Hamilton Lane Inc Financials

HLNE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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 10 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).

Financial Health Signals

Financial Profile 88/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Hamilton Lane Inc's revenue surged 28.7% year-over-year to $713.0M, reflecting rapid business expansion. This strong growth earns a score of 81/100.

Leverage

Hamilton Lane Inc carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Hamilton Lane Inc converts 40.5% of revenue into free cash flow ($288.7M). This strong cash generation earns a score of 100/100.

Returns

Hamilton Lane Inc earns a strong 30.3% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is up from 26.8% the prior year.

Piotroski F-Score Neutral

4/9

Hamilton Lane Inc passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.38x

For every $1 of reported earnings, Hamilton Lane Inc generates $1.38 in operating cash flow ($300.8M OCF vs $217.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$713.0M

YoY+28.7%

5Y CAGR+21.1%

Hamilton Lane Inc generated $713.0M in revenue in fiscal year 2025. This represents an increase of 28.7% from the prior year.

EBITDA

N/A

Net Income

$217.4M

YoY+54.4%

5Y CAGR+29.0%

Hamilton Lane Inc reported $217.4M in net income in fiscal year 2025. This represents an increase of 54.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$288.7M

YoY+163.0%

5Y CAGR+20.3%

Hamilton Lane Inc generated $288.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 163.0% from the prior year.

Cash & Debt

$283.6M

YoY+137.1%

5Y CAGR+41.4%

Hamilton Lane Inc held $283.6M in cash against $290.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

30.5%

YoY+5.1pp

5Y CAGR+8.3pp

Hamilton Lane Inc's net profit margin was 30.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.1 percentage points from the prior year.

Return on Equity

30.3%

YoY+3.5pp

5Y CAGR-9.0pp

Hamilton Lane Inc's ROE was 30.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$2K

YoY+0.0%

5Y CAGR+0.0%

Hamilton Lane Inc spent $2K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.0% from the prior year.

Capital Expenditures

$12.2M

YoY+9.8%

5Y CAGR+43.8%

Hamilton Lane Inc invested $12.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 9.8% from the prior year.

HLNE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$713.0M+28.7%	$553.8M+4.7%	$528.8M+43.7%	$367.9M+7.7%	$341.6M+24.7%	$274.0M
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	N/A	N/A	N/A	N/A	$49.2M-14.4%	$57.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	$2.0M-27.4%	$2.8M
Income Tax	$48.5M-10.9%	$54.5M-1.8%	$55.4M-16.6%	$66.4M+172.0%	$24.4M+74.8%	$14.0M
Net Income	$217.4M+54.4%	$140.9M+29.1%	$109.1M-25.3%	$146.0M+48.9%	$98.0M+61.2%	$60.8M
EPS (Diluted)	N/A	N/A	N/A	$3.98+41.6%	$2.81+30.7%	$2.15

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$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+11.4%	$176.7M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	$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-3.5%	$20.4M
Net Income	$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+21.9%	$48.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B+33.0%	$1.3B+11.5%	$1.1B-11.9%	$1.3B+13.9%	$1.1B+140.0%	$473.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$283.6M+137.1%	$119.6M+2.6%	$116.6M+53.0%	$76.2M-12.4%	$87.0M+73.6%	$50.1M
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%	$9.6M+142.6%	$3.9M0.0%	$3.9M
Total Liabilities	$766.5M+28.8%	$595.2M+5.1%	$566.4M-40.3%	$948.1M+5.5%	$898.4M+280.5%	$236.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$290.3M+48.0%	$196.2M-8.1%	$213.5M0.0%	$213.5M+30.9%	$163.2M+118.3%	$74.7M
Total Equity	$717.3M+36.6%	$525.2M+26.4%	$415.4M+19.8%	$346.9M+45.7%	$238.1M+53.8%	$154.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$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+7.9%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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+43.0%	$119.6M
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	N/A	N/A	N/A	$9.6M	N/A	N/A	N/A	$9.6M
Total Liabilities	$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+6.7%	$595.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$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-0.3%	$196.2M
Total Equity	$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+7.8%	$525.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$300.8M+148.9%	$120.9M-46.7%	$226.6M+33.7%	$169.5M-9.9%	$188.2M+61.7%	$116.4M
Capital Expenditures	$12.2M+9.8%	$11.1M+133.3%	$4.7M-44.3%	$8.5M-54.3%	$18.6M+842.2%	$2.0M
Free Cash Flow	$288.7M+163.0%	$109.8M-50.5%	$221.8M+37.8%	$161.0M-5.0%	$169.5M+48.2%	$114.4M
Investing Cash Flow	-$117.6M+3.8%	-$122.2M-168.7%	$177.9M+352.4%	-$70.5M+83.3%	-$421.8M-745.3%	-$49.9M
Financing Cash Flow	-$19.2M-535.5%	$4.4M+101.2%	-$364.1M-221.6%	-$113.2M-141.8%	$270.7M+518.3%	-$64.7M
Dividends Paid	$76.0M+16.2%	$65.4M-9.7%	$72.4M+45.9%	$49.6M+25.1%	$39.7M+36.5%	$29.1M
Share Buybacks	$2K0.0%	$2K	$0-100.0%	$1K-80.0%	$5K+150.0%	$2K

