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Federated Hermes, Inc.

FHI Financial Asset Management

Federated Hermes, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 10.3% from fiscal 2024.

Revenue
+8.07%
EPS
+11.9%
Free cash flow
+18.3%
Total debt
+0.08%

Quarter to September 2026, against a year earlier

63.98 0.32 +0.50%
Market cap
$4.7B
P/E
11.6×
Fwd P/E
10.4×
Dividend yield
2.25%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 10.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 2 6 — 4 3 — 2 — — —
Insider Ownership 0.78%

Capital & Financial Ratios $m

Size
Market Cap 4,730.00
Revenue ttm 1,971.89
Net income ttm 421.07
Free cash flow ttm 385.55
Net debt Q (25.10)
Valuation
P/E 11.56
Forward P/E 10.40
Price / sales 2.31
Forward P/S Powerpack
Price / FCF 11.79
Price / book 3.52
Financial health
Current ratio Q 2.48
Debt / equity Q 0.27
Interest coverage Q —
Growth
Revenue growth Q +8.07% (above 0%: growing)
Operating income growth Q +18.43% (above 0%: growing)
EPS, this year +9.39%
EPS, next year A +7.65%
Revenue, next year A +10.63% (at or above 10%: strong)
EPS, past 5 yrs +9.69%
EPS, next 5 yrs A +9.27%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 44.85%
10-year low 10-year high
P/S against its own 10 years 61.39%
10-year low 10-year high
P/B against its own 10 years 74.66%
10-year low 10-year high

Dividends

Yield
2.25%
Annual rate
1.44
Payout ratio
26.0%
Growth, 2017–25
+3.63%/yr
  1. 1.00 ’17
  2. 1.06 ’18 +6
  3. 1.08 ’19 +2
  4. 0.81 ’20 −25
  5. 1.08 ’21 +33
  6. 1.08 ’22 +0
  7. 1.15 ’23 +6
  8. 0.90 ’24 −21
  9. 1.33 ’25 +48
  10. 1.50 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 383 504 583 374
Receivables 124 106 90 120
Inventory 177 137 142 207
Other 6 5 13 3
721 781 864 743
2023 2024 2025 Q'26
Payables 88 100 99 98
ST’ Debt — — — —
Other 24 15 19 35
287 289 314 300

