| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 10.1x | 17.8x | Top tier | |
Growth | 54 | 20.8% | 7.1% | Around median | |
Quality | 98 | — | — | Top tier | |
Safety | 13 | — | — | Bottom tier | |
Capital Return | 13 | 0.39% | 2.12% | Bottom tier | |
Momentum | 92 | 35.1% | 2.9% | Top tier | |
Sentiment | 43 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Virtu Financial operates in the liquidity provision and electronic trading industry through two operating segments: Market Making and Virtu Execution Services. The company generates income by pricing electronically traded instruments, providing liquidity, and executing client transactions; Virtu Execution Services serves institutions, while the company also acts as a wholesaler for hundreds of brokers serving retail investors, without having direct retail clients. The areas of activity highlighted by management include global equities, cryptocurrencies, options, large-block ETFs, and perpetual futures.
In Q2 fiscal 2026, Virtu recorded GAAP revenue of $1.2 billion, net income of $150.9 million, and earnings per share of $1.63. Adjusted net trading income totaled $718 million, averaging $11.6 million per day; Market Making contributed approximately $9.4 million per day, or about 81% of the average, compared with $2.2 million per day for Execution Services, or about 19%. The company also generated adjusted EBITDA of $437 million and an adjusted margin of 61%, while adjusted earnings per share were $1.82.
During the twelve months ended June 30, 2026, Virtu recorded all-time highs on a trailing basis, including average adjusted net trading income of $10.4 million per day, adjusted EBITDA of $1.7 billion, and adjusted earnings per share of $6.96. Invested capital totaled $2.9 billion as of June 30, 2026, with an average return of 106% over the prior year, while total trading capital increased to $3.4 billion from $2 billion a year earlier.
The average analyst price target is $63.33, within a range of $57 to $70, against a Neutral consensus; the average is a limited distance from the 52-week range high of $68.7599, while the highest target is slightly above that high. No usable price-to-earnings ratio is available in the data, so the targets should be weighed against earnings' dependence on volatility and trading volumes, as well as the decline in net income and earnings per share between Q1 and Q2 fiscal 2026 despite record levels on a twelve-month basis.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Virtu generates income primarily through Market Making and Execution Services in electronic markets. Average adjusted net trading income in Q2 fiscal 2026 was approximately $11.6 million per day, including $9.4 million from Market Making and $2.2 million from Execution Services. Virtu Execution Services serves institutional clients, while the company acts as a wholesaler for hundreds of retail brokers without providing services directly to retail clients. The markets highlighted by management include global equities, cryptocurrencies, options, and large-block ETFs.
Virtu recorded GAAP revenue of $1.2 billion and net income of $150.9 million in Q2 fiscal 2026. GAAP earnings per share were approximately $1.63, compared with adjusted earnings per share of $1.82. The company also generated adjusted EBITDA of $437 million and an adjusted margin of 61%. Adjusted net trading income totaled $718 million during the quarter, averaging $11.6 million per day.
Virtu increased total trading capital from $2 billion to $3.4 billion during the twelve months through July 2026 to expand its ability to capitalize on opportunities across markets. Funding included retained earnings and a $500 million increase in the term loan during early July 2026. Invested capital was $2.9 billion as of June 30, 2026 and generated an average return of 106% during the prior year. Management said on the July 30, 2026 call that additional growth over the near to medium term would depend primarily on free cash flow.
Automated analysis for informational purposes only — not investment advice.
Management stated that global equities, across retail and proprietary trading activities, were among the strongest areas in Q2 fiscal 2026. Cryptocurrencies, options, and large-block ETFs also continued to grow, while Virtu is preparing to price and trade perpetual futures as their liquidity develops. Execution Services generated more than $2 million per day in adjusted net trading income for three consecutive quarters through Q2 fiscal 2026. Management does not view perpetuals as a separate asset class, but rather as an evolution of existing products around which the company can provide liquidity.
The primary risk is trading income's sensitivity to trading volumes, volatility, and market opportunities, factors that management described on July 30, 2026 as a key determinant of performance. Net income also declined from $182.3 million in Q1 fiscal 2026 to $150.9 million in Q2 fiscal 2026, while earnings per share fell from $1.99 to $1.63. The $500 million increase in the term loan adds financial risk, although the debt-to-EBITDA ratio remained at 1.5 times. The strong hiring plan and the 23% cash compensation ratio during the first half of fiscal 2026 could also pressure earnings in a weaker trading environment.
The analyst consensus on VIRT is Neutral, with an average price target of $63.33. Targets range from $57 to $70, and the average is close to the 52-week range high of $68.7599. The data do not provide an available price-to-earnings ratio for comparison, so a reliable judgment cannot be based on that multiple. The target range reflects differing assessments of the balance between record trailing earnings through June 30, 2026 and the business's sensitivity to the trading environment.
