≈1.991.63
Operating cash flow112.1 m ≈391.5 m15.0 m62.8 m ≈-68.7 m ≈509.4 m-149.0 k117.1 m ≈
Capex5.9 m ≈-181.0 k5.7 m5.2 m ≈8.0 m ≈3.9 m5.6 m19.0 m ≈
Share repurchases0 ≈01.6 m0 ≈0 ≈000 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 34 percentile of its own 38-quarter history (min 4.8, median 10.7, max 291.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.9 bn1.5 bn3.2 bn2.8 bn2.4 bn2.3 bn2.9 bn3.6 bn
Revenue YoY+82.8%−19.2%+113.5%−13.2%−15.9%−3.0%+25.4%+26.2%
Net income289.4 m-58.6 m649.2 m476.9 m265.0 m142.0 m276.4 m468.4 m
Net income YoY+9,748.3%−120.2%unavailable−26.5%−44.4%−46.4%+94.6%+69.4%
Diluted EPS2.78-0.535.163.912.441.422.975.13
Diluted EPS YoY+9,166.7%−119.1%unavailable−24.2%−37.6%−41.8%+109.2%+72.7%
net %15.4%-3.9%20.0%17.0%11.2%6.2%9.6%12.9%
Free cash flow688.1 m159.5 m1.0 bn1.1 bn679.6 m454.0 m586.6 m495.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 bn USD
Financial debt
2.0 bn USD
Net debt
977.8 m USD
Equity
2.0 bn USD
Total assets
20.2 bn USD
Debt / equity
1.03x
Current ratio
unavailable
ROE
27.1%
ROA
2.6%
FCF margin
13.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.3 bn
2024
2.9 bn
2025
3.6 bn

SEC (XBRL)· 20 Feb 2026verified

Interest expense
2023
99.3 m
2024
97.8 m
2025
132.9 m

SEC (XBRL)· 20 Feb 2026verified

Pre-tax income
2023
325.1 m
2024
645.0 m
2025
1.1 bn

SEC (XBRL)· 20 Feb 2026verified

Income tax
2023
61.2 m
2024
110.4 m
2025
182.1 m

SEC (XBRL)· 20 Feb 2026verified

Net income
2023
142.0 m
2024
276.4 m
2025
468.4 m

SEC (XBRL)· 20 Feb 2026verified

Diluted EPS
2023
1.42
2024
2.97
2025
5.13

SEC (XBRL)· 20 Feb 2026verified

Weighted average diluted shares
2023
94.1 m
2024
87.8 m
2025
85.3 m

SEC (XBRL)· 20 Feb 2026verified

Dividend per share
2023
0.24
2024
0.24
2025
0.24

SEC (XBRL)· 20 Feb 2026verified

Balance sheet · USD

Cash
2023
820.4 m
2024
872.5 m
2025
1.1 bn

SEC (XBRL)· 20 Feb 2026verified

Goodwill
2023
1.1 bn
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 20 Feb 2026verified

Intangibles (excl. goodwill)
2023
257.5 m
2024
203.2 m
2025
154.9 m

SEC (XBRL)· 20 Feb 2026verified

Total assets
2023
14.5 bn
2024
15.4 bn
2025
20.2 bn

SEC (XBRL)· 20 Feb 2026verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 18 Feb 2022verified

Long-term debt
2023
1.7 bn
2024
1.7 bn
2025
2.0 bn

SEC (XBRL)· 20 Feb 2026verified

Total liabilities
2023
13.1 bn
2024
13.9 bn
2025
18.2 bn

SEC (XBRL)· 20 Feb 2026verified

Equity
2023
1.4 bn
2024
1.5 bn
2025
2.0 bn

SEC (XBRL)· 20 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
491.8 m
2024
599.0 m
2025
518.4 m

