Victory Capital Holdings, Inc. key statistics and ratios

In fiscal 2025, Victory Capital Holdings, Inc. had return on equity of 18.6%, an operating margin of 36.6% and debt equal to 40.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Victory Capital Holdings, Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	13.8%	8.2%	22.0%	27.7%	26.9%	40.6%	42.0%	46.7%	40.0%	47.8%	36.6%	41.3%
Net margin	1.6%	−2.0%	6.3%	15.4%	15.1%	27.4%	31.3%	32.2%	26.0%	32.3%	25.3%	29.6%
Free-cash-flow margin	16.1%	12.9%	22.2%	31.9%	36.3%	31.3%	40.8%	38.6%	39.6%	37.9%	29.2%	36.2%
Return on equity	1.5%	−2.1%	9.2%	18.6%	18.6%	34.1%	34.0%	27.6%	20.1%	26.6%	18.6%	19.2%
Return on assets	—	−0.7%	3.1%	8.0%	7.2%	12.2%	12.9%	10.7%	8.4%	11.3%	9.7%	10.9%
Asset turnover	—	0.35	0.50	0.52	0.48	0.45	0.41	0.33	0.32	0.35	0.38	0.37
Debt to equity	0.0%	126.4%	209.0%	61.5%	171.9%	108.7%	121.3%	92.5%	93.9%	85.9%	40.0%	40.8%
Interest cover (operating income ÷ interest)	1.5x	0.8x	2.2x	6.6x	4.5x	10.2x	21.7x	9.3x	4.4x	5.6x	7.5x	10.9x
Effective tax rate	47.4%	—	32.8%	25.0%	23.4%	23.7%	20.6%	21.3%	22.7%	22.7%	24.7%	23.9%
Capital spending as % of revenue	0.8%	0.4%	1.2%	0.6%	0.9%	1.0%	1.4%	0.6%	0.6%	0.1%	0.3%	0.2%
Free cash flow ÷ net income	>999%	—	352.6%	206.9%	240.2%	114.1%	130.6%	119.8%	152.5%	117.3%	115.5%	122.3%
Dividends ÷ net income	>999%	—	523.4%	1.3%	8.0%	7.6%	13.3%	25.1%	40.1%	35.0%	47.6%	36.0%
Dividends and buybacks ÷ free cash flow	158.3%	29.1%	153.5%	6.8%	10.3%	19.0%	18.9%	51.6%	69.1%	60.4%	92.5%	98.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Victory Capital Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	53.3%	48.1%	42.3%	26.8%	38.2%	40.9%	41.0%	44.5%
Net margin	36.3%	33.1%	28.2%	16.7%	26.7%	30.2%	28.9%	32.0%
Free-cash-flow margin	44.0%	39.4%	36.2%	−2.1%	45.6%	38.6%	31.0%	30.8%
Debt to equity	83.7%	85.9%	84.3%	39.2%	40.5%	40.0%	41.0%	40.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

85 /100

Strong moat

How hard Victory Capital Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 9.3% of total assets over 9 years.
Durability 15 / 20

Operating margin has been a median 41.0%; its worst year was 12.9%.
Discipline 20 / 20

The diluted share count fell 12.0% over five years; stock-based pay has been a median 2.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Victory Capital Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Victory Capital Holdings, Inc.