Hamilton Lane Inc (HLNE)
NASDAQ:HLNE
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Hamilton Lane
(NASDAQ:HLNE)
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Rating:73Outperform
Price Target:
$106.00
▲(11.85% Upside)
Action:ReiteratedDate:02/21/26
The score is driven primarily by strong underlying financial performance (high margins and strong cash conversion) and a positive earnings narrative around fundraising/AUM momentum and fee-related earnings growth. These are partially offset by clearly bearish technical conditions (price below key moving averages with negative MACD) and only moderate valuation support (P/E ~22 with a modest yield), while the new buyback provides a smaller incremental positive.
Positive Factors
Strong Profitability
Sustained high margins indicate durable fee economics and operating leverage in private markets management. Higher EBIT and net margins support reinvestment, dividends and buybacks, making earnings more resilient to moderate AUM swings and helping preserve long-term cash generation.
Negative Factors
Expense Growth
Rising compensation and G&A costs can erode operating leverage in the asset manager model if not matched by fee growth. Persistent expense inflation would compress FRE margins over time and reduce incremental earnings sensitivity to AUM gains, pressuring long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Sustained high margins indicate durable fee economics and operating leverage in private markets management. Higher EBIT and net margins support reinvestment, dividends and buybacks, making earnings more resilient to moderate AUM swings and helping preserve long-term cash generation.
Read all positive factors
Hamilton Lane (HLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.29B
Dividend Yield1.52%
Average Volume (3M)876.50K
Price to Earnings (P/E)21.3
Beta (1Y)1.09
Revenue Growth13.01%
EPS Growth21.96%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.55
Shares Outstanding43,938,663
10 Day Avg. Volume862,048
30 Day Avg. Volume876,496
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)8.32
Price to Sales (P/S)8.37
P/FCF Ratio20.68
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue6.95
Enterprise Value/Gross Profit10.04
Enterprise Value/Ebitda11.90
Forecast
1Y Price Target
$168.33Price Target Upside77.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)6
Revenue Forecast (FY)$768.00M
Hamilton Lane Business Overview & Revenue Model
Company Description
Hamilton Lane Incorporated is an investment firm specializing in direct and fund of fund investments. It provides following services: separate accounts (customized to each individual client and structured as single client vehicles); specialized st...
How the Company Makes Money
Hamilton Lane primarily makes money by earning fees for managing private markets assets on behalf of clients. Its core revenue stream is management fees (asset-based fees) charged on assets under management (AUM) across commingled funds and separa...
Hamilton Lane Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call highlighted robust asset growth, strong fundraising momentum (particularly in Evergreen and specialized funds), rising fee-related revenues and FRE, successful fund closes, a strategic long-term partnership with Guardian, and active product and technology initiatives. These positives were partially offset by higher expenses, comparability noise from retro fees, more modest growth in separate accounts, and the timing of Guardian-related financial recognition. On balance, the call emphasized execution, momentum, and several high-growth drivers.Positive Updates
Total Asset Footprint Exceeds $1 Trillion
Total asset footprint stood at over $1 trillion at quarter end, representing a 6% increase year over year.
Negative Updates
Expense Growth
Fiscal YTD total expenses increased $40 million or 14% YoY. Total compensation and benefits rose $29 million or 15%, and G&A increased $11 million. Revenue-related expenses (e.g., third-party commissions) also increased.
Read all updates
Q3-2026 Updates
Positive
Negative
Total Asset Footprint Exceeds $1 Trillion
Total asset footprint stood at over $1 trillion at quarter end, representing a 6% increase year over year.
