Victory Capital Holdings, Inc. Financial Ratios — VCTR Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	98.39	54.37	31.63	34.74	29.74
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 (%)	- -	- -	17.83	35.46	23.44	26.18	24.05	19.98	16.4	19.29	19.17
Return on Invested Capital (%)	- -	- -	9.01	12.47	15.1	17.39	18.26	13.79	13.31	16.59	15.25
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 (%)	30.11	23.88	31.27	34.55	39.09	45.31	47.78	47.16	48.01	52.95	48.07
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 (%)	- -	-7.83	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 (%)	- -	- -	- -	- -	- -	- -	85.25	40.71	18.96	22.58	17.1

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	4.3	5.88	3.77	1.88	3.86	2.19	2.65	2.44	2.51	2.04	1.55
Net Debt/EBITDA	4.09	5.65	3.67	1.52	3.71	2.12	2.49	2.35	2.2	1.77	1.28
Total Debt/EBIT	6.9	10.27	4.92	2.25	4.29	2.3	2.77	2.74	2.81	2.18	1.75
Net Debt/EBIT	6.56	9.87	4.79	1.82	4.12	2.23	2.6	2.63	2.46	1.89	1.45
EBITDA to Interest Expense	3.1	2.28	2.72	6.68	6.23	10.33	19.06	8.59	5.13	6.11	9.58
EBITDA-CapEx/Interest Expense	3.02	2.24	2.61	6.56	6.1	10.09	18.49	8.48	5.07	6.09	9.51
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	-10.86	-8.69	-23.13	-14.85	-1.94	9.38	15.64	24	29.01	36.33	25.86
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 (%)	127.55	121.47	161.12	179.41	103.82	82.57	73.65	61.77	57.28	51.02	46.89
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 (%)	127.55	121.47	161.12	179.41	103.82	82.57	73.65	61.77	57.28	51.02	46.89
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 (%)	129.37	122.54	163.88	220.98	103.98	82.13	72.39	60.83	53.99	47.49	42.32
EBITDA	73	71	128	143	239	351	425	403	394	473	628
EBITDA-CapEx	71	70	123	140	234	343	413	398	389	472	624
Operating Income (Loss)	45	41	98	120	216	335	406	360	353	443	555

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	-10.86	-8.69	-23.13	-14.85	-1.94	9.38	15.64	24	29.01	36.33	25.86
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 (%)	127.55	121.47	161.12	179.41	103.82	82.57	73.65	61.77	57.28	51.02	46.89
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 (%)	127.55	121.47	161.12	179.41	103.82	82.57	73.65	61.77	57.28	51.02	46.89
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	4.6	2.99	5.25	6.78	7.58	13.75	11.25	11.85	11.48	13.89	10.56

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	- -	78.09	122.58	515.12	743.58	17.58	7.89	7.07	6.91	6.36	9.13
Accounts Payable Turnover Days	- -	4.67	2.98	0.71	0.49	20.76	46.26	51.63	52.86	57.42	39.98
Cash Conversion Cycle	- -	43.45	39.08	37.84	39.67	21.27	-8.82	-13.1	-15.33	-19.54	-1.46
Inventory to Cash Days	- -	48.12	42.05	38.55	40.16	42.03	37.45	38.53	37.53	37.88	38.52
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	678	1,418	1,680	2,483	1,837	2,280	4,229	4,129
- 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	296	402	470	894	2,305	2,425	3,542	2,785	3,146	5,066	4,935
Total Capital	245	345	300	150	891	931	1,532	1,595	1,727	1,889	2,069
Total Debt/Capital (%)	127.55	121.47	161.12	179.41	103.82	82.57	73.65	61.77	57.28	51.02	46.89
Total Debt / EV	1.05	1.04	1.03	0.3	0.4	0.32	0.32	0.35	0.31	0.19	0.2
EV/Sales	1.23	1.35	1.15	2.16	3.76	3.13	3.98	3.26	3.83	5.67	3.78
EV/EBITDA	4.09	5.64	3.67	6.26	9.63	6.9	8.33	6.91	7.98	10.71	7.86
EV/EBIT	6.55	9.86	4.78	7.48	10.69	7.24	8.71	7.74	8.92	11.44	8.89
EV/Cash Flow to Firm	5.59	6.65	3.68	5.95	8.97	8.77	8.99	7.48	8.07	12.67	11.35
EV/Free Cash Flow to Firm	5.4	6.52	3.53	5.85	8.79	8.52	8.71	7.38	7.97	12.63	11.24
Diluted Market Cap	- -	- -	- -	721	1,541	1,829	2,709	1,939	2,349	4,316	4,188
Diluted Enterprise Value	297	402	470	938	2,428	2,575	3,767	2,886	3,215	5,153	4,994
EV per Share	4.45	6.03	8.52	13.49	34.08	35.82	52.1	40.66	47.52	78.42	75.41
TTM Sales	241	298	410	413	612	775	890	855	821	893	1,306
TTM EBITDA	73	71	128	143	239	351	425	403	394	473	628
TTM Operating Income	45	41	98	120	216	335	406	360	353	443	555
TTM Cash Flow to Firm	53	60	128	150	257	277	394	372	390	400	435
TTM Free Cash Flow to Firm	55	62	133	153	262	285	407	377	395	401	439

