Victory Capital Holdings, Inc.

Victory Capital Holdings, Inc.

VCTR
Victory Capital Holdings, Inc.US flagNASDAQ Global Select
113.73
USD
+0.27
- -
7.11BMarket Cap
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.62
4.47
7.43
6.24
9.06
11.45
13.1
12.48
12.4
13.83
19.96
24.3
Basic EPS, GAAP
0.06
-0.09
0.47
0.96
1.37
3.14
4.1
4.02
3.22
4.47
4.6
6.57
Free Cash Flow per Basic Share
0.58
0.58
1.65
1.99
3.29
3.58
5.35
4.82
4.91
5.24
5.83
8.79
Dividend per Share
0.9
0.01
2.45
0.01
0.11
0.24
0.55
1.01
1.29
1.57
2.4
2.59
Book Value per Share
4.53
6.01
4.19
6.74
7.95
10.48
13.54
15.82
16.39
17.62
37.79
38.58
Tangible Book Value per Share
-5.44
-7.03
-8.36
-3.2
-15.4
-12.73
-20.41
-18.28
-18.84
-17.61
-20.09
-21.16
Basic Weighted Avg Shares
67
67
55
66
68
68
68
68
66
65
65
64
Sales/Revenue/Turnover
241
298
410
413
612
775
890
855
821
893
1,306
1,559
Operating Margin (%)
18.78
13.68
23.97
28.92
35.19
43.19
45.66
42.11
42.93
49.57
42.49
43.95
Depreciation Expense
27
30
30
23
24
16
19
43
42
30
73
85
Net Income, GAAP
4
-6
26
64
92
213
278
276
213
289
330
461
Effective Tax Rate (%)
47.38
- -
32.85
24.98
23.36
23.7
20.61
21.29
22.74
22.71
24.7
23.95
Profit Margin (%)
1.58
-2.04
6.3
15.41
15.1
27.41
31.27
32.23
25.96
32.33
25.27
29.57
Working Capital
27
57
43
73
-70
-18
-191
-150
-57
38
201
206
LT Debt
312
419
483
269
925
769
1,128
986
989
964
970
1,012
Total Equity
249
331
231
456
538
708
930
1,065
1,053
1,122
2,425
2,375
Return on Invested Capital (%)
- -
- -
9.01
12.47
15.1
17.39
18.26
13.79
13.31
16.59
15.25
15.28
Return on Capital (%)
- -
- -
7.85
11.08
11.15
16.23
16.76
15.21
13.31
16.9
13.85
14.88
Return on Common Equity (%)
- -
-2.09
9.19
18.55
18.62
34.13
34
27.62
20.12
26.57
16.97
17.42

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
970
968
968
LT Finance Leases
- -
44
44
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
64
63
62
Market Capitalization
4,047
4,095
5,175

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
361
294
337
Cash, Cash Equivalents & STI
164
76
70
Accounts Receivable, Net
176
198
244
Inventories
- -
- -
- -
Total Current Liabilities
160
155
131
Payables & Accruals
160
155
131
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
31.67%
33.51%
116.18%
Free Cash Flow
31.48%
11.19%
12.59%
Net Income, GAAP
-40.64%
11.42%
14.26%
Sales/Revenue/Turnover
19.88%
12.38%
46.19%
Total Cash Common Dividend
2,245.65%
56.67%
26.41%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
216
220
226
232
893
2025
220
351
361
374
1,306
2026
388
435
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.86
1.15
1.26
1.19
4.47
2025
0.97
0.73
1.31
1.6
4.6
2026
1.61
2.08
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.35
0.37
0.41
0.44
1.57
2025
0.47
0.65
0.64
0.64
2.4
2026
0.65
0.66
- -
- -
- -

Company Description

CEO
David Craig Brown
Full Time Employees
699
Sector
Financial Services
Industry
Asset Management
Address
15935 La Cantera Parkway San Antonio TX United States of America 78256
IPO Date
Feb 8, 2018
Website
vcm.com
Business
Victory Capital Holdings, Inc. is a diversified global asset management firm headquartered in San Antonio, Texas, established in 1988. The company provides a comprehensive suite of investment products and services including active and systematic equity and fixed income strategies, multi-asset solutions, alternative investments, and a broad range of exchange-traded funds (ETFs) under its VictoryShares brand. Victory Capital serves institutional, intermediary, and individual clients through its Investment Franchises and Solutions platform, which encompasses specialized investment franchises focused on delivering boutique investment expertise combined with centralized operational and distribution capabilities. The firm experienced significant expansion following its acquisition of Amundi's U.S. asset management business, completed in early 2025, which added approximately $114 billion in assets under management and transformed Victory Capital into a nearly $300 billion global asset manager. This strategic acquisition expanded the company’s geographic footprint and diversified its client base, integrating Amundi’s U.S. operations, which were rebranded as Pioneer Investments, under Victory Capital’s platform. Victory Capital also entered into a 15-year distribution agreement with Amundi to extend its international reach by distributing its products outside the United States. Recent product development includes the launch of multiple new ETFs, such as the VictoryShares Pioneer Asset-Based Income ETF and the VictoryShares International Free Cash Flow ETFs, broadening its systematic and active ETF offerings to over 27 funds with approximately $8 billion in ETF assets under management as of mid-2024. The company continues to emphasize growth in its high-margin ETF business as part of its long-term strategy. Operationally, Victory Capital has realized substantial cost synergies from the Amundi transaction, targeting $110 million in net expense synergies, alongside initiatives to enhance shareholder returns including an authorized $500 million share repurchase program and a quarterly dividend of $0.49 per share. Victory Capital operates primarily in the asset management industry with segments covering traditional asset classes and alternative investments, targeting institutional investors, financial intermediaries, and retail clients mainly in the U.S. but increasingly on a global scale following its expansion. The firm’s governance includes Amundi as its largest single shareholder with a 26% economic stake, reflecting their strategic partnership. The company’s ongoing strategic focus encompasses expanding its product distribution internationally, enhancing investment performance across franchises, and leveraging scale efficiencies to support sustained growth and shareholder value creation.

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