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Hamilton Lane
(NASDAQ:HLNE)
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Rating:72Outperform
Price Target:
$91.00
â–¼(-14.82% Downside)
Action:Reiterated
Date:10/15/26
The score is driven mainly by strong financial quality (high margins, strong ROE, and excellent cash conversion) and supportive valuation (low-teens P/E with a ~2.8% yield). These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and earnings-call risks centered on sharply higher expenses and some flow/carry volatility despite otherwise strong guidance and fee growth.
Positive Factors
Platform and fee growth
Hamilton Lane is expanding both its asset platform and monetization, with fee-related revenue and earnings growing faster than the broader asset base. This supports durable operating leverage, strengthens client reach, and provides a larger recurring foundation for future fundraising and product growth.
Negative Factors
Rapid expense growth
Expenses are increasing materially faster than the underlying fee base in the reported period, with compensation the largest contributor. If elevated hiring and performance pay persist, they could limit operating leverage and reduce the durability of margin expansion even as revenue continues to grow.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform and fee growth
Hamilton Lane is expanding both its asset platform and monetization, with fee-related revenue and earnings growing faster than the broader asset base. This supports durable operating leverage, strengthens client reach, and provides a larger recurring foundation for future fundraising and product growth.
Read all positive factors
Hamilton Lane Key Performance Indicators (KPIs)
Any
Management & Advisory Fees Breakdown
Details how much revenue comes from recurring management and advisory fees versus other sources, revealing the predictability and margin profile of Hamilton Lane’s business. A higher share of stable management fees points to reliable cash flow; shifts toward lower-fee advisory or fee compression warn of pressure on profitability.
Details how much revenue comes from recurring management and advisory fees versus other sources, revealing the predictability and margin profile of Hamilton Lane’s business. A higher share of stable management fees points to reliable cash flow; shifts toward lower-fee advisory or fee compression warn of pressure on profitability.
Data provided by:
The Fly
The FlyHamilton Lane (HLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.49B
Dividend Yield2.8%
Average Volume (3M)670.81K
Price to Earnings (P/E)12.3
Beta (1Y)1.22
Revenue Growth24.01%
EPS Growth25.97%
CountryUS
Employees785
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)6.63
Shares Outstanding43,349,167
10 Day Avg. Volume674,021
30 Day Avg. Volume670,813
Financial Highlights & Ratios
PEG Ratio1.67
Price to Book (P/B)4.03
Price to Sales (P/S)4.86
P/FCF Ratio8.11
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue5.86
Enterprise Value/Gross Profit8.38
Enterprise Value/Ebitda9.28
Forecast
1Y Price Target
$124.38Price Target Upside16.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)7.41
Revenue Forecast (FY)$969.53M
Hamilton Lane Business Overview & Revenue Model
Company Description
Hamilton Lane Incorporated operates as an investment management firm, specializing in both direct investments and fund-of-funds strategies. The firm offers a comprehensive range of services, including: Tailored Separate Accounts: Structured as sin...
How the Company Makes Money
Hamilton Lane primarily makes money by charging fees tied to (1) managing client assets and (2) investment performance, supplemented by fees for advisory and other services.
1) Management fees (asset-based, recurring): A large portion of revenue ...
Hamilton Lane Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed broad business momentum: strong AUM/AUA growth, materially higher fee-related revenue and FRE, successful fundraises and first closes, growing evergreen traction, rising unrealized carry, and shareholder-friendly actions (dividend and buybacks). Offsetting these positives were significant expense increases (50% YoY), some product-level redemptions and temporary flow slowdowns tied to negative headlines, near-term distribution ramp timing for newer U.S. products, and balance-sheet noise from seed investments. On balance, the positive operational and financial progress and successful fundraises outweigh the near-term headwinds and volatility.Positive Updates
Total Asset Footprint Surpasses $1 Trillion
Total asset footprint exceeded $1 trillion at quarter end, an 8% increase year-over-year.
Negative Updates
Significant Expense Increase
Total expenses rose $50 million or 50% year-over-year. Total compensation and benefits increased $38 million or 55% due primarily to higher operating performance pay and headcount; G&A increased ~$12 million, driven by revenue-related and one-time items.
Read all updates
Q1-2027 Updates
Positive
Negative
Total Asset Footprint Surpasses $1 Trillion
Total asset footprint exceeded $1 trillion at quarter end, an 8% increase year-over-year.
Read all positive updates
Company Guidance
Management reiterated strong near‑term expectations and gave metric‑heavy guidance: total asset footprint >$1.0T (+8% YoY) with AUM $146B (+4% YoY) and AUA $914B (+8% YoY); Q1 fees were $161M (+21% YoY), total fee‑related revenue $236M (+44% YoY), fee‑related earnings $124M (+49% YoY) and FRE margin YTD 53% (vs. 51% LY); GAAP EPS $1.93 (GAAP net income $80M) and non‑GAAP EPS $1.94 (adjusted net income $105M); fee‑earning AUM $83.7B (+$9.3B/+12% YoY, +$2.0B/+3% QoQ) with a blended fee rate of 69 bps and specialized fund FE AUM $42.6B (+$8.5B/+25% YoY); quarter activity included $2.4B gross contributions, ~ $640M net Evergreen inflows (Evergreen AUM >$19B; positive net flow in 10 of 12 funds), customized SA FE AUM $41.1B (+$818M/+2% YoY), unrealized carry ≈$1.5B (+11% YoY), incentive fees $114M, and platform fundraising wins (direct equity $3.8B total; secondary initial close ~$1.3B; venture first close >$370M); capital actions and expectations: $0.60 quarterly dividend (on track to $2.40 FY27, +11% YoY), ~559k shares repurchased this quarter (~$50M at $89.51; $70M total to date), expected cash/GAAP gains from Russell (~$50M proceeds, ~$18M gain on close), Securitize position to be marked next quarter (~1.5M shares), and Canoe proceeds ~$30M (>$15M gain); they plan to market five strategies through FY27–FY28 and expect continued margin lift from FRPR, mix shift, top‑line growth and disciplined expense management.Hamilton Lane Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 858.37M | 758.99M | 712.96M | 553.84M | 528.75M | 367.92M |
| Gross Profit | 599.92M | 530.36M | 504.74M | 387.45M | 379.44M | 259.52M |
| EBITDA | 541.91M | 487.75M | 384.89M | 301.02M | 258.67M | 323.81M |
| Net Income | 275.89M | 249.18M | 217.42M | 140.86M | 109.12M | 145.99M |
Balance Sheet | ||||||
| Total Assets | 2.54B | 2.30B | 1.69B | 1.27B | 1.14B | 1.29B |
| Cash, Cash Equivalents and Short-Term Investments | 337.02M | 363.90M | 277.27M | 114.63M | 111.75M | 72.17M |
| Total Debt | 364.79M | 356.48M | 368.32M | 275.19M | 292.35M | 253.57M |
| Total Liabilities | 846.63M | 838.36M | 766.46M | 595.24M | 566.35M | 557.46M |
| Stockholders Equity | 939.28M | 915.23M | 717.28M | 525.15M | 415.44M | 346.88M |
Cash Flow | ||||||
| Free Cash Flow | 392.70M | 454.53M | 288.66M | 109.78M | 221.84M | 161.00M |
| Operating Cash Flow | 399.00M | 460.38M | 300.82M | 120.85M | 226.59M | 169.52M |
| Investing Cash Flow | -351.90M | -530.28M | -117.58M | -122.18M | 177.91M | -70.49M |
| Financing Cash Flow | -21.59M | 155.78M | -19.62M | 4.40M | -364.15M | -113.22M |
Hamilton Lane Technical Analysis
Negative
106.83
Price Trends
91.82
Negative
88.62
Negative
97.33
Negative
Market Momentum
-2.32
Negative
38.07
Neutral
27.03
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 106.83 is above the 20-day moving average (MA) of 84.43, above the 50-day MA of 91.82, and above the 200-day MA of 97.33, indicating a bearish trend. The MACD of -2.32 indicates Negative momentum. The RSI at 38.07 is Neutral, neither overbought nor oversold. The STOCH value of 27.03 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 58 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.45B | 15.51 | 252.74% | 3.97% | 7.62% | 34.86% | |
72 Outperform | $4.49B | 12.27 | 31.02% | 2.80% | 24.01% | 25.97% | |
68 Neutral | $40.36B | 53.36 | 15.20% | 4.23% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $14.52B | 78.30 | 3.76% | 9.77% | 14.13% | -4.48% | |
57 Neutral | $13.73B | 38.05 | 6.07% | 3.63% | -44.06% | -71.02% | |
54 Neutral | $5.06B | -5.43 | 156.73% | 4.10% | 51.09% | -150.23% |
* Financial Sector Average
HLNE
Hamilton Lane
82.72
-29.99
-26.61%
CG
Carlyle Group
39.06
-16.96
-30.28%
ARES
Ares Management
123.82
-20.72
-14.34%
GCMG
GCM Grosvenor
12.22
1.14
10.29%
STEP
StepStone Group
42.98
-17.32
-28.73%
OWL
Blue Owl Capital
9.67
-5.67
-36.96%
Hamilton Lane Corporate Events
Business Operations and StrategyExecutive/Board Changes
Hamilton Lane Reshapes Executive Leadership and Governance Structure
Positive
Oct 15, 2026
On October 12, 2026, Hamilton Lane’s board reshaped the firm’s leadership structure by appointing long-time director and chairman Hartley R. Rogers as Co-Chief Executive Officer alongside existing Co-CEO Juan Delgado-Moreira, while con...
Executive/Board ChangesShareholder Meetings
Hamilton Lane Stockholders Back Board, Pay and Auditor
Positive
Sep 10, 2026
On September 10, 2026, Hamilton Lane held its 2026 Annual Meeting of Stockholders, with both Class A and Class B shares voting as a single class and 133,447,702 of 161,713,667 eligible votes represented. Stockholders elected all Class I director n...
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.