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Federated Hermes, Inc. (FHI) stock

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NYSE: FHI NYSE Asset Management & Custody Banks Next results ~January 28, 2027

B Fundamentals grade

Federated Hermes, Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$75

Valuation models combined (4)

Base case. Range ~$54–$93. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly undervalued

The price is inside our value range, 17% below our base value.

Price used: $62.56, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds167 adding, 192 cuttingOf 45 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Federated Hermes files

10-Q filed October 30: Federated Hermes

Model value +12.2%

Revenue for the twelve months to September 2026 was $1.97bn, up 13.2% on a year earlier, slower than the 15.0% growth a quarter earlier. The diluted share count is down 5.1% on a year earlier, which lifts each remaining share. Our model value rises from $69.28 to $77.75 a share, against a share price of $58.48. The rating stays Hold.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Federated Hermes stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.93bn, up 15.0% on a year earlier, faster than the 11.9% growth a quarter earlier. The diluted share count is down 5.6% on a year earlier, which lifts each remaining share. Our cash-flow model value is $69.28 a share, against a share price of $57.01.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Federated Hermes, Inc.'s trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 19.6%. Where it stands out: change in share count of -5.1% ranks 4 of 33 asset management & custody banks companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 48.8% while net income grew 10.1%: a 39pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Priced below our value. The share price of $62.56 is 20% below our value per share of $75.
  • High operating margin. 27.8% of revenue is left as operating profit, against a median of 23.7% for asset management & custody banks companies we cover.
  • Shrinking share count. Diluted shares fell 5.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 10 insiders sold $13M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: change in growth rate. Change in growth rate of -1.9pp ranks 34 of 43 asset management & custody banks companies we cover (median +1.0pp).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.50 against an average estimate of $1.44: beat by 3.9%
Revenue
$507m, up 8.1% on a year earlier
Share reaction
+3.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $1.43

Federated Hermes' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.0%
  • 1 week+9.9%
  • 1 month+11.6%
  • This year+22.5%
  • 1 year+32.5%
  • 5 years+116.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
27.8%
Net margin
21.3%
EPS (TTM, diluted)
$5.80

Growth

Revenue growth
+13.2%
Change in growth rate
−1.9 pts
Share count change
−5.1%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$75
Price used
$62.48close November 3, 2026
Implied change
▲ +20%
Uncertainty
Medium

How we got here: the combined value of 4 valuation models built for a business like Federated Hermes, Inc. (see the models table below and how they are combined) , with a 8.31% cost of equity. The models span ~$54–~$93; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Federated Hermes, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$54 ~$45–$71 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$92 ~$68–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$82 ~$69–$100 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$27 ~$28–$78 Left out: far from the other models (more than 3x away from their median)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$93 ~$76–$120 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$75 ~$54–$93 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Federated Hermes, Inc. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

94 /100

Strong moat

How hard Federated Hermes's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 15.4% of total assets over 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.9%; its worst year was 21.9%.

  • Discipline 20 / 20

    The diluted share count fell 23.5% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (99 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $507m and EPS of $1.43 (range $1.42 to $1.45) for the quarter.

Analysts' consensus

Federated Hermes, Inc.: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $5.60 +9% $2.0bn +11%
Next $5.96 +6% $2.1bn +4%

Next year's EPS estimate has moved +2.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.5% on 90 days ago. In the last 30 days, 2 analysts raised Federated Hermes, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Federated Hermes, Inc., last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.26 Current fiscal year, 60 days ago: $5.48 Current fiscal year, 30 days ago: $5.57 Current fiscal year, 7 days ago: $5.57 Current fiscal year, Now: $5.60 $5.60 Next fiscal year, 90 days ago: $5.80 Next fiscal year, 60 days ago: $5.87 Next fiscal year, 30 days ago: $5.90 Next fiscal year, 7 days ago: $5.90 Next fiscal year, Now: $5.96 $5.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.26$5.80
60 days ago $5.48$5.87
30 days ago $5.57$5.90
7 days ago $5.57$5.90
Now $5.60$5.96

Earnings against estimates

Federated Hermes, Inc.: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $1.44 $1.50 +3.9%
Jun 2026 $1.19 $1.38 +16.1%
Mar 2026 $1.19 $1.27 +7.1%
Dec 2025 $1.22 $1.39 +13.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Federated Hermes, Inc.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

8 analysts, Oct 2026
Buy113%
Hold675%
Sell113%

Monthly trend

  1. Oct 20261618
  2. Sep 20261618
  3. Aug 20261618
  4. Jul 20261618

Counts of recommendations published by analysts covering Federated Hermes, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
5.32
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
3.9%
of shares
Employees
2,091
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +32.5%

$47.22 on October 31, 2025 to $62.56

Federated Hermes, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $1.7bn $1.9bn +15.0%
Net margin 21.7% 21.3% −1.7%
P/E multiple 10.0x 11.1x +10.7%
Share count 77m 73m +5.9%

Biggest factor: revenue.

