Federated Hermes, Inc. (FHI) Balance Sheet
FHI balance sheet, 2025
December 31, 2025 · U.S. dollars$2.29B assets = $1.03B liabilities + $1.26B equity
Both columns are drawn to the same scale: what FHI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FHI financial health
Descriptive bands, not a rating. Fiscal 2025.
FHI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.16B2016 | $2.29B2025 | +7.9%/yr | |
| Total liabilities | $559.3M2016 | $1.03B2025 | +7.0%/yr | |
| Shareholders’ equity | $595.8M2016 | $1.20B2025 | +8.1%/yr | |
| Cash & short-term investments | $301.1M2016 | $725.6M2025 | +10.3%/yr | |
| Total debt | $191.2M2016 | $457.0M2025 | +10.2%/yr | |
| Net cash (debt) | $109.9M2016 | $268.6M2025 | +$158.7M | |
| Working capital | $197.2M2016 | $811.2M2025 | +$614.0M | |
| Book value per share | $6.012016 | $15.942025 | +11.4%/yr | |
| Debt / equity | 0.322016 | 0.382025 | +0.06 | |
| Shares outstanding | 99.1M2016 | 75.1M2025 | −3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FHI assets
FHI liabilities and equity
FHI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FHI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $725.6M | $641.0M | $560.7M | $521.8M | $426.7M | $438.8M | $340.6M | $190.5M | $369.5M | $301.1M |
| Cash & equivalents | $583.9M | $504.4M | $383.2M | $336.8M | $233.3M | $301.8M | $249.2M | $156.8M | $316.3M | $104.8M |
| Short-term investments | $141.8M | $136.6M | $177.5M | $185.0M | $193.3M | $137.0M | $91.5M | $33.7M | $53.3M | $196.3M |
| Receivables | $105.7M | $106.2M | $124.4M | $94.0M | $96.3M | $106.0M | $102.1M | $95.1M | $53.5M | $44.8M |
| Inventory | $0 | $0 | $0 | −$94.0M | −$96.3M | −$106.0M | −$102.1M | −$95.1M | −$53.5M | −$44.8M |
| Other current assets | $0 | $34.1M | $35.6M | $129.3M | $132.8M | $136.6M | $120.6M | $113.6M | $67.7M | $58.6M |
| Total current assets | $831.3M | $781.4M | $720.7M | $651.0M | $559.4M | $575.3M | $461.3M | $304.1M | $437.3M | $359.8M |
| Property, plant & equipment (net) | $120.6M | $130.3M | $130.0M | $128.6M | $155.3M | $174.7M | $152.2M | $53.2M | $37.7M | $39.3M |
| Goodwill & intangible assets | $2.04B | $1.13B | $1.22B | $1.21B | $1.27B | $1.28B | $1.22B | $1.15B | $736.9M | $1.39B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $3.7M | $0 | $73.9M | $70.4M |
| Other non-current assets | $0 | $40.4M | $34.5M | $31.3M | $33.4M | $28.8M | $42.1M | $37.1M | $0 | $0 |
| Total assets | $2.29B | $2.08B | $2.10B | $2.02B | $2.02B | $2.06B | $1.88B | $1.54B | $1.23B | $1.16B |
| Liabilities | ||||||||||
| Accounts payable | — | $97.2M | $88.3M | $73.9M | $64.0M | $61.7M | $69.0M | $56.1M | $47.6M | $54.2M |
| Short-term debt | $20.1M | $16.7M | $16.3M | $18.4M | $17.4M | $15.8M | $13.6M | $0 | $0 | $25.5M |
| Deferred revenue | — | — | −$88.3M | −$73.9M | −$64.0M | −$61.7M | −$69.0M | −$135.0M | −$170.0M | −$54.2M |
| Total current liabilities | $20.1M | $289.2M | $287.3M | $257.4M | $270.7M | $265.4M | $230.7M | $181.2M | $128.8M | $162.5M |
| Long-term debt | $348.4M | $348.1M | $347.8M | $347.6M | $223.3M | $75.0M | $100.0M | $135.0M | $170.0M | $165.8M |
| Lease obligations | $108.6M | $113.9M | $110.1M | $105.2M | $122.7M | $137.8M | $121.1M | — | — | — |
| Other long-term liabilities | $658.1M | $296.7M | $312.6M | $308.0M | $410.1M | $583.4M | $508.1M | $370.4M | $171.3M | $231.0M |
| Total liabilities | $1.03B | $934.0M | $947.7M | $913.0M | $904.2M | $923.8M | $838.9M | $686.6M | $470.2M | $559.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $532.6M | $503.5M | $475.0M | $441.1M | $1.65B | $1.46B | $1.32B | $1.14B | $1.04B | $851.2M |
| Retained earnings (deficit) | $1.53B | $1.26B | $1.19B | $1.02B | $1.19B | $1.03B | $930.4M | $791.8M | $697.4M | $529.7M |
| Treasury stock | — | — | — | — | −$538.5M | −$324.7M | −$281.0M | −$287.3M | −$278.7M | −$255.4M |
