A Business at a Glance
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Victory Capital Holdings, Inc.
VCTR
$6.4B
Mkt Cap
$97.20
+0.74%
Victory Capital Holdings, Inc. (VCTR) has a current P/E ratio of 23.8, compared to its historical median P/E of 9.7. The stock is currently considered Expensive based on its historical valuation range.
Victory Capital Holdings, Inc. (VCTR) has a 5-year average return on invested capital (ROIC) of 12.7%. This indicates solid capital allocation.
Victory Capital Holdings, Inc. (VCTR) has a market capitalization of $6.1B. It is classified as a mid-cap stock.
Yes, Victory Capital Holdings, Inc. (VCTR) pays a dividend with a trailing twelve-month yield of 2.77%. The company also returns capital through share buybacks, with a buyback yield of 5.30%.
Based on historical P/E analysis, Victory Capital Holdings, Inc. (VCTR) appears expensive. The current P/E of 23.8 is 147% above its historical median of 9.7. The estimated fair value CAGR (P/E method) is 18.7%.
Victory Capital Holdings, Inc. (VCTR) operates in the Investment Advice industry, within the Financials sector.
We are a diversified global asset management firm with total assets under management (“AUM”) of $313.8 billion, and $316.6 billion in total client assets, as of December 31, 2025. Our differentiated business model combines boutique investment qualities with the benefits of a scaled, integrated, centralized (not standardized) operating and distribution platform. Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With multiple Investment Franchises and a Solutions Platform that maintain autonomy in their respective investment processes, Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (“ETFs”), institutional separate accounts, variable insurance products (“VIPs”), alternative investments, private closed end funds, and a 529 Education Savings Plan.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.3B | 893M | 821M | 855M | 890M |
| Net Income | 294M | 270M | 289M | 213M | 276M | 278M |
| EPS | $4.57 | $4.08 | $4.38 | $3.12 | $3.81 | $3.75 |
| Free Cash Flow | 422M | 381M | 339M | 325M | 330M | 364M |
| ROIC | 11.7% | 9.9% | 14.0% | 10.4% | 13.4% | 15.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.41 | 0.40 | 0.86 | 0.94 | 0.93 | 1.21 |
| Dividends/Share | $2.70 | $1.94 | $1.56 | $1.28 | $1.00 | $0.53 |
| Operating Income | 545M | 478M | 428M | 328M | 399M | 374M |
| Operating Margin | 36.9% | 36.6% | 47.8% | 40.0% | 46.7% | 42.0% |
| ROE | 12.4% | 15.2% | 26.6% | 20.1% | 27.6% | 34.0% |
| Shares Outstanding | 63M | 66M | 66M | 68M | 72M | 74M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 241M | 298M | 410M | 413M | 612M | 775M | 890M | 855M | 821M | 893M | 1.3B | 1.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 23M | 27M | 34M | 30M | 47M | 51M | 54M | 52M | 56M | 57M | 83M | 90M |
| EBIT | 33M | 24M | 90M | 115M | 165M | 315M | 374M | 399M | 328M | 428M | 478M | 545M |
| Op. Margin | 13.8% | 8.2% | 22.0% | 27.7% | 26.9% | 40.6% | 42.0% | 46.7% | 40.0% | 47.8% | 36.6% | 36.9% |
