Discounted Cash Flow

Virtu Financial, Inc.

VIRT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $702.3m $33.0m $227.7m 4.7% $0.83
2017 $1.0b (46.4%) $2.9m (-91.1%) $271.6m (19.3%) 0.3% (-93.9%) $0.03 (-96.4%)
2018 $184.3m (-82.1%) $289.4m (9748.3%) $688.1m (153.3%) 157.0% (54819.8%) $2.82 (9300.0%)
2019 $498.5m (170.4%) $-58.6m (-120.2%) $159.5m (-76.8%) -11.8% (-107.5%) $-0.53 (-118.8%)
2020 $600.5m (20.5%) $649.2m (1207.9%) $1.0b (547.2%) 108.1% (1019.8%) $5.19 (1079.2%)
2021 $614.5m (2.3%) $476.9m (-26.5%) $1.1b (11.2%) 77.6% (-28.2%) $3.95 (-23.9%)
2022 $529.8m (-13.8%) $265.0m (-44.4%) $679.6m (-40.8%) 50.0% (-35.5%) $2.45 (-38.0%)
2023 $455.6m (-14.0%) $142.0m (-46.4%) $454.0m (-33.2%) 31.2% (-37.7%) $1.42 (-42.0%)
2024 $516.8m (13.4%) $276.4m (94.6%) $586.6m (29.2%) 53.5% (71.6%) $2.98 (109.9%)
2025 $617.0m (19.4%) $468.4m (69.4%) $495.6m (-15.5%) 75.9% (41.9%) $5.14 (72.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model