| Accumulated other comprehensive income | $6.5M | −$32.1M | −$19.9M | −$45.7M | $16.4M | $15.2M | −$249,000 | −$14.6M | −$790,000 | −$523,000 |
| Minority interest | $66.5M | $55.5M | $25.8M | $61.8M | — | — | — | — | — | $958,000 |
| Total shareholders' equity | $1.20B | $1.10B | $1.13B | $1.05B | $1.11B | $1.14B | $1.04B | $857.1M | $761.2M | $595.8M |
| Key figures | ||||||||||
| Total debt | $457.0M | $462.0M | $457.9M | $452.8M | $240.8M | $90.8M | $113.6M | $135.0M | $170.0M | $191.2M |
| Net cash (debt) | $268.6M | $179.1M | $102.7M | $69.0M | $185.9M | $347.9M | $227.1M | $55.5M | $199.5M | $109.9M |
| Working capital | $811.2M | $492.2M | $433.4M | $393.6M | $288.7M | $309.9M | $230.6M | $122.9M | $308.4M | $197.2M |
| Tangible book value | −$838.8M | −$37.5M | −$88.4M | −$163.9M | −$156.1M | −$145.0M | −$179.5M | −$292.1M | $24.3M | −$796.5M |
| Book value per share | $15.94 | $13.79 | $13.45 | $12.19 | $11.90 | $11.79 | $10.71 | $8.84 | $7.81 | $6.01 |
| Shares outstanding | 75.1M | 79.4M | 83.9M | 85.8M | 93.6M | 96.4M | 97.3M | 96.9M | 97.4M | 99.1M |
| Current ratio | 41.26 | 2.70 | 2.51 | 2.53 | 2.07 | 2.17 | 2.00 | 1.68 | 3.39 | 2.21 |
| Quick ratio | 41.26 | 2.58 | 2.38 | 2.39 | 1.93 | 2.05 | 1.92 | 1.58 | 3.28 | 2.13 |
| Debt / equity | 0.38 | 0.42 | 0.41 | 0.43 | 0.22 | 0.08 | 0.11 | 0.16 | 0.22 | 0.32 |
| Equity / assets | 52.3% | 52.5% | 53.7% | 51.8% | 55.2% | 55.2% | 55.4% | 55.5% | 61.8% | 51.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $420.6M | $645.4M | $725.6M | $647.4M | $607.5M | $541.8M | $641.0M | $565.0M | $452.9M | $558.5M | $560.7M | $554.4M |
| Cash & equivalents | $301.7M | $513.9M | $583.9M | $506.3M | $371.0M | $387.6M | $504.4M | $375.0M | $307.4M | $359.8M | $383.2M | $377.0M |
| Short-term investments | $118.9M | $131.5M | $141.8M | $141.1M | $236.5M | $154.3M | $136.6M | $190.1M | $145.4M | $198.8M | $177.5M | $177.5M |
| Receivables | $123.8M | $93.7M | $105.7M | $102.4M | $102.5M | $103.0M | $106.2M | $118.2M | $116.6M | $120.9M | $124.4M | $72.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | −$140.3M | −$348.2M | $380.8M | $648.0M | $0 | −$72.5M |
| Other current assets | $116.1M | $0 | $0 | $52.5M | $0 | $33.7M | $174.4M | $388.2M | $0 | $0 | $35.6M | $157.2M |
| Total current assets | $660.5M | $739.1M | $831.3M | $802.3M | $607.5M | $678.6M | $781.4M | $723.2M | $613.3M | $719.7M | $720.7M | $711.7M |
| Property, plant & equipment (net) | $26.4M | $117.5M | $120.6M | $129.0M | $124.7M | $123.9M | $130.3M | $118.0M | $124.6M | $124.2M | $130.0M | $132.6M |
| Goodwill & intangible assets | $1.50B | $2.02B | $2.37B | $1.20B | $1.21B | $1.14B | $1.13B | $1.16B | $1.14B | $1.21B | $1.22B | $1.20B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $140.4M | $0 | $0 | $54.9M | $212.3M | $60.8M | $40.4M | $40.2M | $31.9M | $33.1M | $34.5M | $32.6M |
| Total assets | $2.33B | $2.14B | $2.29B | $2.18B | $2.15B | $2.00B | $2.08B | $2.04B | $1.91B | $2.09B | $2.10B | $2.08B |
| Liabilities | ||||||||||||
| Accounts payable | $104.4M | $102.2M | — | — | $88.3M | $92.4M | $97.2M | $98.1M | $92.6M | $88.4M | $88.3M | $79.7M |
| Short-term debt | $20.0M | $18.9M | $20.1M | $18.2M | $17.6M | $16.9M | $16.7M | $16.2M | $16.4M | $16.1M | $16.3M | $15.9M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$16.4M | $90.3M | −$88.3M | −$79.7M |
| Total current liabilities | $254.8M | $18.9M | $20.1M | $256.4M | $225.7M | $223.0M | $289.2M | $263.1M | $223.4M | $212.5M | $287.3M | $255.6M |
| Long-term debt | $0 | $348.4M | $348.4M | $348.3M | $348.2M | $348.2M | $348.1M | $348.0M | $348.0M | $347.9M | $347.8M | $347.8M |
| Lease obligations | — | $102.1M | $108.6M | $112.5M | $112.3M | $110.9M | $113.9M | $99.8M | $102.2M | $105.7M | $110.1M | $111.9M |
