Victory Capital Holdings, Inc. (VCTR) Balance Sheet
VCTR balance sheet, 2025
December 31, 2025 · U.S. dollars$4.25B assets = $1.82B liabilities + $2.42B equity
Both columns are drawn to the same scale: what VCTR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VCTR financial health
Descriptive bands, not a rating. Fiscal 2025.
VCTR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $851.0M2016 | $4.25B2025 | +19.6%/yr | |
| Total liabilities | $520.0M2016 | $1.82B2025 | +15.0%/yr | |
| Shareholders’ equity | $331.0M2016 | $2.42B2025 | +24.8%/yr | |
| Cash & short-term investments | $17.0M2016 | $163.7M2025 | +28.6%/yr | |
| Total debt | $841.8M2016 | $970.0M2025 | +1.6%/yr | |
| Net cash (debt) | −$824.8M2016 | −$806.3M2025 | +$18.5M | |
| Working capital | $56.5M2016 | −$12.4M2025 | −$68.9M | |
| Book value per share | $4.652016 | $36.532025 | +25.7%/yr | |
| Current ratio | 2.172016 | 0.972025 | −1.20 | |
| Debt / equity | 2.542016 | 0.402025 | −2.14 | |
| Shares outstanding | 71.2M2016 | 66.4M2025 | −0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VCTR assets
VCTR liabilities and equity
VCTR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VCTR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $163.7M | $126.7M | $123.5M | $65.0M | $69.5M | $22.7M | $37.9M | $52.1M | $13.6M | $17.0M |
| Cash & equivalents | $163.7M | $126.7M | $123.5M | $38.2M | $69.5M | $22.7M | $37.1M | $51.5M | $12.9M | $16.4M |
| Short-term investments | — | — | — | $26.8M | $7.8M | $922,000 | $771,000 | $601,000 | $677,000 | $525,000 |
| Receivables | $30.6M | $100.7M | $87.6M | $84.5M | $104.3M | $88.2M | $95.1M | $44.1M | $55.9M | $83.9M |
| Inventory | $0 | $0 | $1 | −$46.9M | −$7.8M | $1 | $137.1M | $1 | $10.7M | $5.6M |
| Other current assets | $166.6M | $8.6M | $5.8M | $55.4M | $14.4M | $6.1M | $0 | $2.7M | $0 | $0 |
| Total current assets | $360.9M | $236.0M | $216.9M | $157.9M | $180.5M | $117.0M | $137.8M | $98.9M | $75.0M | $105.0M |
| Property, plant & equipment (net) | $23.8M | $11.9M | $19.6M | $21.1M | $25.3M | $18.7M | $13.2M | $8.8M | $8.8M | $9.5M |
| Goodwill & intangible assets | $3.71B | $2.24B | $2.26B | $2.30B | $2.33B | $1.57B | $1.58B | $671.8M | $692.1M | $718.5M |
| Long-term investments | $636,000 | $605,000 | $534,000 | $466,000 | $912,000 | $922,000 | $18.3M | $12.7M | $10.7M | $5.6M |
| Other non-current assets | $148.9M | $56.7M | $42.0M | $65.0M | $41.4M | $26.7M | $3.7M | $9.3M | $6.1M | $12.3M |
| Total assets | $4.25B | $2.55B | $2.54B | $2.54B | $2.58B | $1.73B | $1.75B | $801.5M | $792.6M | $851.0M |
| Liabilities | ||||||||||
| Accounts payable | $72.4M | $58.0M | $56.5M | $50.9M | $62.1M | $1.4M | $271,000 | $607,000 | $327,000 | $3.7M |
| Short-term debt | — | $2.9M | $4.7M | $985.5M | $1.13B | $10.0M | $924.5M | — | $575,000 | $423.3M |
| Deferred revenue | — | — | — | −$985.5M | −$1.13B | −$10.0M | −$924.5M | −$268.9M | −$483.2M | −$418.5M |
| Total current liabilities | $373.3M | $197.8M | $273.7M | $281.3M | $371.5M | $134.6M | $207.9M | $26.2M | $31.9M | $48.5M |
| Long-term debt | $970.0M | $963.9M | $989.3M | $985.5M | $1.13B | $769.0M | $924.5M | $268.9M | $483.2M | $418.5M |
| Other long-term liabilities | $479.8M | $264.2M | $226.7M | $208.7M | $150.4M | $119.5M | $83.0M | $50.9M | $46.4M | $52.9M |
| Total liabilities | $1.82B | $1.43B | $1.49B | $1.48B | $1.65B | $1.02B | $1.22B | $346.0M | $561.4M | $520.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $879,000 | $839,000 | $824,000 | $805,000 | $772,000 | $742,000 | $720,000 | $706,000 | $572,000 | $548,000 |
| Retained earnings (deficit) | $1.10B | $924.6M | $736.9M | $609.1M | $402.8M | $161.6M | −$34.7M | −$119.7M | −$183.9M | −$74.5M |
