Federated Hermes (FHI) Financials

$48.16 -2.05 (-4.07%)

Closing price 03:59 PM Eastern

Extended Trading

$48.13 -0.03 (-0.07%)

As of 04:11 PM Eastern

Annual Income Statements for Federated Hermes

This table shows Federated Hermes' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	170	209	291	220	272	326	270	239	299	268
Consolidated Net Income / (Loss)	172	222	295	222	277	336	272	235	305	268
Net Income / (Loss) Continuing Operations	172	222	295	222	277	336	272	235	305	268
Total Pre-Tax Income	275	341	352	296	365	446	376	306	411	382
Total Revenue	927	1,143	1,103	1,136	1,327	1,448	1,300	1,446	1,610	1,632
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	927	1,143	1,103	1,136	1,327	1,448	1,300	1,446	1,610	1,632
Other Non-Interest Income	-	1,143	1,103	1,136	1,327	1,448	1,300	1,446	1,610	1,632
Total Non-Interest Expense	647	808	761	805	979	1,030	934	1,109	1,222	1,271
Salaries and Employee Benefits	287	296	289	355	442	503	532	513	563	540
Net Occupancy & Equipment Expense	54	59	61	75	98	104	120	121	129	132
Marketing Expense	27	28	24	32	34	20	27	33	38	39
Other Operating Expenses	279	425	387	344	404	403	255	442	491	558
Nonoperating Income / (Expense), net	-4.54	5.25	10	-34	17	28	10	-31	24	20
Income Tax Expense	103	119	57	74	88	110	104	72	107	113
Net Income / (Loss) Attributable to Noncontrolling Interest	2.18	13	3.56	2.00	4.79	9.66	2.02	-4.93	5.80	0.12
Basic Earnings per Share	$1.62	$2.03	$2.87	$2.18	$2.69	$3.25	$2.77	$2.65	$3.40	$3.23
Weighted Average Basic Shares Outstanding	100.48M	99.12M	97.41M	101.10M	101.20M	99.06M	92.02M	89.28M	84.45M	81.31M
Diluted Earnings per Share	$1.62	$2.03	$2.87	$2.18	$2.69	$3.23	$2.75	$2.65	$3.40	$3.23
Weighted Average Diluted Shares Outstanding	100.48M	99.12M	97.41M	101.10M	101.20M	99.06M	92.02M	89.28M	84.45M	81.31M
Weighted Average Basic & Diluted Shares Outstanding	100.48M	99.12M	97.41M	101.10M	101.20M	99.06M	92.02M	89.28M	84.45M	81.31M
Cash Dividends to Common per Share	$1.00	$2.00	$1.00	$1.06	$1.08	$2.08	$1.08	$1.08	$1.11	$2.21

This table shows Federated Hermes' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	69	56	70	72	75	82	75	21	88	85	101
Consolidated Net Income / (Loss)	68	62	71	73	74	86	75	19	90	84	104
Net Income / (Loss) Continuing Operations	68	62	71	73	74	86	75	19	90	84	104
Total Pre-Tax Income	89	75	92	101	101	117	104	43	123	112	136
Total Revenue	381	374	382	433	403	391	396	403	408	425	424
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	381	374	382	433	403	391	396	403	408	425	424
Other Non-Interest Income	381	-	382	433	-	-	396	403	-	-	424
Total Non-Interest Expense	284	310	297	335	301	289	298	362	297	314	292
Salaries and Employee Benefits	127	124	137	160	139	128	137	131	136	137	143
Net Occupancy & Equipment Expense	30	31	33	33	32	31	32	33	34	34	34
Marketing Expense	9.92	11	7.57	8.94	7.89	14	7.58	10	9.60	12	8.13
Other Operating Expenses	118	144	120	133	122	116	122	188	118	131	106
Nonoperating Income / (Expense), net	-7.57	11	7.31	2.16	-0.42	15	5.44	1.94	11	1.91	4.27
Income Tax Expense	22	14	21	28	27	31	29	23	32	28	32
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.91	5.14	1.87	0.83	-0.76	3.87	-0.02	-1.80	2.80	-0.86	2.74
Basic Earnings per Share	$0.78	$0.62	$0.78	$0.81	$0.86	$0.95	$0.89	$0.20	$1.06	$1.08	$1.25
Weighted Average Basic Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Diluted Earnings per Share	$0.78	$0.62	$0.78	$0.81	$0.86	$0.95	$0.89	$0.20	$1.06	$1.08	$1.25
Weighted Average Diluted Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Weighted Average Basic & Diluted Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Cash Dividends to Common per Share	$0.27	$0.27	$0.27	$0.28	$0.28	$0.28	$0.28	$1.31	$0.31	$0.31	$0.31

