Hamilton Lane Inc Financials

HLNE

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Hamilton Lane Inc (HLNE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HLNE FY2025 2026-05-21

Hamilton Lane’s financial model converts growth into cash and equity growth without demanding heavy reinvestment or steadily increasing leverage.

FY2025 reversed FY2024’s cash-conversion dip: operating cash flow climbed to $301M while capex stayed only $12M. With net margin back at 30.5% and free-cash-flow margin at 40.5%, the prior year looks more like timing noise than evidence of a structurally more capital-hungry model or a weakening earnings base.

The balance-sheet posture improved as debt-to-equity moved from 0.7x to 0.4x across the period. Because total assets still reached $1.7B and ROA improved to 12.9%, growth appears to have been funded more by internally generated capital than by steadily adding debt as the company scaled.

Cash finished FY2025 at $284M, almost matching long-term debt of $290M. That liquidity, together with $76M of dividends against $301M of operating cash flow, suggests shareholder payouts were supported by ongoing cash generation rather than by borrowing to maintain distributions.

Financial Health Signals

Financial Profile 55/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Hamilton Lane Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Hamilton Lane Inc's revenue grew 6.5% year-over-year to $759.0M, a solid pace of expansion. This earns a growth score of 62/100.

Leverage

Hamilton Lane Inc carries a low D/E ratio of 0.30, meaning only $0.30 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Hamilton Lane Inc converts 55.2% of revenue into free cash flow ($419.1M). This strong cash generation earns a score of 100/100.

Returns

Hamilton Lane Inc earns a strong 27.2% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is down from 30.3% the prior year.

Piotroski F-Score Neutral

4/9

Hamilton Lane Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, Hamilton Lane Inc generates $1.71 in operating cash flow ($424.9M OCF vs $249.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$759.0M

YoY+6.5%

5Y CAGR+17.3%

Hamilton Lane Inc generated $759.0M in revenue in fiscal year 2026. This represents an increase of 6.5% from the prior year.

EBITDA

N/A

Net Income

$249.2M

YoY+14.6%

5Y CAGR+20.5%

Hamilton Lane Inc reported $249.2M in net income in fiscal year 2026. This represents an increase of 14.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$419.1M

YoY+45.2%

5Y CAGR+19.8%

10Y CAGR+14.5%

Hamilton Lane Inc generated $419.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 45.2% from the prior year.

Cash & Debt

$371.9M

YoY+31.1%

5Y CAGR+33.7%

10Y CAGR+18.1%

Hamilton Lane Inc held $371.9M in cash against $278.4M in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

32.8%

YoY+2.3pp

5Y CAGR+4.1pp

Hamilton Lane Inc's net profit margin was 32.8% in fiscal year 2026, showing the share of revenue converted to profit. This is up 2.3 percentage points from the prior year.

Return on Equity

27.2%

YoY-3.1pp

5Y CAGR-13.9pp

Hamilton Lane Inc's ROE was 27.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 3.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.8M

YoY-51.9%

5Y CAGR-20.7%

10Y CAGR+20.3%

Hamilton Lane Inc invested $5.8M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 51.9% from the prior year.

HLNE Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$759.0M+6.5%	$713.0M+28.7%	$553.8M+4.7%	$528.8M+43.7%	$367.9M+7.7%	$341.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$299.6M+9.1%	$274.5M+34.6%	$204.0M+2.8%	$198.4M+53.6%	$129.2M+162.5%	$49.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	$2.0M
Income Tax	$75.2M+55.0%	$48.5M-10.9%	$54.5M-1.8%	$55.4M-16.6%	$66.4M+172.0%	$24.4M
Net Income	$249.2M+14.6%	$217.4M+54.4%	$140.9M+29.1%	$109.1M-25.3%	$146.0M+48.9%	$98.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	$3.98+41.6%	$2.81

