A Business at a Glance
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Hamilton Lane INC
HLNE
$83.16
+2.48%
Hamilton Lane INC (HLNE) has a current P/E ratio of 14.8, compared to its historical median P/E of 26.9. The stock is currently considered Cheap based on its historical valuation range.
Hamilton Lane INC (HLNE) has a 5-year average return on invested capital (ROIC) of 23.9%. This indicates strong capital allocation and a potential competitive advantage.
Hamilton Lane INC (HLNE) does not currently pay a regular dividend.
Based on historical P/E analysis, Hamilton Lane INC (HLNE) appears cheap. The current P/E of 14.8 is 45% below its historical median of 26.9. The estimated fair value CAGR (P/E method) is 16.6%.
Hamilton Lane INC (HLNE) operates in the Investment Advice industry, within the Financials sector.
Hamilton Lane INC (HLNE) reported annual revenue of $759 million in its most recent fiscal year, based on SEC EDGAR filings.
Hamilton Lane INC (HLNE) has a net profit margin of 32.8%. This is a strong margin indicating high profitability.
Hamilton Lane is a global private markets investment solutions provider serving institutional and high-net-worth clients with approximately $138 billion of discretionary assets under management and $819 billion of non-discretionary assets under advisement as of March 31, 2025. The company operates across three primary business segments: customized separate accounts ($99 billion AUM) where it holds discretionary investment authority over client portfolios; specialized funds ($40 billion AUM) including primary, secondary, and direct investment vehicles across private equity, private credit, real estate, infrastructure, and venture capital; and advisory services ($819 billion AUA) providing non-discretionary guidance on asset allocation, investment screening, and manager due diligence. Hamilton Lane generates revenue through management fees on assets under management, advisory fees on assets under advisement, performance fees aligned with fund returns, and ancillary services including distribution management, reporting, monitoring, and proprietary data analytics through its Cobalt LP platform. The company's competitive advantages include deep industry relationships, differentiated investment access, proprietary data and analytical capabilities, and three decades of dedicated private markets expertise, enabling it to serve a globally diversified client base spanning pension funds, sovereign wealth funds, endowments, foundations, family offices, and insurance companies across North America, Europe, Asia, the Middle East, Australia, and Latin America. With approximately 760 employees including 265 investment professionals across 22 global offices, Hamilton Lane operates an asset-light, fee-generating model that leverages its platform to manage increasingly larger pools of capital across multiple investment strategies and geographies.
【Strong fundraising momentum continuing】 Management expects robust capital deployment across multiple product lines, with first closes anticipated for new secondary and venture access funds in the second calendar quarter of 2026, and the inaugural GP-led secondary fund expected to close before calendar year-end 2026. The Evergreen platform continues to expand with multi-asset, multi-strategy offerings exceeding $1 billion in size, supported by new institutional mandates and insurance-wrapped products that are expected to bring additional insurance clients to the platform. Private credit fundamentals remain solid with disciplined leverage and attractive spreads, while real estate has transitioned from valuation reset to opportunity with improving transaction activity, and infrastructure fundraising reached record levels in 2025 with over 50% of funds oversubscribed and more than 90% of institutions expected to maintain or increase allocations in 2026. Management anticipates continued exit activity and value creation from portfolio companies, with expectations for GPs to execute additional exits in 2026, and the company expects to generate meaningful management fees from Guardian's $5 billion of committed capital over at least 10 years alongside approximately $500 million in annual commitments.
