Federated Hermes vs Hamilton Lane
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KIRA’s take AI analyst
I put Federated Hermes and Hamilton Lane side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Federated Hermes earned a higher return on the capital invested in it (40.9%, against 34.5%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Federated Hermes
FHI
4/7
Revenue growthReturn on capitalReturn on equityNet debt / EBITDA
Hamilton Lane
HLNE
3/7
5-year growthNet marginFCF margin
Side by side
Best in the row
| 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 | — |
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.