Hamilton Lane (HLNE) Financials

$88.59 +3.48 (+4.09%)

Closing price 05/21/2026 04:00 PM Eastern

Extended Trading

$88.49 -0.10 (-0.11%)

As of 04:00 AM Eastern

Annual Income Statements for Hamilton Lane

This table shows Hamilton Lane's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.61	17	34	61	98	146	109	141	217
Consolidated Net Income / (Loss)	56	74	106	99	127	169	247	187	227	314
Net Income / (Loss) Continuing Operations	56	74	106	99	127	169	247	187	227	314
Total Pre-Tax Income	57	75	140	130	141	193	314	243	282	362
Total Operating Income	62	76	123	104	116	156	170	240	246	317
Total Gross Profit	89	108	161	153	174	205	239	330	350	438
Total Revenue	181	180	244	252	274	342	368	529	554	713
Operating Revenue	181	180	244	252	274	342	368	529	554	713
Total Cost of Revenue	92	72	83	99	100	136	129	198	204	274
Operating Cost of Revenue	92	72	83	99	100	136	129	198	204	274
Total Operating Expenses	27	32	38	49	57	50	69	90	104	122
Selling, General & Admin Expense	27	32	38	49	57	50	69	90	104	122
Total Other Income / (Expense), net	-5.11	-1.36	17	25	24	37	144	2.57	36	46
Interest Expense	13	15	5.99	3.04	2.82	2.50	4.64	8.62	11	13
Interest & Investment Income	1.71	13	18	7.71	21	34	79	10	45	37
Other Income / (Expense), net	5.82	0.08	5.04	21	5.69	5.91	69	0.99	2.12	22
Income Tax Expense	0.87	0.32	33	31	14	24	66	55	54	49
Net Income / (Loss) Attributable to Noncontrolling Interest	56	74	89	65	66	71	101	78	86	96
Basic Earnings per Share	$0.00	$0.03	$0.94	$1.41	$2.17	$2.82	$4.02	$3.05	$3.72	$5.45
Weighted Average Basic Shares Outstanding	-	-	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Diluted Earnings per Share	$0.00	$0.03	$0.93	$1.40	$2.15	$2.81	$3.98	$3.01	$3.69	$5.41
Weighted Average Diluted Shares Outstanding	-	-	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Weighted Average Basic & Diluted Shares Outstanding	-	-	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Cash Dividends to Common per Share	$0.00	$0.00	$0.70	$0.85	$1.10	$1.25	$1.40	$1.60	$1.78	$1.96

This table shows Hamilton Lane's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	31	42	20	48	59	55	53	50	54	71	58
Consolidated Net Income / (Loss)	51	65	35	77	87	76	77	73	77	104	93
Net Income / (Loss) Continuing Operations	50	65	35	75	87	76	77	73	77	104	93
Total Pre-Tax Income	68	66	50	97	107	77	90	88	95	118	120
Total Operating Income	55	56	51	84	90	67	76	84	77	80	86
Total Gross Profit	81	81	76	112	118	95	106	119	106	114	121
Total Revenue	125	127	125	177	197	150	168	198	176	191	199
Operating Revenue	125	127	125	177	197	150	168	198	176	191	199
Total Cost of Revenue	44	46	50	64	78	55	62	79	70	77	78
Operating Cost of Revenue	44	46	50	64	78	55	62	79	70	77	78
Total Operating Expenses	26	25	24	29	29	28	31	35	29	34	35
Selling, General & Admin Expense	26	25	24	29	29	28	31	35	29	34	35
Total Other Income / (Expense), net	13	11	-1.06	15	17	9.90	14	4.23	18	38	34
Interest Expense	2.90	2.74	2.75	8.43	2.95	2.70	3.87	3.82	3.86	3.83	3.69
Interest & Investment Income	13	12	1.45	17	8.17	10	17	6.66	12	41	35
Other Income / (Expense), net	1.16	1.31	-0.01	2.45	12	2.39	0.80	1.40	9.86	0.59	3.05
Income Tax Expense	16	1.86	16	20	20	1.17	13	15	18	14	27
Net Income / (Loss) Attributable to Noncontrolling Interest	20	23	15	28	28	21	24	23	23	33	34
Basic Earnings per Share	$0.82	$1.11	$0.52	$1.27	$1.49	$1.38	$1.33	$1.25	$1.30	$1.71	$1.40
Weighted Average Basic Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Diluted Earnings per Share	$0.81	$1.11	$0.51	$1.26	$1.47	$1.37	$1.32	$1.25	$1.28	$1.69	$1.37
Weighted Average Diluted Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Weighted Average Basic & Diluted Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Cash Dividends to Common per Share	$0.45	$0.45	$0.45	$0.43	$0.49	$0.49	$0.49	$0.49	$0.54	$0.54	$0.54

