Victory Capital Holdings, Inc. (VCTR) stock analysis
Close on Nov 11, 2026Market cap $7.73BP/E 23.0Yield 1.54%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
Victory Capital passes 14 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 3/6
- Past performance
- 5/6
- Financial health
- 2/6
- Dividend
- 3/6
What stands out
Return on equity over 15%
Return on equity was 18.9% over the last twelve months and averaged 25.4% over five years.
Return on capital over 10%
Return on invested capital was 21.7%, above the 10% that usually covers the cost of capital.
Earnings grew over 5 years
Net income grew 9.2% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 15.2% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 27.4% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $125.74 is above our fair value estimate of $98.67.
EPS growing under 10% a year
Diluted EPS grew 2.3% a year over the last three fiscal years.
P/E above its 5-year median
Victory Capital's P/E of 23.0 is above its own 5-year median of 13.4.
Valuation1/6
P/E above its 5-year median
Victory Capital's P/E of 23.0 is above its own 5-year median of 13.4.
P/E above the industry
Victory Capital's P/E of 23.0 is above the Services Allied with the Exchange of Securities median of 21.0.
EV/EBITDA above its 5-year median
Victory Capital's EV/EBITDA of 10.4 is above its 5-year median of 7.5.
P/B below the industry
Victory Capital's price-to-book of 3.19 is below the Services Allied with the Exchange of Securities median of 3.70.
Trading above fair value
The share price of $125.74 is above our fair value estimate of $98.67.
Margin of safety under 20%
The price is 27.4% above fair value, so there is no margin of safety.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 15.2% a year over the last three fiscal years.
EPS growing under 10% a year
Diluted EPS grew 2.3% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 54.9% over the last twelve months, against a 5-year average of 9.2% a year.
Growing faster than the industry
Revenue grew 36.9% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity over 15%
Return on equity was 18.9% over the last twelve months and averaged 25.4% over five years.
Return on capital over 10%
Return on invested capital was 21.7%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Victory Capital's return on equity of 18.9% is above the Services Allied with the Exchange of Securities median of 15.7%.
Earnings grew over 5 years
Net income grew 9.2% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 28.6% over the last twelve months, against a 5-year average of 29.4%.
Net margin above the industry
Victory Capital's net margin of 28.6% is above the Services Allied with the Exchange of Securities median of 16.3%.
Financial health2/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 11.4 times.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 3.87; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Victory Capital paid dividends worth 1.6% of the share price over the last twelve months.
Yield below Treasuries
The 1.6% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Victory Capital yields 1.6%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 8 fiscal years.
Covered by earnings
Dividends take 36.3% of net income.
Covered by free cash flow
Dividends take 26.6% of free cash flow.
Fair value
How we estimate itOur estimate per share
$98.67
The share price is 27% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 17.2× | 13.4× | 21.0× | $93.80 | 40% |
| EV/EBITDA | 9.7× | 7.5× | 12.0× | $118.38 | 35% |
| P/B | 2.9× | 2.1× | 3.7× | $114.95 | 10% |
| Earnings power | 10.3% cost of equity | – | – | $54.83 | 15% |
| Fair value | $98.67 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 13.4
- Services Allied with the Exchange of Securities median 21.0
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $72.53M
- Value traded per 1% price move
- $42.63M
Downside
Low risk
- Typical loss in a bad month
- 11.5%
- Volatility (annualized)
- 33%
- Sharpe ratio, 1 year
- 3.01
- Beta to the S&P 500 (5Y)
- 1.09
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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