Hamilton Lane Incorporated (HLNE) Key Metrics
HLNE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.49B
- Enterprise value
- $4.75B
- P/E (TTM)
- 12.5 10-yr median 32.1
- Forward P/E
- 12.0
- PEG ratio
- 1.39
- Price / sales
- 6.4 10-yr median 7.3
- Price / book
- 5.0 10-yr median 8.1
- EV / EBITDA
- 8.8 10-yr median 12.2
- Dividend yield
- 1.90% $2.40 a year
- Beta
- 1.25
HLNE key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsHLNE valuation Price multiples at each fiscal year-end price.
HLNE returns How much profit the business earns on the capital it uses.
HLNE per-share figures Results divided by the shares outstanding at year-end.
HLNE financial health Debt, liquidity and how easily interest is covered.
HLNE efficiency & capital use Working capital cycle and where the cash goes.
HLNE valuation history
HLNE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HLNE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HLNE cash returned to shareholders
HLNE price vs earnings per share
HLNE key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.42B | $7.10B | $6.08B | $3.97B | $4.15B | $2.95B | $1.57B | $1.06B | $707.0M | $342.4M |
| Enterprise value | $5.41B | $7.19B | $6.24B | $4.15B | $4.33B | $3.11B | $1.61B | $1.08B | $749.8M | $439.6M |
| P/E ratio | 21.7 | 32.6 | 43.2 | 36.4 | 28.4 | 30.1 | 25.9 | 31.5 | 40.8 | 559.5 |
| Price / sales | 7.1 | 10.0 | 11.0 | 7.5 | 11.3 | 8.6 | 5.7 | 4.2 | 2.9 | 1.9 |
| Price / book | 5.9 | 9.9 | 11.6 | 9.6 | 12.0 | 12.4 | 6.6 | 6.2 | 5.2 | 4.0 |
| Price / free cash flow | 11.9 | 24.6 | 55.4 | 17.9 | 25.8 | 17.5 | 14.3 | 10.0 | 7.5 | 4.3 |
| Price / operating cash flow | 11.8 | 23.6 | 50.3 | 17.5 | 24.5 | 15.7 | 13.5 | 9.5 | 7.3 | 4.2 |
| EV / sales | 7.1 | 10.1 | 11.3 | 7.9 | 11.8 | 9.1 | 5.9 | 4.3 | 3.1 | 2.4 |
| EV / EBITDA | 11.1 | 18.7 | 20.7 | 16.1 | 13.4 | 19.4 | 10.9 | 8.0 | 5.1 | 4.8 |
| EV / free cash flow | 11.9 | 24.9 | 56.8 | 18.7 | 26.9 | 18.4 | 14.6 | 10.2 | 7.9 | 5.5 |
| Earnings yield | 4.6% | 3.1% | 2.3% | 2.7% | 3.5% | 3.3% | 3.9% | 3.2% | 2.5% | 0.2% |
| Free cash flow yield | 8.4% | 4.1% | 1.8% | 5.6% | 3.9% | 5.7% | 7.0% | 10.0% | 13.4% | 23.5% |
| Dividend yield | 2.6% | 1.7% | 1.8% | 3.4% | 2.3% | 2.5% | 4.9% | 6.5% | 6.6% | 23.5% |
| Shareholder yield (dividends + buybacks) | 4.1% | 5.3% | 1.9% | 10.5% | 2.4% | 2.7% | 5.2% | 7.1% | 7.5% | 24.1% |
| Share price at fiscal year-end | $99.40 | $148.67 | $112.76 | $73.98 | $77.29 | $88.56 | $55.31 | $43.58 | $37.23 | $18.67 |
| Per share | ||||||||||
| Revenue per share | $13.93 | $14.94 | $10.27 | $9.85 | $6.85 | $10.24 | $9.64 | $10.38 | $12.85 | $9.80 |
| Earnings per share | $4.57 | $4.56 | $2.61 | $2.03 | $2.72 | $2.94 | $2.14 | $1.38 | $0.91 | $0.03 |
