Hamilton Lane Incorporated HLNE

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 83.91 USD on Nov 1, 2026, −36.3% year to date

Quant rating

Quant rating B Rank 141 of 799 in Financials

Growth A 107 of 799
Valuation A 93 of 799
Quality A 76 of 799
Revisions A 97 of 799
Momentum D 725 of 799

Wall Street consensus Buy (2.00)Average target 123.12 USD +46.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.6B
Enterprise value: 5.3B
52-week range: 72.01 – 155.66
3-year range: 72.01 – 201.62
Dividend yield: 2.86%
Beta (5 years): 1.17
Shares outstanding: 55.1M
Next earnings: Nov 3, 2026

About the company

Hamilton Lane Incorporated is a private markets investment company providing solutions to institutional and private wealth investors around the world. The Company offers a variety of investment solutions to address its clients' needs across a range of private markets, including private equity, private credit, real estate, infrastructure, real assets, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such funds, with a number of its clients utilizing multiple investment types. These solutions are offered in a variety of formats, covering some or all phases of private markets investment programs, which include customized separate accounts, specialized funds, advisory services, distribution management, and reporting, monitoring, data and analytics.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	759	713	554	529	368	–
Revenue growth	6.5%	28.7%	4.7%	43.7%	7.7%	17.3%
EPS (basic, normalized)	5.90	5.04	3.92	3.34	4.39	–
EPS growth	17.1%	28.6%	17.4%	−23.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	32.8%	30.5%	25.4%	21.4%	39.9%	30.0%
ROE	–	44.1%	33.8%	39.0%	80.5%	49.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	342
Current ratio	–
Long-term debt (mil)	274
Net debt (mil)	685
Total equity (mil)	939
Net debt / equity	0.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	759	+6.5%	7.0x	20.95	+64.9%	4.0x	5.90	+17.1%	14.2x
2027	959	+26.3%	5.5x	27.46	+31.1%	3.1x	7.23	+22.5%	11.6x
2028	1,059	+10.4%	5.0x	33.44	+21.8%	2.5x	7.38	+2.2%	11.4x
2029	1,200	+13.3%	4.4x	38.10	+14.0%	2.2x	8.61	+16.6%	9.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	959	−1.6%	+6.0%	+7.9%	7.23	+0.5%	+12.5%	+18.6%
2028	1,059	−1.2%	+0.7%	−1.1%	7.38	−0.2%	+0.3%	−2.7%
2029	1,200	−2.0%	+4.1%	–	8.61	+0.2%	+4.5%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	177	197	150	168	198	176	191	199	194	275
Sales mean (mil)	136	153	152	158	171	171	178	196	203	222
Surprise	+29.5%	+28.8%	−1.5%	+6.5%	+16.0%	+3.0%	+7.3%	+1.3%	−4.7%	+24.0%
EPS reported	1.38	1.51	1.07	1.25	1.21	1.31	1.54	1.55	1.49	1.94
EPS mean	1.01	1.10	1.09	1.10	1.17	1.01	1.10	1.33	1.42	1.54
Surprise	+36.2%	+37.7%	−1.7%	+13.8%	+3.1%	+30.0%	+39.8%	+16.9%	+4.6%	+25.9%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HLNE Hamilton Lane Incorporated	4.6B	1.68x	32.8%	4.93x	11.6x	11.4x	11.1x	10.3x
MS Morgan Stanley	288.4B	–	13.6%	2.49x	14.3x	13.5x	–	–
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
BX Blackstone Inc.	142.7B	2.66x	20.9%	10.19x	20.1x	16.2x	18.2x	14.6x
Mean		4.68x	21.7%	4.89x	18.0x	15.5x	19.6x	16.6x
Median		2.66x	21.9%	4.01x	17.0x	14.9x	18.2x	14.6x

Technical analysis

1M−1.2%
3M−5.6%
1Y−27.1%
3Y+9.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hamilton Lane Incorporated, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	759	713	554	529	368	342
Cost of revenue	–	–	–	–	–	–
Gross profit	759	713	554	529	368	342
Selling, general & administrative expenses	424	387	300	281	193	182
Research & development	–	–	–	–	–	–
Depreciation/amortization	9.9	9.3	8.2	7.4	5.5	4.1
Interest expense (income), operating	–	–	–	–	−0.3	−0.1
Unusual expense (income)	–	–	–	43.3	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	325	317	246	197	170	156
Net interest income (expense)	136	37.3	38.4	7.8	79.6	31.6
Gain (loss) on sale of assets	–	–	–	2.8	–	–
Other non-operating income (expense)	2.5	8.4	−2.5	35.3	64.5	5.9
Net income before taxes	463	362	282	243	314	193
Provision for taxes	75.2	48.5	54.5	55.4	66.4	24.4
Minority interest	−139	−96.4	−86.3	−78.1	−101	−70.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	249	217	141	109	146	98.0
Extraordinary items	–	–	–	–	–	–
Net income	249	217	141	109	146	98.0
EBIT, normalized	325	317	246	240	169	156
EBITDA, normalized	335	326	254	247	175	160
Basic EPS, normalized	5.90	5.04	3.92	3.34	4.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hamilton Lane Incorporated, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	364	277	115	112	72.2	87.3
Receivables	176	198	116	54.3	53.7	31.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	13.8	11.3	11.1	9.8	6.9	6.1
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	96.4	99.0	95.4	90.8	94.5	87.7
Goodwill	–	–	–	–	–	–
Intangibles	1.4	2.9	4.6	6.3	12.6	7.9
Long-term investments	1,301	761	632	588	790	650
Note receivable	–	–	–	–	1.0	1.0
Other long-term assets	907	827	539	456	397	390
Total assets	2,305	1,690	1,271	1,141	1,295	1,137
Liabilities
Accounts payable	241	246	206	179	183	197
Payable/accrued	–	–	–	–	–	–
Accrued expenses	185	147	133	118	115	116
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	278	290	196	214	171	163
Minority interest	551	207	151	159	391	352
Other liabilities	560	476	399	353	386	383
Total liabilities	1,390	973	746	725	948	898
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	299	262	208	172	162	151
Retained earnings (accumulated deficit)	615	456	317	244	185	87.5
Treasury stock	–	–	–	–	–	–
Other equity	1.2	−0.1	0	0	0	0
Total equity	915	717	525	415	347	238
Total liabilities & shareholders' equity	2,305	1,690	1,271	1,141	1,295	1,137

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hamilton Lane Incorporated, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	388	314	227	187	247	169
Depreciation, depletion & amortization	9.9	9.3	8.2	7.4	5.5	4.1
Deferred taxes	28.4	12.1	16.7	20.4	23.9	7.0
Non-cash items	−78.5	−8.5	−15.4	15.0	−132	−21.7
Changes in working capital	77.4	−25.8	−116	−3.5	24.9	29.9
Cash from operations	425	301	121	227	170	188
Investing activities
Capital expenditures	−5.8	−12.2	−11.1	−4.7	−8.5	−19.6
Other investing cash flows	−489	−105	−111	183	−62.0	−402
Cash from investing	−495	−118	−122	178	−70.5	−422
Financing activities
Financing cash flow items	277	−34.4	88.6	−334	−70.1	−49.7
Cash dividends paid	−87.7	−76.0	−65.4	−72.4	−49.6	−39.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−34.0	91.2	−18.8	41.8	6.5	360
Cash from financing	156	−19.2	4.4	−364	−113	271
Foreign exchange effects	2.4	−0.1	–	0	0	0.1
Net change in cash	88.3	164	3.1	40.4	−14.2	37.2
Free cash flow	419	289	110	222	161	169

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.