The business behind the dividend
| Measure | VIRT | Median | Formula |
|---|---|---|---|
| Return on equity | 29.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $465.26m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $495.58m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 75.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 29.6% | 22.0% | 11.8% | 19.8% | 30.8% | 44.2% | -6.3% | 27.5% | 0.4% | 22.6% | 22.0% |
| Operating margin | — | — | 71.4% | — | — | — | -23.3% | — | 97.1% | — | 71.4% |
| Net margin | 75.9% | 53.5% | 31.2% | 50.0% | 77.6% | — | -11.8% | — | 2.5% | — | 50.0% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Virtu Financial pays out less than 367 of them. The median for that group is 30.6%, against this company’s 4.7%.
Closest on GAAP earnings
- Metropolitan Bank Holding (MCB) 4.5%
- Northpointe Bancshares (NPB) 4.7%
- First Citizens Bancshares (FCNCA) 4.8%
- California BanCorp \ CA (BCAL) 5.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →