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what it is
Virtus manages portfolios for individuals and institutions through several boutique investment teams.
how it gets paid
Last year Virtus Investment made $853M in revenue. Equity strategies was the main engine at $290M, or 34% of sales.
why growth slowed
Revenue fell 6.0% last year. The $645M print mattered because it was 198% higher than last year.
what just happened
$645M in revenue and $14.81 EPS made the quarter look enormous.
At a glance
B+ balance sheet — decent shape, but not bulletproof
55/100 earnings predictability — expect surprises
9.4x trailing p/e — the market's not buying it — or you found a deal
7.6% dividend yield — cash in your pocket every quarter
6.5% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
Virtus manages portfolios for individuals and institutions through several boutique investment teams.
You get 7 boutique managers under one roof, not one house view. That gives clients 7 different playbooks, from equity to fixed income. Leaving is painful when your money is tied to one platform with 805 employees and multiple brands.
How they make money
$853M
annual revenue · their business grew -6.0% last year
Equity strategies
$290M
3.0%
Fixed income strategies
$260M
9.0%
Alternatives and multi-asset
$145M
+4.0%
Institutional advisory and subadvisory
$95M
8.0%
Other distribution and services
$63M
0.0%
The products that matter
core fee stream
investment advisory fees
~$750M · 88% of revenue
this is the business. roughly $750M of annual revenue comes from charging fees on client assets, so AUM direction matters more than almost anything else.
88% of revenue
support and servicing fees
administrative & other fees
~$103M · 12% of revenue
it's the smaller piece at about $103M, but it still moves with the health of the broader platform.
secondary stream
boutique manager platform
multi-manager platform
$159.5B in assets
the platform houses more than a dozen boutique managers and monetizes $159.5B of client assets. That's the scale. The question is whether those assets keep staying put.
fee base
Key numbers
$853M
ttm revenue
Revenue fell 6.0% from last year. That means the fee engine is smaller, even with a 7.6% yield.
9.4x
forward p/e
You are paying 9.4x earnings for a business with a B+ balance sheet. That is cheap only if sales stop slipping.
7.6%
dividend yield
The payout looks rich because the stock price is low. The test is whether revenue keeps feeding it.
36%
debt ratio
Long-term debt is $485M, or 36% of capital. That limits room for mistakes.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $485M (36% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VRTS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
$645M in revenue and $14.81 EPS made the quarter look enormous.
Revenue rose 198% vs. prior year. EPS rose 218% vs. prior year. The catch is full-year revenue still fell 6.0% to $853M.
$645M
revenue
$14.81
eps
198%
revenue vs. last year
revenue jump
The $645M print mattered because it was 198% higher than last year, even while full-year revenue was still $853M.
source: EDGAR quarterly filing
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What could go wrong
the #1 risk is continued net outflows from actively managed funds.
high
fee base erosion
Assets under management fell to $159.5B, and advisory fees make up about $750M of annual revenue. That's roughly 88% of the business leaning on one moving number.
If AUM keeps falling, revenue pressure is not a side effect. It is the main event.
med
the dividend becomes the story
The stock yields 7.6% and pays $2.40 every quarter. Analysts also expect EPS of $16.89 versus the prior $19.97.
If earnings keep drifting down, investors will start treating the yield as a warning sign instead of a reward.
low
non-core earnings noise
Latest net income included ($0.40) per share of CLO expenses and ($0.26) of realized and unrealized losses.
That's about $0.66 per share of volatility clouding what the core business is actually earning.
all of its roughly $750M advisory fee revenue depends on client assets staying put, and the latest reported AUM was $159.5B.
source: institutional data · regulatory filings · risk analysis
Pay attention to
core metric
assets under management
$159.5B is the number that matters most. Stabilizing AUM would support the whole recovery case. More shrinkage keeps the pressure on fees.
earnings
q1 2026 earnings report
Estimated for April 24, 2026. You want to see whether revenue declines are slowing and whether management sounds more confident on flows.
income risk
dividend pressure
The stock yields 7.6% with a $2.40 quarterly dividend. If EPS keeps slipping from the current $16.89 estimate path, the yield stops looking comfortable.
strategic move
keystone acquisition close
Management expects the majority-interest Keystone National Group deal to close in Q2 2026. Watch whether it adds distribution value or just adds another moving part.
Analyst rankings
earnings predictability
55 / 100
In human-speak: analysts do not view this as a clean, steady compounding story. Expect revisions when flows or markets move.
risk rank
3
That points to middle-of-the-pack safety. Not fragile, not exactly defensive either.
source: institutional data
Institutional activity
institutional ownership data for VRTS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$167
current price
n/a
target midpoint · n/a from current
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