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	5.26	6.62	7.07	6.97	5.69	7	12.65	10.75
EV/EBIT	6.55	9.86	4.78	7.48	10.69	7.24	8.71	7.74	8.92	11.44	8.89
Enterprise Value	296	402	470	894	2,305	2,425	3,542	2,785	3,146	5,066	4,935
Low Price	- -	- -	- -	7.27	9.52	10.18	15.69	22.22	26.8	32.55	47
EV/Sales	1.23	1.35	1.15	2.16	3.76	3.13	3.98	3.26	3.83	5.67	3.78
EV/EBITDA	4.09	5.64	3.67	6.26	9.63	6.9	8.33	6.91	7.98	10.71	7.86
Price/Earnings	- -	- -	- -	10.64	15.33	7.9	8.92	6.67	10.7	14.64	13.72
Price/Earnings Average	- -	- -	- -	10.94	11.72	5.86	7.56	7.09	9.84	11.26	13.92
Price/Earnings High	- -	- -	- -	14.05	16.27	7.95	10.52	9.28	10.94	16.42	15.87
Price/Earnings Low	- -	- -	- -	7.57	6.96	3.24	3.83	5.52	8.32	7.28	10.22
Price/Book Value	- -	- -	- -	-5.69	-41.72	10.35	6.15	3.01	3.09	4.57	3.76
Price/Book Value Average	- -	- -	- -	-5.86	-31.9	7.67	5.21	3.2	2.84	3.52	3.81
Price/Book Value High	- -	- -	- -	-7.52	-44.27	10.41	7.26	4.19	3.16	5.13	4.35
Price/Book Value Low	- -	- -	- -	-4.05	-18.94	4.25	2.64	2.49	2.41	2.27	2.8
Price/Tangible Book Value	- -	- -	- -	-3.13	-1.36	-1.95	-1.77	-1.49	-1.88	-3.77	-3.2
Price/Tangible Book Value Average	- -	- -	- -	-3.22	-1.04	-1.45	-1.5	-1.59	-1.73	-2.9	-3.25
Price/Tangible Book Value High	- -	- -	- -	-4.14	-1.44	-1.97	-2.09	-2.08	-1.93	-4.23	-3.71
Price/Tangible Book Value Low	- -	- -	- -	-2.23	-0.62	-0.8	-0.76	-1.24	-1.47	-1.88	-2.39
Price/Sales	- -	- -	- -	1.64	2.32	2.17	2.79	2.15	2.78	4.73	3.16
Price/Sales Average	- -	- -	- -	1.69	1.77	1.61	2.36	2.29	2.55	3.64	3.21
Price/Sales High	- -	- -	- -	2.16	2.46	2.18	3.29	2.99	2.84	5.31	3.66
Price/Sales Low	- -	- -	- -	1.17	1.05	0.89	1.2	1.78	2.16	2.35	2.35
Price/Cash Flow	- -	- -	- -	5.04	6.24	6.7	6.6	5.48	6.9	12.44	10.71
Price/Cash Flow Average	- -	- -	- -	5.19	4.77	4.97	5.59	5.83	6.35	9.57	10.87
Price/Cash Flow High	- -	- -	- -	6.66	6.62	6.74	7.79	7.63	7.06	13.95	12.39
Price/Cash Flow Low	- -	- -	- -	3.59	2.83	2.75	2.84	4.54	5.37	6.19	7.98
Price/Free Cash Flow Average	- -	- -	- -	5.41	5.06	5.24	5.9	6.06	6.44	9.73	10.9
Price/Free Cash Flow High	- -	- -	- -	6.95	7.03	7.11	8.22	7.93	7.16	14.18	12.44
Price/Free Cash Flow Low	- -	- -	- -	3.74	3.01	2.9	2.99	4.72	5.45	6.29	8.01
EV/Sales Average	1.23	1.35	1.15	2.21	3.22	2.57	3.55	3.39	3.61	4.58	3.82
EV/Sales High	1.23	1.35	1.15	2.69	3.91	3.14	4.48	4.1	3.89	6.25	4.27
EV/Sales Low	1.23	1.35	1.15	1.69	2.5	1.85	2.39	2.89	3.22	3.29	2.97
EV/EBITDA Average	4.09	5.65	3.67	6.4	8.24	5.67	7.43	7.2	7.52	8.65	7.96
EV/EBITDA High	4.09	5.65	3.67	7.79	9.99	6.94	9.38	8.69	8.11	11.8	8.89
EV/EBITDA Low	4.09	5.65	3.67	4.9	6.4	4.09	5	6.12	6.7	6.21	6.18
EV/EBIT Average	6.56	9.87	4.79	7.65	9.15	5.95	7.78	8.06	8.41	9.23	9
EV/EBIT High	6.56	9.87	4.79	9.3	11.1	7.27	9.81	9.74	9.07	12.6	10.06
EV/EBIT Low	6.56	9.87	4.79	5.85	7.1	4.29	5.23	6.86	7.49	6.64	7
Last Price	- -	- -	- -	10.22	20.97	24.81	36.53	26.83	34.44	65.46	63.09
High Price	- -	- -	- -	13.5	22.25	24.96	43.09	37.35	35.21	73.42	73
Enterprise Value Average	297	402	470	914	1,971	1,991	3,162	2,902	2,963	4,090	4,996
Enterprise Value High	297	402	470	1,112	2,392	2,436	3,987	3,505	3,197	5,581	5,584
Enterprise Value Low	297	402	470	699	1,531	1,436	2,125	2,469	2,640	2,940	3,882

