TakeoverPE & activists

VCTRVictory Capital Holdings, Inc.

Investment Advice · $6.8B market cap · 699 employees

1.4×

More likely than average to be taken private

Top 10% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

0of 15 firedHow well they predict deals →

No signals fired.

15 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    117% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    91% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    30% of assets
    Over 40% of assets
  • Shareholder dissentNo
    95% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 76th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.1 per 10K words · 71st pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $6.8B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 6, 2024DEFM14AAmundi Asset Management S.A.S.$0.00—

Key numbers

Revenue
$1.3BFY2021: $890MFY2022: $855MFY2023: $821MFY2024: $893MFY2025: $1.3B
46% YoY
Operating margin
36.6%FY2021: 42.0%FY2022: 46.7%FY2023: 40.0%FY2024: 47.8%FY2025: 36.6%
23% YoY
EBITDA
$551MFY2021: $393MFY2022: $442MFY2023: $370MFY2024: $458MFY2025: $551M
20% YoY
Net debt / EBITDA
1.6×
$898M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$890M$855M$821M$893M$1.3B 46% FY2021: $890MFY2022: $855MFY2023: $821MFY2024: $893MFY2025: $1.3B
Operating income$374M$399M$328M$428M$478M 12% FY2021: $374MFY2022: $399MFY2023: $328MFY2024: $428MFY2025: $478M
Net income$278M$276M$213M$289M$330M 14% FY2021: $278MFY2022: $276MFY2023: $213MFY2024: $289MFY2025: $330M
Operating cash flow$376M$335M$330M$340M$385M 13% FY2021: $376MFY2022: $335MFY2023: $330MFY2024: $340MFY2025: $385M
Capex$13M$5M$5M$1M$4M 225% FY2021: $13MFY2022: $5MFY2023: $5MFY2024: $1MFY2025: $4M
Stock-based comp——$17M$15M$20M 34% FY2023: $17MFY2024: $15MFY2025: $20M
Buybacks$32M$101M$139M$104M$196M 89% FY2021: $32MFY2022: $101MFY2023: $139MFY2024: $104MFY2025: $196M
Dividends$37M$69M$85M$101M$157M 55% FY2021: $37MFY2022: $69MFY2023: $85MFY2024: $101MFY2025: $157M

13D filers

FiledFilerFormStakeIntent
May 20, 2025AmundiSCHEDULE 13D/A4.9%Passive
Apr 3, 2025AmundiSCHEDULE 13D/A4.9%Active
Jul 15, 2024AmundiSC 13D4.9%Passive
Jul 10, 2024Brown David CraigSC 13D/A12.9%Passive
Feb 29, 2024Brown David CraigSC 13D/A14.0%Passive
Nov 7, 2022Brown David CraigSC 13D/A45.1%Passive
May 9, 2022Brown David CraigSC 13D/A55.7%Passive
Nov 8, 2021Brown David CraigSC 13D/A51.2%Passive
Apr 19, 2021Brown David CraigSC 13D/A53.0%Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.