Latest Ratios: P/E Ratio 21.9x · EV/EBITDA 10.4x · ROE 18.6%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.7B | $4.2B | $4.3B | $2.3B | $1.9B | $2.7B | $1.8B | $1.5B | $721M | — | — |
| Enterprise Value | $6.5B | $5.0B | $5.2B | $3.2B | $2.9B | $3.8B | $2.6B | $2.4B | $938M | — | — |
| P/E Ratio → | 21.93 | 15.46 | 14.95 | 11.04 | 7.04 | 9.74 | 8.61 | 16.64 | 11.36 | — | — |
| P/S Ratio | 4.39 | 3.21 | 4.83 | 2.86 | 2.27 | 3.04 | 2.36 | 2.52 | 1.74 | — | — |
| P/B Ratio | 2.45 | 1.73 | 3.85 | 2.23 | 1.82 | 2.91 | 2.58 | 2.86 | 1.07 | — | — |
| P/FCF | 24.20 | 17.68 | 12.74 | 7.23 | 5.88 | 7.45 | 7.54 | 6.94 | 5.47 | — | — |
| P/OCF | 23.84 | 17.42 | 12.69 | 7.11 | 5.78 | 7.20 | 7.30 | 6.78 | 5.36 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.82 | 5.77 | 3.92 | 3.38 | 4.23 | 3.33 | 3.96 | 2.27 | — | — |
| EV / EBITDA | 10.41 | 7.95 | 11.26 | 8.69 | 6.53 | 9.59 | 7.81 | 12.88 | 6.81 | — | — |
| EV / EBIT | 11.78 | 10.13 | 11.42 | 9.12 | 7.27 | 10.10 | 8.27 | 15.26 | 8.83 | — | — |
| EV / FCF | — | 21.08 | 15.21 | 9.89 | 8.75 | 10.36 | 10.66 | 10.93 | 7.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.1% | 71.1% | 59.3% | 55.5% | 53.3% | 53.8% | 51.9% | 46.7% | 41.8% | 39.6% | 32.8% |
| Operating Margin | 42.5% | 42.5% | 47.8% | 40.0% | 46.7% | 42.0% | 40.6% | 26.9% | 27.7% | 22.0% | 8.2% |
| Net Profit Margin | 25.3% | 25.3% | 32.3% | 26.0% | 32.2% | 31.3% | 27.4% | 15.1% | 15.4% | 6.3% | -2.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 26.6% | 20.1% | 27.6% | 34.0% | 34.1% | 15.3% | 9.3% | 3.6% | -1.2% |
| ROA | 9.7% | 9.7% | 11.3% | 8.4% | 10.8% | 12.9% | 12.2% | 7.2% | 8.0% | 3.1% | -0.8% |
| ROIC | 15.2% | 15.2% | 15.5% | 12.0% | 14.6% | 15.8% | 16.0% | 10.3% | 8.1% | 5.8% | 2.1% |
| ROCE | 17.8% | 17.8% | 18.5% | 14.5% | 17.9% | 19.5% | 19.8% | 14.2% | 14.9% | 11.5% | 3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.40 | 0.40 | 0.86 | 0.94 | 0.93 | 1.21 | 1.10 | 1.72 | 0.40 | 0.69 | 0.57 |
| Debt / EBITDA | 1.55 | 1.55 | 2.11 | 2.67 | 2.23 | 2.87 | 2.35 | 4.90 | 1.95 | 4.02 | 7.62 |
| Net Debt / Equity | — | 0.33 | 0.75 | 0.82 | 0.89 | 1.14 | 1.07 | 1.65 | 0.32 | 0.67 | 0.55 |
| Net Debt / EBITDA | 1.28 | 1.28 | 1.83 | 2.34 | 2.14 | 2.70 | 2.28 | 4.71 | 1.58 | 3.92 | 7.33 |
| Debt / FCF | — | 3.40 | 2.47 | 2.66 | 2.87 | 2.91 | 3.12 | 3.99 | 1.65 | 5.16 | 10.48 |
| Interest Coverage | 7.52 | 7.52 | 5.83 | 4.59 | 8.46 | 15.13 | 8.45 | 3.89 | 4.97 | 1.82 | 0.71 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.19 | 0.79 | 0.47 | 0.49 | 1.18 | 0.66 | 3.78 | 2.35 | 2.17 |
| Quick Ratio | 0.97 | 0.97 | 1.19 | 0.79 | 0.47 | 0.49 | 1.18 | 0.66 | 3.78 | 2.35 | 2.17 |
| Cash Ratio | 0.44 | 0.44 | 0.64 | 0.45 | 0.14 | 0.19 | 0.23 | 0.18 | 1.97 | 0.41 | 0.34 |
| Asset Turnover | — | 0.31 | 0.35 | 0.32 | 0.34 | 0.35 | 0.45 | 0.35 | 0.52 | 0.52 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 38.0% | 38.0% | 35.0% | 40.1% | 25.1% | 13.3% | 7.6% | 8.0% | 1.3% | 523.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 6.5% | 6.7% | 9.1% | 14.2% | 10.3% | 11.6% | 6.0% | 8.8% | — | — |
| FCF Yield | 4.1% | 5.7% | 7.8% | 13.8% | 17.0% | 13.4% | 13.3% | 14.4% | 18.3% | — | — |
| Buyback Yield | 2.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $66M | $66M | $68M | $72M | $74M | $74M | $73M | $71M | $55M | $71M |
Acquisition integration and leverage
Based on current market data, VCTR trades at a forward P/E of 11.67, which appears to discount the sustainability of its 46.19% revenue growth rate compared to the broader asset management peer group, suggesting investors remain skeptical of the firm's ability to maintain its current inorganic expansion trajectory.
