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Side-by-side financial comparison of Hamilton Lane INC (HLNE) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $198.6M, roughly 1.1× Hamilton Lane INC). Hamilton Lane INC runs the higher net margin — 29.4% vs 9.9%, a 19.5% gap on every dollar of revenue. On growth, Hamilton Lane INC posted the faster year-over-year revenue change (18.0% vs 1.9%). Over the past eight quarters, Hamilton Lane INC's revenue compounded faster (6.0% CAGR vs 4.4%).
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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
HLNE vs IRDM — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $198.6M | $219.1M |
| Net Profit | $58.4M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | 60.5% | 23.2% |
| Net Margin | 29.4% | 9.9% |
| Revenue YoY | 18.0% | 1.9% |
| Net Profit YoY | 10.2% | — |
| EPS (diluted) | — | — |
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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $198.6M | $212.9M | ||
| Q3 25 | $190.9M | $226.9M | ||
| Q2 25 | $176.0M | $216.9M | ||
| Q1 25 | $198.0M | $214.9M | ||
| Q4 24 | $168.3M | $213.0M | ||
| Q3 24 | $150.0M | $212.8M | ||
| Q2 24 | $196.7M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $58.4M | $24.9M | ||
| Q3 25 | $70.9M | $37.1M | ||
| Q2 25 | $53.7M | $22.0M | ||
| Q1 25 | $50.5M | $30.4M | ||
| Q4 24 | $53.0M | $36.3M | ||
| Q3 24 | $55.0M | $24.4M | ||
| Q2 24 | $59.0M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 60.5% | 25.9% | ||
| Q3 25 | 61.6% | 30.9% | ||
| Q2 25 | 54.2% | 23.2% | ||
| Q1 25 | 44.6% | 28.1% | ||
| Q4 24 | 53.6% | 24.5% | ||
| Q3 24 | 51.4% | 25.8% | ||
| Q2 24 | 54.3% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 29.4% | 11.7% | ||
| Q3 25 | 37.1% | 16.4% | ||
| Q2 25 | 30.5% | 10.1% | ||
| Q1 25 | 25.5% | 14.2% | ||
| Q4 24 | 31.5% | 17.1% | ||
| Q3 24 | 36.7% | 11.5% | ||
| Q2 24 | 30.0% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.24 | ||
| Q3 25 | — | $0.35 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $0.27 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | — | $0.21 | ||
| Q2 24 | — | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $279.5M | — |
| Stockholders' EquityBook value | $877.4M | — |
| Total Assets | $2.2B | — |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $96.5M | ||
| Q3 25 | — | $88.5M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $50.9M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $159.6M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $279.5M | $1.8B | ||
| Q3 25 | $285.6M | — | ||
| Q2 25 | $288.6M | — | ||
| Q1 25 | $290.3M | — | ||
| Q4 24 | $292.0M | $1.8B | ||
| Q3 24 | $195.0M | — | ||
| Q2 24 | $195.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $877.4M | $462.6M | ||
| Q3 25 | $825.8M | $450.5M | ||
| Q2 25 | $758.8M | $473.6M | ||
| Q1 25 | $717.3M | $518.4M | ||
| Q4 24 | $649.3M | $576.6M | ||
| Q3 24 | $606.6M | $663.8M | ||
| Q2 24 | $566.4M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.0B | $2.6B | ||
| Q2 25 | $1.8B | $2.6B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.6B | $2.7B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | 3.80× | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.45× | 3.05× | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.35× | — |
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 | — |
| Free Cash FlowOCF − Capex | $72.4M | — |
| FCF MarginFCF / Revenue | 36.5% | — |
| Capex IntensityCapex / Revenue | 0.8% | 13.7% |
| Cash ConversionOCF / Net Profit | 1.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | $606.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $74.1M | $108.6M | ||
| Q3 25 | $118.9M | $100.8M | ||
| Q2 25 | $128.9M | $129.6M | ||
| Q1 25 | $300.8M | $61.1M | ||
| Q4 24 | $64.4M | $104.8M | ||
| Q3 24 | $117.4M | $118.6M | ||
| Q2 24 | $79.7M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $72.4M | $75.1M | ||
| Q3 25 | $117.8M | $79.2M | ||
| Q2 25 | $127.6M | $108.9M | ||
| Q1 25 | $288.7M | $36.5M | ||
| Q4 24 | $58.8M | $80.5M | ||
| Q3 24 | $115.8M | $100.0M | ||
| Q2 24 | $78.2M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 36.5% | 35.3% | ||
| Q3 25 | 61.7% | 34.9% | ||
| Q2 25 | 72.5% | 50.2% | ||
| Q1 25 | 145.8% | 17.0% | ||
| Q4 24 | 34.9% | 37.8% | ||
| Q3 24 | 77.2% | 47.0% | ||
| Q2 24 | 39.8% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 0.8% | 15.7% | ||
| Q3 25 | 0.6% | 9.5% | ||
| Q2 25 | 0.8% | 9.5% | ||
| Q1 25 | 6.1% | 11.4% | ||
| Q4 24 | 3.3% | 11.4% | ||
| Q3 24 | 1.0% | 8.7% | ||
| Q2 24 | 0.8% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.27× | 4.37× | ||
| Q3 25 | 1.68× | 2.71× | ||
| Q2 25 | 2.40× | 5.90× | ||
| Q1 25 | 5.96× | 2.01× | ||
| Q4 24 | 1.22× | 2.88× | ||
| Q3 24 | 2.14× | 4.85× | ||
| Q2 24 | 1.35× | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
