At a glance
Victory Capital Holdings Inc is worth $6.88B, about 27 times its fiscal 2025 earnings. Revenue grew 46.2% to $1.31B in fiscal 2025, with 25.3% kept as profit; over 5 years it has grown 11.0% a year. It pays a 1.77% dividend yield, raised every year for at least 7 years, and returned $1.02B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +80.9% over the past year with dividends reinvested and +28.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.8% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 12 months after the lows.
The business in plain English
Victory Capital is an asset manager: it invests other people's money for a fee. As of December 31, 2025, it managed $313.8 billion of client money, known as assets under management (AUM). It offers 187 investment strategies through Victory Funds mutual funds, VictoryShares exchange-traded funds (ETFs), institutional separate accounts, private funds, variable insurance products and a 529 college savings plan. Clients include insurers, endowments, retirement platforms, financial advisors and individual investors.
Almost all revenue depends on AUM. Fiscal 2025 revenue was $1.31 billion, up 46.2% from the year before. Investment management fees, charged as a percentage of assets managed, made up 80%. Fund administration and distribution fees made up the other 20%. When markets rise or clients add money, fees grow. When markets fall or clients withdraw, fees shrink.
The firm runs eight investment teams it calls Franchises, plus a Solutions Platform. Each team keeps its own investment process but shares central sales and operations. It has closed eight acquisitions since splitting from KeyCorp in 2013. In 2025 it combined Amundi's US business into its own. That business was renamed Pioneer Investments and became its largest Franchise, though no Franchise holds more than 42% of AUM. As of December 31, 2025, 37% of client assets came from US retail and retirement clients, 26% from US institutions, 20% from US direct investors and 17% from outside the US.
Price history
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VCTR +80.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment Management Fees | $1.05B | 80% |
| Fund Administration And Distribution Fees | $260.7M | 20% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $435.4M, up 24% from a year earlier, and net income was $139.4M (+137.3%).
- For fiscal 2025, revenue was $1.31B (+46.2% year over year; +11.0% a year from FY2020 to FY2025) with a 25.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.0% good |
|---|---|
| Operating margin | 36.6% good |
| Free cash flow margin | 29.2% good |
| Return on equity (FY2025) | 13.6% watch |
| Return on assets (FY2025) | 7.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $775.4M | $212.5M | $242.6M |
| FY2021 | $890.3M | $278.4M | $363.5M |
| FY2022 | $854.8M | $275.5M | $330.0M |
| FY2023 | $821.0M | $213.2M | $325.1M |
| FY2024 | $893.5M | $288.9M | $338.7M |
| FY2025 | $1.31B | $330.1M | $381.3M |
Valuation snapshot
| Market value | $6.88B |
|---|---|
| P/E ratio | 27.4 |
| Dividend yield | 1.77% |
Rank among 1514 US companies
Market value at each year end
Victory Capital Holdings’s market value went from $1.84B at the end of 2022 to $6.88B on Oct 28, 2026, about 3.7 times as much; since the end of 2025 it is up 68%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.88B | +68.0% |
| 2025 | $4.10B | -3.8% |
| 2024 | $4.26B | +87.3% |
| 2023 | $2.27B | +23.6% |
| 2022 | $1.84B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VCTR price data to Oct 28, 2026 | +80.5% | +80.9% | +60.9% | +28.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +80.5% |
| 2025 | -0.7% |
| 2024 | +96.0% |
| 2023 | +33.5% |
| 2022 | -23.9% |
| 2021 | +49.7% |
| 2020 | +19.8% |
| 2019 | +106.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.3% over that stretch · deepest drop along the way 43.8%, back to its old high 8.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.6% over that stretch · deepest drop along the way 36.3%, back to its old high 12.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.3% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5.08% | Sep 30, 2026 |
| Capital World Investors | 3.8% | Mar 31, 2026 |
| Crestview Partners II GP, L.P. | 3.2% | Jun 30, 2026 |
ETFs with the most weight in VCTR
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 4.35% |
| AMID Argent Mid Cap ETF | 2.93% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 2.12% |
| KCE SPDR S&P Capital Markets ETF | 1.76% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.76% |
| SYLD Cambria Shareholder Yield ETF | 1.58% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.54% |
| OSCV Opus Small Cap Value ETF | 1.01% |
What could go wrong
- Acquisitions may not pay off. Growth depends partly on acquiring other managers, such as Amundi's US business, now Pioneer Investments. Integration troubles or missed cost savings could hurt results, and the premium paid (goodwill) could be written down.
