Victory Capital Holdings Inc (VCTR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Victory Capital Holdings Inc stock $86.09, price $119, that is 27.8% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $19.93 – $121.13 · fair‑value band $42.04 – $152.76 · the $119.24 price screens above the $86.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Victory Capital Holdings, Inc., together with its subsidiaries, operates as an asset management company in the United States and internationally. It offers specialized investment strategies to institutions, intermediaries, retirement platforms, and individual investors.
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The company also provides various investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (ETF), institutional separate accounts, variable insurance products, alternative investments, private closed end funds, and a 529 education savings plan; and third-party investment products, such as mutual funds, third-party ETF model strategies, retail separately managed accounts, unified managed accounts, collective investment trusts, undertakings for the collective investment in transferable securities, and other pooled vehicles.
In addition, it offers investment management services, fund administration services, fund transfer agent services, and fund distribution services. Victory Capital Holdings, Inc. was incorporated in 2013 and is based in San Antonio, Texas.
Stock analysis
Victory Capital Holdings Inc (VCTR) currently trades at $119.24, while our model-based Fair Value estimate is $86.09, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $153.07 per share, and 2 of the 11 models we run sit above the $119.24 price.
Bear case: the Dividend Discount group reads lowest at $30.88, and 9 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: $42.04 (bear) to $152.76 (bull), the price of $119.24 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Victory Capital Holdings Inc reported revenue of $1.3B in FY2025 versus $890M in FY2021, a compound +10.1%/yr. Reported net income was $330M in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap $7.5B Mid · P/E ratio 21.8 · P/S ratio 4.80 · EPS (TTM) $5.47 · Dividend yield 1.7% · Net margin 29.6% · Return on equity 19.1% · Return on assets (EBIT) 14.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 100% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −28%, VCTR screens richer than that median.
Fair Value models
Bear$42.04Fair Value $86.09Bull$152.76
Price $119.24 · Downside -27.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.99 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
Plus 25 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.93/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+46.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Start year 2020 (pandemic). Over 10 years: +18.4% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+14.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.2%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.5% vs 57.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.41% → 43%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+21.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +18.1% a year for the price and +7.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Victory Capital maintains solid margins and continued organic asset growth through acquisitions, yet thin evidence leaves its competitive moat unconfirmed.
Main risk: Larger passive managers such as BlackRock and Vanguard along with low-cost ETFs could accelerate the shift away from active strategies and force Victory Capital to cut fees or lose assets, hitting revenue and margins.
Bull case: Victory Capital could leverage its scale and technology investments to retain clients with differentiated active strategies and use efficiency gains to offset any fee pressure from passive rivals.
Bear case: If passive flows accelerate and fee compression intensifies while debt servicing costs rise, the firm could face sustained outflows, margin erosion and difficulty retaining investment talent across its boutiques.
Victory Capital has agreed to acquire First Eagle Investments in a deal that would bring combined assets under management to roughly 571 billion dollars with expected earnings accretion. Organic asset growth has continued in recent months even as the company integrates prior deals. Will the scale benefits outweigh any integration risks and margin pressure in the combined business?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 588 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−27.8% · Bottom 25%
Profitability
Return on equity (12 months)19.1% · Above median
Return on assets7.8% · Above median
Net margin (12 months)29.6% · Above median
Operating margin (12 months)49.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)24.0% · Above median
Dividend yield (12 months)1.7% · Bottom 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)21.8× · Pricier than median
P/B3.09× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Victory Capital Holdings Inc Fair Value". https://www.fairvalue-calculator.com/stock/VCTR
Frequently asked questions
Is Victory Capital Holdings Inc (VCTR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $86.09 versus a price of $119.24, about 28% lower (overvalued).
What is the fair value of VCTR?
Our model-based fair value for Victory Capital Holdings Inc is $86.09 (as of Nov 6, 2026), built from audited fundamentals. The current price: $119.24.
What is the quality score of VCTR?
Victory Capital Holdings Inc has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Victory Capital Holdings Inc (VCTR)?
Our model-based price target is the fair value of $86.09 (as of Nov 6, 2026) from 11 valuation models. Cautious scenario $42.04, optimistic scenario $152.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Victory Capital Holdings Inc stock forecast for 2026?
Our models put fair value at $86.09, about 28% lower versus a price of $119.24 (overvalued). Cautious scenario $42.04, optimistic scenario $152.76. The calculation is refreshed regularly with new filings.
What is the revenue of Victory Capital Holdings Inc (VCTR)?
Victory Capital Holdings Inc reported trailing-twelve-month revenue of about $1.6B (latest available figure, as of Nov 6, 2026).
Does Victory Capital Holdings Inc pay a dividend?
Victory Capital Holdings Inc currently shows a dividend yield of 1.65% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Victory Capital Holdings Inc (VCTR) and when is the ex-dividend date?