Last 3 years +116.1%

$28.95 on November 3, 2023 to $62.56

Federated Hermes, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $1.6bn $1.9bn +23.1%
Net margin 17.0% 21.3% +24.9%
P/E multiple 9.2x 11.1x +21.1%
Share count 85m 73m +16.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Federated Hermes, Inc.: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
FHI+35%−0%−4%+30%+31%+23%
Industry peers (median)+33%−17%+19%+15%−4%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FHI58%50%67%75%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FHI−15%−27%−30%−11%−14%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from February 6, 2020 to March 23, 2020. Getting back needed a 185% gain, reached on June 16, 2021, 450 days after the low.

Price behaviour

52-week range
$46.63 – $65.39
From 52-week high
−4.3%
vs 50-day average
+6.8%
vs 200-day average
+9.7%
Volatility (1 year)
25%
Beta vs S&P 500
0.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.3%
After a week
6 up, 5 down
typical move ±3.7%
After a month
7 up, 4 down
typical move ±5.7%
Federated Hermes, Inc.: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +3.0% −2.1% — —
July 30, 2026 −0.2% +2.4% +5.3% +7.9%
April 30, 2026 −4.0% +1.3% −3.6% −0.1%
January 29, 2026 +0.7% −0.5% −1.1% +8.4%
October 30, 2025 +1.7% −0.8% +4.6% +5.4%
July 31, 2025 −0.9% −2.0% +2.4% +7.6%
April 24, 2025 +6.0% +2.8% +7.7% +12.1%
January 30, 2025 +0.8% 0.0% 0.0% −1.3%
October 24, 2024 +1.6% +0.2% +5.5% +12.2%
July 25, 2024 +0.8% +0.6% −3.0% −0.9%
April 25, 2024 −6.2% +0.6% −5.7% −3.2%
January 25, 2024 +2.2% +0.4% +1.9% +3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Federated Hermes, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Federated Hermes, Inc.
$1.5B $1.6B $1.7B $1.8B $1.9B $2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.6B Revenue (TTM), FY24 Q1: $1.6B Revenue (TTM), FY24 Q2: $1.6B Revenue (TTM), FY24 Q3: $1.6B Revenue (TTM), FY24 Q4: $1.6B Revenue (TTM), FY25 Q1: $1.7B Revenue (TTM), FY25 Q2: $1.7B Revenue (TTM), FY25 Q3: $1.7B Revenue (TTM), FY25 Q4: $1.8B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B Revenue (TTM), FY26 Q3: $2B $2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.6B
FY24 Q1 $1.6B
FY24 Q2 $1.6B
FY24 Q3 $1.6B
FY24 Q4 $1.6B
FY25 Q1 $1.7B
FY25 Q2 $1.7B
FY25 Q3 $1.7B
FY25 Q4 $1.8B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
FY26 Q3 $2B
Revenue growth, TTM YoY Federated Hermes, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.3% Revenue growth, TTM YoY, FY24 Q1: 8.0% Revenue growth, TTM YoY, FY24 Q2: 1.4% Revenue growth, TTM YoY, FY24 Q3: 0.4% Revenue growth, TTM YoY, FY24 Q4: 1.4% Revenue growth, TTM YoY, FY25 Q1: 2.2% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 9.0% Revenue growth, TTM YoY, FY25 Q4: 10.3% Revenue growth, TTM YoY, FY26 Q1: 11.9% Revenue growth, TTM YoY, FY26 Q2: 15.0% Revenue growth, TTM YoY, FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.3%
FY24 Q1 8.0%
FY24 Q2 1.4%
FY24 Q3 0.4%
FY24 Q4 1.4%
FY25 Q1 2.2%
FY25 Q2 5.5%
FY25 Q3 9.0%
FY25 Q4 10.3%
FY26 Q1 11.9%
FY26 Q2 15.0%
FY26 Q3 13.2%
Operating margin (TTM) Federated Hermes, Inc.
20% 22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.1% Operating margin (TTM), FY24 Q1: 24.7% Operating margin (TTM), FY24 Q2: 21.5% Operating margin (TTM), FY24 Q3: 22.1% Operating margin (TTM), FY24 Q4: 22.1% Operating margin (TTM), FY25 Q1: 23.8% Operating margin (TTM), FY25 Q2: 28.0% Operating margin (TTM), FY25 Q3: 28.0% Operating margin (TTM), FY25 Q4: 28.5% Operating margin (TTM), FY26 Q1: 27.4% Operating margin (TTM), FY26 Q2: 27.1% Operating margin (TTM), FY26 Q3: 27.8% 27.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.1%
