Victory Capital Holdings, Inc. (VCTR) Financial Ratios
11 years of historical data (2015–2025) · Financial Services · Asset Management
EV/EBITDA
↓
10.16
+15% vs avg
5yr avg: 8.80
30Y Low6.5·High12.9
P/FCF
↑
23.53
↑+131% vs avg
5yr avg: 10.20
30Y Low5.5·High17.7
P/B Ratio
↓
2.38
-5% vs avg
5yr avg: 2.51
30Y Low1.1·High3.8
ROE
↓
18.6%
↑-27% vs avg
5yr avg: 25.4%
30Y Low-1%·High34%
Debt/EBITDA
↓
1.55
↓-32% vs avg
5yr avg: 2.28
30Y Low1.5·High7.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VCTR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Victory Capital Holdings, Inc. trades at 21.3x earnings, 83% above its 5-year average of 11.6x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 57%. On a free-cash-flow basis, the stock trades at 23.5x P/FCF, 131% above the 5-year average of 10.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $4.2B | $4.3B | $2.3B | $1.9B | $2.7B | $1.8B | $1.5B | $721M | — | — |
| Enterprise Value | $6.4B | $5.0B | $5.2B | $3.2B | $2.9B | $3.8B | $2.6B | $2.4B | $938M | — | — |
| P/E Ratio → | 21.33 | 15.46 | 14.95 | 11.04 | 7.04 | 9.74 | 8.61 | 16.64 | 11.36 | — | — |
| P/S Ratio | 4.27 | 3.21 | 4.83 | 2.86 | 2.27 | 3.04 | 2.36 | 2.52 | 1.74 | — | — |
| P/B Ratio | 2.38 | 1.73 | 3.85 | 2.23 | 1.82 | 2.91 | 2.58 | 2.86 | 1.07 | — | — |
| P/FCF | 23.53 | 17.68 | 12.74 | 7.23 | 5.88 | 7.45 | 7.54 | 6.94 | 5.47 | — | — |
| P/OCF | 23.18 | 17.42 | 12.69 | 7.11 | 5.78 | 7.20 | 7.30 | 6.78 | 5.36 | — | — |
P/E links to full P/E history page with 30-year chart
VCTR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Victory Capital Holdings, Inc.'s enterprise value stands at 10.2x EBITDA, 15% above its 5-year average of 8.8x. The Financial Services sector median is 11.4x, placing the stock at a 11% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.82 | 5.77 | 3.92 | 3.38 | 4.23 | 3.33 | 3.96 | 2.27 | — | — |
| EV / EBITDA | 10.16 | 7.95 | 11.26 | 8.69 | 6.53 | 9.59 | 7.81 | 12.88 | 6.81 | — | — |
| EV / EBIT | 11.49 | 10.13 | 11.42 | 9.12 | 7.27 | 10.10 | 8.27 | 15.26 | 8.83 | — | — |
| EV / FCF | — | 21.08 | 15.21 | 9.89 | 8.75 | 10.36 | 10.66 | 10.93 | 7.12 | — | — |
VCTR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Victory Capital Holdings, Inc. earns an operating margin of 42.5%, significantly above the Financial Services sector average of 20.3%. Operating margins have expanded from 40.0% to 42.5% over the past 3 years, signaling improving operational efficiency. ROE of 18.6% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 15.2% represents solid returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.1% | 71.1% | 59.3% | 55.5% | 53.3% | 53.8% | 51.9% | 46.7% | 41.8% | 39.6% | 32.8% |
| Operating Margin | 42.5% | 42.5% | 47.8% | 40.0% | 46.7% | 42.0% | 40.6% | 26.9% | 27.7% | 22.0% | 8.2% |
| Net Profit Margin | 25.3% | 25.3% | 32.3% | 26.0% | 32.2% | 31.3% | 27.4% | 15.1% | 15.4% | 6.3% | -2.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 26.6% | 20.1% | 27.6% | 34.0% | 34.1% | 15.3% | 9.3% | 3.6% | -1.2% |
| ROA | 9.7% | 9.7% | 11.3% | 8.4% | 10.8% | 12.9% | 12.2% | 7.2% | 8.0% | 3.1% | -0.8% |
| ROIC | 15.2% | 15.2% | 15.5% | 12.0% | 14.6% | 15.8% | 16.0% | 10.3% | 8.1% | 5.8% | 2.1% |
| ROCE | 17.8% | 17.8% | 18.5% | 14.5% | 17.9% | 19.5% | 19.8% | 14.2% | 14.9% | 11.5% | 3.5% |
VCTR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Victory Capital Holdings, Inc. carries a Debt/EBITDA ratio of 1.5x, which is manageable (64% below the sector average of 4.3x). Net debt stands at $806M ($970M total debt minus $164M cash). Interest coverage of 7.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.40 | 0.40 | 0.86 | 0.94 | 0.93 | 1.21 | 1.10 | 1.72 | 0.40 | 0.69 | 0.57 |
| Debt / EBITDA | 1.55 | 1.55 | 2.11 | 2.67 | 2.23 | 2.87 | 2.35 | 4.90 | 1.95 | 4.02 | 7.62 |
