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Federated Hermes

FHI NYSE Asset Management & Custody Banks Financials FY2016–FY2025

Federated Hermes' revenue rose 10.3% to $1.8 billion in fiscal 2025. Its operating margin was 28.5%, up from 22.1% a year earlier. Free cash flow was $295 million, down 14.0%. It paid out $368 million in dividends and buybacks, 125% of free cash flow. The diluted share count fell 5.5%.

Last close · Oct 23, 2026

$56.81

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
10.3% vs prior year
Operating margin Operating income as a share of revenue.
28.5%
6.4 pts
Net income Profit after all expenses, interest and tax.
$403M
50.3%
Free cash flow Cash from operations minus capital spending.
$295M
14.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
40.9%
15.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.6x
On $5.37 EPS (TTM)

What Federated Hermes does

No business description yet.

Legal name
Federated Hermes, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001056288-26-000007
0001056288

Revenue and margins

Federated Hermes had $1.8B of revenue in fiscal 2025, up 10.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $295M in fiscal 2025, 16.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Federated Hermes returned $368M to shareholders in fiscal 2025, 125% of free cash flow. The diluted share count fell 5.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Federated Hermes yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $234M and divides by 75.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.6x · peers 18.0x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Federated Hermes can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $233M$337M$383M$504M$583M
Debt incl. finance leases $223M$348M$348M$348M$348M
Net debt / EBITDA −0.0x0.0x−0.1x−0.4x−0.4x
Debt / equity 0.2x0.3x0.3x0.3x0.3x
Interest coverage 205.2x30.4x31.0x28.5x40.4x
Current ratio 2.1x2.5x2.5x2.7x2.8x
Quick ratio 2.1x2.5x2.5x2.7x2.8x
Total assets $2.0B$2.0B$2.1B$2.1B$2.2B
Total liabilities $841M$913M$948M$934M$966M
Shareholders' equity $1.1B$1.0B$1.1B$1.1B$1.2B
Net debt (− = net cash) −$10.0M$10.8M−$35.4M−$156M−$234M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.8M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 20, 2026 Peter J GermainEVP, CLO & Sec. Sold 5,000 $63.17 $0.3M Form 4
Aug 4, 2026 Saker Anwar NusseibehCEO, Federated Hermes Limited Sold 7,030 $64.24 $0.5M Form 4
Jun 23, 2026 Meter Stephen VanVP, Chief Compliance Officer Sold 1,682 $59.64 $0.1M Form 4
Jun 16, 2026 Paul A UhlmanVice President Sold 6,145 $58.67 $0.4M Form 4
Jun 8, 2026 Saker Anwar NusseibehCEO, Federated Hermes Limited Sold 8,950 $57.34 $0.5M Form 4
May 26, 2026 Paul A UhlmanVice President Sold 1,021 $55.31 $0.1M Form 4
May 26, 2026 Peter J GermainEVP, CLO & Sec. Sold 409 $55.31 $0.0M Form 4
May 15, 2026 Peter J GermainEVP, CLO & Sec. Sold 5,000 $54.30 $0.3M Form 4
May 7, 2026 Bryan M BurkeVice President Sold 4,000 $54.20 $0.2M Form 4
Mar 13, 2026 Thomas R DonahueVP, CFO & Treasurer, Director Sold 30,000 $57.10 $1.7M Form 4
Mar 12, 2026 Paul A UhlmanVice President Sold 72,392 $56.23 $4.1M Form 4
Mar 5, 2026 Paul A UhlmanVice President Sold 11,739 $56.53 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 86 / 87 / 8
Accruals ratio −0.6%−3.7%4.9%
Altman Z'' 5.695.916.71

