Dave vs Hamilton Lane
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The short version
- 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%).
| Latest fiscal year | DAVE Β· FY25 | HLNE Β· 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 |
Revenue
FY17
DAVE β
HLNE $180M
FY18
DAVE β
HLNE $244M
FY19
DAVE β
HLNE $252M
FY20
DAVE β
HLNE $274M
FY21
DAVE $153M
HLNE $342M
FY22
DAVE $205M
HLNE $368M
FY23
DAVE $259M
HLNE $529M
FY24
DAVE $347M
HLNE $554M
FY25
DAVE $554M
HLNE $713M
FY26
DAVE β
HLNE $759M
DAVE
HLNE
Operating margin
FY17
DAVE β
HLNE β
FY18
DAVE β
HLNE β
FY19
DAVE β
HLNE β
FY20
DAVE β
HLNE β
FY21
DAVE β4.2%
HLNE β
FY22
DAVE β
HLNE β
FY23
DAVE β
HLNE β
FY24
DAVE β
HLNE β
FY25
DAVE β
HLNE β
FY26
DAVE β
HLNE β
DAVE
HLNE
Free cash flow
FY17
DAVE β
HLNE $80.4M
FY18
DAVE β
HLNE $94.4M
FY19
DAVE β
HLNE $106M
FY20
DAVE β
HLNE $114M
FY21
DAVE β$0.9M
HLNE $170M
FY22
DAVE β$45.6M
HLNE $161M
FY23
DAVE $33.1M
HLNE $222M
FY24
DAVE $125M
HLNE $110M
FY25
DAVE $290M
HLNE $289M
FY26
DAVE β
HLNE $419M
DAVE
HLNE
Return on capital
FY17
DAVE β
HLNE β
FY18
DAVE β
HLNE β
FY19
DAVE β
HLNE β
FY20
DAVE β
HLNE β
FY21
DAVE β
HLNE 52.3%
FY22
DAVE β88.0%
HLNE 53.0%
FY23
DAVE β20.8%
HLNE 31.6%
FY24
DAVE 40.0%
HLNE 33.2%
FY25
DAVE 72.9%
HLNE 38.4%
FY26
DAVE β
HLNE 34.5%
DAVE
HLNE
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.