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Victory Capital Holdings, Inc.

VCTR Financial Asset Management

Victory Capital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 46.2% from fiscal 2024.

Revenue
+9.79%
EPS
0.00%
Free cash flow
+34.9%
Total debt
−0.63%

Quarter to September 2026, against a year earlier

115.51 3.10 +2.76%
Market cap
$7.0B
P/E
20.5×
Fwd P/E
18.0×
Dividend yield
1.76%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Victory Capital Holdings, Inc. (VCTR) valuation and DCF model

What the price implies · reverse DCF

At $115.51 the price implies 16.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 6.6% a year over the last ten years, 60.8% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 20.2% over ten years; the price implies 21.6% for good.

In December 2018 the price assumed 16.9% a year; Victory Capital Holdings, Inc. went on to grow the dividend a share 16.6% a year to FY2025.

Price implies
16.3%
Last 5 years, reported
60.8%
Last 10 years, reported
6.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
16.3% a year for ten years
$115.51
today’s price
Its base case
6.6% a year for five years, then 4.0%
$50.81
56.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Victory Capital Holdings, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 16.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Victory Capital Holdings, Inc.’s own cost of capital: risk-free 4.3% + beta 1.13 × equity premium 4.5% = 9.4% cost of equity; weighted, 9.4%.

Use 9.4%
Base case value per share $50.81 ten years discounted, and what follows
Current price $115.51 market price per share
Below today’s price 56.0% downside at the base case’s assumptions

How we got there$22.10 10 years of dividends+$28.71 terminal value=$50.81 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.54× 13.55× 13.56× 52% above 13.38× 54% above
P/FCF 11.21× 9.40× 7.91× 42% above 7.79× 44% above
P/B 2.87× 2.44× 2.41× 19% above 0.91× 216% above
EV/EBITDA — 8.75× 8.73× — 3.38× —
EV/Sales — 4.10× 3.50× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
1.69×2.34×2.99×3.64×10Y avg 2.41×2017201820192020202120222023202420252026

VCTR trades at 2.87× P/B, against a 10-year average of 2.41× (range 1.49×–3.77×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $97.01 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.