HLNE · Financials(investment advice) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-03-31
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Hamilton Lane Inc reported revenue of $759.0 million in fiscal 2026, after growing 17.4% a year over the previous 9 years. Its operating margin widened from 49.7% in 2017 to 61.0%, and it earned 32.5% on its invested capital in the latest year. Of the $1.8 billion its operations generated over 10 years, 24.4% went to dividends. On the accounting screens, it passes 4 of 6 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2026759.0M+17.4% a year over 9 years
Operating margin61.0%gross margin —
Return on invested capital32.5%34.5% on average over 5 years
Free cash flow after stock pay368.2M48.5% of revenue
Net debt ÷ EBITDANet cash93.5M more cash than debt
Piotroski F-score4/6tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200M400M600M800M
2017Revenue 179.8MOperating income 89.3M
2018Revenue 244.0MOperating income 145.6M
2019Revenue 252.2MOperating income 132.6M
2020Revenue 274.0MOperating income 143.6M
2021Revenue 341.6MOperating income 195.2M
2022Revenue 367.9MOperating income 313.7M
2023Revenue 528.8MOperating income 242.6M
2024Revenue 553.8MOperating income 281.7M
2025Revenue 713.0MOperating income 362.3M
2026Revenue 759.0MOperating income 462.9M
2017201820192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+12.8%
+17.3%
+17.4%
Operating income
+24.0%
+18.8%
+20.1%
Net income
+31.7%
+20.5%
+95.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%25%50%75%100%
2017Operating 49.7%Net 0.3%Free cash flow 44.7%
2018Operating 59.7%Net 7.1%Free cash flow 38.7%
2019Operating 52.6%Net 13.3%Free cash flow 42.1%
2020Operating 52.4%Net 22.2%Free cash flow 41.7%
2021Operating 57.2%Net 28.7%Free cash flow 49.6%
2022Operating 85.3%Net 39.7%Free cash flow 43.8%
2023Operating 45.9%Net 20.6%Free cash flow 42.0%
2024Operating 50.9%Net 25.4%Free cash flow 19.8%
2025Operating 50.8%Net 30.5%Free cash flow 40.5%
2026Operating 61.0%Net 32.8%Free cash flow 55.2%
2017201820192020202120222023202420252026
Return on invested capital
Return on invested capital
0%20%40%60%
2017
2018
2019
2020Return on invested capital 56.3%
2021Return on invested capital 42.5%
2022Return on invested capital 47.7%
2023Return on invested capital 29.8%
2024Return on invested capital 31.5%
2025Return on invested capital 31.1%
2026Return on invested capital 32.5%
2017201820192020202120222023202420252026
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
27.2%
Return on assets
10.8%
Asset turnover
0.33×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200M400M600M
2017Net income 612,000Free cash flow 80.4MAfter stock-based pay 75.7M
2018Net income 17.3MFree cash flow 94.4MAfter stock-based pay 88.9M
2019Net income 33.6MFree cash flow 106.3MAfter stock-based pay 99.9M
2020Net income 60.8MFree cash flow 114.4MAfter stock-based pay 107.2M
2021Net income 98.0MFree cash flow 169.5MAfter stock-based pay 162.4M
2022Net income 146.0MFree cash flow 161.0MAfter stock-based pay 153.6M
2023Net income 109.1MFree cash flow 221.8MAfter stock-based pay 211.9M
2024Net income 140.9MFree cash flow 109.8MAfter stock-based pay 97.6M
2025Net income 217.4MFree cash flow 288.7MAfter stock-based pay 257.3M
2026Net income 249.2MFree cash flow 419.1MAfter stock-based pay 368.2M
2017201820192020202120222023202420252026
Where 10 years of operating cash went, 2017–2026
1.8B generated by the business. Each band is its share of that total.
Reinvested in the business 4%71.9M
Acquisitions 1%11.6M
Dividends 24%448.1M
Share buybacks 0%16,000
Kept, or used to pay down debt 71%1.3B
Over the same years it paid 142.6M in stock. The buybacks did not even cover what was handed out in stock.
Per share
Shares outstanding
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-100M-50M050M100M
2017
2018
2019
2020Net debt 24.6M
2021Net debt 76.2M
2022Net debt 95.1M
2023Net debt 97.0M
2024Net debt 76.5M
2025Net debt 6.7M
2026Net debt -93.5M
2017201820192020202120222023202420252026
Net debt ÷ EBITDA
-0.2×
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 6 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
–No new sharesShare count did not grow — not reportedno data
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (6M) is well below depreciation (10M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
