11 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 11.0% per year over the past 5 years.
Net income has grown slower than revenue (9.2% vs 11.0% per year).
Operating margin has contracted, at 36.6% in the latest year.
Free cash flow has grown 9.5% per year over the past 5 years.
Financial health
Total debt ($970M) exceeds cash ($164M); net debt is $806M.
Total debt has grown slower than revenue (4.8% vs 11.0% per year).
Operating income covered interest expense 8.7× in the latest year, up from 8.5× 5 years ago.
Total debt is 1.8× EBITDA.
Shareholder returns
Dividends have been paid for 11 consecutive years, consuming 47.6% of earnings and 41.2% of free cash flow.
The dividend has grown 57.4% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$1.3B
$330M
0.0%
36.6%
$381M
$970M
$164M
2024
$893M
$289M
0.0%
47.8%
$339M
$964M
$127M
2023
$821M
$213M
0.0%
40.0%
$325M
$989M
$124M
2022
$855M
$276M
0.0%
46.7%
$330M
$986M
$38M
2021
$890M
$278M
0.0%
42.0%
$364M
$1.1B
$70M
2020
$775M
$213M
0.0%
40.6%
$243M
$769M
$23M
2019
$612M
$92M
0.0%
26.9%
$222M
$925M
$37M
2018
$413M
$64M
0.0%
27.7%
$132M
$269M
$51M
2017
$413M
$26M
0.0%
21.8%
$91M
$483M
$13M
2016
—
-$6M
—
—
$38M
$419M
$16M
2015
—
$4M
—
—
$39M
—
$15M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$388M
$112M
0.0%
41.0%
$120M
$968M
$76M
Dec '25
$374M
$113M
0.0%
40.9%
$144M
$970M
$164M
Sep '25
$361M
$97M
0.0%
38.2%
$165M
$972M
$116M
Jun '25
$351M
$59M
0.0%
26.8%
-$7M
$966M
$108M
Mar '25
$220M
$62M
0.0%
42.3%
$80M
$965M
$176M
Dec '24
$232M
$77M
0.0%
48.1%
$92M
$964M
$127M
Sep '24
$226M
$82M
0.0%
53.3%
$99M
$983M
$188M
Jun '24
$220M
$74M
0.0%
50.4%
$79M
$982M
$119M
Mar '24
$216M
$56M
0.0%
39.3%
$68M
$990M
$80M
Dec '23
$206M
$55M
0.0%
41.9%
$96M
$989M
$124M
Sep '23
$210M
$52M
0.0%
38.2%
$90M
$988M
$108M
Jun '23
$204M
$57M
0.0%
42.9%
$75M
$987M
$44M
Mar '23
$201M
$49M
0.0%
37.0%
$64M
$986M
$38M
Dec '22
$202M
$52M
0.0%
39.5%
$66M
$986M
$38M
Sep '22
$207M
$73M
0.0%
47.6%
$102M
$1000M
$67M
Jun '22
$216M
$79M
0.0%
55.2%
$89M
$1.0B
$43M
Mar '22
$230M
$71M
0.0%
44.1%
$74M
$1.1B
$39M
Dec '21
$229M
$70M
0.0%
39.2%
$108M
$1.1B
$70M
Sep '21
$226M
$74M
0.0%
43.7%
$97M
$634M
$65M
Jun '21
$222M
$69M
0.0%
42.9%
$79M
$668M
$32M
Valuation over time
How the market has priced VCTR against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 6.6× (Mar '23) to 15.5× (Jun '26).
The price-to-sales ratio has risen from 2.1× (Mar '23) to 3.9× (Jun '26).
The dividend yield has fallen from 3.8% (Mar '23) to 3.1% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is VCTR growing its revenue and profit?
Over the past 5 years, Victory Capital Holdings, Inc.'s revenue has grown 11.0% per year, and net income grown 9.2% per year. These are computed facts, not advice.
How much debt does VCTR have?
As of FY2025, Victory Capital Holdings, Inc. reported $970M of total debt against $164M of cash; operating income covered interest expense 8.7×.
What is VCTR's profit margin?
In FY2025, gross margin was —, operating margin 36.6%, and net margin 25.3%.
What is VCTR's P/E ratio?
As of Jun '26, Victory Capital Holdings, Inc. traded at a price-to-earnings ratio of about 15.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.