This table details how cash moves in and out of Federated Hermes' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	57	-68	211	-159	92	59	-71	103	46	121
Net Cash From Operating Activities	233	266	387	206	335	373	170	324	312	347
Net Cash From Continuing Operating Activities	233	266	387	206	335	373	170	324	312	347
Net Income / (Loss) Continuing Operations	172	222	295	222	277	336	272	235	305	268
Consolidated Net Income / (Loss)	172	222	295	222	277	336	272	235	305	268
Depreciation Expense	9.54	9.58	11	17	28	30	30	28	27	22
Non-Cash Adjustments to Reconcile Net Income	22	27	89	62	5.96	20	-120	57	-7.65	38
Changes in Operating Assets and Liabilities, net	15	-4.08	-15	-98	24	-12	-12	4.06	-12	18
Net Cash From Investing Activities	-5.73	-21	1.00	-174	-95	-25	11	-32	-31	64
Net Cash From Continuing Investing Activities	-5.73	-21	1.00	-174	-95	-25	11	-32	-31	64
Purchase of Property, Leasehold Improvements and Equipment	-6.03	-13	-9.80	-17	-15	-14	-10	-4.37	-7.92	-4.02
Purchase of Investment Securities	-5.46	-24	-10	-178	-161	-23	-15	-51	-58	-48
Sale and/or Maturity of Investments	5.76	16	21	20	81	11	36	23	35	120
Other Investing Activities, net	-	-	0.00	0.21	-	-	-	0.00	0.00	-4.10
Net Cash From Financing Activities	-170	-312	-177	-186	-153	-295	-249	-169	-243	-286
Net Cash From Continuing Financing Activities	-170	-312	-177	-186	-153	-295	-249	-169	-243	-286
Issuance of Debt	-	0.00	0.00	88	8.80	100	296	488	0.00	0.00
Repayment of Debt	-26	-26	-21	-123	-44	-125	-147	-362	0.00	0.00
Repurchase of Common Equity	-54	-82	-49	-29	-16	-67	-228	-218	-177	-138
Payment of Dividends	-105	-205	-102	-107	-113	-224	-111	-124	-138	-216
Other Financing Activities, Net	12	-1.06	-6.82	-16	11	21	-59	47	72	67
Effect of Exchange Rate Changes	-	0.00	0.00	-5.11	4.51	5.84	-2.31	-20	7.87	-3.80
Cash Interest Paid	3.99	3.49	4.11	5.32	4.61	2.39	1.13	7.18	12	12
Cash Income Taxes Paid	77	105	118	62	73	99	92	86	109	126

This table details how cash moves in and out of Federated Hermes' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	55	33	-13	19	34	5.72	-23	-53	68	129	-120
Net Cash From Operating Activities	112	132	5.42	71	106	130	14	89	117	127	14
Net Cash From Continuing Operating Activities	112	132	5.42	71	106	130	14	89	117	127	14
Net Income / (Loss) Continuing Operations	68	62	71	73	74	86	75	19	90	84	104
Consolidated Net Income / (Loss)	68	62	71	73	74	86	75	19	90	84	104
Depreciation Expense	6.77	6.89	8.02	6.70	6.09	6.02	5.63	5.53	5.71	5.56	5.42
Non-Cash Adjustments to Reconcile Net Income	28	23	-5.47	-1.77	-4.55	4.14	13	53	-21	-6.52	-4.46
Changes in Operating Assets and Liabilities, net	9.74	41	-69	-6.79	30	33	-80	11	42	44	-91
Net Cash From Investing Activities	-1.41	-31	1.84	5.41	1.32	-39	28	3.58	-8.31	41	-1.53
Net Cash From Continuing Investing Activities	-1.41	-31	1.84	5.41	1.32	-39	28	3.58	-8.31	41	-1.53
Purchase of Property, Leasehold Improvements and Equipment	-1.21	-0.28	-0.74	-2.98	-2.08	-2.11	-0.57	-5.98	3.03	-0.51	-0.97
Purchase of Investment Securities	-14	-32	-1.58	-9.66	-2.36	-44	-26	-2.89	-16	-2.46	-1.76
Sale and/or Maturity of Investments	13	1.38	4.16	18	5.75	7.34	54	12	9.21	44	1.23
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-	-0.03
Net Cash From Financing Activities	-43	-79	-22	-61	-68	-91	-64	-145	-52	-26	-138
Net Cash From Continuing Financing Activities	-43	-79	-22	-61	-68	-91	-64	-145	-52	-26	-138
Repurchase of Common Equity	-6.61	-6.93	-6.56	-41	-64	-65	-39	-46	-29	-23	-120
Payment of Dividends	-41	-28	-27	-40	-40	-32	-27	-115	-36	-38	-34
Other Financing Activities, Net	4.35	6.35	12	20	35	5.09	2.64	16	13	35	16
Effect of Exchange Rate Changes	-12	9.81	2.05	3.60	-4.53	6.75	-1.41	0.08	10	-13	5.27

This table presents Federated Hermes' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,187	1,155	1,231	1,544	1,880	2,061	2,018	2,020	2,102	2,085
Cash and Due from Banks	173	105	316	157	249	302	233	337	383	504
Trading Account Securities	149	138	-	-	-	-	-	185	177	137
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	36	39	38	53	52	53	47	36	31	26
Goodwill	659	659	660	810	775	800	799	800	807	805
Intangible Assets	75	74	77	340	446	482	471	409	409	328
Other Assets	96	140	141	184	358	424	468	253	294	285
Total Liabilities & Shareholders' Equity	1,187	1,155	1,231	1,544	1,880	2,061	2,018	2,020	2,102	2,085
Total Liabilities	529	528	440	504	627	687	841	913	948	934
Other Short-Term Payables	134	137	129	181	231	265	271	257	287	289
Long-Term Debt	191	166	-	-	-	-	223	348	348	348
Other Long-Term Liabilities	179	200	141	188	296	346	347	308	313	297
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.73	31	30	183	212	237	63	62	26	56
Total Equity & Noncontrolling Interests	649	596	761	857	1,041	1,137	1,114	1,046	1,128	1,095
Total Preferred & Common Equity	648	595	761	857	1,041	1,137	1,114	1,046	1,128	1,095
Total Common Equity	658	596	761	857	1,041	1,137	1,114	1,046	1,128	1,095
Common Stock	299	321	343	367	392	419	449	441	475	504
Retained Earnings	546	530	697	792	930	1,028	1,187	1,016	1,195	1,257
Treasury Stock	-192	-255	-279	-287	-281	-325	-538	-365	-521	-633
Accumulated Other Comprehensive Income / (Loss)	4.61	0.52	-0.79	-15	-0.25	15	16	-46	-20	-32

