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Side-by-side financial comparison of Donnelley Financial Solutions, Inc. (DFIN) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $172.5M, roughly 1.2× Donnelley Financial Solutions, Inc.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs 3.6%, a 12.7% gap on every dollar of revenue. On growth, Donnelley Financial Solutions, Inc. posted the faster year-over-year revenue change (10.4% vs -10.9%). Donnelley Financial Solutions, Inc. produced more free cash flow last quarter ($47.9M vs $-74.1M). Over the past eight quarters, VIRTUS INVESTMENT PARTNERS, INC.'s revenue compounded faster (-3.2% CAGR vs -7.9%).
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
DFIN vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.5M | $208.0M |
| Net Profit | $6.2M | $33.9M |
| Gross Margin | — | — |
| Operating Margin | 8.3% | 19.1% |
| Net Margin | 3.6% | 16.3% |
| Revenue YoY | 10.4% | -10.9% |
| Net Profit YoY | -1.6% | -14.2% |
| EPS (diluted) | $0.31 | $5.15 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $172.5M | $208.0M | ||
| Q3 25 | $175.3M | $216.4M | ||
| Q2 25 | $218.1M | $210.5M | ||
| Q1 25 | $201.1M | $217.9M | ||
| Q4 24 | $156.3M | $233.5M | ||
| Q3 24 | $179.5M | $227.0M | ||
| Q2 24 | $242.7M | $224.4M | ||
| Q1 24 | $203.4M | $222.0M |
| Q4 25 | $6.2M | $33.9M | ||
| Q3 25 | $-40.9M | $31.3M | ||
| Q2 25 | $36.1M | $42.7M | ||
| Q1 25 | $31.0M | $28.1M | ||
| Q4 24 | $6.3M | $39.5M | ||
| Q3 24 | $8.7M | $49.1M | ||
| Q2 24 | $44.1M | $26.0M | ||
| Q1 24 | $33.3M | $37.9M |
| Q4 25 | 8.3% | 19.1% | ||
| Q3 25 | 16.1% | 21.7% | ||
| Q2 25 | 24.2% | 21.5% | ||
| Q1 25 | 22.8% | 16.8% | ||
| Q4 24 | 6.0% | 21.7% | ||
| Q3 24 | 10.1% | 24.3% | ||
| Q2 24 | 26.6% | 19.7% | ||
| Q1 24 | 21.9% | 14.5% |
| Q4 25 | 3.6% | 16.3% | ||
| Q3 25 | -23.3% | 14.5% | ||
| Q2 25 | 16.6% | 20.3% | ||
| Q1 25 | 15.4% | 12.9% | ||
| Q4 24 | 4.0% | 16.9% | ||
| Q3 24 | 4.8% | 21.6% | ||
| Q2 24 | 18.2% | 11.6% | ||
| Q1 24 | 16.4% | 17.1% |
| Q4 25 | $0.31 | $5.15 | ||
| Q3 25 | $-1.49 | $4.65 | ||
| Q2 25 | $1.28 | $6.12 | ||
| Q1 25 | $1.05 | $4.05 | ||
| Q4 24 | $0.21 | $4.65 | ||
| Q3 24 | $0.29 | $5.71 | ||
| Q2 24 | $1.47 | $2.43 | ||
| Q1 24 | $1.09 | $4.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.5M | — |
| Total DebtLower is stronger | $171.3M | $390.0M |
| Stockholders' EquityBook value | $379.2M | $934.0M |
| Total Assets | $800.4M | $4.3B |
| Debt / EquityLower = less leverage | 0.45× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.5M | — | ||
| Q3 25 | $22.7M | — | ||
