Victory Capital

VCTR · Nasdaq · Financials · Financials, fiscal 2016 to 2025

VCTR · Last close · November 6, 2026

$119.24

Victory Capital's revenue rose 46.2% to $1.3 billion in fiscal 2025. Its operating margin was 36.6%, down from 47.9% a year earlier. Free cash flow was $381 million, up 12.6%. It paid out $353 million in dividends and buybacks, 92% of free cash flow. The diluted share count rose 0.7%.

Victory Capital Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001193125-26-077057 Updated November 5, 2026

Revenue

$1.3B

46.2%

Operating margin

36.6%

11.2 pts

Net income

$330M

14.3%

Free cash flow

$381M

12.6%

Return on capital

13.9%

3.2 pts

Market cap

$7.5B

Nov 6 close

P/E

21.8x

On $5.47 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2025, earnings per share grew 32.5% a year and net income 37.5% a year, as new shares raised the share count by 11% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	70	38	124	127	164
Debt incl. finance leases	1,128	986	989	964	970
Net debt (negative means net cash)	1,058	947	866	837	806
Net debt to EBITDA	2.7x	2.1x	2.3x	1.8x	1.5x
Debt to equity	1.2x	0.9x	0.9x	0.9x	0.4x
Interest coverage	21.7x	9.3x	4.4x	5.6x	7.5x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Victory Capital's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Victory Capital's projections

Insider trades

No officer, director or 10% owner of Victory Capital reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	35.6%	46.7%	75.4%
Altman Z''	—	—	—
Accruals ratio	−4.6%	−2.0%	−1.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Victory Capital side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Victory Capital	FY25	46.2%	36.6%	29.2%	13.9%	1.5x	—
Artisan Partners Asset Management	FY25	7.6%	33.4%	14.3%	80.6%	−0.2x	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
StepStone Group	FY26	69.7%	—	3.2%	—	—	—	Compare
Virtus Investment Partners	FY25	−6.0%	19.8%	−8.7%	15.5%	−0.4x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	298	410	413	612	775	890	855	821	894	1,306
Revenue growth	23.7%	37.5%	0.9%	48.1%	26.6%	14.8%	−4.0%	−4.0%	8.8%	46.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	24	90	114	165	315	374	399	328	428	478
Net income	−6	26	64	92	212	278	276	213	289	330
Diluted EPS (US$)	−0.12	0.43	0.90	1.26	2.88	3.75	3.81	3.12	4.38	4.08
Diluted shares (millions)	50	60	70	74	74	74	72	68	66	66
Cash flow
Cash from operations	40	96	134	227	251	376	335	330	340	386
Capital expenditure	1	5	2	5	8	13	5	5	1	4
Free cash flow	38	91	132	222	243	364	330	325	339	381
Dividends paid	1	135	1	7	16	37	69	85	101	157
Share buybacks	10	5	8	16	30	32	101	139	104	196
Acquisitions	204	0	0	851	0	539	1	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	16	15	20
Balance sheet at fiscal year end
Cash and short-term investments	16	13	52	37	23	70	38	124	127	164
Debt incl. finance leases	418	483	269	924	769	1,128	986	989	964	970
Total assets	851	793	802	1,753	1,731	2,580	2,541	2,543	2,548	4,248
Total liabilities	520	561	346	1,215	1,023	1,650	1,476	1,490	1,426	1,823
Shareholders' equity	331	231	456	538	708	930	1,065	1,053	1,122	2,425
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	8.2%	22.0%	27.7%	26.9%	40.6%	42.0%	46.7%	40.0%	47.9%	36.6%
Net margin	−2.0%	6.3%	15.4%	15.1%	27.4%	31.3%	32.2%	26.0%	32.3%	25.3%
Free cash flow margin	12.9%	22.2%	31.9%	36.3%	31.3%	40.8%	38.6%	39.6%	37.9%	29.2%
Rule of 40 (growth + FCF margin)	36.6%	59.7%	32.8%	84.4%	57.9%	55.6%	34.6%	35.6%	46.7%	75.4%
Return on capital	—	8.4%	12.5%	12.0%	16.7%	17.2%	15.7%	12.9%	17.0%	13.9%
Return on equity	—	9.2%	18.6%	18.6%	34.1%	34.0%	27.6%	20.1%	26.6%	18.6%
Return on assets	—	3.1%	8.0%	7.2%	12.2%	12.9%	10.8%	8.4%	11.3%	9.7%
Net debt to EBITDA	7.3x	3.9x	1.6x	4.7x	2.2x	2.7x	2.1x	2.3x	1.8x	1.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Victory Capital's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Victory Capital.