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$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+267.3%	$21.7M
Capital Expenditures	$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-6.5%	$1.6M
Free Cash Flow	$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+289.2%	$20.1M
Investing Cash Flow	-$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+107.6%	-$28.2M
Financing Cash Flow	$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+29.8%	-$43.3M
Dividends Paid	$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+5.0%	$16.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HLNE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	30.5%+5.1pp	25.4%+4.8pp	20.6%-19.0pp	39.7%+11.0pp	28.7%+6.5pp	22.2%
Return on Equity	30.3%+3.5pp	26.8%+0.6pp	26.3%-15.8pp	42.1%+0.9pp	41.2%+1.9pp	39.3%
Return on Assets	12.9%+1.8pp	11.1%+1.5pp	9.6%-1.7pp	11.3%+2.6pp	8.6%-4.2pp	12.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.40+0.0	0.37-0.1	0.51-0.1	0.62-0.1	0.69+0.2	0.48
FCF Margin	40.5%+20.7pp	19.8%-22.1pp	42.0%-1.8pp	43.8%-5.9pp	49.6%+7.9pp	41.7%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
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	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%+2.6pp	27.4%
Return on Equity	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%+1.2pp	9.2%
Return on Assets	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%+0.5pp	3.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.32-0.0	0.35-0.0	0.38-0.0	0.40-0.0	0.45+0.1	0.32-0.0	0.35-0.0	0.37
FCF Margin	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%+28.4pp	11.4%

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Frequently Asked Questions

What is Hamilton Lane Inc's annual revenue?

Hamilton Lane Inc (HLNE) reported $713.0M in total revenue for fiscal year 2025. This represents a 28.7% 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 28.7% year-over-year, from $553.8M to $713.0M in fiscal year 2025.

Is Hamilton Lane Inc profitable?

Yes, Hamilton Lane Inc (HLNE) reported a net income of $217.4M in fiscal year 2025, with a net profit margin of 30.5%.

How much debt does Hamilton Lane Inc have?

As of fiscal year 2025, Hamilton Lane Inc (HLNE) had $283.6M in cash and equivalents against $290.3M in long-term debt.

What is Hamilton Lane Inc's net profit margin?

Hamilton Lane Inc (HLNE) had a net profit margin of 30.5% in fiscal year 2025, 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 30.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hamilton Lane Inc's free cash flow?

Hamilton Lane Inc (HLNE) generated $288.7M in free cash flow during fiscal year 2025. This represents a 163.0% 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 $300.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hamilton Lane Inc's total assets?

Hamilton Lane Inc (HLNE) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hamilton Lane Inc's capital expenditures?

Hamilton Lane Inc (HLNE) invested $12.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Hamilton Lane Inc buy back shares?

Yes, Hamilton Lane Inc (HLNE) spent $2K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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

Hamilton Lane Inc (HLNE) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, 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 12.9% for fiscal year 2025, 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 7–9 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 1.38x, 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 88 out of 100 on our Financial Profile, indicating strong 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.