Victory Capital Holdings, Inc. (VCTR) Key Metrics
VCTR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.68B
- Enterprise value
- $7.48B
- P/E (TTM)
- 19.9 10-yr median 11.2
- Forward P/E
- 12.7
- PEG ratio
- —
- Price / sales
- 4.3 10-yr median 2.7
- Price / book
- 2.8 10-yr median 2.4
- EV / EBITDA
- 10.0 10-yr median 8.5
- Dividend yield
- 1.84% $2.00 a year
- Beta
- 1.13
VCTR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVCTR valuation Price multiples at each fiscal year-end price.
VCTR returns How much profit the business earns on the capital it uses.
VCTR per-share figures Results divided by the shares outstanding at year-end.
VCTR financial health Debt, liquidity and how easily interest is covered.
VCTR efficiency & capital use Working capital cycle and where the cash goes.
VCTR valuation history
VCTR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VCTR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VCTR cash returned to shareholders
VCTR price vs earnings per share
VCTR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.19B | $4.32B | $2.35B | $1.94B | $2.71B | $1.83B | $1.54B | $720.6M | — | — |
| Enterprise value | $4.99B | $5.15B | $3.22B | $2.86B | $3.77B | $2.59B | $2.43B | $937.4M | — | — |
| P/E ratio | 12.7 | 14.9 | 11.0 | 7.0 | 9.7 | 8.6 | 16.7 | 11.3 | — | — |
| Price / sales | 3.2 | 4.8 | 2.9 | 2.3 | 3.0 | 2.4 | 2.5 | 1.7 | — | — |
| Price / book | 1.7 | 3.8 | 2.2 | 1.8 | 2.9 | 2.6 | 2.9 | 1.6 | — | — |
| Price / free cash flow | 17.7 | 12.7 | 7.2 | 5.9 | 7.5 | 7.5 | 6.9 | 5.5 | — | — |
| Price / operating cash flow | 17.4 | 12.7 | 7.1 | 5.8 | 7.2 | 7.3 | 6.8 | 5.4 | — | — |
| EV / sales | 3.8 | 5.8 | 3.9 | 3.3 | 4.2 | 3.3 | 4.0 | 2.3 | — | — |
| EV / EBITDA | 8.8 | 10.7 | 8.2 | 6.5 | 9.6 | 7.9 | 13.3 | 7.2 | — | — |
| EV / free cash flow | 21.1 | 15.2 | 9.9 | 8.7 | 10.4 | 10.7 | 10.9 | 7.1 | — | — |
| Earnings yield | 7.9% | 6.7% | 9.1% | 14.2% | 10.3% | 11.6% | 6.0% | 8.8% | — | — |
| Free cash flow yield | 5.7% | 7.8% | 13.8% | 17.0% | 13.4% | 13.3% | 14.4% | 18.3% | — | — |
| Dividend yield | 3.0% | 2.3% | 3.6% | 3.6% | 1.4% | 0.9% | 0.5% | 0.1% | — | — |
| Shareholder yield (dividends + buybacks) | 6.5% | 4.7% | 9.6% | 8.8% | 2.5% | 2.5% | 1.5% | 1.3% | — | — |
| Share price at fiscal year-end | $63.09 | $65.46 | $34.44 | $26.83 | $36.53 | $24.81 | $20.97 | $10.22 | — | — |
| Per share | ||||||||||
| Revenue per share | $19.68 | $13.55 | $12.04 | $11.83 | $12.01 | $10.52 | $8.34 | $5.86 | $7.43 | $4.18 |
| Earnings per share | $4.97 | $4.38 | $3.12 | $3.81 | $3.75 | $2.88 | $1.26 | $0.90 | $0.47 | −$0.09 |
| Operating cash flow per share | $3.62 | $5.16 | $4.84 | $4.64 | $5.07 | $3.40 | $3.10 | $1.91 | $1.74 | $0.56 |
| Free cash flow per share | $3.57 | $5.14 | $4.77 | $4.57 | $4.90 | $3.29 | $3.02 | $1.87 | $1.65 | $0.54 |
| Cash per share | $2.47 | $1.92 | $1.81 | $0.90 | $0.94 | $0.31 | $0.52 | $0.74 | $0.25 | $0.24 |
| Book value per share | $36.53 | $17.01 | $15.44 | $14.74 | $12.54 | $9.60 | $7.32 | $6.46 | $4.19 | $4.65 |
| Tangible book value per share | −$19.42 | −$17.00 | −$17.75 | −$17.03 | −$18.90 | −$11.66 | −$14.19 | −$3.07 | −$8.36 | −$5.44 |
| Dividends per share | $1.89 | $1.53 | $1.25 | $0.96 | $0.50 | $0.22 | $0.10 | $0.01 | $2.45 | $0.01 |
| Capex per share | $0.05 | $0.02 | $0.08 | $0.07 | $0.17 | $0.11 | $0.07 | $0.04 | $0.09 | $0.02 |
| Debt per share | $14.61 | $14.62 | $14.50 | $13.64 | $15.21 | $10.57 | $12.58 | $3.81 | $8.78 | $11.82 |
| Shares outstanding | 66.4M | 65.9M | 68.2M | 72.3M | 74.2M | 73.7M | 73.5M | 70.5M | 55.1M | 71.2M |
