Blackstone Secured Lending Fund (BXSL) vs Hamilton Lane Inc. (HLNE)

Blackstone Secured Lending Fund and Hamilton Lane Inc. are both Asset Management companies. Blackstone Secured Lending Fund is the larger, with a market value of $5.8B against $4.7B — 1.2× the size. Hamilton Lane Inc. trades at the lower P/E: 13.0× against 19.4×. Hamilton Lane Inc. grew revenue faster over the last twelve months: 24.0% against −2.58%. Hamilton Lane Inc. has the higher net margin (32.1% vs 21.5%) and the higher return on invested capital (14.5% vs 0.00%). Both pay a dividend; Blackstone Secured Lending Fund yields more (10.3% vs 1.55%). Across the 21 metrics below, Hamilton Lane Inc. leads on 14 and Blackstone Secured Lending Fund on 7.

Valuation

Metric BXSL HLNE Asset Management median
P/E 19.42 13.00 14.62
P/S 4.21 4.17 2.97
P/B 0.97 2.11 0.94
Price to free cash flow 38.76 20.32 8.93
EV/EBITDA n/m 9.11 10.32
EV/Sales (0.26) 4.08 5.72
Earnings yield 5.15% 7.69% 4.53%
Free cash flow yield 2.58% 4.92% 4.65%

Profitability

Metric BXSL HLNE Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% 43.62% 33.03%
Net margin 21.53% 32.14% 13.53%
Free cash flow margin 10.86% 42.74% 12.44%
Return on equity 4.80% 20.53% 4.83%
Return on assets 2.13% 12.71% 1.57%
Return on invested capital 0.00% 14.48% 3.04%

Growth

Metric BXSL HLNE Asset Management median
Revenue growth (TTM) (2.58%) 24.01% 6.97%
EPS growth (last fiscal year) (28.70%) 9.43% —
Revenue growth, 5-year CAGR 29.50% 17.31% 12.13%
Net income growth, 5-year CAGR 20.84% 20.51% 0.00%

Health

Metric BXSL HLNE Asset Management median
Debt to equity 1.27 0.16 0.42
Current ratio 1.74 3.49 1.28
Net debt to EBITDA (5.17) (0.28) 1.06

Dividend

Metric BXSL HLNE Asset Management median
Dividend yield 10.34% 1.55% 6.92%
Payout ratio 0.84 0.57 0.77

Size

Metric BXSL HLNE Asset Management median
Market cap 5.77b 4.70b 721.34m

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