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Side-by-side financial comparison of FEDERATED HERMES, INC. (FHI) and GCM Grosvenor Inc. (GCMG), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
FEDERATED HERMES, INC. is the larger business by last-quarter revenue ($482.8M vs $177.1M, roughly 2.7× GCM Grosvenor Inc.). FEDERATED HERMES, INC. runs the higher net margin — 22.2% vs 10.7%, a 11.5% gap on every dollar of revenue. On growth, FEDERATED HERMES, INC. posted the faster year-over-year revenue change (13.7% vs 7.2%). FEDERATED HERMES, INC. produced more free cash flow last quarter ($160.8M vs $23.9M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs 10.4%).
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
FHI vs GCMG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $482.8M | $177.1M |
| Net Profit | $107.0M | $19.0M |
| Gross Margin | — | — |
| Operating Margin | 28.1% | 30.9% |
| Net Margin | 22.2% | 10.7% |
| Revenue YoY | 13.7% | 7.2% |
| Net Profit YoY | 26.4% | 149.2% |
| EPS (diluted) | $1.38 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $482.8M | $177.1M | ||
| Q3 25 | $469.4M | $135.0M | ||
| Q2 25 | $424.8M | $119.7M | ||
| Q1 25 | $423.5M | $125.8M | ||
| Q4 24 | $424.7M | $165.3M | ||
| Q3 24 | $408.5M | $122.9M | ||
| Q2 24 | $402.6M | $117.0M | ||
| Q1 24 | $396.4M | $108.9M |
| Q4 25 | $107.0M | $19.0M | ||
| Q3 25 | $104.1M | $10.5M | ||
| Q2 25 | $91.0M | $15.4M | ||
| Q1 25 | $101.1M | $463.0K | ||
| Q4 24 | $84.7M | $7.6M | ||
| Q3 24 | $87.5M | $4.2M | ||
| Q2 24 | $21.0M | $4.8M | ||
| Q1 24 | $75.0M | $2.1M |
| Q4 25 | 28.1% | 30.9% | ||
| Q3 25 | 27.6% | 32.7% | ||
| Q2 25 | 27.6% | 16.1% | ||
| Q1 25 | 31.1% | 12.2% | ||
| Q4 24 | 26.0% | 26.4% | ||
| Q3 24 | 27.4% | 20.3% | ||
| Q2 24 | 10.1% | 17.8% | ||
| Q1 24 | 24.9% | -14.7% |
| Q4 25 | 22.2% | 10.7% | ||
| Q3 25 | 22.2% | 7.8% | ||
| Q2 25 | 21.4% | 12.9% | ||
| Q1 25 | 23.9% | 0.4% | ||
| Q4 24 | 19.9% | 4.6% | ||
| Q3 24 | 21.4% | 3.4% | ||
| Q2 24 | 5.2% | 4.1% | ||
| Q1 24 | 18.9% | 2.0% |
| Q4 25 | $1.38 | $0.23 | ||
| Q3 25 | $1.34 | $0.16 | ||
| Q2 25 | $1.16 | $0.05 | ||
| Q1 25 | $1.25 | $-0.02 | ||
| Q4 24 | $1.08 | $0.09 | ||
| Q3 24 | $1.06 | $0.03 | ||
| Q2 24 | $0.20 | $0.04 | ||
| Q1 24 | $0.89 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $582.5M | $242.1M |
| Total DebtLower is stronger | $348.4M | $428.4M |
| Stockholders' EquityBook value | $1.2B | $27.0M |
| Total Assets | $2.2B | $813.8M |
| Debt / EquityLower = less leverage | 0.29× | 15.87× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $582.5M | $242.1M | ||
| Q3 25 | $506.3M | $182.7M | ||
| Q2 25 | $371.0M | $136.3M | ||
| Q1 25 | $387.6M | $94.5M | ||
| Q4 24 | $504.4M | $89.5M | ||
