VCTRVictory Capital Holdings, Inc.
Investment Advice
- Revenue
- $1.3B
- 46% YoY
- Operating margin
- 36.6%
- 23% YoY
- EBITDA
- $551M
- 20% YoY
- Market cap
- $6.8B
- Employees
- 699
- $2M revenue each
- Net debt / EBITDA
- 1.6×
- $898M net debt
- AI in 10-K
- 3.1
- mentions per 10K words
Takeover score 0 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo117% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo91% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo30% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$2M · 76th pctBottom quartile of its SIC industry
- Quiet on AINo3.1 per 10K words · 71st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $890M | $855M | $821M | $893M | $1.3B | 46% |
| Operating income | $374M | $399M | $328M | $428M | $478M | 12% |
| Net income | $278M | $276M | $213M | $289M | $330M | 14% |
| Operating cash flow | $376M | $335M | $330M | $340M | $385M | 13% |
| Capex | $13M | $5M | $5M | $1M | $4M | 225% |
| Stock-based comp | — | — | $17M | $15M | $20M | 34% |
| Buybacks | $32M | $101M | $139M | $104M | $196M | 89% |
| Dividends | $37M | $69M | $85M | $101M | $157M | 55% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 16, 2026 | DEFM14A | — | $116.26 | 49% |
| Oct 2, 2026 | PREM14A | — | $116.26 | 86.7685735% |
| Sep 6, 2024 | DEFM14A | Amundi Asset Management S.A.S. | $0.00 | — |
| Aug 20, 2024 | PREM14A | Amundi Asset Management S.A.S. | $54.26 | 26.1% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 20, 2025 | Amundi | SCHEDULE 13D/A | 4.9% | Passive |
| Apr 3, 2025 | Amundi | SCHEDULE 13D/A | 4.9% | Active |
| Jul 15, 2024 | Amundi | SC 13D | 4.9% | Passive |
| Jul 10, 2024 | Brown David Craig | SC 13D/A | 12.9% | Passive |
| Feb 29, 2024 | Brown David Craig | SC 13D/A | 14.0% | Passive |
| Nov 7, 2022 | Brown David Craig | SC 13D/A | 45.1% | Passive |
| May 9, 2022 | Brown David Craig | SC 13D/A | 55.7% | Passive |
| Nov 8, 2021 | Brown David Craig | SC 13D/A | 51.2% | Passive |
| Apr 19, 2021 | Brown David Craig | SC 13D/A | 53.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.