Victory Capital Holdings, Inc. Class A Common Stock Financial Ratios — 3PK

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-2.09	9.19	18.55	18.62	34.13	34	27.62	20.12	26.57	16.97
Return on Assets (%)	- -	-0.83	3.14	7.99	7.24	12.2	12.92	10.76	8.39	11.35	9.71
Return on Capital (%)	- -	- -	7.85	11.08	11.15	16.23	16.76	15.21	13.31	16.9	13.85
Return on Invested Capital (%)	- -	- -	8.27	11.94	11.54	16.34	16.8	15.29	12.4	16.01	13.15
Gross Margin (%)	39.65	32.82	39.57	41.81	46.69	51.91	53.81	53.29	54.86	59.29	54.45
EBITDA Margin (%)	25.13	18.43	29.31	33.33	30.78	42.7	44.11	51.74	45.08	51.23	42.21
Operating Margin (%)	18.78	13.68	23.97	28.92	35.19	43.19	45.66	42.11	42.93	49.57	42.49
Incremental Operating Margin (%)	- -	- -	51.4	565.61	48.22	73.27	62.29	131.29	21.96	124.77	27.16
Pretax Margin (%)	3	-3.05	9.39	20.54	19.71	35.92	39.39	40.95	33.61	41.83	33.56
Profit Margin (%)	1.58	-2.04	6.3	15.41	15.1	27.41	31.27	32.23	25.96	32.33	25.27
Net Income to Common Margin (%)	1.58	-2.04	6.3	15.41	15.1	27.41	31.27	32.23	25.96	32.33	23.04
Effective Tax Rate (%)	47.38	- -	32.85	24.98	23.36	23.7	20.61	21.29	22.74	22.71	24.7
Dvd Payout Ratio (%)	1,581.61	-10.33	523.39	1.3	8.04	7.64	13.35	25.12	40.08	35	42.48
Sustainable Growth Rate (%)	- -	-2.31	-38.9	18.31	17.12	31.52	29.46	20.68	12.06	17.27	9.76

Credit (USD)

Credit Ratios API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	312	419	483	269	925	769	1,128	986	989	964	970
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	312	419	483	269	925	769	1,128	986	989	964	970
Total Debt/EBITDA	5.15	7.62	4.02	1.95	4.9	2.32	2.87	2.23	2.67	2.11	1.76
Net Debt/EBITDA	4.9	7.33	3.92	1.58	4.71	2.25	2.7	2.14	2.34	1.83	1.46
Total Debt/EBIT	9.39	17.09	5.36	2.35	5.62	2.44	3.02	2.47	3.01	2.25	2.03
Net Debt/EBIT	8.93	16.42	5.22	1.9	5.39	2.37	2.83	2.37	2.64	1.96	1.69
EBITDA to Interest Expense	2.59	1.76	2.55	6.45	4.91	9.73	17.59	9.43	4.82	5.91	8.41
EBITDA-CapEx/Interest Expense	2.51	1.72	2.44	6.33	4.77	9.5	17.03	9.32	4.75	5.89	8.35
EBIT to Interest Expense	1.93	1.31	2.09	5.59	5.61	9.84	18.21	7.67	4.59	5.72	8.47
Interest Expense	23	31	47	21	38	34	22	47	77	77	66
Common Equity/Total Assets	40.21	38.9	29.17	56.84	30.68	40.88	36.05	41.93	41.41	44.03	57.08
Long-Term Debt/Equity (%)	125.04	126.44	209.02	59.02	171.89	108.69	121.29	92.5	93.95	85.93	40.01
Long-Term Debt/Capital (%)	55.56	55.84	67.64	37.11	63.22	52.08	54.81	48.05	48.44	46.22	28.57
Long-Term Debt/Total Assets (%)	50.27	49.18	60.97	33.54	52.73	44.43	43.72	38.79	38.91	37.83	22.84
Total Debt/Equity (%)	125.04	126.44	209.02	59.02	171.89	108.69	121.29	92.5	93.95	85.93	40.01
Total Debt/Capital (%)	55.56	55.84	67.64	37.11	63.22	52.08	54.81	48.05	48.44	46.22	28.57
Total Debt/Total Assets (%)	50.27	49.18	60.97	33.54	52.73	44.43	43.72	38.79	38.91	37.83	22.84
Net Debt to Equity	118.97	121.48	203.43	47.72	164.99	105.47	113.81	88.92	82.21	74.63	33.25
Net Debt/Capital (%)	54.33	54.85	67.04	32.3	62.26	51.33	53.23	47.07	45.12	42.74	24.96
EBITDA	61	55	120	138	188	331	393	442	370	458	551
EBITDA-CapEx	59	54	115	135	183	323	380	437	365	456	547
Operating Income (Loss)	45	41	98	120	216	335	406	360	353	443	555

