At a glance
Virtus Investment Partners, Inc. is worth $815.1M, about 6 times its fiscal 2025 earnings. Revenue fell 6.0% to $852.9M in fiscal 2025, with 16.2% kept as profit; over 5 years it has grown 7.1% a year. It pays a 7.8% dividend yield, raised every year for at least 8 years, and returned $550.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −22.6% over the past year with dividends reinvested and −13.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.3% in the 2020 crash (S&P 500: 33.7%) and 49.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Virtus Investment Partners is an asset manager for individuals and institutions. Rather than using one house style, it owns a group of investment firms. Each firm keeps its own brand and process, and Virtus gives them shared sales, business and operations support. As of December 31, 2025, the largest by assets was Kayne Anderson Rudnick, which picks quality-focused stocks. Others include Sustainable Growth Advisers, Newfleet Asset Management, Duff & Phelps Investment Management and Seix Investment Advisors. Outside firms such as Voya Investment Management run some of its funds.
Virtus earns most of its money from fees set as a percentage of the assets it manages. It offers mutual funds and ETFs, closed-end funds listed on the New York Stock Exchange, and managed accounts sold through financial advisers. It also manages money for pension plans, foundations and endowments. It manages collateralized loan obligations, which are pools of business loans packaged as securities. It also gives wealth advice to wealthy clients.
In the year ended December 31, 2025, revenue was $852.9 million. Open-end funds supplied 33.6% of it, retail separate accounts 24.6% and institutional accounts 19.6%. Administration and shareholder service fees added 8.6%, closed-end funds 7.2%, and distribution and service fees 5.8%. Because fees track asset values, revenue rises and falls with markets and client flows.
Price history
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VRTS -22.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Open-end funds | $286.6M | 33.6% |
| Retail separate accounts | $209.5M | 24.6% |
| Institutional accounts | $167.6M | 19.6% |
| Administration and shareholder service fees | $73.3M | 8.6% |
| Closed-end funds | $61.3M | 7.2% |
| Distribution and service fees | $49.6M | 5.8% |
| Other income and fees | $5.0M | 0.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $201.4M, down 4.4% from a year earlier, and net income was $45.3M (+6.9%).
- For fiscal 2025, revenue was $852.9M (-6.0% year over year; +7.1% a year from FY2020 to FY2025) with a 16.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.1% good |
|---|---|
| Operating margin | 19.8% good |
| Free cash flow margin | -8.7% weak |
| Return on equity (FY2025) | 14.8% watch |
| Return on assets (FY2025) | 3.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $603.9M | $80.0M | $-227.1M |
| FY2021 | $979.2M | $208.1M | $659.9M |
| FY2022 | $886.4M | $117.5M | $126.1M |
| FY2023 | $845.3M | $130.6M | $228.3M |
| FY2024 | $906.9M | $121.7M | $-3.8M |
| FY2025 | $852.9M | $138.4M | $-74.1M |
Valuation snapshot
| Market value | $815.1M |
|---|---|
| P/E ratio | 6.2 |
| Dividend yield | 7.8% |
Rank among 1514 US companies
Market value at each year end
Virtus Investment Partners’s market value went from $695.1M at the end of 2016 to $815.1M on Oct 28, 2026, up 17%; since the end of 2025 it is down 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $815.1M | -26.0% |
| 2025 | $1.10B | -28.8% |
| 2024 | $1.55B | -10.9% |
| 2023 | $1.74B | +25.5% |
| 2022 | $1.38B | -38.6% |
| 2021 | $2.25B | +36.5% |
| 2020 | $1.65B | +97.3% |
| 2019 | $837.2M | +47.5% |
| 2018 | $567.7M | -31.1% |
| 2017 | $823.5M | +18.5% |
| 2016 | $695.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VRTS price data to Oct 28, 2026 | -21.0% | -22.6% | -6.5% | -13.6% | +4.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.0% |
| 2025 | -22.1% |
| 2024 | -5.5% |
| 2023 | +30.9% |
| 2022 | -33.5% |
| 2021 | +38.9% |
| 2020 | +82.5% |
| 2019 | +56.6% |
| 2018 | -29.8% |
| 2017 | -1.0% |
| 2016 | +2.7% |
| 2015 | -30.1% |
| 2014 | -14.4% |
| 2013 | +65.4% |
| 2012 | +59.1% |
| 2011 | +67.5% |
| 2010 | +185.3% |
| 2009 | +51.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.2% over that stretch · deepest drop along the way 58.3%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48% over that stretch · deepest drop along the way 49.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (18 read): 3 open-market purchases ($524K) and 15 sales ($4.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Michael A Angerthal EVP, CFO & Treasurer | sell | $765K |
| Jun 16, 2026 | Barry M. Mandinach EVP, Head of Distribution | sell | $651K |
| Aug 3, 2026 | Michael A Angerthal EVP, CFO & Treasurer | sell | $459K |
| Aug 3, 2026 | Michael A Angerthal EVP, CFO & Treasurer | sell | $445K |
| Aug 3, 2026 | Michael A Angerthal EVP, CFO & Treasurer | sell | $388K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Sep 30, 2026 |
| STATE STREET CORPORATION | 6.6% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.74% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 5.6% | Sep 30, 2026 |
| Victory Capital Management, Inc. | 5.03% | Jun 30, 2026 |
ETFs with the most weight in VRTS
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.04% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.84% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.73% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.66% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.51% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.49% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.45% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.33% |
What could go wrong
- Weak performance can drive clients away. Client flows follow how strategies perform against benchmarks and rivals. Advisers may drop products from recommended lists. Kayne Anderson Rudnick, the largest affiliate by assets as of December 31, 2025, carries the most weight.
