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Side-by-side financial comparison of Hamilton Lane INC (HLNE) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Hamilton Lane INC is the larger business by last-quarter revenue ($198.6M vs $117.3M, roughly 1.7× Latham Group, Inc.). Hamilton Lane INC runs the higher net margin — 29.4% vs -7.3%, a 36.7% gap on every dollar of revenue. On growth, Hamilton Lane INC posted the faster year-over-year revenue change (18.0% vs 5.3%). Over the past eight quarters, Hamilton Lane INC's revenue compounded faster (6.0% CAGR vs -14.4%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
HLNE vs SWIM — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $198.6M | $117.3M |
| Net Profit | $58.4M | $-8.5M |
| Gross Margin | — | 31.7% |
| Operating Margin | 60.5% | — |
| Net Margin | 29.4% | -7.3% |
| Revenue YoY | 18.0% | 5.3% |
| Net Profit YoY | 10.2% | -43.1% |
| EPS (diluted) | — | $-0.07 |
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 | — | $117.3M | ||
| Q4 25 | $198.6M | $100.0M | ||
| Q3 25 | $190.9M | $161.9M | ||
| Q2 25 | $176.0M | $172.6M | ||
| Q1 25 | $198.0M | $111.4M | ||
| Q4 24 | $168.3M | $87.3M | ||
| Q3 24 | $150.0M | $150.5M | ||
| Q2 24 | $196.7M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $58.4M | $-7.0M | ||
| Q3 25 | $70.9M | $8.1M | ||
| Q2 25 | $53.7M | $16.0M | ||
| Q1 25 | $50.5M | $-6.0M | ||
| Q4 24 | $53.0M | $-29.2M | ||
| Q3 24 | $55.0M | $5.9M | ||
| Q2 24 | $59.0M | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 60.5% | -10.7% | ||
| Q3 25 | 61.6% | 13.3% | ||
| Q2 25 | 54.2% | 14.3% | ||
| Q1 25 | 44.6% | -4.4% | ||
| Q4 24 | 53.6% | -14.9% | ||
| Q3 24 | 51.4% | 8.9% | ||
| Q2 24 | 54.3% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | 29.4% | -7.0% | ||
| Q3 25 | 37.1% | 5.0% | ||
| Q2 25 | 30.5% | 9.3% | ||
| Q1 25 | 25.5% | -5.4% | ||
| Q4 24 | 31.5% | -33.4% | ||
| Q3 24 | 36.7% | 3.9% | ||
| Q2 24 | 30.0% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.11 |
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 | $3.3M |
| Stockholders' EquityBook value | $877.4M | $396.7M |
| Total Assets | $2.2B | $856.4M |
| Debt / EquityLower = less leverage | 0.32× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3M | ||
| Q4 25 | $279.5M | $279.8M | ||
| Q3 25 | $285.6M | $281.1M | ||
| Q2 25 | $288.6M | $281.5M | ||
| Q1 25 | $290.3M | $306.9M | ||
| Q4 24 | $292.0M | $281.5M | ||
| Q3 24 | $195.0M | $282.8M | ||
| Q2 24 | $195.6M | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $877.4M | $405.9M | ||
| Q3 25 | $825.8M | $408.4M | ||
| Q2 25 | $758.8M | $398.4M | ||
| Q1 25 | $717.3M | $381.1M | ||
| Q4 24 | $649.3M | $387.2M | ||
| Q3 24 | $606.6M | $416.6M | ||
| Q2 24 | $566.4M | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $2.2B | $823.2M | ||
| Q3 25 | $2.0B | $844.4M | ||
| Q2 25 | $1.8B | $822.1M | ||
| Q1 25 | $1.7B | $824.6M | ||
| Q4 24 | $1.6B | $794.2M | ||
| Q3 24 | $1.4B | $853.4M | ||
| Q2 24 | $1.4B | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 0.32× | 0.69× | ||
| Q3 25 | 0.35× | 0.69× | ||
| Q2 25 | 0.38× | 0.71× | ||
| Q1 25 | 0.40× | 0.81× | ||
| Q4 24 | 0.45× | 0.73× | ||
| Q3 24 | 0.32× | 0.68× | ||
| Q2 24 | 0.35× | 0.69× |
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 | $-47.7M |
| Free Cash FlowOCF − Capex | $72.4M | — |
| FCF MarginFCF / Revenue | 36.5% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 1.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | $606.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $74.1M | $23.3M | ||
| Q3 25 | $118.9M | $51.0M | ||
| Q2 25 | $128.9M | $36.0M | ||
| Q1 25 | $300.8M | $-46.9M | ||
| Q4 24 | $64.4M | $6.2M | ||
| Q3 24 | $117.4M | $37.2M | ||
| Q2 24 | $79.7M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $72.4M | $14.1M | ||
| Q3 25 | $117.8M | $45.2M | ||
| Q2 25 | $127.6M | $29.1M | ||
| Q1 25 | $288.7M | $-50.3M | ||
| Q4 24 | $58.8M | $-98.0K | ||
| Q3 24 | $115.8M | $33.2M | ||
| Q2 24 | $78.2M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 36.5% | 14.1% | ||
| Q3 25 | 61.7% | 27.9% | ||
| Q2 25 | 72.5% | 16.8% | ||
| Q1 25 | 145.8% | -45.2% | ||
| Q4 24 | 34.9% | -0.1% | ||
| Q3 24 | 77.2% | 22.1% | ||
| Q2 24 | 39.8% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 9.2% | ||
| Q3 25 | 0.6% | 3.6% | ||
| Q2 25 | 0.8% | 4.0% | ||
| Q1 25 | 6.1% | 3.1% | ||
| Q4 24 | 3.3% | 7.2% | ||
| Q3 24 | 1.0% | 2.7% | ||
| Q2 24 | 0.8% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.27× | — | ||
| Q3 25 | 1.68× | 6.29× | ||
| Q2 25 | 2.40× | 2.25× | ||
| Q1 25 | 5.96× | — | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 2.14× | 6.32× | ||
| Q2 24 | 1.35× | 3.95× |
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% |
SWIM
Segment breakdown not available.
