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US asset manager operating a multi-boutique model of investment franchises across active equity and solutions strategies.
US asset manager operating a multi-boutique model of investment franchises across active equity and solutions strategies.
Earns fees on the assets it manages, so revenue rises with markets and net customer flows, while central teams run operations and distribution for each boutique, which keeps costs low relative to separate firms. Growth has relied on buying other managers, among them USAA's fund business and, in 2025, Amundi's US arm, with Amundi taking a stake in the deal.
Moat: narrow (scale, distribution). Multi-boutique structure lets it acquire and scale niche managers, but lacks a durable product-level moat.
Headquarters: San Antonio, Texas, US · Founded: 2013 · Employees: 699
Size Victory Capital (VCTR) is a United States Financials company (Investment Managers) with a market value of $7.38B, the 934th largest of 3,117 United States companies the cockpit tracks. Shares closed at $119.24 on 6 Nov 2026.
Performance Over six months the shares gained 39.7%, against -0.6% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 50.2% over the last twelve months (peer median +9.4%); the operating margin is 45.9% (peer median 33.3%).
Valuation It trades at 14.0× forward earnings against a peer median of 12.9× (9th most expensive of 19).
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.57B | $1.32B | $912M | $840M | $858M |
| Revenue growth | — | +45% | +9% | -2% | — |
| Gross profit | $1.22B | $1.02B | $735M | $649M | $653M |
| EBITDA | $805M | $674M | $478M | $419M | $416M |
| Net income | $461M | $330M | $289M | $213M | $276M |
| Free cash flow | $564M | $381M | $339M | $325M | $330M |
| Capital expenditure | $3.77M | $4.16M | $1.28M | $5.17M | $5.25M |
| Total debt | $1.01B | $1.02B | $985M | $1.00B | $986M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Victory Capital VCTR | $7.38B | +40% | +50% | 46% | 14.0× | n/a |
| Affiliated Managers AMG | $9.39B | +20% | +12% | 22% | 9.1× | n/a |
| Franklin Resources BEN | $17.1B | +10% | +8% | 15% | 10.6× | n/a |
| Invesco IVZ | $11.9B | -1% | +17% | 24% | 8.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VCTR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +1.7% | 6th highest of 21 |
| 6-month return | +39.7% | -0.6% | highest of 20 |
| Distance from 52-week high | -3.5% | -19.8% | highest of 21 |
| Revenue growth (TTM) | +50.2% | +9.4% | 2nd highest of 21 |
| Operating margin | 45.9% | 33.3% | 7th highest of 21 |
| Forward P/E | 14.0× | 12.9× | 9th most expensive of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Victory Capital VCTR | United States | $7.38B | +40% | +50% | 46% | 14.0× | n/a | n/a |
| ICG ICG.L | United Kingdom | $7.32B | +2% | +6% | 60% | 11.9× | n/a | n/a |
| Nippon Life India Asset Management NAM-INDIA.NS | India | $7.22B | -4% | +23% | 68% | 39.1× | n/a | n/a |
| China Industrial Securities 601377.SS | China | $7.12B | -9% | -11% | 29% | 13.2× | n/a | n/a |
| Banca Generali BGN.MI | Italy | $7.73B | +4% | +17% | 38% | 15.3× | n/a | n/a |
| VZ Holding AG VZN.SW | Switzerland | $8.03B | +17% | +9% | 45% | 24.1× | n/a | n/a |
| HealthEquity HQY | United States | $8.57B | +22% | +7% | 26% | 20.5× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| China CITIC Financial Asset Management 2799.HK | Hong Kong | $5.83B | -24% | -18% | 135% | 3.1× | n/a | n/a |
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 22% | 9.1× | n/a | n/a |
| StepStone STEP | United States | $5.73B | -15% | +51% | -53% | 18.1× | n/a | n/a |
| Capital Securities 601136.SS | China | $5.41B | -21% | +1% | 36% | n/a | n/a | n/a |
| Aberdeen ABDN.L | United Kingdom | $5.36B | +2% | +2% | 37% | 14.3× | n/a | n/a |
| Ninety One N91.L | United Kingdom | $5.18B | -6% | +10% | 26% | 11.1× | n/a | n/a |
| Caitong Securities 601108.SS | China | $5.12B | -11% | -12% | 31% | 10.7× | n/a | n/a |
| Stifel Financial SF | United States | $10.7B | -7% | +8% | 22% | 10.3× | n/a | n/a |
| SBI Funds Management SBIFUNDS.NS | India | $10.8B | n/a | +21% | 89% | 31.1× | n/a | n/a |
| HA Sustainable Infrastructure Capital HASI | United States | $5.00B | -5% | +27% | 69% | 12.6× | n/a | n/a |
| Hamilton Lane HLNE | United States | $4.99B | +1% | +19% | 58% | 12.3× | n/a | n/a |