Where Hamilton Lane stands after its latest 10-Q
Revenue for the twelve months to June 2026 was $858m, up 24.0% on a year earlier, faster than 6.5% a quarter earlier.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Hamilton Lane Inc is a US-listed company in the asset management & custody banks industry. Its financial year ends in March.
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~$96
Valuation models combined (4)
Base case. Range ~$67–$120. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.
Modestly undervalued
The price is inside our value range, 7% below our base value.
Price used: $88.82, November 3, 2026
Hamilton Lane Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $858m, up 24.0% on a year earlier, faster than 6.5% a quarter earlier.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Hamilton Lane Inc's trailing-twelve-month revenue grew 24.0% year on year, with a free-cash-flow margin of 42.7%. Where it stands out: net margin of 32.1% ranks 4 of 43 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 8.5% while net income grew 30.0%: a 21pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Hamilton Lane Inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$67 ~$56–$84 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$110 ~$86–$150 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$110 ~$95–$130 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$32 ~$33–$91 | Left out: far from the other models (more than 3x away from their median) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$120 ~$100–$150 | Included |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$96 ~$67–$120 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hamilton Lane Inc with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, before the open. Analysts expect revenue of $215m and EPS of $1.65 (range $1.46 to $1.93) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.41 | +26% | $957m | +26% |
| Next | $7.40 | −0% | $1.1bn | +11% |
Next year's EPS estimate has moved +0.5% in 90 days, across 7 analysts.
The consensus EPS forecast for the current fiscal year is +18.3% on 90 days ago. In the last 30 days, 2 analysts raised Hamilton Lane Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $6.26 | $7.36 |
| 60 days ago | $7.44 | $7.41 |
| 30 days ago | $7.47 | $7.38 |
| 7 days ago | $7.43 | $7.35 |
| Now | $7.41 | $7.40 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.59 | $1.94 | +22.2% |
| Mar 2026 | $1.43 | $1.49 | +4.5% |
| Dec 2025 | $1.33 | $1.55 | +16.9% |
| Sept 2025 | $1.10 | $1.54 | +39.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| HLNE | +35% | −37% | +81% | +32% | −8% | −33% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| HLNE | 50% | 33% | 50% | 58% | 50% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| HLNE | −16% | −44% | −20% | −27% | −35% | −51% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 1, 2017: 62% from November 11, 2024 to June 24, 2026. Getting back needed a 165% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +6.2% | +1.6% | +10.5% | +8.7% |
| May 21, 2026 | +6.1% | +0.6% | +2.4% | −10.5% |
| February 3, 2026 | −0.2% | −1.3% | −5.9% | −22.2% |
| November 4, 2025 | +7.9% | −0.8% | +15.1% | +7.3% |
| August 5, 2025 | +3.8% | +0.3% | +5.1% | −2.6% |
| May 29, 2025 | −15.1% | +0.3% | −14.2% | −18.7% |
| February 4, 2025 | +7.7% | +1.1% | −0.9% | −6.6% |
| November 6, 2024 | +5.1% | +3.3% | +5.6% | +0.7% |
| August 6, 2024 | +4.3% | +0.2% | +10.3% | +17.5% |
| May 23, 2024 | +6.5% | −0.1% | +5.3% | −0.6% |
| February 6, 2024 | −4.1% | +1.1% | −6.9% | −8.6% |
How Hamilton Lane Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $491.8M |
| FY24 Q3 | $490M |
| FY24 Q4 | $553.8M |
| FY25 Q1 | $625.5M |
| FY25 Q2 | $648.7M |
| FY25 Q3 | $691.7M |
| FY25 Q4 | $713M |
| FY26 Q1 | $692.2M |
