Balance Sheet Victory Capital Holdings, Inc.

Stocks

VCTR

US92645B1035

Investment Management & Fund Operators

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101.24 ^USD	+2.21%		+13.40%	+60.71%

Jun. 29	Victory Capital Holdings, Inc.(NasdaqGS:VCTR) added to Russell 2000 Value Benchmark	CI
Jun. 28	Victory Capital Holdings, Inc.(NasdaqGS:VCTR) added to Russell 2000 Value-Defensive Index	CI

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Published financial data: VICTORY CAPITAL HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	890M	855M	821M	893M	1.31B
Total Revenues	890M	855M	821M	893M	1.31B
Cost of Goods Sold, Total	409M	389M	365M	377M	567M
Gross Profit	481M	466M	456M	516M	739M
Selling General & Admin Expenses, Total	53.72M	52.37M	56.29M	56.69M	83.32M
Depreciation & Amortization - (IS)	18.84M	43.2M	41.65M	30.18M	72.85M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	72.56M	95.57M	97.93M	86.87M	156M
Operating Income	408M	370M	358M	429M	583M
Interest Expense, Total	-24.28M	-47.19M	-79.26M	-63.39M	-54.37M
Interest And Investment Income	5.07M	3.68M	15.73M	-	-
Net Interest Expenses	-19.21M	-43.51M	-63.53M	-63.39M	-54.37M
Income (Loss) On Equity Invest.	-331K	-825K	-	-	-
Other Non Operating Income (Expenses)	886K	-2.05M	10.98M	9.98M	14.88M
EBT, Excl. Unusual Items	390M	324M	305M	376M	543M
Restructuring Charges	-2.58M	-881K	-595K	-1.41M	-29.67M
Merger & Related Restructuring Charges	-18.17M	-11M	-5.75M	2.37M	-63.07M
Gain (Loss) On Sale Of Investments	50K	-42K	4K	16K	1K
Other Unusual Items	-18.4M	37.95M	-23.24M	-3.06M	-12.02M
EBT, Incl. Unusual Items	351M	350M	276M	374M	438M
Income Tax Expense	72.25M	74.52M	62.75M	84.89M	108M
Earnings From Continuing Operations	278M	276M	213M	289M	330M
Net Income to Company	278M	276M	213M	289M	330M
Net Income - (IS)	278M	276M	213M	289M	330M
Preferred Dividend and Other Adjustments	-	-	-	-	59.91M
Net Income to Common Incl Extra Items	278M	276M	213M	289M	270M
Net Income to Common Excl. Extra Items	278M	276M	213M	289M	270M
Per Share Items
Net EPS - Basic	4.1	4.02	3.22	4.47	4.13
Basic EPS - Continuing Operations	4.1	4.02	3.22	4.47	4.13
Basic Weighted Average Shares Outstanding	67.98M	68.48M	66.2M	64.61M	65.44M
Net EPS - Diluted	3.75	3.81	3.12	4.38	4.08
Diluted EPS - Continuing Operations	3.75	3.81	3.12	4.38	4.08
Diluted Weighted Average Shares Outstanding	74.15M	72.27M	68.21M	65.93M	66.38M
Normalized Basic EPS	3.58	2.96	2.88	3.64	5.19
Normalized Diluted EPS	3.28	2.8	2.8	3.56	5.11
Dividend Per Share	0.53	1	1.28	1.56	1.94
Payout Ratio	13.35	25.12	40.08	35	47.56
Supplemental Items
EBITDA	427M	414M	400M	459M	655M
EBITA	421M	406M	391M	450M	644M
EBIT	408M	370M	358M	429M	583M
EBITDAR	434M	-	406M	466M	668M
Total Revenues (As Reported)	890M	855M	821M	893M	1.31B
Effective Tax Rate - (Ratio)	20.61	21.29	22.74	22.71	24.7
Current Domestic Taxes	52.77M	38.78M	41.01M	52.34M	73.98M
Current Foreign Taxes	-9K	90K	201K	34K	21K
Total Current Taxes	52.76M	38.87M	41.21M	52.38M	74M
Deferred Domestic Taxes	19.46M	35.92M	21.57M	32.34M	34.24M
Deferred Foreign Taxes	30K	-263K	-30K	178K	11K
