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VCTR

Victory Capital Holdings, Inc.

VCTR

Victory Capital Holdings, Inc. • NASDAQ
$62.89 ▼ -0.47% (-0.30)
Market Cap $4.11 B
52w High $73.00
52w Low $47.00
Dividend Yield 1.96%
P/E 16.13
Volume 209.34K
Outstanding Shares 65.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $361.195M ▲ $118.975M ▼ $96.541M ▲ 26.728% ▲ $1.12 ▲ $168.18M ▲
Q2-2025 $351.212M ▲ $153.552M ▲ $58.734M ▼ 16.723% ▼ $0.69 ▼ $125.413M ▲
Q1-2025 $219.602M ▼ $69.472M ▲ $61.975M ▼ 28.222% ▼ $0.97 ▼ $104.404M ▼
Q4-2024 $232.371M ▲ $-65.964M ▼ $76.939M ▼ 33.11% ▼ $1.19 ▼ $124.188M ▼
Q3-2024 $225.628M $46.613M $81.983M 36.335% $1.26 $134.848M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $115.741M ▲ $4.212B ▼ $1.813B ▲ $2.399B ▼
Q2-2025 $107.87M ▼ $4.249B ▲ $1.784B ▲ $2.465B ▲
Q1-2025 $175.607M ▲ $2.583B ▲ $1.439B ▲ $1.145B ▲
Q4-2024 $126.731M ▼ $2.548B ▼ $1.426B ▼ $1.122B ▼
Q3-2024 $188.248M $2.612B $1.437B $1.175B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $96.541M ▲ $165.907M ▲ $-458K ▼ $-157.474M ▼ $7.871M ▲ $164.828M ▲
Q2-2025 $58.734M ▼ $-6.592M ▼ $79.8M ▲ $-141.266M ▼ $-67.737M ▼ $-7.482M ▼
Q1-2025 $61.975M ▼ $81.094M ▼ $-1.684M ▲ $-30.713M ▲ $48.876M ▲ $79.505M ▼
Q4-2024 $76.939M ▼ $91.811M ▼ $-2.396M ▼ $-150.753M ▼ $-61.517M ▼ $91.656M ▼
Q3-2024 $81.983M $100.593M $-68K $-31.414M $69.278M $100.195M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Investment Management Fees
Investment Management Fees
 $360.00M ▲$170.00M ▼$280.00M ▲$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past five years with a brief dip in 2023 and a new high in 2024. Profitability looks strong for an asset manager: operating margins are healthy, and earnings have generally moved up faster than sales over time. The small setback in 2023 appears more like a pause than a structural problem, given the rebound in 2024. Overall, this is a high-margin, fee-based business that converts a good share of its revenue into profit, but results will always remain sensitive to markets and client asset flows.

Balance Sheet

Balance Sheet The balance sheet shows a fairly stable asset base with modest changes year to year. Debt is meaningful but has been inching down from earlier peak levels, while shareholder equity has steadily built up, which effectively lowers leverage over time. Cash on hand is not large but has improved from earlier years, which is typical for an asset-light manager that relies more on recurring fees than on heavy physical assets. The picture is of a still-leveraged but gradually de-risking balance sheet, with room but not unlimited capacity for more acquisitions or shocks.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow closely tracks reported earnings, and free cash flow is almost the same as operating cash flow because the business requires very little spending on physical assets. This points to a capital-light model where most profits show up as cash, supporting dividends, buybacks, and debt reduction when desired. As long as assets under management hold up, the cash profile looks dependable, though it would remain exposed to market downturns or sustained outflows.

Competitive Edge

Competitive Edge Victory Capital’s edge comes from its multi-boutique model built on a shared, centralized platform. Individual investment teams keep autonomy over their strategies, which helps attract and retain talented portfolio managers, while the central platform handles distribution, operations, and compliance at scale. This structure supports cost efficiency and makes it easier to bolt on acquisitions. The firm is diversified across strategies, vehicles, and client types, which helps cushion against weakness in any one area. Key risks are intense fee pressure in asset management, dependence on investment performance to retain assets, and execution risk around ongoing acquisitions.

Innovation and R&D

Innovation and R&D Instead of classic R&D, Victory Capital invests in platform, product, and technology innovation. The partnership with Cognizant suggests a push to modernize systems and improve scalability. On the client side, digital tools, improved authentication, and planning features aim to enhance the user experience. Strategically, the firm is innovating via product sets—especially its ETF complex, customized portfolio solutions, and moves into alternative investments like clean energy infrastructure. The Amundi partnership adds a global distribution angle, which could open new markets if executed well. The innovation focus is practical and distribution-driven rather than flashy, but aligned with the firm’s growth-by-integration model.

Summary

Victory Capital looks like a profitable, cash-rich, asset-light asset manager built around a scalable multi-boutique platform. Earnings and cash flow have generally trended upward with only modest volatility, and the balance sheet shows gradual strengthening as equity builds and leverage edges down. The business model is geared toward acquiring and integrating investment franchises, then running them more efficiently on a shared platform. Competitive strengths include diversification across strategies and vehicles, a strong ETF and solutions push, and expanding international reach via partners like Amundi. On the risk side, the company is exposed to market cycles, fee compression, investment performance risk, and ongoing integration demands from its acquisitive strategy, all while still carrying a noticeable, though improving, level of debt. Overall, the story is one of a high-margin, scalable manager leaning on disciplined acquisitions and platform efficiency to drive long-term growth, with execution and market conditions as the main swing factors.

NEWS

November 11, 2025 · 4:29 PM UTC

Victory Capital Reports October 2025 Total Client Assets

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November 6, 2025 · 4:29 PM UTC

Victory Capital Reports Strong Third-Quarter Results

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October 9, 2025 · 4:34 PM UTC

Victory Capital Reports September 2025 Total Client Assets

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September 10, 2025 · 4:29 PM UTC

Victory Capital Reports August 2025 Total Client Assets

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