This table presents Federated Hermes' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,973	1,999	2,060	2,080	2,087	1,912	2,038	2,002
Cash and Due from Banks	305	324	343	377	360	307	375	388
Trading Account Securities	33	-	178	177	199	145	190	154
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	38	33	31	31	29	32	28	24
Goodwill	775	803	807	802	806	806	814	809
Intangible Assets	407	411	415	402	404	336	343	330
Other Assets	416	429	286	291	290	285	289	297
Total Liabilities & Shareholders' Equity	1,973	1,999	2,060	2,080	2,087	1,912	2,038	2,002
Total Liabilities	947	853	868	910	866	864	901	859
Accrued Interest Payable	-	22	-	-	24	-	-	30
Other Short-Term Payables	239	190	234	256	189	223	263	193
Long-Term Debt	398	348	348	348	348	348	348	348
Other Long-Term Liabilities	310	293	286	306	306	293	289	288
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	55	40	58	71	73	30	53	67
Total Equity & Noncontrolling Interests	971	1,107	1,134	1,100	1,147	1,017	1,084	1,076
Total Preferred & Common Equity	971	1,107	1,134	1,100	1,147	1,017	1,084	1,076
Total Common Equity	971	1,107	1,134	1,100	1,147	1,017	1,084	1,076
Common Stock	434	452	461	468	485	491	498	515
Retained Earnings	1,002	1,051	1,098	1,148	1,235	1,146	1,208	1,320
Treasury Stock	-377	-360	-404	-473	-548	-596	-623	-742
Accumulated Other Comprehensive Income / (Loss)	-87	-36	-22	-43	-25	-25	0.89	-17

