Latest Ratios: P/E Ratio 16.3x · EV/EBITDA 10.0x · ROE 18.6%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.5B | $4.2B | $4.3B | $2.3B | $1.9B | $2.7B | $1.8B | $1.5B | $721M | — | — |
| Enterprise Value | $8.3B | $5.0B | $5.2B | $3.2B | $2.9B | $3.8B | $2.6B | $2.4B | $938M | — | — |
| P/E Ratio → | 16.35 | 15.46 | 14.95 | 11.04 | 7.04 | 9.74 | 8.61 | 16.64 | 11.36 | — | — |
| P/S Ratio | 4.78 | 3.38 | 5.29 | 3.16 | 2.40 | 3.13 | 2.48 | 2.70 | 1.84 | — | — |
| P/B Ratio | 3.26 | 1.73 | 3.85 | 2.23 | 1.82 | 2.91 | 2.58 | 2.86 | 1.07 | — | — |
| P/FCF | 12.01 | 17.68 | 12.74 | 7.23 | 5.88 | 7.45 | 7.54 | 6.94 | 5.47 | — | — |
| P/OCF | 31.01 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.03 | 6.31 | 4.32 | 3.57 | 4.35 | 3.50 | 4.25 | 2.39 | — | — |
| EV / EBITDA | 10.04 | 7.95 | 11.26 | 8.69 | 6.53 | 9.59 | 7.81 | 12.88 | 6.81 | — | — |
| EV / EBIT | 14.89 | 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 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 74.8% | 74.8% | 64.9% | 61.3% | 56.4% | 55.3% | 54.5% | 50.0% | 44.1% | 44.7% | 36.7% |
| Operating Margin | 44.7% | 44.7% | 52.4% | 44.1% | 49.4% | 43.2% | 42.6% | 28.8% | 29.2% | 24.9% | 9.2% |
| Net Profit Margin | 26.6% | 26.6% | 35.4% | 28.6% | 34.1% | 32.2% | 28.8% | 16.2% | 16.2% | 7.1% | -2.3% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 0.29 | 0.32 | 0.29 | 0.32 | 0.34 | 0.43 | 0.33 | 0.49 | 0.46 | 0.31 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.6% | 3.0% | 2.3% | 3.6% | 3.6% | 1.4% | 0.9% | 0.5% | 0.1% | — | — |
| Payout Ratio | 38.0% | 38.0% | 35.0% | 40.1% | 25.1% | 13.3% | 7.6% | 8.0% | 1.3% | 523.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 6.5% | 6.7% | 9.1% | 14.2% | 10.3% | 11.6% | 6.0% | 8.8% | — | — |
| FCF Yield | 8.3% | 5.7% | 7.8% | 13.8% | 17.0% | 13.4% | 13.3% | 14.4% | 18.3% | — | — |
| Buyback Yield | 1.9% | 3.5% | 2.4% | 5.9% | 5.2% | 1.2% | 1.6% | 1.0% | 1.1% | — | — |
| Total Shareholder Yield | 3.5% | 6.5% | 4.7% | 9.6% | 8.8% | 2.5% | 2.5% | 1.5% | 1.3% | — | — |
| Shares Outstanding | — | $66M | $66M | $68M | $72M | $74M | $74M | $73M | $71M | $55M | $71M |
Includes 30+ ratios · 11 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VCTR stock.
Victory Capital Holdings, Inc.'s current P/E ratio is 16.3x. The historical average is 11.9x. This places it at the 88th percentile of its historical range.
Victory Capital Holdings, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Victory Capital Holdings, Inc.'s return on equity (ROE) is 18.6%. The historical average is 17.2%.
Based on historical data, Victory Capital Holdings, Inc. is trading at a P/E of 16.3x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Victory Capital Holdings, Inc.'s current dividend yield is 1.59% with a payout ratio of 38.0%.
Victory Capital Holdings, Inc. has 74.8% gross margin and 44.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Victory Capital Holdings, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings quality and provision volatility
Metrics are mathematically derived from official filings.
Premium Multiple Against Compressed Returns
Based on reported figures, VCTR trades at 3.26 times book and a trailing P/E of 29.23 while trailing ROE has compressed to 3.8%, a pairing that implies the market is pricing in a sustained earnings recovery rather than current returns.
A P/B of 3.26 paired with ROE of 3.8% implies a price-to-return relationship that only holds if the equity base is productively deployed over time, which the recent quarters do not yet demonstrate. The forward P/E of 14.85 versus the trailing 29.23 suggests consensus expects a large earnings rebound, and investors should monitor whether that rebound materializes. Because the company reports no net interest income and fee revenue drives the entire top line, the appropriate framing is a fee-based asset manager multiple rather than a bank multiple, and tangible book metrics are distorted by negative tangible equity per share.
ROE Decline Driven by Earnings Shortfall
According to reported quarterly figures, ROE fell from 7.1% in 2024Q3 to 3.8% in 2026Q3 while equity to assets held near 0.57, indicating the decline reflects weaker earnings against a larger capital base rather than a change in leverage.
Because equity to assets has been stable at roughly 0.57 across recent quarters, the DuPont decline is attributable to net margin and asset turnover rather than leverage expansion. With fee income representing essentially 100% of revenue and no net interest margin contribution, profitability depends entirely on fee rates and operating expense control. The operating margin reported in the TTM snapshot warrants reconciliation with the quarterly EPS miss to determine whether the earnings gap is transitory or structural.
Efficiency Ratio Volatility Without Spread Income
As reported in the quarterly data, the efficiency ratio swung from 8.9% to 45.9% across recent quarters, and with no net interest margin to anchor revenue, cost discipline is the sole operating lever.
The NIM series is negative and immaterial, consistent with a fee-only revenue model, so the efficiency ratio is effectively a cost-to-fee metric. The wide quarterly dispersion suggests that expense timing, compensation accruals, or integration costs may be distorting the quarterly picture more than underlying operating efficiency. Investors should treat single-quarter efficiency readings with caution and look for a multi-quarter average before drawing conclusions about cost structure.
P/E Misleads Given Provision Volatility
Based on reported income statement figures, provision expense swung from $38.1M to $168.5M and back to $126.0M, so the trailing P/E of 29.23 may overstate the earnings base on which the multiple is applied.
The most commonly misapplied ratio here is P/E, because provision-type charges appear unusual for a fee-based manager with no meaningful loan book and are not explained by the supplied data. Price-to-book is similarly distorted by the step-change in equity from acquisitions. A more reliable approach would be to normalize earnings for acquisition amortization and the unexplained provision line, and to evaluate price against organic fee-earning AUM and recurring operating cash flow instead.
Premium to Peers on Book and Earnings
Versus peers, VCTR's P/B of 3.26 sits well above VRTS at 0.85 and DHIL at 2.70, while its trailing ROE of 3.8% trails VRTS at 11.0% and DHIL at 27.0%, indicating the premium is not supported by current return differentials.
The valuation gap relative to Virtus and BrightSphere-style multi-boutique peers suggests the market is assigning VCTR a growth or platform premium, possibly reflecting the record long-term net flows of $11.7B and the scale of the USAA-linked distribution. The return gap, however, appears cyclical or integration-related rather than structural, and investors should monitor whether the earnings miss is resolved before accepting the premium as justified.