Hamilton Lane
HLNE · Asset Management & Custody Banks
$82.27
3.6%Blue Owl Capital
OWL · Asset Management & Custody Banks
$9.36
3.6%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% FCF margin).
- Hamilton Lane earned a higher return on the capital invested in it (34.5%, against 5.2%).
| Latest fiscal year | HLNE · FY26 | OWL · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $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 | — | 18.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| 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 | −$93.5M | $3.1B |
| Net debt / EBITDA | −0.2x | 3.5x |
| Dividends and buybacks | $87.7M | $600M |
| Valuation & quality | ||
| P/E | — | 78.0x |
| Piotroski F-score | — | — |
FY17
HLNE $180M
OWL —
FY18
HLNE $244M
OWL —
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 —
HLNE
OWL
FY17
HLNE —
OWL —
FY18
HLNE —
OWL —
FY19
HLNE —
OWL —
FY20
HLNE —
OWL —
FY21
HLNE —
OWL —
FY22
HLNE —
OWL —
FY23
HLNE —
OWL —
FY24
HLNE —
OWL —
FY25
HLNE —
OWL —
FY26
HLNE —
OWL —
HLNE
OWL
FY17
HLNE $80.4M
OWL —
FY18
HLNE $94.4M
OWL —
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 —
HLNE
OWL
FY17
HLNE —
OWL —
FY18
HLNE —
OWL —
FY19
HLNE —
OWL —
FY20
HLNE —
OWL —
FY21
HLNE 52.3%
OWL −42.6%
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 —
HLNE
OWL
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