FHI

MKT CAP:$4B

Federated Hermes, Inc.

Market Cap

$4B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$55.86+$3.49 (+6.66%)

Apr 24, 2026

Company Details

Federated Hermes, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, including high net worth individuals, banking or thrift institutions, investment companies...

CEO

John Christopher Donahue

IPO Date

May 14, 1998

Website

www.federatedinvestors.com

Key Metrics TTM

Revenue

$1.4B

+30.9% YoY

Net Income

$225M

EPS (Diluted)

$2.38

Free Cash Flow

$76M

Revenue / Share

$18.08

Gross Margin

63.9%

Operating Margin

21.3%

Net Margin

15.6%

FCF Margin

5.2%

P/S

2.9x

P/E

18.7x

Earnings Reports

Q3 2024

Apr 30, 2026

PENDING

FY 2024

Feb 28, 2025

$1.6BEPS $3.23

Q2 2024

Jul 26, 2024

$403MEPS $0.20

Q1 2024

Apr 26, 2024

$396MEPS $0.89

FY 2021

Feb 25, 2022

$1.3BEPS $2.75

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$278M	$206M	$91M
Q1 18	$264M	$185M	$80M
Q2 18	$256M	$182M	$81M
Q4 18	$307M	$208M	$88M
Q1 19	$307M	$196M	$71M
Q1 21	$341M	$198M	$97M
Q1 24	$396M	$260M	$99M
Q2 24	$403M	$272M	$41M

Valuation

Quarter	P/S	P/E
Q4 17	—	—
Q1 18	—	—
Q2 18	—	—
Q4 18	3.8x	14.4x
Q1 19	3.7x	19.5x
Q1 21	3.5x	18.3x
Q1 24	3.1x	15.8x
Q2 24	2.9x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$80M	$77M
Q1 18	$48M	$45M
Q2 18	$88M	$86M
Q4 18	$120M	$115M
Q1 19	$17M	$12M
Q1 21	-$30M	-$32M
Q1 24	$14M	$13M
Q2 24	$89M	$83M

Capital Expenditures

Quarter	CapEx
Q4 17	$3M
Q1 18	$3M
Q2 18	$2M
Q4 18	$5M
Q1 19	$5M
Q1 21	$2M
Q1 24	$569.0K
Q2 24	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+10.3%	+26.0%
Q1 21	+29.3%	+32.3%
Q1 24	+54.8%	+69.9%
Q2 24	+31.0%	+65.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$5M	1.9%
Q1 18	$7M	2.6%
Q2 18	$6M	2.3%
Q4 18	$6M	1.8%
Q1 19	$9M	3.0%
Q1 21	$12M	3.4%
Q1 24	$10M	2.6%
Q2 24	$6M	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 17	$29M	$83M
Q1 18	$28M	$76M
Q2 18	$28M	$73M
Q4 18	$37M	$79M
Q1 19	$38M	$82M
Q1 21	$45M	$47M
Q1 24	$50M	$99M
Q2 24	$53M	$100M

Revenue Segments

Quarter	Administrative Services	Asset Management Revenue	Distribution revenue member	Other Revenue	Administrative Service	Distribution and Shareholder Service	Investment Advice - Other	Investment Advice-Affiliates	Financial Service, Other	Federated Hermes Funds	Separate accounts	Other
Q1 18	$49M	$174M	$38M	$3M	—	—	—	—	—	—	—	—
Q2 18	—	—	—	—	$48M	$39M	$38M	$131M	—	—	—	—
Q1 19	—	—	—	—	$54M	$39M	$56M	$156M	$3M	—	—	—
Q1 21	—	—	—	—	—	—	—	—	—	$274M	$64M	—
Q1 24	—	—	—	—	—	—	—	—	—	$331M	$62M	$4M
Q2 24	—	—	—	—	—	—	—	—	—	$339M	$60M	$4M

Revenue by Geography

Quarter	Non-US	United States
Q1 18	$8M	$256M
Q2 18	$7M	$249M
Q4 18	$58M	$249M
Q1 19	$55M	$252M
Q1 21	$85M	$256M
Q1 24	$61M	$335M
Q2 24	$62M	$341M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$262M	$195M	$457M
Q2 22	$249M	$181M	$430M
Q3 22	$305M	$177M	$481M
Q4 22	$337M	$185M	$522M
Q1 23	$324M	$164M	$488M
Q2 23	$343M	$178M	$521M
Q3 23	$377M	$177M	$554M
Q4 23	$383M	$177M	$561M
Q1 24	$360M	$199M	$559M
Q2 24	$307M	$145M	$453M
Q3 24	$375M	$190M	$565M
Q4 24	$504M	$137M	$641M
Q1 25	$388M	$154M	$542M
Q2 25	$371M	$236M	$607M
Q3 25	$506M	$141M	$647M
Q4 25	$584M	$142M	$726M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	97M	—	—
Q1 18	97M	+0.1%	—
Q2 18	97M	+0.0%	—
Q4 18	97M	-0.4%	—
Q1 19	97M	+0.2%	-0.1%
Q1 21	95M	-1.8%	-2.0%
Q1 24	81M	-15.2%	-17.0%
Q2 24	80M	-0.8%	-17.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	$193.1K	1K
Q1 18	$183.1K	1K
Q2 18	$177.6K	1K
Q4 18	$163.6K	2K
Q1 19	$163.5K	2K
Q1 21	$171.8K	2K
Q1 24	$195.7K	2K
Q2 24	$198.8K	2K

Revenue / Employee