Victory Capital Holdings, Inc. VCTR

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 110.62 USD on Nov 1, 2026, +78.4% year to date

Quant rating

Quant rating A Rank 5 of 799 in Financials

Growth A 31 of 799
Valuation B 233 of 799
Quality A 104 of 799
Revisions A 22 of 799
Momentum A 48 of 799

Wall Street consensus Hold (2.57)Average target 123.67 USD +11.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.8B
Enterprise value: 7.7B
52-week range: 59.65 – 123.23
3-year range: 30.13 – 123.23
Dividend yield: 1.79%
Beta (5 years): 1.14
Shares outstanding: 61.9M
Next earnings: Nov 4, 2026

About the company

Victory Capital Holdings, Inc. is a diversified global asset management company. The Company provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with multiple autonomous Investment Franchises and a Solutions Platform. It offers an 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. Its strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (SMAs) and unified managed accounts (UMAs) through wrap account programs, Collective Investment Trusts (CITs), and undertakings for collective investment in transferable securities (UCITS).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,306	893	821	855	890	–
Revenue growth	46.2%	8.8%	−4.0%	−4.0%	14.8%	11.0%
EPS (basic, normalized)	5.87	4.75	3.95	4.06	4.82	–
EPS growth	23.6%	20.3%	−2.7%	−15.8%	–	–
Gross margin	82.2%	83.6%	81.8%	81.2%	80.2%	81.8%
Net margin	20.7%	32.3%	26.0%	32.2%	31.3%	28.5%
ROE	–	28.8%	25.5%	18.4%	43.6%	29.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	70.1
Current ratio	–
Long-term debt (mil)	968
Net debt (mil)	898
Total equity (mil)	2,375
Net debt / equity	0.38x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,306	+46.2%	5.9x	37.80	+110.6%	2.9x	5.87	+23.6%	18.8x
2026	1,652	+26.5%	4.7x	29.57	−21.8%	3.7x	8.03	+36.7%	13.8x
2027	1,771	+7.2%	4.4x	31.69	+7.2%	3.5x	9.55	+18.9%	11.6x
2028	1,946	+9.9%	4.0x	33.35	+5.2%	3.3x	9.56	+0.2%	11.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,652	+0.4%	+3.6%	+10.4%	8.03	+0.2%	+7.3%	+18.6%
2027	1,771	+1.4%	+3.5%	+12.3%	9.55	+6.9%	+16.9%	+30.0%
2028	1,946	+2.1%	+5.6%	+15.4%	9.56	+0.7%	+4.8%	+16.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	216	220	226	232	220	351	361	374	388	435
Sales mean (mil)	218	219	224	230	224	337	364	373	366	386
Surprise	−0.9%	+0.1%	+0.7%	+1.0%	−2.0%	+4.3%	−0.7%	+0.4%	+6.1%	+12.8%
EPS reported	1.10	1.16	1.19	1.30	1.20	1.45	1.51	1.66	1.69	2.21
EPS mean	1.21	1.26	1.30	1.33	1.35	1.44	1.55	1.64	1.61	1.79
Surprise	−8.8%	−7.9%	−8.6%	−2.4%	−11.3%	+0.8%	−2.8%	+1.3%	+4.8%	+23.1%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VCTR Victory Capital Holdings, Inc.	6.8B	1.32x	20.7%	2.87x	13.8x	11.6x	8.9x	6.8x
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
BX Blackstone Inc.	142.7B	2.66x	20.9%	10.19x	20.1x	16.2x	18.2x	14.6x
CME CME Group Inc.	108.5B	0.25x	33.6%	4.08x	24.4x	22.9x	21.7x	20.6x
Mean		3.48x	23.0%	4.81x	20.0x	17.1x	19.6x	16.7x
Median		1.99x	21.9%	3.58x	19.9x	16.9x	19.9x	17.6x

