Federated Hermes, Inc. (FHI) Key Metrics
FHI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.18B
- Enterprise value
- $4.27B
- P/E (TTM)
- 10.4 10-yr median 11.9
- Forward P/E
- 9.9
- PEG ratio
- 1.40
- Price / sales
- 2.2 10-yr median 2.2
- Price / book
- 3.4 10-yr median 3.0
- EV / EBITDA
- 7.2 10-yr median 7.5
- Dividend yield
- 2.57% $1.44 a year
- Beta
- 0.64
FHI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFHI valuation Price multiples at each fiscal year-end price.
FHI returns How much profit the business earns on the capital it uses.
FHI per-share figures Results divided by the shares outstanding at year-end.
FHI financial health Debt, liquidity and how easily interest is covered.
FHI efficiency & capital use Working capital cycle and where the cash goes.
FHI valuation history
FHI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FHI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FHI cash returned to shareholders
FHI price vs earnings per share
FHI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.91B | $3.27B | $2.84B | $3.11B | $3.52B | $2.79B | $3.17B | $2.57B | $3.51B | $2.80B |
| Enterprise value | $3.64B | $3.09B | $2.74B | $3.05B | $3.33B | $2.44B | $2.94B | $2.52B | $3.32B | $2.69B |
| P/E ratio | 9.7 | 12.2 | 9.5 | 13.0 | 13.0 | 8.5 | 11.6 | 11.7 | 12.1 | 13.4 |
| Price / sales | 2.2 | 2.0 | 1.8 | 2.2 | 2.7 | 1.9 | 2.4 | 2.3 | 3.2 | 2.5 |
| Price / book | 3.3 | 3.0 | 2.5 | 3.0 | 3.2 | 2.4 | 3.0 | 3.0 | 4.6 | 4.7 |
| Price / free cash flow | 13.3 | 9.5 | 9.3 | 9.7 | 22.0 | 7.7 | 9.9 | 13.6 | 13.5 | 11.7 |
| Price / operating cash flow | 13.2 | 9.4 | 9.1 | 9.6 | 20.6 | 7.5 | 9.5 | 12.5 | 13.0 | 11.1 |
| EV / sales | 2.0 | 1.9 | 1.7 | 2.1 | 2.6 | 1.7 | 2.2 | 2.2 | 3.0 | 2.4 |
| EV / EBITDA | 6.8 | 7.4 | 6.4 | 7.7 | 8.2 | 5.4 | 7.8 | 7.3 | 9.4 | 7.8 |
| EV / free cash flow | 12.4 | 9.0 | 9.0 | 9.5 | 20.8 | 6.8 | 9.2 | 13.3 | 12.7 | 11.2 |
| Earnings yield | 10.3% | 8.2% | 10.5% | 7.7% | 7.7% | 11.7% | 8.6% | 8.6% | 8.3% | 7.5% |
| Free cash flow yield | 7.5% | 10.5% | 10.7% | 10.3% | 4.5% | 12.9% | 10.1% | 7.3% | 7.4% | 8.6% |
| Dividend yield | 2.7% | 5.7% | 3.5% | 3.1% | 3.0% | 7.5% | 3.4% | 4.2% | 2.9% | 7.3% |
| Shareholder yield (dividends + buybacks) | 9.4% | 9.9% | 9.7% | 10.1% | 9.5% | 9.9% | 3.9% | 5.3% | 4.3% | 10.2% |
| Share price at fiscal year-end | $52.07 | $41.11 | $33.86 | $36.31 | $37.58 | $28.89 | $32.59 | $26.55 | $36.08 | $28.28 |
| Per share | ||||||||||
| Revenue per share | $23.98 | $20.55 | $19.19 | $16.86 | $13.89 | $15.02 | $13.64 | $11.71 | $11.32 | $11.54 |
| Earnings per share | $5.37 | $3.38 | $3.57 | $2.79 | $2.89 | $3.38 | $2.80 | $2.27 | $2.99 | $2.11 |
| Operating cash flow per share | $3.96 | $4.36 | $3.72 | $3.78 | $1.82 | $3.87 | $3.44 | $2.13 | $2.78 | $2.55 |
| Free cash flow per share | $3.92 | $4.31 | $3.62 | $3.73 | $1.71 | $3.73 | $3.29 | $1.95 | $2.68 | $2.42 |
| Cash per share | $9.66 | $8.07 | $6.69 | $6.08 | $4.56 | $4.55 | $3.50 | $1.96 | $3.79 | $3.04 |
| Book value per share | $15.94 | $13.79 | $13.45 | $12.19 | $11.90 | $11.79 | $10.71 | $8.84 | $7.81 | $6.01 |
| Tangible book value per share | −$11.17 | −$0.47 | −$1.05 | −$1.91 | −$1.67 | −$1.50 | −$1.85 | −$3.01 | $0.25 | −$8.04 |
| Dividends per share | $1.40 | $2.33 | $1.17 | $1.14 | $1.13 | $2.15 | $1.12 | $1.10 | $1.04 | $2.07 |
| Capex per share | $0.04 | $0.05 | $0.09 | $0.05 | $0.11 | $0.14 | $0.15 | $0.18 | $0.10 | $0.13 |
| Debt per share | $6.09 | $5.82 | $5.46 | $5.28 | $2.57 | $0.94 | $1.17 | $1.39 | $1.75 | $1.93 |