Total Deferred Taxes	19.49M	35.65M	21.54M	32.52M	34.25M
Normalized Net Income	244M	203M	191M	235M	339M
Interest on Long-Term Debt	25.65M	50.3M	79.79M	80.91M	67.97M
Supplemental Operating Expense Items
General and Administrative Expenses	47.22M	52.37M	51.08M	49.97M	70.29M
Net Rental Expense, Total	6.5M	-	6.28M	6.12M	12.97M
Imputed Operating Lease Interest Expense	1.32M	-	3.98M	3.13M	5.64M
Imputed Operating Lease Depreciation	5.18M	-	2.3M	2.99M	7.33M
Stock-Based Comp., COGS (Total)	17.62M	17.82M	16.55M	15.22M	20.44M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	4.87M	25.95M
Total Stock-Based Compensation	17.62M	17.82M	16.55M	20.09M	46.39M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	69.53M	38.17M	124M	127M	164M
Trading Asset Securities, Total	7.77M	46.93M	-	-	-
Total Cash And Short Term Investments	77.31M	85.1M	124M	127M	164M
Accounts Receivable, Total	97.76M	82.73M	86.13M	99.32M	176M
Other Receivables	6.55M	4.75M	1.44M	1.35M	4.77M
Total Receivables	104M	87.47M	87.57M	101M	181M
Prepaid Expenses	6.65M	8.44M	5.78M	8.63M	16.07M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	188M	181M	217M	236M	361M
Gross Property Plant And Equipment	39.06M	54.74M	57.81M	68.61M	120M
Accumulated Depreciation	-13.77M	-20.2M	-28.57M	-36.9M	-47.74M
Net Property Plant And Equipment	25.3M	34.54M	29.24M	31.71M	72.48M
Long-term Investments	2.01M	466K	534K	605K	636K
Goodwill	982M	982M	982M	982M	1.24B
Other Intangibles, Total	1.35B	1.31B	1.28B	1.26B	2.48B
Deferred Tax Assets Long-Term	-	-	-	-	-
Deferred Charges Long-Term	1.2M	700K	200K	800K	-
Other Long-Term Assets, Total	31.37M	27.73M	32.1M	36.02M	100M
Total Assets	2.58B	2.54B	2.54B	2.55B	4.25B
Liabilities
Accounts Payable, Total	55.11M	44.72M	50.44M	51.86M	56.08M
Accrued Expenses, Total	53.9M	58.46M	55.46M	51.65M	86.36M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	-	5.06M	4.68M	2.93M	7.71M
Other Current Liabilities	7M	6.14M	6.04M	6.09M	16.3M
Total Current Liabilities	116M	114M	117M	113M	166M
Long-Term Debt	1.13B	986M	989M	964M	970M
Long-Term Leases	-	10.23M	6.49M	17.94M	37.9M
Deferred Tax Liability Non Current	63.12M	108M	129M	157M	480M
Other Non Current Liabilities	343M	257M	249M	175M	169M
Total Liabilities	1.65B	1.48B	1.49B	1.43B	1.82B
Preferred Stock Convertible	-	-	-	-	199K
Total Preferred Equity	-	-	-	-	199K
Common Stock, Total	772K	805K	824K	839K	879K
Additional Paid In Capital	674M	705M	728M	752M	2.1B
Retained Earnings	403M	609M	737M	925M	1.1B
Treasury Stock	-153M	-285M	-444M	-575M	-786M
Comprehensive Income and Other	5.97M	35.44M	31.33M	18.68M	9.02M
Total Common Equity	930M	1.07B	1.05B	1.12B	2.42B
Total Equity	930M	1.07B	1.05B	1.12B	2.42B
Total Liabilities And Equity	2.58B	2.54B	2.54B	2.55B	4.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	68.75M	67.58M	64.32M	63.66M	64.05M
ECS Total Common Shares Outstanding	68.66M	67.33M	64.25M	63.65M	64.15M
Book Value / Share	13.54	15.82	16.39	17.62	37.79
Tangible Book Value	-1.4B	-1.23B	-1.21B	-1.12B	-1.29B
Tangible Book Value Per Share	-20.41	-18.28	-18.84	-17.61	-20.09
Total Debt	1.13B	1B	1B	985M	1.02B
Net Debt	1.05B	916M	877M	858M	852M
