Federated Hermes vs Victory Capital
Federated Hermes reported revenue of $1.8 billion in fiscal 2025, 1.4 times Victory Capital's $1.3 billion in fiscal 2025. Federated Hermes' revenue grew 10.3% in its latest year, and Victory Capital's grew 46.2%. Federated Hermes had an operating margin of 28.5%, against 36.6% at Victory Capital. Free cash flow was $295 million at Federated Hermes and $381 million at Victory Capital.
Side by side
| Federated Hermes | Victory Capital | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $1.8B | $1.3B |
| Revenue growth | 10.3% | 46.2% |
| Revenue growth a year, last 5 years | 4.5% | 11.0% |
| Gross margin | — | — |
| Operating margin | 28.5% | 36.6% |
| Net margin | 22.4% | 25.3% |
| Free cash flow | $295M | $381M |
| Free cash flow margin | 16.4% | 29.2% |
| Return on capital | 40.9% | 13.9% |
| Net debt to EBITDA | −0.4x | 1.5x |
| Dividends and buybacks | $368M | $353M |
| Change in diluted share count | −5.5% | 0.7% |
| Last close | $63.99 | $119.24 |
| P/E at the last close | 11.6× | 21.8× |
| Insider trades, last 12 months | sold $12.3 million | — |
| Piotroski F-score | 7 of 8 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Federated HermesVictory Capital
Operating margin
Percent of revenue
Federated HermesVictory Capital
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Federated HermesVictory Capital
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Federated Hermes and Victory Capital pages.