| Metric | Target | Period |
|---|---|---|
| Dividend per share | $2.16 | Fiscal year 2026 |
| Net inflows | over $265 million | April 2026 |
Dividend per share (Fiscal year 2026): “equating to the targeted $2.16 per share for fiscal year 2026”
Net inflows (April 2026): “we expect to take in over $265 million in aggregate net inflows across the entire group of products”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Specialized funds | $148M | $150M | $196M | $261M | $315M | 44% |
Consolidated Entity Excluding Variable Interest Entities (VIE) | $31M | $48M | $150M | $102M | $198M | 28% |
Customized separate accounts | $94M | $103M | $118M | $129M | $134M | 19% |
Reporting, monitoring, data and analytics | — | $23M | $25M | $25M | $29M | 4% |
Advisory | $26M | $25M | $25M | $24M | $23M | 3% |
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 759M | 759M | 713M | 554M | 529M | 368M |
| Net Income | 249M | 249M | 217M | 141M | 109M | 147M |
| EPS | $0.00 | - | - | - | - | $3.98 |
| Free Cash Flow | 419M | 419M | 289M | 110M | 222M | 161M |
| ROIC | 43.3% | 22.6% | 25.2% | 20.9% | 19.0% | 32.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.30 | 0.30 | 0.40 | 0.37 | 0.51 | 0.49 |
| Dividends/Share | $0.00 | - | - | - | - | $1.34 |
| Operating Income | 463M | 463M | 362M | 282M | 243M | 314M |
| Operating Margin | 61.0% | 61.0% | 50.8% | 50.9% | 45.9% | 85.3% |
| ROE | 27.2% | 30.5% | 35.0% | 30.0% | 28.6% | 50.2% |
| Shares Outstanding | 0M | - | - | - | - | 37M |
| Metric | 2016 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 43M | 180M | 244M | 252M | 274M | 342M | 368M | 529M | 554M | 713M | 759M | 759M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 27M | 72M | 83M | 49M | 57M | 49M | 129M | 198M | 204M | 274M | 300M | 300M |
| EBIT | -5.1M | 75M | 140M | 130M | 141M | 193M | 314M | 243M | 282M | 362M | 463M | 463M |
| Op. Margin | -11.8% | 41.6% | 57.2% | 51.4% | 51.4% | 56.6% | 85.3% | 45.9% | 50.9% | 50.8% | 61.0% | 61.0% |
| Net Income | N/A | 612K | 17M | 34M | 61M | 93M | 147M | 109M | 141M | 217M | 249M | 249M |
| Net Margin | N/A | 0.3% | 7.1% | 13.3% | 22.2% | 27.3% | 39.9% | 20.6% | 25.4% | 30.5% | 32.8% | 32.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 5.0M | 0 | 12M | 56M | -288K | 654K | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 1.9% | 25.0% | 35.6% | 35.8% | 29.6% | 32.0% | 19.0% | 20.9% | 25.2% | 22.6% | 43.3% |
| ROE | N/A | 1.9% | 25.0% | 35.6% | 45.9% | 47.5% | 50.2% | 28.6% | 30.0% | 35.0% | 30.5% | 27.2% |
| ROA | N/A | 0.5% | 6.5% | 10.3% | 14.6% | 11.6% | 12.1% | 9.0% | 11.7% | 14.7% | 12.5% | 10.8% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 109M | 82M | 97M | 112M | 116M | 188M | 170M | 227M | 121M | 301M | 425M | 425M |
| Free Cash Flow | 108M | 80M | 94M | 106M | 114M | 170M | 161M | 222M | 110M | 289M | 419M | 419M |
| Owner Earnings | 103M | 75M | 89M | 102M | 106M | 177M | 157M | 209M | 101M | 260M | 364M | 364M |
| CapEx | 921K | 1.3M | 2.3M | 5.4M | 2.0M | 19M | 8.5M | 4.7M | 11M | 12M | 5.8M | 5.8M |
| Maint. CapEx | 2.0M | 1.9M | 1.9M | 3.0M | 3.3M | 4.1M | 5.5M | 7.4M | 8.2M | 9.3M | 9.9M | 9.9M |
| Growth CapEx | 0 | 0 | 363K | 2.4M | 0 | 15M | 3.0M | 0 | 2.9M | 2.9M | 0 | 0 |
| D&A | 2.0M | 1.9M | 1.9M | 3.0M | 3.3M | 4.1M | 5.5M | 7.4M | 8.2M | 9.3M | 9.9M | 9.9M |
| CapEx/OCF | N/A | 1.6% | 2.3% | 4.8% | 1.7% | 9.9% | 5.0% | 2.1% | 9.2% | 4.0% | N/A | 1.4% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 9.5M | 19M | 29M | 40M | 50M | 72M | 65M | 76M | 88M | 88M |
| Dividend Yield | N/A | N/A | N/A | 2.1% | 2.0% | 1.8% | 1.6% | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 174M | 19M | 2K | 2K | 2K | 5K | 1K | 0 | 2K | 2K | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | N/A | 0.0% | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | 3.7M | 4.7M | 5.5M | 6.4M | 7.2M | 7.1M | 7.4M | 10.0M | 12M | 31M | 51M | 51M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | 25M | 76M | 95M | 97M | 77M | 6.7M | -93M | -93M |
| Cash & Equiv. | 70M | 32M | 48M | 49M | 50M | 87M | 76M | 117M | 120M | 284M | 372M | 372M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 75M | 163M | 171M | 214M | 196M | 290M | 278M | 278M |
| Debt/Equity | N/A | 2.56 | 2.01 | 1.73 | 0.48 | 0.69 | 0.49 | 0.51 | 0.37 | 0.40 | 0.30 | 0.30 |