Debt Equivalent Oper. Leases	52M	-	50.22M	48.95M	104M
Equity Method Investments, Total	1.1M	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Machinery, Total	34.58M	36.96M	43.77M	44.5M	52.09M
Full Time Employees	485	512	481	460	699

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	278M	276M	213M	289M	330M
Depreciation & Amortization - CF	6.21M	8.04M	8.84M	8.96M	11.22M
Amortization of Goodwill and Intangible Assets - (CF)	12.63M	35.16M	32.8M	21.22M	61.63M
Depreciation & Amortization, Total	18.84M	43.2M	41.65M	30.18M	72.85M
Amortization of Deferred Charges, Total - (CF)	3.43M	4.48M	1.45M	4.32M	3.63M
(Gain) Loss From Sale Of Asset	-	485K	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-3.56M	4.65M	-1.87M	-706K	-7.21M
(Income) Loss On Equity Investments - (CF)	331K	825K	-	-	-
Stock-Based Compensation (CF)	26.5M	17.72M	21.54M	20.09M	46.39M
Other Operating Activities, Total	37.88M	-15.79M	8.34M	18.86M	33.68M
Change In Accounts Receivable	-8.1M	15.03M	-3.4M	-13.2M	-50.76M
Change In Accounts Payable	19.44M	-10.23M	5.67M	1.53M	-17.75M
Change in Other Net Operating Assets	3.04M	-672K	43.75M	-9.96M	-25.4M
Cash from Operations	376M	335M	330M	340M	385M
Capital Expenditure	-12.67M	-5.24M	-5.17M	-1.28M	-4.16M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-539M	-880K	-	-	53.61M
Investment in Marketable and Equity Securities, Total	39K	176K	-14K	-37K	-22K
Other Investing Activities, Total	-4.71M	-368K	-2.66M	-2.66M	27.14M
Cash from Investing	-557M	-6.32M	-7.84M	-3.98M	76.58M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	502M	-	-	-	241M
Total Debt Issued	502M	-	-	-	241M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-142M	-149M	-	-29.52M	-238M
Total Debt Repaid	-142M	-149M	-	-29.52M	-238M
Issuance of Common Stock	8.38M	14.11M	6.29M	8.88M	1.84M
Repurchase of Common Stock	-58.23M	-132M	-158M	-130M	-209M
Common Dividends Paid	-37.16M	-69.2M	-85.43M	-101M	-157M
Common & Preferred Stock Dividends Paid	-37.16M	-69.2M	-85.43M	-101M	-157M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-46.25M	-23.8M	-	-81.02M	-64.6M
Cash from Financing	227M	-360M	-237M	-333M	-425M
Foreign Exchange Rate Adjustments	-36K	-70K	58K	-53K	382K
Net Change in Cash	46.79M	-31.36M	85.38M	3.18M	36.96M
Supplemental Items
Cash Interest Paid	18.77M	31.98M	70.68M	78.68M	79.67M
Cash Income Tax Paid (Refund)	55.15M	35.72M	38.69M	52.25M	72.88M
Levered Free Cash Flow	277M	270M	234M	264M	410M
Unlevered Free Cash Flow	289M	295M	282M	299M	440M
Change In Net Working Capital	-9.89M	-7.46M	-5.17M	18.28M	38.77M
Net Debt Issued / Repaid	360M	-149M	-	-29.52M	2.85M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	11.84	9.04	8.8	10.54	10.72
Return on Total Capital	14.4	11.23	10.86	12.9	13.13
Return On Equity %	34	27.62	20.12	26.57	18.61
Return on Common Equity	34	27.62	20.12	26.57	15.24
Margin Analysis
Gross Profit Margin %	54.02	54.51	55.54	57.77	56.56
SG&A Margin	6.03	6.13	6.86	6.35	6.38
EBITDA Margin %	47.99	48.38	48.68	51.42	50.18
EBITA Margin %	47.29	47.44	47.6	50.42	49.32
EBIT Margin %	45.87	43.33	43.61	48.04	44.6
Income From Continuing Operations Margin %	31.27	32.23	25.96	32.33	25.27
