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Victory Capital Holdings, Inc.

VCTR Clue Score64
United States Fiscal year ends December CIK 0001570827
$112.44 +0.64% Close, 9 Oct 2026
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Price $112.44 +212.07% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 8 Feb 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue297.9Operating income24.5Net income−6.1EPS, diluted−0.12Fiscal year 2017Revenue413.4 +38.8%Operating income90.2Net income25.8EPS, diluted0.43Fiscal year 2018Revenue413.4 +0.0%Operating income114.5Net income63.7 +146.7%EPS, diluted0.90 +109.3%Fiscal year 2019Revenue612.4 +48.1%Operating income164.6Net income92.5 +45.2%EPS, diluted1.26 +40.0%Fiscal year 2020Revenue775.4 +26.6%Operating income314.7Net income212.5 +129.8%EPS, diluted2.88 +128.6%Fiscal year 2021Revenue890.3 +14.8%Operating income373.8Net income278.4 +31.0%EPS, diluted3.75 +30.2%Fiscal year 2022Revenue854.8 −4.0%Operating income399.1Net income275.5 −1.0%EPS, diluted3.81 +1.6%Fiscal year 2023Revenue821.0 −4.0%Operating income328.5Net income213.2 −22.6%EPS, diluted3.12 −18.1%Fiscal year 2024Revenue893.5 +8.8%Operating income427.5Net income288.9 +35.5%EPS, diluted4.38 +40.4%Fiscal year 2025Revenue1,306.1 +46.2%Operating income478.4Net income330.1 +14.3%EPS, diluted4.08 −6.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 297.9 413.4 413.4 612.4 775.4 890.3 854.8 821.0 893.5 1,306.1
Growth +38.8% +0.0% +48.1% +26.6% +14.8% −4.0% −4.0% +8.8% +46.2%
Operating income 24.5 90.2 114.5 164.6 314.7 373.8 399.1 328.5 427.5 478.4
Net income −6.1 25.8 63.7 92.5 212.5 278.4 275.5 213.2 288.9 330.1
Growth +146.7% +45.2% +129.8% +31.0% −1.0% −22.6% +35.5% +14.3%
EPS, diluted −0.12 0.43 0.90 1.26 2.88 3.75 3.81 3.12 4.38 4.08
Growth +109.3% +40.0% +128.6% +30.2% +1.6% −18.1% +40.4% −6.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin8.2%Net margin−2.0%Free cash flow margin12.9%Fiscal year 2017Operating margin21.8%Net margin6.2%Free cash flow margin22.0%Fiscal year 2018Operating margin27.7%Net margin15.4%Free cash flow margin31.9%Fiscal year 2019Operating margin26.9%Net margin15.1%Free cash flow margin36.3%Fiscal year 2020Operating margin40.6%Net margin27.4%Free cash flow margin31.3%Fiscal year 2021Operating margin42.0%Net margin31.3%Free cash flow margin40.8%Fiscal year 2022Operating margin46.7%Net margin32.2%Free cash flow margin38.6%Fiscal year 2023Operating margin40.0%Net margin26.0%Free cash flow margin39.6%Fiscal year 2024Operating margin47.8%Net margin32.3%Free cash flow margin37.9%Fiscal year 2025Operating margin36.6%Net margin25.3%Free cash flow margin29.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 8.2% 21.8% 27.7% 26.9% 40.6% 42.0% 46.7% 40.0% 47.8% 36.6%
Net margin −2.0% 6.2% 15.4% 15.1% 27.4% 31.3% 32.2% 26.0% 32.3% 25.3%
Free cash flow margin 12.9% 22.0% 31.9% 36.3% 31.3% 40.8% 38.6% 39.6% 37.9% 29.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow39.5Capital expenditure−1.2Free cash flow38.4Buybacks−10.5Dividends paid−0.6Fiscal year 2017Operating cash flow96.2Capital expenditure−5.1Free cash flow91.1 +137.3%Buybacks−4.7Dividends paid−135.2Fiscal year 2018Operating cash flow134.3Capital expenditure−2.5Free cash flow131.8 +44.7%Buybacks−8.2Dividends paid−0.8Fiscal year 2019Operating cash flow227.4Capital expenditure−5.2Free cash flow222.1 +68.5%Buybacks−15.5Dividends paid−7.4Fiscal year 2020Operating cash flow250.6Capital expenditure−8.1Free cash flow242.6 +9.2%Buybacks−29.9Dividends paid−16.2Fiscal year 2021Operating cash flow376.2Capital expenditure−12.7Free cash flow363.5 +49.9%Buybacks−31.5Dividends paid−37.2Fiscal year 2022Operating cash flow335.2Capital expenditure−5.2Free cash flow330.0 −9.2%Buybacks−101.2Dividends paid−69.2Fiscal year 2023Operating cash flow330.3Capital expenditure−5.2Free cash flow325.1 −1.5%Buybacks−139.3Dividends paid−85.4Fiscal year 2024Operating cash flow340.0Capital expenditure−1.3Free cash flow338.7 +4.2%Buybacks−103.6Dividends paid−101.1Fiscal year 2025Operating cash flow385.5Capital expenditure−4.2Free cash flow381.3 +12.6%Buybacks−195.6Dividends paid−157.