Hamilton Lane IncorporatedHLNE
NasdaqGS•Financial Services•Asset Management
Hamilton Lane Incorporated is a private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies. The firm manages alternative investment strategies like direct credit, direct, fund of fund, evergreen and real assets. For primary and secondary fund of fund investments, the firm focuses to invest in private equity, buyout, special situations, credit, growth equity, middle market, mature, turnarounds, mezzanine and venture capital funds. The firm prefers to invest in disruptive technologies and innovative companies. It prefers to invest in space, engine, alternative energy resources, environmental & facilities services, households durables, leisure products, textiles, manufacturing services, water purification, online training service, healthcare services & technology, energy, industrials, commercial services, internet software & services, consumer discretionary, health care, real estate, information technology, tech-enabled businesses, financials, utilities, and consumer services. The firm prefers to invest in Africa/Middle East, Asia/Pacific, Europe, Southeast Asia, Korea, China, India, Latin America and Caribbean, United States of America, New York, Florida, Arizona, Nevada, New Mexico, Oregon, Washington, California and surrounding states, Australia, Japan, Brazil, United Kingdom, and Canada. The firm prefers to invest between $0.25 million and $100 million in companies with small- to mid-sized enterprise values. It prefers to take majority stake. Hamilton Lane Incorporated was founded in 1991 and is based in Philadelphia, Pennsylvania with additional offices across Europe, North America, Asia Pacific and the Middle East.
Hamilton Lane Incorporated (HLNE) reported trailing twelve months revenue of $758.99M as of March 2026, a 6.5% increase year-over-year. Quarterly revenue reached $193.57M, reflecting continued top-line momentum.
Hamilton Lane Incorporated generated $249.18M in TTM net income, with quarterly EBITDA of $84.65M. The operating margin expanded from 42.4% to 42.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (42.5%) and net margin (34.2%) indicates moderate non-operating costs. Net margin has improved from 25.5% a year ago, signaling stronger bottom-line efficiency.
HLNE trades at a P/E of 13.7x (below the broader market average) and a P/S of 4.5x. The price-to-book ratio of 3.7x reflects a moderate premium to book value.
The company generated $101.23M in free cash flow over the trailing twelve months, a 182.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.30B in total assets with $278.42M in long-term debt against $915.23M in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~43.6% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 29.1% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.8% — no sign of cost or pricing stress.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 5.2% — significant dilution, likely from stock compensation or capital raises.