Sei Investments
SEIC · NasdaqSecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31
Sei Investments reported revenue of $2.3B in the fiscal year ended Dec 2025, up 8.1% from the year before. Operating income was $627M, an operating margin of 27.3%, and net income was $715M. Operating cash flow of $608M less capital expenditure of $23M left free cash flow of $585M. It held more cash than debt (net cash $400M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2B | $1.9B | $2.1B | $2.3B |
| Gross profit | $645M | $644M | $557M | $699M | $808M |
| Operating income | $553M | $476M | $425M | $552M | $627M |
| Interest expense | $563,000 | $749,000 | $583,000 | $563,000 | $609,000 |
| Pre-tax income | $694M | $609M | $595M | $747M | $916M |
| Income tax | $147M | $134M | $132M | $166M | $199M |
| Net income | $547M | $475M | $462M | $581M | $715M |
| Diluted EPS | 3.81 | 3.46 | 3.46 | 4.41 | 5.63 |
| Diluted shares | 143M | 137M | 134M | 132M | 127M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $831M | $853M | $835M | $840M | $400M |
| Receivables | $442M | $457M | $501M | $568M | $710M |
| Current assets | $1.4B | $1.5B | $1.5B | $1.6B | $1.3B |
| Net PP&E | $179M | $181M | $171M | $160M | $150M |
| Goodwill | $117M | $116M | $137M | $170M | $355M |
| Total assets | $2.4B | $2.4B | $2.5B | $2.7B | – |
| Payables | $10M | $13M | $11M | $13M | $5M |
| Deferred revenue | $10M | $15M | $15M | $12M | $13M |
| Current liabilities | $356M | $398M | $353M | $381M | $387M |
| Short-term debt | – | – | – | – | $0 |
| Long-term debt | – | – | – | – | $0 |
| Total liabilities | $494M | $430M | $388M | $432M | – |
| Shareholders' equity | $1.9B | $2B | $2.1B | $2.3B | $2.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $633M | $566M | $447M | $622M | $608M |
| Capital expenditure | $26M | $39M | $25M | $32M | $23M |
| Free cash flow | $607M | $527M | $422M | $590M | $585M |
| Stock-based compensation | $41M | $39M | $31M | $59M | $54M |
| Acquisitions | $80M | $0 | $56M | $29M | $302M |
| Share buybacks | $408M | $345M | $309M | $500M | $628M |
| Dividends paid | $106M | $110M | $115M | $120M | $124M |
| Dividend per share | 0.77 | 0.83 | 0.89 | 0.95 | 1.01 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.8% | −3.6% | 10.7% | 8.1% |
| Operating income growth (YoY) | – | −14.0% | −10.8% | 30.0% | 13.7% |
| EPS growth (YoY) | – | −9.2% | 0.0% | 27.5% | 27.7% |
| Gross margin | 33.6% | 32.3% | 29.0% | 32.9% | 35.2% |
| Operating margin | 28.8% | 23.9% | 22.1% | 26.0% | 27.3% |
| Net margin | 28.5% | 23.9% | 24.1% | 27.3% | 31.1% |
| Return on equityBlank when equity is negative | 29.4% | 24.3% | 21.7% | 25.8% | 29.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.7% | 24.0% | 19.6% | 23.9% | – |
| Free cash flow margin | 31.6% | 26.5% | 22.0% | 27.8% | 25.5% |
| Cash conversion (CFO ÷ net income) | 1.16x | 1.19x | 0.97x | 1.07x | 0.85x |
| Receivable days | 84 | 84 | 95 | 97 | 113 |
| Payable days | 3 | 4 | 3 | 3 | 1 |
| Interest cover | 983x | 635x | 728x | 980x | 1030x |
| Debt ÷ equity | – | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −$400M |
| Current ratio | 3.95x | 3.65x | 4.19x | 4.08x | 3.29x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.