Victory Capital Holdings IncVictory Capital Holdings Inc
Victory Capital Holdings Inc

Victory Capital Holdings Inc

VCTR
Financials·Capital Markets

Victory Capital Holdings, Inc. engages in the provision of specialized investment strategies to institutions, intermediaries, retirement platforms, and individual investors. It offers a range of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (ETFs), institutional separate accounts, variable insurance products, alternative investments, and private closed end funds. Its strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts and unified managed accounts through wrap account programs, collective investment trusts, and undertakings for the collective investment in transferable securities. The company was founded on February 13, 2013 and is headquartered in San Antonio, TX.

Ohio; U.S.A
Market cap
No dataNo data
Revenue
$1.3B+46.5% YoY
Net income
$330.1M+14.3% YoY
Free cash flow
$381.3M+12.6% YoY

Market

Listed stock
VCTRPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$1.3B+46.5% YoY
Operating income
$478.4M+11.9% YoY
Net income
$330.1M+14.3% YoY
Free cash flow
$381.3M+12.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $887.6M, 2022 $851.1M, 2023 $817.5M, 2024 $889.9M, 2025 $1.3B. Operating income: 2021 $373.8M, 2022 $399.1M, 2023 $328.5M, 2024 $427.5M, 2025 $478.4M. Net income: 2021 $278.4M, 2022 $275.5M, 2023 $213.2M, 2024 $288.9M, 2025 $330.1M. Free cash flow: 2021 $363.5M, 2022 $330M, 2023 $325.1M, 2024 $338.7M, 2025 $381.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
46.5%+3759 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $373.8M, 2022-12-31 $399.1M, 2023-12-31 $328.5M, 2024-12-31 $427.5M, 2025-12-31 $478.4M. Net income: 2021-12-31 $278.4M, 2022-12-31 $275.5M, 2023-12-31 $213.2M, 2024-12-31 $288.9M, 2025-12-31 $330.1M. Free cash flow: 2021-12-31 $363.5M, 2022-12-31 $330M, 2023-12-31 $325.1M, 2024-12-31 $338.7M, 2025-12-31 $381.3M

Growth heatmap

2022202320242025CAGR
Revenue
-4.1%
-4.0%
+8.9%
+46.5%
+10.1%
Gross profit
-6.5%
-6.3%
+9.2%
+51.1%
+9.7%
Operating income
+6.8%
-17.7%
+30.2%
+11.9%
+6.4%
Free cash flow
-9.2%
-1.5%
+4.2%
+12.6%
+1.2%

Earnings quality

Operating cash flow
$385.5M+13.4% YoY
Net income
$330.1M+14.3% YoY
Free cash flow
$381.3M+12.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 117%, 2024-12-31 118%, 2023-12-31 155%, 2022-12-31 122%, 2021-12-31 135%. Free cash flow: 2025-12-31 116%, 2024-12-31 117%, 2023-12-31 153%, 2022-12-31 120%, 2021-12-31 131%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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