| Net Income | 3.8M | -6.1M | 26M | 64M | 92M | 213M | 278M | 276M | 213M | 289M | 270M | 294M |
| Net Margin | 1.6% | -2.0% | 6.3% | 15.4% | 15.1% | 27.4% | 31.3% | 32.2% | 26.0% | 32.3% | 20.7% | 19.9% |
| Non-Recurring | 8.6M | 10M | 6.2M | 962K | 3.3M | 7.5M | 1.4M | 852K | 1.2M | 1.0M | 30M | 3.0M |
| Returns on Capital | ||||||||||||
| ROIC | 79.7% | -1.2% | 3.5% | 8.9% | 8.5% | 14.5% | 15.8% | 13.4% | 10.4% | 14.0% | 9.9% | 11.7% |
| ROE | N/A | -2.1% | 9.2% | 18.6% | 18.6% | 34.1% | 34.0% | 27.6% | 20.1% | 26.6% | 15.2% | 12.4% |
| ROA | 15.2% | -1.4% | 3.1% | 8.0% | 7.2% | 12.2% | 12.9% | 10.8% | 8.4% | 11.3% | 8.0% | 7.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 41M | 40M | 96M | 134M | 227M | 251M | 376M | 335M | 330M | 340M | 385M | 425M |
| Free Cash Flow | 39M | 38M | 91M | 132M | 222M | 243M | 364M | 330M | 325M | 339M | 381M | 422M |
| Owner Earnings | 7.6M | 615K | 66M | 111M | 196M | 222M | 331M | 261M | 270M | 283M | 300M | 311M |
| CapEx | 1.9M | 1.2M | 5.1M | 2.5M | 5.2M | 8.1M | 13M | 5.2M | 5.2M | 1.3M | 4.2M | 3.4M |
| Maint. CapEx | 27M | 30M | 30M | 23M | 24M | 16M | 19M | 43M | 42M | 30M | 73M | 86M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 27M | 30M | 30M | 23M | 24M | 16M | 19M | 43M | 42M | 30M | 73M | 86M |
| CapEx/OCF | N/A | N/A | N/A | 1.9% | 2.3% | 3.2% | 3.4% | 1.6% | 1.6% | 0.4% | 1.1% | 0.8% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 60M | 627K | 135M | 831K | 7.4M | 16M | 37M | 69M | 85M | 101M | 157M | 169M |
| Dividend Yield | N/A | N/A | N/A | 0.1% | 0.8% | 6.4% | 1.9% | 3.8% | 4.3% | 3.2% | 3.8% | 2.8% |
| Share Buybacks | 1.2M | 11M | 4.7M | 8.2M | 16M | 30M | 32M | 101M | 139M | 104M | 196M | 322M |
| Buyback Yield | 0.0% | N/A | N/A | 1.5% | 1.2% | 2.0% | 1.3% | 5.8% | 6.2% | 2.4% | 4.6% | 5.3% |
| Stock-Based Comp | 5.7M | 8.5M | 261K | 510K | 7.7M | 12M | 27M | 31M | 19M | 26M | 13M | 28M |
| Debt Repayment | 0 | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 236M | 236M |
| Balance Sheet | ||||||||||||
| Net Debt | 34M | 402M | 470M | 217M | 887M | 745M | 1.1B | 947M | 865M | 837M | 806M | 892M |
| Cash & Equiv. | 15M | 16M | 13M | 51M | 37M | 23M | 70M | 38M | 124M | 127M | 164M | 76M |
| Long-Term Debt | 50M | 419M | 483M | 269M | 925M | 769M | 1.1B | 986M | 989M | 964M | 970M | 968M |
| Debt/Equity | N/A | 1.26 | 2.09 | 0.59 | 1.72 | 1.09 | 1.21 | 0.93 | 0.94 | 0.86 | 0.40 | 0.41 |
| Interest Coverage | 1.3 | 0.7 | 1.9 | 5.5 | 4.0 | 8.5 | 15.2 | 9.1 | 5.4 | 6.7 | 8.7 | 9.8 |
| Equity | N/A | 331M | 231M | 456M | 538M | 708M | 930M | 1.1B | 1.1B | 1.1B | 2.4B | 2.4B |
| Total Assets | 25M | 851M | 793M | 802M | 1.8B | 1.7B | 2.6B | 2.5B | 2.5B | 2.5B | 4.2B | 4.1B |
| Total Liabilities | N/A | 520M | 561M | 346M | 1.2B | 1.0B | 1.6B | 1.5B | 1.5B | 1.4B | 1.8B | 1.8B |
| Intangibles | N/A | 434M | 408M | 388M | 1.2B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B | 2.5B | 2.5B |
