Victory Capital Holdings, Inc. (VCTR)

Price$113.73Cached quoteAs of 2026-09-05 01:29 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is offset by a much riskier acquisition.

At the observed price, Victory trades at about 16 times trailing company-adjusted earnings and roughly 22 times trailing standard accounting earnings. Company-adjusted earnings remove selected acquisition-related costs and include tax benefits from acquired assets. That is not an obvious bargain for a market-sensitive asset manager. Management expects the First Eagle purchase to raise 2027 adjusted earnings per share about 35%, which could make today's valuation attractive, but that forecast depends heavily on savings, client retention, financing costs, and successful integration. ir.vcm.com +2 ir.vcm.com +2

Big pictureProfit growth is strong, but revenue still rises and falls with client asset values.

Revenue increased from $893 million in 2024 to $1.31 billion in 2025, helped substantially by the acquired Pioneer business. The first half of 2026 then produced $823 million of revenue and $252 million of net income, versus $571 million and $121 million a year earlier. Second-quarter long-term client inflows improved to $4.2 billion from a $660 million outflow. Still, fees are largely tied to assets under management, so falling markets or client withdrawals can quickly reduce revenue even when operating costs remain.

Business strengthCash generation is durable, while shareholder returns are generous but now compete with heavier debt.

Operating cash flow stayed between about $330 million and $385 million annually from 2022 through 2025, while spending on equipment and technology remained tiny. In 2025, free cash flow—cash left after running and investing in the business—was about $381 million. Victory returned roughly $353 million through buybacks and dividends. In the first half of 2026, those distributions exceeded free cash flow, helping reduce outstanding shares about 4%, but cash fell to $70 million while net debt reached roughly $898 million.

What could change the storyFirst Eagle can justify today’s price if promised savings arrive without losing clients.

The strongest bull case is the $7 billion First Eagle acquisition: it adds $222 billion of managed assets, a business with three years of positive flows, and expected annual cost savings of $280 million. The bear case is the financing. Victory plans $4.4 billion of cash consideration, $2 billion of new equity, about $4.45 billion of new borrowing, and assumption of $575 million of First Eagle debt. Genstar would own about 14.6% afterward. Client consents, retained assets, realized savings, and rapid debt reduction are therefore the key tests. ir.vcm.com +2 ir.vcm.com +2

AI: News

First Eagle acquisitionVictory agreed to buy First Eagle, adding scale and earnings potential but sharply increasing debt and dilution.

On August 26, Victory announced the approximately $7 billion transaction, which would lift combined client assets to about $571 billion. Management expects roughly 35% higher 2027 adjusted earnings per share, including $280 million of planned annual savings. The deal uses $4.4 billion of cash and $2 billion of newly issued equity and assumes $575 million of debt. Shares closed about 4.6% higher that session; the timing suggests a favorable reaction but does not prove the deal alone caused it. ir.vcm.com +2 Reuters +2

Record second-quarter resultsRecord earnings and renewed client inflows showed the Pioneer integration is translating into stronger operating results.

Victory reported second-quarter results on August 5 with revenue of $435.4 million, net income of $139.4 million, adjusted earnings of $2.21 per diluted share, and $4.2 billion of long-term net client inflows. Total client assets reached $346.1 billion, and management said the Pioneer integration was complete. Shares closed about 6.8% higher in the following session. That timing is consistent with investor approval of the results, although other market factors could also have contributed. ir.vcm.com +1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$1.31B	$893.5M	$821.0M	$854.8M	$890.3M	$775.4M	$612.4M	$413.4M	$413.4M	$297.9M	$240.8M
Operating expenses	$827.7M	$466.0M	$492.6M	$455.7M	$516.4M	$460.6M	$447.8M	$298.9M	$319.5M	$273.4M	$207.5M
Operating income	$478.4M	$427.5M	$328.5M	$399.1M	$373.8M	$314.7M	$164.6M	$114.5M	$90.2M	$24.5M	$33.2M
Operating margin	36.63%	47.85%	40.01%	46.69%	41.99%	40.59%	26.88%	27.70%	21.81%	8.22%	13.80%
EBITDA	$551.3M	$457.7M	$370.1M	$442.3M	$392.7M	$331.1M	$188.5M	$137.8M	$120.1M	$54.9M	$60.5M
EBITDA margin	42.21%	51.23%	45.08%	51.74%	44.11%	42.70%	30.78%	33.33%	29.05%	18.43%	25.13%
Net income	$330.1M	$288.9M	$213.2M	$275.5M	$278.4M	$212.5M	$92.5M	$63.7M	$25.8M	−$6.1M	$3.8M
Net profit margin	25.27%	32.33%	25.96%	32.23%	31.27%	27.41%	15.10%	15.41%	6.25%	−2.04%	1.58%
Basic EPSper basic share	$4.13	$4.47	$3.22	$4.02	$4.10	$3.14	$1.37	$0.96	$0.47	-$0.12	$0.08
Diluted EPSper diluted share	$4.08	$4.38	$3.12	$3.81	$3.75	$2.88	$1.26	$0.90	$0.43	-$0.12	$0.08

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 13 reported holders of VCTR
Holder	Shares held
Amundi / Amundi Asset Management SAS	2.95M
Delaney Robert V. Jr. / Crestview Victory, L.P. / Crestview Advisors, L.L.C. / Crestview Partners II GP, L.P.	2.49M
Brown David Craig	2.26M
Policarpo Michael Dennis	1.19M
DEMARTINI RICHARD M	874.31K
Rappaport Alan	454.95K
HURST ROBERT J/NY	444.83K
Dhillon Mannik S.	297.75K
Gupta Nina	235.96K
Davanzo Lawrence	192.09K
Sipp Thomas Michael	103.45K
Hirtler-Garvey Karin	41.55K
Jackson Mary M.	7.09K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Victory Capital Holdings, Inc. (VCTR)

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