| Change in shares outstanding | +0.7% | −3.4% | −5.6% | −2.5% | +0.6% | +0.3% | +4.2% | +27.9% | −22.6% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.6% | 26.6% | 20.1% | 27.6% | 34.0% | 34.1% | 18.6% | 18.6% | 9.2% | −2.1% |
| Return on invested capital (ROIC) | 16.1% | 17.0% | 13.0% | 15.8% | 17.2% | 16.6% | 12.0% | 12.5% | 6.5% | 2.3% |
| Return on assets (ROA) | 9.7% | 11.3% | 8.4% | 10.8% | 12.9% | 12.2% | 7.2% | 8.0% | 3.1% | −0.8% |
| Return on tangible assets | 61.8% | 94.7% | 76.4% | 112.7% | 112.2% | 130.1% | 53.4% | 49.1% | 25.7% | −4.6% |
| Free cash flow margin | 18.1% | 37.9% | 39.6% | 38.6% | 40.8% | 31.3% | 36.3% | 31.9% | 22.2% | 12.9% |
| Income quality (OCF / net income) | 0.73 | 1.18 | 1.55 | 1.22 | 1.35 | 1.18 | 2.46 | 2.11 | 3.72 | — |
| Financial health | ||||||||||
| Total debt | $970.0M | $963.9M | $989.3M | $985.5M | $1.13B | $779.0M | $924.5M | $268.9M | $483.8M | $841.8M |
| Cash & short-term investments | $163.7M | $126.7M | $123.5M | $65.0M | $69.5M | $22.7M | $37.9M | $52.1M | $13.6M | $17.0M |
| Net debt | $806.3M | $837.1M | $865.7M | $920.5M | $1.06B | $756.3M | $886.6M | $216.8M | $470.2M | $824.8M |
| Debt / equity | 0.40 | 0.86 | 0.94 | 0.93 | 1.21 | 1.10 | 1.72 | 0.59 | 2.09 | 2.54 |
| Debt / assets | 0.23 | 0.38 | 0.39 | 0.39 | 0.44 | 0.45 | 0.53 | 0.34 | 0.61 | 0.99 |
| Net debt / EBITDA | 1.42 | 1.74 | 2.20 | 2.09 | 2.70 | 2.30 | 4.85 | 1.67 | 4.07 | 15.71 |
| Current ratio | 0.97 | 1.19 | 0.79 | 0.56 | 0.49 | 0.87 | 0.66 | 3.78 | 2.35 | 2.17 |
| Quick ratio | 0.97 | 1.19 | 0.79 | 0.73 | 0.51 | 0.87 | 0.00 | 3.78 | 2.02 | 2.05 |
| Interest coverage | 8.5 | 5.5 | 4.3 | 8.5 | 15.2 | 8.5 | 4.0 | 5.4 | 1.9 | 0.8 |
| Working capital | −$12.4M | $38.2M | −$56.8M | −$123.4M | −$191.0M | −$17.6M | −$70.1M | $72.7M | $43.1M | $56.5M |
| Invested capital | $3.23B | $1.96B | $1.92B | $1.99B | $1.99B | $1.46B | $1.42B | $672.3M | $701.4M | $1.16B |
| Tangible asset value | −$1.29B | −$1.12B | −$1.21B | −$1.23B | −$1.40B | −$859.9M | −$1.04B | −$216.2M | −$460.9M | −$387.5M |
| Net current asset value | −$1.46B | −$1.19B | −$1.27B | −$1.32B | −$1.47B | −$906.2M | −$1.08B | −$247.1M | −$486.5M | −$414.9M |
| Graham number | $63.93 | $40.95 | $32.94 | $35.56 | $32.55 | $24.95 | $14.40 | $11.46 | $6.65 | — |
| Graham net-net per share | −$24.65 | −$18.56 | −$19.06 | −$18.97 | −$20.31 | −$12.67 | −$14.12 | −$3.70 | −$9.08 | −$6.14 |
| Capital allocation | ||||||||||
| Dividends paid | $125.5M | $101.1M | $85.4M | $69.2M | $37.2M | $16.2M | $7.4M | $831,000 | $135.2M | $627,000 |
| Share buybacks (net) | $144.9M | $103.6M | $139.3M | $101.2M | $31.5M | $29.9M | $15.5M | $8.2M | $4.7M | $10.5M |
| Dividend payout ratio | 38.0% | 35.0% | 40.1% | 25.1% | 13.3% | 7.6% | 8.0% | 1.3% | 523.4% | — |
| Dividends + buybacks / free cash flow | 114.2% | 60.4% | 69.1% | 51.6% | 18.9% | 19.0% | 10.3% | 6.8% | 153.5% | 29.1% |
| Capex / revenue | 0.3% | 0.1% | 0.6% | 0.6% | 1.4% | 1.0% | 0.9% | 0.6% | 1.2% | 0.4% |
| Capex / operating cash flow | 1.5% | 0.4% | 1.6% | 1.6% | 3.4% | 3.2% | 2.3% | 1.9% | 5.3% | 2.9% |
| Capex / depreciation | 0.05 | 0.04 | 0.12 | 0.12 | 0.67 | 0.49 | 0.22 | 0.11 | 0.17 | 0.04 |
| Stock-based compensation / revenue | 10.3% | 2.2% | 2.6% | 2.1% | 3.0% | 2.9% | 3.6% | 4.2% | 4.2% | 4.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 26.3% | 6.3% | 6.9% | 6.1% | 6.0% | 6.6% | 7.6% | 7.3% | 8.3% | 8.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 18.3 | 38.4 | 38.2 | 40.3 | 39.5 | 43.1 | 41.5 | 44.2 | 62.3 | 74.1 |
