# SEI Investments (SEIC.US)

Canonical: https://gigainvestors.com/s/SEIC

Analysis as of: 2026-10-16T07:31:51.135Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $105.27 per share; close as of 2026-10-15.

Estimated value: low $86.89 per share, central $125.33 per share, high $146.77 per share. Buy at or below the central value $125.33 per share. Valuation as of 2026-10-16T07:31:51.135Z; scenarios are not confidence intervals.

Expected annual return: 11.3% at the stated quote. About 11.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.26×

- FY2018: 0.27×

- FY2019: 0.28×

- FY2020: 0.26×

- FY2021: 0.29×

- FY2022: 0.24×

- FY2023: 0.22×

- FY2024: 0.26×

- FY2025: 0.27×

- LTM to Jun 2026: 0.29×

### moat: pass

- ROIC, median of available years: 39.1%

- ROIC, second-lowest year: 29.1%

- Typical minus recent gross margin: -3.6 pp

- Typical gross margin (annual median): 55.6%

- Recent gross margin (lower of latest and 3-year median): 59.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 47.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 39.2%

- FY2017: 41.9%

- FY2018: 44.7%

- FY2019: 43.2%

- FY2020: 39.0%

- FY2021: 45.3%

- FY2022: 37.8%

- FY2023: 28.6%

- FY2024: 34.5%

- FY2025: 29.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.9B

- Net income, five-year total: $2.8B

- Return on incremental invested capital: 70.3%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 30.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 1.03×

- FY2023: 1.03×

- FY2024: 1.03×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 41.9% vs 29.1%

- Per-share earnings: 2.03 to 4.41 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.8%

- Ordinary dilution, 5-year annual growth: -3.1%

- Market cap gain: $2.2B

- Cumulative retained earnings: $408M

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.2%

- Per-share value change: $2.38

- Per-share value, starting three-year median: $2.03

- Per-share value, ending three-year median: $4.41

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 4.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $554M

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: 41.9%

- ROIC, last three-year median: 29.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.03

- FY2017: $2.49

- FY2018: $3.14

- FY2019: $3.24

- FY2020: $3.00

- FY2021: $3.81

- FY2022: $3.46

- FY2023: $3.46

- FY2024: $4.41

- FY2025: $5.63

### accounting: pass

- Sloan accruals: 3.3%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 8.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -3.0%

- FY2018: -4.2%

- FY2019: -2.0%

- FY2020: -1.9%

- FY2021: -3.7%

- FY2022: -3.8%

- FY2023: 0.6%

- FY2024: -1.5%

- FY2025: 3.3%

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 5.3% a year for ten years · sales +6.8%

Story as of 2026-10-16T09:59:34.116Z; price observation 2026-10-15.

Price needs cash profits to grow 5.3% a year for ten years

- 2025-04-24: SEI Investments Q1 Earnings Top Estimates as Revenues Increase Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/sei-investments-q1-earnings-top-132600488.html))

- 2026-04-23: SEI Investments Seen as Net AI 'Beneficiary' After Q1 Earnings Beat, Morgan Stanley Says ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/sei-investments-seen-net-ai-150002478.html))

### Sales · FY2025–2026

sales +6.8%; source https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm; observed 2026-02-23.

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $1.6B 

- FY2020: $1.7B 

- FY2021: $1.9B 

- FY2022: $2.0B 

- FY2023: $1.9B 

- FY2024: $2.1B 

- FY2025: $2.3B 

- FY2026: $2.5B 

### Gross margin · FY2025

gross margin 59.2%; source https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm; observed 2026-02-23.

- FY2016: 54.5% 

- FY2017: 55.0% 

- FY2018: 55.4% 

- FY2019: 55.8% 

- FY2020: 56.2% 

- FY2021: 56.7% 

- FY2022: 52.5% 

- FY2024: 53.1% 

- FY2025: 59.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm#000035089426000013 (filed 2026-02-23); FY2025: revenue 2297381000; grossProfit 1360349000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEIC.US: SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients. It provides its services to private banks, independent financial advisers, institutional investors, investment managers, investment advisors, wealth management organizations, corporations, retirement scheme sponsors, not-for-profit organizations, hedge fund managers, registered investment advisers, independent broker-dealers, financial planners, life insurance agents, defined-benefit schemes, defined-contribution schemes, endowments, foundations, and board-designated fund, through its subsidiaries. Through its subsidiaries, the firm manages separate client-focused portfolios. It also launches and manages equity, fixed income, and balanced mutual funds, through its subsidiaries. Through its subsidiaries, the firm invests in public equity and fixed income markets. It employs fundamental and quantitative analysis with a focus on top-down and bottom-up analysis to make its investments, through its subsidiaries. SEI Investments Company was founded in 1968 and is based in Oaks, Pennsylvania with additional offices in North America, Europe, Asia and Africa.

