Operating margins have expanded from 21.0% in 2023Q4 to 30.4% in 2026Q1, indicating successful scaling of the firm's technology-led platform services.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.37B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.43B | 1.36B | 1.13B | 984.14M | 1.05B | 1.09B | 945.99M | 920.56M | 899.97M | 839.51M | 763.49M | 722.49M | 682.82M | 590.79M | 500.57M | 482.69M | 476.65M | 592.92M | 766.08M | 842.36M | 712.41M | 379.05M | 370.97M | 352.61M | 356.79M | 359.29M | 337.09M | 256.8M | 200.9M | 158.3M | 128.1M |
| Gross Margin % | 60.34% | 59.21% | 53.09% | 51.26% | 52.5% | 56.72% | 56.17% | 55.8% | 55.41% | 54.99% | 54.47% | 54.15% | 53.93% | 52.46% | 50.43% | 51.92% | 52.91% | 55.91% | 61.39% | 61.53% | 60.59% | 49.04% | 53.59% | 55.42% | 57.47% | 54.6% | 56.29% | 56.29% | 54.88% | 54.08% | 51.69% |
| Gross Profit Growth % | - | 20.56% | 14.65% | -5.85% | -3.93% | 15.01% | 2.76% | 2.29% | 7.2% | 9.96% | 5.67% | 5.81% | 15.58% | 18.02% | 3.7% | 1.27% | -19.61% | -22.6% | -9.06% | 18.24% | 87.95% | 2.18% | 5.21% | -1.17% | -0.7% | 6.59% | 31.26% | 27.82% | 26.91% | 23.58% | 4.83% |
| Operating Expenses | 769.63M | 733.04M | 576.59M | 559.62M | 569.52M | 534.6M | 500.11M | 460.13M | 457.98M | 442.57M | 387.79M | 364.27M | 330.03M | 342.38M | 289M | 278.62M | 259.11M | 229.22M | 269.73M | 248.38M | 213.96M | 163.96M | 161.11M | 146.43M | 146.97M | 176.1M | 189.13M | 154.3M | 133M | 112.8M | 92M |
| OpEx % of Revenue | - | 31.91% | 27.13% | 29.15% | 28.6% | 27.87% | 29.7% | 27.89% | 28.2% | 28.99% | 27.67% | 27.3% | 26.07% | 30.4% | 29.12% | 29.97% | 28.76% | 21.61% | 21.61% | 18.14% | 18.2% | 21.21% | 23.27% | 23.01% | 23.67% | 26.76% | 31.58% | 33.82% | 36.33% | 38.54% | 37.13% |
| Selling, General & Admin | 244.57M | 678.31M | 270.43M | 262.78M | 281.42M | 264.65M | 254.93M | 219.14M | 224.67M | 222.72M | 182.79M | 163.75M | 150.28M | 169.26M | 125.56M | 127.28M | 115.82M | 163.08M | 222.77M | 211.24M | 184.81M | 167.1M | 161.52M | 146.43M | 146.97M | 176.1M | 171.82M | 138.5M | 117.3M | 98.7M | 82M |
| SG&A % of Revenue | - | 29.53% | 12.73% | 13.69% | 14.13% | 13.8% | 15.14% | 13.28% | 13.83% | 14.59% | 13.04% | 12.27% | 11.87% | 15.03% | 12.65% | 13.69% | 12.86% | 15.38% | 17.85% | 15.43% | 15.72% | 21.62% | 23.33% | 23.01% | 23.67% | 26.76% | 28.69% | 30.36% | 32.04% | 33.72% | 33.09% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 659.33M | 627.31M | 551.74M | 424.52M | 475.75M | 553.38M | 445.89M | 460.42M | 441.99M | 396.94M | 375.69M | 358.21M | 352.78M | 248.41M | 211.57M | 204.06M | 217.53M | 363.71M | 496.35M | 593.98M | 498.45M | 215.09M | 209.86M | 206.18M | 209.82M | 183.19M | 147.96M | 102.5M | 67.9M | 45.5M | 36.1M |
| Operating Margin % | 27.84% | 27.31% | 25.96% | 22.11% | 23.89% | 28.85% | 26.48% | 27.91% | 27.21% | 26% | 26.81% | 26.85% | 27.87% | 22.06% | 21.32% | 21.95% | 24.15% | 34.29% | 39.77% | 43.39% | 42.39% | 27.83% | 30.31% | 32.41% | 33.8% | 27.84% | 24.71% | 22.47% | 18.55% | 15.54% | 14.57% |
| Operating Income Growth % | - | 13.7% | 29.97% | -10.77% | -14.03% | 24.11% | -3.16% | 4.17% | 11.35% | 5.66% | 4.88% | 1.54% | 42.02% | 17.41% | 3.68% | -6.19% | -40.19% | -26.72% | -16.44% | 19.16% | 131.74% | 2.49% | 1.78% | -1.73% | 14.54% | 23.81% | 44.35% | 50.96% | 49.23% | 26.04% | 4.03% |
