Federated Hermes
FHI · Asset Management & Custody Banks
$56.81
1.5%Hamilton Lane
HLNE · Asset Management & Custody Banks
$82.27
3.6%The short version
- Federated Hermes is the larger business, with $1.8B of revenue in fiscal 2025 against $759M for Hamilton Lane, about 2.4 times as much.
- Federated Hermes grew revenue faster (10.3%, against 6.5%).
- Hamilton Lane turned more of its sales into free cash flow (55.2% FCF margin, against 16.4% FCF margin).
- Federated Hermes earned a higher return on the capital invested in it (40.9%, against 34.5%).
| Latest fiscal year | FHI · FY25 | HLNE · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | — |
| Revenue | $1.8B | $759M |
| Free cash flow | $295M | $419M |
| Net income | $403M | $249M |
| Growth | ||
| Revenue growth | 10.3% | 6.5% |
| 5-year growth | 4.5% | 17.3% |
| Share count change | −5.5% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 28.5% | — |
| Net margin | 22.4% | 32.8% |
| FCF margin | 16.4% | 55.2% |
| Return on capital | 40.9% | 34.5% |
| Return on equity | 35.2% | 30.5% |
| Balance sheet | ||
| Net debt | −$234M | −$93.5M |
| Net debt / EBITDA | −0.4x | −0.2x |
| Dividends and buybacks | $368M | $87.7M |
| Valuation & quality | ||
| P/E | 10.6x | — |
| Piotroski F-score | 7 | — |
FY17
FHI $1.1B
HLNE $180M
FY18
FHI $1.1B
HLNE $244M
FY19
FHI $1.3B
HLNE $252M
FY20
FHI $1.4B
HLNE $274M
FY21
FHI $1.3B
HLNE $342M
FY22
FHI $1.4B
HLNE $368M
FY23
FHI $1.6B
HLNE $529M
FY24
FHI $1.6B
HLNE $554M
FY25
FHI $1.8B
HLNE $713M
FY26
FHI —
HLNE $759M
FHI
HLNE
FY17
FHI 31.0%
HLNE —
FY18
FHI 29.1%
HLNE —
FY19
FHI 26.2%
HLNE —
FY20
FHI 28.9%
HLNE —
FY21
FHI 28.2%
HLNE —
FY22
FHI 23.3%
HLNE —
FY23
FHI 24.1%
HLNE —
FY24
FHI 22.2%
HLNE —
FY25
FHI 28.5%
HLNE —
FY26
FHI —
HLNE —
FHI
HLNE
FY17
FHI $378M
HLNE $80.4M
FY18
FHI $189M
HLNE $94.4M
FY19
FHI $320M
HLNE $106M
FY20
FHI $360M
HLNE $114M
FY21
FHI $160M
HLNE $170M
FY22
FHI $320M
HLNE $161M
FY23
FHI $304M
HLNE $222M
FY24
FHI $343M
HLNE $110M
FY25
FHI $295M
HLNE $289M
FY26
FHI —
HLNE $419M
FHI
HLNE
FY17
FHI —
HLNE —
FY18
FHI —
HLNE —
FY19
FHI —
HLNE —
FY20
FHI —
HLNE —
FY21
FHI —
HLNE 52.3%
FY22
FHI 23.9%
HLNE 53.0%
FY23
FHI 26.7%
HLNE 31.6%
FY24
FHI 25.0%
HLNE 33.2%
FY25
FHI 40.9%
HLNE 38.4%
FY26
FHI —
HLNE 34.5%
FHI
HLNE
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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.