Hamilton Lane Incorporated (HLNE) 10-Year Financial Performance & Capital Metrics

HLNE • • Banking & Credit

Financial ServicesAsset ManagementAlternative Asset ManagementPrivate Equity & Real Asset Managers

AboutHamilton 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 strategies (fund-of-funds, secondaries, co-investments, taft-hartley, distribution management); advisory relationships (including due diligence, strategic portfolio planning, monitoring and reporting services); and reporting and analytics solutions. For direct investments, the firm invests in early, mid and late venture, mature companies, growth equity, emerging growth, distressed debt, later stage, turnarounds, bridge financing, mezzanine financing, and buyouts in middle market companies. For fund of fund investments, it invests in mezzanine, venture capital, private equity, turnaround, secondary investments, real estate, and special situation funds. The firm invests in real estate investments. It also invest in technology, healthcare, education, natural resources, energy and essential consumer goods sectors, cleantech, and environment, community development, and financial empowerment. It invests in private equity markets in North America, Latin America, United States, Western Europe, Middle East, Africa, United Kingdom, Asia, Japan, and Australia. The firm prefer to invest $1 million to $100 million in companies. It prefers to have majority stake in companies. Hamilton Lane Incorporated was founded in 1991 and is based in Conshohocken, Pennsylvania with additional offices across Europe, North America, and Asia.Show more

Net Interest Income -$5M -350.1%
Total Revenue $713M +28.7%
Net Income $217M +54.4%
Return on Equity 27.18% +20.6%
Net Interest Margin -0.31% -238.5%
Efficiency Ratio 26.4% +3.2%
ROA 14.68% +25.7%
Equity / Assets 54.66% +2.8%
Book Value per Share 19.36 +54.4%
Tangible BV/Share 19.10 +55.5%
Debt/Equity 0.40 -2.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.1%
✓Strong 5Y profit CAGR of 29.0%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 26.4% efficiency ratio
✓Well capitalized: 54.7% equity/assets
✓Share count reduced 11.4% through buybacks

✗Weaknesses

✗Weak NIM of -0.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.46%

5Y21.07%

3Y24.67%

TTM-

Profit (Net Income) CAGR

10Y-

5Y29.02%

3Y14.2%

TTM3.91%

EPS CAGR

10Y2.59%

5Y20.38%

3Y10.77%

TTM29.88%

ROCE

10Y Avg31.73%

5Y Avg23.38%

3Y Avg25.1%

Latest26.15%

Peer Comparison

Private Equity & Real Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPGTPG Inc.	9.85B	67.27	1044.57	41.37%	0.9%	6.69%	5.11%	0.44
GCMGGCM Grosvenor Inc.	2.18B	11.68	340.52	15.82%	3.57%	8.9%	6.05%
BNBrookfield Corporation	106.23B	47.33	228.98	-10.34%	0.75%	0.61%		1.42
BXBlackstone Inc.	118.75B	160.81	44.42	52.91%	24.41%	13.59%	2.88%	0.63
BAMBrookfield Asset Management Ltd.	83.91B	52.04	40.66	-2.02%	54.47%	22.06%	2.21%	0.07
KKRKKR & Co. Inc.	117.05B	131.32	40.04	51.09%	14.22%	4.36%	5.56%	0.82
PAXPatria Investments Limited	1.13B	17.43	37.09	14.22%	19.21%	17.64%	12.14%	0.51
HLNEHamilton Lane Incorporated	6.76B	153.84	28.44	28.73%	30.49%	19.91%	4.6%	0.40