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$193.6M-2.5%	$198.6M+4.0%	$190.9M+8.5%	$176.0M-11.1%	$198.0M+17.7%	$168.3M+12.2%	$150.0M-23.8%	$196.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$75.1M-3.7%	$77.9M+1.2%	$77.0M+10.7%	$69.6M-12.1%	$79.1M+27.8%	$61.9M+12.4%	$55.1M-29.8%	$78.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$15.6M-42.8%	$27.3M+95.0%	$14.0M-23.9%	$18.4M+22.9%	$15.0M+17.8%	$12.7M+983.3%	$1.2M-94.0%	$19.7M
Net Income	$66.2M+13.4%	$58.4M-17.7%	$70.9M+31.9%	$53.7M+6.4%	$50.5M-4.7%	$53.0M-3.7%	$55.0M-6.8%	$59.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.3B+36.4%	$1.7B+33.0%	$1.3B+11.5%	$1.1B-11.9%	$1.3B+13.9%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$371.9M+31.1%	$283.6M+137.1%	$119.6M+2.6%	$116.6M+53.0%	$76.2M-12.4%	$87.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M+142.6%	$3.9M
Total Liabilities	$1.4B+81.3%	$766.5M+28.8%	$595.2M+5.1%	$566.4M-40.3%	$948.1M+5.5%	$898.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$278.4M-4.1%	$290.3M+48.0%	$196.2M-8.1%	$213.5M0.0%	$213.5M+30.9%	$163.2M
Total Equity	$915.2M+27.6%	$717.3M+36.6%	$525.2M+26.4%	$415.4M+19.8%	$346.9M+45.7%	$238.1M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$2.3B+6.2%	$2.2B+9.6%	$2.0B+9.9%	$1.8B+6.6%	$1.7B+6.2%	$1.6B+11.7%	$1.4B+3.8%	$1.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$371.9M+6.9%	$348.0M+4.1%	$334.4M+3.8%	$322.1M+13.6%	$283.6M-13.4%	$327.3M+40.6%	$232.8M+36.1%	$171.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$9.6M	N/A	N/A	N/A	$9.6M	N/A	N/A	N/A
Total Liabilities	$1.4B+7.4%	$1.3B+57.3%	$822.3M+1.9%	$807.0M+5.3%	$766.5M+5.1%	$729.0M+17.1%	$622.4M-2.0%	$635.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$278.4M-0.4%	$279.5M-2.1%	$285.6M-1.0%	$288.6M-0.6%	$290.3M-0.6%	$292.0M+49.8%	$195.0M-0.3%	$195.6M
Total Equity	$915.2M+4.3%	$877.4M+6.2%	$825.8M+8.8%	$758.8M+5.8%	$717.3M+10.5%	$649.3M+7.0%	$606.6M+7.1%	$566.4M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$424.9M+41.3%	$300.8M+148.9%	$120.9M-46.7%	$226.6M+33.7%	$169.5M-9.9%	$188.2M
Capital Expenditures	$5.8M-51.9%	$12.2M+9.8%	$11.1M+133.3%	$4.7M-44.3%	$8.5M-54.3%	$18.6M
Free Cash Flow	$419.1M+45.2%	$288.7M+163.0%	$109.8M-50.5%	$221.8M+37.8%	$161.0M-5.0%	$169.5M
Investing Cash Flow	-$494.8M-320.9%	-$117.6M+3.8%	-$122.2M-168.7%	$177.9M+352.4%	-$70.5M+83.3%	-$421.8M
Financing Cash Flow	$155.8M+913.2%	-$19.2M-535.5%	$4.4M+101.2%	-$364.1M-221.6%	-$113.2M-141.8%	$270.7M
Dividends Paid	$87.7M+15.4%	$76.0M+16.2%	$65.4M-9.7%	$72.4M+45.9%	$49.6M+25.1%	$39.7M
Share Buybacks	N/A	$2K0.0%	$2K	$0-100.0%	$1K-80.0%	$5K

