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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.
Warning Sign:
Beneish M-Score -1.59 higher than -1.78, which implies that the company might have manipulated its financial results.
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: -2.43 Max: -0.88
Current: -1.59
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 -2.43.
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.
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 Beneish M-Score vs 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.
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 * 1.7171
+
0.528 * 0.955
+
0.404 * 0.9543
+
0.892 * 1.2076
+
0.115 * 1.1915
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9122
+
4.679 * -0.00044
-
0.327 * 0.8349
=
-1.59
* 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.
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.
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))
=
(112.409 / (112.409 + 248.993))
/
(114.814 / (114.814 + 325.02))
=
0.311036
/
0.261039
=
1.1915
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
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
=
(550.701 - 5.165
-
557.616)
/
27477.122
=
-0.00044
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 -1.59 signals that the company is likely to be a manipulator.
Virtu Financial (VIRT) has a Beneish M-Score of -1.59 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Virtu Financial and its competitors. According to the industry distribution chart, Virtu Financial ranks #483 out of 705 companies in the Capital Markets industry, placing it in the top 68.5%.
Is Virtu Financial's Beneish M-Score too high?
Virtu Financial's current Beneish M-Score is -1.59. Based on the distribution chart, Virtu Financial ranks #483 out of 705 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Virtu Financial has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Virtu Financial's Beneish M-Score compare to PIPR and MC?
According to the Capital Markets industry distribution chart, Virtu Financial ranks #483 out of 705 companies for Beneish M-Score. This places Virtu Financial in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Virtu Financial and its competitors. Virtu Financial's current Beneish M-Score is -1.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Virtu Financial stock overvalued right now?
Based on GuruFocus' analysis, Virtu Financial (VIRT) is currently considered Significantly Overvalued. The stock's GF Value™ is $45.24, compared to a current price of $61.19 — trading 35.3% above its estimated fair value. The current Beneish M-Score is -1.59. Virtu Financial's overall GF Score™ is 80/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Virtu Financial (VIRT), the current Beneish M-Score is -1.59 as of Aug. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Virtu Financial (VIRT) Overvalued in 2026?
Based on GuruFocus' analysis, Virtu Financial stock appears to be overvalued.
The current stock price of $61.19 is trading 35.3% above its estimated GF Value™ of $45.24.
GuruFocus considers Virtu Financial to be Significantly Overvalued.
Key valuation signals for VIRT:
Beneish M-Score: -1.59
GF Value™: $45.24 vs. price of $61.19 (35.3% above fair value)
No single metric tells the full story. See the VIRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Virtu Financial Inc is a financial firm that leverages technology to deliver liquidity to the world-wide markets and 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.
80GF Score
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