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.54	0.35	0.43	1.99	0.18	0.18	0.19	0.14	0.45	0.64	1.02
Current Ratio	1.95	2.17	2.35	3.78	0.66	0.87	0.49	0.47	0.79	1.19	2.26
Quick Ratio	1.82	2.08	2.18	3.67	0.64	0.83	0.47	0.44	0.77	1.15	2.16
CFO/Avg Current Liab	- -	1.02	2.39	4.63	1.94	1.46	1.49	1.03	1.19	1.44	2.15
Common Equity/Total Assets	40.21	38.9	29.17	56.84	30.68	40.88	36.05	41.93	41.41	44.03	57.08
Long-Term Debt/Equity (%)	125.04	126.44	209.02	59.02	171.89	108.69	121.29	92.5	93.95	85.93	40.01
Long-Term Debt/Capital (%)	55.56	55.84	67.64	37.11	63.22	52.08	54.81	48.05	48.44	46.22	28.57
Long-Term Debt/Total Assets (%)	50.27	49.18	60.97	33.54	52.73	44.43	43.72	38.79	38.91	37.83	22.84
Total Debt/Equity (%)	125.04	126.44	209.02	59.02	171.89	108.69	121.29	92.5	93.95	85.93	40.01
Total Debt/Capital (%)	55.56	55.84	67.64	37.11	63.22	52.08	54.81	48.05	48.44	46.22	28.57
Total Debt/Total Assets (%)	50.27	49.18	60.97	33.54	52.73	44.43	43.72	38.79	38.91	37.83	22.84
CFO/Total Liabilities	10.96	7.6	17.13	38.83	18.71	24.49	22.8	22.72	22.17	23.84	21.14
CFO/CapEx	21.09	33.97	18.84	52.77	43.4	31.1	29.68	63.91	63.9	266.02	92.73
Altman's Z-Score	- -	- -	- -	- -	- -	13.7	11.23	11.83	11.45	13.84	10.52

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	7.58	8.68	9.47	9.09	8.68	9.75	9.47	9.72	9.64	9.48
Days Sales Outstanding	- -	48.12	42.05	38.55	40.16	42.03	37.45	38.53	37.53	37.88	38.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	1,585	2,442	1,777	2,199	4,115	4,007
- Cash & Cash Equivalents	15	16	13	51	37	23	70	38	124	127	164
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	312	419	483	269	925	769	1,128	986	989	964	970
Enterprise Value	- -	- -	- -	- -	- -	2,330	3,501	2,724	3,065	4,952	4,813
Total Capital	561	750	714	724	1,462	1,477	2,058	2,051	2,042	2,085	3,395
Total Debt/Capital (%)	55.56	55.84	67.64	37.11	63.22	52.08	54.81	48.05	48.44	46.22	28.57
Total Debt / EV	- -	- -	- -	- -	- -	0.33	0.32	0.36	0.32	0.19	0.2
EV/Sales	- -	- -	- -	- -	- -	3.01	3.93	3.19	3.73	5.54	3.69
EV/EBITDA	- -	- -	- -	- -	- -	7.04	8.92	6.16	8.28	10.82	8.73
EV/EBIT	- -	- -	- -	- -	- -	7.4	9.36	6.82	9.33	11.58	10.06
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	8.42	8.89	7.32	7.87	12.39	11.07
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	8.68	9.18	7.42	7.97	12.43	11.18
Diluted Market Cap	- -	- -	- -	- -	- -	1,730	2,638	1,907	2,334	4,262	4,146
Diluted Enterprise Value	- -	- -	- -	- -	- -	2,475	3,696	2,854	3,200	5,099	4,952
EV per Share	- -	- -	- -	- -	- -	34.72	51.31	40.72	48	78.3	75.51
TTM Sales	241	298	410	413	612	775	890	855	821	893	1,306
TTM EBITDA	61	55	120	138	188	331	393	442	370	458	551
TTM Operating Income	45	41	98	120	216	335	406	360	353	443	555
TTM Cash Flow to Firm	53	- -	128	150	257	277	394	372	390	400	435
TTM Free Cash Flow to Firm	51	- -	123	148	252	269	381	367	384	399	431