Technical analysis

1M+0.9%
3M+10.6%
1Y+78.8%
3Y+311.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Victory Capital Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,306	893	821	855	890	775
Cost of revenue	232	146	150	161	176	176
Gross profit	1,074	747	671	694	714	600
Selling, general & administrative expenses	419	288	277	291	289	248
Research & development	–	–	–	–	–	–
Depreciation/amortization	72.9	30.2	37.8	43.2	18.8	16.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	93.4	−0.6	4.6	4.1	23.4	11.8
Other operating expenses	11.4	2.7	23.2	−40.6	13.8	11.3
Operating income	478	427	328	396	369	312
Net interest income (expense)	−52.3	−69.7	−54.8	−46.0	−18.2	−32.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	12.8	16.3	2.2	−0.5	−0.4	−0.6
Net income before taxes	438	374	276	350	351	279
Provision for taxes	108	84.9	62.8	74.5	72.3	66.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	330	289	213	276	278	213
Extraordinary items	–	–	–	–	–	–
Net income	330	289	213	276	278	213
EBIT, normalized	571	427	333	401	393	324
EBITDA, normalized	644	457	371	444	412	340
Basic EPS, normalized	5.87	4.75	3.95	4.06	4.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Victory Capital Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	164	127	124	38.2	69.5	22.7
Receivables	181	101	87.6	84.5	104	88.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	16.1	8.6	5.8	8.4	6.7	6.1
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	72.5	31.7	29.2	34.5	25.3	18.7
Goodwill	1,236	982	982	982	982	405
Intangibles	2,478	1,261	1,282	1,315	1,350	1,163
Long-term investments	99.4	35.2	31.8	27.3	32.8	24.9
Note receivable	–	–	–	–	–	–
Other long-term assets	362	238	218	183	190	120
Total assets	4,248	2,548	2,543	2,541	2,580	1,731
Liabilities
Accounts payable	–	–	–	–	–	1.4
Payable/accrued	72.4	58.0	56.5	50.9	62.1	–
Accrued expenses	132	72.5	66.6	73.8	53.9	88.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	970	964	989	986	1,128	769
Minority interest	–	–	–	–	–	–
Other liabilities	853	462	500	490	522	254
Total liabilities	1,823	1,426	1,490	1,475	1,650	1,023
Shareholders' equity
Preferred stock	0.2	–	–	–	–	–
Common stock	0.9	0.8	0.8	0.8	0.8	0.7
Additional paid-in capital	2,103	752	728	705	674	648
Retained earnings (accumulated deficit)	1,098	925	737	609	403	162
Treasury stock	−786	−575	−444	−285	−153	−94.9
Other equity	9.0	18.7	31.3	35.4	6.0	−7.5
Total equity	2,425	1,122	1,053	1,065	930	708
Total liabilities & shareholders' equity	4,248	2,548	2,543	2,541	2,580	1,731

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Victory Capital Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	330	289	213	276	278	213
Depreciation, depletion & amortization	72.9	30.2	41.6	43.2	18.8	16.4
Deferred taxes	34.3	32.5	21.5	35.7	19.5	34.6
Non-cash items	42.2	10.0	44.4	−9.6	45.1	40.0
Changes in working capital	−93.9	−21.6	9.6	−9.6	14.4	−52.8
Cash from operations	385	340	330	335	376	251
Investing activities
Capital expenditures	−4.2	−1.3	−5.2	−5.2	−12.7	−8.1
Other investing cash flows	80.7	−2.7	−2.7	−1.1	−544	−4.3
Cash from investing	76.6	−4.0	−7.8	−6.3	−557	−12.3
Financing activities
Financing cash flow items	−77.6	−107	−18.7	−54.9	−72.9	−49.0
Cash dividends paid	−157	−101	−85.4	−69.2	−37.2	−16.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−191	−124	−133	−236	337	−188
Cash from financing	−425	−333	−237	−360	227	−253
Foreign exchange effects	0.4	−0.1	0.1	−0.1	0	0
Net change in cash	37.0	3.2	85.4	−31.4	46.8	−14.4
Free cash flow	381	339	325	330	364	243

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.