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Net Interest Income+	-12.45M	-14.24M	-5.46M	-2.78M	-2.11M	-827K	-4.14M	-3.5M	-1.17M	-5.25M
NII Growth %	-1.15%	-0.14%	0.62%	0.49%	0.24%	0.61%	-4%	0.15%	0.67%	-3.5%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	194K	320K	528K	255K	709K	1.68M	500K	5.11M	10.01M	8.08M
Interest Expense	12.64M	14.56M	5.99M	3.04M	2.82M	2.5M	4.63M	8.62M	11.18M	13.33M
Loan Loss Provision	79.42M	57.55M	76.88M	95.96M	82.95M	133.82M	103.76M	140.7M	155.22M	194.89M
Non-Interest Income+	180.6M	179.5M	243.5M	251.92M	273.34M	339.96M	367.42M	523.64M	543.83M	704.88M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	180.8M	179.82M	244.03M	252.18M	274.05M	341.63M	367.92M	528.75M	553.84M	712.96M
Revenue Growth %	0.16%	-0.01%	0.36%	0.03%	0.09%	0.25%	0.08%	0.44%	0.05%	0.29%
Non-Interest Expense	26.9M	31.59M	38.21M	48.96M	71.86M	49.59M	89.96M	139.4M	141.63M	188.19M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	61.83M	76.11M	122.95M	104.22M	116.43M	155.73M	169.56M	240.04M	245.82M	316.55M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.1%	0.23%	0.62%	-0.15%	0.12%	0.34%	0.09%	0.42%	0.02%	0.29%
Pretax Income+	56.72M	74.75M	139.63M	129.56M	140.74M	193.2M	313.68M	242.61M	281.66M	362.28M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	869K	316K	33.33M	30.56M	13.97M	24.42M	66.42M	55.42M	54.45M	48.51M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	0	612K	17.34M	33.57M	60.83M	98.02M	145.99M	109.12M	140.86M	217.42M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-	-	27.33%	0.94%	0.81%	0.61%	0.49%	-0.25%	0.29%	0.54%
Net Income (Continuing)	55.85M	74.44M	106.3M	99M	126.78M	168.78M	247.25M	187.19M	227.21M	313.77M
EPS (Diluted)+	3.35	0.03	0.91	1.38	2.14	2.81	3.98	3.01	3.69	5.41
EPS Growth %	-0.2%	-0.99%	29.33%	0.52%	0.55%	0.31%	0.42%	-0.24%	0.23%	0.47%
EPS (Basic)	3.35	0.03	0.94	1.41	2.17	2.82	4.02	3.05	3.72	5.45
Diluted Shares Outstanding	17.07M	18.34M	18.99M	24.3M	28.44M	33.36M	53.67M	53.7M	53.9M	47.73M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	68.58M	32.29M	47.6M	49.36M	50.12M	87.34M	72.17M	111.75M	114.63M	277.27M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	102.75M	120.15M	137.25M	154.49M	207.75M	373.62M	513.83M	587.97M	632.27M	761.05M
Investments Growth %	-0.01%	0.17%	0.14%	0.13%	0.34%	0.8%	0.38%	0.14%	0.08%	0.2%
Long-Term Investments	102.75M	120.15M	137.25M	154.49M	207.75M	373.62M	513.83M	587.97M	632.27M	761.05M
Accounts Receivables	0	0	0	0	0	0	0	0	0	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	9.57M	9.57M	9.57M
Intangible Assets	0	0	0	0	0	0	0	6.29M	4.58M	2.88M
PP&E (Net)	4.61M	4.06M	4.78M	8.11M	16.98M	87.69M	94.48M	90.75M	95.44M	99M
Other Assets	2.65M	3.03M	8.54M	11.01M	17.68M	19.04M	28.79M	29.34M	20.32M	16.84M
Total Current Assets	86.62M	52.15M	69.84M	79.25M	93.19M	404.22M	412.81M	182.72M	247.13M	492.49M
Total Non-Current Assets	110.02M	188.46M	223.95M	281.34M	380.34M	732.3M	882.13M	957.82M	1.02B	1.2B
Total Assets+	196.64M	240.62M	293.8M	360.59M	473.53M	1.14B	1.29B	1.14B	1.27B	1.69B
Asset Growth %	-0.02%	0.22%	0.22%	0.23%	0.31%	1.4%	0.14%	-0.12%	0.11%	0.33%
Return on Assets (ROA)	-	0%	0.06%	0.1%	0.15%	0.12%	0.12%	0.09%	0.12%	0.15%
Accounts Payable	641K	1.37M	1.7M	2.62M	1.97M	2.17M	2.83M	4.56M	4.5M	5.47M
Total Debt+	243.32M	84.31M	84.16M	70.95M	84.71M	238.46M	253.57M	292.35M	275.19M	368.32M
Net Debt	174.73M	52.02M	36.57M	21.6M	34.58M	151.12M	181.4M	180.6M	160.56M	91.05M
Long-Term Debt	243.32M	84.31M	84.16M	70.95M	74.52M	163.18M	171.33M	213.53M	196.16M	290.3M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	10.06M	10.03M	15.75M	21.2M	32.94M	82.85M	80.46M	63.97M	72.68M	104.98M
