HLNE
Hamilton Lane Incorporated
Asset Management
Market Cap$4.41B
5Y Perf.+43.1%
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Stock Comparison
HLNE vs STEP
Revenue, margins, valuation, and 5-year total return — side by side.
STEP
StepStone Group Inc.
Asset Management
Market Cap$2.15B
5Y Perf.+106.8%
HLNE vs STEP — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | HLNE | STEP |
|---|---|---|
| Industry | Asset Management | Asset Management |
| Market Cap | $4.41B | $2.15B |
| Revenue (TTM) | $713M | $1.17B |
| Net Income (TTM) | $206M | $-547M |
| Gross Margin | 70.8% | -7.6% |
| Operating Margin | 44.4% | -21.3% |
| Forward P/E | 15.3x | 26.3x |
| Total Debt | $368M | $383M |
| Cash & Equiv. | $277M | $289M |
HLNE vs STEP — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
HLNE
STEP
| Stock | Sep 20 | May 26 | Return |
|---|---|---|---|
| Hamilton Lane Incor… (HLNE) | 100 | 143.1 | +43.1% |
| StepStone Group Inc. (STEP) | 100 | 206.8 | +106.8% |
Price return only. Dividends and distributions are not included.
Quick Verdict: HLNE vs STEP
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: STEP leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Hamilton Lane Incorporated is the stronger pick specifically for valuation and capital efficiency and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
HLNE
Hamilton Lane Incorporated
The Banking Pick
HLNE is the clearest fit if your priority is income & stability and long-term compounding.
- Dividend streak 1 yrs, beta 1.25, yield 2.7%
- 483.9% 10Y total return vs STEP's 139.9%
- Lower volatility, beta 1.25, Low D/E 39.9%, current ratio 1.68x
Best for: income & stability and long-term compounding
STEP
StepStone Group Inc.
The Banking Pick
STEP carries the broadest edge in this set and is the clearest fit for growth exposure.
- Rev growth 65.1%, EPS growth -376.9%
- 65.1% NII/revenue growth vs HLNE's 28.7%
- Efficiency ratio 0.1% vs HLNE's 0.3% (lower = leaner)
Best for: growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | STEP | 65.1% NII/revenue growth vs HLNE's 28.7% |
| Value | HLNE | Lower P/E (15.3x vs 26.3x) |
| Quality / Margins | STEP | Efficiency ratio 0.1% vs HLNE's 0.3% (lower = leaner) |
| Stability / Safety | HLNE | Beta 1.25 vs STEP's 1.73 |
| Dividends | HLNE | 2.7% yield, 1-year raise streak, vs STEP's 1.9% |
| Momentum (1Y) | STEP | +5.4% vs HLNE's -41.0% |
| Efficiency (ROA) | STEP | Efficiency ratio 0.1% vs HLNE's 0.3% |
HLNE vs STEP — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
HLNE vs STEP — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLHLNELAGGINGSTEP
STEPStepStone Group Inc.
2leads
HLNEHamilton Lane Incorpo…
2leads
6 Total Categories
CATEGORYLEADERvs STEPMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
HLNE4/5
Valuation MetricsMultiples, price ratios, and targets
STEP3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
HLNE8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
STEP5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
HLNE leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
STEP is the larger business by revenue, generating $1.2B annually — 1.6x HLNE's $713M. HLNE is the more profitable business, keeping 30.5% of every revenue dollar as net income compared to STEP's -15.3%.
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| RevenueTrailing 12 months | $713M | $1.2B |
| EBITDAEarnings before interest/tax | $320M | -$948M |
| Net IncomeAfter-tax profit | $206M | -$547M |
| Free Cash FlowCash after capex | $364M | $19M |
| Gross MarginGross profit ÷ Revenue | +70.8% | -7.6% |
| Operating MarginEBIT ÷ Revenue | +44.4% | -21.3% |
| Net MarginNet income ÷ Revenue | +30.5% | -15.3% |
| FCF MarginFCF ÷ Revenue | +43.7% | +5.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -56.8% | +40.6% |
HLNE leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
STEP leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| Market CapShares × price | $4.4B | $2.1B |
| Enterprise ValueMkt cap + debt − cash | $4.5B | $2.2B |
| Trailing P/EPrice ÷ TTM EPS | 17.08x | -21.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.34x | 26.30x |
| PEG RatioP/E ÷ EPS growth rate | 0.84x | — |
| EV / EBITDAEnterprise value multiple | 13.82x | — |
| Price / SalesMarket cap ÷ Revenue | 6.19x | 1.83x |
| Price / BookPrice ÷ Book value/share | 4.77x | 2.21x |
| Price / FCFMarket cap ÷ FCF | 14.17x | 35.89x |
STEP leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
HLNE leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
HLNE delivers a 15.6% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $-10 for STEP. STEP carries lower financial leverage with a 0.22x debt-to-equity ratio, signaling a more conservative balance sheet compared to HLNE's 0.40x. On the Piotroski fundamental quality scale (0–9), HLNE scores 7/9 vs STEP's 4/9, reflecting strong financial health.
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| ROE (TTM)Return on equity | +15.6% | -9.8% |
| ROA (TTM)Return on assets | +9.5% | -10.4% |
| ROICReturn on invested capital | +21.2% | -8.7% |
| ROCEReturn on capital employed | +26.2% | -10.6% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 4 |
| Debt / EquityFinancial leverage | 0.40x | 0.22x |
| Net DebtTotal debt minus cash | $91M | $93M |
| Cash & Equiv.Liquid assets | $277M | $289M |
| Total DebtShort + long-term debt | $368M | $383M |
| Interest CoverageEBIT ÷ Interest expense | 25.57x | -126.38x |
HLNE leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
STEP leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in STEP five years ago would be worth $18,100 today (with dividends reinvested), compared to $11,150 for HLNE. Over the past 12 months, STEP leads with a +5.4% total return vs HLNE's -41.0%. The 3-year compound annual growth rate (CAGR) favors STEP at 38.5% vs HLNE's 13.5% — a key indicator of consistent wealth creation.