| Operating cash flow per share | $8.45 | $6.30 | $2.24 | $4.22 | $3.16 | $5.64 | $4.09 | $4.59 | $5.09 | $4.45 |
| Free cash flow per share | $8.34 | $6.05 | $2.04 | $4.13 | $3.00 | $5.05 | $3.88 | $4.37 | $4.97 | $4.38 |
| Cash per share | $6.68 | $5.81 | $2.13 | $2.08 | $1.34 | $2.62 | $1.76 | $2.03 | $2.51 | $1.76 |
| Book value per share | $16.79 | $15.03 | $9.74 | $7.74 | $6.46 | $7.14 | $8.35 | $6.98 | $7.17 | $4.72 |
| Tangible book value per share | $16.79 | $14.77 | $9.48 | $7.44 | $6.05 | $6.78 | $7.78 | $6.55 | $6.80 | $4.64 |
| Dividends per share | $2.60 | $2.51 | $2.03 | $2.53 | $1.81 | $2.22 | $2.69 | $2.85 | $2.45 | $4.39 |
| Capex per share | $0.11 | $0.25 | $0.21 | $0.09 | $0.16 | $0.59 | $0.22 | $0.22 | $0.12 | $0.07 |
| Debt per share | $6.54 | $7.72 | $5.11 | $5.44 | $4.72 | $7.15 | $2.98 | $3.07 | $4.76 | $7.06 |
| Shares outstanding | 54.5M | 47.7M | 53.9M | 53.7M | 53.7M | 33.4M | 28.4M | 24.3M | 19.0M | 18.3M |
| Change in shares outstanding | +14.2% | −11.4% | +0.4% | +0.0% | +60.9% | +17.3% | +17.0% | +28.0% | +3.5% | +7.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 30.5% | 35.0% | 30.0% | 28.6% | 49.9% | 41.2% | 29.9% | 22.0% | 15.6% | — |
| Return on invested capital (ROIC) | 31.7% | 36.7% | 30.9% | 32.9% | 29.1% | 41.1% | 44.9% | 42.6% | 51.6% | 61.5% |
| Return on assets (ROA) | 12.5% | 14.7% | 11.7% | 9.0% | 12.0% | 12.2% | 14.6% | 10.3% | 6.5% | 0.3% |
| Return on tangible assets | 10.8% | 13.0% | 11.2% | 9.7% | 11.5% | 8.7% | 13.3% | 9.6% | 6.0% | 0.3% |
| Free cash flow margin | 59.9% | 40.5% | 19.8% | 42.0% | 43.8% | 49.3% | 40.2% | 42.1% | 38.7% | 44.7% |
| Income quality (OCF / net income) | 1.85 | 1.38 | 0.86 | 2.08 | 1.16 | 1.92 | 1.91 | 3.32 | 5.58 | 133.46 |
| Financial health | ||||||||||
| Total debt | $356.5M | $368.3M | $275.2M | $292.4M | $253.6M | $238.5M | $84.7M | $74.7M | $90.4M | $129.5M |
| Cash & short-term investments | $363.9M | $277.3M | $114.6M | $111.7M | $72.2M | $87.3M | $50.1M | $49.4M | $47.6M | $32.3M |
| Net debt | −$7.4M | $91.0M | $160.6M | $180.6M | $181.4M | $151.1M | $34.6M | $25.3M | $42.8M | $97.2M |
| Debt / equity | 0.39 | 0.51 | 0.52 | 0.70 | 0.73 | 1.00 | 0.36 | 0.44 | 0.66 | 1.49 |
| Debt / assets | 0.15 | 0.22 | 0.22 | 0.26 | 0.20 | 0.21 | 0.18 | 0.21 | 0.31 | 0.54 |
| Net debt / EBITDA | −0.02 | 0.24 | 0.53 | 0.70 | 0.56 | 0.95 | 0.24 | 0.19 | 0.29 | 1.07 |
| Current ratio | 1.62 | 1.68 | 1.00 | 0.87 | 1.85 | 1.80 | 0.81 | 0.83 | 1.35 | 3.60 |
| Quick ratio | 1.62 | 1.68 | 0.96 | −0.01 | 1.85 | 1.80 | 0.81 | 0.83 | 1.35 | 3.61 |
| Interest coverage | 21.7 | 23.7 | 22.0 | 27.9 | 36.6 | 62.2 | 41.3 | 34.3 | 20.5 | 5.2 |
| Working capital | $215.1M | $199.3M | −$237,000 | −$27.3M | $189.4M | $179.2M | −$21.6M | −$15.8M | $18.3M | $37.7M |