| Interest Coverage | -0.4 | 5.1 | 23.3 | 42.6 | 50.0 | 94.5 | 68.3 | 28.7 | 25.5 | 34.8 | 39.1 | 39.1 |
| Equity | N/A | 60M | 78M | 110M | 155M | 238M | 347M | 415M | 525M | 717M | 915M | 915M |
| Total Assets | 91K | 241M | 294M | 361M | 474M | 1.1B | 1.3B | 1.1B | 1.3B | 1.7B | 2.3B | 2.3B |
| Total Liabilities | N/A | 154M | 158M | 191M | 236M | 546M | 557M | 566M | 595M | 766M | 838M | 838M |
| Intangibles | N/A | 400K | 3.0M | 2.6M | 8.3M | 7.9M | 13M | 6.3M | 4.6M | 2.9M | 1.4M | 1.4M |
| Retained Earnings | N/A | 612K | 4.5M | 18M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | N/A | N/A | N/A | 1.40 | 2.15 | 2.81 | 3.98 | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | N/A | N/A | N/A | 4.26 | 3.74 | 5.32 | 4.24 | N/A | N/A | N/A | N/A | N/A |
| Book Value | N/A | N/A | N/A | 4.60 | 5.47 | 7.17 | 9.40 | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | N/A | N/A | N/A | 4.65 | 4.11 | 5.66 | 4.59 | N/A | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | N/A | 0.78 | 1.03 | 1.19 | 1.34 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | 24.0M | 28.3M | 33.2M | 36.9M | N/A | N/A | N/A | N/A | 0.0M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | 27.6 | 23.4 | 28.2 | 17.8 | 22.8 | 29.8 | 26.9 | N/A | N/A |
| P/FCF | N/A | N/A | N/A | 8.7 | 12.4 | 15.5 | 16.2 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 59.5 | 509.3 | 44.4 | 15.0 | 20.7 | 21.1 | N/A | -0.2 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 11.6 | 7.5 | 6.0 | 8.0 | 8.1 | N/A | N/A |
| Price/Sales | N/A | N/A | N/A | 3.5 | 5.3 | 6.7 | 8.5 | 4.5 | 6.1 | 8.2 | N/A | N/A |
| FCF Yield | N/A | N/A | N/A | 11.4% | 8.1% | 6.1% | 6.2% | 8.9% | 2.6% | 4.9% | N/A | N/A |
| Market Cap | N/A | N/A | N/A | 928M | 1.4B | 2.8B | 2.6B | 2.5B | 4.2B | 5.8B | 0 | 0 |
| Avg. Price | N/A | 15.91 | 23.49 | 37.29 | 51.11 | 65.29 | 84.86 | 66.12 | 88.64 | 145.19 | 0.00 | 83.16 |
| Year-End Price | N/A | 15.88 | 31.61 | 38.70 | 50.23 | 79.19 | 70.66 | 68.58 | 109.93 | 145.39 | 0.00 | 83.16 |
Hamilton Lane INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
Hamilton Lane INC trades at 14.8x trailing earnings, compared to its 15-year median P/E of 26.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 10.3x vs a median of 14.0x. The company's 5-year average ROIC is 23.9%. At current prices, the estimated annualized return to fair value is +3.6%.
Hamilton Lane INC (HLNE) generated $419 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Hamilton Lane INC (HLNE) has a debt-to-equity ratio of 0.30. This indicates a conservatively financed balance sheet.
Hamilton Lane INC (HLNE) has a return on equity (ROE) of 30.5%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 11 years of financial data for Hamilton Lane INC (HLNE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Based on recent SEC filings and earnings disclosures, Management expects robust capital deployment across multiple product lines, with first closes anticipated for new secondary and venture access funds in the second calendar quarter of 2026, and the inaugural GP-led secondary fund expected to close before calendar year-end 2026. The Evergreen platform continues to expand with multi-asset, multi-strategy offerings exceeding $1 billion in size, supported by new institutional mandates and insurance-wrapped products that are expected to bring additional insurance clients to the platform. Private credit fundamentals remain solid with disciplined leverage and attractive spreads, while real estate has transitioned from valuation reset to opportunity with improving transaction activity, and infrastructure fundraising reached record levels in 2025 with over 50% of funds oversubscribed and more than 90% of institutions expected to maintain or increase allocations in 2026. Management anticipates continued exit activity and value creation from portfolio companies, with expectations for GPs to execute additional exits in 2026, and the company expects to generate meaningful management fees from Guardian's $5 billion of committed capital over at least 10 years alongside approximately $500 million in annual commitments.
Based on recent SEC filings and earnings calls, Hamilton Lane INC (HLNE) has provided the following forward guidance: Dividend per share: $2.16 (Fiscal year 2026); Net inflows: over $265 million (April 2026).
No recent press releases.