| Other long-term liabilities | $678.5M | $513.6M | $658.1M | $326.8M | $300.5M | $287.6M | $296.7M | $289.4M | $292.6M | $306.0M | $312.6M | $306.3M |
| Total liabilities | $933.3M | $881.0M | $1.03B | $931.5M | $874.5M | $858.7M | $934.0M | $900.6M | $864.0M | $866.4M | $947.7M | $909.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $551.1M | $544.9M | $532.6M | $526.7M | $521.0M | $514.6M | $503.5M | $497.5M | $491.4M | $485.3M | $475.0M | $468.3M |
| Retained earnings (deficit) | $1.67B | $1.59B | $1.53B | $1.46B | $1.38B | $1.32B | $1.26B | $1.21B | $1.15B | $1.23B | $1.19B | $1.15B |
| Accumulated other comprehensive income | −$1.5M | −$2.4M | $6.5M | $5.4M | $15.7M | −$16.9M | −$32.1M | $888,000 | −$24.6M | −$25.1M | −$19.9M | −$43.4M |
| Minority interest | — | $58.5M | $66.5M | $63.5M | $163.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.25B | $1.20B | $1.20B | $1.19B | $1.11B | $1.08B | $1.10B | $1.08B | $1.02B | $1.15B | $1.13B | $1.10B |
| Key figures | ||||||||||||
| Total debt | $451.9M | $450.5M | $457.0M | $460.9M | $460.5M | $459.1M | $462.0M | $447.8M | $450.2M | $453.6M | $457.9M | $363.6M |
| Net cash (debt) | −$31.3M | $194.9M | $268.6M | $186.5M | $147.0M | $82.7M | $179.1M | $117.2M | $2.7M | $104.9M | $102.7M | $190.8M |
| Working capital | $405.7M | $720.2M | $811.2M | $545.9M | $381.8M | $455.6M | $492.2M | $460.0M | $389.9M | $507.2M | $433.4M | $456.1M |
| Tangible book value | −$250.2M | −$818.6M | −$1.17B | −$8.7M | −$92.9M | −$62.7M | −$37.5M | −$72.6M | −$124.6M | −$62.6M | −$88.4M | −$103.5M |
| Book value per share | $17.35 | $16.58 | $16.22 | $15.72 | $14.60 | $13.88 | $13.99 | $13.77 | $12.71 | $14.22 | $13.76 | $13.14 |
| Shares outstanding | 72.2M | 72.7M | 73.8M | 75.5M | 76.3M | 77.5M | 78.3M | 78.7M | 80.0M | 80.7M | 82.0M | 83.7M |
| Current ratio | 2.59 | 39.13 | 41.26 | 3.13 | 2.69 | 3.04 | 2.70 | 2.75 | 2.75 | 3.39 | 2.51 | 2.78 |
| Quick ratio | 2.14 | 39.13 | 41.26 | 2.92 | 3.15 | 2.89 | 2.58 | 2.60 | 2.55 | 3.20 | 2.38 | 2.45 |
| Debt / equity | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.43 | 0.42 | 0.41 | 0.44 | 0.40 | 0.41 | 0.33 |
| Equity / assets | 53.8% | 56.2% | 52.3% | 54.4% | 51.8% | 53.8% | 52.5% | 53.2% | 53.2% | 55.0% | 53.7% | 52.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
FHI financial position
At the end of fiscal 2025 (December 31, 2025), Federated Hermes had total assets of $2.3 billion (up 9.9% from a year earlier), total liabilities of $1.0 billion and shareholders' equity of $1.2 billion. It held $725.6 million in cash and short-term investments against $457.0 million of debt, a net cash position of $268.6 million. Its current ratio was 41.26. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity $1.3 billion.
Related: FHI income statement, FHI cash flow statement, FHI key metrics. See the FHI stock overview for the latest quote and news.
FHI balance sheet FAQ
What are Federated Hermes's total assets?
Federated Hermes reported total assets of $2.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Federated Hermes have?
Federated Hermes had $457.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.38.
How much cash does Federated Hermes have?
Federated Hermes held $725.6 million in cash and short-term investments at the end of fiscal 2025; with $457.0 million of debt that is net cash of $268.6 million.
What is Federated Hermes's book value?
Federated Hermes's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $15.94 per share.
What is Federated Hermes's current ratio?
Federated Hermes had current assets of $831.3 million and current liabilities of $20.1 million, a current ratio of 41.26 (it can cover its short-term obligations).
How much goodwill does Federated Hermes have?
Federated Hermes carried $2.0 billion of goodwill and intangible assets, 88.9% of total assets, at the end of fiscal 2025.