| Days of inventory on hand | — | — | -23.5 | -25.0 | -3.5 | 67.1 | 76.6 | 8.1 | 12.0 | 7.7 |
| Days payables outstanding | 63.0 | 57.4 | 53.7 | 51.6 | 28.2 | 0.8 | 0.5 | 0.7 | 3.0 | 4.7 |
| Cash conversion cycle (days) | -44.6 | -19.0 | -38.9 | -36.3 | 7.8 | 109.4 | 117.6 | 51.5 | 71.3 | 77.1 |
| Receivables turnover | 19.90 | 9.49 | 9.54 | 9.06 | 9.25 | 8.46 | 8.80 | 8.27 | 5.86 | 4.93 |
| Payables turnover | 5.80 | 6.36 | 6.80 | 7.07 | 12.96 | 457.76 | 743.58 | 515.12 | 122.58 | 78.09 |
| Inventory turnover | — | — | — | — | — | 5.44 | 4.76 | 45.14 | 30.38 | 47.22 |
| Asset turnover | 0.38 | 0.35 | 0.32 | 0.33 | 0.41 | 0.45 | 0.48 | 0.52 | 0.50 | 0.40 |
| Average receivables | $65.6M | $94.1M | $86.0M | $94.4M | $96.2M | $91.6M | $69.6M | $50.0M | $69.9M | $60.4M |
| Average payables | $65.2M | $57.2M | $53.7M | $56.5M | $31.7M | $814,500 | $439,000 | $467,000 | $2.0M | $2.6M |
| Average inventory | — | — | −$23.5M | −$27.4M | −$3.9M | $68.5M | $68.5M | $5.3M | $8.1M | $4.2M |
| Intangibles / total assets | 87.4% | 88.0% | 89.0% | 90.4% | 90.4% | 90.6% | 90.1% | 83.8% | 87.3% | 84.4% |
Computed from VCTR's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VCTR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Victory Capital traded at 12.7 times earnings, against a 10-year median of 11.2. Based on the latest twelve months, the trailing P/E is 19.9 and the forward P/E is 12.7. Victory Capital earned a return on equity of 18.6% and a return on invested capital of 16.1% in fiscal 2025. It ended the year with $970.0 million of debt and $163.7 million in cash and short-term investments, net debt of $806.3 million. It returned $270.4 million to shareholders: $125.5 million in dividends and $144.9 million in share buybacks, 114% of free cash flow. The share count fell 6.8% from 71.2M to 66.4M over 9 years.
See the VCTR income statement, the VCTR chart for price history, or the VCTR stock overview for the latest quote and news.
VCTR key metrics FAQ
What is Victory Capital's P/E ratio?
Victory Capital's trailing P/E ratio is 19.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.7. At the end of fiscal 2025 it was 12.7, compared with a 10-year median of 11.2.
What is Victory Capital's EV/EBITDA?
Victory Capital's enterprise value was 8.8 times EBITDA at the end of fiscal 2025 (enterprise value $5.0 billion, EBITDA $566.0 million); the current EV/EBITDA is 10.0.
What is Victory Capital's return on equity?
Victory Capital's return on equity (ROE) was 18.6% in fiscal 2025: net income of $330.1 million on average shareholders' equity of $1.8 billion.
What is Victory Capital's ROIC?
Victory Capital's return on invested capital was 16.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Victory Capital have?
Victory Capital had total debt of $970.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.40 and $806.3 million of net debt (1.42 times EBITDA).
What is Victory Capital's dividend yield?
Victory Capital's forward dividend yield is 1.84%. Victory Capital paid $125.5 million in dividends in fiscal 2025 ($1.89 per share), a payout ratio of 38.0%.
Does Victory Capital buy back its shares?
Yes. Victory Capital spent $144.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.7% over the year, to 66.4M..
What is Victory Capital's free cash flow yield?
Victory Capital generated $236.9 million of free cash flow in fiscal 2025, a free cash flow yield of 5.7% on its market value at year-end ($4.2 billion).
What is Victory Capital's current ratio?
Victory Capital's current ratio was 0.97 at the end of fiscal 2025: current assets were 0.97 times current liabilities.