Total Current Liabilities	10.03M	14.48M	51.56M	95.01M	114.78M	225.01M	223.43M	210.03M	247.37M	293.16M
Total Non-Current Liabilities	298.55M	139.5M	106.16M	95.86M	121.35M	321.3M	334.03M	356.32M	347.87M	473.3M
Total Liabilities	308.57M	153.99M	157.72M	190.87M	236.13M	546.32M	557.46M	566.35M	595.24M	766.46M
Total Equity+	-111.94M	86.63M	136.07M	169.72M	237.4M	590.2M	737.49M	574.19M	675.96M	923.89M
Equity Growth %	-2.52%	1.77%	0.57%	0.25%	0.4%	1.49%	0.25%	-0.22%	0.18%	0.37%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-	0.01%	0.16%	0.22%	0.3%	0.24%	0.22%	0.17%	0.23%	0.27%
Book Value per Share	-6.56	4.72	7.17	6.98	8.35	17.69	13.74	10.69	12.54	19.36
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	0	47K	48K	51K	52K	53K	53K	54K	55K	55K
Additional Paid-in Capital	0	61.84M	73.83M	92.48M	107.73M	150.56M	161.68M	171.57M	208.4M	261.86M
Retained Earnings	0	612K	4.55M	17.69M	47.09M	87.51M	185.15M	243.82M	316.7M	455.51M
Accumulated OCI	-823K	-311K	0	7K	-78K	0	0	0	0	-141K
Treasury Stock	0	-2.15M	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	109.17M	81.68M	96.69M	111.62M	116.37M	188.16M	169.52M	226.59M	120.85M	323.52M
Operating CF Growth %	0.42%	-0.25%	0.18%	0.15%	0.04%	0.62%	-0.1%	0.34%	-0.47%	1.68%
Net Income	55.85M	74.44M	106.3M	99M	126.78M	168.78M	247.25M	187.19M	227.21M	217.42M
Depreciation & Amortization	2.03M	1.92M	1.89M	2.98M	3.29M	4.13M	5.5M	7.44M	8.19M	9.28M
Deferred Taxes	730K	26K	22.98M	21.66M	7.93M	7.03M	23.94M	20.43M	16.7M	0
Other Non-Cash Items	561K	2.32M	-4.72M	-13.85M	-13.9M	-27.99M	-87.68M	25.39M	-101.01M	157.68M
Working Capital Changes	46.27M	-1.7M	-35.3M	-4.55M	-14.91M	29.12M	-26.9M	-23.81M	-42.36M	-60.86M
Cash from Investing+	2.5M	-16.71M	-21.77M	-19.21M	-49.9M	-421.78M	-70.49M	177.91M	-122.18M	-139.81M
Purchase of Investments	-18.16M	-24.22M	-30.35M	-46.05M	-57.7M	-436.41M	-92.24M	-121.58M	-64.18M	-148.24M
Sale/Maturity of Investments	0	0	0	1000K	1000K	252K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	-5.23M	10.61M	3.52M	-252K	-10.1M	-1.5M	0	0
Other Investing	21.59M	8.78M	16.05M	-944K	4.01M	34.27M	27.75M	13.31M	-49.04M	13.18M
Cash from Financing+	-110.1M	-101.21M	-59.67M	-90.21M	-64.71M	270.66M	-113.22M	-364.15M	4.4M	-19.62M
Dividends Paid	-67.81M	-80.46M	-46.45M	-69.33M	-76.44M	-74.04M	-97.34M	-135.85M	-109.28M	-119.8M
Share Repurchases	0	0	-6.47M	-5.39M	-5.88M	-6.02M	-3.49M	-280.53M	-3.51M	-253.87M
Stock Issued	0	203.23M	125.2M	193.5M	147.12M	749.34M	73.83M	43.69M	201.67M	251.2M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	-174.6M	-61.39M	-129.97M	-2.5M	12.85M	-487.2M	-94.31M	8.11M	-66.98M	8.94M
Net Change in Cash+	1.57M	-36.25M	15.25M	2.21M	1.62M	37.17M	-14.18M	40.35M	3.07M	163.99M
Exchange Rate Effect	0	0	0	8K	-144K	130K	0	0	0	-102K
Cash at Beginning	68.81M	70.38M	34.13M	49.38M	51.59M	53.21M	90.38M	76.2M	116.55M	119.62M
Cash at End	70.38M	34.13M	49.38M	51.59M	53.21M	90.38M	76.2M	116.55M	119.62M	283.6M
Interest Paid	9.24M	10.23M	0	0	0	0	0	0	0	0
Income Taxes Paid	175K	280K	0	0	0	0	0	0	0	0
Free Cash Flow+	108.25M	80.4M	94.44M	106.26M	110.22M	168.52M	161M	221.84M	109.78M	311.36M
FCF Growth %	0.48%	-0.26%	0.17%	0.13%	0.04%	0.53%	-0.04%	0.38%	-0.51%	1.84%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	0.71%	15.57%	21.96%	29.88%	23.69%	21.99%	16.64%	22.53%	27.18%
Return on Assets (ROA)	-	0.28%	6.49%	10.26%	14.58%	12.18%	12.01%	8.96%	11.68%	14.68%
Net Interest Margin	-6.33%	-5.92%	-1.86%	-0.77%	-0.44%	-0.07%	-0.32%	-0.31%	-0.09%	-0.31%
Efficiency Ratio	14.88%	17.57%	15.66%	19.41%	26.22%	14.51%	24.45%	26.36%	25.57%	26.4%
