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VIRT (Virtu Financial) Beneish M-Score : -2.23 (As of Jul. 07, 2025)


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What is Virtu Financial Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Virtu Financial's Beneish M-Score or its related term are showing as below:

VIRT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -2.51   Max: -0.88
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Virtu Financial was -0.88. The lowest was -3.60. And the median was -2.51.


Virtu Financial Beneish M-Score Historical Data

The historical data trend for Virtu Financial's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Virtu Financial Beneish M-Score Chart

Virtu Financial Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.02 -3.09 -2.61 -2.87 -2.17

Virtu Financial Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.47 -2.90 -2.80 -2.17 -2.23

Competitive Comparison of Virtu Financial's Beneish M-Score

For the Capital Markets subindustry, Virtu Financial's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Virtu Financial's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Virtu Financial's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Virtu Financial's Beneish M-Score falls into.


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Virtu Financial Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Virtu Financial for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.111+0.528 * 1.0128+0.404 * 0.9892+0.892 * 1.3265+0.115 * 0.9457
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7731+4.679 * -0.038315-0.327 * 0.9931
=-2.23

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $2,047 Mil.
Revenue was 837.869 + 834.285 + 706.84 + 692.985 = $3,072 Mil.
Gross Profit was 496.638 + 506.552 + 422.449 + 436.482 = $1,862 Mil.
Total Current Assets was $2,823 Mil.
Total Assets was $17,548 Mil.
Property, Plant and Equipment(Net PPE) was $256 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $238 Mil.
Total Current Liabilities was $1,624 Mil.
Long-Term Debt & Capital Lease Obligation was $7,735 Mil.
Net Income was 99.681 + 94.06 + 59.952 + 66.586 = $320 Mil.
Non Operating Income was -0.348 + -16.223 + -0.086 + -0.076 = $-17 Mil.
Cash Flow from Operations was 14.964 + 391.482 + 112.101 + 490.822 = $1,009 Mil.
Total Receivables was $1,389 Mil.
Revenue was 642.839 + 535.977 + 630.164 + 506.854 = $2,316 Mil.
Gross Profit was 402.217 + 321.032 + 409.698 + 288.826 = $1,422 Mil.
Total Current Assets was $1,818 Mil.
Total Assets was $12,790 Mil.
Property, Plant and Equipment(Net PPE) was $310 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $232 Mil.
Total Current Liabilities was $1,207 Mil.
Long-Term Debt & Capital Lease Obligation was $5,662 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2047.236 / 3071.979) / (1389.084 / 2315.834)
=0.666423 / 0.59982
=1.111

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1421.773 / 2315.834) / (1862.121 / 3071.979)
=0.613936 / 0.606163
=1.0128

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (2822.823 + 256.045) / 17548.214) / (1 - (1818.49 + 310.125) / 12789.715)
=0.824548 / 0.833568
=0.9892

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3071.979 / 2315.834
=1.3265

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(126.661 / (126.661 + 310.125)) / (113.239 / (113.239 + 256.045))
=0.289984 / 0.306645
=0.9457

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(238.067 / 3071.979) / (232.13 / 2315.834)
=0.077496 / 0.100236
=0.7731

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((7735.027 + 1623.856) / 17548.214) / ((5661.782 + 1206.547) / 12789.715)
=0.533324 / 0.53702
=0.9931

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(320.279 - -16.733 - 1009.369) / 17548.214
=-0.038315

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Virtu Financial has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.


Virtu Financial Beneish M-Score Related Terms

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Virtu Financial Business Description

Traded in Other Exchanges
Address
1633 Broadway, New York, NY, USA, 10019
Virtu Financial Inc is a financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The company's operating segment includes Market Making; and Execution Services. The non-operating segment of the company includes the Corporate segment. The company generates maximum revenue from the market-making segment. The Market Making segment principally consists of market-making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. Geographically, it derives a majority of its revenue from the United States and also has a presence in Ireland and Other Countries.
Executives
John Nixon director 900 THIRD AVENUE, NEW YORK NY 10022-1010
Douglas A Cifu director, officer: CEO ONE LIBERTY PLAZA, 165 BROADWAY, NEW YORK NY 10006
Stephen Cavoli officer: EVP 300 VESEY STREET, NEW YORK NY 10282
Brett Fairclough officer: COO ONE LIBERTY PLAZA, 165 BROADWAY, NEW YORK NY 10006
Virginia Gambale director C/O JETBLUE AIRWAYS CORP., 27-01 QUEENS PLAZA NORTH, LONG ISLAND CITY NY 11101
Joseph Molluso officer: EX VP & CFO 645 MADISON AVENUE, NEW YORK NY 10022-1010
Joanne Minieri director 100 VENTERANS MEMORIAL HIGHWAY, 11TH FL, HAUPPAUGE NY 11788
Gic Private Ltd 10 percent owner 168 ROBINSON ROAD, #37-01 CAPITAL TOWER, SINGAPORE U0 068912
Coral Blue Investment Pte. Ltd. 10 percent owner 168 ROBINSON ROAD 37-01 CAPITAL TOWER, SINGAPORE U0 068912
North Island Ventures, Llc 10 percent owner 51 WEST 52ND STREET, 30TH FLOOR, NEW YORK NY 10019
Sean Galvin officer: CFO 545 WASHINGTON BOULEVARD, JERSEY CITY NJ 07310
Public Sector Pension Investment Board 10 percent owner 1250 RENE-LEVESQUE BLVD WEST, SUITE 1400, MONTREAL A8 H3B 5E9
Temasek Holdings (private) Ltd 10 percent owner 60B ORCHARD ROAD #06-18 TOWER 2, THE ATRIUM@ORCHARD, SINGAPORE U0 238891
Joseph C. Grano director 1185 AVENUE OF THE AMERICAS, SUITE 1750, NEW YORK NY 10036
Alexander M. Ioffe officer: CFO ONE LIBERTY PLAZA, 165 BROADWAY, NEW YORK NY 10006