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	55	55	55	68	68	68	69	67	64	64	64
Diluted Weighted Avg Shares	71	71	55	71	73	74	74	72	68	66	66
Basic Weighted Avg Shares	67	67	55	66	68	68	68	68	66	65	65
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
EBITDA per Share	1.09	1.07	2.32	2.15	3.54	5.19	6.26	5.89	5.95	7.32	9.59
Operating Income per Share	0.68	0.61	1.78	1.8	3.19	4.95	5.98	5.26	5.32	6.86	8.48
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
Basic EPS from Cont Ops	0.06	-0.09	0.47	0.96	1.37	3.14	4.1	4.02	3.22	4.47	5.04
Diluted EPS, GAAP	0.05	-0.09	0.47	0.9	1.26	2.88	3.75	3.81	3.12	4.38	4.53
Diluted EPS from Cont Ops	0.05	-0.09	0.47	0.9	1.26	2.88	3.75	3.81	3.12	4.38	4.97
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
Cash Flow per Share	0.61	0.59	1.74	2.03	3.36	3.7	5.53	4.89	4.99	5.26	5.89
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
Cash & Equivalents per Share	0.24	0.25	0.25	0.79	0.56	0.35	1.02	0.56	1.87	1.96	2.5
Book Value per Share	-1.01	-1.11	-3.33	-1.8	-0.5	2.4	5.94	8.91	11.14	14.32	16.79
Tangible Book Value per Share	-4.5	-5.82	-8.36	-3.26	-15.42	-12.7	-20.62	-17.98	-18.29	-17.35	-19.7

Victory Capital Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)