What is Federated Hermes's net debt?

Federated Hermes (FHI) reported net debt of -$63.37M in Q1 2026.

How has Federated Hermes's net debt changed year-over-year?

Federated Hermes's net debt decreased by 188.6% year-over-year, from $71.53M to -$63.37M.

What is the long-term trend for Federated Hermes's net debt?

Over 5 years (2020 to 2025), Federated Hermes's net debt has grown at a -5.2% compound annual growth rate (CAGR), from -$164.02M to -$125.57M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Federated Hermes FHI Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$479.0M+13.1%

Operating income$126.3M-4.1%

Net income$96.4M-4.7%

EPS (diluted)$1.27+1.6%

Balance sheet

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Cash & equivalents$513.9M+32.6%

Total debt$450.5M-1.9%

Total equity$1.2B+11.9%

Total assets$2.1B+7.1%

Cash flow

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Operating cash flow$28.8M+102%

CapEx$4.8M+398%

Free cash flow$24.0M+80.1%

Valuation

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Market cap$4.48B+30.1%

Profitability

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Operating margin27.4%+3.6pp

Net margin21.5%+3.7pp

FCF margin16.4%-4.2pp

Returns & leverage

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Return on equity35%+8.5pp

Debt / equity0.4×-0.1×

Current ratio3.3×+0.2×

Where this comes from

Calculated from Federated Hermes’s reported figures.

$450.5Mtotal debt−$513.9Mcash and equivalents=-$63.37M

The official record: Federated Hermes’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Federated Hermes's net debt?: Federated Hermes (FHI) reported net debt of -$63.37M in Q1 2026.
How has Federated Hermes's net debt changed year-over-year?: Federated Hermes's net debt decreased by 188.6% year-over-year, from $71.53M to -$63.37M.
What is the long-term trend for Federated Hermes's net debt?: Over 5 years (2020 to 2025), Federated Hermes's net debt has grown at a -5.2% compound annual growth rate (CAGR), from -$164.02M to -$125.57M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.