### Why customers stay

Margins ranged from 53.1% to 100% during 2023–25; it earns 39.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 53.1%.

- Source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.3920499710919908],[2017,0.4187998937905072],[2018,0.4471680998019182],[2019,0.43168562484111445],[2020,0.3899379344759027],[2021,0.45288361806060146],[2022,0.3779945215545449],[2023,0.28601227684365493],[2024,0.3450522156782264],[2025,0.2910495537167417]]; median 0.3909939527839468. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 39.2% of cash earnings; earns 70.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 7347623.586117595; upkeep 74441376.4138824; cash acquisitions 0; owner earnings 331207623.5861176. Growth capex plus acquisitions / owner earnings = 0.022184343181965233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 10982000; upkeep 75586000; cash acquisitions 80234000; owner earnings 404389000. Growth capex plus acquisitions / owner earnings = 0.22556498816733392.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 73316000; cash acquisitions 5794000; owner earnings 510239000. Growth capex plus acquisitions / owner earnings = 0.01135546283212377.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 77171000; cash acquisitions 0; owner earnings 505110000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 0; upkeep 78567000; cash acquisitions 0; owner earnings 452653000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 52536000; cash acquisitions 80159000; owner earnings 586690000. Growth capex plus acquisitions / owner earnings = 0.1366292249740067.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 74484000; cash acquisitions 0; owner earnings 488920000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 0; upkeep 58793000; cash acquisitions 56435000; owner earnings 477434000. Growth capex plus acquisitions / owner earnings = 0.11820481993322637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 0; upkeep 56566000; cash acquisitions 29037000; owner earnings 599852000. Growth capex plus acquisitions / owner earnings = 0.04840694037862673.

- Source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm (filed 2026-02-23); FY2025: growth capex 0; upkeep 22644000; cash acquisitions 302048000; owner earnings 769736000. Growth capex plus acquisitions / owner earnings = 0.39240466861365453.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Incremental return on capital 0.7026936187967875, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,84686000],[2017,88862000],[2018,94318000],[2019,100745000],[2020,103914000],[2021,105516000],[2022,109830000],[2023,114837000],[2024,120346000],[2025,124198000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 628135000 USD.

### Are managers owners

Insiders own 15.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEIC.US SharesStats.PercentInsiders = 15.633 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.3% yearly over ten years; actual growth was 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.07534435148352009. Price 105.27; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9555360322645314 → FY2025 6.057288551732821. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $44.33 per share

