Federated Hermes vs Victory Capital Holdings
Federated Hermes is the larger business, with $1.80bn of revenue in fiscal 2025 against $1.31bn for Victory Capital Holdings (1.4 times as much). Victory Capital Holdings grew faster (46.2% against 10.3%). Victory Capital Holdings kept more of each dollar of sales as profit: a net margin of 25.3% against 22.4%. Federated Hermes carries less debt relative to equity (29.1% against 40.0%).
| Latest fiscal year | Federated HermesFHI, 2025 | Victory Capital HoldingsVCTR, 2025 |
|---|---|---|
| Revenue | $1.80bn | $1.31bn |
| Revenue growth | 10.3% | 46.2% |
| Net income | $403m | $330m |
| Operating margin | 28.5% | 36.6% |
| Net margin | 22.4% | 25.3% |
| Return on equity | 35.2% | 18.6% |
| Free cash flow | $295m | $381m |
| Cash | $583m | $164m |
| Total debt | $348m | $970m |
| Debt to equity | 29.1% | 40.0% |
| Dividend per share | $1.33 | $1.94 |
| Dividend yield | 2.5% | 2.4% |
| Share buybacks | $263m | $196m |
| Employees | 2,091 | 699 |
| Market value | $4.44bn | $7.04bn |
| Price vs our value range | — | — |
| Moat score | 94 (Strong) | 85 (Strong) |
| Insider trades, 12 months | 0 buys, 32 sales | 0 buys, 0 sales |