Hamilton Lane Inc (HLNE)
NASDAQ:HLNE
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Hamilton Lane
(NASDAQ:HLNE)
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Rating:72Outperform
Price Target:
$98.00
â–¼(-8.22% Downside)
Action:Reiterated
Date:05/22/26
HLNE scores well on fundamentals, led by a very conservative balance sheet (zero debt) and strong cash generation/profitability, with a supportive (mostly upbeat) earnings call showing solid fee-related growth and shareholder returns. Offsetting these positives are weak technicals (price below key moving averages with negative MACD) and mixed growth signals, including a sharp recent revenue contraction and some dependence on variable performance-linked revenues.
Positive Factors
Conservative balance sheet (zero debt)
A zero‑debt balance sheet materially reduces financial risk and preserves capital allocation optionality. For an asset manager this supports seeding strategies, absorbs temporary cash flow swings, and enables dividends/buybacks without refinancing pressure, strengthening long‑term resilience.
Negative Factors
Recent sharp revenue decline (~58%)
A roughly 58% annual revenue decline in the most recent period is a substantial structural headwind that weakens top‑line scale and can constrain long‑term investment in product development and distribution. Even with margins holding, persistent revenue erosion would reduce fee base growth and strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet (zero debt)
A zero‑debt balance sheet materially reduces financial risk and preserves capital allocation optionality. For an asset manager this supports seeding strategies, absorbs temporary cash flow swings, and enables dividends/buybacks without refinancing pressure, strengthening long‑term resilience.
Read all positive factors
Hamilton Lane (HLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.78B
Dividend Yield1.52%
Average Volume (3M)930.27K
Price to Earnings (P/E)14.6
Beta (1Y)1.12
Revenue Growth6.46%
EPS Growth9.92%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)5.99
Shares Outstanding43,697,365
10 Day Avg. Volume797,440
30 Day Avg. Volume930,270
Financial Highlights & Ratios
PEG Ratio1.49
Price to Book (P/B)4.03
Price to Sales (P/S)4.86
P/FCF Ratio8.11
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue6.37
Enterprise Value/Gross Profit9.11
Enterprise Value/Ebitda9.91
Forecast
1Y Price Target
$140.57Price Target Upside31.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)5.95
Revenue Forecast (FY)$852.15M
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:May 21, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized broad growth across product suites, strong fee and earnings expansion, meaningful fundraising and distribution traction (notably in Evergreens and direct equity), robust exit realizations and active capital deployment. Challenges included a notable drop in retro fees, higher operating expenses, monthly volatility in evergreen flows (March redemptions), modest overall AUM growth, and increased reliance on variable performance‑linked revenues. Management highlighted discipline in secondary underwriting and successful liquidity management for evergreen products.Positive Updates
Total Asset Footprint and AUA Growth
Total asset footprint reached $1.0 trillion, up 9% year‑over‑year. Assets under advisement (AUA) totaled $905 billion, increasing by $86 billion or 10% year‑over‑year.
Negative Updates
Decline in Retro Fees
Retro (retrocession) fees fell materially versus prior year: $3 million in fiscal 26 versus $21 million in fiscal 25, a decline of about $18 million (≈‑86%), which lowered near‑term fee revenue relative to the prior period.
Read all updates
Q4-2026 Updates
Positive
Negative
Total Asset Footprint and AUA Growth
Total asset footprint reached $1.0 trillion, up 9% year‑over‑year. Assets under advisement (AUA) totaled $905 billion, increasing by $86 billion or 10% year‑over‑year.
