What is Victory Capital Holdings, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Victory Capital Holdings, Inc.'s reported free cash flow gives $139.13 per share. The share price was $126.38 on November 10, 2026, 9% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 6.0% | 10.0% | $80.53 | -36% |
| Base | 11.0% | 9.0% | $139.13 | +10% |
| Bull | 16.0% | 8.0% | $248.41 | +97% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $182.58 | $196.00 | $212.41 | $232.93 | $259.31 |
| 8.0% | $150.03 | $158.74 | $169.03 | $181.38 | $196.47 |
| 9.0% | $126.31 | $132.26 | $139.13 | $147.15 | $156.62 |
| 10.0% | $108.29 | $112.52 | $117.32 | $122.80 | $129.13 |
| 11.0% | $94.16 | $97.26 | $100.73 | $104.63 | $109.06 |
Where the presets come from
Base: years 1 to 5 grow at Victory Capital Holdings, Inc.'s revenue growth rate over the last 5 fiscal years (11.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions