SEIC · Financials(security brokers, dealers & flotation companies) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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SEI Investments Co reported revenue of $2.3 billion in fiscal 2025, after growing 5.6% a year over the previous 9 years. Its operating margin held steady at about 27.3% from 2016. Of the $5.4 billion its operations generated over 10 years, 72.5% went to buybacks and 19.4% to dividends; the share count fell 22.7%. On the accounting screens, it passes 3 of 4 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20252.3B+5.6% a year over 9 years
Operating margin27.3%gross margin —
Return on invested capital—
Free cash flow after stock pay531.5M23.1% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score3/4tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
01B2B3B
2016Revenue 1.4BOperating income 375.7M
2017Revenue 1.5BOperating income 396.9M
2018Revenue 1.6BOperating income 442.0M
2019Revenue 1.6BOperating income 460.4M
2020Revenue 1.7BOperating income 445.9M
2021Revenue 1.9BOperating income 553.4M
2022Revenue 2.0BOperating income 475.8M
2023Revenue 1.9BOperating income 424.5M
2024Revenue 2.1BOperating income 551.7M
2025Revenue 2.3BOperating income 627.3M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+4.9%
+6.4%
+5.6%
Operating income
+9.7%
+7.1%
+5.9%
Net income
+14.6%
+9.8%
+8.8%
Earnings per share
+17.6%
+13.4%
+12.0%
Free cash flow per share
+6.3%
+9.6%
+7.3%
Dividend per share
+6.9%
+7.0%
+7.4%
Shares
-2.6%
-3.1%
-2.8%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%10%20%30%40%
2016Operating 26.8%Net 23.8%Free cash flow 28.7%
2017Operating 26.0%Net 26.5%Free cash flow 28.5%
2018Operating 27.2%Net 31.1%Free cash flow 34.4%
2019Operating 27.9%Net 30.4%Free cash flow 30.4%
2020Operating 26.5%Net 26.6%Free cash flow 25.8%
2021Operating 28.8%Net 28.5%Free cash flow 31.6%
2022Operating 23.9%Net 23.9%Free cash flow 26.5%
2023Operating 22.1%Net 24.1%Free cash flow 22.0%
2024Operating 26.0%Net 27.3%Free cash flow 27.8%
2025Operating 27.3%Net 31.1%Free cash flow 25.5%
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
29.2%
Return on assets
—
Asset turnover
—
Overheads (SG&A)
7.9% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200M400M600M800M
2016Net income 333.8MFree cash flow 402.8MAfter stock-based pay 386.8M
2017Net income 404.4MFree cash flow 434.4MAfter stock-based pay 398.0M
2018Net income 505.9MFree cash flow 559.3MAfter stock-based pay 535.5M
2019Net income 501.4MFree cash flow 502.0MAfter stock-based pay 477.4M
2020Net income 447.3MFree cash flow 434.2MAfter stock-based pay 407.2M
2021Net income 546.6MFree cash flow 606.6MAfter stock-based pay 565.2M
2022Net income 475.5MFree cash flow 526.9MAfter stock-based pay 487.5M
2023Net income 462.3MFree cash flow 422.2MAfter stock-based pay 390.9M
2024Net income 581.2MFree cash flow 590.1MAfter stock-based pay 531.5M
2025Net income 715.3MFree cash flow 585.0MAfter stock-based pay 531.5M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.4B generated by the business. Each band is its share of that total.
Reinvested in the business 6%329.0M
Acquisitions 10%553.7M
Dividends 19%1.0B
Share buybacks 73%3.9B
More than it generated: funded with cash or new debt -8%-448.5M
Over the same years it paid 352.1M in stock. The share count fell 22.7%. 3.6B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$2$4$6
2016Earnings per share $2.03Free cash flow per share $2.45Dividend per share $0.52
2017Earnings per share $2.49Free cash flow per share $2.68Dividend per share $0.55
2018Earnings per share $3.14Free cash flow per share $3.47Dividend per share $0.58
2019Earnings per share $3.24Free cash flow per share $3.24Dividend per share $0.65
2020Earnings per share $3.00Free cash flow per share $2.91Dividend per share $0.70
2021Earnings per share $3.81Free cash flow per share $4.23Dividend per share $0.74
2022Earnings per share $3.46Free cash flow per share $3.83Dividend per share $0.80
2023Earnings per share $3.46Free cash flow per share $3.16Dividend per share $0.86
2024Earnings per share $4.41Free cash flow per share $4.48Dividend per share $0.91
2025Earnings per share $5.63Free cash flow per share $4.60Dividend per share $0.98
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
120M130M140M150M160M170M
2016Diluted shares 164.4M
2017Diluted shares 162.3M
2018Diluted shares 161.2M
2019Diluted shares 154.9M
2020Diluted shares 149.0M
2021Diluted shares 143.3M
2022Diluted shares 137.4M
2023Diluted shares 133.7M
2024Diluted shares 131.7M
2025Diluted shares 127.1M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
1030× operating income ÷ interest
Current ratio
3.29 current assets ÷ current liabilities
Cash conversion cycle
— collects in 113d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 4 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
–Profit backed by cashOperating cash flow above net income (low accruals) — not reportedno data
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 25% against revenue growing 8%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$13.3M7 sale(s) by 6 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