Multiples (USD)

Valuation Multiples API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	7.13	7.26	5.78	7.18	12.58	10.87
EV/EBIT	- -	- -	- -	- -	- -	7.4	9.36	6.82	9.33	11.58	10.06
Enterprise Value	- -	- -	- -	- -	- -	2,330	3,501	2,724	3,065	4,952	4,813
Low Price	- -	- -	- -	- -	- -	15.71	20.31	22.19	25.95	32.27	48.25
EV/Sales	- -	- -	- -	- -	- -	3.01	3.93	3.19	3.73	5.54	3.69
EV/EBITDA	- -	- -	- -	- -	- -	7.04	8.92	6.16	8.28	10.82	8.73
Price/Earnings	- -	- -	- -	- -	- -	7.48	8.69	6.56	10.63	14.46	13.58
Price/Earnings Average	- -	- -	- -	- -	- -	5.95	7.41	6.96	9.67	11.08	13.79
Price/Earnings High	- -	- -	- -	- -	- -	7.54	10.13	8.99	10.72	15.97	15.57
Price/Earnings Low	- -	- -	- -	- -	- -	4.97	4.93	5.48	8.01	7.17	10.43
Price/Book Value	- -	- -	- -	- -	- -	2.24	2.63	1.67	2.09	3.67	1.65
Price/Book Value Average	- -	- -	- -	- -	- -	1.78	2.24	1.77	1.9	2.81	1.68
Price/Book Value High	- -	- -	- -	- -	- -	2.26	3.06	2.29	2.11	4.05	1.89
Price/Book Value Low	- -	- -	- -	- -	- -	1.49	1.49	1.39	1.57	1.82	1.27
Price/Tangible Book Value	- -	- -	- -	- -	- -	-1.84	-1.74	-1.44	-1.82	-3.67	-3.11
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	-1.47	-1.49	-1.53	-1.65	-2.81	-3.16
Price/Tangible Book Value High	- -	- -	- -	- -	- -	-1.86	-2.03	-1.98	-1.83	-4.06	-3.56
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	-1.23	-0.99	-1.21	-1.37	-1.82	-2.39
Price/Sales	- -	- -	- -	- -	- -	2.05	2.72	2.11	2.76	4.67	3.13
Price/Sales Average	- -	- -	- -	- -	- -	1.63	2.32	2.24	2.51	3.58	3.18
Price/Sales High	- -	- -	- -	- -	- -	2.07	3.17	2.9	2.78	5.16	3.59
Price/Sales Low	- -	- -	- -	- -	- -	1.36	1.54	1.77	2.08	2.32	2.4
Price/Cash Flow	- -	- -	- -	- -	- -	6.34	6.43	5.39	6.86	12.29	10.6
Price/Cash Flow Average	- -	- -	- -	- -	- -	5.04	5.48	5.72	6.24	9.41	10.77
Price/Cash Flow High	- -	- -	- -	- -	- -	6.39	7.5	7.39	6.92	13.57	12.15
Price/Cash Flow Low	- -	- -	- -	- -	- -	4.22	3.65	4.5	5.17	6.09	8.14
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	5.68	6.19	6.13	6.53	9.64	11.04
Price/Free Cash Flow High	- -	- -	- -	- -	- -	7.19	8.46	7.92	7.24	13.9	12.46
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	4.74	4.12	4.83	5.41	6.24	8.35
EV/Sales Average	- -	- -	- -	- -	- -	2.59	3.53	3.31	3.49	4.47	3.73
EV/Sales High	- -	- -	- -	- -	- -	3.02	4.39	3.96	3.76	6.02	4.13
EV/Sales Low	- -	- -	- -	- -	- -	2.32	2.75	2.84	3.07	3.22	2.97
EV/EBITDA Average	- -	- -	- -	- -	- -	6.06	8	6.4	7.74	8.72	8.84
EV/EBITDA High	- -	- -	- -	- -	- -	7.08	9.95	7.65	8.33	11.76	9.79
EV/EBITDA Low	- -	- -	- -	- -	- -	5.44	6.22	5.5	6.82	6.29	7.04
EV/EBIT Average	- -	- -	- -	- -	- -	6.38	8.4	7.1	8.73	9.33	10.19
EV/EBIT High	- -	- -	- -	- -	- -	7.45	10.45	8.47	9.39	12.59	11.28
EV/EBIT Low	- -	- -	- -	- -	- -	5.72	6.54	6.09	7.68	6.73	8.11
Last Price	- -	- -	- -	- -	- -	23.61	35.8	26.56	34.44	65.06	62.86
High Price	- -	- -	- -	- -	- -	23.81	41.74	36.4	34.74	71.87	72.03
Enterprise Value Average	- -	- -	- -	- -	- -	2,007	3,142	2,832	2,866	3,990	4,876
Enterprise Value High	- -	- -	- -	- -	- -	2,343	3,906	3,382	3,084	5,383	5,398
Enterprise Value Low	- -	- -	- -	- -	- -	1,800	2,444	2,432	2,523	2,878	3,882

