Victory Capital Holdings Inc (VCTR)
NASDAQ:VCTR
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Victory Capital Holdings
(NASDAQ:VCTR)
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Rating:81Outperform
Price Target:
$99.00
▲(34.02% Upside)
Action:Reiterated
Date:05/13/26
VCTR scores well primarily on strong financial performance (high margins and robust free-cash-flow conversion) and attractive valuation (low P/E with a meaningful dividend). The earnings call supports the outlook with fee-rate stability, synergy capture, and continued capital returns, though persistent net outflows remain a notable risk. Technically, the uptrend is strong but the stock appears overbought, tempering the score.
Positive Factors
High cash conversion
Nearly one-for-one FCF conversion and ~11% TTM FCF growth indicate durable internal funding. This supports ongoing dividends, buybacks, debt service and disciplined M&A without immediate reliance on equity raises, enhancing financial flexibility over the next 2–6 months.
Negative Factors
Persistent net outflows
Sustained net outflows materially pressure asset-based fee revenue and can erode AUM over time. Even with strong gross sales, failure to convert to net inflows risks margin compression, greater reliance on inorganic growth or higher capital returns to support EPS in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High cash conversion
Nearly one-for-one FCF conversion and ~11% TTM FCF growth indicate durable internal funding. This supports ongoing dividends, buybacks, debt service and disciplined M&A without immediate reliance on equity raises, enhancing financial flexibility over the next 2–6 months.
Read all positive factors
Victory Capital Holdings Key Performance Indicators (KPIs)
Victory Capital Holdings (VCTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.35B
Dividend Yield3%
Average Volume (3M)676.15K
Price to Earnings (P/E)9.3
Beta (1Y)1.24
Revenue Growth62.31%
EPS Growth-1.99%
CountryUS
Employees460
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.48
Shares Outstanding62,531,105
10 Day Avg. Volume586,779
30 Day Avg. Volume676,149
Financial Highlights & Ratios
PEG Ratio-1.64
Price to Book (P/B)1.70
Price to Sales (P/S)3.16
P/FCF Ratio17.43
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue4.26
Enterprise Value/Gross Profit6.01
Enterprise Value/Ebitda9.75
Forecast
1Y Price Target
$79.60Price Target Upside7.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)6.99
Revenue Forecast (FY)$1.50B
Victory Capital Holdings Business Overview & Revenue Model
Company Description
Victory Capital Holdings, Inc., together with its subsidiaries, operates as an asset management company worldwide. It offers investment advisory, fund administration, fund compliance, fund transfer agent, and fund distribution services. The compan...
How the Company Makes Money
Victory Capital primarily generates revenue by charging asset-based management fees for overseeing client assets (AUM) across its investment strategies and product wrappers (e.g., mutual funds, ETFs, and separately managed accounts). These fees ty...
Victory Capital Holdings Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call highlighted multiple record results — revenue, gross sales, adjusted EBITDA, and EPS — strong ETF and international momentum, substantial capital returns, and near-complete Pioneer integration with most synergies realized. Key challenges were that firm-wide long-term net flows remained negative in the quarter (-$457M), total client assets were slightly below the record, and Q1 operating expenses rose on seasonal and integration-related items. On balance the positive operational and strategic progress (record metrics, distribution expansion, strong investment performance, and capital returns) outweigh the remaining flow and seasonal expense headwinds.Positive Updates
Record Financial Results
Total revenue of $388M (up 4% QoQ, up 77% YoY), record adjusted EBITDA of $204M with a 52.6% adjusted EBITDA margin, and adjusted net income with tax benefit of $153.2M or $1.82 per diluted share (up 2% QoQ, up 34% YoY).
Negative Updates
Firm-Wide Long-Term Net Flows Still Negative
Long-term net flows were negative $457M in Q1 (improved sequentially but still net outflows), reflecting that record gross flows have not fully converted to positive net AUM growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Financial Results
Total revenue of $388M (up 4% QoQ, up 77% YoY), record adjusted EBITDA of $204M with a 52.6% adjusted EBITDA margin, and adjusted net income with tax benefit of $153.2M or $1.82 per diluted share (up 2% QoQ, up 34% YoY).