FY24 Q1 24.7%
FY24 Q2 21.5%
FY24 Q3 22.1%
FY24 Q4 22.1%
FY25 Q1 23.8%
FY25 Q2 28.0%
FY25 Q3 28.0%
FY25 Q4 28.5%
FY26 Q1 27.4%
FY26 Q2 27.1%
FY26 Q3 27.8%
FCF margin (TTM) Federated Hermes, Inc.
14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 18.9% FCF margin (TTM), FY24 Q1: 19.3% FCF margin (TTM), FY24 Q2: 20.5% FCF margin (TTM), FY24 Q3: 21.5% FCF margin (TTM), FY24 Q4: 21.0% FCF margin (TTM), FY25 Q1: 20.6% FCF margin (TTM), FY25 Q2: 16.5% FCF margin (TTM), FY25 Q3: 14.9% FCF margin (TTM), FY25 Q4: 16.4% FCF margin (TTM), FY26 Q1: 16.4% FCF margin (TTM), FY26 Q2: 19.0% FCF margin (TTM), FY26 Q3: 19.6% 19.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 18.9%
FY24 Q1 19.3%
FY24 Q2 20.5%
FY24 Q3 21.5%
FY24 Q4 21.0%
FY25 Q1 20.6%
FY25 Q2 16.5%
FY25 Q3 14.9%
FY25 Q4 16.4%
FY26 Q1 16.4%
FY26 Q2 19.0%
FY26 Q3 19.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Federated Hermes, Inc.: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,176 952 895 946 878 859 927 1,143 1,103 1,136 1,327 1,448 1,300 1,446 1,610 1,632 1,801 1,972
EBITDA 353 331 272 323 262 248 289 345 352 347 364 434 382 352 401 371 522 —
Operating income 329 310 257 313 252 238 279 336 342 330 348 418 366 337 388 361 514 548
Net income 197 179 151 188 162 149 170 209 291 220 272 326 270 239 299 268 403 420
Diluted EPS $1.92 $1.73 $1.45 $1.79 $1.55 $1.42 $1.62 $2.03 $2.87 $2.18 $2.69 $3.23 $2.75 $2.65 $3.40 $3.23 $5.13 $5.80
Growth (year on year)
Revenue −3.9% −19.0% −6.0% +5.7% −7.1% −2.2% +7.8% +23.4% −3.5% +3.0% +16.8% +9.1% −10.2% +11.2% +11.3% +1.4% +10.3% +13.2%
EBITDA −8.5% −6.3% −17.8% +18.8% −18.8% −5.4% +16.4% +19.7% +2.0% −1.4% +4.9% +19.1% −12.1% −7.8% +13.8% −7.5% +40.9% —
Operating income −8.8% −5.9% −16.9% +21.4% −19.5% −5.5% +17.4% +20.1% +1.7% −3.3% +5.3% +20.2% −12.4% −8.0% +15.1% −6.7% +42.2% +12.1%
Net income −12.0% −9.2% −15.7% +24.6% −13.8% −8.0% +13.8% +23.0% +39.5% −24.4% +23.6% +19.8% −17.2% −11.4% +24.8% −10.3% +50.3% +10.1%
Diluted EPS −11.9% −9.9% −16.2% +23.4% −13.4% −8.4% +14.1% +25.3% +41.4% −24.0% +23.4% +20.1% −14.9% −3.6% +28.3% −5.0% +58.8% +16.1%
Margins
EBITDA margin 30.0% 34.8% 30.4% 34.2% 29.8% 28.9% 31.2% 30.2% 31.9% 30.6% 27.5% 30.0% 29.3% 24.3% 24.9% 22.7% 29.0% —
Operating margin 28.0% 32.5% 28.8% 33.1% 28.7% 27.7% 30.2% 29.4% 31.0% 29.1% 26.2% 28.9% 28.2% 23.3% 24.1% 22.1% 28.5% 27.8%
Net margin 16.8% 18.8% 16.9% 19.9% 18.5% 17.4% 18.3% 18.3% 26.4% 19.4% 20.5% 22.5% 20.8% 16.6% 18.6% 16.4% 22.4% 21.3%
Free-cash-flow margin 21.1% 21.9% 11.8% 32.5% 28.5% 21.4% 24.5% 22.1% 34.2% 16.6% 24.1% 24.8% 12.3% 22.1% 18.9% 21.0% 16.4% 19.6%
Cash flow
Cash from operations 275 216 113 316 261 192 233 266 387 206 335 373 170 324 312 347 297 405
Capital spending 26 8 8 9 10 9 6 13 10 17 15 14 10 4 8 4 3 20
Free cash flow 248 208 105 308 251 184 227 253 378 189 320 360 160 320 304 343 295 386
Stock-based pay 19 19 19 20 21 22 23 22 23 24 25 27 30 35 34 29 29 30
Free cash flow after stock pay 230 189 86 288 230 162 204 230 355 165 295 333 130 285 270 314 265 355
Balance sheet
Cash 90 199 49 68 104 115 173 105 316 157 249 302 233 337 383 504 583 374
Total debt 0 0 0 0 0 0 0 0 170 160 0 0 223 348 348 348 348 349
Net debt (negative = net cash) −90 −199 −49 −68 −104 −115 −173 −105 −146 3 −249 −302 −10 11 −35 −156 −234 −25
Diluted shares 100m 100m 101m 100m 101m 101m 100m 99m 97m 97m 97m 97m 94m 86m 84m 79m 75m 72m
Returned to shareholders
Dividends 98 229 100 257 103 105 105 205 102 107 109 208 106 98 98 185 105 109
Buybacks 20 13 29 7 13 27 54 82 49 29 16 67 228 218 177 138 263 263
Total returned 119 242 129 263 116 132 158 287 150 136 125 275 334 316 275 322 368 373