| Treasury stock | — | — | — | −$285.4M | −$153.2M | −$94.9M | −$52.9M | −$29.8M | −$20.9M | −$16.2M |
| Accumulated other comprehensive income | $9.0M | $18.7M | $31.3M | $35.4M | $6.0M | −$7.5M | $0 | −$86,000 | $64,000 | −$537,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $2.42B | $1.12B | $1.05B | $1.07B | $929.9M | $707.5M | $537.9M | $455.5M | $231.2M | $331.0M |
| Key figures | ||||||||||
| Total debt | $970.0M | $963.9M | $989.3M | $985.5M | $1.13B | $779.0M | $924.5M | $268.9M | $483.8M | $841.8M |
| Net cash (debt) | −$806.3M | −$837.1M | −$865.7M | −$920.5M | −$1.06B | −$756.3M | −$886.6M | −$216.8M | −$470.2M | −$824.8M |
| Working capital | −$12.4M | $38.2M | −$56.8M | −$123.4M | −$191.0M | −$17.6M | −$70.1M | $72.7M | $43.1M | $56.5M |
| Tangible book value | −$1.29B | −$1.12B | −$1.21B | −$1.23B | −$1.40B | −$859.9M | −$1.04B | −$216.2M | −$460.9M | −$387.5M |
| Book value per share | $36.53 | $17.01 | $15.44 | $14.74 | $12.54 | $9.60 | $7.32 | $6.46 | $4.19 | $4.65 |
| Shares outstanding | 66.4M | 65.9M | 68.2M | 72.3M | 74.2M | 73.7M | 73.5M | 70.5M | 55.1M | 71.2M |
| Current ratio | 0.97 | 1.19 | 0.79 | 0.56 | 0.49 | 0.87 | 0.66 | 3.78 | 2.35 | 2.17 |
| Quick ratio | 0.52 | 1.15 | 0.77 | 0.53 | 0.47 | 0.82 | 0.64 | 3.67 | 2.18 | 2.08 |
| Debt / equity | 0.40 | 0.86 | 0.94 | 0.93 | 1.21 | 1.10 | 1.72 | 0.59 | 2.09 | 2.54 |
| Equity / assets | 57.1% | 44.0% | 41.4% | 41.9% | 36.0% | 40.9% | 30.7% | 56.8% | 29.2% | 38.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $70.1M | $75.8M | $163.7M | $115.7M | $107.9M | $175.6M | $126.7M | $188.2M | $119.0M | $79.9M | $123.5M | $108.0M |
| Cash & equivalents | $70.1M | $75.8M | $163.7M | $115.7M | $107.9M | $175.6M | $126.7M | $188.2M | $119.0M | $79.9M | $123.5M | $108.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $50.1M |
| Receivables | $244.3M | $197.6M | $30.6M | $168.5M | $205.2M | $95.8M | $100.7M | $94.3M | $93.0M | $96.5M | $87.6M | $95.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | −$50.1M |
| Other current assets | $114.1M | $0 | $0 | $21.2M | $12.2M | $8.9M | $8.6M | $10.5M | $14.6M | $8.0M | $5.8M | $56.6M |
| Total current assets | $428.6M | $273.4M | $194.3M | $305.5M | $325.4M | $280.3M | $236.0M | $293.1M | $226.6M | $184.4M | $216.9M | $209.6M |
| Property, plant & equipment (net) | $68.0M | $112.7M | $23.8M | $76.6M | $28.0M | $11.1M | $11.9M | $13.7M | $15.6M | $17.6M | $19.6M | $21.2M |
| Goodwill & intangible assets | $3.68B | $3.70B | $3.71B | $3.73B | $3.75B | $2.24B | $2.24B | $2.25B | $2.25B | $2.26B | $2.26B | $2.27B |
| Long-term investments | $91.7M | $82.8M | $636,000 | $97.9M | $95.8M | $34.5M | $605,000 | $34.7M | $33.8M | $33.5M | $534,000 | $29.9M |
| Other non-current assets | $0 | $0 | $315.5M | $327,000 | $52.5M | $20.4M | $56.7M | $22.9M | $12.3M | $12.4M | $42.0M | $61.8M |
| Total assets | $4.18B | $4.14B | $4.25B | $4.21B | $4.25B | $2.58B | $2.55B | $2.61B | $2.54B | $2.51B | $2.54B | $2.59B |
| Liabilities | ||||||||||||
| Accounts payable | $77.5M | $103.7M | $72.4M | $79.5M | $83.9M | $71.1M | $58.0M | $61.3M | $54.5M | $62.0M | $56.5M | $59.6M |
| Short-term debt | $44.2M | — | — | $7.4M | $6.7M | $2.6M | $2.9M | $3.1M | — | — | $4.7M | $4.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$4.4M |
| Total current liabilities | $260.4M | $154.9M | $373.3M | $164.0M | $164.6M | $214.4M | $197.8M | $200.9M | $195.7M | $211.4M | $273.7M | $309.2M |
| Long-term debt | $968.0M | $968.0M | $970.0M | $972.0M | $965.7M | $964.8M | $963.9M | $982.7M | $981.7M | $990.2M | $989.3M | $988.3M |
| Lease obligations | $44.2M | $43.8M | — | — | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $571.8M | $658.8M | $479.8M | $675.7M | $654.1M | $259.8M | $264.2M | $253.9M | $241.0M | $227.4M | $226.7M | $218.2M |
