Victory Capital Holdings, Inc. (VCTR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+18.4%

$136.46

vs $115.28 price

Levered DCF

$128.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.62

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.28×	14.64×	10.7×	6.67×	8.91×	7.9×	15.31×	11.36×
P/B	1.7×	3.77×	2.17×	1.72×	2.67×	2.37×	2.64×	1.58×
P/S	3.16×	4.73×	2.78×	2.15×	2.79×	2.17×	2.32×	1.74×
EV / EBITDA	8.72×	10.52×	7.98×	6.33×	9.04×	7.41×	12.6×	7.24×
Gross margin	71.1%	59.3%	55.5%	53.3%	53.8%	51.9%	46.7%	41.8%
Operating margin	42.5%	47.8%	40.0%	46.7%	42.0%	40.6%	26.9%	27.7%
Net margin	25.3%	32.3%	26.0%	32.2%	31.3%	27.4%	15.1%	15.4%
Current ratio	0.97×	1.19×	0.79×	0.47×	0.49×	1.18×	0.66×	3.78×
Debt / equity	0.4×	0.86×	0.94×	0.93×	1.21×	1.1×	1.72×	0.59×
Interest coverage	8.47×	5.52×	4.28×	8.51×	15.16×	8.5×	4.02×	5.36×
Dividend yield	3.0%	2.4%	3.7%	3.8%	1.5%	1.0%	0.5%	0.1%
Payout ratio	38.0%	35.0%	40.1%	25.1%	13.3%	7.6%	8.0%	1.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	25.8%	20.2%	25.9%	29.9%	30.0%	17.2%	14.0%
Return on invested capital	10.8%	14.1%	11.2%	13.9%	13.4%	14.6%	8.2%	11.1%
Return on assets	7.8%	11.3%	8.4%	10.8%	10.8%	12.3%	5.3%	7.9%
Free cash flow yield	5.7%	8.0%	14.3%	18.0%	14.6%	14.4%	15.7%	18.3%
Earnings yield	8.0%	6.8%	9.3%	15.0%	11.2%	12.7%	6.5%	8.8%
Enterprise value	$4.9B	$5.1B	$3.1B	$2.8B	$3.5B	$2.4B	$2.3B	$938M
Net debt / EBITDA	1.42×	1.74×	2.2×	2.15×	2.7×	2.3×	4.85×	1.68×
Cash conversion cycle (days)	-61	-17	-18	-10	-12	6	56	38