A method of heat-treating an additively-manufactured ferromagnetic component is presented. The additively-manufactured ferromagnetic component includes a metal alloy having iron and cobalt. The method of heat-treating is performed such that a saturation flux density of a heat-treated ferromagnetic component is greater than a saturation flux density of an as-formed ferromagnetic component. The heat-treated ferromagnetic component has a microstructure having an average grain size of substantially all grains in a range of about 0.1 micron to about 25 microns. A ferromagnetic component is also presented.