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Side-by-side financial comparison of Hamilton Lane INC (HLNE) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Hamilton Lane INC is the larger business by last-quarter revenue ($198.6M vs $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). Hamilton Lane INC runs the higher net margin — 29.4% vs 5.5%, a 23.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 18.0%). Hamilton Lane INC produced more free cash flow last quarter ($72.4M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
HLNE vs SHLS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $198.6M | $148.3M |
| Net Profit | $58.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 60.5% | 11.7% |
| Net Margin | 29.4% | 5.5% |
| Revenue YoY | 18.0% | 38.6% |
| Net Profit YoY | 10.2% | 3.9% |
| EPS (diluted) | — | $0.05 |
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 | $148.3M | ||
| Q3 25 | $190.9M | $135.8M | ||
| Q2 25 | $176.0M | $110.8M | ||
| Q1 25 | $198.0M | $80.4M | ||
| Q4 24 | $168.3M | $107.0M | ||
| Q3 24 | $150.0M | $102.2M | ||
| Q2 24 | $196.7M | $99.2M | ||
| Q1 24 | $176.7M | $90.8M |
| Q4 25 | $58.4M | $8.1M | ||
| Q3 25 | $70.9M | $11.9M | ||
| Q2 25 | $53.7M | $13.9M | ||
| Q1 25 | $50.5M | $-282.0K | ||
| Q4 24 | $53.0M | $7.8M | ||
| Q3 24 | $55.0M | $-267.0K | ||
| Q2 24 | $59.0M | $11.8M | ||
| Q1 24 | $48.4M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 60.5% | 11.7% | ||
| Q3 25 | 61.6% | 13.7% | ||
| Q2 25 | 54.2% | 14.4% | ||
| Q1 25 | 44.6% | 5.4% | ||
| Q4 24 | 53.6% | 15.4% | ||
| Q3 24 | 51.4% | 4.4% | ||
| Q2 24 | 54.3% | 18.7% | ||
| Q1 24 | 55.0% | 12.8% |
| Q4 25 | 29.4% | 5.5% | ||
| Q3 25 | 37.1% | 8.7% | ||
| Q2 25 | 30.5% | 12.5% | ||
| Q1 25 | 25.5% | -0.4% | ||
| Q4 24 | 31.5% | 7.3% | ||
| Q3 24 | 36.7% | -0.3% | ||
| Q2 24 | 30.0% | 11.9% | ||
| Q1 24 | 27.4% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.08 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | — | $0.00 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | — | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | $279.5M | — |
| Stockholders' EquityBook value | $877.4M | $600.0M |
| Total Assets | $2.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $279.5M | — | ||
| Q3 25 | $285.6M | — | ||
| Q2 25 | $288.6M | — | ||
| Q1 25 | $290.3M | $141.8M | ||
| Q4 24 | $292.0M | $141.8M | ||
| Q3 24 | $195.0M | $141.8M | ||
| Q2 24 | $195.6M | $146.8M | ||
| Q1 24 | $196.2M | $168.8M |
| Q4 25 | $877.4M | $600.0M | ||
| Q3 25 | $825.8M | $589.6M | ||
| Q2 25 | $758.8M | $575.4M | ||
| Q1 25 | $717.3M | $558.9M | ||
| Q4 24 | $649.3M | $556.8M | ||
| Q3 24 | $606.6M | $545.2M | ||
| Q2 24 | $566.4M | $544.6M | ||
| Q1 24 | $525.2M | $554.0M |
| Q4 25 | $2.2B | $904.1M | ||
| Q3 25 | $2.0B | $851.8M | ||
| Q2 25 | $1.8B | $795.0M | ||
| Q1 25 | $1.7B | $788.4M | ||
| Q4 24 | $1.6B | $793.1M | ||
| Q3 24 | $1.4B | $801.3M | ||
| Q2 24 | $1.4B | $788.4M | ||
| Q1 24 | $1.3B | $825.3M |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.40× | 0.25× | ||
| Q4 24 | 0.45× | 0.25× | ||
| Q3 24 | 0.32× | 0.26× | ||
| Q2 24 | 0.35× | 0.27× | ||
| Q1 24 | 0.37× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $72.4M | $-11.3M |
| FCF MarginFCF / Revenue | 36.5% | -7.6% |
| Capex IntensityCapex / Revenue | 0.8% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.27× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $606.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.1M | $-4.1M | ||
| Q3 25 | $118.9M | $19.4M | ||
| Q2 25 | $128.9M | $-13.8M | ||
| Q1 25 | $300.8M | $15.6M | ||
| Q4 24 | $64.4M | $14.0M | ||
| Q3 24 | $117.4M | $15.7M | ||
| Q2 24 | $79.7M | $37.8M | ||
| Q1 24 | $120.9M | $12.9M |
| Q4 25 | $72.4M | $-11.3M | ||
| Q3 25 | $117.8M | $9.0M | ||
| Q2 25 | $127.6M | $-26.0M | ||
| Q1 25 | $288.7M | $12.3M | ||
| Q4 24 | $58.8M | $12.5M | ||
| Q3 24 | $115.8M | $13.3M | ||
| Q2 24 | $78.2M | $35.8M | ||
| Q1 24 | $109.8M | $10.4M |
| Q4 25 | 36.5% | -7.6% | ||
| Q3 25 | 61.7% | 6.6% | ||
| Q2 25 | 72.5% | -23.5% | ||
| Q1 25 | 145.8% | 15.4% | ||
| Q4 24 | 34.9% | 11.6% | ||
| Q3 24 | 77.2% | 13.0% | ||
| Q2 24 | 39.8% | 36.1% | ||
| Q1 24 | 62.1% | 11.4% |
| Q4 25 | 0.8% | 4.8% | ||
| Q3 25 | 0.6% | 7.7% | ||
| Q2 25 | 0.8% | 11.0% | ||
| Q1 25 | 6.1% | 4.0% | ||
| Q4 24 | 3.3% | 1.4% | ||
| Q3 24 | 1.0% | 2.3% | ||
| Q2 24 | 0.8% | 2.0% | ||
| Q1 24 | 6.3% | 2.7% |
| Q4 25 | 1.27× | -0.50× | ||
| Q3 25 | 1.68× | 1.63× | ||
| Q2 25 | 2.40× | -1.00× | ||
| Q1 25 | 5.96× | — | ||
| Q4 24 | 1.22× | 1.79× | ||
| Q3 24 | 2.14× | — | ||
| Q2 24 | 1.35× | 3.21× | ||
| Q1 24 | 2.50× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
