At a glance
Hamilton Lane Inc is worth $4.47B, about 18 times its fiscal 2026 earnings. Revenue grew 6.5% to $759.0M in fiscal 2026, with 32.8% kept as profit; over 5 years it has grown 17.3% a year. It pays no dividend; it spent $5K buying back its shares over FY2022–FY2026. The stock returned −28.2% over the past year with dividends reinvested and −2.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 43.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 14 months after the lows.
The business in plain English
Hamilton Lane, founded in 1991, helps investors put money into private markets: companies, loans, property and infrastructure that do not trade on an exchange. It builds and oversees portfolios of funds run by other managers. It also makes direct investments alongside those funds and buys secondary stakes from existing investors. As of March 31, 2026, it had about $142 billion of assets under management (money it invests at its own discretion) and about $905 billion under advisement (where clients make the final call).
Most revenue comes from fees on two kinds of managed money. Customized separate accounts (about $92 billion) are portfolios built for one client. Specialized funds (about $50 billion) pool money from many investors. In the year ended March 31, 2026, specialized funds produced the most revenue, in two lines worth 49.3% and 19.3% of the $759 million total. Separate accounts added 18.6% and 3.2%. Reporting and data services, including the Cobalt LP subscription tool, brought in 4.7%, and advisory work 2.7%.
Clients range from large pension funds, sovereign wealth funds and U.S. labor union plans to family offices and wealthy individuals reached through advisers and private banks. No client provided more than 2% of management and advisory fees in that year. By geography, 59.1% of revenue came from outside the United States and 40.9% from within it.
Price history
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HLNE -28.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Specialized funds | $374.4M | 49.3% |
| Specialized funds | $146.3M | 19.3% |
| Customized separate accounts | $141.5M | 18.6% |
| Reporting, monitoring, data and analytics | $35.8M | 4.7% |
| Customized separate accounts | $24.3M | 3.2% |
| Advisory | $20.5M | 2.7% |
| Fund reimbursement revenue | $9.9M | 1.3% |
| Distribution management | $2.2M | 0.3% |
By geography
| Non-US | $448.6M | 59.1% |
| United States | $310.4M | 40.9% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $275.3M, up 56.5% from a year earlier, and net income was $80.5M (+49.7%).
- For fiscal 2026, revenue was $759.0M (+6.5% year over year; +17.3% a year from FY2021 to FY2026) with a 32.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +17.3% good |
|---|---|
| Free cash flow margin | 55.2% good |
| Return on equity (FY2026) | 27.2% good |
| Return on assets (FY2026) | 10.8% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $341.6M | $98.0M | $169.5M |
| FY2022 | $367.9M | $146.0M | $161.0M |
| FY2023 | $528.8M | $109.1M | $221.8M |
| FY2024 | $553.8M | $140.9M | $109.8M |
| FY2025 | $713.0M | $217.4M | $288.7M |
| FY2026 | $759.0M | $249.2M | $419.1M |
Valuation snapshot
| Market value | $4.47B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 2.76% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HLNE price data to Oct 28, 2026 | -37.2% | -28.2% | +2.6% | -2.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.2% |
| 2025 | -7.9% |
| 2024 | +32.4% |
| 2023 | +81.3% |
| 2022 | -37.0% |
| 2021 | +34.8% |
| 2020 | +33.5% |
| 2019 | +64.3% |
| 2018 | +6.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.1% over that stretch · deepest drop along the way 42.7%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.1% over that stretch · deepest drop along the way 43.1%, back to its old high 13.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 14 open-market purchases ($17.2M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 26, 2026 | Hartley R. Rogers Executive Co-Chairman, Director, 10% owner | buy | $4.2M |
| May 26, 2026 | Hartley R. Rogers Executive Co-Chairman, Director, 10% owner | buy | $4.2M |
| Jun 11, 2026 | Hartley R. Rogers Executive Co-Chairman, Director, 10% owner | buy | $2.2M |
| Jun 11, 2026 | David J Berkman Director | buy | $1.1M |
| Feb 24, 2026 | David J Berkman Director | buy | $1.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Sep 30, 2025 |
| Kayne Anderson Rudnick Investment Management, LLC | 7.8% | Mar 31, 2026 |
ETFs with the most weight in HLNE
| PSP Invesco Global Listed Private Equity ETF | 2.34% |
| KCE SPDR S&P Capital Markets ETF | 1.81% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.68% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 1.67% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.44% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 1.38% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 1.22% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.21% |
What could go wrong
- Separate account clients are not locked in. Fees from customized separate accounts and advisory work are not long-term contracts. Clients can move to rivals, and investors keep pushing private markets managers to cut fees, which could squeeze margins.
