VCTR
Victory Capital Holdings, Inc.
VCTR's fundamentals are strong, but it looks expensive: trading at 23x earnings, about twice its usual 11x. Analysts expect earnings growth.
VCTR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
VCTR's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like VCTR.
VCTR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $43.06 | -65% |
| Fair | 11x | $59.64 | -52% |
| Forward | 15x | $124 | — |
| Expensive | 17x | $92.20 | -26% |
| Current | 23x | $124 | — |
Historical ranges are pointers, not guarantees.
VCTR's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
VCTR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for VCTR, with profitability improving.
VCTR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.47 | +55% |
| Q3 2026 | $5.45 | +39% |
| Q2 2026 | $5.45 | +34% |
| Q1 2026 | $4.45 | -1.1% |
| Q4 2025 | $4.08 | -6.8% |
| Q3 2025 | $3.93 | -2% |
| Q2 2025 | $4.06 | +15% |
| Q1 2025 | $4.50 | +38% |
| Q4 2024 | $4.38 | +40% |
VCTR earned $5.45 per share over the past year, up 39% from the year before.
VCTR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $396.6M | +9.8% |
| Q2 2026 | $435.4M | +24% |
| Q1 2026 | $388M | +77% |
| Q4 2025 | $374.1M | +61% |
| Q3 2025 | $361.2M | +60% |
| Q2 2025 | $351.2M | +60% |
| Q1 2025 | $219.6M | +1.7% |
| Q4 2024 | $232.4M | +13% |
VCTR's revenue has grown year over year for 13 quarters in a row: $397M last quarter, up 9.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | -3.5 points |
| Q2 2026 | 45% | +18 points |
| Q1 2026 | 41% | -1.3 points |
| Q4 2025 | 41% | -7.2 points |
| Q3 2025 | 38% | -15 points |
| Q2 2025 | 27% | -24 points |
| Q1 2025 | 42% | +3 points |
| Q4 2024 | 48% | +6.2 points |
VCTR's operating margin was 35% last quarter, down 3.5 points from the same quarter a year ago, near the bottom of its range since 2019.
VCTR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $222.4M | +35% |
| Q2 2026 | $134.2M | +$141.7M |
| Q1 2026 | $120.1M | +51% |
| Q4 2025 | $144.5M | +58% |
| Q3 2025 | $164.8M | +66% |
| Q2 2025 | -$7.5M | -109% |
| Q1 2025 | $79.5M | +17% |
| Q4 2024 | $91.7M | -4.8% |
VCTR's free cash flow was $621M over the past year, up 89% from the year before. Free cash flow isn't a meaningful measure for financial services companies like VCTR.
VCTR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -311K shares |
| 1 year | -6.7% | -4.5M shares |
| 3 years | -7.7% | -5.2M shares |
| 5 years | -16% | -11.6M shares |
| Available history | -15% | -11M shares |
VCTR has 62M diluted shares, down 6.7% from a year ago, with $276M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.5M |
| Q2 2026 | $91.4M |
| Q1 2026 | $127.2M |
| Q4 2025 | $50.7M |
| Q3 2025 | $118.5M |
| Q2 2025 | $26M |
| Q1 2025 | $451,000 |
| Q4 2024 | $96.9M |
VCTR spent $276M buying back its own shares over the past year, up 14% from the year before.
VCTR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | 1.8x | Healthy |
VCTR's net debt is about a year of its operating earnings (EBITDA), down from 1.7 years a year ago. Net leverage isn't a meaningful measure for financial services companies like VCTR.
VCTR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.9 | Overbought |
| Stochastic | 72.5 | Neutral |
VCTR's weekly RSI is 72 (overbought) and its Stochastic is 72 (neutral).
VCTR PE vs Financial Services Sector
| Metric | VCTR | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 13x | 75% above |
| PE % | 99 | 63 | 36 pts above |
VCTR is trading at 23x earnings, a 75% premium to the Financial Services sector's median of 13x.
VCTR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $113.1 | 10% above |
| 20 week MA | $108.5 | 15% above |
| 50 week MA | $87.3 | 43% above |
| 100 week MA | $75.7 | 64% above |
| 200 week MA | $58.3 | 114% above |
VCTR is in an uptrend: it's above all five of its weekly moving averages, and 114% above its 200-week average.
VCTR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.9 | $23.8 | +14% |
| 2021 | $23.8 | $36.7 | +54% |
| 2022 | $36.7 | $27.2 | -26% |
| 2023 | $27.2 | $34.4 | +27% |
| 2024 | $34.4 | $66.3 | +92% |
| 2025 | $66.3 | $64.3 | -3% |
| 2026 YTD | $64.3 | $124.4 | +94% |
VCTR has finished higher in four of the last six years, two of them by more than 50%. It's up 94% so far in 2026.