| Invested capital | $907.8M | $808.3M | $685.7M | $596.0M | $528.3M | $389.2M | $272.0M | $195.0M | $178.9M | $183.8M |
| Tangible asset value | $1.47B | $911.4M | $661.8M | $558.3M | $715.4M | $578.3M | $221.2M | $159.3M | $129.1M | $85.2M |
| Net current asset value | −$277.0M | −$274.0M | −$348.1M | −$383.6M | −$144.6M | −$142.1M | −$142.9M | −$111.6M | −$87.9M | −$101.8M |
| Graham number | $41.57 | $39.24 | $23.93 | $18.81 | $19.89 | $21.72 | $20.04 | $14.74 | $12.13 | $1.88 |
| Graham net-net per share | −$6.29 | −$7.14 | −$7.20 | −$5.95 | −$8.29 | −$13.04 | −$5.67 | −$5.12 | −$5.08 | −$6.01 |
| Capital allocation | ||||||||||
| Dividends paid | $141.8M | $119.8M | $109.3M | $135.9M | $97.3M | $74.0M | $76.4M | $69.3M | $46.5M | $80.5M |
| Share buybacks (net) | $80.1M | $253.9M | $3.5M | $280.5M | $3.5M | $6.0M | $5.9M | $5.4M | $6.5M | $2.2M |
| Dividend payout ratio | 56.9% | 55.1% | 77.6% | 124.5% | 66.7% | 75.5% | 125.7% | 206.5% | 267.9% | — |
| Dividends + buybacks / free cash flow | 48.8% | 129.4% | 102.7% | 187.7% | 62.6% | 47.5% | 74.7% | 70.3% | 56.0% | 102.7% |
| Capex / revenue | 0.8% | 1.7% | 2.0% | 0.9% | 2.3% | 5.7% | 2.2% | 2.1% | 0.9% | 0.7% |
| Capex / operating cash flow | 1.3% | 4.0% | 9.2% | 2.1% | 5.0% | 10.4% | 5.3% | 4.8% | 2.3% | 1.6% |
| Capex / depreciation | 0.59 | 1.31 | 1.35 | 0.64 | 1.55 | 4.75 | 1.87 | 1.80 | 1.19 | 0.67 |
| Stock-based compensation / revenue | 6.7% | 4.4% | 2.2% | 1.9% | 2.0% | 2.1% | 2.6% | 2.5% | 2.3% | 2.6% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 27.1% | 26.4% | 25.7% | 26.4% | 24.5% | 14.5% | 26.2% | 19.4% | 15.7% | 17.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 89.8 | 80.4 | 56.9 | 38.0 | 42.4 | 34.6 | 37.3 | 29.7 | 25.1 | 30.6 |
| Days of inventory on hand | — | — | 214.7 | 226.7 | 0.0 | 0.0 | 0.0 | 0.0 | -0.4 | -1.1 |
| Days payables outstanding | 8.9 | 8.7 | 9.9 | 9.0 | 8.4 | 5.5 | 9.8 | 8.0 | 6.8 | 5.1 |
| Cash conversion cycle (days) | 80.9 | 71.7 | 261.7 | 255.7 | 34.0 | 29.0 | 27.5 | 21.8 | 17.9 | 24.4 |
| Receivables turnover | 4.07 | 4.54 | 6.41 | 9.61 | 8.61 | 10.56 | 9.80 | 12.27 | 14.53 | 11.95 |
| Payables turnover | 41.09 | 41.75 | 36.72 | 40.43 | 43.36 | 65.84 | 37.39 | 45.84 | 54.06 | 71.86 |
| Inventory turnover | — | — | 1.70 | 1.61 | 108,395,000.00 | 136,319,000.00 | 85,763,000.00 | 98,995,000.00 | — | — |
| Asset turnover | 0.38 | 0.48 | 0.46 | 0.43 | 0.30 | 0.42 | 0.66 | 0.77 | 0.91 | 0.82 |
| Average receivables | $186.6M | $157.0M | $86.4M | $55.0M | $42.7M | $32.3M | $28.0M | $20.6M | $16.8M | $15.1M |
| Average payables | $5.6M | $5.0M | $4.5M | $3.7M | $2.5M | $2.1M | $2.3M | $2.2M | $1.5M | $1.0M |
