📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

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. 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.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used precise figures ($15.4B gross flows, $70M synergies, 50.8% EBITDA margin) and forward guidance (fee rate 46-47 bps, 49% margin target). Language like 'pleased to announce', 'very optimistic', and 'strongest ever position' shows conviction.

Q3 2025

Confident Specific

Management used phrases like 'excellent third quarter', 'record-high gross flows', 'record high adjusted EBITDA', and provided specific numbers (e.g., $17B gross flows, $191M adjusted EBITDA). No defensiveness or evasion detected.

Q4 2025

Confident Specific

Management uses superlatives like 'record-high AUM', 'surpassed $1 billion in annual revenue', 'record-adjusted EBITDA of $197.5 million', 'highest level ever of quarterly gross sales', and 'extremely busy from an acquisition standpoint', projecting strong execution and optimism despite one-time outflows.

Q1 2026 latest

Confident Specific

Management repeatedly called the quarter 'exceptional' and 'record' across gross flows, EBITDA, and EPS, citing specific figures like $18.9B gross flows, $204M adjusted EBITDA, and 52.6% margin. They used definitive language such as 'the momentum is building' and 'we are starting to see the earnings power of the business.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for Victory Capital appears stronger after this call. The company delivered record financial and operational metrics, demonstrating that the Pioneer acquisition is integrating well and driving earnings power. Gross flows surged to an annualized run rate of ~$76B, and net flows are improving with contributions from multiple franchises. The consistent 50%+ EBITDA margins and strong free cash flow support aggressive capital returns, including a record share repurchase quarter. The M&A pipeline remains active, and management's disciplined approach to capital allocation adds optionality. Key metrics to watch next quarter include the trajectory of net flows (especially whether they turn positive), progress on international distribution, and any M&A announcements. The synergy target of $110M is nearly achieved, so further upside will come from organic growth and potential acquisitions.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Victory Capital Q1 2026: Record gross flows $18.9B, AUM $313B, adj EBITDA $204M

Revenue & Profitability

Record revenue of $388 million, up 77% year-over-year. Adjusted EBITDA was $204 million (record), with an adjusted EBITDA margin of 52.6%. Adjusted net income with tax benefit was $153.2 million, or $1.82 per diluted share, up 34% from Q1 2025. The company returned $185 million to shareholders via dividends and share repurchases (2 million shares in the quarter).

Outlook

Management views the industry consolidation environment as highly favorable due to increasing regulatory complexity, technology requirements, and distribution access. They noted significant demand for active solutions and ETF wrappers, with structural tailwinds supporting growth. The international channel is still in early stages but positive net flows signal long-term opportunity.

Growth Drivers

Key growth levers include the ETF platform (28% CAGR since 2017, $20 billion AUM) with new products and international expansion into Asia and Latin America. International distribution ($55 billion AUM across 60 countries) is net flow positive post-Pioneer acquisition. Additional drivers are new UCITS launches, the won-but-not-funded pipeline, and investments in sales and marketing across all channels.

Balance Sheet & CapEx

Not explicitly quantified; the company highlighted ongoing investments in distribution resources, technology, and product development to support growth. The integration of Pioneer is substantially complete, with $104 million of $110 million expected net expense synergies achieved in 12 months.

Margins

Adjusted EBITDA margin reached a record 52.6% in Q1 2026, reflecting operating leverage and cost discipline. Margins have been above 49% every quarter since 2020 and above 50% in most quarters. Management expects cash compensation to remain in the low-to-mid 20s as a percentage of revenue, and the average fee rate is guided at 46–47 basis points going forward.

Key Risks

Not discussed in this earnings call.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 results with $346B in client assets, 24% revenue growth, and 55.8% EBITDA margin. Pioneer integration completed, driving $110M in synergies. Strong flows across ETFs, fixed income, and international channels, with continued focus on acquisitions and shareholder returns.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 set records for gross flows, adjusted EBITDA, and EPS, with total client assets at $313B and strong growth in ETFs and international channels. Pioneer integration is nearly complete, capital return remains robust, and strategic acquisitions are a top priority.

Q4 2025 Q4 2025 2026-02-04

Record annual revenue and earnings were achieved in 2025, driven by the Pioneer acquisition and strong ETF and international growth. Adjusted EBITDA margin reached 52.8%, and $366 million was returned to shareholders. Integration synergies and global expansion are set to drive further growth.

Q3 2025 Q3 2025 2025-11-06

Record-high gross flows and AUM of $313B were achieved, with adjusted EBITDA and EPS reaching new highs. Integration of Pioneer Investments is ahead of schedule, driving $86M in synergies, while strong ETF growth and global expansion position the firm for continued momentum.

Q2 2025 Q2 2025 2025-08-07

Record client assets surpassed $300 billion, driven by the Amundi US acquisition and strong ETF growth. Adjusted EBITDA margin reached 50.8%, with $70 million in expense synergies achieved and further cost savings expected. Share repurchase authorization increased to $500 million.

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Investment Risk:
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