Compound Annual Growth %

10y 5y 3y
Sales 6.87% 4.45% 7.59%
Cash Flow 2.46% (4.44%) (2.82%)
Earnings 8.97% 4.34% 19.16%
Book Value 6.31% 1.03% 4.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.42 Actual 1.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.20 1.39 Beat by 0.19
Q1 FY26 1.20 1.27 Beat by 0.07
Q2 FY26 1.19 1.38 Beat by 0.19
Q3 FY26 1.42 1.50 Beat by 0.08
Q4 FY26 1.44 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.27 1.38 1.50 — —
’25 1.25 1.16 1.34 1.39 5.13
’24 0.89 0.20 1.06 1.04 3.23
’23 0.78 0.81 0.86 0.96 3.40
’22 0.61 0.64 0.78 0.63 2.65
’21 0.75 0.56 0.73 0.71 2.75
’20 0.63 0.80 0.85 0.93 3.23
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 479 503 507 — —
’25 424 425 469 483 1,801
’24 396 403 408 425 1,632
’23 382 433 403 391 1,610
’22 325 366 381 374 1,446
’21 341 311 327 322 1,300
’20 359 361 364 364 1,448
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 29 81 134 — —
’25 14 19 103 161 297
’24 14 89 117 127 347
’23 5 71 106 130 312
’22 (19) 99 112 132 324
’21 (30) 85 46 69 170
’20 29 124 90 130 373
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 24 80 120 — —
’25 13 18 102 162 295
’24 13 83 120 126 343
’23 5 68 104 128 304
’22 (21) 98 111 132 320
’21 (32) 84 42 67 155
’20 28 121 86 125 360
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,143 1,103 1,136 1,327 1,448 1,300 1,446 1,610 1,632 1,801 1,972 +5.2% 1,992 2,062 2,106 +5.4%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 341 352 296 365 446 376 306 411 382 548 566 +5.4%
EBT margin, % 29.82 31.92 26.08 27.53 30.80 28.94 21.18 25.56 23.38 30.41 28.71 +0.6 pt
Net income 222 295 222 277 336 272 235 305 268 414 421 +7.2%
Per share, $
Per share, $ Revenue 11.54 11.32 11.71 13.64 15.01 13.87 16.86 19.19 20.55 23.98 27.77 +8.5%
Earnings 2.03 2.87 2.18 2.69 3.25 2.77 2.65 3.40 3.23 5.13 5.54 +10.9%
Cash flow 2.68 3.98 2.13 3.44 3.87 1.82 3.78 3.72 4.36 3.96 5.71 +4.4%
Capex (0.13) (0.10) (0.20) (0.75) (0.14) (0.17) (0.05) (0.09) (0.05) (0.04) (0.28) (13.0%)
Free cash flow 2.55 3.88 1.93 2.69 3.73 1.65 3.73 3.62 4.31 3.92 5.43 +4.9%
Book value 6.01 7.81 8.84 10.71 11.78 11.88 12.19 13.45 13.79 15.94 18.18 +11.4%
Shares, m 99 97 97 97 97 94 86 84 79 75 73 (3.0%)
Valuation, ×
Valuation, × P/E 14.14 12.31 12.18 12.12 8.92 13.62 14.02 9.91 12.89 10.13 11.56 12.0
P/S 2.49 3.14 2.27 2.39 1.93 2.71 2.21 1.76 2.00 2.17 2.31 2.3
P/B 4.78 4.55 3.00 3.04 2.45 3.16 3.06 2.51 2.98 3.27 3.52 3.3
EV/Sales 2.54 3.01 2.25 2.28 1.77 2.70 2.22 1.74 1.90 2.04 — 2.2
EV/FCF 11.50 8.79 13.50 9.44 7.12 21.96 10.04 9.21 9.08 12.48 — 11.3
Cash, $m
Cash, $m Operating cash flow 266 387 206 335 373 170 324 312 347 297 405 +1.3%
Capex (13) (10) (19) (73) (13) (16) (4) (8) (4) (3) (20) (15.7%)
Free cash flow 253 378 187 262 360 155 320 304 343 295 386 +1.7%
Balance, $m
Balance, $m Working capital 197 308 123 231 310 289 394 433 492 550 443 +12.1%
Net debt 61 (146) (22) (149) (227) (10) 11 (35) (156) (234) (25) n/m
Shareholders’ equity 596 761 857 1,041 1,137 1,114 1,046 1,128 1,095 1,197 1,291 +8.1%
Returns, %
Returns, % ROA 17.19 23.46 15.26 15.26 15.80 12.64 11.27 13.83 12.26 17.86 17.23 +0.7 pt
ROIC 31.95 34.71 24.71 24.38 28.71 20.73 19.92 22.16 24.06 33.36 27.06 +1.4 pt
ROE 32.34 41.26 26.17 27.52 28.59 22.91 21.08 26.22 23.09 33.61 32.33 +1.3 pt
People
People Employees 1,463 1,441 1,878 1,826 1,986 1,968 1,961 2,025 2,072 2,091 — +4.0%
Revenue/emp, $m 0.78 0.77 0.60 0.73 0.73 0.66 0.74 0.79 0.79 0.86 — +1.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Federated Hermes, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BXSL Blackstone Secured Lending Fund $5.6B 20.1× 14.3× −12.10% (below 0%: shrinking) −12.28% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57% Compare
OBDC Blue Owl Capital Corporation $5.3B 15.9× 14.2× −13.47% (below 0%: shrinking) +48.00% (above 0%: growing) +147.77% (above 0%: growing) 100.00% 75.02% Compare
MAIN Main Street Capital Corporation $5.3B 11.5× 13.3× +3.89% (above 0%: growing) +15.33% (above 0%: growing) +13.70% (above 0%: growing) 100.00% 87.20% Compare
STEP StepStone Group Inc. $5.2B — (loss-making) 3.9× +4.01% (above 0%: growing) n/m −1,113.70% (below 0%: shrinking) 100.00% (54.06%) Compare
HASI HA Sustainable Infrastructure Capital, Inc. $5.1B 60.4× 24.0× +40.97% (above 0%: growing) +25.00% (above 0%: growing) −14.48% (below 0%: shrinking) 100.00% 80.56% Compare
HLNE Hamilton Lane Inc. $5.0B 10.6× 11.3× +7.10% (above 0%: growing) +111.53% (above 0%: growing) +130.39% (above 0%: growing) 100.00% 42.23% Compare
FHI Federated Hermes, Inc. $4.7B 11.6× 10.4× +8.07% (above 0%: growing) +11.94% (above 0%: growing) +18.31% (above 0%: growing) 100.00% 30.22%
OTF Blue Owl Technology Finance Corp. $4.4B 12.2× 20.5× +5.80% (above 0%: growing) −4.00% (below 0%: shrinking) +14.45% (above 0%: growing) 100.00% 0.00% Compare
CNS Cohen & Steers Inc $3.8B 22.4× 21.1× +11.08% (above 0%: growing) +1.23% (above 0%: growing) −62.01% (below 0%: shrinking) 100.00% 32.44% Compare
Median of peers $5.1B 15.9× 14.3× +4.90% +15.33% +14.08% 100.00% 58.62%

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Federated Hermes, Inc. (FHI) Latest News

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FHI metrics, ten years each

stockrow.com/FHI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com