Hamilton Lane Inc. (HLNE) vs Main Street Capital Corporation (MAIN)

Hamilton Lane Inc. and Main Street Capital Corporation are both Asset Management companies. Hamilton Lane Inc. and Main Street Capital Corporation are of similar size ($5.2B and $4.7B). Main Street Capital Corporation trades at the lower P/E: 11.1× against 13.0×. Hamilton Lane Inc. grew revenue faster over the last twelve months: 24.0% against 3.00%. Main Street Capital Corporation has the higher net margin (78.5% vs 32.1%) and the lower return on invested capital (6.18% vs 14.5%). Both pay a dividend; Main Street Capital Corporation yields more (7.69% vs 1.55%). Across the 21 metrics below, Hamilton Lane Inc. leads on 13 and Main Street Capital Corporation on 8.

Valuation

Metric HLNE MAIN Asset Management median
P/E 13.00 11.11 14.62
P/S 4.17 8.94 2.97
P/B 2.11 1.62 0.94
Price to free cash flow 20.32 n/m 8.93
EV/EBITDA 9.11 11.18 10.32
EV/Sales 4.08 9.85 5.72
Earnings yield 7.69% 9.00% 4.53%
Free cash flow yield 4.92% (2.92%) 4.65%

Profitability

Metric HLNE MAIN Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 43.62% 86.99% 33.03%
Net margin 32.14% 78.49% 13.53%
Free cash flow margin 42.74% (26.05%) 12.44%
Return on equity 20.53% 14.92% 4.83%
Return on assets 12.71% 8.04% 1.57%
Return on invested capital 14.48% 6.18% 3.04%

Growth

Metric HLNE MAIN Asset Management median
Revenue growth (TTM) 24.01% 3.00% 6.97%
EPS growth (last fiscal year) 9.43% (5.64%) —
Revenue growth, 5-year CAGR 17.31% 20.53% 12.13%
Net income growth, 5-year CAGR 20.51% 75.80% 0.00%

Health

Metric HLNE MAIN Asset Management median
Debt to equity 0.16 0.19 0.42
Current ratio 3.49 0.05 1.28
Net debt to EBITDA (0.28) 1.64 1.06

Dividend

Metric HLNE MAIN Asset Management median
Dividend yield 1.55% 7.69% 6.92%
Payout ratio 0.57 0.69 0.77

Size

Metric HLNE MAIN Asset Management median
Market cap 4.70b 5.15b 721.34m

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