| Retained Earnings | N/A | -75M | -184M | -120M | -35M | 162M | 403M | 609M | 737M | 925M | 1.1B | 1.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | 0.08 | -0.12 | 0.43 | 0.90 | 1.26 | 13.11 | 3.75 | 3.81 | 3.12 | 4.38 | 4.08 | 4.57 |
| Owner EPS | 0.16 | 0.01 | 1.10 | 1.56 | 2.67 | 13.71 | 4.45 | 3.61 | 3.95 | 4.30 | 4.53 | 4.98 |
| Book Value | N/A | 6.54 | 3.85 | 6.44 | 7.33 | 43.66 | 12.53 | 14.73 | 15.41 | 17.01 | 36.62 | 37.73 |
| Cash Flow/Share | 0.86 | 0.78 | 1.60 | 1.90 | 3.10 | 15.46 | 5.07 | 4.64 | 4.83 | 5.16 | 5.82 | 6.07 |
| Dividends/Share | 1.28 | 0.01 | 2.42 | 0.01 | 0.10 | 1.00 | 0.53 | 1.00 | 1.28 | 1.56 | 1.94 | 2.70 |
| Shares Out. | 47.5M | 50.6M | 60.1M | 70.8M | 73.4M | 16.2M | 74.2M | 72.3M | 68.3M | 66.0M | 66.2M | 62.5M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | 8.7 | 14.1 | 7.2 | 8.6 | 6.3 | 10.6 | 14.7 | 15.8 | 21.3 |
| P/FCF | N/A | N/A | N/A | 4.2 | 5.9 | 1.4 | 6.6 | 5.3 | 6.9 | 12.5 | 11.2 | 14.4 |
| EV/EBIT | N/A | N/A | N/A | 6.7 | 13.3 | 7.2 | 9.2 | 6.7 | 9.5 | 11.9 | 10.6 | 12.8 |
| Price/Book | N/A | N/A | N/A | 1.2 | 2.4 | 2.2 | 2.6 | 1.6 | 2.1 | 3.8 | 1.8 | 2.6 |
| Price/Sales | N/A | N/A | N/A | 1.5 | 1.6 | 1.5 | 2.2 | 2.2 | 2.4 | 3.5 | 3.2 | 4.1 |
| FCF Yield | N/A | N/A | N/A | 23.7% | 17.0% | 15.9% | 15.2% | 18.9% | 14.4% | 8.0% | 9.0% | 6.9% |
| Market Cap | 0 | N/A | N/A | 556M | 1.3B | 1.5B | 2.4B | 1.7B | 2.3B | 4.2B | 4.3B | 6.1B |
| Avg. Price | 0.00 | N/A | N/A | 8.88 | 13.48 | 15.65 | 26.64 | 25.43 | 29.15 | 48.00 | 62.99 | 97.20 |
| Year-End Price | 0.00 | N/A | N/A | 7.86 | 17.76 | 20.63 | 32.30 | 24.14 | 33.01 | 64.35 | 64.30 | 97.20 |
Victory Capital Holdings, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Victory Capital Holdings, Inc. trades at 23.8x trailing earnings, compared to its 15-year median P/E of 9.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.3x vs a median of 6.2x. The company's 5-year average ROIC is 12.7%. Total shareholder yield (dividends + buybacks) is 8.1%. At current prices, the estimated annualized return to fair value is +12.5%.
Victory Capital Holdings, Inc. (VCTR) reported annual revenue of $1.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Victory Capital Holdings, Inc. (VCTR) has a net profit margin of 20.7%. This is a strong margin indicating high profitability.
Victory Capital Holdings, Inc. (VCTR) generated $381 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Victory Capital Holdings, Inc. (VCTR) has a debt-to-equity ratio of 0.40. This indicates a conservatively financed balance sheet.
Victory Capital Holdings, Inc. (VCTR) reported earnings per share (EPS) of $4.08 in its most recent fiscal year.
Victory Capital Holdings, Inc. (VCTR) has a return on equity (ROE) of 15.2%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 11 years of financial data for Victory Capital Holdings, Inc. (VCTR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Victory Capital Holdings, Inc. (VCTR) has a book value per share of $36.62, based on its most recent annual SEC filing.