| Shares outstanding | 75.1M | 79.4M | 83.9M | 85.8M | 93.6M | 96.4M | 97.3M | 96.9M | 97.4M | 99.1M |
| Change in shares outstanding | −5.4% | −5.3% | −2.2% | −8.4% | −2.9% | −0.9% | +0.3% | −0.5% | −1.7% | −1.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 35.2% | 24.1% | 27.5% | 22.2% | 24.0% | 30.0% | 28.7% | 27.2% | 42.9% | 33.6% |
| Return on invested capital (ROIC) | 42.1% | 26.2% | 28.7% | 27.1% | 30.9% | 39.3% | 32.7% | 36.4% | 54.6% | 43.4% |
| Return on assets (ROA) | 18.4% | 12.8% | 14.5% | 11.9% | 13.3% | 16.6% | 15.9% | 15.9% | 24.4% | 17.8% |
| Return on tangible assets | 158.5% | 28.2% | 33.8% | 29.5% | 36.1% | 41.9% | 41.3% | 55.9% | 58.9% | — |
| Free cash flow margin | 16.4% | 21.0% | 18.9% | 22.1% | 12.3% | 24.8% | 24.1% | 16.6% | 23.6% | 21.0% |
| Income quality (OCF / net income) | 0.74 | 1.29 | 1.04 | 1.35 | 0.63 | 1.14 | 1.23 | 0.94 | 0.93 | 1.21 |
| Financial health | ||||||||||
| Total debt | $457.0M | $462.0M | $457.9M | $452.8M | $240.8M | $90.8M | $113.6M | $135.0M | $170.0M | $191.2M |
| Cash & short-term investments | $725.6M | $641.0M | $560.7M | $521.8M | $426.7M | $438.8M | $340.6M | $190.5M | $369.5M | $301.1M |
| Net debt | −$268.6M | −$179.1M | −$102.7M | −$69.0M | −$185.9M | −$347.9M | −$227.1M | −$55.5M | −$199.5M | −$109.9M |
| Debt / equity | 0.38 | 0.42 | 0.41 | 0.43 | 0.22 | 0.08 | 0.11 | 0.16 | 0.22 | 0.32 |
| Debt / assets | 0.20 | 0.22 | 0.22 | 0.22 | 0.12 | 0.04 | 0.06 | 0.09 | 0.14 | 0.17 |
| Net debt / EBITDA | −0.50 | −0.43 | −0.24 | −0.17 | −0.46 | −0.78 | −0.60 | −0.16 | −0.57 | −0.32 |
| 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 | 2.70 | 2.51 | 2.89 | 2.42 | 2.57 | 2.44 | 2.20 | 3.81 | 2.49 |
| Interest coverage | 40.4 | 28.5 | 31.0 | 30.4 | 205.2 | 156.1 | 69.1 | 56.1 | 71.6 | 80.4 |
| Working capital | $811.2M | $492.2M | $433.4M | $393.6M | $288.7M | $309.9M | $230.6M | $122.9M | $308.4M | $197.2M |
| Invested capital | $928.3M | $916.1M | $1.03B | $976.7M | $928.1M | $789.1M | $814.2M | $801.6M | $561.7M | $485.9M |
| Tangible asset value | −$772.2M | $18.0M | −$62.5M | −$102.1M | −$156.1M | −$145.0M | −$179.5M | −$292.1M | $24.3M | −$796.5M |
| Net current asset value | −$195.3M | −$152.6M | −$227.0M | −$261.9M | −$344.7M | −$348.5M | −$377.6M | −$382.5M | −$32.9M | −$199.6M |
| Graham number | $43.88 | $32.37 | $32.85 | $27.68 | $27.81 | $29.97 | $25.97 | $21.26 | $22.93 | $16.88 |
| Graham net-net per share | −$2.95 | −$2.68 | −$3.50 | −$4.29 | −$4.84 | −$4.76 | −$4.86 | −$4.87 | −$0.90 | −$2.49 |
| Capital allocation | ||||||||||
| Dividends paid | $104.9M | $184.8M | $98.1M | $97.9M | $105.8M | $207.8M | $109.1M | $106.9M | $101.5M | $205.5M |
| Share buybacks (net) | $262.8M | $137.6M | $177.1M | $218.1M | $228.3M | $66.8M | $15.7M | $29.2M | $48.6M | $81.8M |
| Dividend payout ratio | 26.0% | 68.9% | 32.8% | 40.9% | 39.1% | 63.7% | 40.1% | 48.5% | 34.8% | 98.3% |
| Dividends + buybacks / free cash flow | 124.8% | 94.1% | 90.5% | 98.9% | 208.9% | 76.3% | 39.0% | 72.1% | 57.6% | 119.7% |
| Capex / revenue | 0.2% | 0.2% | 0.5% | 0.3% | 0.8% | 0.9% | 1.1% | 1.5% | 0.9% | 1.1% |
| Capex / operating cash flow | 0.9% | 1.2% | 2.5% | 1.3% | 6.1% | 3.6% | 4.5% | 8.4% | 3.6% | 5.1% |
| Capex / depreciation | 0.12 | 0.18 | 0.29 | 0.16 | 0.35 | 0.47 | 0.58 | 1.01 | 0.92 | 1.34 |
| Stock-based compensation / revenue | 1.6% | 1.8% | 2.1% | 2.5% | 3.1% | 2.4% | 2.5% | 2.1% | 2.0% | 2.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 38.5% | 37.8% | 36.8% | 35.6% | 28.3% | 34.4% | 38.9% | 38.5% | 41.4% | 43.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 21.5 | 25.8 | 24.8 | 24.0 | 28.4 | 26.2 | 27.1 | 23.9 | 16.3 | 12.5 |