Equity / Assets	-56.93%	36%	46.32%	47.07%	50.13%	51.93%	56.95%	50.34%	53.17%	54.66%
Book Value / Share	-6.56	4.72	7.17	6.98	8.35	17.69	13.74	10.69	12.54	19.36
NII Growth	-114.75%	-14.45%	61.66%	49.02%	24.32%	60.75%	-400.36%	15.35%	66.69%	-350.13%
Dividend Payout	-	13146.57%	267.89%	206.49%	125.66%	75.54%	66.68%	124.5%	77.58%	55.1%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Management And Advisory Fee Revenue, Specialized Funds	93.06M	111.8M	148.02M	150.08M	196.27M	261.01M	315.21M
Management And Advisory Fee Revenue, Specialized Funds Growth	-	20.15%	32.40%	1.39%	30.78%	32.99%	20.77%
Incentive Fee Revenue, Specialized Funds	25.69M	14.37M	13.24M	30.33M	118.21M	89.99M	182.09M
Incentive Fee Revenue, Specialized Funds Growth	-	-44.05%	-7.86%	129.08%	289.73%	-23.88%	102.35%
Management And Advisory Fee Revenue, Customized Separate Accounts	85.25M	90.75M	93.96M	103.23M	117.76M	128.83M	134.4M
Management And Advisory Fee Revenue, Customized Separate Accounts Growth	-	6.46%	3.54%	9.86%	14.08%	9.39%	4.33%
Management And Advisory Fee Revenue, Reporting And Other	8.8M	9.1M	11.13M	23.33M	24.79M	24.71M	29.24M
Management And Advisory Fee Revenue, Reporting And Other Growth	-	3.37%	22.32%	109.51%	6.28%	-0.33%	18.34%
Management And Advisory Fee Revenue, Advisory	24.13M	24.16M	26.44M	24.97M	24.79M	24.23M	22.81M
Management And Advisory Fee Revenue, Advisory Growth	-	0.12%	9.43%	-5.55%	-0.75%	-2.24%	-5.87%
Incentive Fee Revenue, Customized Separate Accounts	8.72M	14.76M	17.89M	17.8M	31.72M	11.92M	16.2M
Incentive Fee Revenue, Customized Separate Accounts Growth	-	69.25%	21.25%	-0.51%	78.19%	-62.43%	35.96%
Management And Advisory Fee Revenue, Fund Reimbursement Revenue	2.01M	4.18M	3.18M	2.15M	5.71M	8.1M	9.58M
Management And Advisory Fee Revenue, Fund Reimbursement Revenue Growth	-	108.00%	-23.92%	-32.32%	164.78%	42.03%	18.23%
Management And Advisory Fee Revenue, Distribution Management	4.53M	4.92M	6.7M	10.47M	2.56M	5.05M	2.62M
Management And Advisory Fee Revenue, Distribution Management Growth	-	8.73%	36.20%	56.19%	-75.54%	97.42%	-48.18%
Investment Performance	-	-	31.13M	-	-	-	-
Investment Performance Growth	-	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024	2025
Other Foreign Countries	98.84M	139.7M	176.96M	189.67M	320.8M	329.14M	398.36M
Other Foreign Countries Growth	-	41.34%	26.67%	7.18%	69.14%	2.60%	21.03%
UNITED STATES	132.33M	134.35M	164.68M	178.25M	207.95M	224.7M	314.61M
UNITED STATES Growth	-	1.53%	22.58%	8.24%	16.66%	8.05%	40.01%
ISRAEL	21.01M	-	-	-	-	-	-
ISRAEL Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Hamilton Lane Incorporated (HLNE) has a price-to-earnings (P/E) ratio of 28.4x. This suggests investors expect higher future growth.

Growth & Financials

Hamilton Lane Incorporated (HLNE) grew revenue by 28.7% over the past year. This is strong growth.

Yes, Hamilton Lane Incorporated (HLNE) is profitable, generating $230.6M in net income for fiscal year 2025 (30.5% net margin).

Dividend & Returns

Yes, Hamilton Lane Incorporated (HLNE) pays a dividend with a yield of 1.63%. This makes it attractive for income-focused investors.

Hamilton Lane Incorporated (HLNE) has a return on equity (ROE) of 27.2%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Hamilton Lane Incorporated (HLNE) has a net interest margin (NIM) of -0.3%. NIM has been under pressure due to interest rate environment.

Hamilton Lane Incorporated (HLNE) has an efficiency ratio of 26.4%. This is excellent, indicating strong cost control.

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