| EBITDA | 759.2M | 664.33M | 626.97M | 498.49M | 563.69M | 646.01M | 529.82M | 541.28M | 519.67M | 472.53M | 447.53M | 424.89M | 413.91M | 305.51M | 267.41M | 252.82M | 263.48M | 429.85M | 543.31M | 631.11M | 527.6M | 232.68M | 226.04M | 222.97M | 227.88M | 202.84M | 165.26M | 118.3M | 83.6M | 59.6M | 46.1M |
| EBITDA Margin % | 32.06% | 28.92% | 29.5% | 25.97% | 28.31% | 33.68% | 31.46% | 32.81% | 32% | 30.95% | 31.93% | 31.85% | 32.69% | 27.13% | 26.94% | 27.19% | 29.25% | 40.53% | 43.54% | 46.1% | 44.87% | 30.1% | 32.65% | 35.05% | 36.71% | 30.83% | 27.6% | 25.93% | 22.84% | 20.36% | 18.6% |
| EBITDA Growth % | 15.37% | 5.96% | 25.77% | -11.57% | -12.74% | 21.93% | -2.12% | 4.16% | 9.98% | 5.59% | 5.33% | 2.65% | 35.48% | 14.25% | 5.77% | -4.05% | -38.7% | -20.88% | -13.91% | 19.62% | 126.75% | 2.94% | 1.38% | -2.15% | 12.35% | 22.73% | 39.7% | 41.51% | 40.27% | 29.28% | -0.43% |
| D&A (Non-Cash Add-back) | 99.87M | 37.02M | 75.23M | 73.97M | 87.94M | 92.63M | 83.93M | 80.86M | 77.69M | 75.59M | 71.83M | 66.67M | 61.13M | 57.1M | 55.84M | 48.76M | 45.95M | 66.14M | 46.96M | 37.14M | 29.15M | 17.59M | 16.18M | 16.79M | 18.06M | 19.65M | 17.3M | 15.8M | 15.7M | 14.1M | 10M |
| EBIT | 895.96M | 822.27M | 747.32M | 595.24M | 475.75M | 553.38M | 445.89M | 460.42M | 441.99M | 396.94M | 375.69M | 500.96M | 352.78M | 248.41M | 330M | 319.07M | 371.26M | 366.06M | 357.65M | 593.98M | 498.45M | 215.09M | 209.86M | 206.18M | 209.82M | 183.19M | 147.96M | 102.5M | 67.9M | 45.5M | 36.1M |
| Net Interest Income | 35.97M | 39.53M | 48.33M | 40.44M | 12.56M | 3.09M | 5.96M | 15.95M | 12.75M | 6.28M | 3.79M | 2.88M | 2.9M | 2.71M | 5.19M | 5.24M | 4.85M | 3.54M | 10.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 36.86M | 39.92M | 48.9M | 41.03M | 13.31M | 3.65M | 6.57M | 16.58M | 13.4M | 7.06M | 4.32M | 3.36M | 3.35M | 3.25M | 5.7M | 5.83M | 6.33M | 7.28M | 13.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 897K | 386K | 563K | 583K | 749K | 563K | 609K | 630K | 645K | 781K | 531K | 483K | 458K | 535K | 504K | 585K | 1.48M | 3.74M | 3.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 950.77M | 916.33M | 746.76M | 594.65M | 609.28M | 693.67M | 568.69M | 631.44M | 614.21M | 557.04M | 508.49M | 500.48M | 489.66M | 435.4M | 329.5M | 318.49M | 369.78M | 362.32M | 354.23M | 409.54M | 358.76M | 295.21M | 265.13M | 224.28M | 223.05M | 198.32M | 159.62M | 109.1M | 69.9M | 44M | 37.9M |
| Pretax Margin % | 40.15% | 39.89% | 35.14% | 30.98% | 30.6% | 36.16% | 33.77% | 38.27% | 37.82% | 36.49% | 36.28% | 37.51% | 38.68% | 38.66% | 33.2% | 34.26% | 41.05% | 34.16% | 28.39% | 29.91% | 30.51% | 38.19% | 38.3% | 35.25% | 35.93% | 30.14% | 26.66% | 23.91% | 19.09% | 15.03% | 15.29% |
| Income Tax | 207.95M | 198.78M | 165.57M | 132.4M | 133.81M | 147.08M | 121.41M | 130.01M | 108.34M | 152.65M | 174.67M | 168.82M | 170.95M | 146.92M | 121.46M | 111.84M | 136.46M | 89.89M | 86.7M | 149.73M | 121.77M | 106.86M | 96.11M | 81.3M | 82.53M | 73.38M | 60.66M | 42M | 26.9M | 17.2M | 14.8M |
| Effective Tax Rate % | 21.87% | 21.69% | 22.17% | 22.26% | 21.96% | 21.2% | 21.35% | 20.59% | 17.64% | 27.4% | 34.35% | 33.73% | 34.91% | 33.74% | 36.86% | 35.12% | 36.9% | 24.81% | 24.48% | 36.56% | 33.94% | 36.2% | 36.25% | 36.25% | 37% | 37% | 38% | 38.5% | 38.48% | 39.09% | 39.05% |
| Net Income | 738.27M | 715.3M | 581.19M | 462.26M | 475.47M | 546.59M | 447.29M | 501.43M | 505.87M | 404.39M | 333.82M | 331.65M | 318.71M | 288.12M | 206.85M | 204.96M | 231.69M | 174.34M | 139.25M | 259.81M | 236.99M | 188.34M | 169.02M | 142.98M | 140.52M | 124.94M | 98.96M | 68.4M | 43.7M | 26.8M | 6.8M |