Read all positive updates
Company Guidance
Management reiterated continued growth and gave abundant metrics: total asset footprint $1.0T (+9% YoY), AUM $142B (+$4B/+3%), AUA $905B (+$86B/+10%), fee‑earning AUM $82B (+$9B/+13%) with a blended fee rate of 67 bps (specialized fee‑earning AUM $41B, +$8B/+24%; evergreen AUM >$17.5B, +64%), fiscal‑26 management & advisory fees $584M (+14%), total fee‑related revenue $687M (+20%), fee‑related earnings $345M (+25%) and FRE margin 50% (vs 48% prior), GAAP EPS $5.92 (net income $249M) and non‑GAAP EPS $5.90 (adjusted income $321M), incentive fees $175M and an unrealized carry balance of ~ $1.5B (+23%); corporate actions included an 11% dividend increase to $2.40/share, repurchase of 199k shares for ~$20M with ~$80M remaining authorization, continued fundraising (direct equity fund ~ $2.8B raised, new Credit Income SIF seeded ~ $325M, sixth secondary fund and GP‑led fund in market), evergreen quarterly net inflows of +$471M (Jan), +$591M (Feb), -$17M (Mar) for >$1B in the quarter with April net inflows expected >$265M, and strong secondary activity (committed ~$5.5B in 2025 while declining ~99% of deal flow, ~$29B lifetime secondaries commitments, exits showing meaningful upside such as >$1.2B gross proceeds at a 3.6x multiple and ~34% above prior marks).Hamilton Lane Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
83
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 758.99M | 712.96M | 553.84M | 528.75M | 367.92M |
| Gross Profit | 530.36M | 504.74M | 387.45M | 379.44M | 259.52M |
| EBITDA | 487.75M | 384.89M | 301.02M | 258.67M | 323.81M |
| Net Income | 249.18M | 217.42M | 140.86M | 109.12M | 145.99M |
Balance Sheet | |||||
| Total Assets | 2.30B | 1.69B | 1.27B | 1.14B | 1.29B |
| Cash, Cash Equivalents and Short-Term Investments | 363.90M | 277.27M | 114.63M | 111.75M | 72.17M |
| Total Debt | 356.48M | 368.32M | 275.19M | 292.35M | 253.57M |
| Total Liabilities | 838.36M | 766.46M | 595.24M | 566.35M | 557.46M |
| Stockholders Equity | 915.23M | 717.28M | 525.15M | 415.44M | 346.88M |
Cash Flow | |||||
| Free Cash Flow | 454.53M | 288.66M | 109.78M | 221.84M | 161.00M |
| Operating Cash Flow | 460.38M | 300.82M | 120.85M | 226.59M | 169.52M |
| Investing Cash Flow | -530.28M | -117.58M | -122.18M | 177.91M | -70.49M |
| Financing Cash Flow | 155.78M | -19.62M | 4.40M | -364.15M | -113.22M |
Hamilton Lane Technical Analysis
Negative
106.78
Price Trends
94.42
Negative
110.03
Negative
121.41
Negative
Market Momentum
-2.14
Negative
42.67
Neutral
50.05
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 106.78 is above the 20-day moving average (MA) of 88.36, above the 50-day MA of 94.42, and below the 200-day MA of 121.41, indicating a bearish trend. The MACD of -2.14 indicates Negative momentum. The RSI at 42.67 is Neutral, neither overbought nor oversold. The STOCH value of 50.05 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $10.66B | 14.48 | 30.64% | 1.18% | 9.37% | 28.61% | |
75 Outperform | $8.00B | 10.75 | 23.38% | 0.01% | 4.59% | 88.44% | |
73 Outperform | $4.77B | 10.89 | 14.32% | 7.17% | 16.23% | -19.30% | |
72 Outperform | $4.78B | 14.60 | 29.51% | 1.52% | 6.46% | 9.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $5.95B | -7.39 | 245.82% | 2.17% | 69.89% | -184.51% | |
50 Neutral | $3.02B | -5.54 | -9.39% | 18.52% | -38.13% | -203.38% |
* Financial Sector Average
HLNE
Hamilton Lane
87.13
-59.33
-40.51%
AMG
Affiliated Managers
302.85
122.93
68.32%
MAIN
Main Street Capital
51.21
-1.02
-1.95%
SEIC
SEI Investments Company
87.88
4.23
5.06%
FSK
FS KKR Capital
10.87
-6.93
-38.94%
STEP
StepStone Group
49.31
-7.23
-12.79%
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.