Victory Capital Holdings Inc pays a dividend of $1.97 per share a year, a dividend yield of 1.7%. The last ex-dividend date was Sep 10, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 33.3% of earnings (on adjusted earnings, reported 36.0%). Free cash flow covers the dividend 1.95 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Victory Capital Holdings Inc (VCTR)?
For today's price to be fair in a discounted-cash-flow model, Victory Capital Holdings Inc would have to grow free cash flow by +21.0 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of VCTR use?
Our models discount Victory Capital Holdings Inc at 10.0 %: a base by market capitalisation (mid), damped by beta 1.13, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Victory Capital Holdings Inc that is +21.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Victory Capital Holdings Inc (VCTR) delivered so far?
Over the past 5 years revenue at Victory Capital Holdings Inc grew +11.0 % a year. The price currently implies free-cash-flow growth of +21.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Victory Capital Holdings Inc (VCTR) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Victory Capital Holdings Inc (+21.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Victory Capital Holdings Inc (VCTR)?
The free-cash-flow yield on the price is 3.16 %: that much free cash flow Victory Capital Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Victory Capital Holdings Inc (VCTR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Victory Capital Holdings Inc it is $86.09 per share (as of Nov 6, 2026), against a price of $119.24. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit).
Is Victory Capital Holdings Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VCTR trades above its calculated fair value: price $119.24, fair value $86.09, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VCTR?
No. The price is what the market pays today ($119.24); the fair value is what the company's own numbers justify ($86.09). For Victory Capital Holdings Inc the two are $33.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is Victory Capital Holdings Inc worth?
The market values Victory Capital Holdings Inc at about $7.5B (market capitalisation, as of Nov 6, 2026). Per share that is $119.24; our models calculate a fair value of $86.09 per share.
What do the bullish and bearish scenarios say about VCTR?
Our models span a range for Victory Capital Holdings Inc: cautious scenario $42.04, base $86.09, optimistic $152.76 per share (as of Nov 6, 2026, price $119.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VCTR?
Victory Capital Holdings Inc trades at a price-to-earnings ratio of 21.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $86.09 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 22.2 (reported for FY2025: 24.0). Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, 5 of the years ex one-offs: 10.9. Other multiples: P/B 3.1, P/S 4.8, EV/EBITDA 10.3.
How solid is the balance sheet of Victory Capital Holdings Inc (VCTR)?
Balance-sheet figures for Victory Capital Holdings Inc (as of Nov 6, 2026): return on equity 19.1%, debt of 0.40 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is VCTR from its 52-week high?
Victory Capital Holdings Inc trades at $119.24, about 2% below its 52-week high of $121.13 and 100% above the low of $59.52 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $86.09 is for.
Which stocks are comparable to Victory Capital Holdings Inc?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Victory Capital Holdings Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $119.24, calculated fair value $86.09 (−28%), Quality Score 63/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VCTR calculated?
We run Victory Capital Holdings Inc through 11 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $86.09 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Victory Capital Holdings Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Victory Capital Holdings Inc (VCTR)?
The closing price on Nov 6, 2026 was $119.24. Our model-based fair value is $86.09, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Victory Capital Holdings Inc right now?
The model range is unusually wide ($42.04 to $152.76). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Victory Capital Holdings Inc
How large is the market capitalisation of Victory Capital Holdings Inc (VCTR)?
The market capitalisation of Victory Capital Holdings Inc is $7.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Victory Capital Holdings Inc (VCTR)?
The price-to-sales ratio of Victory Capital Holdings Inc is 4.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Victory Capital Holdings Inc (VCTR)?
Earnings per share at Victory Capital Holdings Inc are $5.47 (price ÷ EPS = P/E 21.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Victory Capital Holdings Inc (VCTR)?
The dividend yield of Victory Capital Holdings Inc is 1.7% (payout 33.3%, on adjusted earnings, reported 36.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Victory Capital Holdings Inc (VCTR)?
The net margin of Victory Capital Holdings Inc is 29.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Victory Capital Holdings Inc (VCTR)?
The return on equity (ROE) of Victory Capital Holdings Inc is 19.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Victory Capital Holdings Inc (VCTR)?
On an EBIT basis the return on assets of Victory Capital Holdings Inc is 14.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Victory Capital Holdings Inc (VCTR)?
The operating margin of Victory Capital Holdings Inc is 49.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Victory Capital Holdings Inc (VCTR)?
Revenue at Victory Capital Holdings Inc is growing +24.0% versus a year earlier (3y avg +15.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Victory Capital Holdings Inc (VCTR)?
Earnings per share at Victory Capital Holdings Inc are growing +148% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Victory Capital Holdings Inc (VCTR) carry?
The net debt of Victory Capital Holdings Inc is $806M (fiscal year 2025, ≈ 3.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026