| FY26 Q2 | $733.1M |
| FY26 Q3 | $763.4M |
| FY26 Q4 | $759M |
| FY27 Q1 | $858.4M |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | 2.1% |
| FY24 Q3 | -5.2% |
| FY24 Q4 | 4.7% |
| FY25 Q1 | 20.7% |
| FY25 Q2 | 31.9% |
| FY25 Q3 | 41.2% |
| FY25 Q4 | 28.7% |
| FY26 Q1 | 10.7% |
| FY26 Q2 | 13.0% |
| FY26 Q3 | 10.4% |
| FY26 Q4 | 6.5% |
| FY27 Q1 | 24.0% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | 40.2% |
| FY24 Q3 | 20.7% |
| FY24 Q4 | 19.8% |
| FY25 Q1 | 21.3% |
| FY25 Q2 | 26.9% |
| FY25 Q3 | 39.5% |
| FY25 Q4 | 40.5% |
| FY26 Q1 | 48.8% |
| FY26 Q2 | 46.4% |
| FY26 Q3 | 46.3% |
| FY26 Q4 | 55.2% |
| FY27 Q1 | 42.7% |
| Fiscal year | 2017 Mar 2017 | 2018 Mar 2018 | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 180 | 244 | 252 | 274 | 342 | 368 | 529 | 554 | 713 | 759 | 858 |
| Net income | — | 17 | 34 | 61 | 98 | 146 | 109 | 141 | 217 | 249 | 276 |
| Diluted EPS | — | — | $1.40 | $2.15 | $2.81 | $3.98 | — | — | — | — | — |
| Growth (year on year) | |||||||||||
| Revenue | — | +35.7% | +3.3% | +8.7% | +24.7% | +7.7% | +43.7% | +4.7% | +28.7% | +6.5% | +24.0% |
| Net income | — | — | +93.6% | +81.2% | +61.2% | +48.9% | −25.3% | +29.1% | +54.4% | +14.6% | +30.0% |
| Diluted EPS | — | — | — | +53.6% | +30.7% | +41.6% | — | — | — | — | — |
| Margins | |||||||||||
| Net margin | — | 7.1% | 13.3% | 22.2% | 28.7% | 39.7% | 20.6% | 25.4% | 30.5% | 32.8% | 32.1% |
| Free-cash-flow margin | 44.7% | 38.7% | 42.1% | 41.7% | 49.6% | 43.8% | 42.0% | 19.8% | 40.5% | 55.2% | 42.7% |
| Cash flow | |||||||||||
| Cash from operations | 82 | 97 | 112 | 116 | 188 | 170 | 227 | 121 | 301 | 425 | 373 |
| Capital spending | 1 | 2 | 5 | 2 | 19 | 9 | 5 | 11 | 12 | 6 | 6 |
| Free cash flow | 80 | 94 | 106 | 114 | 170 | 161 | 222 | 110 | 289 | 419 | 367 |
| Stock-based pay | 5 | 6 | 6 | 7 | 7 | 7 | 10 | 12 | 31 | 51 | 51 |
| Free cash flow after stock pay | 76 | 89 | 100 | 107 | 162 | 154 | 212 | 98 | 257 | 368 | 316 |
| Balance sheet | |||||||||||
| Cash | 32 | 48 | 49 | 50 | 87 | 76 | 117 | 120 | 284 | 372 | 350 |
| Total debt | 84 | 84 | 71 | 75 | 163 | 214 | 214 | 196 | 290 | 278 | 274 |
| Net debt (negative = net cash) | 52 | 37 | 22 | 25 | 76 | 137 | 97 | 77 | 7 | −93 | −76 |
| Returned to shareholders | |||||||||||
| Dividends | 0 | 10 | 19 | 29 | 40 | 50 | 72 | 65 | 76 | 88 | 90 |
| Buybacks | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — |
| Total returned | 0 | 10 | 19 | 29 | 40 | 50 | 72 | 65 | 76 | 88 | 90 |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 150 | 168 | 198 | 176 | 191 | 199 | 194 | 275 |
| Net income | 55 | 53 | 50 | 54 | 71 | 58 | 66 | 80 |
| Growth (year on year) | ||||||||
| Revenue | +18.2% | +34.3% | +12.1% | −10.6% | +27.3% | +18.0% | −2.2% | +56.5% |
| Net income | +30.9% | +171.6% | +4.4% | −8.9% | +28.9% | +10.2% | +31.0% | +49.7% |
| Margins | ||||||||
| Net margin | 36.7% | 31.5% | 25.5% | 30.5% | 37.1% | 29.4% | 34.2% | 29.2% |
| Free-cash-flow margin | 77.2% | 34.9% | 18.1% | 72.5% | 61.7% | 36.5% | 52.3% | 27.4% |
| Cash flow | ||||||||
| Cash from operations | 117 | 64 | 39 | 129 | 119 | 74 | 103 | 77 |
| Capital spending | 2 | 6 | 3 | 1 | 1 | 2 | 2 | 2 |
| Free cash flow | 116 | 59 | 36 | 128 | 118 | 72 | 101 | 75 |
| Stock-based pay | 5 | 12 | 12 | 13 | 12 | 13 | 13 | 13 |
| Free cash flow after stock pay | 111 | 47 | 24 | 115 | 105 | 59 | 89 | 62 |
| Last 12 months unless stated | HLNE | VRTS | AAMI | WT | CNS | APAM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $858m | $825m | $669m | $610m | $600m | $1.3bn | $858m |
| Revenue growth, last 12 months | 24.0% | −7.2% | 24.2% | 37.1% | 8.6% | 8.7% | 17.2% |
| Revenue growth, 3-year average | 18.3% | 0.2% | 18.9% | 24.8% | 6.5% | 9.8% | 10.2% |
| Revenue growth, latest quarter | 56.5% | −4.4% | 45.3% | 57.3% | 11.1% | 3.7% | 14.4% |
| Operating margin | — | 15.7% | 23.7% | 38.8% | 32.4% | 33.4% | 25.8% |
| Operating margin, 3-year average | — | 18.4% | 24.6% | 33.7% | 32.9% | 32.4% | 18.8% |
| Net margin | 32.1% | 14.5% | 15.2% | 13.3% | 28.2% | 24.5% | 15.2% |
| Cash from operations / revenue | 43.5% | −5.6% | −5.1% | 32.2% | 6.3% | 26.2% | 26.4% |
| Free-cash-flow margin | 42.7% | −6.3% | 3.6% | 32.1% | 4.6% | 26.0% | 21.9% |
| Free-cash-flow margin, 3-year average | 37.6% | 5.2% | — | 28.6% | 2.5% | 27.0% | 17.6% |
| Stock pay / revenue | 5.9% | 3.2% | −11.6% | 4.3% | 7.2% | 2.1% | 3.7% |
| Change in share count | — | −3.5% | −3.8% | −2.7% | 0.5% | 1.0% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 24.0% | 17.2% | 21 of 43 |
| Change in growth rate Growth | +17.6pp | +1.0pp | 8 of 43 |
| Net margin Profitability | 32.1% | 15.2% | 4 of 43 |
| Stock pay as % of revenue Cash generation | 5.9% | 4.3% | 23 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Management and Advisory Fee Revenue | $584M | 77.4% | ▲ 13.7% |
| Management and Advisory Fee Revenue Specialized Funds (part of Management and Advisory Fee Revenue) | $374M | 64.1% | ▲ 18.8% |
| Incentive Fee Revenue Including Consolidated VI Es (part of Management and Advisory Fee Revenue) | $175M | 29.9% | ▼ 12.2% |
| Management and Advisory Fee Revenue Reporting and Other (part of Management and Advisory Fee Revenue) | $35.8M | 6.1% | ▲ 22.3% |
| Incentive Fee Revenue Specialized Funds | $146M | 19.4% | ▼ 19.7% |
| Incentive Fee Revenue Customized Separate Accounts | $24.3M | 3.2% | ▲ 49.9% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Outside the US | $449M | 59.1% | ▲ 12.6% |
| United States | $310M | 40.9% | ▼ 1.4% |
From Hamilton Lane Inc's 10-K filed May 21, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $338M | 4.3M | 9.2% | ▲ 5.0% |
| Kayne Anderson Rudnick Investment Management LLC | $241M | 3.1M | 6.6% | ▼ 10.6% |
| Vanguard Portfolio Management LLC | $142M | 1.8M | 3.9% | ▼ 1.6% |
| Vanguard Capital Management LLC | $141M | 1.8M | 3.9% | ▲ 0.6% |
| State Street Corp | $108M | 1.4M | 2.9% | ▲ 2.8% |
| Los Angeles Capital Management LLC | $95.8M | 1.2M | 2.6% | ▲ 79.1% |
| Citadel Advisors LLC | $94.8M | 1.2M | 2.6% | ▲ 4719.4% |
| Wasatch Advisors LP | $90.8M | 1.2M | 2.5% | ▼ 34.3% |
| Geode Capital Management, LLC | $82.7M | 1.0M | 2.3% | ▼ 0.2% |
| Principal Financial Group Inc | $81.4M | 1.0M | 2.2% | ▼ 6.5% |
| Jupiter Topco LLC | $73.5M | 932K | 2.0% | — |
| Van Berkom & Associates Inc. | $69.8M | 885K | 1.9% | ▼ 46.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hamilton Lane Inc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Berkman David J Director | June 11, 2026 | Buy | 15,000 | $76.27 | $1.1M |
| Kramer Andrea Anigati Chief Operating Officer | June 11, 2026 | Buy | 1,283 | $77.46 | $99,381 |
| Rogers Hartley R. Executive Co-Chairman | June 11, 2026 | Buy | 27,678 | $78.73 | $2.2M |
| Rogers Hartley R. Executive Co-Chairman | June 11, 2026 | Buy | 10,612 | $77.86 | $826,250 |
| Rogers Hartley R. Executive Co-Chairman | May 27, 2026 | Buy | 466 | $92.76 | $43,226 |
| Rogers Hartley R. Executive Co-Chairman | May 27, 2026 | Buy | 466 | $92.69 | $43,194 |
| Rogers Hartley R. Executive Co-Chairman | May 26, 2026 | Buy | 47,025 | $89.99 | $4.2M |
| Rogers Hartley R. Executive Co-Chairman | May 26, 2026 | Buy | 7,975 | $90.43 | $721,179 |
| Berkman David J Director | February 24, 2026 | Buy | 10,000 | $101.00 | $1M |
| Giannini Mario L Executive Co-Chairman | February 20, 2026 | Buy | 9,225 | $107.32 | $990,027 |
| Kramer Andrea Anigati Chief Operating Officer | February 20, 2026 | Buy | 2,325 | $107.53 | $250,007 |
| Delgado-Moreira Juan Co-Chief Executive Officer | February 20, 2026 | Buy | 2,705 | $107.58 | $291,004 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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