Net Income Margin %	31.27	32.23	25.96	32.33	25.27
Net Avail. For Common Margin %	31.27	32.23	25.96	32.33	20.68
Normalized Net Income Margin	27.36	23.69	23.25	26.29	25.99
Levered Free Cash Flow Margin	31.13	31.55	28.49	29.51	31.4
Unlevered Free Cash Flow Margin	32.45	34.48	34.34	33.46	33.72
Asset Turnover
Asset Turnover	0.41	0.33	0.32	0.35	0.38
Fixed Assets Turnover	40.43	28.57	25.74	29.32	25.07
Receivables Turnover (Average Receivables)	9.75	9.47	9.72	9.64	9.48
Short Term Liquidity
Current Ratio	1.62	1.58	1.86	2.1	2.17
Quick Ratio	1.57	1.51	1.81	2.02	2.07
Operating Cash Flow to Current Liabilities	3.24	2.93	2.83	3.02	2.32
Days Sales Outstanding (Average Receivables)	37.45	38.53	37.53	37.98	38.52
Average Days Payable Outstanding	40.25	46.86	47.57	49.61	34.72
Long Term Solvency
Total Debt/Equity	121.29	93.94	95.01	87.79	41.89
Total Debt / Total Capital	54.81	48.44	48.72	46.75	29.52
LT Debt/Equity	121.29	93.46	94.56	87.53	41.57
Long-Term Debt / Total Capital	54.81	48.19	48.49	46.61	29.3
Total Liabilities / Total Assets	63.95	58.07	58.59	55.97	42.92
EBIT / Interest Expense	16.82	7.85	4.52	6.77	10.72
EBITDA / Interest Expense	17.59	8.9	5.12	7.34	12.29
(EBITDA - Capex) / Interest Expense	17.07	8.79	5.06	7.32	12.22
Total Debt / EBITDA	2.64	2.38	2.46	2.12	1.52
Net Debt / EBITDA	2.46	2.18	2.16	1.84	1.27
Total Debt / (EBITDA - Capex)	2.72	2.41	2.5	2.12	1.53
Net Debt / (EBITDA - Capex)	2.53	2.21	2.19	1.85	1.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.82	-3.98	-3.95	8.82	46.19
Gross Profit, 1 Yr. Growth %	19.14	-3.12	-2.14	13.19	43.13
EBITDA, 1 Yr. Growth %	18.49	-3.19	-3.36	14.95	42.66
EBITA, 1 Yr. Growth %	17.93	-3.68	-3.62	15.25	43.01
EBIT, 1 Yr. Growth %	18.66	-9.31	-3.33	19.89	35.72
Earnings From Cont. Operations, 1 Yr. Growth %	30.99	-1.03	-22.63	35.52	14.26
Net Income, 1 Yr. Growth %	30.99	-1.03	-22.63	35.52	14.26
Normalized Net Income, 1 Yr. Growth %	25.37	-16.87	-5.71	23.03	44.5
Diluted EPS Before Extra, 1 Yr. Growth %	30.21	1.6	-18.11	40.38	-6.95
Accounts Receivable, 1 Yr. Growth %	15.11	-15.38	4.11	15.32	77.58
Net Property, Plant and Equip., 1 Yr. Growth %	34.93	36.56	-15.34	8.45	128.56
Total Assets, 1 Yr. Growth %	49.06	-1.51	0.07	0.2	66.74
Tangible Book Value, 1 Yr. Growth %	63.01	-12.17	-1.66	-7.42	15.01
Common Equity, 1 Yr. Growth %	31.43	14.57	-1.16	6.52	116.16
Cash From Operations, 1 Yr. Growth %	50.11	-10.89	-1.47	2.93	13.38
Capital Expenditures, 1 Yr. Growth %	57.27	-58.62	-1.45	-75.28	225.27
Levered Free Cash Flow, 1 Yr. Growth %	43.93	-3.01	-13.28	4.12	55.52
Unlevered Free Cash Flow, 1 Yr. Growth %	37	1.69	-4.32	4.19	47.3
Dividend Per Share, 1 Yr. Growth %	130.43	88.68	28	21.48	24.76
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.57	5	-3.97	2.24	26.13
Gross Profit, 2 Yr. CAGR %	29.33	7.44	-2.63	5.24	27.28
EBITDA, 2 Yr. CAGR %	31.99	7.1	-3.28	5.4	28.06
EBITA, 2 Yr. CAGR %	31.83	6.58	-3.65	5.39	29.01
EBIT, 2 Yr. CAGR %	35.82	3.74	-6.37	7.65	27.56
Earnings From Cont. Operations, 2 Yr. CAGR %	73.49	13.86	-12.5	2.39	24.44
Net Income, 2 Yr. CAGR %	73.49	13.86	-12.5	2.39	24.44