- Evergreen fund withdrawals could cut revenue. Its semi-liquid evergreen funds, offered to wealthy individuals through advisers, let investors ask for money back. A wave of requests could force asset sales or caps on withdrawals and reduce fee revenue.
- Performance fees arrive in uneven lumps. Part of revenue is carried interest, a share of investment profits usually paid as investments are sold. Its timing is sporadic and unpredictable, which can make earnings jumpy and weigh on the share price.
- Weak fund returns would hurt fees and fundraising. If the private investments it picks perform poorly, revenue and earnings may fall and raising new funds gets harder. Many private asset values rest on subjective estimates that may never be realized.
- Public shareholders have little voting power. Class B shares carry ten votes each for now, and holders following HLA Investments' voting instructions control about 74.0% of the vote. Public holders have little say over board elections or major deals.
- Tax deal sends savings to early owners. Under a tax receivable agreement, Hamilton Lane must pay its pre-IPO owners most of certain tax savings it receives. These payments could be substantial and, in some cases, exceed the actual savings.
Recent events
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Hamilton Lane pays a cash dividend and says it expects to keep paying, though the board decides each payment. The yield was 2.76% as of October 28, 2026. Total dividends paid rose, with one dip, from $39.7 million in the year to March 2021 to $87.7 million in the year to March 2026. That was about 35% of earnings and 21% of free cash flow (cash left after running and investing in the business). Buybacks have been negligible.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 42.7% in under a month but recovered by May 27, 2020. In the 2022 bear market they fell 43.1% and did not recover until December 6, 2023, though total dividends still rose in the year to March 2023. As of October 28, 2026, the stock was down 37.2% year to date. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Hamilton Lane make money?
Hamilton Lane makes money mostly from fees for managing private markets investments for clients. Revenue was $759 million in the year ended March 31, 2026. Specialized funds, which pool money from many investors, were the largest source, followed by customized separate accounts built for single clients. Reporting, monitoring and data services, including its Cobalt LP subscription tool, added 4.7%, and advisory work 2.7%. Part of revenue is carried interest, a share of investment profits whose timing is hard to predict.
Does Hamilton Lane pay a dividend?
Yes. Hamilton Lane pays a cash dividend, and the yield was 2.76% as of October 28, 2026. In the year ended March 31, 2026, it paid $87.7 million in dividends, about 35% of net income and 21% of free cash flow. The company says it expects to keep paying, but the board decides each payment. As a holding company, it also relies on cash distributions from its operating business, HLA, to fund dividends.
How has Hamilton Lane stock performed?
The stock has fallen sharply. As of October 28, 2026, it was down 37.2% year to date and 28.2% over one year, and it had lost 11% over five years. The decline came while revenue grew 6.5% and net income 14.6% in the year ended March 31, 2026. On that date the shares traded at about 17.9 times earnings for the year to March 2026. Price swings have been large: an 81.3% gain in 2023 followed a 37.0% loss in 2022.
Who controls Hamilton Lane?
Hamilton Lane is controlled by a group of insiders and early investors. Class B shares, which do not trade, carry ten votes each until certain "sunset" events occur. Class B holders hold 73.0% of the combined vote. Parties to a stockholders agreement, who vote as HLA Investments, LLC directs, control about 74.0%. That makes Hamilton Lane a Nasdaq "controlled company" that relies on exemptions from some governance rules. The sunset is tied partly to Executive Co-Chairmen Hartley R. Rogers and Mario L. Giannini.
Have Hamilton Lane insiders been purchasing shares?
Yes. SEC insider filings reviewed for October 29, 2025 to October 29, 2026 show 14 purchases worth about $17.2 million and no sales. Executive Co-Chairman Hartley R. Rogers made the largest purchases, in May and June 2026, and director David J. Berkman also added shares. Insider purchases can reflect confidence, but they do not guarantee returns: the stock was down 37.2% year to date as of October 28, 2026.