SEC (XBRL)· 20 Feb 2026verified

Capex
2023
37.8 m
2024
12.4 m
2025
22.8 m

SEC (XBRL)· 20 Feb 2026verified

Free cash flow
2023
454.0 m ≈
2024
586.6 m ≈
2025
495.6 m ≈

SEC (XBRL)· 20 Feb 2026derived

Investing cash flow
2023
-94.5 m
2024
-61.8 m
2025
-40.6 m

SEC (XBRL)· 20 Feb 2026verified

Financing cash flow
2023
-585.0 m
2024
-469.6 m
2025
-281.0 m

SEC (XBRL)· 20 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2021verified

Share repurchases
2023
1.6 m
2024
0
2025
1.6 m

SEC (XBRL)· 20 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
26.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
2.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
69.4%
computed by olivLawFY 2025
Net income CAGR 3Y
20.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-6.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
72.7%
computed by olivLawFY 2025
EPS CAGR 3Y
28.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-0.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-15.5%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
13.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
12.8%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
33.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
2.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
3.9%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
956.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
557.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
36.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
521.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
94.6%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
8.7x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
11.6%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.5%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 39.6% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

53.03 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
8.7x
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
33.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
13.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
26.2%
computed by olivLawFY 2025
Dividend yield
0.5%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 31 Jul 2026
verified 1322derived 118

Score by group

40% · Insufficient data

Estimated value range

Low
70.53
USD per share
Mid
91.50
USD per share
High
119.61
USD per share
Price: 53.03 USD
The price is below the range
Potential to the central value: 72.5% (value / price − 1)
Margin of safety: 42.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 70.53 – 119.61 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E70.53 – 119.61 (Mid 91.50)
    17 companies used · median multiple 14.9x · quartiles 11.5x – 19.5x
    BLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, WT
  • Dividend discount (DDM)outside the aggregate3.15 – 4.24 (Mid 3.62)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality13.5%50 (vs peers)16%
FCF conversion · Quality94.6%92 (on a fixed band)16%
Revenue CAGR 3Y · Growth15.4%100 (on a fixed band)21%
EPS CAGR 3Y · Growth28.1%100 (on a fixed band)21%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation8.7x89 (vs peers)26%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality71/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial89/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Virtu Financial, Inc. (VIRT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 3.6 bn USD in 2025; YoY growth 26.2%; net margin 13.5%; ROE 33.6%.

The estimated value range is 70.53–119.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 91.50 USD, the price of 53.03 USD leaves a potential of 72.5% (value / price − 1) and a margin of safety of 42.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 94.6%
  • Revenue CAGR 3Y: 15.4%
  • EPS CAGR 3Y: 28.1%
  • P/E (TTM): 8.7x
  • The price is below the estimated value range

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
8.7x
vertical median 16.1x
below median (−46.2%)
EV/EBITDA
—
vertical median 14.1x
P/S
—
vertical median 1.8x
P/B
—
vertical median 1.8x
ROE
33.6%
vertical median 18.0%
above median (+87.3%)
Net margin
13.5%
vertical median 13.4%
at median
EBIT margin
—
vertical median 22.1%
Revenue YoY
26.2%
vertical median 15.4%
above median (+70.1%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
0.5%
vertical median 1.9%
below median (−76.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley292.3 bn14.918.0%—unavailable+10% / +135%
BLKBlackRock, Inc.179.9 bn28.012.3%24.1%+89.3%+11% / +55%
SCHWSchwab Charles Corp154.4 bn16.120.3%38.8%+22.0%−4% / +46%
RJFRaymond James Financial, Inc.31.1 bn14.118.5%13.6%+6.6%+3% / +54%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn10.316.4%14.3%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Corporation1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for VIRT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Virtu Financial is a financial services firm that provides liquidity to global markets through market making and offers execution services to institutional clients. In the second quarter of 2026 its total revenues reached 1,190.0 million USD 3, and its Adjusted Net Trading Income rose 26.4% 3, which shows how sensitive results are to trading volumes and market volatility.

SWOT

Strengths

  • A proprietary, scalable technology platform with low costs that allows fast expansion into new securities and markets 1.
  • Very broad reach, with trading on many exchanges and across several asset classes in many countries 1.
  • Strong growth in revenues and adjusted trading income in the second quarter of 2026 3.

Weaknesses

  • Revenues depend heavily on trading volumes and volatility, which are hard to predict 1.
  • Market making is concentrated in U.S. equities, which increases exposure to one market 1.
  • The company carries significant indebtedness, which may limit operating flexibility 1.