| Days of inventory on hand | — | — | — | -67.7 | -69.3 | -75.4 | -81.4 | -76.4 | -62.0 | -48.2 |
| Days payables outstanding | — | 62.6 | 52.5 | 49.1 | 43.1 | 47.4 | 51.6 | 53.3 | 64.2 | 60.2 |
| Cash conversion cycle (days) | — | -36.8 | -27.8 | -92.8 | -84.0 | -96.6 | -105.9 | -105.9 | -110.0 | -95.9 |
| Receivables turnover | 17.00 | 14.15 | 14.74 | 15.20 | 12.86 | 13.92 | 13.46 | 15.29 | 22.44 | 29.19 |
| Payables turnover | — | 5.83 | 6.95 | 7.43 | 8.47 | 7.70 | 7.07 | 6.84 | 5.68 | 6.07 |
| Asset turnover | 0.82 | 0.78 | 0.78 | 0.72 | 0.64 | 0.73 | 0.78 | 0.82 | 0.92 | 0.98 |
| Average receivables | $105.9M | $115.3M | $109.2M | $95.1M | $101.1M | $104.0M | $98.6M | $74.3M | $49.1M | $39.2M |
| Average payables | — | $92.8M | $81.1M | $69.0M | $62.9M | $65.4M | $62.6M | $51.9M | $50.9M | $48.9M |
| Average inventory | — | — | — | −$95.1M | −$101.1M | −$104.0M | −$98.6M | −$74.3M | −$49.1M | −$39.2M |
| Intangibles / total assets | 88.9% | 54.3% | 57.9% | 59.9% | 62.9% | 62.2% | 64.9% | 74.4% | 59.8% | 120.5% |
Computed from FHI's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FHI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Federated Hermes traded at 9.7 times earnings, against a 10-year median of 11.9. Based on the latest twelve months, the trailing P/E is 10.4 and the forward P/E is 9.9. Federated Hermes earned a return on equity of 35.2% and a return on invested capital of 42.1% in fiscal 2025. It ended the year with $457.0 million of debt and $725.6 million in cash and short-term investments, a net cash position of $268.6 million. It returned $367.6 million to shareholders: $104.9 million in dividends and $262.8 million in share buybacks, 125% of free cash flow. The share count fell 24.2% from 99.1M to 75.1M over 9 years.
See the FHI income statement, the FHI chart for price history, or the FHI stock overview for the latest quote and news.
FHI key metrics FAQ
What is Federated Hermes's P/E ratio?
Federated Hermes's trailing P/E ratio is 10.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.9. At the end of fiscal 2025 it was 9.7, compared with a 10-year median of 11.9.
What is Federated Hermes's EV/EBITDA?
Federated Hermes's enterprise value was 6.8 times EBITDA at the end of fiscal 2025 (enterprise value $3.6 billion, EBITDA $536.1 million); the current EV/EBITDA is 7.2.
What is Federated Hermes's return on equity?
Federated Hermes's return on equity (ROE) was 35.2% in fiscal 2025: net income of $403.3 million on average shareholders' equity of $1.1 billion.
What is Federated Hermes's ROIC?
Federated Hermes's return on invested capital was 42.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Federated Hermes have?
Federated Hermes had total debt of $457.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.38 and more cash than debt.
What is Federated Hermes's dividend yield?
Federated Hermes's forward dividend yield is 2.57%. Federated Hermes paid $104.9 million in dividends in fiscal 2025 ($1.40 per share), a payout ratio of 26.0%.
Does Federated Hermes buy back its shares?
Yes. Federated Hermes spent $262.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −5.4% over the year, to 75.1M..
What is Federated Hermes's free cash flow yield?
Federated Hermes generated $294.6 million of free cash flow in fiscal 2025, a free cash flow yield of 7.5% on its market value at year-end ($3.9 billion).
What is Federated Hermes's current ratio?
Federated Hermes's current ratio was 41.26 at the end of fiscal 2025: current assets were 41.26 times current liabilities.