- Fees shrink when assets fall. Nearly all revenue comes from fees tied to assets under management. Market drops or client withdrawals cut fees, while many costs stay fixed. Revenue fell 6% in fiscal 2025.
- Acquisitions may not deliver. Virtus has grown through acquisitions and keeps looking for more, including a minority stake in Crescent Cove Advisors in December 2025. Deals can underperform, lose staff or carry hidden liabilities.
- Clients can leave on short notice. Fund boards, managed-account sponsors and institutional clients can end or renegotiate contracts quickly and without penalty, so assets and fee rates can drop with little warning.
- Debt and its own investments add risk. Debt was $418.6 million as of June 30, 2026, with covenants (lender-imposed limits) and required repayments. Virtus also invests its own capital in securities, so market swings can hit earnings directly.
- Fee pressure and dependence on distributors. Competition may force fee cuts or bigger payments to the brokers and platforms that sell Virtus products. Losing a key distribution partner, or an outside subadviser such as Voya, could cut revenue.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Virtus has raised its regular dividend for 8 straight years. Dividends per share grew from $2.98 in fiscal 2020 to $9.30 in fiscal 2025, about 25.6% a year, and used 46.7% of fiscal 2025 earnings. But free cash flow (cash left after running and investing in the business) was negative in fiscal 2024 and 2025, so it did not cover the dividend. The yield was 7.8% as of October 28, 2026, lifted partly by a 22.6% one-year share price drop. Buybacks totaled $297.4 million over fiscal 2021 to 2025, and the share count fell 12.7% from October 2021 to July 2026.
In the 2020 COVID crash the shares fell 58.3% but regained their prior peak by July 27, 2020, about four months later. In the 2022 bear market they dropped 49.1% between January 4 and October 12, 2022, and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Virtus Investment Partners make money?
Virtus makes money mainly by charging fees based on the assets it manages. In the year ended December 31, 2025, revenue was $852.9 million. Open-end funds such as mutual funds and ETFs supplied 33.6%. Retail separate accounts sold through financial advisers supplied 24.6%, and institutional accounts for pensions and endowments 19.6%. Administration and shareholder service fees added 8.6%, closed-end funds 7.2%, and distribution and service fees 5.8%. When markets fall or clients pull money out, these fees shrink.
Does Virtus raise its dividend every year?
So far, yes. Virtus has raised its regular dividend for 8 years in a row. The dividend per share grew from $2.98 in fiscal 2020 to $9.30 in fiscal 2025, about 25.6% a year. That payout used 46.7% of fiscal 2025 earnings. The yield was 7.8% as of October 28, 2026, partly because the share price has fallen. Revenue fell 6% in fiscal 2025, and dividends are never guaranteed.
How has VRTS stock performed?
VRTS has lost ground over most periods. As of October 28, 2026, the share price was down 22.6% over one year and 52% in total over five years, though it was up 48% over ten years. The stock fell about 58% in the 2020 COVID crash and about 49% in the 2022 bear market. It had not regained its early-2022 peak by October 28, 2026. On that date it traded at 6.2 times fiscal 2025 earnings.
How much debt does Virtus Investment Partners have?
Virtus had $418.6 million of debt as of June 30, 2026, against $286.9 million of cash and investments. That left net debt of about $131.7 million, alongside $945.3 million of shareholder equity. Its loan agreements include covenants and required repayments. Virtus also buys back its own shares. It spent about $297.4 million on buybacks from fiscal 2021 to fiscal 2025, and the share count fell 12.7% between October 22, 2021 and July 30, 2026.
Who owns the most Virtus stock?
BlackRock is the largest reported holder, with 15.1% as of September 30, 2026. Dimensional Fund Advisors reported 5.6% on the same date. Vanguard Portfolio Management reported 7.32% and State Street 6.6% as of March 31, 2026, and Victory Capital Management 5.03% as of June 30, 2026. Insiders mostly sold between October 29, 2025 and October 29, 2026. They made 15 sales worth about $4.3 million and 3 purchases worth about $524,000. CFO Michael A. Angerthal made the largest sale.