Hamilton Lane INC (HLNE) stock analysis
Close on Nov 13, 2026Market cap $5.17BP/E –Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Solid17 of 30 checks passed
Hamilton Lane passes 17 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 3/6
- Past performance
- 5/6
- Financial health
- 5/6
- Dividend
- 3/6
What stands out
Trading below fair value
The share price of $93.73 is below our fair value estimate of $96.80.
Return on equity over 15%
Return on equity was 32.5% over the last twelve months and averaged 34.8% over five years.
No debt
Hamilton Lane has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 20.5% a year on average over the last five fiscal years.
What to watch
Margin of safety under 20%
The price is 3.2% below fair value, less than the 20% cushion we look for.
P/B above the industry
Hamilton Lane's price-to-book of 5.50 is above the Services Allied with the Exchange of Securities median of 3.65.
Yield below Treasuries
The 2.4% yield is below the 4.7% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Hamilton Lane yields 2.4%.
Valuation1/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
Hamilton Lane's price-to-book of 5.50 is above the Services Allied with the Exchange of Securities median of 3.65.
Trading below fair value
The share price of $93.73 is below our fair value estimate of $96.80.
Margin of safety under 20%
The price is 3.2% below fair value, less than the 20% cushion we look for.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 12.8% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 30.0% over the last twelve months, against a 5-year average of 20.5% a year.
Growing faster than the industry
Revenue grew 24.0% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity over 15%
Return on equity was 32.5% over the last twelve months and averaged 34.8% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Hamilton Lane's return on equity of 32.5% is above the Services Allied with the Exchange of Securities median of 15.7%.
Earnings grew over 5 years
Net income grew 20.5% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 32.1% over the last twelve months, against a 5-year average of 29.8%.
Net margin above the industry
Hamilton Lane's net margin of 32.1% is above the Services Allied with the Exchange of Securities median of 15.7%.
Financial health5/6
No debt
Hamilton Lane has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 4.37; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Hamilton Lane paid dividends worth 2.4% of the share price over the last twelve months.
Yield below Treasuries
The 2.4% yield is below the 4.7% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Hamilton Lane yields 2.4%.
Dividend stability
Fewer than five years of dividend history.
Covered by earnings
Dividends take 32.6% of net income.
Covered by free cash flow
Dividends take 24.5% of free cash flow.
Fair value
How we estimate itOur estimate per share
$96.80
The share price is 3% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 11.9× | – | 11.9× | $119.98 | 70% |
| Earnings power | 11.7% cost of equity | – | – | $42.70 | 30% |
| Fair value | $96.80 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $55.31M
- Value traded per 1% price move
- $32.33M
Downside
High risk
- Typical loss in a bad month
- 27.4%
- Volatility (annualized)
- 43%
- Sharpe ratio, 1 year
- -0.82
- Beta to the S&P 500 (5Y)
- 1.31
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2026
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.5% | +12.8% | +17.3% | – | |
| Net income | +14.6% | +31.7% | +20.5% | – | |
| Free cash flow | +45.2% | +23.6% | +19.8% | +14.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | 49.9% | 30.5% | |
| Return on assets | – | 12.2% | 12.5% | |
| Capex to revenue | 0.7% | 5.5% | 0.8% |
Where the cash went
Fiscal 2022 to 2026, five years combined
Hamilton Lane generated $1.24B from operations and spent $393.50M on capital expenditure, dividends and share buybacks. 11% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 32.8% | 0.38× | 2.45× | 30.5% |
| FY2025 | 30.5% | 0.48× | 2.38× | 35.0% |
| FY2024 | 25.4% | 0.46× | 2.56× | 30.0% |
| FY2023 | 20.6% | 0.43× | 3.19× | 28.6% |
| FY2022 | 39.7% | 0.30× | 4.16× | 49.9% |
| FY2021 | 28.7% | 0.42× | 4.10× | 49.9% |
| FY2020 | 22.2% | 0.66× | 3.15× | 45.9% |
| FY2019 | 13.3% | 0.77× | 3.47× | 35.6% |
| FY2018 | 7.1% | 0.91× | 3.86× | 25.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$249.18M
- Cash generatingOperating cash flow above zero$424.92M
- Return on assets improvedROA up on the prior year17.1% → 14.7%
- Earnings backed by cashOperating cash flow above net income$424.92M vs $249.18M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.56 → 0.45
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