Victory Capital Holdings, Inc. (VCTR) intrinsic value & 10-year financials
Victory Capital Holdings, Inc. (VCTR) has a Graham intrinsic value of $135.52 per share. At $108.60 on Oct 17, 2026, the stock trades 20% below that value. Over the last 10 fiscal years revenue grew 17.9% a year to $1.3B, with an average return on invested capital of 12.8%.
- Graham intrinsic value
- $135.52
- Share price (Oct 17, 2026)
- $108.60
- Price vs Graham value
- 20% below
- Market cap
- $7.2B
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 17.9%
- ROIC (10-yr avg)
- 12.8%
- Free cash flow (FY2025)
- $381.3M
VCTR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $330.1M | $4.08 | $381.3M | 36.6% | 13.7% |
| FY2024 | $893.5M | $288.9M | $4.38 | $338.7M | 47.8% | 16.9% |
| FY2023 | $821.0M | $213.2M | $3.12 | $325.1M | 40.0% | 12.9% |
| FY2022 | $854.8M | $275.5M | $3.81 | $330.0M | 46.7% | 15.7% |
| FY2021 | $890.3M | $278.4M | $3.75 | $363.5M | 42.0% | 17.2% |
| FY2020 | $775.4M | $212.5M | $2.88 | $242.6M | 40.6% | 16.7% |
| FY2019 | $612.4M | $92.5M | $1.26 | $222.1M | 26.9% | 12.0% |
| FY2018 | $413.4M | $63.7M | $0.90 | $131.8M | 27.7% | 12.5% |
| FY2017 | $409.6M | $25.8M | $0.43 | $91.1M | 22.0% | 8.4% |
| FY2016 | $297.9M | -$6.1M | -$0.12 | $38.4M | 8.2% | 2.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Victory Capital Holdings, Inc. is a consistent compounder, expanding top-line revenue at 17.8% annually over the past decade.
Victory Capital Holdings, Inc. returns on capital have been average, hovering around 12.8% ROIC over the decade.
Over the decade, Victory Capital Holdings, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Victory Capital Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $135.52 per share.