- Significant debt on the balance sheet. Total debt was about $968 million, against $70 million in cash and investments, as of June 30, 2026. Debt payments continue even when falling markets cut fee revenue.
- Revenue rises and falls with markets. Substantially all revenue is tied to AUM. A market slump, weak fund performance or client withdrawals shrink assets and fees together. The stock fell 36.3% during the 2022 bear market.
- Investors shifting to cheaper index funds. The 10-K warns that rising demand for passive, low-fee products could cut AUM, revenue and profit. Much of Victory's business comes from specialized active teams, and active funds typically charge more.
- Key investment people could leave. Clients often choose funds because of who manages them. Losing key investment professionals or senior leaders could lead to withdrawals. Some Franchises are small: New Energy Capital has four investment professionals.
- Clients can leave on short notice. Advisory contracts can end on short or no notice, and fund investors can redeem at any time. Victory also depends mainly on third parties to market and distribute its products.
Recent events
- Other company announcement
- Other company announcement
- Major agreement signed; Unregistered sale of shares
- Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Victory Capital pays a dividend and has raised it for seven consecutive years through fiscal 2025. Dividends per share grew from $0.23 in fiscal 2020 to $1.94 in fiscal 2025, and the yield was 1.77% as of October 28, 2026. The fiscal 2025 dividend used 47.6% of earnings and 41.2% of free cash flow (cash left after running and investing in the business). From fiscal 2021 to 2025, the company also spent about $571 million repurchasing shares, and the share count fell 10.5% between February 2022 and July 2026. Dividends remain at the board's discretion.
The shares have fallen sharply in past downturns. They dropped 43.8% from peak to low in the 2020 COVID crash, then took about 9 months to regain the peak. In the 2022 bear market they fell 36.3% and took about 12 months to recover. As a single stock, Victory Capital carries more risk than a diversified fund.
Questions investors ask
How does Victory Capital make money?
Mainly by charging fees on the money it manages for clients. In fiscal 2025, revenue was $1.31 billion: 80% came from investment management fees and 20% from fund administration and distribution fees. Assets under management were $313.8 billion as of December 31, 2025, spread across 187 strategies in mutual funds, VictoryShares ETFs, institutional accounts, private funds and a 529 plan. Because fees track asset levels, revenue tends to rise and fall with markets and with client deposits and withdrawals.
Does Victory Capital raise its dividend every year?
It has so far: Victory Capital increased its dividend for seven consecutive years through fiscal 2025. Dividends per share grew from $0.23 in fiscal 2020 to $1.94 in fiscal 2025. The fiscal 2025 dividend used 47.6% of earnings and 41.2% of free cash flow. The yield was 1.77% as of October 28, 2026. The 10-K notes that dividends depend on the board's discretion, so past increases do not guarantee future ones.
What was Victory Capital's deal with Amundi?
It was a deal, closed in 2025, that combined Amundi's US operations into Victory Capital. The business was renamed Pioneer Investments and became Victory's largest Franchise. Amundi became a strategic shareholder, and the two firms signed exclusive long-term global distribution agreements. Fiscal 2025 revenue rose 46.2% to $1.31 billion. Revenue for the quarter ended June 30, 2026 was $435 million, up 24% from a year earlier.
How much debt does Victory Capital have?
Victory Capital had about $968 million in total debt as of June 30, 2026, against roughly $70 million in cash and investments. That leaves net debt of about $898 million. For scale, shareholders' equity was about $2.38 billion, and the company generated $381 million of free cash flow in fiscal 2025. The 10-K calls the debt substantial and lists it as a material risk. Debt payments continue even when falling markets reduce fee revenue.
Is Victory Capital stock volatile?
Yes, fairly. Its annualized volatility, a measure of how widely the price swings, was 31% over the year to October 28, 2026. The largest peak-to-trough drop in its 8.7 years of price history was 45.2%. Calendar-year price returns included a 23.9% loss in 2022 and a 96.0% gain in 2024. The price rose 80.9% over the year to October 28, 2026. Past swings do not predict future returns.