olivLaw · US equity research
SEI Investments Company SEIC
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
SEI Investments is a global provider of financial technology, operations and asset management solutions that connects the financial services ecosystem across advice, asset management and administration. Revenue reached 2297.4 mn USD in fiscal 2025, and by September 30, 2026 the company managed, advised or administered about 2.1 tn USD, which makes it relevant amid growing outsourcing and consolidation in financial advice.
At the close of 04 Nov 2026, SEI Investments Company (SEIC) stock was 108.62 USD (+3.00% on the day), with market capitalisation 12.9 bn USD, P/E 18.9 on diluted EPS of 5.75 USD over the last 12 months, dividend yield 0.96%, beta 0.90, 52-week range 75.18–111.63 USD. Latest reported quarter (Q3 2026): revenue of 662.0 m USD (+14.4% YoY), net income of 168.3 m USD (+2.5% YoY), diluted EPS 1.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.9
- strong (55–70)
- Bollinger (20, 2)
- 101.59 – 108.22
- above the upper band · %B 1.06 · band width 6.3%
- SMA 50 / 200
- 105.77 / 93.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.24 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.2% | −1.1% | +6.3 pp | — |
| 3 months | +3.7% | −0.5% | +4.1 pp | — |
| 6 months | +19.1% | +4.4% | +14.7 pp | — |
| Year to date | +32.4% | +12.3% | +20.1 pp | — |
| 1 year | +33.0% | +13.5% | +19.5 pp | −16.4% |
| 3 years | +93.9% | +76.4% | +17.5 pp | +61.7% |
| 5 years | +68.8% | +63.7% | +5.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 557.2 m | 551.3 m | 559.6 m | 578.5 m | 607.9 m | 622.2 m | 641.6 m | 662.0 m |
| Gross profit | 184.2 m | 192.6 m | 189.2 m | 202.8 m | 223.7 m | 224.3 m | 230.2 m | 232.1 m |
| Operating income | 145.5 m | 157.1 m | 148.6 m | 160.0 m | 161.6 m | 189.5 m | 197.0 m | 198.0 m |
| Interest expense | 144.0 k | 185.0 k | 92.0 k | 109.0 k | 223.0 k | 473.0 k | 562.0 k | 606.0 k |
| Pre-tax income | 191.2 m | 196.4 m | 292.1 m | 210.7 m | 217.1 m | 230.8 m | 253.2 m | 214.6 m |
| Income tax | 35.4 m | 44.9 m | 65.1 m | 46.1 m | 42.7 m | 54.0 m | 53.6 m | 43.3 m |
| Net income | 155.8 m | 151.5 m | 227.1 m | 164.2 m | 172.5 m | 174.5 m | 195.7 m | 168.3 m |
| Diluted EPS | 1.19 ≈ | 1.17 | 1.78 | 1.30 | 1.38 ≈ | 1.40 | 1.59 | 1.38 |
| Operating cash flow | 195.3 m | 146.5 m | 96.5 m ≈ | 238.3 m ≈ | 126.4 m | 221.6 m | 125.8 m ≈ | 218.0 m ≈ |
| Capex | 5.0 m | 8.7 m | 3.8 m ≈ | 8.6 m ≈ | 1.6 m | 6.4 m | 8.6 m ≈ | 9.7 m ≈ |
| Dividends paid | 8.0 k | 62.3 m | 61.0 m ≈ | 44.0 k ≈ | 857.0 k | 63.7 m | 62.6 m ≈ | 68.0 k ≈ |
| Share repurchases | 247.2 m | 203.7 m | 179.6 m ≈ | 144.2 m ≈ | 100.6 m | 214.8 m | 105.9 m ≈ | 212.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 40-quarter history (min 13.0, median 17.9, max 28.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 1.7 bn | 1.9 bn | 2.0 bn | 1.9 bn | 2.1 bn | 2.3 bn |
| Revenue YoY | +6.4% | +1.6% | +2.1% | +13.9% | +3.8% | −3.6% | +10.7% | +8.1% |
| Net income | 505.9 m | 501.4 m | 447.3 m | 546.6 m | 475.5 m | 462.3 m | 581.2 m | 715.3 m |
| Net income YoY | +25.1% | −0.9% | −10.8% | +22.2% | −13.0% | −2.8% | +25.7% | +23.1% |
| Diluted EPS | 3.14 | 3.24 | 3.00 | 3.81 | 3.46 | 3.46 | 4.41 | 5.63 |
| Diluted EPS YoY | +26.1% | +3.2% | −7.4% | +27.0% | −9.2% | 0.0% | +27.5% | +27.7% |
| net % | 31.1% | 30.4% | 26.6% | 28.5% | 23.9% | 24.1% | 27.3% | 31.1% |
| Free cash flow | 559.3 m | 502.0 m | 434.2 m | 606.6 m | 526.9 m | 422.2 m | 590.1 m | 585.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 399.8 m USD
- Financial debt
- 0 USD
- Net debt
- -399.8 m USD
- Equity
- 2.5 bn USD
- Total assets
- unavailable USD
- Debt / equity
- 0.00x
- Current ratio
- 3.29x
- ROE
- 30.4%
- ROA
- unavailable
- FCF margin
- 25.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | 2.0 bn | 1.9 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 519.9 m | 645.2 m | 643.9 m | 556.8 m | 699.4 m | 808.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 445.9 m | 553.4 m | 475.8 m | 424.5 m | 551.7 m | 627.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Interest expense | 609.0 k | 563.0 k | 749.0 k | 583.0 k | 563.0 k | 609.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 568.7 m | 693.7 m | 609.3 m | 594.7 m | 746.8 m | 916.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 121.4 m | 147.1 m | 133.8 m | 132.4 m | 165.6 m | 198.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | 447.3 m | 546.6 m | 475.5 m | 462.3 m | 581.2 m | 715.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | 3.00 | 3.81 | 3.46 | 3.46 | 4.41 | 5.63 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 149.0 m | 143.3 m | 137.4 m | 133.7 m | 131.7 m | 127.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | 0.72 | 0.77 | 0.83 | 0.89 | 0.95 | 1.01 | SEC (XBRL)· 23 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 784.6 m | 831.4 m | 853.0 m | 834.7 m | 840.2 m | 399.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 385.2 m | 441.6 m | 457.1 m | 501.4 m | 567.6 m | 709.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 189.1 m | 178.9 m | 181.0 m | 171.4 m | 159.6 m | 150.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 64.5 m | 117.2 m | 115.6 m | 137.3 m | 170.3 m | 355.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 24.3 m | 68.8 m | 55.5 m | 82.4 m | 77.4 m | 368.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 2.2 bn | 2.4 bn | 2.4 bn | 2.5 bn | 2.7 bn | — | SEC (XBRL)· 20 Feb 2025verified |
| Accounts payable | 7.8 m | 10.3 m | 13.3 m | 10.6 m | 13.1 m | 5.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 27 Jul 2026verified |
| Long-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 27 Jul 2026verified |
| Current liabilities | 317.3 m | 355.7 m | 397.9 m | 353.0 m | 380.5 m | 387.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 427.3 m | 493.9 m | 429.7 m | 388.2 m | 432.5 m | — | SEC (XBRL)· 20 Feb 2025verified |
| Equity | 1.7 bn † | 1.9 bn † | 2.0 bn † | 2.1 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 23 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 488.7 m | 633.1 m | 566.1 m | 447.0 m | 622.3 m | 607.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 54.4 m | 26.5 m | 39.2 m | 24.8 m | 32.2 m | 22.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 434.2 m ≈ | 606.6 m ≈ | 526.9 m ≈ | 422.2 m ≈ | 590.1 m ≈ | 585.0 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -67.5 m | -164.9 m | -89.8 m | -141.5 m | -117.3 m | -399.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -482.1 m | -422.3 m | -437.2 m | -331.3 m | -494.4 m | -589.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | 103.9 m | 105.5 m | 109.8 m | 114.8 m | 120.3 m | 124.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 427.0 m | 408.1 m | 344.7 m | 308.9 m | 500.1 m | 628.1 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation49
- Returns91
- Quality73
- Balance sheet100
- Growth70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 60.05 – 116.29 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)77.65 – 116.29 (Mid 92.73)WACC 9.3% · starting FCFF 666.9 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 12.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E60.05 – 112.18 (Mid 84.40)17 companies used · median multiple 14.7x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SF, TIGR, VIRT, WT
- Dividend discount (DDM)outside the aggregate13.27 – 17.85 (Mid 15.22)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.8% | 60 (vs peers) | 13% |
| Net margin · Quality | 28.1% | 77 (vs peers) | 8% |
| FCF conversion · Quality | 93.6% | 91 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.9% | 41 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 17.6% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 400.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.9x | 37 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.2% | 65 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 5.9% | 84 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 19.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth70/100 · 2/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
Memo
SEI INVESTMENTS COMPANY (SEIC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth 8.1%; net margin 28.1%; ROE 28.9%.
The estimated value range is 68.85–114.23 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 88.57 USD, the price of 108.62 USD leaves a potential of -18.5% (value / price − 1) and a margin of safety of -22.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.1%
- FCF conversion: 93.6%
- EPS CAGR 3Y: 17.6%
- Interest coverage: 400.3x
- Current ratio: 4.3x
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 19.1%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +33% / +94% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for SEIC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 67.23 Total return -37% · Per year -37% | 118.84 Total return 10% · Per year 10% | 178.97 Total return 66% · Per year 66% |
| 3 years | 65.76 Total return -37% · Per year -14% | 130.74 Total return 24% · Per year 7% | 216.11 Total return 103% · Per year 27% |
| 5 years | 64.31 Total return -37% · Per year -9% | 143.82 Total return 38% · Per year 7% | 260.95 Total return 148% · Per year 20% |
- Exit P/E± 32.68
- Net margin± 22.88
- Annual revenue growth± 18.71
- Annual dilution± 1.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SEI Investments is a global provider of financial technology, operations and asset management solutions that connects the financial services ecosystem across advice, asset management and administration. Revenue reached 2297.4 mn USD in fiscal 2025, and by September 30, 2026 the company managed, advised or administered about 2.1 tn USD, which makes it relevant amid growing outsourcing and consolidation in financial advice.
SWOT
Strengths
- An integrated platform combining technology, custody and investment management, which sets the company apart from providers offering only one service.
- A strong position in alternative fund and private credit administration, with large clients across the industry.
- Long-standing client relationships and rising net sales in recent quarters.
Weaknesses
- Revenue depends heavily on asset values, so market declines feed directly into results.
- The operating margin in Investment Advisors fell in 2026, partly due to costs linked to the Stratos acquisition.
- Dependence on a few large clients can amplify the effect of losing one important contract.
Opportunities
- Expansion into alternative funds and retail-accessible products could open new revenue sources.
- Integrating Stratos and advice operations could increase distribution of SEI products to independent advisors.
- Using AI and cloud data could reduce costs and create new services for clients.
Threats
- Continued fee pressure from low-cost products and digital platforms.
- Entry of large technology companies and fintech firms that may operate under lighter regulatory requirements.
- Regulatory and cybersecurity risks that could affect client trust and generate unexpected costs.
Risks
- Dependence on market levelshigh
Revenue is linked to the value of assets under management, so a market correction could significantly reduce fees.
- Loss of large clientshigh
A small number of clients account for a large share of assets, and the withdrawal of one could affect results.
- Pricing pressuremedium
Competition and the trend toward low-cost products could force fee reductions and margin compression.
- Integration of acquisitionsmedium
Integrating Stratos and other acquisitions could generate additional costs or impairment of intangible assets.
- Cyber and operational riskslow
Processing errors or cyberattacks could affect clients and damage the company's reputation.
Investment thesis
What would need to be true (bull case)
- Revenue and EPS growth in 2026 suggests the integration strategy could be working, if the trend holds.
- Record net sales and deeper relationships with large clients suggest durable demand for SEI solutions.
- Demand for outsourcing in alternative funds could continue to support long-term growth.
What would break the thesis
- If markets fall, asset-based revenue could drop quickly and profitability could suffer.
- Margins in some segments have declined, and acquisition-related costs could keep weighing on results.
- Competition from fintech firms and technology companies could limit pricing power and market share gains.
What to watch
- Trajectory of the operating margin in Investment Advisors after the Stratos integrationQ4 2026
- Pace of net sales events and new mandates in Investment ManagersQ1 2027
- Deployment of the available share repurchase authorization of about 926 mn USD2027
- The 2026 annual 10-K and guidance on revenue and costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SEI delivers unified technology, operations and asset management on a modern infrastructure, including trust-based custody through SEI Private Trust Company and the SEI Wealth Platform. The company organizes its activity into four client-oriented segments: Investment Managers, Private Banks, Investment Advisors and Institutional Investors, plus Investments in New Businesses. The 2025 Stratos investment extends SEI's presence in financial advice, complementing its administration and asset management platforms. Over 5,000 employees support clients from service centers in several countries.
The revenue model rests mainly on fees linked to the value of assets managed or processed, supplemented by monthly fees for contracted services. Technology and operations outsourcing makes up most revenue, while asset management fees depend directly on market levels and client capital flows. Outsourcing contracts typically run between three and seven years depending on the segment.
The company differentiates through integrating technology with custody and investment management, through expertise in alternative funds and private market administration, and through its use of AI and the SEI Data Cloud to improve operational efficiency. The recent strategy emphasizes enterprise clients and deeper wallet share with existing customers.
Segments
Investment Managers
The largest segment, with 35% of consolidated revenue in 2025, provides outsourced operating platforms for alternative and traditional asset managers. Assets managed or administered in this segment reached 1.5 tn USD at December 31, 2025, mostly alternative assets.
Private Banks
Provides technology, operations and asset management to banks and trust companies, accounting for 26% of 2025 revenue. The segment has improved margins through professional services and standardized implementations, and its operating margin rose to 20% in the first nine months of 2026.
Investment Advisors
Supplies technology, operations and asset management to independent financial advisors. The segment grew quickly after the Stratos acquisition, which added significant revenue in 2026, although its operating margin declined compared with the prior year.
Market context
The market for financial technology and administration services is shaped by outsourcing among financial institutions, the growth of alternative funds and the shift from active to passive management. Assets managed by the independent advisory sector are growing, which could support demand for integrated platforms.
Competition is intense, with specialist administrators, custodian banks, advisory platforms and technology companies. Fee pressure and the entry of fintech players could reshape the market in the coming years.
Trends
- Outsourcing of alternative fundstailwind
Large managers are moving from in-house administration to outsourcing, and SEI holds a strong position in private credit and alternative fund administration, which could support growth in the Investment Managers segment.
- Consolidation in financial advicemixed
Consolidation of advisor networks and succession planning needs create opportunities for integrated platforms, but can reduce the number of potential clients for traditional providers.
- Fee compressionheadwind
Investors seek lower-cost solutions and the shift to passive products reduces fee levels, which could weigh on margins if the company cannot demonstrate its value.
- Artificial intelligence and automationmixed
AI can lower operating costs and improve data analysis, but competitors using new technologies could offer cheaper or faster services.
Competitive position
In Investment Managers, competitors include SS&C Technologies, State Street, BNY Mellon, Northern Trust and Citco. In technology for private banks, the main rivals are Fidelity National Information Services, SS&C Innovest, FNZ and Avaloq.
In advice for independent advisors, SEI competes with Envestnet, Orion, Charles Schwab and Fidelity Investments, while in OCIO for institutional investors it faces Mercer, Aon Hewitt, Willis Towers Watson, BlackRock and Goldman Sachs. The competitive landscape is changing quickly because of fintech firms and large technology companies.
- SS&C TechnologiesSSNC
Competitor in fund and investment administration for asset managers.
- State StreetSTT
Competitor in custody and administration services for institutional investors.
- Envestnet
Advisory platform for financial advisors, competitor in the Investment Advisors segment.
- Fidelity National Information ServicesFIS
Technology provider for banking services and wealth management.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report26 Oct 2026
- Current report21 Oct 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report22 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 May 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report27 Apr 2026
- Current report22 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement15 Apr 2026
- Current report02 Mar 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report23 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SEI Investments Company · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / SEI Investments Company · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SEI Investments Company · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.