What are the investment strengths of Virtus Investment Partners Inc (VRTS)?

P/E 7.6x and P/S 1.3x represent deep discount to industry (12.4x, 8.9x) for asset manager with 20.5% operating margin. EPS of $21.75 TTM supports $9/share dividend (41% payout) with 11.8% yield at current price - income play.

What are the investment risks for Virtus Investment Partners Inc (VRTS)?

Interest expense (162M) equals 91% of operating income - any revenue decline triggers covenant/dividend risk. 5Y revenue CAGR 6.8% trails industry median 10% while carrying 2.5B debt - growth doesn't justify leverage.

Virtus Investment Partners Inc

VRTS

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Virtus Investment Partners Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-15

Snapshot

Debt/equity of 2.74x with interest expense (162M TTM) consuming 91% of operating income (179M) - severe leverage constraint.[Debt to Equity]
P/E of 7.6x vs industry median 12.4x despite 20.5% operating margin vs median 12.5% - value trap or opportunity.[P/E Ratio]
Goodwill (397M) is 43% of equity (919M) - acquired growth strategy carries impairment risk in AUM downturn.[Goodwill]

Watch Triggers

Interest Expense TTM: Exceeds operating income — Would signal operating losses before debt service - dividend cut imminent
Free Cash Flow TTM: Falls below 60M — Currently 70M vs 62M dividend obligation - thin margin of safety
Goodwill: Impairment charge announced — 397M goodwill = 43% of equity; impairment would crater book value

Bull Case

P/E 7.6x and P/S 1.3x represent deep discount to industry (12.4x, 8.9x) for asset manager with 20.5% operating margin.

P/E RatioOperating Margin TTMP/S Ratio

EPS of $21.75 TTM supports $9/share dividend (41% payout) with 11.8% yield at current price - income play.

EPS TTMDividends Paid Per Share TTM

Bear Case

Interest expense (162M) equals 91% of operating income - any revenue decline triggers covenant/dividend risk.

Interest Expense TTMOperating Income TTMTotal Debt

5Y revenue CAGR 6.8% trails industry median 10% while carrying 2.5B debt - growth doesn't justify leverage.

Total Revenue 5Y GrowthTotal DebtEnterprise Value

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Interest burden will compress net margins if rates stay elevated, limiting capital return capacity.

1-3yhigh

Interest expense 162M vs 179M operating income TTM
Total debt 2.5B at 2.74x equity
FCF only 70M vs 62M dividend obligation

Interest expense/EBIT = 45% TTMNet margin 15.6% vs gross margin 52.8%Dividend payout ratio 5yr avg 33%

Valuation Context

Caveats

Public Strategies Rankings

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VRTS Fundamentals

Finance and Insurance → Securities, Commodity Contracts, and Other Financial Investments and Related Activities

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.16B		—
Enterprise Value	$3.22B		—
P/E Ratio	7.8		—
Total Revenue - TTM	$873.9M	-1.2%	—
Earnings Per Share (diluted) - TTM	$21.75	+31.3%	—
Operating Margin - TTM	20.5%	+1.7%	—
Net Margin - TTM	15.6%	+2.1%	—
Free Cash Flow - TTM	$69.57M	-34.3%	—
Return on Common Equity - TTM	0.15	+1.4%	—
Beta 5Y (Monthly)	unknown		—

