Victory Capital Holdings, Inc.(VCTR)Stock Analysis
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Rank #125 of 2,879 stocksTOP 5%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
VCTR Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Victory Capital Holdings, Inc. (VCTR), a Financials sector company. 13F Pro's AI-powered ranking engine scores VCTR at 75.5/100 on a 32-signal composite quality model, placing it at rank #125 of 2,879 stocks — the top 5% of the AI-ranked universe. VCTR scores in the top quartile across revenue growth (85.4), free cash flow (83.9), profitability (83.4). Shareholder dilution risk is elevated at 45.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Victory Capital Holdings, Inc. reports quarterly revenue of $374.1M, net income of $112.1M, an operating margin of 42.6%. Top institutional holders of VCTR by reported 13-F value include BlackRock,, Crestview Partners II GP, L.P., Amundi, based on the most recent SEC filings. VCTR trades on the Nasdaq exchange and files with the SEC under CIK 1570827. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VCTR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Victory Capital Holdings, Inc. directly from SEC EDGAR. Victory Capital Holdings, Inc.'s 13F Pro composite quality score has ranged between 59 and 79 since 2022, currently 75.5 — a declining long-term trajectory across 24 quarterly and live scoring snapshots.
What's Driving VCTR's Business? Latest 10-Q Breakdown
✓ 29/29 datapoints verifiedAI-extracted from Victory Capital Holdings, Inc.'s 10-Q filed 2026-05-07 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue surged 77% YoY to $388.0M driven by Pioneer Investments acquisition (completed April 1, 2025); net income rose 81% to $112.1M.
Biggest Revenue Drivers
Total revenue: $388.0M+77% YoY
Increase in average AUM year-over-year; average AUM was $318.7B in Q1 2026 vs. $173.8B in Q1 2025.
Increase in fund administration fees as result of higher mutual fund average net assets.
Largest Expense Items
Increased due to expanded business; includes salaries, incentive compensation, sales-based compensation, equity awards, and acquisition-related compensation.
Higher broker-dealer and platform distribution fees as result of higher average AUM and expanded business.
Increase primarily due to amortization of definite-lived intangible assets associated with Amundi US acquisition.
Increase primarily due to increases in professional fees and technology-related expenses.
Margins: Adjusted EBITDA margin was 52.6% in Q1 2026 vs. 53.0% in Q1 2025, reflecting modest compression despite significant revenue growth due to operating leverage from the expanded business and integration costs.
Watch Items from the Filing
- AUM net outflows of $0.7B in Q1 2026 ($654M) driven by equity strategy redemptions; U.S. Mid Cap, Small Cap, Large Cap and Fixed Income had combined net outflows of $4.2B.
- Contingent WestEnd acquisition consideration of $51.2M payable over next year; maximum remaining earn-out of $80.0M due by end of 2027.
- Pioneer Investments (acquired April 1, 2025) contributed $158M revenue in Q1 2026 and represents largest investment franchise; combined with Amundi distribution fees may create platform concentration risks.
- Long-term debt of $968.0M outstanding at 5.70% SOFR+200bps; company in compliance with 4.0x first lien leverage covenant; $100M undrawn revolver available.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$374.1M
Net Income
Q1 2026
$112.1M
Free Cash Flow
Q1 2026
$120.1M
Operating Margin
Q1 2026
42.6%
D/E Ratio
Q1 2026
0.41
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+46.2% YoYNet Income
+14.3% YoYOperating Income
+11.9% YoYEPS (Diluted)
-6.8% YoYTotal Assets
+66.7% YoYTotal Debt
+0.6% YoYOp. Cash Flow
+13.4% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.31B +46.2% | $893.5M +8.8% | $821.0M -4.0% | $854.8M -4.0% | $890.3M +14.8% | $775.4M |
| Net Income | $330.1M +14.3% | $288.9M +35.5% | $213.2M -22.6% | $275.5M -1.0% | $278.4M +31.0% | $212.5M |
| Operating Income | $478.4M +11.9% | $427.5M +30.2% | $328.5M -17.7% | $399.1M +6.8% | $373.8M +18.8% | $314.7M |
| EPS (Diluted) | $4.08 -6.8% | $4.38 +40.4% | $3.12 -18.1% | $3.81 +1.6% | $3.75 +30.2% | $2.88 |
| Total Assets | $4.25B +66.7% | $2.55B +0.2% | $2.54B +0.1% | $2.54B -2.2% | $2.60B +50.1% | $1.73B |
| Total Debt | $970.0M +0.6% | $963.9M -2.6% | $989.3M +0.4% | $985.5M -12.6% | $1.13B +46.7% | $769.0M |
| Operating Cash Flow | $385.5M +13.4% | $340.0M +2.9% | $330.3M -1.5% | $335.2M -10.9% | $376.2M +50.1% | $250.6M |
AI Insight: VCTR Financial Trends
Victory Capital's revenue surged 76% from Q2 2024 to Q1 2026, driven by a step-change acquisition, while operating income nearly doubled to $159M with stable leverage.
