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Hamilton Lane Inc. (HLNE) vs StepStone Group Inc. (STEP)

Hamilton Lane Inc. and StepStone Group Inc. are both Asset Management companies. Hamilton Lane Inc. and StepStone Group Inc. are of similar size ($5.2B and $5.0B). StepStone Group Inc. has negative trailing earnings, so its P/E is not meaningful; Hamilton Lane Inc. trades at 10.6×. StepStone Group Inc. grew revenue faster over the last twelve months: 48.5% against 18.9%. Hamilton Lane Inc. has the higher net margin (32.4% vs −30.5%) and the higher return on invested capital (12.9% vs −42.5%). Both pay a dividend; StepStone Group Inc. yields more (4.03% vs 2.52%). Across the 18 metrics below, Hamilton Lane Inc. leads on 14 and StepStone Group Inc. on 4.

Valuation

Metric HLNE STEP Asset Management median
P/E 10.58 n/m 13.38
P/S 4.27 1.74 2.99
P/B 1.93 3.60 0.91
Price to free cash flow 45.88 n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.45% (18.11%) 4.67%
Free cash flow yield 2.18% (12.57%) 4.85%

Profitability

Metric HLNE STEP Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 43.70% (58.22%) 27.27%
Net margin 32.40% (30.53%) 11.89%
Free cash flow margin 31.18% (21.88%) 5.96%
Return on equity 18.31% (55.72%) 4.57%
Return on assets 11.98% (9.77%) 1.40%
Return on invested capital 12.88% (42.51%) 2.12%

Growth

Metric HLNE STEP Asset Management median
Revenue growth (TTM) 18.94% 48.46% 7.26%
EPS growth (last fiscal year) 9.43% (169.05%) (5.64%)
Revenue growth, 5-year CAGR 17.31% 20.41% 11.84%
Net income growth, 5-year CAGR 20.51% 0.00% 0.00%

Health

Metric HLNE STEP Asset Management median
Debt to equity 0.14 1.50 0.40
Current ratio 3.37 0.19 1.23
Net debt to EBITDA (0.28) (0.08) 1.06

Dividend

Metric HLNE STEP Asset Management median
Dividend yield 2.52% 4.03% 6.43%
Payout ratio 0.30 — 0.91

Size

Metric HLNE STEP Asset Management median
Market cap 5.03b 5.17b 692.54m

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