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$263M
Dividends (TTM)
$109M
Returned to shareholders
97%
of free cash flow
Buybacks, last 3 fiscal years
$577M
Diluted share count
−5.1%
year over year
Total shareholder yield
8.4%
dividends 2.5% + buybacks 5.9% of market value
Dividend payout ratio
26%
of net income paid out

Competitors: side by side with peers

Closest by revenue in asset management & custody banks
Growth, margins and cash generation against peers
Last 12 months unless stated FHI STEP AMG VCTR SEIC OWL Median
Revenue, last 12 months $2.0bn $2.0bn $2.3bn $1.6bn $2.5bn $3.1bn $858m
Revenue growth, last 12 months 13.2% 48.5% 11.8% 51.5% 12.8% 11.8% 17.2%
Revenue growth, 3-year average 7.4% 120.4% 1.9% 24.2% 10.2% 23.4% 10.2%
Revenue growth, latest quarter 8.1% 4.0% 29.9% 24.0% 14.4% 10.8% 14.4%
Operating margin 27.8% — 48.1% 41.3% 29.4% — 25.8%
Operating margin, 3-year average 26.0% — — 41.5% 27.1% — 18.8%
Net margin 21.3% −30.5% 37.7% 29.6% 28.1% 3.1% 15.2%
Cash from operations / revenue 20.5% −21.8% 47.2% 36.4% 27.3% 50.7% 26.4%
Free-cash-flow margin 19.6% −21.9% 46.9% 36.2% 26.3% 49.0% 21.9%
Free-cash-flow margin, 3-year average 18.6% 0.6% 46.9% 33.7% 26.5% 44.2% 17.6%
Stock pay / revenue 1.5% 90.9% −2.6% 2.2% 2.3% 24.0% 3.7%
Change in share count −5.1% 9.0% −8.0% −1.7% −3.8% — −0.2%

Median of all 43 companies we cover in asset management & custody banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 asset management & custody banks companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 13.2% 17.2% 24 of 43
Change in growth rate Growth -1.9pp +1.0pp 34 of 43
Operating margin Profitability 27.8% 23.7% 11 of 27
Net margin Profitability 21.3% 15.2% 19 of 43
Stock pay as % of revenue Cash generation 1.5% 4.3% 7 of 40
Change in share count Balance sheet -5.1% -0.3% 4 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Federated Hermes Funds $1.5B 84.0% ▲ 10.1%
Separateaccounts $256M 14.2% ▲ 6.4%
Other $33M 1.8% ▲ 83.7%
Geography
Region Revenue Share YoY
United States $1.6B 86.5% ▲ 12.5%
Outside the US $243M 13.5% ▼ 1.9%

From Federated Hermes, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$3.7B
Institutions reporting
390
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
40 / 49

