# Victory Capital Holdings, Inc. (VCTR)

> Source: Nexqual · https://nexqual.com/VCTR · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Victory Capital Holdings, Inc. (VCTR), nexqual.com/VCTR" · informational, not investment advice.

**Price:** USD 107.6 (+0.20% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 107.39 · day 106.14–107.79 · 52w 57.03–123.55 · market cap $6.62B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.56B, net income $461M (29.6% margin), free cash flow $564M (SEC filings).
- Valuation: P/E 14.4x (avg 12.9x at the last 3 fiscal year-ends), EV/EBITDA 10.3x, net debt $898M.
- 1 of 80 tracked superinvestors hold VCTR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (7 analysts), mean target USD 123 (range 115–146).
- Total return with dividends: 1Y +73.6% vs S&P 500 +13.4%; 5Y +232.1% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 1.97, revenue estimate $409M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $890M | $855M | $821M | $893M | $1.31B | $1.56B |
| Operating income | $374M | $399M | $328M | $428M | $478M | $644M |
| Net income | $278M | $276M | $213M | $289M | $330M | $461M |
| EPS (diluted) | $3.75 | $3.81 | $3.12 | $4.38 | $4.08 | — |
| Free cash flow | $364M | $330M | $325M | $339M | $381M | $564M |
| Operating margin | 42.0% | 46.7% | 40.0% | 47.8% | 36.6% | 41.3% |
| Net margin | 31.3% | 32.2% | 26.0% | 32.3% | 25.3% | 29.6% |
| Revenue growth | +14.8% | -4.0% | -4.0% | +8.8% | +46.2% | — |
| Cash + short-term investments | $69.5M | $38.2M | $124M | $127M | $164M | — |
| Total debt | $1.13B | $986M | $989M | $964M | $970M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.4x · P/S 4.3x · EV/EBITDA 10.3x · EV/Sales 4.8x · P/FCF 11.7x · P/B 2.8x · FCF yield 8.52% · Earnings yield 6.96% · Dividend yield (paid, TTM) 2.51% · Buyback yield (TTM) 5.86% · Net debt $898M · EV $7.52B
P/E at fiscal year-ends: Dec 2025 12.7x, Dec 2024 14.9x, Dec 2023 11.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VCTR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.4M | Reduced -29.2% |

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 7 analysts; mean target USD 123 (low 115, high 146).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | JP Morgan | Target raised | Neutral | $101 → $120 |
| 2026-10-14 | Barclays | Target raised | Equal-Weight | $112 → $121 |
| 2026-09-25 | Morgan Stanley | Target raised | Equal-Weight | $91 → $115 |
| 2026-08-28 | Goldman Sachs | Target raised | Neutral | $100 → $117 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $107 → $118 |
| 2026-08-07 | Barclays | Target raised | Equal-Weight | $95 → $112 |
| 2026-08-07 | JP Morgan | Target raised | Neutral | $87 → $101 |
| 2026-07-23 | RBC Capital | Target raised | Outperform | $95 → $107 |
| 2026-07-14 | Barclays | Target raised | Equal-Weight | $85 → $95 |
| 2026-06-26 | Morgan Stanley | Target raised | Equal-Weight | $76 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +73.6% | +232.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +73.9% | +27.2% |
| Volatility (annualized) | 31.3% | 32.6% |
| Max drawdown | -18.1% (Feb 2026→Apr 2026) | -43.4% (Nov 2021→Jul 2022) |

## Peers (Asset Management)
PDI (PIMCO Dynamic Income Fund) USD 14.31 +0.07% · BXSL (Blackstone Secured Lending Fund) USD 23.33 -2.43% · AMG (Affiliated Managers Group, Inc.) USD 383.42 -3.06% · SEIC (SEI Investments Company) USD 102.3 -2.11% · IVZ (Invesco Ltd) USD 28.06 -2.54% · ARCC (Ares Capital Corporation) USD 18.64 -0.80%

## More
Full page: https://nexqual.com/VCTR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VCTR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1570827/000119312526077057/vctr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amundi | "Through our 15-year distribution agreement with Amundi, we are their exclusive provider of traditional U.S.-manufactured active asset management products for distribution outside of the U.S., where Amundi has a local pre…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Management Fees | $362.2M | 83.2% | +28.3% |
| Fund Administration & Distribution Fees | $73.1M | 16.8% | +6.1% |
| Total revenue | $435.4M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.97 | $1.88 | +4.5% | $409.0M | 7 |
| Next quarter (ends 2026-12-31) | $2.02 | $1.95 | +3.5% | $417.6M | 7 |
| Current fiscal year (ends 2026-12-31) | $8.01 | $7.45 | +7.6% | $1.65B | 7 |
| Next fiscal year (ends 2027-12-31) | $8.50 | $8.11 | +4.8% | $1.75B | 5 |