Federated Hermes
FHI on NYSE. Federated Hermes sells investment funds and management services to institutions and individuals. Market value $3.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 24 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.39.
Profit per $100 you pay: $9.70.
Quality score: 71 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$56.56 a share, 21% above its 1-year low
Over the past year the price has ranged from $46.66 to $67.20.
Dividend: 2.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.4bn | $1.6bn | $1.6bn | $1.8bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.09bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 4.5% a year
- Buying back its own sharesYes, 20% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $503 million last quarter, up 18% on a year ago.
- Profit: $104 million, up 15% on a year ago.
- Spare cash over the past 12 months: $367 million, up from $278 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $408m |
| December 2024 | $425m |
| March 2025 | $424m |
| June 2025 | $425m |
| September 2025 | $469m |
| December 2025 | $483m |
| March 2026 | $479m |
| June 2026 | $503m |
| Quarter to | Amount |
|---|---|
| September 2024 | $88m |
| December 2024 | $85m |
| March 2025 | $101m |
| June 2025 | $91m |
| September 2025 | $104m |
| December 2025 | $107m |
| March 2026 | $96m |
| June 2026 | $104m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 391 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $158m
- Share of fund
- 0.3%
- Royce & AssociatesChuck Royce
- Value
- $17m
- Share of fund
- 0.1%
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $14m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $5m
- Share of fund
- <0.1%
- Horizon KineticsMurray Stahl
- Value
- $464,897
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $158m | 0.3% | |
| Royce & AssociatesChuck Royce | $17m | 0.1% | |
| Hotchkis & WileyHotchkis & Wiley team | $14m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $5m | <0.1% | |
| GMOJeremy Grantham | $1m | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $464,897 | <0.1% |
Largest holders overall
- BlackRock$334mAdded
- FMR$258m
- Vanguard Portfolio Management$243mCut
- Schneider Downs Wealth Management Advisors, LP$196mAdded
- Vanguard Capital Management$176m
- LSV Asset Management$158m
- Fuller & Thaler Asset Management$147m
- Charles Schwab Investment Management$146mAdded
- Invesco$139mAdded
- AQR Capital Management$136mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.4%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor6.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.4% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 6.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $13m.
- Germain Peter JEVP, CLO & Sec.Sold
- Date
- 20 August 2026
- Shares
- 5,000
- Price
- $63.17
- Value
- $315,867
- Nusseibeh Saker AnwarCEO, Federated Hermes LimitedSold
- Date
- 4 August 2026
- Shares
- 7,030
- Price
- $64.24
- Value
- $451,640
- Van Meter StephenVP, Chief Compliance OfficerSold
- Date
- 23 June 2026
- Shares
- 1,682
- Price
- $59.64
- Value
- $100,314
- Uhlman Paul AVice PresidentSold
- Date
- 16 June 2026
- Shares
- 6,145
- Price
- $58.67
- Value
- $360,527
- Nusseibeh Saker AnwarCEO, Federated Hermes LimitedSold
- Date
- 8 June 2026
- Shares
- 8,950
- Price
- $57.34
- Value
- $513,193
- Germain Peter JEVP, CLO & Sec.Sold
- Date
- 26 May 2026
- Shares
- 409
- Price
- $55.31
- Value
- $22,622
- Uhlman Paul AVice PresidentSold
- Date
- 26 May 2026
- Shares
- 1,021
- Price
- $55.31
- Value
- $56,472
- Germain Peter JEVP, CLO & Sec.Sold
- Date
- 15 May 2026
- Shares
- 5,000
- Price
- $54.30
- Value
- $271,500
- Burke Bryan MVice PresidentSold
- Date
- 7 May 2026
- Shares
- 4,000
- Price
- $54.20
- Value
- $216,800
- DONAHUE THOMAS RVP, CFO & Treasurer, DirectorSold
- Date
- 13 March 2026
- Shares
- 30,000
- Price
- $57.10
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 August 2026 | Germain Peter J EVP, CLO & Sec. | Sold | 5,000 | $63.17 | $315,867 |
| 4 August 2026 | Nusseibeh Saker Anwar CEO, Federated Hermes Limited | Sold | 7,030 | $64.24 | $451,640 |
| 23 June 2026 | Van Meter Stephen VP, Chief Compliance Officer | Sold | 1,682 | $59.64 | $100,314 |
| 16 June 2026 | Uhlman Paul A Vice President | Sold | 6,145 | $58.67 | $360,527 |
| 8 June 2026 | Nusseibeh Saker Anwar CEO, Federated Hermes Limited | Sold | 8,950 | $57.34 | $513,193 |
| 26 May 2026 | Germain Peter J EVP, CLO & Sec. | Sold | 409 | $55.31 | $22,622 |
| 26 May 2026 | Uhlman Paul A Vice President | Sold | 1,021 | $55.31 | $56,472 |
| 15 May 2026 | Germain Peter J EVP, CLO & Sec. | Sold | 5,000 | $54.30 | $271,500 |
| 7 May 2026 | Burke Bryan M Vice President | Sold | 4,000 | $54.20 | $216,800 |
| 13 March 2026 | DONAHUE THOMAS R VP, CFO & Treasurer, Director | Sold | 30,000 | $57.10 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.