- 2016-11: $47.18 per share

- 2016-12: $49.36 per share

- 2017-01: $48.51 per share

- 2017-02: $50.35 per share

- 2017-03: $50.44 per share

- 2017-04: $50.71 per share

- 2017-05: $50.09 per share

- 2017-06: $53.78 per share

- 2017-07: $56.51 per share

- 2017-08: $58.46 per share

- 2017-09: $61.06 per share

- 2017-10: $64.51 per share

- 2017-11: $70.36 per share

- 2017-12: $71.86 per share

- 2018-01: $75.15 per share

- 2018-02: $72.83 per share

- 2018-03: $74.91 per share

- 2018-04: $63.23 per share

- 2018-05: $63.78 per share

- 2018-06: $62.52 per share

- 2018-07: $59.94 per share

- 2018-08: $63.08 per share

- 2018-09: $61.10 per share

- 2018-10: $53.45 per share

- 2018-11: $53.70 per share

- 2018-12: $46.20 per share

- 2019-01: $47.54 per share

- 2019-02: $52.75 per share

- 2019-03: $52.25 per share

- 2019-04: $54.45 per share

- 2019-05: $50.25 per share

- 2019-06: $56.10 per share

- 2019-07: $59.59 per share

- 2019-08: $57.51 per share

- 2019-09: $59.26 per share

- 2019-10: $59.92 per share

- 2019-11: $64.53 per share

- 2019-12: $65.48 per share

- 2020-01: $65.26 per share

- 2020-02: $54.71 per share

- 2020-03: $46.34 per share

- 2020-04: $50.96 per share

- 2020-05: $54.22 per share

- 2020-06: $54.98 per share

- 2020-07: $52.33 per share

- 2020-08: $52.36 per share

- 2020-09: $50.72 per share

- 2020-10: $49.15 per share

- 2020-11: $52.75 per share

- 2020-12: $57.47 per share

- 2021-01: $52.85 per share

- 2021-02: $56.00 per share

- 2021-03: $60.93 per share

- 2021-04: $61.44 per share

- 2021-05: $63.44 per share

- 2021-06: $61.97 per share

- 2021-07: $60.80 per share

- 2021-08: $62.81 per share

- 2021-09: $59.30 per share

- 2021-10: $63.04 per share

- 2021-11: $59.63 per share

- 2021-12: $60.94 per share

- 2022-01: $58.61 per share

- 2022-02: $58.58 per share

- 2022-03: $60.21 per share

- 2022-04: $55.72 per share

- 2022-05: $58.43 per share

- 2022-06: $54.02 per share

- 2022-07: $55.36 per share

- 2022-08: $54.70 per share

- 2022-09: $49.05 per share

- 2022-10: $54.30 per share

- 2022-11: $62.28 per share

- 2022-12: $58.30 per share

- 2023-01: $62.43 per share

- 2023-02: $60.25 per share

- 2023-03: $57.55 per share

- 2023-04: $58.91 per share

- 2023-05: $56.58 per share

- 2023-06: $59.62 per share

- 2023-07: $62.99 per share

- 2023-08: $62.06 per share

- 2023-09: $60.23 per share

- 2023-10: $53.66 per share

- 2023-11: $58.67 per share

- 2023-12: $63.55 per share

- 2024-01: $63.24 per share

- 2024-02: $67.25 per share

- 2024-03: $71.90 per share

- 2024-04: $65.95 per share

- 2024-05: $67.71 per share

- 2024-06: $64.69 per share

- 2024-07: $67.84 per share

- 2024-08: $67.63 per share

- 2024-09: $69.19 per share

- 2024-10: $74.76 per share

- 2024-11: $82.63 per share

- 2024-12: $82.48 per share

- 2025-01: $86.58 per share

- 2025-02: $80.05 per share

- 2025-03: $77.63 per share

- 2025-04: $78.29 per share

- 2025-05: $85.26 per share

- 2025-06: $89.86 per share

- 2025-07: $88.12 per share

- 2025-08: $88.28 per share

- 2025-09: $84.85 per share

- 2025-10: $80.61 per share

- 2025-11: $80.86 per share

- 2025-12: $82.02 per share

- 2026-01: $87.85 per share

- 2026-02: $81.32 per share

- 2026-03: $78.47 per share

- 2026-04: $90.68 per share

- 2026-05: $87.88 per share

- 2026-06: $87.71 per share

- 2026-07: $102.98 per share

- 2026-08: $110.98 per share

- 2026-09: $102.66 per share

- 2026-10: $105.27 per share

## Annual estimated value (USD per share)

- FY2016: low $27.35 per share, central $30.54 per share, high $34.79 per share

- FY2017: low $30.42 per share, central $33.99 per share, high $38.74 per share

- FY2018: low $32.39 per share, central $36.21 per share, high $41.30 per share

- FY2019: low $39.42 per share, central $48.26 per share, high $55.44 per share

- FY2020: low $46.65 per share, central $61.89 per share, high $71.66 per share

- FY2021: low $65.18 per share, central $92.45 per share, high $107.66 per share

- FY2022: low $70.49 per share, central $100.01 per share, high $116.48 per share

- FY2023: low $58.07 per share, central $76.25 per share, high $88.28 per share

- FY2024: low $66.30 per share, central $89.74 per share, high $104.19 per share

- FY2025: low $77.15 per share, central $111.14 per share, high $130.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.