| Q3 24 | $375.0M | $98.4M | ||
| Q2 24 | $307.4M | $73.9M | ||
| Q1 24 | $359.8M | $41.9M |
| Q4 25 | $348.4M | $428.4M | ||
| Q3 25 | $348.3M | $429.3M | ||
| Q2 25 | $348.2M | $430.2M | ||
| Q1 25 | $348.2M | $431.1M | ||
| Q4 24 | $348.1M | $432.0M | ||
| Q3 24 | $348.0M | $432.9M | ||
| Q2 24 | $348.0M | $433.8M | ||
| Q1 24 | $347.9M | $384.0M |
| Q4 25 | $1.2B | $27.0M | ||
| Q3 25 | $1.2B | $-7.4M | ||
| Q2 25 | $1.1B | $-12.3M | ||
| Q1 25 | $1.1B | $-28.3M | ||
| Q4 24 | $1.1B | $-27.6M | ||
| Q3 24 | $1.1B | $-31.9M | ||
| Q2 24 | $1.0B | $-28.5M | ||
| Q1 24 | $1.1B | $-26.4M |
| Q4 25 | $2.2B | $813.8M | ||
| Q3 25 | $2.2B | $685.9M | ||
| Q2 25 | $2.2B | $636.9M | ||
| Q1 25 | $2.0B | $579.8M | ||
| Q4 24 | $2.1B | $612.7M | ||
| Q3 24 | $2.0B | $575.0M | ||
| Q2 24 | $1.9B | $543.9M | ||
| Q1 24 | $2.1B | $497.3M |
| Q4 25 | 0.29× | 15.87× | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.30× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $161.2M | $28.5M |
| Free Cash FlowOCF − Capex | $160.8M | $23.9M |
| FCF MarginFCF / Revenue | 33.3% | 13.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.1% | 2.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.51× | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $293.7M | $175.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $161.2M | $28.5M | ||
| Q3 25 | $103.1M | $79.8M | ||
| Q2 25 | $18.8M | $42.0M | ||
| Q1 25 | $14.3M | $33.3M | ||
| Q4 24 | $126.7M | $38.1M | ||
| Q3 24 | $117.1M | $69.0M | ||
| Q2 24 | $88.7M | $17.5M | ||
| Q1 24 | $14.0M | $24.2M |
| Q4 25 | $160.8M | $23.9M | ||
| Q3 25 | $101.6M | $78.3M | ||
| Q2 25 | $18.0M | $40.8M | ||
| Q1 25 | $13.3M | $32.1M | ||
| Q4 24 | $126.2M | $37.0M | ||
| Q3 24 | $114.1M | $62.2M | ||
| Q2 24 | $82.7M | $12.8M | ||
| Q1 24 | $13.5M | $20.0M |
| Q4 25 | 33.3% | 13.5% | ||
| Q3 25 | 21.6% | 58.0% | ||
| Q2 25 | 4.2% | 34.1% | ||
| Q1 25 | 3.1% | 25.5% | ||
| Q4 24 | 29.7% | 22.4% | ||
| Q3 24 | 27.9% | 50.6% | ||
| Q2 24 | 20.5% | 10.9% | ||
| Q1 24 | 3.4% | 18.4% |
| Q4 25 | 0.1% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.2% | 0.9% | ||
| Q4 24 | 0.1% | 0.7% | ||
| Q3 24 | 0.7% | 5.5% | ||
| Q2 24 | 1.5% | 4.0% | ||
| Q1 24 | 0.1% | 3.9% |
| Q4 25 | 1.51× | 1.50× | ||
| Q3 25 | 0.99× | 7.61× | ||
| Q2 25 | 0.21× | 2.72× | ||
| Q1 25 | 0.14× | 71.84× | ||
| Q4 24 | 1.50× | 5.00× | ||
| Q3 24 | 1.34× | 16.60× | ||
| Q2 24 | 4.22× | 3.64× | ||
| Q1 24 | 0.19× | 11.40× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
FHI
| Investment Advisory Management And Administrative Service | $314.0M | 65% |
| Separateaccounts | $63.9M | 13% |
| Other | $61.2M | 13% |
| Distribution Service | $43.7M | 9% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
