Affiliated Managers Group vs Hamilton Lane
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KIRA’s take AI analyst
I put Affiliated Managers Group and Hamilton Lane side by side, using each one’s latest annual report. Here is what stands out:
- Affiliated Managers Group is the larger business, with $2.1B of revenue in fiscal 2025 against $759M for Hamilton Lane, about 2.7 times as much.
- Hamilton Lane grew revenue faster (6.5%, against 1.6%).
- Hamilton Lane turned more of its sales into free cash flow (55.2% FCF margin, against 46.6%).
- Hamilton Lane earned a higher return on the capital invested in it (34.5%, against 16.5%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Affiliated Managers Group
AMG
1/6
Net margin
Hamilton Lane
HLNE
5/6
Revenue growth5-year growthFCF marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | AMG FY25 | HLNE FY26 |
|---|---|---|
| Size | ||
| Market cap | $10.5B | — |
| Revenue | $2.1B | $759M |
| Free cash flow | $967M | $419M |
| Net income | $717M | $249M |
| Growth | ||
| Revenue growth | 1.6% | 6.5% |
| 5-year growth | 0.5% | 17.3% |
| Share count change | −8.6% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 34.5% | 32.8% |
| FCF margin | 46.6% | 55.2% |
| Return on capital | 16.5% | 34.5% |
| Return on equity | 21.8% | 30.5% |
| Balance sheet | ||
| Net debt | $2.1B | −$93.5M |
| Net debt / EBITDA | — | −0.2x |
| Dividends and buybacks | $707M | $87.7M |
| Valuation & quality | ||
| P/E | 13.7x | — |
| Piotroski F-score | — | — |
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.