SEIC Nasdaq Russell 1000 Earnings call
SEI Investments Company (SEIC) · Q2 2026 results and valuation
Share price: $110.25 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 22 Jul 2026 and 22 Apr 2026
Net income up 12.1% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+12.1%
Net income vs Q1 2026
Outlook given
Net income 195.7M vs 174.5M
Revenue +3.1%
Against the same quarter last year (Q2 2025) it is −13.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Figure
The ETF business at SEI grew from $3 billion to over $8 billion over the last 12 months, reflecting growth in the company's business segment.
Valuation
Is SEI Investments Company undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 4.9% growth a year (3-year revenue growth), the model's fair value is $82.31 a share — the stock trades 34% above it. Today's price assumes 9.0% growth a year.
Current price
$110.25
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+9.0% for 10 yrs
Fair value / share
$82.31
Buy below
$61.73
Price vs fair value
Overvalued 34%
Price vs buy-below price
Overvalued 79%
Read between the lines
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Key theme
About three-quarters of IMS sales events came from alternative investments, with the rest from expanded client relationships and professional services.
Source quote
“By asset type, approximately 3/4 of IMS sales events came from alternative investments. The remainder was driven by expanded relationships with existing clients and Professional Services activity associated with the several significant wins announced over the last year. This underscores our commentary regarding the durability and growth in the demand for alternatives.”
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Guidance
Professional services in new deals exceed the historical 20% margin, contributing to higher overall margins that are expected to continue.
Source quote
“In those new deals, professional services has essentially exceeds what our historical margin of 20% is, which is leading and contributing to higher margins, and we expect that to continue.”
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Guidance
A new category launched just six months ago is expected to grow rapidly.
Source quote
“So that category didn't even exist up until about 6 months ago, and we expect to see that hockey stick up over some period of time as the DOL...”
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Fading
This reflects continued execution in deeper client engagement as banks increasingly partner with SEI earlier and across a broader set…
Source quote
“This reflects continued execution in deeper client engagement as banks increasingly partner with SEI earlier and across a broader set... Private Banking delivered a notable increase in revenue and more impactfully, operating margins. For example, we are now playing a more active role in client implementations, resulting in less lag...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Across advisors and institutional, net sales events were modestly negative during the quarter.”
“Finally, the sequential decline in corporate overhead was primarily attributable to approximately $3 million less severance-related expense than the first quarter.”
“I think the thing that is out of our control, which is a good problem to have is the blast radius of some of the announcements we have made in...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 641.6M | 622.2M | +3.1% | 559.6M | +14.7% |
| Gross profit | 230.2M | 224.3M | +2.6% | 189.2M | +21.7% |
| Operating income | 197.0M | 189.5M | +4.0% | 148.6M | +32.6% |
| Net income | 195.7M | 174.5M | +12.1% | 227.1M | −13.8% |
| EPS | 1.59 | 1.40 | +13.6% | 1.78 | −10.7% |
| P/E today 18.2 | 15.5 | 13.4 | +2.1 | 16.9 | −1.4 |
Topics
Most discussed now
- SEI Investments has a stronger pipeline than pretty much it has ever seen before, and it is seeing really, really good traction.
- IMS generated revenue growth of 17%, reflecting the conversion of prior sales success into revenue.
- In other words, the growth is being driven by strong underlying business performance.
- SEI Investments is finally going to be in the retail alts interval evergreen fund space which it has been just sort of on...
- SEI Investments has also added 2 new solutions that are going to add meaningful revenue over the course of the next several...
Faded since Q1 2026
- Fading The scale and quality of these sales events reflect demonstrable progress in SEI Investments' core growth engines rather than a single...
- Fading Most notably, a higher effective tax rate and lower investment income and performance fees from LSV, which tend to be...
- Fading Maintain margin expansion or pricing levels relative to the competitive market
- Fading Outsourcing increases literally daily and the more effective
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K