| Net Debt / Equity | — | 0.33 | 0.75 | 0.82 | 0.89 | 1.14 | 1.07 | 1.65 | 0.32 | 0.67 | 0.55 |
| Net Debt / EBITDA | 1.28 | 1.28 | 1.83 | 2.34 | 2.14 | 2.70 | 2.28 | 4.71 | 1.58 | 3.92 | 7.33 |
| Debt / FCF | — | 3.40 | 2.47 | 2.66 | 2.87 | 2.91 | 3.12 | 3.99 | 1.65 | 5.16 | 10.48 |
| Interest Coverage | 7.52 | 7.52 | 5.83 | 4.59 | 8.46 | 15.13 | 8.45 | 3.89 | 4.97 | 1.82 | 0.71 |
VCTR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.97x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.79x to 0.97x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.19 | 0.79 | 0.47 | 0.49 | 1.18 | 0.66 | 3.78 | 2.35 | 2.17 |
| Quick Ratio | 0.97 | 0.97 | 1.19 | 0.79 | 0.47 | 0.49 | 1.18 | 0.66 | 3.78 | 2.35 | 2.17 |
| Cash Ratio | 0.44 | 0.44 | 0.64 | 0.45 | 0.14 | 0.19 | 0.23 | 0.18 | 1.97 | 0.41 | 0.34 |
| Asset Turnover | — | 0.31 | 0.35 | 0.32 | 0.34 | 0.35 | 0.45 | 0.35 | 0.52 | 0.52 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
VCTR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Victory Capital Holdings, Inc. returns 4.8% to shareholders annually — split between a 2.2% dividend yield and 2.6% buyback yield. The payout ratio of 38.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 38.0% | 38.0% | 35.0% | 40.1% | 25.1% | 13.3% | 7.6% | 8.0% | 1.3% | 523.4% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 6.5% | 6.7% | 9.1% | 14.2% | 10.3% | 11.6% | 6.0% | 8.8% | — | — |
| FCF Yield | 4.3% | 5.7% | 7.8% | 13.8% | 17.0% | 13.4% | 13.3% | 14.4% | 18.3% | — | — |
| Buyback Yield | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $66M | $66M | $68M | $72M | $74M | $74M | $73M | $71M | $55M | $71M |
Peer Comparison
Compare VCTR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VCTRYou | $6B | 21.3 | 10.2 | 23.5 | 71.1% | 42.5% | 18.6% | 15.2% | 1.5 |
 VRTS | $948M | 7.1 | 16.2 | — | 74.9% | 17.4% | 13.5% | 3.0% | 13.9 |
 DHIL | $473M | 9.8 | 110.4 | — | 96.0% | 38.4% | 28.8% | 1.3% | 103.4 |
 CNNE | $717M | -1.5 | — | — | 12.7% | -28.2% | -36.6% | -5.7% | — |
 GROW | $39M | -124.0 | — | — | 41.7% | -35.3% | -0.7% | -4.7% | — |
 AMG | $9B | 15.5 | 12.2 | 9.4 | 86.0% | 31.8% | 15.8% | 8.1% | 2.8 |
 BEN | $17B | 36.3 | 23.7 | 18.8 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 IVZ | $13B | -17.6 | 16.8 | 8.7 | 43.2% | -10.9% | -2.0% | -2.3% | 8.2 |
 APAM | $3B | 8.9 | 6.6 | 14.8 | 45.7% | 33.4% | 37.9% | 26.7% | 1.0 |
 MORN | $6B | 17.3 | 9.5 | 13.2 | 61.0% | 21.5% | 26.3% | 15.3% | 2.0 |
 BLK | $174B | 29.6 | 23.0 | 46.3 | 55.5% | 29.1% | 10.0% | 7.5% | 1.9 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 11 years · Updated daily
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VCTR — Frequently Asked Questions
Quick answers to the most common questions about buying VCTR stock.
What is Victory Capital Holdings, Inc.'s P/E ratio?
Victory Capital Holdings, Inc.'s current P/E ratio is 21.3x. The historical average is 11.9x. This places it at the 100th percentile of its historical range.
What is Victory Capital Holdings, Inc.'s EV/EBITDA?
Victory Capital Holdings, Inc.'s current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
What is Victory Capital Holdings, Inc.'s ROE?
Victory Capital Holdings, Inc.'s return on equity (ROE) is 18.6%. The historical average is 17.2%.
Is VCTR stock overvalued?
Based on historical data, Victory Capital Holdings, Inc. is trading at a P/E of 21.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Victory Capital Holdings, Inc.'s dividend yield?
Victory Capital Holdings, Inc.'s current dividend yield is 2.17% with a payout ratio of 38.0%.
What are Victory Capital Holdings, Inc.'s profit margins?
Victory Capital Holdings, Inc. has 71.1% gross margin and 42.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Victory Capital Holdings, Inc. have?
Victory Capital Holdings, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.