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 39.5 96.2 134.3 227.4 250.6 376.2 335.2 330.3 340.0 385.5
Capital expenditure −1.2 −5.1 −2.5 −5.2 −8.1 −12.7 −5.2 −5.2 −1.3 −4.2
Free cash flow 38.4 91.1 131.8 222.1 242.6 363.5 330.0 325.1 338.7 381.3
Growth +137.3% +44.7% +68.5% +9.2% +49.9% −9.2% −1.5% +4.2% +12.6%
Buybacks −10.5 −4.7 −8.2 −15.5 −29.9 −31.5 −101.2 −139.3 −103.6 −195.6
Dividends paid −0.6 −135.2 −0.8 −7.4 −16.2 −37.2 −69.2 −85.4 −101.1 −157.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash16.4Total debt418.5Net cash (debt)−402.1Shareholders’ equity331.0Debt to equity1.26Fiscal year 2017Cash12.9Total debt483.2Net cash (debt)−470.3Shareholders’ equity231.2Debt to equity2.09Fiscal year 2018Cash51.5Total debt268.9Net cash (debt)−217.4Shareholders’ equity455.5Debt to equity0.59Fiscal year 2019Cash37.1Total debt924.5Net cash (debt)−887.4Shareholders’ equity537.9Debt to equity1.72Fiscal year 2020Cash22.7Total debt769.0Net cash (debt)−746.3Shareholders’ equity707.5Debt to equity1.09Fiscal year 2021Cash69.5Total debt1,127.9Net cash (debt)−1,058.4Shareholders’ equity929.9Debt to equity1.21Fiscal year 2022Cash38.2Total debt985.5Net cash (debt)−947.3Shareholders’ equity1,065.4Debt to equity0.93Fiscal year 2023Cash123.5Total debt989.3Net cash (debt)−865.7Shareholders’ equity1,053.0Debt to equity0.94Fiscal year 2024Cash126.7Total debt963.9Net cash (debt)−837.1Shareholders’ equity1,121.6Debt to equity0.86Fiscal year 2025Cash163.7Total debt970.0Net cash (debt)−806.3Shareholders’ equity2,424.7Debt to equity0.40
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 16.4 12.9 51.5 37.1 22.7 69.5 38.2 123.5 126.7 163.7
Total debt 418.5 483.2 268.9 924.5 769.0 1,127.9 985.5 989.3 963.9 970.0
Net cash (debt) −402.1 −470.3 −217.4 −887.4 −746.3 −1,058.4 −947.3 −865.7 −837.1 −806.3
Shareholders’ equity 331.0 231.2 455.5 537.9 707.5 929.9 1,065.4 1,053.0 1,121.6 2,424.7
Debt to equity 1.26 2.09 0.59 1.72 1.09 1.21 0.93 0.94 0.86 0.40

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
297.9 413.4 413.4 612.4 775.4 890.3 854.8 821.0 893.5 1,306.1
Growth +38.8% +0.0% +48.1% +26.6% +14.8% −4.0% −4.0% +8.8% +46.2%
26.6 34.0 30.0 46.6 51.2 53.7 52.4 56.3 56.7 83.3
24.5 90.2 114.5 164.6 314.7 373.8 399.1 328.5 427.5 478.4
Growth +268.3% +27.0% +43.7% +91.2% +18.8% +6.8% −17.7% +30.2% +11.9%
−9.1 38.5 84.9 120.7 278.5 350.6 350.0 275.9 373.8 438.3
−3.0 12.6 21.2 28.2 66.0 72.3 74.5 62.8 84.9 108.3
−6.1 25.8 63.7 92.5 212.5 278.4 275.5 213.2 288.9 330.1
Growth +146.7% +45.2% +129.8% +31.0% −1.0% −22.6% +35.5% +14.3%
Per share
−0.12 0.47 0.96 1.37 3.14 4.10 4.02 3.22 4.47 4.13
−0.12 0.43 0.90 1.26 2.88 3.75 3.81 3.12 4.38 4.08
Growth +109.3% +40.0% +128.6% +30.2% +1.6% −18.1% +40.4% −6.8%
50.0 54.9 66.3 67.6 67.7 68.0 68.5 66.2 64.6 65.4
50.0 59.6 70.5 73.5 73.7 74.2 72.3 68.2 65.9 66.4
Growth +19.1% +18.4% +4.2% +0.3% +0.6% −2.5% −5.6% −3.4% +0.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 11.0% a year over five years, and earnings per share grew 7.2% a year.
  • The diluted share count fell 10.0% in five years, so buybacks did some of the work per share.
  • Operating margin is down 4.0 points on five years ago, at 36.6%.
  • A net loss in 1 of 10 years on file.