One-glance verdict
Within fair range
$118.40 our estimate vs market $107.22
Wall Street consensus: $115.86 (-2.1% lower than our fair-value estimate)
9% below our estimate
Fundamentals snapshot
SEI Investments Company
SEIC · NMS · Financial Services · Asset Management
Current price
$107.22
52-week range
$75.08 - $112.15
Market cap
$12.87B
Balance sheet
Healthy
1,030.07x Strong cushion
Net cash $353.34M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 6.7% last year.
- Reward Returns 27.6% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 10.4% above its 5-year average P/E.
What this company does
SEI Investments Company
SEI Investments provides the technology and operational backbone that other financial companies, like banks and wealth advisors, use to manage money for their own clients. The company makes its money by charging fees for these investment processing and management services. This matters because a large portion of its business is based on recurring revenue (predictable fees that clients pay on an ongoing basis), which can lead to a more stable and consistent financial performance.
How the company got here
SEI Investments began in 1968 as Simulated Environments Inc., creating a computer-based simulator to train bank loan officers. This early focus on financial technology set the stage for its future. A key turning point came in the late 1980s and 1990s when it expanded into processing services for mutual funds and launched platforms for independent financial advisors. Over the years, it has grown by developing comprehensive technology platforms, like the SEI Wealth Platform, and acquiring other companies to broaden its services.
What it actually does
Think of SEI as a company that provides the essential background technology and investment services that other financial companies use to manage their clients' money. Instead of working directly with most individuals, SEI offers a powerful combination of software, operational support, and investment management to banks, financial advisors, and other large institutions. This allows those firms to run their businesses more efficiently without having to build all the complicated systems themselves. SEI helps them manage investments, process transactions, and handle the complex record-keeping involved in the financial world.
Private Banks
This segment provides technology and investment services to private banks and wealth management firms. These client firms use SEI's core technology, the SEI Wealth Platform, to manage their own high-net-worth customers' finances. Essentially, SEI provides the engine and operational support that powers the bank's wealth management services. While a significant part of the business, this segment has faced challenges with profitability compared to other areas.
Investment Advisors
This part of the company caters to independent financial advisors and financial planners who work with everyday affluent investors. SEI provides these advisors with investment products, back-office support (the administrative and operational tasks), and technology to help them manage their clients' portfolios and grow their practices. This allows smaller advisory firms to access sophisticated tools and investment options they couldn't develop on their own.
Institutional Investors
This segment serves large organizations like pension funds, endowments, and foundations that manage substantial pools of money. SEI offers them investment management services, helping these institutions meet their long-term financial goals, such as funding retirement plans or charitable work. This can include acting as a fiduciary (a trusted party legally bound to act in the client's best interest) to manage their entire investment portfolio.
Investment Managers
This is SEI's largest business segment by revenue. It provides a wide range of back-office services to other investment management firms, including those that run mutual funds, hedge funds, and private equity funds. These services, known as fund administration, include crucial tasks like accounting, processing transactions, and ensuring compliance with regulations, allowing the investment managers to focus on their investment strategies.
What management is betting on now
SEI is focused on growing by expanding its technology platforms and outsourcing services, which create more stable, service-based revenue (income from ongoing services rather than one-time sales). The company is also investing heavily in technology like artificial intelligence (AI) to make its services more efficient and to explore new opportunities. Another key priority is expanding into alternative assets, like private debt, and making strategic acquisitions to add new capabilities, as seen with its purchase of Stratos.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$193.65M
FY2024 Q4
$190.25M
FY2025 Q1
$137.81M
FY2025 Q2
$92.74M
FY2025 Q3
$229.64M
FY2025 Q4
$124.82M
FY2026 Q1
$215.17M
FY2026 Q2
$117.17M
Revenue
$641.62M
Net income
$195.66M
Diluted EPS
1.59
Operating cash flow
$125.79M
Free cash flow
$117.17M
Fetching…
Sources
Revenue
$622.18M
Net income
$174.49M
Diluted EPS
1.40
Operating cash flow
$221.58M
Free cash flow
$215.17M
Fetching…
Sources
Revenue
$607.92M
Net income
$172.50M
Diluted EPS
1.38
Operating cash flow
$126.40M
Free cash flow
$124.82M
Fetching…
Sources
Revenue
$578.51M
Net income
$164.20M
Diluted EPS
1.30
Operating cash flow
$238.26M
Free cash flow
$229.64M
Fetching…
Sources
Revenue
$559.60M
Net income
$227.08M
Diluted EPS
1.78
Operating cash flow
$96.53M
Free cash flow
$92.74M
Fetching…
Sources
Revenue
$551.34M
Net income
$151.52M
Diluted EPS
1.17
Operating cash flow
$146.48M
Free cash flow
$137.81M
Fetching…
Sources
Revenue
$557.19M
Net income
$155.77M
Diluted EPS
1.18
Operating cash flow
$195.27M
Free cash flow
$190.25M
Fetching…
Sources
Revenue
$537.40M
Net income
$154.90M
Diluted EPS
1.19
Operating cash flow
$200.04M
Free cash flow
$193.65M
Fetching…
Sources
Is it cheap or expensive?
Fair value $118.40 vs current price $107.22
Wall Street consensus is the average analyst price target: $115.86 (-2.1% lower than our fair-value estimate).
Our most-likely fair value is $118.40 a share — about 10.4% away from today's price of $107.22, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $353.3M - more cash than debt. Interest coverage 1030.1x.
Net debt
$-353.34M
Interest coverage
1,030.07x
SEI Investments Company's profit covers its interest bill about 1030.1 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
SEIC
BASELINE
SEI Investments Company
Total debt $67.85M Interest coverage 1,030.07x This is the baseline the peer rows are being compared against.
Total debt $7.78B Interest coverage 3.31x -100% vs SEIC Carries about 311.7x less debt cushion than SEIC.
Total debt $77.82M Interest coverage 117.88x -89% vs SEIC Carries about 8.7x less debt cushion than SEIC.
What you should know
The case for and against SEIC
3 Rewards
1 Risk
Rewards
-
Revenue grew 6.7% last year.
-
Returns 27.6% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Stock trades 10.4% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.91x
Forward P/E
15.50x
P/B
5.15x
P/S
5.25x
EV/EBITDA
16.92x
PEG ratio
1.88x
Profitability
How much profit each dollar creates
Gross margin
78.4%
Operating margin
30.7%
Net margin
28.8%
ROE
27.6%
ROA
14.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
5.06x
Quick ratio
4.76x
Total debt
$67.85M
Total cash
$421.20M
Growth
How the business has been compounding
Revenue TTM
$2.45B
Revenue 5Y CAGR
4.6%
EPS TTM
5.67
EPS 5Y CAGR
17.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$712.02M
Free CF TTM
$585.02M
FCF margin
23.9%
Dividend
Shareholder payout
Yield
1.0%
Payout ratio
18.3%
Last ex-div date
2026-06-08