This table displays calculated financial ratios and metrics derived from Federated Hermes' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.84%	23.39%	-3.54%	2.97%	16.84%	9.15%	-10.21%	11.18%	11.33%	1.40%
EBITDA Growth	16.33%	17.50%	0.82%	-2.73%	7.31%	19.19%	-11.56%	-7.92%	13.57%	-7.36%
EBIT Growth	17.44%	20.12%	1.74%	-3.29%	5.34%	20.18%	-12.41%	-8.05%	15.07%	-6.73%
NOPAT Growth	17.38%	24.75%	31.18%	-13.36%	6.48%	19.33%	-15.85%	-2.67%	11.31%	-11.46%
Net Income Growth	14.79%	28.80%	33.13%	-24.62%	24.66%	21.25%	-18.96%	-13.86%	29.94%	-11.93%
EPS Growth	14.08%	25.31%	41.38%	-24.04%	23.39%	20.07%	-14.86%	-3.64%	28.30%	-5.00%
Operating Cash Flow Growth	21.15%	13.93%	45.81%	-46.75%	62.37%	11.44%	-54.35%	90.13%	-3.74%	11.14%
Free Cash Flow Firm Growth	2.98%	75.78%	-47.79%	-75.80%	146.04%	157.39%	42.89%	-35.10%	18.11%	7.10%
Invested Capital Growth	2.20%	-6.41%	17.47%	22.18%	15.22%	7.07%	-3.34%	3.89%	3.22%	-0.21%
Revenue Q/Q Growth	2.86%	4.22%	-1.04%	2.61%	3.98%	0.41%	-3.15%	3.75%	1.11%	2.08%
EBITDA Q/Q Growth	4.97%	2.23%	1.36%	-0.06%	4.18%	2.43%	-6.23%	-6.49%	10.08%	1.96%
EBIT Q/Q Growth	5.77%	2.42%	1.79%	-0.86%	4.45%	2.95%	-6.67%	-6.87%	11.13%	2.22%
NOPAT Q/Q Growth	5.77%	3.77%	33.38%	-21.80%	4.78%	3.85%	-7.57%	-5.62%	8.43%	2.72%
Net Income Q/Q Growth	5.89%	3.78%	33.95%	-24.04%	9.25%	5.06%	-10.01%	-3.84%	8.71%	-0.81%
EPS Q/Q Growth	5.19%	4.64%	35.38%	-23.78%	8.03%	4.53%	-8.03%	-3.28%	10.75%	4.19%
Operating Cash Flow Q/Q Growth	0.07%	3.58%	34.73%	-25.99%	1.52%	1.96%	-26.16%	24.14%	-0.88%	-0.84%
Free Cash Flow Firm Q/Q Growth	-28.68%	60.34%	-46.03%	750.18%	-47.40%	86.80%	-17.54%	-4.17%	41.43%	-8.41%
Invested Capital Q/Q Growth	0.60%	-9.91%	12.08%	-0.46%	6.57%	-0.47%	2.80%	2.22%	-1.09%	0.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.81%	31.24%	32.66%	30.85%	28.33%	30.94%	30.47%	25.24%	25.74%	23.52%
EBIT Margin	30.16%	29.36%	30.96%	29.08%	26.22%	28.87%	28.17%	23.29%	24.08%	22.15%
Profit (Net Income) Margin	18.56%	19.37%	26.74%	19.57%	20.89%	23.20%	20.94%	16.22%	18.94%	16.45%
Tax Burden Percent	62.56%	64.97%	83.78%	75.06%	75.87%	75.33%	72.37%	76.60%	74.10%	70.34%
Interest Burden Percent	98.38%	101.56%	103.07%	89.67%	104.99%	106.67%	102.74%	90.92%	106.14%	105.57%
Effective Tax Rate	37.44%	35.03%	16.22%	24.94%	24.13%	24.67%	27.63%	23.40%	25.90%	29.66%
Return on Invested Capital (ROIC)	20.21%	25.77%	32.15%	23.21%	20.88%	22.48%	18.60%	18.07%	19.42%	16.95%
ROIC Less NNEP Spread (ROIC-NNEP)	18.97%	27.44%	37.02%	6.43%	32.08%	46.51%	23.46%	9.86%	24.49%	21.02%
Return on Net Nonoperating Assets (RNNOA)	6.85%	8.71%	9.43%	1.07%	3.29%	3.10%	2.74%	2.47%	7.53%	6.35%
Return on Equity (ROE)	27.06%	34.48%	41.58%	24.28%	24.17%	25.58%	21.35%	20.53%	26.95%	23.29%
Cash Return on Invested Capital (CROIC)	18.03%	32.39%	16.08%	3.24%	6.74%	15.66%	22.00%	14.25%	16.25%	17.15%
Operating Return on Assets (OROA)	24.01%	28.66%	28.62%	23.80%	20.32%	21.22%	17.96%	16.68%	18.80%	17.27%
Return on Assets (ROA)	14.78%	18.91%	24.71%	16.02%	16.19%	17.05%	13.35%	11.62%	14.79%	12.82%
Return on Common Equity (ROCE)	27.06%	33.65%	39.78%	21.46%	20.01%	21.21%	18.84%	19.41%	25.91%	22.47%
Return on Equity Simple (ROE_SIMPLE)	26.55%	37.24%	38.74%	25.94%	26.61%	29.55%	24.44%	22.43%	27.01%	24.51%
Net Operating Profit after Tax (NOPAT)	175	218	286	248	264	315	265	258	287	254
NOPAT Margin	18.87%	19.08%	25.94%	21.83%	19.89%	21.75%	20.38%	17.84%	17.84%	15.58%
Net Nonoperating Expense Percent (NNEP)	1.24%	-1.67%	-4.87%	16.79%	-11.20%	-24.03%	-4.86%	8.20%	-5.07%	-4.07%
SG&A Expenses to Revenue	39.78%	33.49%	33.93%	40.60%	43.30%	43.33%	52.25%	46.15%	45.42%	43.65%
Operating Expenses to Revenue	69.84%	70.64%	69.04%	70.92%	73.78%	71.13%	71.83%	76.71%	75.92%	77.85%
Earnings before Interest and Taxes (EBIT)	279	336	342	330	348	418	366	337	388	361
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	304	357	360	350	376	448	396	365	414	384
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	3.42	3.50	2.37	2.50	2.16	2.89	2.79	2.41	3.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	109.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.11	1.78	2.41	1.79	1.96	1.70	2.48	2.01	1.69	2.04
Price to Earnings (P/E)	11.49	9.76	9.14	9.23	9.54	7.53	11.93	12.16	9.08	12.44
Dividend Yield	5.34%	5.01%	3.79%	5.24%	4.20%	7.32%	3.24%	3.30%	3.53%	5.42%
Earnings Yield	8.70%	10.24%	10.94%	10.84%	10.48%	13.29%	8.38%	8.22%	11.01%	8.04%
Enterprise Value to Invested Capital (EV/IC)	2.29	2.64	2.65	1.87	1.97	1.70	2.34	2.05	1.80	2.16
Enterprise Value to Revenue (EV/Rev)	2.16	1.89	2.31	1.93	2.01	1.70	2.52	2.06	1.68	1.98
