Victory Capital Holdings (VCTR): Assessing Valuation After AUM Growth, Q3 Results, and Share Buybacks

Victory Capital Holdings (VCTR) has revealed steady growth in assets under management as of October 2025, with gains in both global and U.S. large-cap equities. This, combined with recent earnings momentum and share repurchases, draws renewed investor attention.

See our latest analysis for Victory Capital Holdings.

Recent months have seen Victory Capital Holdings complete a significant share buyback program and deliver third-quarter results featuring stronger revenue and net income year-over-year. Despite some volatility, with a 3.03% one-month share price decline and a 10.68% dip over the past three months, investor sentiment appears to be holding steady, thanks in part to robust AUM growth and ongoing capital returns. Over the longer term, the stock’s one-year total shareholder return stands at 3.1%, while its five-year total return of nearly 299% reflects the company’s ability to compound value through cycles.

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Given the company’s recent operational momentum and disciplined capital returns, the question remains: is Victory Capital Holdings trading at an attractive valuation, or has the market already factored in its future growth potential?

Most Popular Narrative: 14% Undervalued

Victory Capital Holdings currently trades well below the most widely followed narrative's fair value estimate, with analysts projecting a stronger outlook than market pricing suggests. This setup raises important questions about whether the street is underestimating the company’s global growth engines and improved profitability.

The global partnership and integration with Amundi and the acquisition of Pioneer Investments allow Victory Capital to access an extensive international distribution network across Europe and Asia. This significantly expands their addressable client base beyond the U.S., positioning the company for higher long-term asset inflows and revenue growth.

Read the complete narrative.

Want to know how this expanded reach translates to valuation upside? The entire narrative hinges on a combination of aggressive top-line forecasts and bolder margin assumptions than the consensus. Uncover which specific levers are expected to drive future profits. Are they realistic, or too ambitious? Dive in to see what is fueling that forecasted price jump.

Result: Fair Value of $74 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing net asset outflows and persistent fee compression could threaten Victory Capital Holdings’ growth and challenge the upbeat outlook that currently supports its valuation.

Find out about the key risks to this Victory Capital Holdings narrative.

Build Your Own Victory Capital Holdings Narrative

If you would rather examine the numbers firsthand and form your own perspective, you can shape a personal outlook in just minutes, so why not Do it your way

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Victory Capital Holdings.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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