| Average inventory | — | — | $97.9M | $92.7M | $1 | $1 | $1 | $1 | −$96,998 | −$209,498 |
| Intangibles / total assets | 0.0% | 0.7% | 1.1% | 1.4% | 1.7% | 1.0% | 3.4% | 2.9% | 2.4% | 0.6% |
Computed from HLNE's annual financial statements (latest annual report filed May 21, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HLNE valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Hamilton Lane traded at 21.7 times earnings, against a 10-year median of 32.1. Based on the latest twelve months, the trailing P/E is 12.5 and the forward P/E is 12.0. Hamilton Lane earned a return on equity of 30.5% and a return on invested capital of 31.7% in fiscal 2026. It ended the year with $356.5 million of debt and $363.9 million in cash and short-term investments, a net cash position of $7.4 million. It returned $221.9 million to shareholders: $141.8 million in dividends and $80.1 million in share buybacks, 49% of free cash flow. The share count rose 197.1% from 18.3M to 54.5M over 9 years.
See the HLNE income statement, the HLNE chart for price history, or the HLNE stock overview for the latest quote and news.
HLNE key metrics FAQ
What is Hamilton Lane's P/E ratio?
Hamilton Lane's trailing P/E ratio is 12.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.0. At the end of fiscal 2026 it was 21.7, compared with a 10-year median of 32.1.
What is Hamilton Lane's EV/EBITDA?
Hamilton Lane's enterprise value was 11.1 times EBITDA at the end of fiscal 2026 (enterprise value $5.4 billion, EBITDA $487.8 million); the current EV/EBITDA is 8.8.
What is Hamilton Lane's return on equity?
Hamilton Lane's return on equity (ROE) was 30.5% in fiscal 2026: net income of $249.2 million on average shareholders' equity of $816.3 million.
What is Hamilton Lane's ROIC?
Hamilton Lane's return on invested capital was 31.7% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Hamilton Lane have?
Hamilton Lane had total debt of $356.5 million at the end of fiscal 2026, a debt-to-equity ratio of 0.39 and more cash than debt.
What is Hamilton Lane's dividend yield?
Hamilton Lane's forward dividend yield is 1.90%. Hamilton Lane paid $141.8 million in dividends in fiscal 2026 ($2.60 per share), a payout ratio of 56.9%.
Does Hamilton Lane buy back its shares?
Yes. Hamilton Lane spent $80.1 million on net share repurchases in fiscal 2026 Shares outstanding changed +14.2% over the year, to 54.5M..
What is Hamilton Lane's free cash flow yield?
Hamilton Lane generated $454.5 million of free cash flow in fiscal 2026, a free cash flow yield of 8.4% on its market value at year-end ($5.4 billion).
What is Hamilton Lane's current ratio?
Hamilton Lane's current ratio was 1.62 at the end of fiscal 2026: current assets were 1.62 times current liabilities.