| Net Margin % | 31.17% | 31.14% | 27.35% | 24.08% | 23.88% | 28.49% | 26.56% | 30.39% | 31.15% | 26.49% | 23.82% | 24.86% | 25.17% | 25.59% | 20.84% | 22.05% | 25.72% | 16.44% | 11.16% | 18.98% | 20.16% | 24.37% | 24.42% | 22.47% | 22.63% | 18.99% | 16.53% | 14.99% | 11.94% | 9.16% | 2.74% |
| Net Income Growth % | 22.78% | 23.08% | 25.73% | -2.78% | -13.01% | 22.2% | -10.8% | -0.88% | 25.09% | 21.14% | 0.65% | 4.06% | 10.62% | 39.29% | 0.92% | -11.54% | 32.9% | 25.19% | -46.4% | 9.63% | 25.83% | 11.43% | 18.21% | 1.75% | 12.47% | 26.25% | 44.68% | 56.52% | 63.06% | 294.12% | -64.58% |
| Net Income (Continuing) | 742.82M | 717.55M | 581.19M | 462.26M | 475.47M | 546.59M | 447.29M | 501.43M | 505.87M | 404.39M | 333.82M | 331.65M | 318.71M | 288.47M | 208.03M | 206.65M | 233.32M | 272.43M | 267.53M | 259.81M | 236.99M | 188.34M | 169.02M | 142.98M | 140.52M | 124.94M | 98.96M | 67.1M | 43M | 26.8M | 23.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 306.43M | 255.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.15M | 16.14M | 15.15M | 121.89M | 109.72M | 136.15M | 109.38M | 8.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.93 | 5.63 | 4.41 | 3.46 | 3.46 | 3.81 | 3.00 | 3.24 | 3.14 | 2.49 | 2.03 | 1.96 | 1.85 | 1.64 | 1.18 | 1.11 | 1.22 | 0.91 | 0.71 | 1.28 | 1.17 | 0.92 | 0.80 | 0.66 | 0.63 | 0.55 | 0.44 | 0.30 | 0.19 | 0.12 | 0.03 |
| EPS Growth % | 27.39% | 27.66% | 27.46% | 0% | -9.19% | 27% | -7.41% | 3.18% | 26.1% | 22.66% | 3.57% | 5.95% | 12.8% | 38.98% | 6.31% | -9.02% | 34.07% | 28.17% | -44.53% | 9.4% | 27.17% | 15% | 21.21% | 4.76% | 14.55% | 25% | 46.67% | 57.89% | 58.33% | 310.96% | -64.61% |
| EPS (Basic) | - | 5.76 | 4.47 | 3.49 | 3.49 | 3.87 | 3.05 | 3.31 | 3.23 | 2.56 | 2.07 | 2.00 | 1.89 | 1.68 | 1.19 | 1.12 | 1.23 | 0.91 | 0.73 | 1.32 | 1.20 | 0.94 | 0.82 | 0.68 | 0.65 | 0.57 | 0.47 | 0.32 | 0.20 | 0.12 | 0.03 |
| Diluted Shares Outstanding | 124.49M | 125.25M | 131.73M | 133.73M | 137.42M | 143.31M | 149M | 154.9M | 161.23M | 162.27M | 164.43M | 169.6M | 172.56M | 175.72M | 175.87M | 184.13M | 190.32M | 191.78M | 195.23M | 202.98M | 202.56M | 205.84M | 211.28M | 216.64M | 224.83M | 229.26M | 227.5M | 228M | 230M | 229.71M | 233.14M |
| Basic Shares Outstanding | 121.66M | 122.2M | 130.07M | 132.59M | 136.07M | 141.22M | 146.71M | 151.54M | 156.58M | 158.18M | 161.35M | 165.72M | 168.25M | 171.56M | 174.29M | 182.55M | 188.47M | 190.82M | 192.06M | 196.82M | 197.49M | 200.37M | 207.39M | 210.27M | 216.18M | 217.29M | 212.82M | 213.75M | 214.04M | 218.78M | 233.14M |
| Dividend Payout Ratio | - | 17.36% | 20.71% | 24.84% | 23.1% | 19.3% | 23.23% | 20.09% | 18.64% | 21.97% | 25.37% | 24.13% | 23.31% | 11.94% | 65.43% | 10.75% | 23.58% | 17.55% | 20.79% | 9.89% | 9.58% | 11.3% | 11.68% | - | 8.58% | 7.83% | 7.87% | 9.36% | 12.13% | 17.91% | 60.29% |
Market Beta Sensitivity
Based on the provided financial data, SEIC has demonstrated a steady upward trajectory in quarterly revenue, climbing from $484.9M in 2023Q4 to $622.2M by 2026Q1, reflecting the firm's ability to scale its asset administration and platform services despite broader market volatility in the financial services sector.
The consistent revenue growth appears to be driven by the firm's recurring fee model, which benefits from the compounding nature of its platform-based client relationships. Investors should monitor whether this growth remains organic or if it becomes increasingly dependent on market-linked AUM fluctuations, which could introduce cyclicality into the top line.
