Hamilton Lane vs Blue Owl Capital
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The short version
- Blue Owl Capital is the larger business, with $2.9B of revenue in fiscal 2025 against $759M for Hamilton Lane, about 3.8 times as much.
- Blue Owl Capital grew revenue faster (25.0%, against 6.5%).
- Hamilton Lane turned more of its sales into free cash flow (55.2% FCF margin, against 41.8%).
- Hamilton Lane earned a higher return on the capital invested in it (34.5%, against 5.2%).
| Latest fiscal year | HLNE Β· FY26 | OWL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $6.4B |
| Revenue | $759M | $2.9B |
| Free cash flow | $419M | $1.2B |
| Net income | $249M | $78.8M |
| Growth | ||
| Revenue growth | 6.5% | 25.0% |
| 5-year growth | 17.3% | 63.0% |
| Share count change | β | 18.5% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 32.8% | 2.8% |
| FCF margin | 55.2% | 41.8% |
| Return on capital | 34.5% | 5.2% |
| Return on equity | 30.5% | 3.6% |
| Balance sheet | ||
| Net debt | β$93.5M | $3.1B |
| Net debt / EBITDA | β0.2x | 3.5x |
| Dividends and buybacks | $87.7M | $600M |
| Valuation & quality | ||
| P/E | β | 78.0x |
| Piotroski F-score | β | β |
Revenue
FY17
HLNE $180M
OWL β
FY18
HLNE $244M
OWL β
FY19
HLNE $252M
OWL $191M
FY20
HLNE $274M
OWL $250M
FY21
HLNE $342M
OWL $824M
FY22
HLNE $368M
OWL $1.4B
FY23
HLNE $529M
OWL $1.7B
FY24
HLNE $554M
OWL $2.3B
FY25
HLNE $713M
OWL $2.9B
FY26
HLNE $759M
OWL β
HLNE
OWL
Operating margin
FY17
HLNE β
OWL β
FY18
HLNE β
OWL β
FY19
HLNE β
OWL β
FY20
HLNE β
OWL β
FY21
HLNE β
OWL β
FY22
HLNE β
OWL β
FY23
HLNE β
OWL β
FY24
HLNE β
OWL β
FY25
HLNE β
OWL β
FY26
HLNE β
OWL β
HLNE
OWL
Free cash flow
FY17
HLNE $80.4M
OWL β
FY18
HLNE $94.4M
OWL β
FY19
HLNE $106M
OWL $42.9M
FY20
HLNE $114M
OWL $4.6M
FY21
HLNE $170M
OWL $276M
FY22
HLNE $161M
OWL $663M
FY23
HLNE $222M
OWL $881M
FY24
HLNE $110M
OWL $935M
FY25
HLNE $289M
OWL $1.2B
FY26
HLNE $419M
OWL β
HLNE
OWL
Return on capital
FY17
HLNE β
OWL β
FY18
HLNE β
OWL β
FY19
HLNE β
OWL β
FY20
HLNE β
OWL β
FY21
HLNE 52.3%
OWL β42.6%
FY22
HLNE 53.0%
OWL 0.1%
FY23
HLNE 31.6%
OWL 4.1%
FY24
HLNE 33.2%
OWL 7.0%
FY25
HLNE 38.4%
OWL 5.2%
FY26
HLNE 34.5%
OWL β
HLNE
OWL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.