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$103.0M+38.9%	$74.1M-37.7%	$118.9M-7.8%	$128.9M+228.2%	$39.3M-39.0%	$64.4M-45.2%	$117.4M+47.2%	$79.7M
Capital Expenditures	$1.7M+4.7%	$1.7M+53.6%	$1.1M-19.2%	$1.3M-61.0%	$3.4M-38.9%	$5.6M+257.9%	$1.6M+4.5%	$1.5M
Free Cash Flow	$101.2M+39.7%	$72.4M-38.5%	$117.8M-7.7%	$127.6M+256.0%	$35.8M-39.0%	$58.8M-49.3%	$115.8M+48.0%	$78.2M
Investing Cash Flow	-$149.8M-27.9%	-$117.1M+12.7%	-$134.1M-43.0%	-$93.8M-89.0%	-$49.6M-15.6%	-$42.9M-57.9%	-$27.2M-1374.3%	$2.1M
Financing Cash Flow	$69.3M+22.3%	$56.7M+114.3%	$26.5M+711.5%	$3.3M+109.8%	-$33.3M-145.6%	$73.0M+356.3%	-$28.5M+6.4%	-$30.4M
Dividends Paid	$22.6M0.0%	$22.6M+1.0%	$22.3M+10.4%	$20.2M+4.0%	$19.5M+0.1%	$19.5M0.0%	$19.5M+10.3%	$17.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	32.8%+2.3pp	30.5%+5.1pp	25.4%+4.8pp	20.6%-19.0pp	39.7%+11.0pp	28.7%
Return on Equity	27.2%-3.1pp	30.3%+3.5pp	26.8%+0.6pp	26.3%-15.8pp	42.1%+0.9pp	41.2%
Return on Assets	10.8%-2.0pp	12.9%+1.8pp	11.1%+1.5pp	9.6%-1.7pp	11.3%+2.6pp	8.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.30-0.1	0.40+0.0	0.37-0.1	0.51-0.1	0.62-0.1	0.69
FCF Margin	55.2%+14.7pp	40.5%+20.7pp	19.8%-22.1pp	42.0%-1.8pp	43.8%-5.9pp	49.6%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	34.2%+4.8pp	29.4%-7.8pp	37.1%+6.6pp	30.5%+5.0pp	25.5%-6.0pp	31.5%-5.2pp	36.6%+6.7pp	30.0%
Return on Equity	7.2%+0.6pp	6.7%-1.9pp	8.6%+1.5pp	7.1%+0.0pp	7.0%-1.1pp	8.2%-0.9pp	9.1%-1.3pp	10.4%
Return on Assets	2.9%+0.2pp	2.7%-0.9pp	3.6%+0.6pp	3.0%0.0pp	3.0%-0.3pp	3.3%-0.5pp	3.9%-0.4pp	4.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.30-0.0	0.32-0.0	0.35-0.0	0.38-0.0	0.40-0.0	0.45+0.1	0.32-0.0	0.35
FCF Margin	52.3%+15.8pp	36.5%-25.2pp	61.7%-10.8pp	72.5%+54.4pp	18.1%-16.8pp	34.9%-42.3pp	77.2%+37.5pp	39.8%

Similar Companies

Stepstone Group Inc. STEP

$4.2B

Janus Henderson JHG

$8.0B

Affiliated Managers Group Inc AMG

$8.2B

Blue Owl Capital OBDC

$5.6B

Blackstone Secd Lending Fd BXSL

$5.5B

Frequently Asked Questions

What is Hamilton Lane Inc's annual revenue?

Hamilton Lane Inc (HLNE) reported $759.0M in total revenue for fiscal year 2026. This represents a 6.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hamilton Lane Inc's revenue growing?

Hamilton Lane Inc (HLNE) revenue grew by 6.5% year-over-year, from $713.0M to $759.0M in fiscal year 2026.

Is Hamilton Lane Inc profitable?

Yes, Hamilton Lane Inc (HLNE) reported a net income of $249.2M in fiscal year 2026, with a net profit margin of 32.8%.

How much debt does Hamilton Lane Inc have?

As of fiscal year 2026, Hamilton Lane Inc (HLNE) had $371.9M in cash and equivalents against $278.4M in long-term debt.

What is Hamilton Lane Inc's net profit margin?

Hamilton Lane Inc (HLNE) had a net profit margin of 32.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Hamilton Lane Inc's return on equity (ROE)?

Hamilton Lane Inc (HLNE) has a return on equity of 27.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Hamilton Lane Inc's free cash flow?

Hamilton Lane Inc (HLNE) generated $419.1M in free cash flow during fiscal year 2026. This represents a 45.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hamilton Lane Inc's operating cash flow?

Hamilton Lane Inc (HLNE) generated $424.9M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Hamilton Lane Inc's total assets?

Hamilton Lane Inc (HLNE) had $2.3B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Hamilton Lane Inc's capital expenditures?

Hamilton Lane Inc (HLNE) invested $5.8M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

What is Hamilton Lane Inc's debt-to-equity ratio?

Hamilton Lane Inc (HLNE) had a debt-to-equity ratio of 0.30 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hamilton Lane Inc's return on assets (ROA)?

Hamilton Lane Inc (HLNE) had a return on assets of 10.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Hamilton Lane Inc's Piotroski F-Score?

Hamilton Lane Inc (HLNE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hamilton Lane Inc's earnings high quality?

Hamilton Lane Inc (HLNE) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Hamilton Lane Inc?

Hamilton Lane Inc (HLNE) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.