Victory Capital Holdings, Inc. — Earnings Quality Grade F
VCTR · Financial Services
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 49 days, change +9 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 46.2% but CFFO only 13.4%
Expense Quality
No material inventory
CapEx growth 225.3% is >2x revenue growth 46.2%
SG&A/Gross Profit = 11.7%, excellent (<30%)
Gross margin 54.4%, change -4.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.17. Profits backed by cash
FCF $0.4B, FCF/NI = 1.16
Accruals ratio = -1.3%. Low accruals
Cash $0.2B covers only 17% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $3.7B = 153% of equity. Over 50%
Debt/EBITDA = 1.7x. Healthy
Other assets grew 127.5% vs revenue 46.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 66% YoY
Manipulation Score
M-Score = -1.75 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score — Not Applicable
Victory Capital Holdings, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25