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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 |
| Operating 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 |
| Selling General And Administration | - | 52.37 | 56.29 | 56.69 | 83.32 |
| Total Expenses | - | 494.88 | 468.52 | 450.57 | 751.15 |
| Operating Income | - | 359.92 | 352.51 | 442.90 | 554.98 |
| Total Operating Income As Reported | - | 399.11 | 328.46 | 427.51 | 478.42 |
| EBITDA | - | 440.14 | 394.32 | 481.37 | 576.73 |
| Normalized EBITDA | - | 403.60 | 418.37 | 497.12 | 653.90 |
| EBIT | - | 396.94 | 352.67 | 451.19 | 503.88 |
| Interest Income | - | 3.68 | 27.24 | 27.15 | 28.48 |
| Interest Expense | - | 46.90 | 76.76 | 77.44 | 65.56 |
| Net Interest Income | - | -46.43 | -52.55 | -53.40 | -39.49 |
| Other Income Expense | - | 36.54 | -24.05 | -15.75 | -77.17 |
| Interest Income Non Operating | - | 3.68 | 27.24 | 27.15 | 28.48 |
| Interest Expense Non Operating | - | 46.90 | 76.76 | 77.44 | 65.56 |
| Net Non Operating Interest Income Expense | - | -46.43 | -52.55 | -53.40 | -39.49 |
| Pretax Income | - | 350.03 | 275.91 | 373.76 | 438.32 |
| Tax Provision | - | 74.52 | 62.75 | 84.89 | 108.26 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 7.78 | -5.46 | -3.58 | -19.06 |
| Net Income Continuous Operations | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Net Income From Continuing And Discontinued Operation | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Net Income From Continuing Operation Net Minority Interest | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Net Income | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Net Income Common Stockholders | - | 275.51 | 213.16 | 288.86 | 270.15 |
| Net Income Including Noncontrolling Interests | - | 275.51 | 213.16 | 288.86 | 330.06 |
| Normalized Income | - | 246.76 | 231.75 | 301.04 | 388.17 |
| Diluted NI Availto Com Stockholders | - | 275.51 | 213.16 | 288.86 | 270.15 |
| Basic Average Shares | - | 68.48 | 66.20 | 64.61 | 65.44 |
| Diluted Average Shares | - | 72.27 | 68.21 | 65.93 | 66.38 |
| Reconciled Depreciation | - | 43.20 | 41.65 | 30.18 | 72.85 |
| Reconciled Cost Of Revenue | - | 399.30 | 370.59 | 363.70 | 594.98 |
| Total Unusual Items | - | 36.54 | -24.05 | -15.75 | -77.17 |
| Total Unusual Items Excluding Goodwill | - | 36.54 | -24.05 | -15.75 | -77.17 |
| Preferred Stock Dividends | - | - | - | - | 29.14 |
| Special Income Charges | - | 36.54 | -24.05 | -15.75 | -77.17 |
| Other Special Charges | 4.60 | 2.65 | - | 0.36 | 0.61 |
| Restructuring And Mergern Acquisition | - | -39.18 | 24.05 | 15.39 | 76.56 |
| Depreciation Amortization Depletion Income Statement | - | 43.20 | 41.65 | 30.18 | 72.85 |
| Depreciation And Amortization In Income Statement | - | 43.20 | 41.65 | 30.18 | 72.85 |
| General And Administrative Expense | - | 52.37 | 56.29 | 56.69 | 83.32 |
| Other Gand A | - | 52.37 | 56.29 | 56.69 | 83.32 |
| Total Other Finance Cost | - | 3.21 | 3.03 | 3.11 | 2.42 |
| Otherunder Preferred Stock Dividend | - | - | 0 | 0 | 30.77 |
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 | $5.6B | 16.82↑ premium | 2.29 | 13.6% | 11.02 |
| StepStone Group Inc. | STEP | $5.8B | - | - | 129.6% | - |
| Ameris Bancorp | ABCB | $5.7B | 13.90 | 1.41 | 10.1% | - |
| Enact Holdings, Inc. | ACT | $5.7B | 8.48 | 1.07 | 12.6% | - |
| Atlantic Union Bankshares Corporation | AUB |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.4B |
| 19.74 |
| 1.08 |
| 5.5% |
| - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| MARA Holdings, Inc. | MARA | $5.3B | -4.04 | 1.52 | -37.8% | -15.34 |
| Piper Sandler Companies | PIPR | $5.2B | 18.51 | 3.80 | 20.5% | - |
| Moelis & Company | MC | $5.1B | 22.10 | 9.06 | 41.0% | 17.18 |
| Peer Median | - | 13.90 | 1.52 | 16.6% | 0.92 | |