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| YTD ReturnYear-to-date | -32.0% | -17.0% |
| 1-Year ReturnPast 12 months | -41.0% | +5.4% |
| 3-Year ReturnCumulative with dividends | +46.1% | +165.5% |
| 5-Year ReturnCumulative with dividends | +11.5% | +81.0% |
| 10-Year ReturnCumulative with dividends | +483.9% | +139.9% |
| CAGR (3Y)Annualised 3-year return | +13.5% | +38.5% |
STEP leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — HLNE and STEP each lead in 1 of 2 comparable metrics.
Risk & Volatility
HLNE is the less volatile stock with a 1.25 beta — it tends to amplify market swings less than STEP's 1.73 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. STEP currently trades 70.7% from its 52-week high vs HLNE's 51.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.25x | 1.73x |
| 52-Week HighHighest price in past year | $179.19 | $77.80 |
| 52-Week LowLowest price in past year | $86.47 | $40.58 |
| % of 52W HighCurrent price vs 52-week peak | +51.6% | +70.7% |
| RSI (14)Momentum oscillator 0–100 | 39.1 | 57.7 |
| Avg Volume (50D)Average daily shares traded | 852K | 1.1M |
Evenly matched — HLNE and STEP each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — HLNE and STEP each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates HLNE as "Buy" and STEP as "Buy". Consensus price targets imply 85.6% upside for HLNE (target: $172) vs 31.7% for STEP (target: $73). For income investors, HLNE offers the higher dividend yield at 2.72% vs STEP's 1.94%.
| Metric | HLNEHamilton Lane Inc… | STEPStepStone Group I… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $171.50 | $72.50 |
| # AnalystsCovering analysts | 10 | 8 |
| Dividend YieldAnnual dividend ÷ price | +2.7% | +1.9% |
| Dividend StreakConsecutive years of raises | 1 | 4 |
| Dividend / ShareAnnual DPS | $2.51 | $1.07 |
| Buyback YieldShare repurchases ÷ mkt cap | +5.8% | 0.0% |
Evenly matched — HLNE and STEP each lead in 1 of 2 comparable metrics.
Key Takeaway
HLNE leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). STEP leads in 2 (Valuation Metrics, Total Returns). 2 tied.
Best OverallHamilton Lane Incorporated (HLNE)Leads 2 of 6 categories
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HLNE vs STEP: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is HLNE or STEP a better buy right now?
For growth investors, StepStone Group Inc.
(STEP) is the stronger pick with 65. 1% revenue growth year-over-year, versus 28. 7% for Hamilton Lane Incorporated (HLNE). Hamilton Lane Incorporated (HLNE) offers the better valuation at 17. 1x trailing P/E (15. 3x forward), making it the more compelling value choice. Analysts rate Hamilton Lane Incorporated (HLNE) a "Buy" — based on 10 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HLNE or STEP?
On forward P/E, Hamilton Lane Incorporated is actually cheaper at 15.
3x.
03Which is the better long-term investment — HLNE or STEP?
Over the past 5 years, StepStone Group Inc.
(STEP) delivered a total return of +81. 0%, compared to +11. 5% for Hamilton Lane Incorporated (HLNE). Over 10 years, the gap is even starker: HLNE returned +483. 9% versus STEP's +139. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HLNE or STEP?
By beta (market sensitivity over 5 years), Hamilton Lane Incorporated (HLNE) is the lower-risk stock at 1.
25β versus StepStone Group Inc. 's 1. 73β — meaning STEP is approximately 38% more volatile than HLNE relative to the S&P 500. On balance sheet safety, StepStone Group Inc. (STEP) carries a lower debt/equity ratio of 22% versus 40% for Hamilton Lane Incorporated — giving it more financial flexibility in a downturn.
05Which is growing faster — HLNE or STEP?
By revenue growth (latest reported year), StepStone Group Inc.
(STEP) is pulling ahead at 65. 1% versus 28. 7% for Hamilton Lane Incorporated (HLNE). On earnings-per-share growth, the picture is similar: Hamilton Lane Incorporated grew EPS 46. 6% year-over-year, compared to -376. 9% for StepStone Group Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — HLNE or STEP?
Hamilton Lane Incorporated (HLNE) is the more profitable company, earning 30.
5% net margin versus -15. 3% for StepStone Group Inc. — meaning it keeps 30. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HLNE leads at 44. 4% versus -21. 3% for STEP. At the gross margin level — before operating expenses — HLNE leads at 70. 8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is HLNE or STEP more undervalued right now?
On forward earnings alone, Hamilton Lane Incorporated (HLNE) trades at 15.
3x forward P/E versus 26. 3x for StepStone Group Inc. — 11. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HLNE: 85. 6% to $171. 50.
08Which pays a better dividend — HLNE or STEP?
All stocks in this comparison pay dividends.
Hamilton Lane Incorporated (HLNE) offers the highest yield at 2. 7%, versus 1. 9% for StepStone Group Inc. (STEP).
09Is HLNE or STEP better for a retirement portfolio?
For long-horizon retirement investors, Hamilton Lane Incorporated (HLNE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.
25), 2. 7% yield, +483. 9% 10Y return). StepStone Group Inc. (STEP) carries a higher beta of 1. 73 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (HLNE: +483. 9%, STEP: +139. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between HLNE and STEP?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that outperform both.
- Sector: Financial Services
- Market Cap > $100B
- Revenue Growth > 32%
- Dividend Yield > 0.7%
Revenue Growth>
%
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