Enterprise Value to EBITDA (EV/EBITDA)	6.59	6.04	7.07	6.26	7.08	5.50	8.27	8.18	6.53	8.43
Enterprise Value to EBIT (EV/EBIT)	7.17	6.43	7.46	6.64	7.65	5.90	8.95	8.86	6.98	8.95
Enterprise Value to NOPAT (EV/NOPAT)	11.46	9.89	8.90	8.85	10.09	7.83	12.36	11.57	9.42	12.73
Enterprise Value to Operating Cash Flow (EV/OCF)	8.59	8.12	6.57	10.63	7.95	6.61	19.23	9.22	8.68	9.34
Enterprise Value to Free Cash Flow (EV/FCFF)	12.85	7.87	17.79	63.32	31.23	11.24	10.45	14.67	11.26	12.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.33	0.31	0.21	0.13	0.08	0.05	0.19	0.31	0.30	0.30
Long-Term Debt to Equity	0.29	0.26	0.00	0.00	0.00	0.00	0.19	0.31	0.30	0.30
Financial Leverage	0.36	0.32	0.25	0.17	0.10	0.07	0.12	0.25	0.31	0.30
Leverage Ratio	1.83	1.82	1.68	1.52	1.49	1.50	1.60	1.77	1.82	1.82
Compound Leverage Factor	1.80	1.85	1.73	1.36	1.57	1.60	1.64	1.61	1.93	1.92
Debt to Total Capital	24.79%	23.37%	17.68%	11.49%	7.39%	5.18%	15.95%	23.89%	23.16%	23.23%
Short-Term Debt to Total Capital	2.92%	3.12%	17.68%	11.49%	7.39%	5.18%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.87%	20.25%	0.00%	0.00%	0.00%	0.00%	15.95%	23.89%	23.16%	23.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.00%	3.95%	3.14%	15.54%	15.67%	16.36%	4.51%	4.25%	1.72%	3.70%
Common Equity to Total Capital	75.27%	72.81%	79.18%	72.97%	76.94%	78.47%	79.54%	71.86%	75.12%	73.07%
Debt to EBITDA	0.71	0.54	0.47	0.39	0.27	0.17	0.56	0.95	0.84	0.91
Net Debt to EBITDA	0.15	0.24	-0.41	-0.06	-0.40	-0.51	-0.03	0.03	-0.09	-0.41
Long-Term Debt to EBITDA	0.63	0.46	0.00	0.00	0.00	0.00	0.56	0.95	0.84	0.91
Debt to NOPAT	1.24	0.88	0.59	0.54	0.38	0.24	0.84	1.35	1.21	1.37
Net Debt to NOPAT	0.25	0.40	-0.51	-0.09	-0.57	-0.72	-0.04	0.04	-0.12	-0.61
Long-Term Debt to NOPAT	1.09	0.76	0.00	0.00	0.00	0.00	0.84	1.35	1.21	1.37
Noncontrolling Interest Sharing Ratio	0.00%	2.40%	4.33%	11.62%	17.21%	17.09%	11.77%	5.47%	3.88%	3.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	156	274	143	35	85	219	313	203	240	257
Operating Cash Flow to CapEx	3,869.63%	2,069.25%	3,953.21%	1,194.18%	2,226.25%	2,764.75%	1,635.00%	7,409.61%	3,939.75%	8,612.18%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.98	0.92	0.82	0.78	0.74	0.64	0.72	0.78	0.78
Fixed Asset Turnover	24.92	30.48	28.67	24.99	25.29	27.76	26.12	34.96	48.44	58.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	874	818	961	1,175	1,353	1,449	1,401	1,455	1,502	1,499
Invested Capital Turnover	1.07	1.35	1.24	1.06	1.05	1.03	0.91	1.01	1.09	1.09
Increase / (Decrease) in Invested Capital	19	-56	143	213	179	96	-48	55	47	-3.11
Enterprise Value (EV)	2,004	2,158	2,546	2,193	2,662	2,466	3,277	2,985	2,706	3,236
Market Capitalization	1,951	2,039	2,662	2,033	2,599	2,456	3,224	2,913	2,715	3,337
Book Value per Share	$6.32	$5.83	$7.54	$8.53	$10.30	$11.44	$11.50	$11.75	$13.08	$13.39
Tangible Book Value per Share	($0.73)	($1.34)	$0.24	($2.91)	($1.77)	($1.46)	($1.61)	($1.84)	($1.02)	($0.46)
Total Capital	874	818	961	1,175	1,353	1,449	1,401	1,455	1,502	1,499
Total Debt	217	191	170	135	100	75	223	348	348	348
Total Long-Term Debt	191	166	0.00	0.00	0.00	0.00	223	348	348	348
Net Debt	44	86	-146	-22	-149	-227	-9.98	11	-35	-156
Capital Expenditures (CapEx)	6.03	13	9.80	17	15	14	10	4.37	7.92	4.02
Net Nonoperating Expense (NNE)	2.84	-3.41	-8.79	26	-13	-21	-7.25	23	-18	-14
Net Nonoperating Obligations (NNO)	217	191	170	135	100	75	223	348	348	348
Total Depreciation and Amortization (D&A)	25	22	19	20	28	30	30	28	27	22
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.62	$2.03	$2.87	$2.18	$2.69	$3.25	$2.77	$2.65	$3.40	$3.23
Adjusted Weighted Average Basic Shares Outstanding	103.86M	101.71M	100.99M	100.80M	101.13M	99.06M	92.02M	89.28M	84.45M	81.31M
Adjusted Diluted Earnings per Share	$1.62	$2.03	$2.87	$2.18	$2.69	$3.23	$2.75	$2.65	$3.40	$3.23
Adjusted Weighted Average Diluted Shares Outstanding	103.86M	101.71M	100.99M	100.80M	101.13M	99.06M	92.02M	89.28M	84.45M	81.31M
Adjusted Basic & Diluted Earnings per Share	$1.62	$2.03	$2.87	$2.18	$2.69	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	103.86M	101.71M	100.99M	100.80M	101.13M	99.06M	92.02M	89.28M	84.45M	81.31M
Normalized Net Operating Profit after Tax (NOPAT)	175	218	286	248	264	315	265	258	287	254
Normalized NOPAT Margin	18.87%	19.08%	25.94%	21.83%	19.89%	21.75%	20.38%	17.84%	17.84%	15.58%
Pre Tax Income Margin	29.67%	29.82%	31.92%	26.08%	27.53%	30.80%	28.94%	21.18%	25.56%	23.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.84%	92.76%	34.42%	48.11%	40.68%	66.66%	40.65%	52.82%	45.30%	80.49%
Augmented Payout Ratio	92.16%	129.67%	50.92%	61.26%	46.36%	86.52%	124.51%	145.82%	103.39%	131.76%