Opportunities

  • Expansion into new asset classes such as cryptocurrencies and ETFs could open new sources of revenue 1.
  • Growing demand for analytics and execution services could support the Execution Services segment 1.
  • Technology investment could add efficiency if it meets its objectives 1.

Threats

  • New regulation or transaction taxes could reduce activity and margins 1.
  • Technology failures or cyber attacks could cause financial losses and harm reputation 1.
  • Intense competition in market making could compress spreads and revenues 1.

Risks

  • Dependence on trading volumes and volatilityhigh

    Revenues could fall if volumes or volatility decline, a development outside the company's control 1.

  • Exposure to the U.S. equity markethigh

    Because market making is concentrated in U.S. equities, changes in that market could directly affect results 1.

  • Trading losses in market makingmedium

    The company may suffer losses on proprietary trades due to price moves or errors in its trading platforms 1.

  • Significant indebtednessmedium

    The level of debt could limit flexibility and put pressure on compliance with credit agreement covenants 1.

  • Regulatory and legal risksmedium

    Legislative changes, litigation or non-compliance could lead to sanctions and reputational damage 1.

Investment thesis

What would need to be true (bull case)

  • Higher revenues and adjusted trading income in the second quarter of 2026 show the business model can benefit from active markets 3.
  • Its proprietary technology platform and low costs let it expand into new markets without large additional costs 1.
  • Diversification across asset classes and countries could reduce dependence on any single market or activity 1.

What would break the thesis

  • Revenues are sensitive to trading volumes and volatility, which can drop sharply and are hard to anticipate 1.
  • Concentration in U.S. equity market making and the level of debt could amplify the effect of shocks in these areas 1.
  • Proposed transaction taxes and heightened regulatory attention could reduce market making margins 1.

What to watch

  • Trend in adjusted trading income and adjusted EBITDA marginQ3 2026
  • Level of total debt and available cashQ3 2026
  • Progress of proposed financial transaction tax legislation2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Virtu Financial, Inc. describes itself as a financial services firm that uses advanced technology to deliver liquidity to global markets and transparent trading solutions to its clients 1. It operates through two operating segments, Market Making and Execution Services, plus the non-operating Corporate segment 1. According to the filing, its products let clients trade on hundreds of venues in more than 50 countries across several asset classes 1.

Market context

Virtu is active in global markets for equities, ETFs, options, foreign exchange, futures, fixed income, commodities and cryptocurrencies, across many exchanges and platforms 1. Its revenues depend on trading volumes, volatility and retail participation, which change from one period to the next 1. The filing notes that its market making is concentrated in U.S. equities, so results are sensitive to that market 1.

Trends

  • Retail market participationmixed

    Revenues depend on the level of retail participation in the markets it serves, and a decline in that participation could reduce trading opportunities 1. The filing states that changes in these order flows can reduce revenues 1.

  • Market regulation and transaction taxesheadwind

    The filing mentions proposed legislation in the European Union and the U.S. that would impose taxes on certain financial transactions and could affect results 1. Heightened regulatory and media attention on market making and payment for order flow could change operating conditions 1.

  • Technology investment and growthmixed

    The company is pursuing a growth strategy that involves higher spending on technical infrastructure and personnel, and the benefits of these investments are uncertain 1. If the investments do not yield the expected returns, costs could weigh on margins 1.

Competitive position

The filing says Virtu faces substantial competition in market making and execution services, where the main factors are execution quality, costs and technology 1. The company says it stays competitive through low costs and a proprietary technology platform 1.

  • Other market makers and electronic liquidity providers

    The filing refers to competitors in market making and execution in general terms without naming them.

  • Alternative trading systems and exchanges

    The company trades on dozens of exchanges and ATSs, which may compete for order flow.

  • Brokers and investment banks

    The filing lists brokers and banks among its clients and also as possible competitors in execution.

  • Fixed income and currency trading platforms

    The filing lists several FICC and currency platforms on which it trades, reflecting a varied competitive field.

News & filings

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Virtu Financial, Inc. · 20 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Virtu Financial, Inc. · 31 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Virtu Financial, Inc. · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Virtu Financial, Inc. (VIRT): stock, results, valuation and forecast · olivLaw