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Side-by-side financial comparison of Hamilton Lane INC (HLNE) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $198.6M, roughly 1.0× Hamilton Lane INC). Hamilton Lane INC runs the higher net margin — 29.4% vs 3.6%, a 25.8% gap on every dollar of revenue. On growth, Hamilton Lane INC posted the faster year-over-year revenue change (18.0% vs -4.1%). Over the past eight quarters, Hamilton Lane INC's revenue compounded faster (6.0% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
HLNE vs VRTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $198.6M | $199.5M |
| Net Profit | $58.4M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | 60.5% | 7.7% |
| Net Margin | 29.4% | 3.6% |
| Revenue YoY | 18.0% | -4.1% |
| Net Profit YoY | 10.2% | -78.1% |
| EPS (diluted) | — | $1.05 |
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.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $198.6M | $208.0M | ||
| Q3 25 | $190.9M | $216.4M | ||
| Q2 25 | $176.0M | $210.5M | ||
| Q1 25 | $198.0M | $217.9M | ||
| Q4 24 | $168.3M | $233.5M | ||
| Q3 24 | $150.0M | $227.0M | ||
| Q2 24 | $196.7M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $58.4M | $33.9M | ||
| Q3 25 | $70.9M | $31.3M | ||
| Q2 25 | $53.7M | $42.7M | ||
| Q1 25 | $50.5M | $28.1M | ||
| Q4 24 | $53.0M | $39.5M | ||
| Q3 24 | $55.0M | $49.1M | ||
| Q2 24 | $59.0M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 60.5% | 19.1% | ||
| Q3 25 | 61.6% | 21.7% | ||
| Q2 25 | 54.2% | 21.5% | ||
| Q1 25 | 44.6% | 16.8% | ||
| Q4 24 | 53.6% | 21.7% | ||
| Q3 24 | 51.4% | 24.3% | ||
| Q2 24 | 54.3% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 29.4% | 16.3% | ||
| Q3 25 | 37.1% | 14.5% | ||
| Q2 25 | 30.5% | 20.3% | ||
| Q1 25 | 25.5% | 12.9% | ||
| Q4 24 | 31.5% | 16.9% | ||
| Q3 24 | 36.7% | 21.6% | ||
| Q2 24 | 30.0% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | — | $5.15 | ||
| Q3 25 | — | $4.65 | ||
| Q2 25 | — | $6.12 | ||
| Q1 25 | — | $4.05 | ||
| Q4 24 | — | $4.65 | ||
| Q3 24 | — | $5.71 | ||
| Q2 24 | — | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $136.6M |
| Total DebtLower is stronger | $279.5M | — |
| Stockholders' EquityBook value | $877.4M | $93.6B |
| Total Assets | $2.2B | — |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $279.5M | $390.0M | ||
| Q3 25 | $285.6M | $390.6M | ||
| Q2 25 | $288.6M | $231.3M | ||
| Q1 25 | $290.3M | $231.7M | ||
| Q4 24 | $292.0M | $232.1M | ||
| Q3 24 | $195.0M | $237.5M | ||
| Q2 24 | $195.6M | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $877.4M | $934.0M | ||
| Q3 25 | $825.8M | $918.7M | ||
| Q2 25 | $758.8M | $896.4M | ||
| Q1 25 | $717.3M | $893.7M | ||
| Q4 24 | $649.3M | $897.5M | ||
| Q3 24 | $606.6M | $889.0M | ||
| Q2 24 | $566.4M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $4.3B | ||
| Q3 25 | $2.0B | $3.9B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.6B | $4.0B | ||
| Q3 24 | $1.4B | $3.6B | ||
| Q2 24 | $1.4B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | 0.42× | ||
| Q3 25 | 0.35× | 0.43× | ||
| Q2 25 | 0.38× | 0.26× | ||
| Q1 25 | 0.40× | 0.26× | ||
| Q4 24 | 0.45× | 0.26× | ||
| Q3 24 | 0.32× | 0.27× | ||
| Q2 24 | 0.35× | 0.29× |
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% | — |
| 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 | $-67.2M | ||
| Q3 25 | $118.9M | $108.3M | ||
| Q2 25 | $128.9M | $75.8M | ||
| Q1 25 | $300.8M | $-3.8M | ||
| Q4 24 | $64.4M | $1.8M | ||
| Q3 24 | $117.4M | $69.1M | ||
| Q2 24 | $79.7M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $72.4M | $-74.1M | ||
| Q3 25 | $117.8M | $106.9M | ||
| Q2 25 | $127.6M | $74.2M | ||
| Q1 25 | $288.7M | $-6.8M | ||
| Q4 24 | $58.8M | $-3.8M | ||
| Q3 24 | $115.8M | $68.7M | ||
| Q2 24 | $78.2M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 36.5% | -35.6% | ||
| Q3 25 | 61.7% | 49.4% | ||
| Q2 25 | 72.5% | 35.2% | ||
| Q1 25 | 145.8% | -3.1% | ||
| Q4 24 | 34.9% | -1.6% | ||
| Q3 24 | 77.2% | 30.3% | ||
| Q2 24 | 39.8% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 3.3% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 6.1% | 1.4% | ||
| Q4 24 | 3.3% | 2.4% | ||
| Q3 24 | 1.0% | 0.2% | ||
| Q2 24 | 0.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.27× | -1.99× | ||
| Q3 25 | 1.68× | 3.45× | ||
| Q2 25 | 2.40× | 1.77× | ||
| Q1 25 | 5.96× | -0.13× | ||
| Q4 24 | 1.22× | 0.04× | ||
| Q3 24 | 2.14× | 1.41× | ||
| Q2 24 | 1.35× | 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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