This table displays calculated financial ratios and metrics derived from Federated Hermes' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.70%	16.25%	17.68%	18.37%	5.64%	4.71%	3.71%	-7.07%	1.44%	8.48%	6.85%
EBITDA Growth	-2.35%	-26.38%	1.94%	5.85%	3.83%	53.73%	11.82%	-55.99%	9.24%	6.81%	31.65%
EBIT Growth	-1.65%	-28.03%	1.45%	6.58%	4.80%	60.90%	15.75%	-58.62%	10.17%	7.66%	33.67%
NOPAT Growth	-2.02%	-23.83%	3.69%	6.18%	1.73%	43.91%	8.01%	-74.31%	10.41%	9.56%	41.54%
Net Income Growth	-8.05%	-13.19%	30.90%	43.82%	9.90%	39.61%	4.96%	-73.67%	21.65%	-2.55%	38.48%
EPS Growth	6.85%	-12.68%	27.87%	26.56%	10.26%	53.23%	14.10%	-75.31%	23.26%	13.68%	40.45%
Operating Cash Flow Growth	143.49%	90.72%	128.16%	-27.96%	-5.70%	-2.10%	158.87%	24.64%	10.90%	-2.26%	1.91%
Free Cash Flow Firm Growth	-92.72%	-101.92%	149.12%	-138.27%	-266.08%	1,365.92%	-104.64%	437.92%	669.34%	201.31%	5,143.78%
Invested Capital Growth	4.48%	3.89%	-0.67%	8.42%	6.67%	3.22%	4.99%	-9.36%	-2.21%	-0.21%	-4.91%
Revenue Q/Q Growth	4.14%	-1.90%	2.22%	13.36%	-7.06%	-2.77%	1.25%	1.57%	1.46%	3.97%	-0.27%
EBITDA Q/Q Growth	4.31%	-31.79%	31.93%	12.77%	2.31%	1.00%	-4.04%	-55.62%	153.95%	-1.25%	18.28%
EBIT Q/Q Growth	4.83%	-34.13%	33.60%	15.53%	3.08%	1.13%	-3.89%	-58.70%	174.44%	-1.18%	19.33%
NOPAT Q/Q Growth	8.95%	-28.68%	25.89%	8.54%	4.39%	0.89%	-5.51%	-74.19%	348.68%	0.11%	22.06%
Net Income Q/Q Growth	33.13%	-8.79%	15.95%	2.15%	1.73%	15.86%	-12.83%	-74.37%	369.91%	-7.18%	23.88%
EPS Q/Q Growth	21.88%	-20.51%	25.81%	3.85%	6.17%	10.47%	-6.32%	-77.53%	430.00%	1.89%	15.74%
Operating Cash Flow Q/Q Growth	13.42%	18.21%	-95.91%	1,212.62%	48.48%	22.72%	-89.18%	531.99%	32.11%	8.15%	-88.71%
Free Cash Flow Firm Q/Q Growth	-90.25%	-118.31%	3,481.35%	-163.39%	57.68%	239.56%	-112.40%	4,713.78%	-28.70%	-26.14%	107.58%
Invested Capital Q/Q Growth	0.24%	2.22%	2.66%	3.06%	-1.37%	-1.09%	4.43%	-11.03%	6.41%	0.93%	-0.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	27.17%	18.89%	24.38%	24.26%	26.70%	27.74%	26.29%	11.49%	28.76%	27.31%	32.39%
EBIT Margin	25.39%	17.05%	22.28%	22.71%	25.19%	26.20%	24.87%	10.11%	27.36%	26.00%	31.11%
Profit (Net Income) Margin	17.73%	16.48%	18.70%	16.85%	18.44%	21.98%	18.92%	4.78%	22.12%	19.75%	24.53%
Tax Burden Percent	75.74%	82.01%	77.28%	72.61%	73.53%	73.35%	72.11%	45.07%	73.69%	74.65%	76.36%
Interest Burden Percent	92.18%	117.89%	108.58%	102.19%	99.59%	114.37%	105.52%	104.76%	109.72%	101.73%	103.24%
Effective Tax Rate	24.26%	17.99%	22.72%	27.39%	26.47%	26.65%	27.89%	54.93%	26.31%	25.35%	23.64%
Return on Invested Capital (ROIC)	19.24%	14.16%	17.27%	17.50%	20.04%	20.92%	19.02%	4.95%	21.46%	21.11%	25.76%
ROIC Less NNEP Spread (ROIC-NNEP)	16.95%	17.44%	18.79%	17.92%	19.96%	24.03%	20.15%	5.20%	23.76%	21.52%	26.70%
Return on Net Nonoperating Assets (RNNOA)	3.70%	4.36%	6.21%	6.03%	6.77%	7.39%	5.92%	1.62%	7.17%	6.50%	7.86%
Return on Equity (ROE)	22.94%	18.52%	23.49%	23.53%	26.82%	28.31%	24.94%	6.56%	28.63%	27.61%	33.63%
Cash Return on Invested Capital (CROIC)	15.24%	14.25%	18.04%	9.73%	11.55%	16.25%	14.22%	26.13%	18.71%	17.15%	23.57%
Operating Return on Assets (OROA)	18.06%	12.21%	16.68%	17.78%	19.79%	20.46%	19.77%	8.11%	21.24%	20.27%	25.25%
Return on Assets (ROA)	12.61%	11.80%	13.99%	13.19%	14.49%	17.16%	15.04%	3.83%	17.18%	15.40%	19.90%
Return on Common Equity (ROCE)	21.84%	17.50%	22.57%	22.33%	25.29%	27.21%	23.75%	6.30%	27.09%	26.64%	31.63%
Return on Equity Simple (ROE_SIMPLE)	25.11%	0.00%	22.72%	24.14%	25.49%	0.00%	26.87%	25.03%	24.98%	0.00%	27.63%
Net Operating Profit after Tax (NOPAT)	73	52	66	71	75	75	71	18	82	82	101
NOPAT Margin	19.23%	13.98%	17.22%	16.49%	18.52%	19.22%	17.94%	4.56%	20.16%	19.41%	23.76%
Net Nonoperating Expense Percent (NNEP)	2.29%	-3.28%	-1.52%	-0.42%	0.08%	-3.11%	-1.13%	-0.25%	-2.30%	-0.41%	-0.94%
SG&A Expenses to Revenue	43.68%	44.48%	46.39%	46.70%	44.42%	44.09%	44.38%	43.26%	43.86%	43.13%	43.82%
Operating Expenses to Revenue	74.61%	82.95%	77.72%	77.29%	74.81%	73.80%	75.13%	89.89%	72.64%	74.00%	68.89%
Earnings before Interest and Taxes (EBIT)	97	64	85	98	101	103	99	41	112	110	132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	71	93	105	108	109	104	46	117	116	137
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.76	2.79	2.98	2.63	2.54	2.41	2.58	2.69	2.80	3.05	3.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.92	2.01	2.20	1.90	1.76	1.69	1.83	1.72	1.90	2.04	2.00
Price to Earnings (P/E)	10.66	12.16	13.04	11.12	10.24	9.08	9.74	10.82	11.43	12.44	11.26
Dividend Yield	3.59%	3.30%	2.92%	3.28%	3.47%	3.53%	3.26%	6.60%	5.93%	5.42%	5.49%
Earnings Yield	9.38%	8.22%	7.67%	8.99%	9.76%	11.01%	10.27%	9.24%	8.75%	8.04%	8.88%
Enterprise Value to Invested Capital (EV/IC)	1.99	2.05	2.25	1.98	1.87	1.80	1.93	2.01	2.06	2.16	2.24
