FEDERATED HERMES, INC. FHI
Federated Hermes, Inc., a Pennsylvania corporation, together with its consolidated subsidiaries (collectively, Federated Hermes) is a global leader in active investing with $902.6 billion in assets under management (AUM or managed assets) at December 31, 2025. Federated Hermes has been in the investment management business since 1955 and is one of the largest investment managers in the United States (U.S.). Federated Hermes also provides stewardship services to customers seeking a range of solutions for engagement, as well as real estate development and renewable energy project development services. In seeking to enhance long-term risk-adjusted investment performance, and create long-term financial value/wealth, for its customers and clients (collectively, including intermediaries, customers) consistent with its fiduciary duties and customer objectives, Federated Hermes has taken steps to integrate the proprietary insights from fundamental investment analysis, including governance, environmental and social factors and engagement interactions, into many of the products and strategies it manages.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B | $1.63B | $1.61B | $1.45B | $1.30B | $1.45B | $1.33B | $1.14B | $1.10B | $1.14B |
| Total operating expenses | $1.29B | $1.27B | $1.22B | $1.11B | $934.2M | $1.03B | $979.0M | $805.4M | $761.4M | $807.7M |
| Operating income | $513.9M | $361.5M | $387.5M | $336.8M | $366.3M | $418.2M | $347.9M | $330.3M | $341.5M | $335.7M |
| Pre-tax income | $547.5M | $381.6M | $411.3M | $306.2M | $376.3M | $446.1M | $365.3M | $296.2M | $352.0M | $340.9M |
| Income tax | $133.4M | $113.2M | $106.6M | $71.7M | $104.0M | $110.0M | $88.1M | $73.9M | $57.1M | $119.4M |
| Net income | $403.3M | $268.3M | $299.0M | $239.5M | $270.3M | $326.4M | $272.3M | $220.3M | $291.3M | $208.9M |
| EPS, basic | 5.13 | 3.23 | 3.40 | 2.65 | 2.77 | 3.25 | 2.69 | 2.18 | — | — |
| EPS, diluted | 5.13 | 3.23 | 3.40 | 2.65 | 2.75 | 3.23 | 2.69 | 2.18 | 2.87 | 2.03 |
| Shares, diluted (wtd. avg.) | $75.1M | $79.4M | $83.9M | $85.8M | $93.8M | $96.5M | $97.3M | $96.9M | $97.4M | $99.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $582.5M | $504.4M | $383.2M | $341.0M | $238.1M | $308.6M | $249.5M | $157.4M | $316.8M | $105.4M |
| Receivables | — | — | — | $58.1M | $65.3M | $64.9M | $64.5M | $60.1M | $26.0M | $44.8M |
| Total current assets | $863.8M | $781.4M | $720.7M | $651.0M | $559.4M | $575.3M | $461.3M | $304.1M | $437.3M | $359.8M |
| Property, plant and equipment | $24.8M | $25.6M | $30.7M | $35.7M | $47.0M | $52.6M | $51.7M | $53.2M | $37.7M | $39.3M |
| Goodwill | $852.1M | $804.8M | $807.2M | $800.4M | $798.9M | $800.3M | $774.5M | $809.6M | $660.0M | $659.2M |
| Other intangibles | $331.5M | $327.9M | $409.4M | $409.2M | $471.2M | $481.8M | $446.2M | $339.6M | $76.9M | — |
| Total assets | $2.23B | $2.08B | $2.10B | $2.02B | $2.02B | $2.06B | $1.88B | $1.54B | $1.23B | $1.16B |
| Total current liabilities | $314.1M | $289.2M | $287.3M | $257.4M | $270.7M | $265.4M | $230.7M | $181.2M | $128.8M | $162.5M |
| Long-term debt | $348.4M | $348.1M | $347.8M | $347.6M | $223.3M | — | — | — | — | — |
| Total liabilities | $965.9M | $934.0M | $947.7M | $913.0M | $841.0M | $686.9M | $626.8M | $504.0M | $440.0M | $528.0M |
| Retained earnings | $1.53B | $1.26B | $1.19B | $1.02B | $1.19B | $1.03B | $930.4M | $791.8M | $697.4M | $529.7M |
| Total equity | $1.20B | $1.10B | $1.13B | $1.05B | $1.11B | $1.14B | $1.04B | $857.1M | $761.2M | $595.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $297.3M | $346.6M | $311.8M | $323.9M | $170.4M | $373.2M | $334.9M | $206.3M | $387.4M | $265.7M |
| Depreciation and amortisation | $8.3M | $9.1M | $13.0M | $15.1M | $15.4M | $16.0M | $16.5M | $12.9M | $11.1M | $9.7M |
| Stock-based compensation | $29.1M | $28.8M | $33.9M | $34.8M | $30.3M | $26.7M | $25.1M | $23.9M | $22.5M | $22.4M |
| Capital expenditure | $2.8M | $4.0M | $7.9M | $4.4M | $10.4M | $13.5M | $15.0M | $17.3M | $9.8M | $12.8M |
| Investing cash flow | $2.0M | $64.3M | -$30.6M | -$32.4M | $10.8M | -$24.8M | -$94.7M | -$174.4M | $1.0M | -$21.0M |
| Financing cash flow | -$237.9M | -$286.4M | -$243.1M | -$168.5M | -$249.5M | -$295.1M | -$152.7M | -$186.1M | -$176.9M | -$312.4M |
| Dividends paid | $104.9M | $184.8M | $98.1M | $97.9M | $105.8M | $207.8M | $109.1M | $106.9M | $101.5M | $205.5M |
| Buybacks | $262.8M | $137.6M | $177.1M | $218.1M | $228.3M | $66.8M | $15.7M | $29.2M | $48.6M | $81.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001056288-26-000007.
Others in SIC 6282
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BX | Blackstone Inc. | $102.20B | 35.2x | 9.2% |
| KKR | KKR & Co. Inc. | $96.70B | — | -11.0% |
| APO | Apollo Global Management, Inc. | $78.94B | 24.1x | 22.7% |
| AMP | AMERIPRISE FINANCIAL INC | $49.52B | 15.5x | 5.5% |
| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
| CG | Carlyle Group Inc. | $16.74B | 21.5x | -11.9% |
| IVZ | Invesco Ltd. | $14.60B | — | 5.1% |