• Revenue jumped from $232M in Q4 2024 to $374M in Q4 2025, reflecting full contribution from the mid-2025 acquisition-driven scale-up.
• Operating income rebounded from a trough of $93M in Q1 2025 to $159M in Q1 2026, an expansion of $66M in four quarters.
• Total debt remained essentially flat at $968M in Q1 2026 versus $982M in Q2 2024, despite the large equity expansion to $2,360M.
• Operating cash flow recovered sharply to $166M in Q3 2025 after a -$7M print in Q2 2025, suggesting the acquisition disruption was transitory.
⚠ Net income margin compressed: net income of $112M on $388M revenue in Q1 2026 versus $74M on $220M in Q2 2024 — margin declined from ~34% to ~29%.
⚠ Operating CF slipped to $121M in Q1 2026 from $145M in Q4 2025 — monitor whether this softening trend continues.
⚠ Equity nearly doubled to $2,360M–$2,465M post-Q2 2025; integration execution and return on this expanded equity base remains key to watch.
AI Insight: VCTR Ratio Trends
A massive Q2 2025 margin collapse — operating margin fell to 26.8% from 48.1% — has only partially recovered, leaving profitability well below prior peaks.
• Operating margin plunged from 48.1% in Q4 2024 to 26.8% in Q2 2025, the lowest in the observable period.
• Sequential recovery is underway: operating margin rebounded to 41.0% in Q1 2026 from the Q2 2025 trough of 26.8%.
• Leverage dropped sharply — D/E fell from 0.86 in Q1 2025 to 0.39–0.41 range by Q2 2025, where it has stabilized.
• ROIC recovered to 19.1% in Q1 2026 from a low of 11.0% in Q2 2025, but remains below the 22.3% peak in Q3 2024.
⚠ Root cause of Q2 2025 margin collapse (OpMargin 26.8%, NPM 16.7%) is unclear — a repeat event would be highly disruptive.
⚠ ROE of 19.0% in Q1 2026 remains well below Q3 2024's 27.9% — full profitability restoration is not yet confirmed.
⚠ Sustained D/E near 0.41 versus prior 0.84–0.87 range warrants monitoring for whether deleveraging supports or constrains growth.
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Available Research
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Top Institutional Holders of VCTR
BlackRock, Inc.
$456.2M6,966,974 shCrestview Partners II GP, L.P.
$268.2M4,095,423 shAmundi
$200.0M3,054,924 shCapital World Investors
$158.3M2,417,664 shVANGUARD CAPITAL MANAGEMENT LLC
$147.0M2,244,525 shVANGUARD PORTFOLIO MANAGEMENT LLC
$130.1M1,987,549 shSTATE STREET CORP
$120.8M1,844,403 shDIMENSIONAL FUND ADVISORS LP
$114.2M1,743,465 shGEODE CAPITAL MANAGEMENT, LLC
$76.4M1,166,989 shGranahan Investment Management, LLC
$71.2M1,087,315 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $456.2M | 6,966,974 |
| Crestview Partners II GP, L.P. | $268.2M | 4,095,423 |
| Amundi | $200.0M | 3,054,924 |
| Capital World Investors | $158.3M | 2,417,664 |
| VANGUARD CAPITAL MANAGEMENT LLC | $147.0M | 2,244,525 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $130.1M | 1,987,549 |
| STATE STREET CORP | $120.8M | 1,844,403 |
| DIMENSIONAL FUND ADVISORS LP | $114.2M | 1,743,465 |
| GEODE CAPITAL MANAGEMENT, LLC | $76.4M | 1,166,989 |
| Granahan Investment Management, LLC | $71.2M | 1,087,315 |
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Popular Research
Is VCTR a good stock to buy?
13F Pro's AI-powered analysis of Victory Capital Holdings, Inc. (VCTR) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for VCTR are available on the VCTR stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own VCTR?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling VCTR. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Victory Capital Holdings, Inc.'s investment landscape.