Victory Capital Holdings, Inc.

Finance
Investment Managers
www.vcm.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $4.01B
PE 14
Debt $964.76M
Cash $175.61M
EV $4.80B
FCF $350.02M

Earnings

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Sales & Net Margins

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Earnings	$295.15M
EBIT	$435.61M
ROE	26%
ROA	17%
FCF	$350.02M
Equity	$1.14B
Growth Stability	83%
PE	13.58
PEG	2.87
PB	3.5
P/FCF	11.45
P/S	4.47
Price/Cash	0.04
Debt/Equity	0.84
Debt/FCF	2.76
Net Margins	28%
Op. Margins	49%
Earnings CAGR	54%
Sales Growth YoY	2%
Sales Growth QoQ	-5%
Sales CAGR	13%
FCF CAGR	21%
Equity CAGR	22%
Earnings Stability	0.52
Earnings Growth YoY	11%
Earnings Growth QoQ	-19%

Earnings CAGR 5Y	5%
Sales CAGR 5Y	1%
FCF CAGR 5Y	5%
Equity CAGR 5Y	13%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-1%
Equity CAGR 3Y	4%
Market Cap	$4.01B
Revenue	$897.22M
Dividend Yield	3%
Payout Ratio	37%
Assets	$2.58B
Total Debt	$964.76M
Cash	$175.61M
Shares Outstanding	63.71M
EV	4.8B
Earnings Score	84%
Moat Score	96%
Safety Score	89%
Final Score	90%
Shares Growth 3y	-3%
Equity Growth QoQ	2%
Equity Growth YoY	6%

Assets & ROA

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Stockholders Equity & ROE

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Victory Capital Holdings Inc is an independent investment management firm. The company operates its business through franchises and solutions platform. It provides centralized distribution, marketing, and operations infrastructure to the company's franchises and solutions platform. The company operates through one business segment that is Investment management services and products to institutional, intermediary, retirement platforms, and individual investors. The franchises and solutions platform manages a variety of investment strategies for its customers. It derives revenues from asset-based fees from investment management products and services to individuals and institutions.

SEC Filings

Direct access to Victory Capital Holdings, Inc. (VCTR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Victory Capital Holdings, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Victory Capital Holdings, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 54%

Stability 52%

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Victory Capital Holdings, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Victory Capital Holdings, Inc..

Years

Calculation mode

= $16B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$350M	$425M	$516M	$627M	$762M	$925M	$1.1B	$1.4B	$1.7B	$2B	$2.4B	$24B
DCF		$386M	$427M	$471M	$520M	$574M	$634M	$700M	$773M	$854M	$943M	$9.4B
Value	$16B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	2%	-2%	6%	15%	15%	27%	31%	32%	26%	32%	28%
ROA	-	3%	11%	14%	9%	18%	14%	16%	13%	17%	17%
ROE	-	-2%	11%	14%	17%	30%	30%	26%	20%	26%	26%

Good Net Margins (28.22%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	10.91	5.31	2.12	4.16	3.17	3.1	2.99	3.04	2.85	2.76
Debt over Equity	-	1.26	2.09	0.61	1.72	1.09	1.21	0.93	0.94	0.86	0.84
Growth Stability	-	-	-	100%	100%	100%	100%	100%	83%	100%	83%

Neutral Debt/FCF ratio (2.76)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.84)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (83%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	24%	38%	1%	48%	27%	15%	-4%	-4%	9%	1%
Earnings YoY growth	-	-260%	-525%	147%	45%	130%	31%	-1%	-23%	36%	5%
Equity YoY growth	-	33%	-30%	97%	18%	32%	31%	15%	-1%	7%	13%
FCF YoY growth	-	-1%	137%	45%	69%	9%	50%	-9%	-1%	4%	5%