Hamilton Lane INC HLNE
We are a global private markets investment solutions provider dedicated to private markets investing. Since our founding in 1991, we have partnered with clients to design, implement and oversee portfolios of private markets funds and direct investments to help them access a diversified set of investment opportunities worldwide. As of March 31, 2026, we had approximately $142 billion of discretionary assets under management ("AUM"), and approximately $905 billion of non-discretionary assets under advisement ("AUA").
Our clients include a broad range of investors from large global institutional investors to private wealth clients. Our clients rely on us for our private markets expertise, industry relationships, differentiated investment access, risk management capabilities, proprietary data advantages and analytical tools to navigate the complexity of private markets investing. While some institutional clients maintain their own internal investment teams, our clients look to us for additional expertise, advice and outsourcing capabilities. We also service a growing number of non-institutional clients from the private wealth channel, including family offices and high-net-worth individuals, who utilize our products and services to gain access to private markets opportunities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $759.0M | $713.0M | $553.8M | $528.8M | $367.9M | $341.6M | $274.0M | $252.2M | $244.0M | $179.8M |
| SG&A | — | — | — | — | — | $49.2M | $57.5M | $49.0M | — | — |
| Total operating expenses | $434.1M | $396.4M | $308.0M | $288.7M | $198.4M | $185.9M | $157.6M | $148.0M | $121.1M | $103.7M |
| Interest expense | — | — | — | — | — | $2.0M | $2.8M | $3.0M | $6.0M | $14.6M |
| Pre-tax income | $462.9M | $362.3M | $281.7M | $242.6M | $313.7M | $193.2M | $140.7M | $129.6M | $139.6M | $74.8M |
| Income tax | $75.2M | $48.5M | $54.5M | $55.4M | $66.4M | $24.4M | $14.0M | $30.6M | $33.3M | $316.0K |
| Net income | $387.7M | $313.8M | $227.2M | $187.2M | $247.2M | $98.0M | $60.8M | $33.6M | $17.3M | $612.0K |
| EPS, diluted | — | — | — | — | 3.98 | 2.81 | 2.15 | 1.40 | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $371.9M | $283.6M | $119.6M | $116.6M | $76.2M | $90.4M | $53.2M | $51.6M | $49.4M | $34.1M |
| Property, plant and equipment | $35.0M | $37.6M | $33.0M | $28.4M | $28.8M | $23.3M | $7.4M | $8.1M | $4.8M | $4.1M |
| Goodwill | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $3.9M | $3.9M | $3.9M | $3.9M | $1.1M |
| Other intangibles | $1.4M | $2.9M | $4.6M | $6.3M | $12.6M | $7.9M | $8.3M | $2.6M | $3.0M | $400.0K |
| Total assets | $2.30B | $1.69B | $1.27B | $1.14B | $1.29B | $1.14B | $473.5M | $360.6M | $293.8M | $240.6M |
| Long-term debt | $278.4M | $290.3M | $196.2M | $213.5M | $171.3M | $163.2M | $74.7M | — | — | — |
| Total liabilities | $838.4M | $766.5M | $595.2M | $566.4M | $557.5M | $546.3M | $236.1M | $190.9M | $157.7M | $154.0M |
| Retained earnings | — | — | — | — | — | — | — | $17.7M | $4.5M | $612.0K |
| Total equity | $915.2M | $717.3M | $676.0M | $574.2M | $461.5M | $314.2M | $237.4M | $110.2M | $78.4M | $60.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $424.9M | $300.8M | $120.9M | $226.6M | $169.5M | $188.2M | $116.4M | $111.6M | $96.7M | $81.7M |
| Depreciation and amortisation | $9.9M | $9.3M | $8.2M | $7.4M | $5.5M | $4.1M | $3.3M | $3.0M | $1.9M | $1.9M |
| Stock-based compensation | $50.9M | $31.4M | $12.1M | $9.9M | $7.4M | $7.1M | $7.2M | $6.4M | $5.5M | $4.7M |
| Capital expenditure | $5.8M | $12.2M | $11.1M | $4.7M | $8.5M | $18.6M | $2.0M | $5.4M | $2.3M | $1.3M |
| Investing cash flow | -$494.8M | -$117.6M | -$122.2M | $177.9M | -$70.5M | -$421.8M | -$49.9M | -$19.2M | -$21.8M | -$16.7M |
| Financing cash flow | $155.8M | -$19.2M | $4.4M | -$364.1M | -$113.2M | $270.7M | -$64.7M | -$90.2M | -$59.7M | -$101.2M |
| Dividends paid | $87.7M | $76.0M | $65.4M | $72.4M | $49.6M | $39.7M | $29.1M | $18.7M | $9.5M | $0 |
| Buybacks | — | $2.0K | $2.0K | $0 | $1.0K | $5.0K | $2.0K | $2.0K | $2.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001433642-26-000034.
Others in SIC 6282
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BX | Blackstone Inc. | $102.20B | 35.2x | 9.2% |
| KKR | KKR & Co. Inc. | $96.70B | — | -11.0% |
| APO | Apollo Global Management, Inc. | $78.94B | 24.1x | 22.7% |
| AMP | AMERIPRISE FINANCIAL INC | $49.52B | 15.5x | 5.5% |
| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
| CG | Carlyle Group Inc. | $16.74B | 21.5x | -11.9% |
| IVZ | Invesco Ltd. | $14.60B | — | 5.1% |