Enterprise Value to Revenue (EV/Rev)	2.03	2.06	2.24	1.94	1.78	1.68	1.86	1.76	1.92	1.98	2.01
Enterprise Value to EBITDA (EV/EBITDA)	7.25	8.18	9.18	8.17	7.55	6.53	7.11	7.67	8.14	8.43	8.02
Enterprise Value to EBIT (EV/EBIT)	7.82	8.86	9.96	8.84	8.15	6.98	7.55	8.19	8.66	8.95	8.47
Enterprise Value to NOPAT (EV/NOPAT)	10.35	11.57	12.93	11.54	10.73	9.42	10.35	11.74	12.38	12.73	11.78
Enterprise Value to Operating Cash Flow (EV/OCF)	10.84	9.22	9.65	9.48	9.03	8.68	9.44	8.32	8.77	9.34	9.64
Enterprise Value to Free Cash Flow (EV/FCFF)	13.33	14.67	12.45	21.13	16.72	11.26	13.90	7.33	10.90	12.57	9.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.31	0.30	0.29	0.30	0.30	0.29	0.33	0.31	0.30	0.30
Long-Term Debt to Equity	0.39	0.31	0.30	0.29	0.30	0.30	0.29	0.33	0.31	0.30	0.30
Financial Leverage	0.22	0.25	0.33	0.34	0.34	0.31	0.29	0.31	0.30	0.30	0.29
Leverage Ratio	1.71	1.77	1.78	1.81	1.85	1.82	1.73	1.77	1.78	1.82	1.73
Compound Leverage Factor	1.58	2.08	1.94	1.85	1.84	2.08	1.82	1.86	1.96	1.85	1.79
Debt to Total Capital	27.92%	23.89%	23.27%	22.58%	22.90%	23.16%	22.18%	24.94%	23.44%	23.23%	23.34%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.92%	23.89%	23.27%	22.58%	22.90%	23.16%	22.18%	24.94%	23.44%	23.23%	23.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.83%	4.25%	2.64%	3.77%	4.65%	1.72%	4.66%	2.19%	3.60%	3.70%	4.50%
Common Equity to Total Capital	68.24%	71.86%	74.08%	73.65%	72.45%	75.12%	73.16%	72.88%	72.97%	73.07%	72.15%
Debt to EBITDA	1.02	0.95	0.95	0.93	0.92	0.84	0.82	0.95	0.92	0.91	0.84
Net Debt to EBITDA	0.24	0.03	0.06	0.01	-0.08	-0.09	-0.03	0.11	-0.07	-0.41	-0.09
Long-Term Debt to EBITDA	1.02	0.95	0.95	0.93	0.92	0.84	0.82	0.95	0.92	0.91	0.84
Debt to NOPAT	1.45	1.35	1.34	1.32	1.31	1.21	1.19	1.45	1.41	1.37	1.23
Net Debt to NOPAT	0.34	0.04	0.09	0.02	-0.11	-0.12	-0.04	0.17	-0.11	-0.61	-0.14
Long-Term Debt to NOPAT	1.45	1.35	1.34	1.32	1.31	1.21	1.19	1.45	1.41	1.37	1.23
Noncontrolling Interest Sharing Ratio	4.81%	5.47%	3.91%	5.09%	5.70%	3.88%	4.76%	3.95%	5.38%	3.53%	5.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	-2.24	76	-48	-20	28	-3.52	162	116	86	178
Operating Cash Flow to CapEx	9,296.18%	47,630.58%	733.42%	2,384.98%	5,076.17%	6,137.88%	2,465.91%	1,483.34%	0.00%	25,089.11%	1,471.09%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.72	0.75	0.78	0.79	0.78	0.79	0.80	0.78	0.78	0.81
Fixed Asset Turnover	31.91	34.96	39.00	43.00	45.92	48.44	53.13	50.07	54.24	58.00	62.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,424	1,455	1,494	1,540	1,518	1,502	1,568	1,395	1,485	1,499	1,492
Invested Capital Turnover	1.00	1.01	1.00	1.06	1.08	1.09	1.06	1.09	1.06	1.09	1.08
Increase / (Decrease) in Invested Capital	61	55	-10	120	95	47	75	-144	-33	-3.11	-77
Enterprise Value (EV)	2,829	2,985	3,366	3,042	2,841	2,706	3,026	2,812	3,064	3,236	3,343
Market Capitalization	2,682	2,913	3,303	2,979	2,799	2,715	2,965	2,741	3,037	3,337	3,315
Book Value per Share	$10.90	$11.75	$12.40	$12.67	$12.46	$13.08	$13.63	$12.08	$13.12	$13.39	$13.23
Tangible Book Value per Share	($2.36)	($1.84)	($1.20)	($0.98)	($1.17)	($1.02)	($0.74)	($1.48)	($0.88)	($0.46)	($0.77)
Total Capital	1,424	1,455	1,494	1,540	1,518	1,502	1,568	1,395	1,485	1,499	1,492
Total Debt	398	348	348	348	348	348	348	348	348	348	348
Total Long-Term Debt	398	348	348	348	348	348	348	348	348	348	348
Net Debt	93	11	24	4.95	-29	-35	-12	41	-27	-156	-39
Capital Expenditures (CapEx)	1.21	0.28	0.74	2.98	2.08	2.11	0.57	5.98	-3.03	0.51	0.97
Net Nonoperating Expense (NNE)	5.73	-9.35	-5.65	-1.57	0.31	-11	-3.92	-0.87	-8.00	-1.42	-3.26
Net Nonoperating Obligations (NNO)	398	348	348	348	348	348	348	348	348	348	348
Total Depreciation and Amortization (D&A)	6.77	6.89	8.02	6.70	6.09	6.02	5.63	5.53	5.71	5.56	5.42
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	$0.62	$0.78	$0.81	$0.86	$0.95	$0.89	$0.20	$1.06	$1.08	$1.25
Adjusted Weighted Average Basic Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Adjusted Diluted Earnings per Share	$0.78	$0.62	$0.78	$0.81	$0.86	$0.95	$0.89	$0.20	$1.06	$1.08	$1.25
Adjusted Weighted Average Diluted Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	89.00M	89.28M	89.52M	88.30M	86.25M	84.45M	84.16M	82.60M	81.81M	81.31M	79.10M
Normalized Net Operating Profit after Tax (NOPAT)	73	52	66	71	75	75	71	29	82	82	101
Normalized NOPAT Margin	19.23%	13.98%	17.22%	16.49%	18.52%	19.22%	17.94%	7.08%	20.16%	19.41%	23.76%
Pre Tax Income Margin	23.41%	20.10%	24.20%	23.21%	25.08%	29.96%	26.24%	10.60%	30.02%	26.45%	32.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.38%	52.82%	48.51%	49.57%	47.96%	45.30%	44.70%	83.67%	77.42%	80.49%	74.87%
Augmented Payout Ratio	192.69%	145.82%	92.80%	72.02%	90.39%	103.39%	112.66%	167.90%	143.65%	131.76%	148.44%

