Hamilton Lane

HLNE · Nasdaq · Financials · Financials, fiscal 2017 to 2026

HLNE · Last close · October 26, 2026

$81.32

Hamilton Lane's revenue rose 6.5% to $759 million in fiscal 2026. Its net margin was 32.8%, up from 30.5% a year earlier. Free cash flow was $419 million, up 45.2%. It paid out $88 million in dividends and buybacks, 21% of free cash flow.

HAMILTON LANE INC Latest fiscal year ended March 31, 2026 10-K filed May 21, 2026 · 0001433642-26-000019 Updated October 18, 2026

Revenue

$759M

6.5%

Net margin

32.8%

2.3 pts

Net income

$249M

14.6%

Free cash flow

$419M

45.2%

Return on capital

34.5%

3.8 pts

Market cap

—

No share count

P/E

—

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2022, earnings per share grew 41.7% a year and net income 63.2% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Hamilton Lane yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hamilton Lane's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Hamilton Lane's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Hamilton Lane's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 19% then 11% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $81.32
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Hamilton Lane's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	76	117	120	284	372
Debt incl. finance leases	171	214	196	290	278
Net debt (negative means net cash)	95	97	77	7	−94
Net debt to EBITDA	0.3x	0.4x	0.2x	0.0x	−0.2x
Debt to equity	0.5x	0.5x	0.4x	0.4x	0.3x
Interest coverage	69.3x	29.6x	26.5x	35.8x	40.1x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 6 insiders bought $19.5 million of Hamilton Lane shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 11, 2026	Hartley R. RogersExecutive Co-Chairman, Director, 10% owner	Bought	38,290	$78.49	$3.0 million	Form 4
Jun 11, 2026	David J BerkmanDirector	Bought	15,000	$76.27	$1.1 million	Form 4
Jun 11, 2026	Andrea Anigati KramerChief Operating Officer, 10% owner	Bought	1,283	$77.46	$99,381	Form 4
May 27, 2026	Hartley R. RogersExecutive Co-Chairman, Director, 10% owner	Bought	932	$92.72	$86,420	Form 4
May 26, 2026	Hartley R. RogersExecutive Co-Chairman, Director, 10% owner	Bought	110,000	$90.05	$9.9 million	Form 4
Feb 24, 2026	David J BerkmanDirector	Bought	10,000	$101.00	$1.0 million	Form 4
Feb 20, 2026	Mario L GianniniExecutive Co-Chairman, 10% owner	Bought	9,225	$107.32	$990,027	Form 4
Feb 20, 2026	Juan Delgado-MoreiraCo-Chief Executive Officer, Director, 10% owner	Bought	9,225	$107.24	$989,296	Form 4
Feb 20, 2026	Erik R. HirschCo-Chief Executive Officer, Director, 10% owner	Bought	9,225	$107.13	$988,274	Form 4
Feb 20, 2026	Andrea Anigati KramerChief Operating Officer, 10% owner	Bought	2,325	$107.53	$250,007	Form 4
Nov 7, 2025	Juan Delgado-MoreiraCo-Chief Executive Officer, Director, 10% owner	Bought	8,000	$130.35	$1.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	1.7%	−5.6%	−8.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hamilton Lane side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hamilton Lane	FY26	6.5%	—	55.2%	34.5%	−0.2x	—
WisdomTree Investments	FY25	15.4%	35.3%	29.9%	—	—	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
Affiliated Managers Group	FY25	1.6%	—	46.6%	16.5%	—	—	Compare
SEI Investments	FY25	8.1%	27.3%	25.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	180	244	252	274	342	368	529	554	713	759
Revenue growth	—	35.7%	3.3%	8.7%	24.7%	7.7%	43.7%	4.7%	28.7%	6.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1	17	34	61	98	146	109	141	217	249
Diluted EPS (US$)	—	—	1.40	2.15	2.81	3.98	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	82	97	112	116	188	170	227	121	301	425
Capital expenditure	1	2	5	2	19	8	5	11	12	6
Free cash flow	80	94	106	114	170	161	222	110	289	419
Dividends paid	0	10	19	29	40	50	72	65	76	88
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	5	0	0	0	10	2	0	0	0
Stock-based compensation	5	6	6	7	7	7	10	12	31	51
Balance sheet at fiscal year end
Cash and short-term investments	32	48	49	50	87	76	117	120	284	372
Debt incl. finance leases	—	—	—	75	163	171	214	196	290	278
Total assets	241	294	361	474	1,136	1,295	1,140	1,271	1,690	2,305
Total liabilities	154	158	191	236	546	558	566	595	766	838
Shareholders' equity	60	78	110	155	238	347	415	525	717	915
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	0.3%	7.1%	13.3%	22.2%	28.7%	39.7%	20.6%	25.4%	30.5%	32.8%
Free cash flow margin	44.7%	38.7%	42.1%	41.7%	49.6%	43.8%	42.0%	19.8%	40.5%	55.2%
Return on capital	—	—	—	—	52.3%	53.0%	31.6%	33.2%	38.4%	34.5%
Return on equity	—	25.1%	35.6%	45.9%	49.9%	49.9%	28.6%	29.9%	35.0%	30.5%
Return on assets	—	6.5%	10.3%	14.6%	12.2%	12.0%	9.0%	11.7%	14.7%	12.5%
Net debt to EBITDA	—	—	—	0.2x	0.4x	0.3x	0.4x	0.2x	0.0x	−0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hamilton Lane's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hamilton Lane.