Read all positive updates
Company Guidance
Management’s forward-looking guidance emphasized fee‑rate stability and disciplined capital allocation: they expect the firm‑wide average fee rate to remain about 46–47 bps (Q1 was 47.6 bps; average ETF fee ~35 bps), plan to capture the remaining ≈$6M of Pioneer synergies this year (≈$104M realized of a $110M target), and intend to sustain strong margins (Q1 adjusted EBITDA $204M; margin 52.6%). Capital priorities remain M&A first while continuing buybacks and dividends (Q1 repurchases 2.0M shares; $185M returned in the quarter; $512M returned TTM; dividend raised to $0.50/sh payable June 25), supported by a flexible balance sheet (net leverage 1.1x; $76M cash; $980M debt; $100M revolver undrawn) to fund acquisitions, additional ETF/UCITS launches (3 ETFs filed in Q1) and international growth (ETF AUM >$20B with $1.3B ETF net flows; international AUM $55B across 60 countries).Victory Capital Holdings Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.31B | 893.48M | 821.03M | 854.80M | 890.26M |
| Gross Profit | 1.05B | 928.44M | 529.77M | 455.97M | 455.50M | 479.05M |
| EBITDA | 644.51M | 565.96M | 481.37M | 394.32M | 440.14M | 391.80M |
| Net Income | 380.23M | 330.06M | 288.86M | 213.16M | 275.51M | 278.39M |
Balance Sheet | ||||||
| Total Assets | 4.14B | 4.25B | 2.55B | 2.54B | 2.54B | 2.58B |
| Cash, Cash Equivalents and Short-Term Investments | 75.85M | 163.69M | 126.73M | 123.55M | 38.17M | 69.53M |
| Total Debt | 1.01B | 970.01M | 963.86M | 989.27M | 985.51M | 1.13B |
| Total Liabilities | 1.78B | 1.82B | 1.43B | 1.49B | 1.48B | 1.65B |
| Stockholders Equity | 2.36B | 2.42B | 1.12B | 1.05B | 1.07B | 929.93M |
Cash Flow | ||||||
| Free Cash Flow | 421.55M | 236.85M | 338.70M | 325.12M | 329.97M | 363.52M |
| Operating Cash Flow | 424.97M | 240.41M | 339.98M | 330.29M | 335.21M | 376.20M |
| Investing Cash Flow | 94.93M | 77.66M | -3.98M | -7.84M | -6.32M | -556.59M |
| Financing Cash Flow | -619.79M | -329.45M | -332.76M | -237.13M | -360.19M | 227.22M |
Victory Capital Holdings Technical Analysis
Positive
73.87
Price Trends
69.76
Positive
67.35
Positive
66.56
Positive
Market Momentum
0.97
Negative
64.74
Neutral
93.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VCTR, the sentiment is Positive. The current price of 73.87 is above the 20-day moving average (MA) of 67.76, above the 50-day MA of 69.76, and above the 200-day MA of 66.56, indicating a bullish trend. The MACD of 0.97 indicates Negative momentum. The RSI at 64.74 is Neutral, neither overbought nor oversold. The STOCH value of 93.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VCTR.
