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Federated Hermes vs Victory Capital Holdings: FHI and VCTR compared
Federated Hermes is the larger company: $507M of revenue in its latest quarter (Q3 2026) against $397M for Victory Capital Holdings (Q3 2026). Victory Capital Holdings is growing faster (+10% against +8% a year earlier). Victory Capital Holdings is more profitable, with an operating margin of 34.7% against 30.2%.
Where the money goes: FHI and VCTR
Federated Hermes (FHI) · Q3 2026
Federated Hermes, Q3 2026: revenue $507M (+8% year over year), operating margin 30.2%, net earnings $112M, operating cash flow $134M. The chart follows the revenue to costs, profit and cash.
Victory Capital Holdings (VCTR) · Q3 2026
Victory Capital Holdings, Q3 2026: revenue $397M (+10% year over year), operating margin 34.7%, net earnings $91.3M, operating cash flow $223M. The chart follows the revenue to costs, profit and cash.
| Federated Hermes (FHI) | Victory Capital Holdings (VCTR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $507M | $397M |
| Revenue growth, Y/Y | +8% | +10% |
| Operating margin | 30.2% | 34.7% |
| Net earnings | $112M | $91.3M |
| Net margin | 22.1% | 23.0% |
| Operating cash flow | $134M | $223M |
| Free cash flow | $120M | $222M |
| Market value | $4.5B | $7.4B |
| P/E | 11.6× | 16.3× |
| Analysts’ mean target | $61.00 | $123.67 |
Where the revenue comes from
Federated Hermes
- Federated Hermes Funds: $434M (85%)
- Separate Accounts: $69.9M (14%)
- Other: $3.8M (1%)
Victory Capital Holdings
- Investment Management Fees: $322M (81%)
- Fund Administration and Distribution Fees: $74.5M (19%)
Questions
Which is bigger, Federated Hermes or Victory Capital Holdings?
Federated Hermes is the larger company: $507M of revenue in its latest quarter (Q3 2026) against $397M for Victory Capital Holdings (Q3 2026).
Is Federated Hermes or Victory Capital Holdings growing faster?
Victory Capital Holdings is growing faster (+10% against +8% a year earlier).
Which is more profitable, Federated Hermes or Victory Capital Holdings?
Victory Capital Holdings is more profitable, with an operating margin of 34.7% against 30.2%.
More: Federated Hermes earnings · how Federated Hermes makes money · Victory Capital Holdings earnings · how Victory Capital Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.