Read all positive updates
Company Guidance
Management guided that initial financial impacts from the Guardian partnership will be recognized next quarter (Hamilton Lane to oversee nearly $5.0 billion of Guardian’s PE portfolio, expect ~ $500 million of additional annual commitments for ≥10 years with at least $250 million into HL&E, and associated warrants expected to dilute <1% on a fully diluted basis), and reiterated targets and current operating metrics: total asset footprint >$1.0 trillion (+6% YoY); AUM $146.0 billion (+$11.0 billion, +8% YoY); AUA $871.0 billion (+$50.0 billion, +6%); total fee‑earning AUM $79.1 billion (+$8.1 billion, +11% YoY; +$2.7 billion, +4% QoQ) with a blended fee rate of 67 bps (up 10 bps vs. 2017) and a separate‑accounts/specialized‑funds mix of 52%/48%; specialized funds fee‑earning AUM $38.1 billion (+$6.9 billion, +22% YoY; +$2.4 billion, +7% QoQ); Evergreen AUM >$16.0 billion (+70% YoY) with >$1.2 billion of Q3 net inflows, core multi‑strategy $11.7 billion, credit Evergreen >$2.0 billion (since‑inception net annualized return >9.5%, avg. >$90 million monthly inflows in 2025); customized separate accounts fee‑earning AUM $41.1 billion (+$1.3 billion, +3% YoY; +$280 million, +1% QoQ) and >$2.0 billion of SMA closings in December. Financial guidance/recap included YTD management & advisory fees +11%; total fee‑related revenue $57 million (+31% YoY); fee‑related earnings $254.6 million (+37%); incentive fees $136 million; unrealized carry ≈ $1.5 billion (+15% YoY); FRE YTD $255 million (+37%) with a 50% FRE margin; GAAP EPS YTD $4.35 (GAAP net income $183 million) and non‑GAAP EPS $4.41 (adjusted net income $240.1 million); declared quarterly dividend $0.54, on track for a $2.16 FY2026 target (~10% increase).Hamilton Lane Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 763.40M | 712.96M | 553.84M | 528.75M | 367.92M | 341.63M |
| Gross Profit | 528.54M | 504.74M | 387.45M | 379.44M | 259.52M | 205.32M |
| EBITDA | 446.22M | 384.89M | 301.02M | 258.67M | 323.81M | 159.86M |
| Net Income | 233.50M | 217.42M | 140.86M | 109.12M | 145.99M | 98.02M |
Balance Sheet | ||||||
| Total Assets | 2.17B | 1.69B | 1.27B | 1.14B | 1.29B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 340.19M | 277.27M | 114.63M | 111.75M | 72.17M | 87.34M |
| Total Debt | 359.84M | 368.32M | 275.19M | 292.35M | 253.57M | 238.46M |
| Total Liabilities | 844.76M | 766.46M | 595.24M | 566.35M | 557.46M | 546.32M |
| Stockholders Equity | 877.39M | 717.28M | 525.15M | 415.44M | 346.88M | 238.13M |
Cash Flow | ||||||
| Free Cash Flow | 355.96M | 288.66M | 109.78M | 221.84M | 161.00M | 168.52M |
| Operating Cash Flow | 363.50M | 300.82M | 120.85M | 226.59M | 169.52M | 188.16M |
| Investing Cash Flow | -315.50M | -117.58M | -122.18M | 177.91M | -70.49M | -421.78M |
| Financing Cash Flow | -28.25M | -19.62M | 4.40M | -364.15M | -113.22M | 270.66M |
Hamilton Lane Technical Analysis
Negative
94.77
Price Trends
119.01
Negative
124.89
Negative
132.88
Negative
Market Momentum
-5.18
Negative
34.05
Neutral
28.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLNE, the sentiment is Negative. The current price of 94.77 is below the 20-day moving average (MA) of 101.28, below the 50-day MA of 119.01, and below the 200-day MA of 132.88, indicating a bearish trend. The MACD of -5.18 indicates Negative momentum. The RSI at 34.05 is Neutral, neither overbought nor oversold. The STOCH value of 28.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HLNE.
Hamilton Lane Risk Analysis
Hamilton Lane disclosed 59 risk factors in its most recent earnings report. Hamilton Lane reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hamilton Lane Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.29B | 21.34 | 29.38% | 1.52% | 13.01% | 21.96% | |
73 Outperform | $9.26B | 14.01 | 30.29% | 1.18% | 9.33% | 33.17% | |
72 Outperform | $7.18B | 11.47 | 22.04% | 0.01% | 1.08% | 8.24% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.64B | 10.94 | 16.94% | 7.17% | 11.60% | 9.38% | |
56 Neutral | $2.78B | -9.10 | 0.18% | 18.52% | -13.67% | -48.49% | |
51 Neutral | $5.42B | ― | 783.65% | 2.17% | 92.02% | -1386.34% |
* Financial Sector Average
HLNE
Hamilton Lane
94.77
-51.40
-35.17%
AMG
Affiliated Managers
268.98
100.98
60.11%
MAIN
Main Street Capital
51.53
-1.09
-2.08%
SEIC
SEI Investments Company
75.72
-0.99
-1.29%
FSK
FS KKR Capital
9.91
-7.77
-43.96%
STEP
StepStone Group
45.49
-5.38
-10.58%
Hamilton Lane Corporate Events
Business Operations and StrategyStock Buyback
Hamilton Lane Initiates New $50 Million Share Repurchase
Positive
Feb 20, 2026
Hamilton Lane Incorporated, a private markets-focused investment manager with publicly traded Class A common stock, has an authorized stock repurchase framework that allows it to buy back up to 6% of its outstanding Class A shares, capped at $50 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.