Normalized Net Income, 2 Yr. CAGR %	45.38	2.09	-11.47	7.7	33.33
Diluted EPS Before Extra, 2 Yr. CAGR %	72.52	15.02	-8.79	7.22	14.29
Accounts Receivable, 2 Yr. CAGR %	2.18	-1.3	-6.14	9.57	43.1
Net Property, Plant and Equip., 2 Yr. CAGR %	38.22	35.74	7.52	-4.18	57.44
Total Assets, 2 Yr. CAGR %	21.3	21.17	-0.72	0.13	29.25
Tangible Book Value, 2 Yr. CAGR %	15.96	19.65	-7.06	-4.58	3.19
Common Equity, 2 Yr. CAGR %	31.49	22.71	6.41	2.6	51.74
Cash From Operations, 2 Yr. CAGR %	28.63	15.65	-6.3	0.71	8.03
Capital Expenditures, 2 Yr. CAGR %	55.54	-19.33	-36.14	-50.64	-10.32
Levered Free Cash Flow, 2 Yr. CAGR %	21.8	18.34	-8.29	-1.54	27.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	17.85	18.22	-1.36	0.72	23.88
Dividend Per Share, 2 Yr. CAGR %	130.22	108.51	55.41	24.7	23.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	29.14	11.76	1.93	0.12	15.18
Gross Profit, 3 Yr. CAGR %	40.65	17.46	4.14	2.38	16.6
EBITDA, 3 Yr. CAGR %	43.98	19.03	3.49	2.45	16.59
EBITA, 3 Yr. CAGR %	44.28	18.74	3.06	2.28	16.68
EBIT, 3 Yr. CAGR %	50.47	18.72	1.33	1.67	16.3
Earnings From Cont. Operations, 3 Yr. CAGR %	63.49	43.88	0.1	1.24	6.21
Net Income, 3 Yr. CAGR %	63.49	43.88	0.1	1.24	6.21
Normalized Net Income, 3 Yr. CAGR %	58.8	20.67	-0.58	-1.2	18.79
Diluted EPS Before Extra, 3 Yr. CAGR %	60.91	44.61	2.7	5.31	2.27
Accounts Receivable, 3 Yr. CAGR %	33.45	-4.04	0.47	0.53	28.71
Net Property, Plant and Equip., 3 Yr. CAGR %	42.29	37.66	15.97	7.83	28.03
Total Assets, 3 Yr. CAGR %	47.65	13.16	13.68	-0.42	18.68
Tangible Book Value, 3 Yr. CAGR %	86.45	5.7	12.08	-7.18	1.55
Common Equity, 3 Yr. CAGR %	26.85	25.59	14.17	6.45	31.53
Cash From Operations, 3 Yr. CAGR %	40.95	13.81	9.64	-3.32	4.77
Capital Expenditures, 3 Yr. CAGR %	70.75	0.04	-13.76	-53.46	-7.46
Levered Free Cash Flow, 3 Yr. CAGR %	34.88	13.02	6.69	-1.76	14.66
Unlevered Free Cash Flow, 3 Yr. CAGR %	33.05	12.32	10.17	1.04	14.33
Dividend Per Share, 3 Yr. CAGR %	-	115.44	77.21	43.16	24.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	24.48	15.85	14.71	7.85	10.99
Gross Profit, 5 Yr. CAGR %	35.79	23.28	21.41	12.41	12.85
EBITDA, 5 Yr. CAGR %	40.68	25.97	22.8	13.38	12.7
EBITA, 5 Yr. CAGR %	41.44	26.17	22.76	13.21	12.53
EBIT, 5 Yr. CAGR %	54.01	29.81	24.46	14.16	11.1
Earnings From Cont. Operations, 5 Yr. CAGR %	114.92	60.55	27.32	25.58	9.2
Net Income, 5 Yr. CAGR %	114.92	60.55	27.32	25.58	9.2
Normalized Net Income, 5 Yr. CAGR %	95.71	43.35	25.71	15.31	11.8
Diluted EPS Before Extra, 5 Yr. CAGR %	98.6	54.7	28.23	28.3	7.19
Accounts Receivable, 5 Yr. CAGR %	15.19	12.36	15.93	1.19	15.74
Net Property, Plant and Equip., 5 Yr. CAGR %	21.52	31.32	27.21	19.09	31.06
Total Assets, 5 Yr. CAGR %	24.83	26.24	25.97	7.76	19.67
Tangible Book Value, 5 Yr. CAGR %	29.33	21.71	41.13	1.46	8.43
Common Equity, 5 Yr. CAGR %	22.95	35.74	18.24	15.83	27.93
Cash From Operations, 5 Yr. CAGR %	56.92	28.37	19.71	8.38	8.99
Capital Expenditures, 5 Yr. CAGR %	61.21	0.54	15.22	-24.59	-12.4
Levered Free Cash Flow, 5 Yr. CAGR %	53.14	30.19	15.67	7.13	16.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	42.39	25.38	18.11	7.53	15.87
Dividend Per Share, 5 Yr. CAGR %	-	-	-	73.12	53.18