As reported in recent financial statements, SEIC's gross margin has exhibited significant quarterly variance, ranging from 50.5% to 81.0%, suggesting that the company's cost recognition patterns may be subject to periodic accounting adjustments or shifts in the underlying mix of service delivery versus technology-led platform revenue.
The wide fluctuation in gross margins warrants further investigation into the firm's cost allocation methodologies, particularly regarding how it distinguishes between direct service costs and platform maintenance. This volatility may mask the underlying operational efficiency of the core business, making it difficult to assess true pricing power without deeper segment-level transparency.
According to the latest quarterly figures, SEIC has successfully expanded its operating margin from 21.0% in 2023Q4 to 30.4% in 2026Q1, indicating that the company is beginning to realize meaningful operating leverage as its technology-led platform scales against a relatively stable base of administrative overhead.
The improvement in operating margins suggests that the firm's heavy investment in its Global Wealth Platform is starting to yield efficiencies by reducing the marginal cost of adding new client assets. If this trend continues, it may imply that the company is successfully transitioning from a labor-intensive service provider to a more scalable financial technology utility.
Based on reported figures, SEIC's net margin of 31.14% frequently exceeds its operating margin of 27.31%, which suggests that non-operating income, likely derived from the firm's substantial cash reserves and investment portfolio, is playing a material role in supporting the company's reported earnings per share.
Investors should be cautious about the sustainability of these earnings, as the reliance on non-operating income may obscure the core operational performance of the business. This dynamic implies that the bottom line could be vulnerable to shifts in interest rates or market conditions that impact the yield on the company's liquid assets.
While SEIC shows strong profitability, the historical inconsistency in gross margins and the reliance on non-operating income suggest that the firm's earnings quality may be less stable than the headline growth figures imply, potentially exposing shareholders to downside risks if market beta turns negative.
Short-term observers might argue that the company's valuation is overly optimistic given the potential for margin compression if competitive pressures force a reduction in platform fees. The lack of granular cost data makes it difficult to determine if the current margin expansion is truly structural or merely a temporary byproduct of favorable market conditions.
Quick answers to the most common questions about buying SEIC stock.
SEI Investments Company (SEIC) is profitable, generating $715.3M in net income for the fiscal year ending 2025 with a net profit margin of 31.1%.
SEI Investments Company (SEIC) reported an operating income of $627.3M, resulting in an operating profit margin of 27.3%. This margin reflects the operational efficiency of the business before interest and taxes.
SEI Investments Company (SEIC) generated $1.36B in gross profit for the year, representing a gross profit margin of 59.2%. This demonstrates the company's core pricing power and production efficiency.