Victory Capital Holdings
VCTR on Nasdaq. Victory Capital sells investment strategies and funds to institutions, retirement plans, and individuals. Market value $7.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 27 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.95.
Profit per $100 you pay: $6.58.
Quality score: 100 of 100. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.
$113.85 a share, 100% above its 1-year low
Over the past year the price has ranged from $57.03 to $123.55.
Dividend: 2.2% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $890m | $855m | $821m | $893m | $1.3bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 11.0% a year
- Buying back its own sharesYes, 10% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $435 million last quarter, up 24% on a year ago.
- Profit: $139 million, up 137% on a year ago.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $226m |
| December 2024 | $232m |
| March 2025 | $220m |
| June 2025 | $351m |
| September 2025 | $361m |
| December 2025 | $374m |
| March 2026 | $388m |
| June 2026 | $435m |
| Quarter to | Amount |
|---|---|
| September 2024 | $82m |
| December 2024 | $77m |
| March 2025 | $62m |
| June 2025 | $59m |
| September 2025 | $97m |
| December 2025 | $113m |
| March 2026 | $112m |
| June 2026 | $139m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 356 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $53m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $44m | 0.4% | Cut |
| Polen CapitalDan Davidowitz | $2m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $986,108 | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $719,554 | <0.1% | New |
Largest holders overall
- BlackRock$585m
- Bahl & Gaynor$256mAdded
- Amundi$249mCut
- Vanguard Capital Management$185m
- Crestview Partners II GP, L.P.$168mCut
- Vanguard Portfolio Management$166m
- Capital World Investors$164mCut
- Dimensional Fund Advisors LP$159mAdded
- State Street$159mAdded
- Van Berkom & Associates$103mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.1%Since 31 July 2025
- at least 4.9%0.0 pts(filed with 1 related holder)Since 16 May 2025
What they said
This Amendment amends and restates Item 4 of the Amended Schedule 13D in its entirety as set forth below: "As a result of the Transaction, at the closing of the Transaction on April 1, 2025, Amundi AM acquired 3,293,471 shares of the Common Stock of the Issuer, which represented…
Read the filing - Crestview Partners II GP, L.P.Passive investorat least 3.2%−3.1 pts(filed with 2 related holders)Since 30 June 2026
- Capital World InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.1% | 31 July 2025 | |
at least 4.9%0.0 pts (filed with 1 related holder) | 16 May 2025 | What they saidThis Amendment amends and restates Item 4 of the Amended Schedule 13D in its entirety as set forth below: "As a result of the Transaction, at the closing of the Transaction on April 1, 2025, Amundi AM acquired 3,293,471 shares of the Common Stock of the Issuer, which represented… Read the filing | |
Crestview Partners II GP, L.P. Passive investor | at least 3.2%−3.1 pts (filed with 2 related holders) | 30 June 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.