SEI Investments Co Dossier - Source-backed chat

SEI Investments Co

SEICNASDAQ

SectorFinancials

IndustryAsset Management

Beta (adjusted)0.97

Intrinsic Value $109.84median of 6 methods · middle span $82-$252based on filings through 30 Jun 2026

Market Price $103.87Price as of 1 Oct 2026

Near fair valueIntrinsic value is 6% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $12.5B

Enterprise Value $12.1B

Shares Outstanding 122.6M diluted

Moat Rating Wide

Next Earnings Date21 Oct 2026

Last ex-dividend8 Jun 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

In the second quarter of 2026, revenue increased 15%, adjusted operating income increased 36%, adjusted operating margin reached 32%, recurring sales events were $32.575 million, and ending assets under management reached $606.725 billion. Investment Managers and Private Banks demonstrated particularly strong operating leverage, while Stratos broadened the advisor platform. The offsetting considerations are material: fee revenue remains sensitive to capital markets and client flows; fee reductions and lower-fee product migration continue; Institutional Investors' quarterly operating profit declined; Stratos introduces integration, amortization, and minority-interest complexity; and the FCA voluntary requirement on SEI Investments (Europe) Limited remained in force. SEI's investor-relations site identified six covering firms but did not publish their targets, ratings.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets7 analysts · as of 18 Aug 2026

Low · most bearish analyst$98.00

Mean target$115.86

High · most bullish analyst$125.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$98.0020%

Adverse markets reduce asset-based fees, recurring sales weaken, client losses and pricing pressure intensify, Stratos integration produces less operating leverage than expected, and the FCA restriction remains unresolved. Those developments would reverse recent margin gains and weaken the cash-generation capacity supporting dividends and repurchases.

Base CaseCentral scenario

$115.8650%

Matches the consensus mean

SEI maintains positive organic sales and benefits from its diversified technology, operations, and asset-management model, but growth normalizes after a strong first half. Margin expansion is partly offset by fee compression, lower-fee product migration, Stratos-related amortization and integration costs, and modest Institutional Investors growth.

Bull CaseUpside scenario

$125.0030%

Recurring sales convert efficiently into revenue, Investment Managers sustains alternative-investment wins, Private Banks continues converting platform clients, and Stratos contributes growth with improving underlying economics. Continued market appreciation and positive client flows would amplify operating leverage beyond the second-quarter 2026 adjusted margin of 32%.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Second-quarter 2026 revenue increased 15%, while adjusted operating income increased 36% and adjusted operating margin expanded to 32%, demonstrating strong operating leverage.
Ending assets under management reached $606.725 billion and client assets under administration reached $1.360712 trillion, supporting a substantial recurring fee base.
Second-quarter sales events totaled $43.456 million, including $32.575 million of recurring sales events, while Investment Managers generated $32.035 million of total sales events.

Key Investment Risks

Asset-based revenue remains exposed to capital-market levels, client flows, fee compression, contract repricing, and migration toward lower-fee products.
The Stratos acquisition adds integration, purchase-accounting, amortization, redeemable non-controlling-interest, and future put/call-option complexity.
The FCA voluntary requirement affecting SEI Investments (Europe) Limited remained effective until varied or cancelled, despite completion of the Skilled Person's second-stage review.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.