# Hamilton Lane Incorporated (HLNE)

> Source: Nexqual · https://nexqual.com/HLNE · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Hamilton Lane Incorporated (HLNE), nexqual.com/HLNE" · informational, not investment advice.

**Price:** USD 82.72 (+1.72% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 81.32 · day 80.43–82.89 · 52w 71.88–155.66 · market cap $5.54B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $858M, net income $276M (32.1% margin), free cash flow $367M (SEC filings).
- Valuation: P/E 20.1x, net cash $75.5M.
- Earnings quality: non-operating income $143M vs operating income null over the last four quarters; P/E excluding non-operating income ≈35.6x (estimate: non-operating income taxed at the company's 15.8% effective rate).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $14.2M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 123.13 (range 95–171).
- Total return with dividends: 1Y -26.6% vs S&P 500 +13.6%; 5Y -12.9% vs S&P 500 +79.8%.
- Next earnings: 2026-11-03, EPS estimate USD 1.65, revenue estimate $215M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $368M | $529M | $554M | $713M | $759M | $858M |
| Net income | $146M | $109M | $141M | $217M | $249M | $276M |
| EPS (diluted) | $3.98 | — | — | — | — | — |
| Free cash flow | $161M | $222M | $110M | $289M | $419M | $367M |
| Net margin | 39.7% | 20.6% | 25.4% | 30.5% | 32.8% | 32.1% |
| Revenue growth | +7.7% | +43.7% | +4.7% | +28.7% | +6.5% | — |
| Cash + short-term investments | $76.2M | $117M | $120M | $284M | $372M | — |
| Total debt | $214M | $214M | $196M | $290M | $278M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.1x · P/E ex non-operating (est.) ≈35.6x · P/S 6.5x · EV/Sales 6.4x · P/FCF 15.1x · P/B 5.9x · FCF yield 6.62% · Earnings yield 4.98% · Dividend yield (paid, TTM) 1.62% · Net cash $75.5M · EV $5.47B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $14.2M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Rogers Hartley R. | Executive Co-Chairman | 38,290 | $3.0M | 78.49 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11 | Kramer Andrea Anigati | Chief Operating Officer | 1,283 | $99K | 77.46 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Berkman David J | Director | 15,000 | $1.1M | 76.27 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26…2026-05-27 | Rogers Hartley R. | Executive Co-Chairman | 110,932 | $10.0M | 90.08 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 123.13 (low 95, high 171).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-27 | BMO Capital | Target lowered | Outperform | $116 → $95 |
| 2026-10-13 | UBS | Target lowered | Buy | $131 → $115 |
| 2026-10-02 | Wells Fargo | Initiated | Overweight | $103 |
| 2026-08-27 | Oppenheimer | Target lowered | Outperform | $182 → $181 |
| 2026-08-05 | UBS | Target raised | Buy | $114 → $131 |
| 2026-08-05 | Oppenheimer | Target raised | Outperform | $174 → $182 |
| 2026-08-05 | Keefe, Bruyette & Woods | Target raised | Outperform | $105 → $116 |
| 2026-07-21 | Morgan Stanley | Target lowered | Equal-Weight | $141 → $123 |
| 2026-07-17 | Oppenheimer | Target lowered | Outperform | $176 → $174 |
| 2026-07-10 | Keefe, Bruyette & Woods | Target lowered | Outperform | $115 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -26.6% | -12.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -26.7% | -2.7% |
| Volatility (annualized) | 41.9% | 37.0% |
| Max drawdown | -51.4% (Jan 2026→Jun 2026) | -59.8% (Nov 2024→Jun 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.2 +0.39% · PDI (PIMCO Dynamic Income Fund) USD 14.1 +0.21% · VCTR (Victory Capital Holdings, Inc. ) USD 111.87 +1.12% · AMG (Affiliated Managers Group, Inc.) USD 393.24 +0.32% · SEIC (SEI Investments Company) USD 103.2 +0.31% · IVZ (Invesco Ltd) USD 28.68 +0.88%

