Victory Capital Holdings Inc. Class A Common Stock (VCTR)

FairStock Score: 80/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Victory Capital as a business first. It manages money for institutions, intermediaries, retirement platforms, and individuals, and with only 699 employees it produced $435.4 million of revenue and $139.4 million of net income in fiscal Q2 2026, the quarter ended 2026-06-30. That is a 32.0% net margin and a large jump from fiscal Q2 2025, the quarter ended 2025-06-30, when filed figures show revenue of $351.2 million and net income of $58.7 million. In fiscal year 2025, the year ended 2025-12-31, filed revenue was $1.3 billion, net income was $330.1 million, and diluted EPS was $4.08. The supplied Lynch category is STALWART, citing 9.2% annual profit growth and 11.0% revenue growth over five years. FairStock's calculations show ROE of 19.05%, ROCE of 10.68%, D/E of 0.43, Piotroski F-Score of 8/9, Altman Z-Score of 2.99, and trailing free cash flow of $563.6 million, an 8.4% FCF yield. Those are respectable asset-light economics, but asset managers remain sensitive to market levels and competition. Valuation is the rub. At the 2026-10-13 close of $109.57, FairStock shows P/E of 19.92, P/B of 2.84, PEG of 0.14, and EV/EBITDA of 10.22. Its Graham Number is $69.10, leaving a margin of safety of -58.57%, so a Graham-style buyer is paying well above a conservative asset-value proxy. The 52-week range is $57.03-$123.55, so the shares sit near the high end. I like the profit momentum, cash generation, and balance sheet, but the price already reflects much of that. Growth must continue to justify the multiple; otherwise this is a fair-to-full price for a good but cyclical manager.

In plain English: Victory Capital is an asset manager that runs mutual funds, ETFs, and separate accounts for institutions and individuals. The business looks strong: in the quarter ended June 30, 2026, revenue was $435.4 million and net income was $139.4 million, up sharply from the same quarter a year earlier, and it turns a high profit margin. At the October 13, 2026 closing price of $109.57, however, the shares look full against conservative value measures, so they are not obviously cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer