ederated provides asset management services for institutional and individual investors. The company had $757.6 billion in managed assets at the end of December 2023, composed of equity (10%), multi-asset (less than 1%), fixed-income (13%), alternative (3%), and money market (74%) funds. That said, the firm's cash-management operations are expected to generate around 46% of Federated's revenue this year, compared with 29%, 13%, and 11%, respectively, for the firm's equity, fixed-income, and alternatives/multi-asset operations. From a channel perspective, the company's products are distributed via trust banks, wealth managers and retail broker/dealers (63% of AUM), institutional investors (28%), and international clients (9%).

Financial Strength

8/10

Name	Current	Vs Industry
Cash-To-Debt	1.22
Equity-to-Asset	0.54
Debt-to-Equity	0.41
Debt-to-EBITDA	1.04
Interest Coverage	41.26
Piotroski F-Score	8/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.21	Distress Grey Safe
Beneish M-Score	-2.33	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	8.5
	3-Year EBITDA Growth Rate	2.7
	3-Year EPS without NRI Growth Rate	0.3
	3-Year FCF Growth Rate	-0.9
	3-Year Book Growth Rate	5.1
	Future 3-5Y EPS without NRI Growth Rate	11.29
	Future 3-5Y Total Revenue Growth Rate	4.52

Momentum Rank

5/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	9.37
	9-Day RSI	18.37
	14-Day RSI	26.26
	6-1 Month Momentum %	17.07
	12-1 Month Momentum %	-14.73

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.51
	Quick Ratio	2.51
	Cash Ratio	1.95
	Days Sales Outstanding	16.23
	Days Payable	61.79

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	3.41
	Dividend Payout Ratio	0.36
	3-Year Dividend Growth Rate	0.9
	Forward Dividend Yield %	3.78
	5-Year Yield-on-Cost %	3.57
	3-Year Average Share Buyback Ratio	5.1
	Shareholder Yield %	11.51

Profitability Rank

10/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	65
	Operating Margin %	24.08
	Net Margin %	18.58
	FCF Margin %	18.88
	ROE %	27.11
	ROA %	14.57
	ROIC %	18.76
	ROC (Joel Greenblatt) %	333.33
	ROCE %	22.93
	Years of Profitability over Past 10-Year	10

GF Value Rank

10/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	9.62
	Forward PE Ratio	9.04
	PE Ratio without NRI	10.51
	Shiller PE Ratio	11.27
	Price-to-Owner-Earnings	8.68
	PEG Ratio	1.78
	PS Ratio	1.71
	PB Ratio	2.47
	Price-to-Free-Cash-Flow	8.99
	Price-to-Operating-Cash-Flow	8.76
	EV-to-EBIT	6.4
	EV-to-Forward-EBIT	6.61
	EV-to-EBITDA	6.01
	EV-to-Forward-EBITDA	6.17
	EV-to-Revenue	1.64
	EV-to-Forward-Revenue	1.62
	EV-to-FCF	8.7
	Price-to-Projected-FCF	0.6
	Price-to-DCF (Earnings Based)	0.72
	Price-to-DCF (FCF Based)	0.78
	Price-to-Median-PS-Value	0.7
	Price-to-Peter-Lynch-Fair-Value	2.07
	Earnings Yield (Greenblatt) %	15.63
	FCF Yield %	11.06
	Forward Rate of Return (Yacktman) %	15.12

GF Value: $43.98

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