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Victory Capital Holdings, Inc., together with its subsidiaries, operates as an asset management company in the United States and internationally. It offers specialized investment strategies to institutions, intermediaries, retirement platforms, and individual investors. The company also provides various investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (ETF), institutional separate accounts, variable insurance products, alternative investments, private closed end funds, and a 529 education savings plan; and third-party investment products, such as mutual funds, third-party ETF model strategies, retail separately managed accounts, unified managed accounts, collective investment trusts, undertakings for the collective investment in transferable securities, and other pooled vehicles. In addition, it offers investment management services, fund administration services, fund transfer agent services, and fund distribution services. Victory Capital Holdings, Inc. was incorporated in 2013 and is based in San Antonio, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $577M | $330M | $381M | 13.6% | 46.2% | 14.3% |
| 2024 | $893M | $481M | $289M | $339M | 25.8% | 8.8% | 35.5% |
| 2023 | $821M | $394M | $213M | $325M | 20.2% | -4.0% | -22.6% |
| 2022 | $855M | $440M | $276M | $330M | 25.9% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 854.80 | 821.03 | 893.48 | 1,306.13 |
| Cost Of Revenue | - | 399.30 | 370.59 | 363.70 | 594.98 |
| Gross Profit | - | 455.50 | 450.44 | 529.77 | 711.15 |
| Operating Expense | - | 95.57 | 97.93 | 86.87 | 156.17 |
| Operating Income | - | 359.92 | 352.51 | 442.90 | 554.98 |
| EBITDA | - | 440.14 | 394.32 | 481.37 | 576.73 |
| EBIT | - | 396.94 | 352.67 | 451.19 | 503.88 |
| Pretax Income | - | 350.03 | 275.91 | 373.76 | 438.32 |
| Tax Provision | - | 74.52 | 62.75 | 84.89 | 108.26 |
| Net Income | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Net Income Common Stockholders | - | 275.51 | 213.16 | 288.86 | 270.15 |
| Total Expenses | - | 494.88 | 468.52 | 450.57 | 751.15 |
| Interest Expense | - | 46.90 | 76.76 | 77.44 | 65.56 |
| Interest Income | - | 3.68 | 27.24 | 27.15 | 28.48 |
| Selling General And Administration | - | 52.37 | 56.29 | 56.69 | 83.32 |
| Normalized EBITDA | - | 403.60 | 418.37 | 497.12 | 653.90 |
| Normalized Income | - | 246.76 | 231.75 | 301.04 | 388.17 |
| Market Cap | 4,658.39 | 4,658.39 | 4,658.39 | 4,658.39 | 4,658.39 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Victory Capital Holdings, Inc.this co. | VCTR | $5.9B | 14.11↓ discount | 1.92 | 13.6% | 9.48 |
| Enact Holdings, Inc. | ACT | $6.5B | 9.18 | 1.16 | 12.6% | - |
| MarketAxess Holdings Inc. | MKTX | $6.1B | 23.52 | 5.06 | 21.5% | 12.30 |
| Axos Financial, Inc. | AX | $5.4B | 12.50 | 2.02 | 16.1% | - |
| Mercury General Corporation | MCY |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.3B |
| 9.88 |
| 2.21 |
| 22.4% |
| - |
| HA Sustainable Infrastructure Capital, Inc. | HASI | $5.2B | 28.91 | 2.07 | 7.2% | - |
| Moelis & Company | MC | $5.1B | 21.45 | 8.80 | 41.0% | 16.65 |
| Atlantic Union Bankshares Corporation | AUB | $5.0B | 19.55 | 1.07 | 5.5% | - |
| Radian Group Inc. | RDN | $5.0B | 8.33 | 1.01 | 12.2% | - |
| Peer Median | - | 16.03 | 2.05 | 14.4% | 14.47 | |