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Side-by-side financial comparison of Hamilton Lane INC (HLNE) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $198.6M, roughly 1.0× Hamilton Lane INC). Hamilton Lane INC runs the higher net margin — 29.4% vs 8.1%, a 21.3% gap on every dollar of revenue. On growth, Hamilton Lane INC posted the faster year-over-year revenue change (18.0% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 6.0%).
Hamilton Lane Incorporated is an American alternative investment management and advisory company headquartered in Conshohocken, Pennsylvania. The company provides private markets investments to its clients.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
HLNE vs HTO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $198.6M | $199.4M |
| Net Profit | $58.4M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 60.5% | 16.6% |
| Net Margin | 29.4% | 8.1% |
| Revenue YoY | 18.0% | 1.5% |
| Net Profit YoY | 10.2% | -29.2% |
| EPS (diluted) | — | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $198.6M | $199.4M | ||
| Q3 25 | $190.9M | $243.5M | ||
| Q2 25 | $176.0M | $197.8M | ||
| Q1 25 | $198.0M | $164.9M | ||
| Q4 24 | $168.3M | $196.5M | ||
| Q3 24 | $150.0M | $216.7M | ||
| Q2 24 | $196.7M | $173.1M | ||
| Q1 24 | $176.7M | $150.0M |
| Q4 25 | $58.4M | $16.2M | ||
| Q3 25 | $70.9M | $45.1M | ||
| Q2 25 | $53.7M | $24.7M | ||
| Q1 25 | $50.5M | $16.6M | ||
| Q4 24 | $53.0M | $22.9M | ||
| Q3 24 | $55.0M | $38.7M | ||
| Q2 24 | $59.0M | $20.7M | ||
| Q1 24 | $48.4M | $11.7M |
| Q4 25 | 60.5% | 16.6% | ||
| Q3 25 | 61.6% | 26.5% | ||
| Q2 25 | 54.2% | 22.2% | ||
| Q1 25 | 44.6% | 21.8% | ||
| Q4 24 | 53.6% | 22.2% | ||
| Q3 24 | 51.4% | 26.9% | ||
| Q2 24 | 54.3% | 23.4% | ||
| Q1 24 | 55.0% | 18.6% |
| Q4 25 | 29.4% | 8.1% | ||
| Q3 25 | 37.1% | 18.5% | ||
| Q2 25 | 30.5% | 12.5% | ||
| Q1 25 | 25.5% | 10.0% | ||
| Q4 24 | 31.5% | 11.7% | ||
| Q3 24 | 36.7% | 17.8% | ||
| Q2 24 | 30.0% | 12.0% | ||
| Q1 24 | 27.4% | 7.8% |
| Q4 25 | — | $0.45 | ||
| Q3 25 | — | $1.27 | ||
| Q2 25 | — | $0.71 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $1.17 | ||
| Q2 24 | — | $0.64 | ||
| Q1 24 | — | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.7M |
| Total DebtLower is stronger | $279.5M | $1.9B |
| Stockholders' EquityBook value | $877.4M | $1.5B |
| Total Assets | $2.2B | $5.1B |
| Debt / EquityLower = less leverage | 0.32× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $11.3M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | — | $4.0M | ||
| Q2 24 | — | $22.8M | ||
| Q1 24 | — | $4.5M |
| Q4 25 | $279.5M | $1.9B | ||
| Q3 25 | $285.6M | — | ||
| Q2 25 | $288.6M | — | ||
| Q1 25 | $290.3M | — | ||
| Q4 24 | $292.0M | $1.7B | ||
| Q3 24 | $195.0M | — | ||
| Q2 24 | $195.6M | — | ||
| Q1 24 | $196.2M | — |
| Q4 25 | $877.4M | $1.5B | ||
| Q3 25 | $825.8M | $1.5B | ||
| Q2 25 | $758.8M | $1.5B | ||
| Q1 25 | $717.3M | $1.4B | ||
| Q4 24 | $649.3M | $1.4B | ||
| Q3 24 | $606.6M | $1.3B | ||
| Q2 24 | $566.4M | $1.3B | ||
| Q1 24 | $525.2M | $1.2B |
| Q4 25 | $2.2B | $5.1B | ||
| Q3 25 | $2.0B | $5.0B | ||
| Q2 25 | $1.8B | $4.8B | ||
| Q1 25 | $1.7B | $4.7B | ||
| Q4 24 | $1.6B | $4.7B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.4B | $4.4B | ||
| Q1 24 | $1.3B | $4.4B |
| Q4 25 | 0.32× | 1.23× | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.45× | 1.26× | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.35× | — | ||
| Q1 24 | 0.37× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $74.1M | $63.5M |
| Free Cash FlowOCF − Capex | $72.4M | — |
| FCF MarginFCF / Revenue | 36.5% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 1.27× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $606.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.1M | $63.5M | ||
| Q3 25 | $118.9M | $77.3M | ||
| Q2 25 | $128.9M | $60.8M | ||
| Q1 25 | $300.8M | $43.2M | ||
| Q4 24 | $64.4M | $41.5M | ||
| Q3 24 | $117.4M | $53.5M | ||
| Q2 24 | $79.7M | $49.3M | ||
| Q1 24 | $120.9M | $51.2M |
| Q4 25 | $72.4M | — | ||
| Q3 25 | $117.8M | — | ||
| Q2 25 | $127.6M | — | ||
| Q1 25 | $288.7M | — | ||
| Q4 24 | $58.8M | — | ||
| Q3 24 | $115.8M | — | ||
| Q2 24 | $78.2M | — | ||
| Q1 24 | $109.8M | — |
| Q4 25 | 36.5% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 72.5% | — | ||
| Q1 25 | 145.8% | — | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 77.2% | — | ||
| Q2 24 | 39.8% | — | ||
| Q1 24 | 62.1% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 6.3% | — |
| Q4 25 | 1.27× | 3.92× | ||
| Q3 25 | 1.68× | 1.71× | ||
| Q2 25 | 2.40× | 2.47× | ||
| Q1 25 | 5.96× | 2.61× | ||
| Q4 24 | 1.22× | 1.81× | ||
| Q3 24 | 2.14× | 1.39× | ||
| Q2 24 | 1.35× | 2.38× | ||
| Q1 24 | 2.50× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLNE
| Management And Advisory Fee Revenue Specialized Funds | $98.5M | 50% |
| Incentive Fee Revenue Specialized Funds | $39.4M | 20% |
| Management And Advisory Fee Revenue Customized Separate Accounts | $36.1M | 18% |
| Management And Advisory Fee Revenue Reporting And Other | $9.3M | 5% |
| Incentive Fee Revenue Customized Separate Accounts | $5.9M | 3% |
| Management And Advisory Fee Revenue Advisory | $4.8M | 2% |
| Management And Advisory Fee Revenue Fund Reimbursement Revenue | $3.9M | 2% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