Victory Capital Holdings Risk Analysis
Victory Capital Holdings disclosed 51 risk factors in its most recent earnings report. Victory Capital Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Victory Capital Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.35B | 9.29 | 15.76% | 3.00% | 62.31% | -1.99% | |
76 Outperform | $4.10B | 10.73 | 33.93% | 2.46% | 12.27% | 45.13% | |
76 Outperform | $2.95B | 10.37 | 71.27% | 8.72% | 9.72% | 8.92% | |
74 Outperform | $7.76B | 16.79 | 23.38% | 0.01% | 4.59% | 88.44% | |
73 Outperform | $3.56B | 10.16 | 21.99% | 8.93% | ― | -12.21% | |
72 Outperform | $3.67B | 18.99 | 28.28% | 3.92% | 9.99% | -1.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
VCTR
Victory Capital Holdings
85.48
23.42
37.73%
AMG
Affiliated Managers
293.91
110.52
60.26%
AB
AllianceBernstein
38.06
0.66
1.77%
CNS
Cohen & Steers
71.45
-8.36
-10.48%
FHI
Federated Hermes
54.06
11.88
28.16%
APAM
Artisan Partners
36.43
-3.22
-8.11%
Victory Capital Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Victory Capital Reports Strong April Asset Growth Momentum
Positive
May 12, 2026
Victory Capital reported that as of April 30, 2026, it managed $329.1 billion in total assets under management, $3.5 billion in other assets, and $332.6 billion in total client assets, reflecting substantial growth from March 31, 2026. Long-term a...
Executive/Board ChangesShareholder Meetings
Victory Capital Shareholders Back Board, Auditor and Pay
Positive
May 12, 2026
Victory Capital Holdings, Inc. reported the results of its 2026 Annual Meeting of Stockholders held on May 6, 2026, where shareholders voted on board elections, auditor ratification, and executive compensation matters. Stockholders elected Class I...
Business Operations and StrategyFinancial Disclosures
Victory Capital Reports Q1 2026 Assets and Outflows
Neutral
Apr 13, 2026
On April 13, 2026, Victory Capital reported total assets under management of $309.8 billion, other assets of $3.3 billion, and total client assets of $313.1 billion as of March 31, 2026. Average total AUM for March was $315.3 billion, while the fi...
Business Operations and StrategyM&A Transactions
Victory Capital Withdraws Janus Henderson Acquisition Proposal
Negative
Mar 24, 2026
On March 24, 2026, Victory Capital Holdings, Inc. announced that it had withdrawn its proposal to acquire Janus Henderson Group plc, after concluding it could not secure a negotiated, consensual agreement backed by Janus Henderson’s Special ...
Business Operations and StrategyM&A Transactions
Victory Capital Defends Bid in Janus Henderson Acquisition Battle
Positive
Mar 23, 2026
Victory Capital Holdings, Inc. is a U.S.-based asset management firm listed on Nasdaq under the ticker VCTR, offering a range of investment products and strategies to financial advisors, institutional clients and individual investors. The company ...
Business Operations and StrategyM&A Transactions
Victory Capital Ups Bid in Janus Henderson Pursuit
Positive
Mar 17, 2026
On March 17, 2026, Victory Capital announced it had submitted an improved, fully financed proposal to acquire Janus Henderson Group, offering $40 in cash plus 0.25 Victory Capital shares per Janus Henderson share. The revised terms value Janus Hen...
Business Operations and StrategyExecutive/Board Changes
Victory Capital Grants Long-Term Performance-Based Executive Equity Awards
Positive
Mar 16, 2026
On March 13, 2026, Victory Capital Holdings, Inc. approved a one-time grant of performance-based restricted stock awards to key executives, including CEO David C. Brown and other senior leaders, under its 2018 Equity Plan. The awards are intended ...
Business Operations and StrategyFinancial Disclosures
Victory Capital Reports Broad-Based Growth in Client Assets
Positive
Mar 12, 2026
Victory Capital Holdings, Inc., a diversified global asset manager based in San Antonio, Texas, serves institutional, intermediary, and individual investors with specialized strategies across traditional and alternative asset classes. Its model co...
M&A Transactions
Victory Capital Reaffirms Fully Financed Janus Henderson Bid
Positive
Feb 26, 2026
On February 26, 2026, Victory Capital Holdings reaffirmed and detailed a fully financed proposal to acquire Janus Henderson Group, offering $57.04 per share in a mix of $30.00 cash and Victory Capital stock. The bid implies a 37% premium to Janus ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.