VRTS Dividend History

48 dividends

2026

$2.4000

01/30/26$2.4000

2025

$9.1500

10/31/25$2.4000

07/31/25$2.2500

04/30/25$2.2500

01/31/25$2.2500

2024

$7.9500

10/31/24$2.2500

07/31/24$1.9000

04/29/24$1.9000

01/30/24$1.9000

2023

$6.8500

10/30/23$1.9000

07/28/23$1.6500

04/27/23$1.6500

01/30/23$1.6500

2022

$6.1500

10/28/22$1.6500

07/28/22$1.5000

04/28/22$1.5000

01/27/22$1.5000

2021

$3.9600

10/28/21$1.5000

07/29/21$0.8200

04/29/21$0.8200

01/28/21$0.8200

2020

$2.8302

12/30/20$0.0002

10/29/20$0.8200

07/30/20$0.6700

04/29/20$0.6700

01/30/20$0.6700

2019

$2.3200

10/30/19$0.6700

07/30/19$0.5500

04/29/19$0.5500

01/30/19$0.5500

2018

$1.9000

10/30/18$0.5500

07/30/18$0.4500

04/27/18$0.4500

01/30/18$0.4500

2017

$1.8000

10/30/17$0.4500

07/27/17$0.4500

04/26/17$0.4500

01/27/17$0.4500

2016

$1.8000

10/27/16$0.4500

07/27/16$0.4500

04/27/16$0.4500

01/27/16$0.4500

2015

$1.8000

10/28/15$0.4500

07/29/15$0.4500

04/28/15$0.4500

01/28/15$0.4500

2014

$0.9000

10/29/14$0.4500

07/29/14$0.4500

VRTS Stock Splits

No stock splits

VRTS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/07/25	09/30/25	10-Q	0000883237-25-000127
08/07/25	06/30/25	10-Q	0000883237-25-000114
05/09/25	03/31/25	10-Q	0000883237-25-000051
02/28/25	12/31/24	10-K	0000883237-25-000010
11/08/24	09/30/24	10-Q	0000883237-24-000122
08/08/24	06/30/24	10-Q	0000883237-24-000103
05/08/24	03/31/24	10-Q	0000883237-24-000050
02/28/24	12/31/23	10-K	0000883237-24-000025
11/08/23	09/30/23	10-Q	0000883237-23-000143
08/09/23	06/30/23	10-Q	0000883237-23-000124
05/09/23	03/31/23	10-Q	0000883237-23-000054
02/27/23	12/31/22	10-K	0000883237-23-000018
11/08/22	09/30/22	10-Q	0000883237-22-000246
08/09/22	06/30/22	10-Q	0000883237-22-000219
05/10/22	03/31/22	10-Q	0000883237-22-000183
02/25/22	12/31/21	10-K	0000883237-22-000056
11/09/21	09/30/21	10-Q	0000883237-21-000255
08/06/21	06/30/21	10-Q	0000883237-21-000221
05/06/21	03/31/21	10-Q	0000883237-21-000136
02/26/21	12/31/20	10-K	0000883237-21-000075
11/05/20	09/30/20	10-Q	0000883237-20-000138
08/06/20	06/30/20	10-Q	0000883237-20-000118
05/06/20	03/31/20	10-Q	0000883237-20-000090
02/27/20	12/31/19	10-K	0000883237-20-000059
11/06/19	09/30/19	10-Q	0000883237-19-000116
08/06/19	06/30/19	10-Q	0000883237-19-000082
05/06/19	03/31/19	10-Q	0000883237-19-000053
02/27/19	12/31/18	10-K	0000883237-19-000026
11/08/18	09/30/18	10-Q	0000883237-18-000099
08/08/18	06/30/18	10-Q	0000883237-18-000085
05/08/18	03/31/18	10-Q	0000883237-18-000054
02/27/18	12/31/17	10-K	0000883237-18-000026
11/06/17	09/30/17	10-Q	0000883237-17-000093
08/08/17	06/30/17	10-Q	0000883237-17-000083
05/08/17	03/31/17	10-Q	0000883237-17-000051
02/27/17	12/31/16	10-K	0000883237-17-000020
11/07/16	09/30/16	10-Q	0000883237-16-000027
08/09/16	06/30/16	10-Q	0000883237-16-000006
05/03/16	03/31/16	10-Q	0001628280-16-015375
02/24/16	12/31/15	10-K	0001628280-16-011648
10/30/15	09/30/15	10-Q	0001628280-15-008061
07/31/15	06/30/15	10-Q	0001193125-15-273068
05/11/15	03/31/15	10-Q	0001193125-15-180728
03/02/15	12/31/14	10-K	0001193125-15-072018
11/07/14	09/30/14	10-Q	0001193125-14-401383
07/29/14	06/30/14	10-Q	0001193125-14-284841
05/07/14	03/31/14	10-Q	0001193125-14-187630
02/24/14	12/31/13	10-K	0001193125-14-065148
11/04/13	09/30/13	10-Q	0001193125-13-425162
08/02/13	06/30/13	10-Q	0001193125-13-317403
05/07/13	03/31/13	10-Q	0001193125-13-204606
03/01/13	12/31/12	10-K	0001193125-13-087932
11/07/12	09/30/12	10-Q	0001193125-12-457831
08/07/12	06/30/12	10-Q	0001193125-12-339951
05/08/12	03/31/12	10-Q	0001193125-12-218352
03/01/12	12/31/11	10-K	0001193125-12-092136
11/04/11	09/30/11	10-Q	0001193125-11-297250
08/05/11	06/30/11	10-Q	0001193125-11-212318
05/05/11	03/31/11	10-Q	0001193125-11-128706
03/01/11	12/31/10	10-K	0001193125-11-050262
11/04/11	09/30/10	10-Q	0001193125-11-297250
08/06/10	06/30/10	10-Q	0001193125-10-181613
05/04/10	03/31/10	10-Q	0001193125-10-106743
03/08/10	12/31/09	10-K	0001193125-10-049192
11/04/09	09/30/09	10-Q	0001193125-09-223740
11/04/10	09/30/09	10-Q	0001193125-10-246444
08/13/09	06/30/09	10-Q	0001193125-09-174443
05/13/09	03/31/09	10-Q	0001193125-09-109946
04/10/09	12/31/08	10-K	0001193125-09-076817
11/04/09	09/30/08	10-Q	0001193125-09-223740
08/13/09	06/30/08	10-Q	0001193125-09-174443
05/13/09	03/31/08	10-Q	0001193125-09-109946
11/14/00	09/30/00	10-Q	0000883237-00-000019
08/15/00	06/30/00	10-Q	0000883237-00-000012
05/12/00	03/31/00	10-Q	0000883237-00-000008