Top buyers and sellers, Q2 2026: 167 institutions bought and 192 sold ; the biggest buyer was Citadel Advisors LLC (+951K shares) and the biggest seller Man Group PLC (−422K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $334M 6.0M 9.1% ▲ 2.0%
FMR LLC $258M 4.7M 7.0% ▲ 1.7%
Vanguard Portfolio Management LLC $243M 4.4M 6.6% ▼ 4.5%
Schneider Downs Wealth Management Advisors, LP $196M 3.6M 5.3% ▲ 30.2%
Vanguard Capital Management LLC $176M 3.2M 4.8% ▼ 1.1%
LSV Asset Management $158M 2.9M 4.3% ▼ 0.5%
Fuller & Thaler Asset Management, Inc. $147M 2.7M 4.0% ▲ 0.8%
Charles Schwab Investment Management Inc $146M 2.6M 4.0% ▲ 5.7%
Invesco Ltd. $139M 2.5M 3.8% ▲ 13.4%
AQR Capital Management LLC $136M 2.5M 3.7% ▼ 4.7%
Dimensional Fund Advisors LP $125M 2.3M 3.4% ▲ 0.8%
State Street Corp $102M 1.9M 2.8% ▲ 2.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Federated Hermes, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Germain Peter J EVP, CLO & Sec. August 20, 2026 Sell 5,000 $63.17 $315,850
Nusseibeh Saker Anwar CEO, Federated Hermes Limited August 4, 2026 Sell 6,400 $64.19 $410,816
Nusseibeh Saker Anwar CEO, Federated Hermes Limited August 4, 2026 Sell 630 $64.76 $40,799
Van Meter Stephen VP, Chief Compliance Officer June 23, 2026 Sell 1,682 $59.64 $100,314
Uhlman Paul A Vice President June 16, 2026 Sell 6,145 $58.67 $360,527
Nusseibeh Saker Anwar CEO, Federated Hermes Limited June 8, 2026 Sell 8,950 $57.34 $513,193
Uhlman Paul A Vice President May 26, 2026 Sell 1,021 $55.31 $56,472
Germain Peter J EVP, CLO & Sec. May 26, 2026 Sell 409 $55.31 $22,622
Germain Peter J EVP, CLO & Sec. May 15, 2026 Sell 5,000 $54.30 $271,500
Burke Bryan M Vice President May 7, 2026 Sell 4,000 $54.20 $216,800
Donahue Thomas R VP, CFO & Treasurer March 13, 2026 Sell 30,000 $57.10 $1.7M
Uhlman Paul A Vice President March 12, 2026 Sell 62,105 $56.15 $3.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Federated Hermes, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Federated Hermes, Inc. in brief

What does Federated Hermes, Inc. do?
Federated Hermes, Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What is Federated Hermes, Inc.'s stock ticker?
Federated Hermes, Inc. trades under the ticker FHI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Federated Hermes, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Federated Hermes, Inc. reported revenue of $2B, 13.2% higher than a year earlier, according to its SEC filings.
What is Federated Hermes, Inc.'s free cash flow?
Federated Hermes, Inc.'s free-cash-flow margin is 19.6% of revenue over the trailing twelve months.
Who are Federated Hermes, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Federated Hermes, Inc. buying back stock, and does it pay a dividend?
Federated Hermes, Inc. spent $263M on share repurchases over the trailing twelve months, and its diluted share count fell 5.1% over the year.
What is Federated Hermes, Inc.'s market cap?
On November 2, 2026, Federated Hermes, Inc.'s market capitalisation was about $4.5B, with a price-to-earnings ratio of 10.8 and net debt of -$25.1M. Market figures come from third-party market data and may be delayed.
Does Federated Hermes, Inc. pay a dividend?
Yes: Federated Hermes, Inc. paid $109M in dividends over the trailing twelve months, a dividend yield of 2.46% and a payout ratio of 26.1%.
Who are Federated Hermes, Inc.'s competitors?
In our Asset Management & Custody Banks peer group, the companies closest to Federated Hermes, Inc. are Stepstone Group Inc., Affiliated Managers Group, Inc., Victory Capital Holdings, Inc., SEI Investments Co and Blue OWL Capital Inc. The side-by-side comparison below sets their revenue, margins and growth against Federated Hermes, Inc.'s.
Are insiders buying or selling Federated Hermes, Inc. stock?
Over the last 12 months, Federated Hermes, Inc.'s directors and officers reported 0 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Federated Hermes, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Federated Hermes, Inc. announces its own schedule.