| Total liabilities | $1.80B | $1.78B | $1.82B | $1.81B | $1.78B | $1.44B | $1.43B | $1.44B | $1.42B | $1.43B | $1.49B | $1.52B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $886,000 | $884,000 | $879,000 | $877,000 | $877,000 | $844,000 | $839,000 | $837,000 | $835,000 | $832,000 | $824,000 | $822,000 |
| Retained earnings (deficit) | $1.27B | $1.17B | $1.10B | $1.03B | $971.7M | $955.6M | $924.6M | $875.7M | $820.4M | $770.2M | $736.9M | $702.3M |
| Accumulated other comprehensive income | $7.0M | $8.6M | $9.0M | $9.3M | $12.8M | $15.7M | $18.7M | $22.0M | $25.0M | $28.2M | $31.3M | $34.2M |
| Total shareholders' equity | $2.38B | $2.36B | $2.42B | $2.40B | $2.47B | $1.14B | $1.12B | $1.17B | $1.12B | $1.08B | $1.05B | $1.08B |
| Key figures | ||||||||||||
| Total debt | $1.01B | $1.01B | $970.0M | $972.0M | $965.7M | $964.8M | $963.9M | $982.7M | $981.7M | $990.2M | $989.3M | $988.3M |
| Net cash (debt) | −$942.0M | −$936.0M | −$806.3M | −$856.2M | −$857.8M | −$789.2M | −$837.1M | −$794.4M | −$862.8M | −$910.3M | −$865.7M | −$880.3M |
| Working capital | $168.2M | $118.6M | −$179.0M | $141.5M | $160.8M | $65.9M | $38.2M | $92.2M | $30.9M | −$27.0M | −$56.8M | −$99.6M |
| Tangible book value | −$1.30B | −$1.34B | −$1.29B | −$1.33B | −$1.28B | −$1.09B | −$1.12B | −$1.07B | −$1.13B | −$1.18B | −$1.21B | −$1.19B |
| Book value per share | $37.83 | $36.65 | $36.37 | $35.83 | $36.26 | $17.69 | $17.12 | $17.78 | $16.99 | $16.33 | $15.73 | $15.90 |
| Shares outstanding | 62.8M | 64.4M | 66.7M | 67.0M | 68.0M | 64.7M | 65.5M | 66.1M | 66.1M | 66.0M | 66.9M | 67.7M |
| Current ratio | 1.65 | 1.77 | 0.52 | 1.86 | 1.98 | 1.31 | 1.19 | 1.46 | 1.16 | 0.87 | 0.79 | 0.68 |
| Quick ratio | 1.21 | 1.77 | 0.52 | 1.73 | 1.90 | 1.27 | 1.15 | 1.41 | 1.08 | 0.83 | 0.77 | 0.66 |
| Debt / equity | 0.43 | 0.43 | 0.40 | 0.41 | 0.39 | 0.84 | 0.86 | 0.84 | 0.87 | 0.92 | 0.94 | 0.92 |
| Equity / assets | 56.9% | 57.0% | 57.1% | 57.0% | 58.0% | 44.3% | 44.0% | 45.0% | 44.2% | 43.0% | 41.4% | 41.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
VCTR financial position
At the end of fiscal 2025 (December 31, 2025), Victory Capital had total assets of $4.2 billion (up 66.7% from a year earlier), total liabilities of $1.8 billion and shareholders' equity of $2.4 billion. It held $163.7 million in cash and short-term investments against $970.0 million of debt, net debt of $806.3 million. Its current ratio was 0.97. In the latest quarter (ended June 30, 2026) total assets were $4.2 billion and equity $2.4 billion.
Related: VCTR income statement, VCTR cash flow statement, VCTR key metrics. See the VCTR stock overview for the latest quote and news.
VCTR balance sheet FAQ
What are Victory Capital's total assets?
Victory Capital reported total assets of $4.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.5 billion a year earlier.
How much debt does Victory Capital have?
Victory Capital had $970.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.40.
How much cash does Victory Capital have?
Victory Capital held $163.7 million in cash and short-term investments at the end of fiscal 2025; with $970.0 million of debt that is net debt of $806.3 million.
What is Victory Capital's book value?
Victory Capital's shareholders' equity (book value) was $2.4 billion at the end of fiscal 2025, or $36.53 per share.
What is Victory Capital's current ratio?
Victory Capital had current assets of $360.9 million and current liabilities of $373.3 million, a current ratio of 0.97 (current liabilities exceed current assets).
How much goodwill does Victory Capital have?
Victory Capital carried $3.7 billion of goodwill and intangible assets, 87.4% of total assets, at the end of fiscal 2025.