VCTRNasdaqInvestment AdviceFiscal year ends December 31
Victory Capital Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$107.70−0.89 (-0.82%)
Close on Oct 19, 2026
- Market cap
- $6.76B
- P/E (TTM)
- 19.7
- Dividend yield
- 1.80%
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
36.6%−4.0 pts over 5 years
Net margin
25.3%−2.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +46.2% | +15.2% | +11.0% | +18.4% | |
| Operating income | +11.9% | +6.2% | +8.7% | +30.6% | |
| Net income | +14.3% | +6.2% | +9.2% | +56.3% | |
| EPS, diluted | -6.8% | +2.3% | +7.2% | +48.2% | |
| Free cash flow | +12.6% | +4.9% | +9.5% | +25.7% | |
| Dividend per share | +24.8% | +24.7% | +53.2% | +4.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -2.1% | 34.1% | 18.6% | |
| Return on assets | – | 12.2% | 9.7% | |
| Interest coverage | 0.8× | 10.2× | 7.5× | |
| Capex to revenue | 0.4% | 1.0% | 0.3% | |
| Diluted shares | 50M | 74M | 66M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Victory Capital generated $1.77B from operations and spent $1.05B on capital expenditure, dividends and share buybacks. 3% of that went back into the business.
Generated
$1.77B
Used
$1.05B
Capital expenditure$28.52M3%Dividends$449.86M43%Share buybacks$571.21M54%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin25.3%
×Asset turnover0.38×
×Equity multiplier1.92×
=Return on equity, FY202518.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 25.3% | 0.38× | 1.92× | 18.6% |
| FY2024 | 32.3% | 0.35× | 2.34× | 26.6% |
| FY2023 | 26.0% | 0.32× | 2.40× | 20.1% |
| FY2022 | 32.2% | 0.33× | 2.57× | 27.6% |
| FY2021 | 31.3% | 0.41× | 2.63× | 34.0% |
| FY2020 | 27.4% | 0.45× | 2.80× | 34.1% |
| FY2019 | 15.1% | 0.48× | 2.57× | 18.6% |
| FY2018 | 15.4% | 0.52× | 2.32× | 18.6% |
| FY2017 | 6.2% | 0.50× | 2.92× | 9.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$330.06M
- Cash generatingOperating cash flow above zero$385.49M
- Return on assets improvedROA up on the prior year11.4% → 13.0%
- Earnings backed by cashOperating cash flow above net income$385.49M vs $330.06M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise66M → 66M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.35 → 0.51