Hamilton Lane INC

HLNE

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.

About the company

Country: United StatesPrice: $93.73Market Cap: $6.3B

Investment snapshot

41%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 6

NEUTRAL / FAIL

Median fair value

$38.77

-58.6% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Dreman, Asness +1 more object

Key risk

Split decision: 7 PASS · 6 FAIL · 3 NEUTRAL

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	NEUTRAL	Not ranked	PASS	PASS	PASS	FAIL	PASS	FAIL	PASS	PASS	PASS	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-141.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-05-21 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-05-21 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-05-21 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-05-21 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-05-21 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-05-21 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-03 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-03 Score computed: 2026-11-14

Where It Passes

Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Dreman, Asness +1 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.30, IC: 40.1x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.27
✓Lynch< 0.33
Cash - Long-term Debt$79.2M
✓LynchPositive preferred
LT Debt / Total Assets Change17.17% -> 12.08%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.27
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.27
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=40.1x, D/EBITDA=0.6x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.27
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.2680; #1911/4210 (top 45.4%)
✗AsnessTop 30% of eligible cross-section
Verdicts54% pass✓ 7✗ 6▾
Split decision: 7 PASS · 6 FAIL · 3 NEUTRAL
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (3/9)•LynchNEUTRAL (5/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✓AkrePASS (3/6)✗MarksFAIL (3/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

Valuation0% pass✓ 2✗ 26▾
No clean pass — all 13 investors flag at least one valuation criterion
Net income / market capitalization+4.46%; #1852/6340 (top 29.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value7.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.6%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Book Value per Share
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=6.6%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low113% of trailing low ($82.72)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.1583; #4415/6449 (top 68.5%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1376; #4130/5247 (top 78.7%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+4.29%; #1737/4519 (top 38.4%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+1.57%; #2511/6202 (top 40.5%)
✗OshaughnessyTop 10% of eligible cross-section
Efficiency0% pass✗ 11▾
All 8 investors flag HLNE's efficiency
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.42x -> 0.33x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Profitability13% pass✓ 14✗ 21▾
14 of 16 flag HLNE's profitability — Graham, Buffett, Lynch +11 more
Net income / market capitalization+4.46%; #1852/6340 (top 29.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)4/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)10/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)30.5%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$253.2M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR41.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE28.2%
✓Lynch> 15%
EBIT / Enterprise Value7.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.6%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets10.81%
✓PiotroskiROA > 0
ROA Change YoY12.86% -> 10.81% (delta: -2.05%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=18.44%, ROA=10.81%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue66.3%
✓Dreman>= 8%
Net Income / Shareholders' Equity28.2%
✓Dreman> 12%
Margin of Safety
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity28.1% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency10/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity28.2%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+28.17%; #495/5226 (top 9.5%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0106; #865/5884 (top 14.7%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR41.7% over 3 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Growth25% pass✓ 7✗ 6▾
6 of 8 flag HLNE's growth — Graham, Lynch, Ackman +3 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR41.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.40 (2018) -> $3.98 (2021)
✓DremanPositive over recent years
EPS CAGR41.7% CAGR over 3 years
✓Dreman> 5% annualized
Positive Net Income Frequency10/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth6.5%
✓Ackman>= 5%
Positive EPS Growth Frequency1/1 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR17.3%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR41.7% over 3 years
✗Neff7%-20% annualized
Cash Flow50% pass✓ 6✗ 6▾
5 of 10 pass — Lynch, Dreman, Pabrai +2 more object
Free Cash Flow Proxy$253.2M
✓BuffettPositive and growing
FCF Positive and Growing$271.8M
✗LynchPositive and growing
Operating Cash Flow$424.9M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=18.44%, ROA=10.81%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=6.6%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$271.8M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+4.29%; #1737/4519 (top 38.4%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading

SIC Sector: Security & Commodity Brokers

Size: Mid Cap($6.3B)

Revenue: $759.0M+6.5% YoY

Net Income: $249.2M+14.6% YoY

Financial Snapshot

Operating Margin--

Return on Equity27.2%

Debt / Equity0.30

Current Ratio--

Buybacks (1y)$20.0M

Buybacks (2y)$20.0M

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: $20.0M
Dividends: $87.7M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-02-03 10-K · 2026-05-21 10-Q · 2026-08-04 10-Q · 2026-11-03 Derived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid, revenue, net income, pre tax income, buybacks.	Q2 FY 2027 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-03 Derived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid, buybacks.	Q1 FY 2027 2026-04-01 – 2026-06-30 Sources 10-Q · 2026-08-04	FY 2025 Sources 10-K · 2026-05-21	FY 2024 Sources 10-K · 2025-05-30	FY 2023 Sources 10-K · 2024-05-23	FY 2022 Sources 10-K · 2023-05-25	FY 2021 Sources 10-K · 2022-05-26
Market Cap	$6.3Bcurrent	--	--	--	--	--	--	--
Revenue	$871.9M↑19%	$204.4M↑7%	$275.3M↑56%	$759.0M↑6%	$713.0M↑29%	$553.8M↑5%	$528.8M↑44%	$367.9M
Operating Income	--	--	--	--	--	--	--	--
Net Income	$282.5M↑24%	$77.5M↑9%	$80.5M↑50%	$249.2M↑15%	$217.4M↑54%	$140.9M↑29%	$109.1M↓25%	$146.0M
EPS (Diluted)	--	--	--	--	--	--	--	$3.98
Gross Margin	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—
ROE	28.2%↑2%	—	—	27.2%↓10%	30.3%↑13%	26.8%↑2%	26.3%↓38%	42.1%
Total Debt	$268.7M↓6%	$268.7M↓6%	$274.2M↓5%	$278.4M↓4%	$290.3M↑48%	$196.2M↓8%	$213.5M↑25%	$171.3M
Shareholders' Equity	$1.0B↑21%	$1.0B↑21%	$939.3M↑24%	$915.2M↑28%	$717.3M↑37%	$525.2M↑26%	$415.4M↑20%	$346.9M
Current Ratio	—	—	—	—	—	—	—	—
Debt / Equity	0.27↓23%	0.27↓23%	0.29↓23%	0.30↓25%	0.40↑8%	0.37↓27%	0.51↑4%	0.49
Operating Cash Flow	$282.3M↓20%	$28.1M↓76%	$77.2M↓40%	$424.9M↑41%	$300.8M↑149%	$120.9M↓47%	$226.6M↑34%	$169.5M
Free Cash Flow	$271.8M↓20%	$22.8M↓81%	$75.3M↓41%	$419.1M↑45%	$288.7M↑163%	$109.8M↓51%	$221.8M↑38%	$161.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

HLNE vs Peers — Financial Grading

Revenue$759.0MMedian

Net Income$249.2MMedian

ROE27.2%Top 25%

D/E0.30Median

Op. Margin—

Curr. Ratio—

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