The virial equation of state (VEOS) provides a rigorous bridge between molecular interactions and thermodynamic properties. The past decade has seen renewed interest in the VEOS due to advances in theory, algorithms, computing power, and quality of molecular models. Now, with the emergence of increasingly accurate first-principles computational chemistry methods, and machine-learning techniques to generate potential-energy surfaces from them, VEOS is poised to play a larger role in modeling and computing properties. Its scope of application is limited to where the density series converges, but this still admits a useful range of conditions and applications, and there is potential to expand this range further. Recent applications have shown that for simple molecules, VEOS can provide first-principles thermodynamic property data that are competitive in quality with experiment. Moreover, VEOS provides a focused and actionable test of molecular models and first-principles calculations via comparison to experiment. This Perspective presents an overview of recent advances and suggests areas of focus for further progress.