The PEG ratio of 2.83 indicates that the market is pricing in a significant deceleration in earnings growth, likely reflecting concerns over the quality of recent acquisitions. Investors should monitor whether the valuation gap between VCTR and its peers narrows as the firm shifts from an acquisition-heavy model to one focused on organic AUM retention.
As reported in recent financial statements, VCTR has maintained a robust gross margin profile near 72%, which suggests that the centralized platform model successfully captures economies of scale despite the inherent volatility in operating margins caused by periodic integration-related expenses and non-recurring personnel compensation charges.
The 42.49% operating margin highlights the firm's ability to scale its administrative infrastructure without proportional cost increases. However, the divergence between gross and net margins warrants further investigation into the impact of stock-based compensation and acquisition-related amortization on the firm's true underlying earning power.
According to quarterly data, VCTR's ROIC has fluctuated between 2.6% and 5.1% over the last ten quarters, a trend that appears to be heavily impacted by the significant accumulation of intangible assets and goodwill resulting from the firm's aggressive acquisition strategy within the asset management sector.
The relatively low ROIC compared to historical peaks suggests that the firm is struggling to generate high returns on its invested capital as it integrates large-scale acquisitions. Investors should monitor whether the company can improve its capital efficiency as the integration of the USAA platform matures and the focus shifts toward organic growth.
Based on reported figures, VCTR's current ratio has shown significant volatility, ranging from 0.52 to 1.98 over the last ten quarters, which suggests that the firm's liquidity position is highly sensitive to the timing of acquisition-related cash outflows and aggressive shareholder capital return programs.
The fluctuation in liquidity metrics indicates that management prioritizes capital deployment over maintaining a static cash buffer. While the current liquidity appears adequate, the firm's reliance on cash for share repurchases and potential future acquisitions warrants close monitoring during periods of market stress.
The P/E ratio is frequently misapplied to VCTR, as it fails to account for the significant non-cash amortization charges and stock-based compensation inherent in the firm's acquisition-heavy business model, which obscures the true cash-generating capacity of its underlying investment franchises and centralized distribution platform.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better assess the firm's operational performance. Relying solely on P/E may lead to an inaccurate valuation, as it treats acquisition-related accounting noise as recurring operational costs, thereby understating the firm's actual economic profitability.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying VCTR stock.
Victory Capital Holdings, Inc.'s current P/E ratio is 21.9x. The historical average is 11.9x. This places it at the 100th percentile of its historical range.
Victory Capital Holdings, Inc.'s current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Victory Capital Holdings, Inc.'s return on equity (ROE) is 18.6%. The historical average is 17.2%.
Based on historical data, Victory Capital Holdings, Inc. is trading at a P/E of 21.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Victory Capital Holdings, Inc.'s current dividend yield is 2.11% with a payout ratio of 38.0%.
Victory Capital Holdings, Inc. has 71.1% gross margin and 42.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Victory Capital Holdings, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.