| Q2 25 | $33.8M | — | ||
| Q1 25 | $16.2M | — | ||
| Q4 24 | $57.3M | — | ||
| Q3 24 | $33.6M | — | ||
| Q2 24 | $35.0M | — | ||
| Q1 24 | $43.7M | — |
| Q4 25 | $171.3M | $390.0M | ||
| Q3 25 | $154.7M | $390.6M | ||
| Q2 25 | $190.1M | $231.3M | ||
| Q1 25 | $189.5M | $231.7M | ||
| Q4 24 | $124.7M | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
| Q4 25 | $379.2M | $934.0M | ||
| Q3 25 | $423.1M | $918.7M | ||
| Q2 25 | $432.1M | $896.4M | ||
| Q1 25 | $419.9M | $893.7M | ||
| Q4 24 | $436.1M | $897.5M | ||
| Q3 24 | $444.5M | $889.0M | ||
| Q2 24 | $441.5M | $868.7M | ||
| Q1 24 | $408.9M | $871.7M |
| Q4 25 | $800.4M | $4.3B | ||
| Q3 25 | $816.3M | $3.9B | ||
| Q2 25 | $874.7M | $3.7B | ||
| Q1 25 | $852.8M | $3.7B | ||
| Q4 24 | $841.6M | $4.0B | ||
| Q3 24 | $843.6M | $3.6B | ||
| Q2 24 | $882.9M | $3.6B | ||
| Q1 24 | $867.8M | $3.5B |
| Q4 25 | 0.45× | 0.42× | ||
| Q3 25 | 0.37× | 0.43× | ||
| Q2 25 | 0.44× | 0.26× | ||
| Q1 25 | 0.45× | 0.26× | ||
| Q4 24 | 0.29× | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $59.8M | $-67.2M |
| Free Cash FlowOCF − Capex | $47.9M | $-74.1M |
| FCF MarginFCF / Revenue | 27.8% | -35.6% |
| Capex IntensityCapex / Revenue | 6.9% | 3.3% |
| Cash ConversionOCF / Net Profit | 9.65× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $107.8M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.8M | $-67.2M | ||
| Q3 25 | $74.4M | $108.3M | ||
| Q2 25 | $68.4M | $75.8M | ||
| Q1 25 | $-37.7M | $-3.8M | ||
| Q4 24 | $56.4M | $1.8M | ||
| Q3 24 | $86.4M | $69.1M | ||
| Q2 24 | $56.2M | $70.0M | ||
| Q1 24 | $-27.9M | $-34.5M |
| Q4 25 | $47.9M | $-74.1M | ||
| Q3 25 | $59.2M | $106.9M | ||
| Q2 25 | $51.7M | $74.2M | ||
| Q1 25 | $-51.0M | $-6.8M | ||
| Q4 24 | $41.3M | $-3.8M | ||
| Q3 24 | $67.3M | $68.7M | ||
| Q2 24 | $36.8M | $68.6M | ||
| Q1 24 | $-40.2M | $-36.5M |
| Q4 25 | 27.8% | -35.6% | ||
| Q3 25 | 33.8% | 49.4% | ||
| Q2 25 | 23.7% | 35.2% | ||
| Q1 25 | -25.4% | -3.1% | ||
| Q4 24 | 26.4% | -1.6% | ||
| Q3 24 | 37.5% | 30.3% | ||
| Q2 24 | 15.2% | 30.6% | ||
| Q1 24 | -19.8% | -16.4% |
| Q4 25 | 6.9% | 3.3% | ||
| Q3 25 | 8.7% | 0.7% | ||
| Q2 25 | 7.7% | 0.7% | ||
| Q1 25 | 6.6% | 1.4% | ||
| Q4 24 | 9.7% | 2.4% | ||
| Q3 24 | 10.6% | 0.2% | ||
| Q2 24 | 8.0% | 0.6% | ||
| Q1 24 | 6.0% | 0.9% |
| Q4 25 | 9.65× | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | 1.89× | 1.77× | ||
| Q1 25 | -1.22× | -0.13× | ||
| Q4 24 | 8.95× | 0.04× | ||
| Q3 24 | 9.93× | 1.41× | ||
| Q2 24 | 1.27× | 2.69× | ||
| Q1 24 | -0.84× | -0.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
