Federated Hermes vs SEI Investments
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The short version
- SEI Investments is the larger business, with $2.3B of revenue in fiscal 2025 against $1.8B for Federated Hermes.
- Federated Hermes grew revenue faster (10.3%, against 8.1%).
- Federated Hermes kept more of each dollar of sales as operating profit (28.5% operating margin, against 27.3%).
- SEI Investments turned more of its sales into free cash flow (25.5% FCF margin, against 16.4%).
- Investors pay more for each dollar of SEI Investments’s earnings: a P/E of 18.0x against 10.6x for Federated Hermes.
| Latest fiscal year | FHI · FY25 | SEIC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $12.6B |
| Revenue | $1.8B | $2.3B |
| Free cash flow | $295M | $585M |
| Net income | $403M | $715M |
| Growth | ||
| Revenue growth | 10.3% | 8.1% |
| 5-year growth | 4.5% | 6.4% |
| Share count change | −5.5% | −3.5% |
| Profitability | ||
| Gross margin | — | 35.2% |
| Operating margin | 28.5% | 27.3% |
| Net margin | 22.4% | 31.1% |
| FCF margin | 16.4% | 25.5% |
| Return on capital | 40.9% | — |
| Return on equity | 35.2% | 30.4% |
| Balance sheet | ||
| Net debt | −$234M | — |
| Net debt / EBITDA | −0.4x | — |
| Dividends and buybacks | $368M | $752M |
| Valuation & quality | ||
| P/E | 10.6x | 18.0x |
| Piotroski F-score | 7 | — |
FY16
FHI $1.1B
SEIC $1.4B
FY17
FHI $1.1B
SEIC $1.5B
FY18
FHI $1.1B
SEIC $1.6B
FY19
FHI $1.3B
SEIC $1.6B
FY20
FHI $1.4B
SEIC $1.7B
FY21
FHI $1.3B
SEIC $1.9B
FY22
FHI $1.4B
SEIC $2.0B
FY23
FHI $1.6B
SEIC $1.9B
FY24
FHI $1.6B
SEIC $2.1B
FY25
FHI $1.8B
SEIC $2.3B
FHI
SEIC
FY16
FHI 29.4%
SEIC 26.8%
FY17
FHI 31.0%
SEIC 26.0%
FY18
FHI 29.1%
SEIC 27.2%
FY19
FHI 26.2%
SEIC 27.9%
FY20
FHI 28.9%
SEIC 26.5%
FY21
FHI 28.2%
SEIC 28.9%
FY22
FHI 23.3%
SEIC 23.9%
FY23
FHI 24.1%
SEIC 22.1%
FY24
FHI 22.2%
SEIC 26.0%
FY25
FHI 28.5%
SEIC 27.3%
FHI
SEIC
FY16
FHI $253M
SEIC $403M
FY17
FHI $378M
SEIC $434M
FY18
FHI $189M
SEIC $559M
FY19
FHI $320M
SEIC $502M
FY20
FHI $360M
SEIC $434M
FY21
FHI $160M
SEIC $607M
FY22
FHI $320M
SEIC $527M
FY23
FHI $304M
SEIC $422M
FY24
FHI $343M
SEIC $590M
FY25
FHI $295M
SEIC $585M
FHI
SEIC
FY16
FHI —
SEIC —
FY17
FHI —
SEIC —
FY18
FHI —
SEIC —
FY19
FHI —
SEIC —
FY20
FHI —
SEIC —
FY21
FHI —
SEIC —
FY22
FHI 23.9%
SEIC —
FY23
FHI 26.7%
SEIC —
FY24
FHI 25.0%
SEIC —
FY25
FHI 40.9%
SEIC —
FHI
SEIC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.