Hamilton Lane
HLNENASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $96.38 Prior regular-session close from the quote source.
- $95.79–$97.54 Regular-session low and high so far today.
- 729.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 2 projected Projected for 2027-02-02 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $71.88–$155.66 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HLNE if Hamilton Lane is a capital-light private-markets access platform whose value depends on allocators continuing to pay for its sourcing, diligence, data and implementation rather than building or buying cheaper alternatives.
HLNE price history
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Investment thesis
What must happen next
Allocators continue to outsource private-markets access, diligence and portfolio construction to Hamilton Lane rather than internalizing the function or buying generic access products, keeping the mandate pipeline alive.StrengtheningMateriality: High
GAAP annual revenue rose from $341.6 million in FY2021 to $759.0 million in FY2026. If this holds, revenue growth is driven by a durable customer problem; if it breaks, growth becomes dependent on market beta or fee concessions.
Watch: Large pension funds, sovereign wealth funds and insurers materially expand internal private-markets teams and reduce reliance on external solutions providers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $341.6 million in FY2021 to $759.0 million in FY2026.
Open source ↗Hamilton Lane’s specialist platform and relationships remain differentiated enough to defend fee economics as private markets become more competitive.StrengtheningMateriality: High
GAAP annual net income increased from $140.9 million in FY2024 to $217.4 million in FY2025 and $249.2 million in FY2026. The owner needs profitable growth, not asset growth bought through fee compression or higher servicing costs.
Watch: Consultants and large asset managers force lower management and advisory fee rates for similar private-markets services.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual net income increased from $140.9 million in FY2024 to $217.4 million in FY2025 and $249.2 million in FY2026.
Open source ↗The advisory and management-fee model continues to convert earnings into cash without requiring heavy balance-sheet investment.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $120.9 million in FY2024 to $300.8 million in FY2025 and $424.9 million in FY2026. High cash conversion gives shareholders dividends, reinvestment capacity and downside resilience; weak conversion would imply the growth is more capital-intensive than assumed.
Watch: Hamilton Lane must commit materially more firm capital to seed funds, co-investments or acquisitions to win client mandates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $120.9 million in FY2024 to $300.8 million in FY2025 and $424.9 million in.
Open source ↗Hamilton Lane retains enough balance-sheet flexibility to support co-investments, product seeding and downturn liquidity without turning the model into a levered asset manager.StrengtheningMateriality: Medium
Cash, cash equivalents and restricted cash rose from $119.6 million at FY2024 year-end to $283.6 million at FY2025 year-end and $371.9 million at FY2026 year-end. A flexible balance sheet lets the company invest through cycles; leverage stress would reduce strategic options and increase equity-risk in a private-markets downturn.
Watch: Management uses cash for expensive acquisitions or seed investments that do not strengthen the client platform.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash, cash equivalents and restricted cash rose from $119.6 million at FY2024 year-end to $283.6 million at FY2025 year-end and.
Open source ↗The company’s human-capital base remains deep enough to source, underwrite and service private-market mandates at scale despite competition for investment talent.HoldingMateriality: Medium
The company reported approximately 785 employees as of May 21, 2026. The platform’s moat depends on people, relationships and judgment; senior departures or talent cost inflation would damage sourcing, client trust and margins before revenue turns.
Watch: Senior investment professionals or client-relationship leaders leave for StepStone, HarbourVest, Pantheon, Blackstone, KKR, Apollo or Ares.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company reported approximately 785 employees as of May 21, 2026.
Open source ↗
Full investment case & evidence
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Original research
Allocators continue to outsource private-markets access, diligence and portfolio construction to Hamilton Lane rather than internalizing the function or buying generic access products, keeping the mandate pipeline alive. If this holds, revenue growth is driven by a durable customer problem; if it breaks, growth becomes dependent on market beta or fee concessions.
Hamilton Lane’s specialist platform and relationships remain differentiated enough to defend fee economics as private markets become more competitive. The owner needs profitable growth, not asset growth bought through fee compression or higher servicing costs.
The advisory and management-fee model continues to convert earnings into cash without requiring heavy balance-sheet investment. High cash conversion gives shareholders dividends, reinvestment capacity and downside resilience; weak conversion would imply the growth is more capital-intensive than assumed.
Hamilton Lane retains enough balance-sheet flexibility to support co-investments, product seeding and downturn liquidity without turning the model into a levered asset manager. A flexible balance sheet lets the company invest through cycles; leverage stress would reduce strategic options and increase equity-risk in a private-markets downturn.
The company’s human-capital base remains deep enough to source, underwrite and service private-market mandates at scale despite competition for investment talent. The platform’s moat depends on people, relationships and judgment; senior departures or talent cost inflation would damage sourcing, client trust and margins before revenue turns.
All standing thesis claims
Original report summary
Hamilton Lane is a capital-light private-markets access platform whose value depends on allocators continuing to pay for its sourcing, diligence, data and implementation rather than building or buying cheaper alternatives.
Bull case and bear case
Bull case and bear case for Hamilton Lane
Where the evidence on Hamilton Lane stands: Holding on the latest evidence (Oct 12, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Allocators continue to outsource private-markets access, diligence and portfolio construction to Hamilton Lane rather than internalizing the function or buying generic access products, keeping the mandate pipeline alive.
Hamilton Lane’s specialist platform and relationships remain differentiated enough to defend fee economics as private markets become more competitive.
The advisory and management-fee model continues to convert earnings into cash without requiring heavy balance-sheet investment.
Hamilton Lane retains enough balance-sheet flexibility to support co-investments, product seeding and downturn liquidity without turning the model into a levered asset manager.
The company’s human-capital base remains deep enough to source, underwrite and service private-market mandates at scale despite competition for investment talent.
Bear case: what would count against it
Large pension funds, sovereign wealth funds and insurers materially expand internal private-markets teams and reduce reliance on external solutions providers.
Consultants and large asset managers force lower management and advisory fee rates for similar private-markets services.
Hamilton Lane must commit materially more firm capital to seed funds, co-investments or acquisitions to win client mandates.
Thesis-Break Engine
What has broken in Hamilton Lane’s thesis
Each break OptimistFi flagged on Hamilton Lane, dated — with what has historically followed the same kind of break across the market, not a forecast for Hamilton Lane.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Hamilton Lane filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Hamilton Lane filed an SEC 8-K on 2026-05-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large pension funds, sovereign wealth funds and insurers materially expand internal private-markets teams and reduce reliance on external solutions providers.
- Consultants and large asset managers force lower management and advisory fee rates for similar private-markets services.
- Hamilton Lane must commit materially more firm capital to seed funds, co-investments or acquisitions to win client mandates.
- Management uses cash for expensive acquisitions or seed investments that do not strengthen the client platform.
- Senior investment professionals or client-relationship leaders leave for StepStone, HarbourVest, Pantheon, Blackstone, KKR, Apollo or Ares.
HLNE news
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Financial statements
HLNE income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HLNE: quick answers
- When does Hamilton Lane (HLNE) report earnings next?
- Hamilton Lane's next results are projected for February 2, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 3, 2026. Earnings calendar
- What is HLNE's short interest?
- As of October 30, 2026, 3.5M HLNE shares were sold short, 7.90% of its shares outstanding, down 14.8% from the count before. At the stock's average daily volume that is 6.4 days to cover. FINRA publishes the count twice a month. HLNE short interest history
- Have members of Congress traded HLNE?
- Reports made public in the last 90 days disclose 1 trade in HLNE by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed HLNE trade