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Federated Hermes FHI $4.1B 10.3% 28.5% 16.4% 40.9% 10.6x 7
Affiliated Managers Group AMG $10.3B 1.6% — 46.6% 16.5% 13.4x — Compare →
SEI Investments SEIC $12.6B 8.1% 27.3% 25.5% — 18.0x — Compare →
Blue Owl Capital OWL $6.4B 25.0% — 41.8% 5.2% 78.0x — Compare →
Hamilton Lane HLNE — 6.5% — 55.2% 34.5% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.1B $1.1B $1.3B $1.4B $1.3B $1.4B $1.6B $1.6B $1.8B
Operating income $336M $342M $330M $348M $418M $366M $337M $388M $362M $514M
Interest expense $4.2M $4.8M $5.9M $5.0M $2.7M $1.8M $11.1M $12.5M $12.7M $12.7M
Pretax income $341M $352M $296M $365M $446M $376M $306M $411M $382M $548M
Income tax $119M $57.1M $73.9M $88.1M $110M $104M $71.7M $107M $113M $133M
Net income $209M $291M $220M $272M $326M $270M $240M $299M $268M $403M
Diluted EPS $2.03 $2.87 $2.18 $2.69 $3.23 $2.75 $2.65 $3.40 $3.23 $5.13
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.09B 0.09B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $266M $387M $206M $335M $373M $170M $324M $312M $347M $297M
Capital expenditure $12.8M $9.8M $17.3M $15.0M $13.5M $10.4M $4.4M $7.9M $4.0M $2.8M
Free cash flow $253M $378M $189M $320M $360M $160M $320M $304M $343M $295M
Depreciation and amortization $9.7M $10.6M $17.1M $24.0M $29.8M $29.2M $27.6M $26.9M $22.1M $22.0M
Stock-based compensation $22.4M $22.5M $23.9M $25.1M $26.7M $30.3M $34.8M $33.9M $28.8M $29.1M
Acquisitions $0.0M $4.4M $168M $0.8M $2.7M $0.0M $28.1M $0.0M $0.0M $12.8M
Share buybacks $81.8M $48.6M $29.2M $15.7M $66.8M $228M $218M $177M $138M $263M
Dividends paid $206M $102M $107M $109M $208M $106M $97.9M $98.1M $185M $105M
Dividends and buybacks $287M $150M $136M $125M $275M $334M $316M $275M $322M $368M
Balance sheet
Cash and short-term investments $105M $316M $157M $249M $302M $233M $337M $383M $504M $583M
Total debt — — — — — $223M $348M $348M $348M $348M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $360M $437M $304M $461M $575M $559M $651M $721M $781M $864M
Current liabilities $163M $129M $181M $231M $265M $271M $257M $287M $289M $314M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $39.3M $37.7M $53.2M $51.7M $52.6M $47.0M $35.7M $30.7M $25.6M $24.8M
Total assets $1.2B $1.2B $1.5B $1.9B $2.1B $2.0B $2.0B $2.1B $2.1B $2.2B
Total liabilities $528M $440M $504M $627M $687M $841M $913M $948M $934M $966M
Shareholders' equity $595M $761M $857M $1.0B $1.1B $1.1B $1.0B $1.1B $1.1B $1.2B
Margins
Operating margin 29.4% 31.0% 29.1% 26.2% 28.9% 28.2% 23.3% 24.1% 22.2% 28.5%
EBITDA margin 30.2% 31.9% 30.6% 28.0% 30.9% 30.4% 25.2% 25.8% 23.5% 29.8%
Net margin 18.3% 26.4% 19.4% 20.5% 22.5% 20.8% 16.6% 18.6% 16.4% 22.4%
FCF margin 22.1% 34.2% 16.6% 24.1% 24.8% 12.3% 22.1% 18.9% 21.0% 16.4%
Returns
Return on capital — — — — — — 23.9% 26.7% 25.0% 40.9%
Return on capital employed 33.2% 32.6% 26.8% 23.1% 24.3% 20.7% 19.2% 21.7% 20.0% 27.7%
Return on equity 33.6% 43.0% 27.2% 28.7% 30.0% 24.0% 22.2% 27.5% 24.1% 35.2%
Return on assets 17.8% 24.4% 15.9% 15.9% 16.6% 13.3% 11.9% 14.5% 12.8% 18.7%
Growth
Revenue growth 23.4% −3.5% 3.0% 16.8% 9.2% −10.2% 11.2% 11.3% 1.4% 10.3%
Net income growth 23.0% 39.5% −24.4% 23.6% 19.8% −17.2% −11.4% 24.8% −10.3% 50.3%
EPS growth 25.3% 41.4% −24.0% 23.4% 20.1% −14.9% −3.6% 28.3% −5.0% 58.8%
FCF growth 11.3% 49.3% −49.9% 69.3% 12.5% −55.5% 99.8% −4.9% 12.7% −14.0%
Share count change −1.4% −1.7% −0.5% 0.3% −0.8% −2.8% −8.5% −2.2% −5.3% −5.5%
Financial health
Net debt / EBITDA — — — — — −0.0x 0.0x −0.1x −0.4x −0.4x
Debt / equity — — — — — 0.2x 0.3x 0.3x 0.3x 0.3x
Interest coverage 80.4x 71.6x 56.1x 69.1x 156.1x 205.2x 30.4x 31.0x 28.5x 40.4x
Current ratio 2.2x 3.4x 1.7x 2.0x 2.2x 2.1x 2.5x 2.5x 2.7x 2.8x
Quick ratio 2.2x 3.4x 1.7x 2.0x 2.2x 2.1x 2.5x 2.5x 2.7x 2.8x
Capital allocation
Capex / revenue 1.1% 0.9% 1.5% 1.1% 0.9% 0.8% 0.3% 0.5% 0.3% 0.2%
Stock comp / revenue 2.0% 2.0% 2.1% 1.9% 1.8% 2.3% 2.4% 2.1% 1.8% 1.6%
Payouts / FCF 113.6% 39.8% 72.1% 39.0% 76.3% 208.9% 98.9% 90.5% 94.1% 124.8%
Quality scores
Piotroski F-score — — — — — — 6.0 7.0 6.0 7.0
Altman Z'' 5.8 7.2 5.4 5.4 5.7 5.5 5.2 5.7 5.9 6.7
Accruals ratio −4.9% −8.1% 1.0% −3.7% −2.4% 4.9% −4.2% −0.6% −3.7% 4.9%

Source: SEC EDGAR XBRL filings (CIK 0001056288). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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