SEI Investments

SEIC · Nasdaq · Financials · Financials, fiscal 2016 to 2025

SEIC · Last close · October 26, 2026

$103.34

SEI Investments' revenue rose 8.1% to $2.3 billion in fiscal 2025. Its operating margin was 27.3%, up from 26.0% a year earlier. Free cash flow was $585 million, down 0.9%. It paid out $752 million in dividends and buybacks, 129% of free cash flow. The diluted share count fell 3.5%.

SEI INVESTMENTS COMPANY Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0000350894-26-000013 Updated October 26, 2026

Revenue

$2.3B

8.1%

Operating margin

27.3%

1.3 pts

Net income

$715M

23.1%

Free cash flow

$585M

0.9%

Return on equity

30.4%

3.9 pts

Market cap

$12.6B

Oct 26 close

P/E

18.0x

On $5.75 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 12.0% a year and net income 8.8% a year, as buybacks cut the share count by 23%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value SEI Investments yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from SEI Investments' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from SEI Investments' fiscal 2025 free cash flow of $585M, net cash of $363M at September 30, 2026 and 127 million diluted shares, from its filings. The scenarios are fitted to SEI Investments: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Asset Management & Custody Banks); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at September 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to SEI Investments's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 7.5% then 5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $103.34
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from SEI Investments' earnings per share of $5.75 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 18×, the middle of SEI Investments' own P/E today, its peers' median and its sector's median (SEI Investments' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Affiliated Managers Group, Blue Owl Capital, Federated Hermes, TPG.

Earnings growth in the years ahead (% a year) Starts at SEI Investments' revenue growth over the last 3 years, 4.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $103.34
Value at this multiple, against the last close: —
SEI Investments' P/E at the last close: 18.0×

Company	Last close	Earnings per share	P/E today
Blue Owl CapitalOWL	$9.34	$0.12	77.8×
TPGTPG	$44.82	$0.67	66.9×
SEI InvestmentsSEIC	$103.34	$5.75	18.0×
Affiliated Managers GroupAMG	$390.97	$28.57	13.7×
Federated HermesFHI	$56.93	$5.37	10.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	831	853	835	840	400
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	982.9x	635.2x	728.2x	980.0x	1,030.1x
Current ratio	4.0x	3.6x	4.2x	4.1x	3.3x
Quick ratio	4.0x	3.6x	4.2x	4.1x	3.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought SEI Investments shares on the open market, and 11 insiders sold $50.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 22, 2026	Michael LaneExecutive Vice President	Sold	2,400	$102.78	$246,672	Form 4
Sep 3, 2026	Ryan HickeChief Executive Officer	Sold	37,500	$110.71	$4.2 million	Form 4
Sep 1, 2026	Carmen RomeoDirector	Sold	5,000	$109.70	$548,500	Form 4
Aug 28, 2026	Michael PetersonExecutive Vice President	Sold	37,500	$111.51	$4.2 million	Form 4
Aug 5, 2026	Philip McCabeSee Remarks	Sold	5,043	$105.50	$532,036	Form 4
Aug 4, 2026	Philip McCabeSee Remarks	Sold	24,957	$105.04	$2.6 million	Form 4
Aug 3, 2026	Kathryn McCarthyDirector	Sold	10,000	$103.54	$1.0 million	Form 4
Jul 28, 2026	Michael PetersonExecutive Vice President	Sold	25,000	$102.05	$2.6 million	Form 4
Jul 28, 2026	Mark Andrew WarnerSee Remarks*	Sold	15,000	$102.35	$1.5 million	Form 4
Jul 28, 2026	Carl GuarinoDirector	Sold	10,000	$103.20	$1.0 million	Form 4
Jul 24, 2026	Sanjay SharmaSee Remarks*	Sold	20,000	$99.33	$2.0 million	Form 4
Jun 29, 2026	Alfred P West JrChairman Emeritus	Sold	7,332	$87.39	$640,733	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—
Accruals ratio	0.6%	−1.6%	3.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put SEI Investments side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
SEI Investments	FY25	8.1%	27.3%	25.5%	—	—	—
Affiliated Managers Group	FY25	1.6%	—	46.6%	16.5%	—	—	Compare
Blue Owl Capital	FY25	25.0%	—	41.8%	5.2%	3.5x	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
TPG	FY25	33.4%	—	—	15.2%	1.0x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,402	1,527	1,624	1,650	1,684	1,918	1,991	1,920	2,125	2,297
Revenue growth	5.0%	8.9%	6.4%	1.6%	2.1%	13.9%	3.8%	−3.6%	10.7%	8.1%
Gross profit	435	461	508	533	520	645	644	557	699	808
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	376	397	442	460	446	553	476	424	552	627
Net income	334	404	506	501	447	547	476	462	581	715
Diluted EPS (US$)	2.03	2.49	3.14	3.24	3.00	3.81	3.46	3.46	4.41	5.63
Diluted shares (millions)	164	162	161	155	149	143	137	134	132	127
Cash flow
Cash from operations	434	460	588	545	489	633	566	447	622	608
Capital expenditure	31	26	29	43	54	26	39	25	32	23
Free cash flow	403	434	559	502	434	607	527	422	590	585
Dividends paid	85	89	94	101	104	106	110	115	120	124
Share buybacks	292	248	407	346	427	408	345	309	500	628
Acquisitions	0	80	6	0	0	80	0	56	29	302
Stock-based compensation	16	36	24	25	27	42	39	31	59	54
Balance sheet at fiscal year end
Cash and short-term investments	696	744	754	841	785	831	853	835	840	400
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	1,637	1,853	1,972	2,151	2,167	2,355	2,384	2,520	2,685	3,260
Total liabilities	334	376	378	413	427	494	430	388	432	800
Shareholders' equity	1,303	1,477	1,593	1,739	1,740	1,861	1,954	2,132	2,252	2,448
Margins and ratios
Gross margin	31.0%	30.2%	31.3%	32.3%	30.9%	33.6%	32.3%	29.0%	32.9%	35.2%
Operating margin	26.8%	26.0%	27.2%	27.9%	26.5%	28.9%	23.9%	22.1%	26.0%	27.3%
Net margin	23.8%	26.5%	31.1%	30.4%	26.6%	28.5%	23.9%	24.1%	27.4%	31.1%
Free cash flow margin	28.7%	28.4%	34.4%	30.4%	25.8%	31.6%	26.5%	22.0%	27.8%	25.5%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	25.8%	29.1%	33.0%	30.1%	25.7%	30.4%	24.9%	22.6%	26.5%	30.4%
Return on assets	20.7%	23.2%	26.4%	24.3%	20.7%	24.2%	20.1%	18.9%	22.3%	24.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: SEI Investments' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with SEI Investments.