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	55	55	55	67	67	67	68	67	64	63	64
Diluted Weighted Avg Shares	71	71	55	70	73	73	74	72	68	66	66
Basic Weighted Avg Shares	66	66	55	66	67	67	68	68	66	64	65
Revenue per Share	3.64	4.5	7.48	6.28	9.11	11.52	13.18	12.56	12.48	13.92	20.09
EBITDA per Share	0.91	0.83	2.19	2.09	2.81	4.92	5.81	6.5	5.63	7.13	8.48
Operating Income per Share	0.68	0.62	1.79	1.82	3.21	4.98	6.02	5.29	5.36	6.9	8.53
Basic EPS, GAAP	0.06	-0.09	0.47	0.97	1.38	3.16	4.12	4.05	3.24	4.5	4.63
Basic EPS from Cont Ops	0.06	-0.09	0.47	0.97	1.38	3.16	4.12	4.05	3.24	4.5	5.08
Diluted EPS, GAAP	0.05	-0.09	0.47	0.91	1.27	2.9	3.78	3.84	3.14	4.41	4.56
Diluted EPS from Cont Ops	0.05	-0.09	0.47	0.91	1.27	2.9	3.78	3.84	3.14	4.41	5
Dividend per Share	0.91	0.01	2.47	0.01	0.11	0.24	0.55	1.02	1.3	1.58	2.41
Cash Flow per Share	0.61	0.6	1.76	2.04	3.38	3.72	5.57	4.93	5.02	5.3	5.93
Free Cash Flow per Basic Share	0.59	0.58	1.66	2	3.31	3.61	5.38	4.85	4.94	5.28	5.86
Cash & Equivalents per Share	0.29	0.31	0.25	0.78	0.56	0.35	1.02	0.57	1.94	2	2.57
Book Value per Share	4.55	6.04	4.22	6.79	8	10.54	13.63	15.93	16.49	17.73	38.04
Tangible Book Value per Share	-5.47	-7.07	-8.42	-3.22	-15.5	-12.81	-20.54	-18.4	-18.96	-17.72	-20.22