Dave vs Hamilton Lane
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KIRAβs take AI analyst
I put Dave and Hamilton Lane side by side, using each oneβs latest annual report. Here is what stands out:
- Hamilton Lane is the larger business, with $759M of revenue in fiscal 2026 against $554M for Dave.
- Dave grew revenue faster (59.7%, against 6.5%).
- Hamilton Lane turned more of its sales into free cash flow (55.2% FCF margin, against 52.3%).
- Dave earned a higher return on the capital invested in it (72.9%, against 34.5%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Dave
DAVE
5/6
Revenue growthNet marginReturn on capitalReturn on equityNet debt / EBITDA
Hamilton Lane
HLNE
1/6
FCF margin
Side by side
Best in the row
| Latest fiscal year | DAVE FY25 | HLNE FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | β |
| Revenue | $554M | $759M |
| Free cash flow | $290M | $419M |
| Net income | $196M | $249M |
| Growth | ||
| Revenue growth | 59.7% | 6.5% |
| 5-year growth | β | 17.3% |
| Share count change | 4.8% | β |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 35.3% | 32.8% |
| FCF margin | 52.3% | 55.2% |
| Return on capital | 72.9% | 34.5% |
| Return on equity | 73.1% | 30.5% |
| Balance sheet | ||
| Net debt | β$80.5M | β$93.5M |
| Net debt / EBITDA | β0.4x | β0.2x |
| Dividends and buybacks | $43.7M | $87.7M |
| Valuation & quality | ||
| P/E | 23.0x | β |
| Piotroski F-score | 6 | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.