Financials Breakdown Chart

Key Financial Trends

Federated Hermes (NYSE: FHI) has demonstrated steady financial performance over the past several quarters, showing growth in net income and maintaining substantial assets and equity.

Key Positive Highlights:

Q1 2025 net income attributable to common shareholders increased to $101.13 million from $84.72 million in Q4 2024, reflecting strengthening profitability.
Earnings per share (basic and diluted) rose to $1.25 in Q1 2025 from $1.08 in Q4 2024, indicating better earnings on a per-share basis.
Total revenue has shown a steady quarterly increase, reaching $423.54 million in Q1 2025 up from $424.68 million in Q4 2024 (stable but improved operating efficiency compared to expense).
Operating cash flow remained positive in Q1 2025 at approximately $14.3 million, highlighting ability to generate cash from core operations despite a challenging working capital environment.
Federated Hermes continued share repurchases in Q1 2025 with $120.1 million spent, indicating management's confidence in the company's valuation and returning capital to shareholders.
Cash and cash equivalents increased slightly from $374.95 million in Q3 2024 to $387.57 million in Q1 2025, maintaining solid liquidity.
Total equity stands robust at approximately $1.08 billion at the end of Q1 2025, supporting a strong financial structure.
Nonoperating income was positive $4.27 million in Q1 2025, contributing to pre-tax income, compared to $1.91 million in Q4 2024.
Net income trend over the past year has generally increased from approximately $71.5 million in Q1 2023 to over $100 million in Q1 2025, demonstrating earnings growth.

Neutral Factors:

Salaries and employee benefits expense increased to $143.3 million in Q1 2025 from $137.2 million in Q4 2024, reflecting either wage inflation or growth in workforce but consistent with revenue increase.
Marketing expense declined from $11.8 million in Q4 2024 to $8.1 million in Q1 2025, suggesting cost controls but potential impact on growth pipelines.
Total assets remained relatively stable above $2 billion from Q3 2024 through Q1 2025, showing consistent asset base but limited growth.
Basic and diluted shares outstanding have decreased over recent quarters, contributing to EPS growth but indicating ongoing share buybacks.

Key Negative Points:

Working capital changes negatively impacted operating cash flow in Q1 2025 by about $90.5 million, a significant headwind to cash generation compared to positive $43.8 million in Q4 2024.
Total non-interest expense increased to $291.8 million in Q1 2025 from $314.3 million in Q4 2024, squeezing operating margins despite slightly higher revenue.
Repurchase of common equity surged in Q1 2025 to $120.1 million from $23.4 million in Q4 2024, raising questions on balance sheet leverage and capital allocation if overdone.
Net change in cash & equivalents was a decline of approximately $119.5 million in Q1 2025 compared to an increase of $128.9 million in Q4 2024, raising concerns about cash flow volatility.
Other operating expenses rose from $131.1 million in Q4 2024 to $106.2 million in Q1 2025, a decrease but still a sizable portion of costs that may need monitoring for efficiency gains.
Long-term debt remains high around $348 million in Q1 2025, consistent with previous quarters, though manageable given equity levels, it limits financial flexibility.

Summary: Federated Hermes shows growth in earnings and strong equity position, supported by effective share repurchase programs and solid liquidity. However, operating cash flow is experiencing some strain due to working capital dynamics and large equity repurchases, which merit attention. Investors should watch expense management and cash flow stability going forward to confirm the sustainability of the company’s earnings momentum.

10/24/25 06:20 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Federated Hermes' Financials

When does Federated Hermes' fiscal year end?

According to the most recent income statement we have on file, Federated Hermes' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Federated Hermes' net income changed over the last 9 years?

Federated Hermes' net income appears to be on an upward trend, with a most recent value of $268.43 million in 2024, rising from $171.99 million in 2015. The previous period was $304.78 million in 2023. View Federated Hermes' forecast to see where analysts expect Federated Hermes to go next.

How has Federated Hermes' revenue changed over the last 9 years?

Over the last 9 years, Federated Hermes' total revenue changed from $926.61 million in 2015 to $1.63 billion in 2024, a change of 76.1%.

How much debt does Federated Hermes have?

Federated Hermes' total liabilities were at $933.96 million at the end of 2024, a 1.5% decrease from 2023, and a 76.4% increase since 2015.

How much cash does Federated Hermes have?

In the past 9 years, Federated Hermes' cash and equivalents has ranged from $104.84 million in 2016 to $504.44 million in 2024, and is currently $504.44 million as of their latest financial filing in 2024.

How has Federated Hermes' book value per share changed over the last 9 years?

Over the last 9 years, Federated Hermes' book value per share changed from 6.32 in 2015 to 13.39 in 2024, a change of 111.7%.

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This page (NYSE:FHI) was last updated on 10/24/2025 by MarketBeat.com Staff

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Federated Hermes (FHI) Financials

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Federated Hermes (FHI) Financials

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