## More
Full page: https://nexqual.com/HLNE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HLNE's own 10-K filed 2026-05-21 (https://www.sec.gov/Archives/edgar/data/1433642/000143364226000019/hlne-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Hamilton Lane Advisors | "We have in the past exercised our right to terminate the tax receivable agreement with respect to certain individuals who had exchanged all of their HLA units and paid the related early termination payments, and we may e…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management and advisory fees | $161.4M | 58.6% | +20.7% |
| — Specialized funds (part of Management and advisory fees) | $108.8M | 39.5% | +31.5% |
| — Customized separate accounts (part of Management and advisory fees) | $34.7M | 12.6% | +0.3% |
| — Reporting, monitoring, data and analytics (part of Management and advisory fees) | $9.9M | 3.6% | +18.0% |
| — Advisory (part of Management and advisory fees) | $4.6M | 1.7% | -17.0% |
| — Fund reimbursement revenue (part of Management and advisory fees) | $3.1M | 1.1% | +106.3% |
| Total incentive fees | $114.0M | 41.4% | +169.7% |
| — Specialized funds (part of Total incentive fees) | $107.6M | 39.1% | +181.5% |
| — Customized separate accounts (part of Total incentive fees) | $6.4M | 2.3% | +58.1% |
| Distribution management | $257,000 | 0.1% | -73.6% |
| Total revenue | $275.3M | 100% | — |

## Revenue by region (fiscal year ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $448.6M | 59.1% | +12.6% |
| United States | $310.4M | 40.9% | -1.4% |
| Total revenue | $759.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.65 | $1.53 | +7.5% | $215.3M | 8 |
| Next quarter (ends 2026-12-31) | $1.71 | $1.57 | +8.9% | $231.0M | 8 |
| Current fiscal year (ends 2027-03-31) | $7.41 | $6.26 | +18.3% | $957.3M | 7 |
| Next fiscal year (ends 2028-03-31) | $7.40 | $7.36 | +0.5% | $1.06B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±10.6%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 51.1% | ±10.6% |
| 2026-12-18 | 51 | 46.3% | ±14.3% |
| 2027-02-19 | 114 | 44.9% | ±20.2% |
| 2027-05-21 | 205 | 45.2% | ±27.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | $1.94 | $1.59 | Beat +22.0% | +6.2% |
| May 21, 2026 | Quarter ended Mar 31, 2026 | $1.49 | $1.43 | Beat +4.2% | +6.1% |
| Feb 3, 2026 | Quarter ended Dec 31, 2025 | $1.55 | $1.33 | Beat +16.5% | -0.2% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $1.54 | $1.10 | Beat +40.0% | +7.9% |
| Aug 5, 2025 | — | — | — | — | +3.8% |
| May 29, 2025 | — | — | — | — | -15.1% |
| Feb 4, 2025 | — | — | — | — | +7.7% |
| Nov 6, 2024 | — | — | — | — | +5.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-15 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On October 12, 2026, the Board of Directors (the "Board") of Hamilton Lane Incorporated (the "Company") appointed Hartley R. Rogers as the Company's Co-Chief Executive Officer ("Co-CEO") to serve alongside Juan Delgado-Moreira. Mr. Rogers will also continue to serve as Chairman of the Board, but will no longer serve as an Executive Co-Chairman ("Executive Co-Chair") of the Company. In connection with this leadership transition, Erik R. Hirsch has transitioned from his position as Co-CEO to the position of…” | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000048/0001433642-26-000048-index.htm |
| 2026-09-10 | 8-K | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000045/0001433642-26-000045-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000042/0001433642-26-000042-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000039/0001433642-26-000039-index.htm |
| 2026-07-23 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000035/0001433642-26-000035-index.htm |
| 2026-07-23 | DEF 14A | Proxy statement (pay, board, votes) · period ended Mar 31, 2026 | https://www.sec.gov/Archives/edgar/data/1433642/000143364226000034/0001433642-26-000034-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.