This table details how cash moves in and out of Hamilton Lane's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	1.57	-36	15	2.21	1.62	37	-14	40	3.07	164
Net Cash From Operating Activities	109	82	97	112	116	188	170	227	121	301
Net Cash From Continuing Operating Activities	109	82	97	112	116	188	170	227	223	324
Net Income / (Loss) Continuing Operations	56	74	106	99	127	169	247	187	227	314
Consolidated Net Income / (Loss)	56	74	106	99	127	169	247	187	227	314
Depreciation Expense	2.03	1.92	1.89	2.98	3.29	4.13	5.50	7.44	8.19	9.29
Non-Cash Adjustments To Reconcile Net Income	7.36	5.80	-3.21	-13	-12	-21	-107	39	-49	-25
Changes in Operating Assets and Liabilities, net	43	-0.47	-8.29	23	-1.20	37	24	-6.58	36	26
Net Cash From Investing Activities	2.50	-17	-22	-19	-50	-422	-70	178	-122	-118
Net Cash From Continuing Investing Activities	2.50	-17	-22	-19	-50	-149	-70	178	-224	-142
Purchase of Property, Plant & Equipment	-0.92	-1.28	-2.25	-5.37	-1.98	-19	-8.53	-4.75	-11	-12
Acquisitions	-18	-24	-36	-46	-58	-71	-10	-1.50	-160	-90
Purchase of Investments	-	-	0.00	0.00	-3.97	-91	-19	-40	-14	-13
Divestitures	-	-	-	-	-	-	0.00	279	3.31	2.08
Sale and/or Maturity of Investments	22	8.78	16	33	14	31	40	29	15	30
Other Investing Activities, net	-	0.00	0.00	-0.94	-0.16	-	-73	-85	-58	-58
Net Cash From Financing Activities	-110	-101	-60	-90	-65	271	-113	-364	4.40	-19
Net Cash From Continuing Financing Activities	-110	-101	-60	-90	-65	0.69	-113	-364	4.40	-19
Repayment of Debt	-122	-163	-87	-14	-88	-8.30	-40	-40	-39	-16
Repurchase of Common Equity	0.00	-5.82	-0.00	-0.00	-0.00	-0.01	-0.00	0.00	-0.00	-0.00
Payment of Dividends	-73	-84	-52	-72	-77	-77	-98	-137	-109	-120
Issuance of Debt	254	0.00	85	0.00	90	90	25	72	10	98
Issuance of Common Equity	0.63	205	126	194	148	475	77	65	348	273
Other Financing Activities, net	-170	-53	-132	-199	-137	-479	-77	-324	-205	-254
Effect of Exchange Rate Changes	-	0.00	0.00	0.01	-0.14	0.13	-	0.00	0.00	-0.10

This table details how cash moves in and out of Hamilton Lane's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	13	105	-64	-50	51	61	101	-50	39	12	14
Net Cash From Operating Activities	58	78	-36	22	80	117	64	39	129	119	74
Net Cash From Continuing Operating Activities	58	77	-35	22	81	115	73	56	129	119	74
Net Income / (Loss) Continuing Operations	51	65	35	77	87	76	77	73	77	104	93
Consolidated Net Income / (Loss)	51	65	35	77	87	76	77	73	77	104	93
Depreciation Expense	1.87	1.86	2.04	2.41	2.31	2.37	2.39	2.22	2.53	2.52	2.43
Non-Cash Adjustments To Reconcile Net Income	-21	6.90	-91	-44	-40	47	-21	-12	30	3.72	-46
Changes in Operating Assets and Liabilities, net	26	3.91	20	-14	31	-11	14	-8.29	20	9.06	25
Net Cash From Investing Activities	-40	-45	-8.99	-28	2.13	-27	-43	-50	-94	-134	-117
Net Cash From Continuing Investing Activities	-40	-45	-8.99	-28	2.13	-39	-31	-74	-94	-134	-139
Purchase of Property, Plant & Equipment	-3.39	-2.89	-3.19	-1.61	-1.51	-1.57	-5.63	-3.44	-1.34	-1.09	-1.67
Purchase of Investments	-1.18	-5.18	-	-8.00	-5.00	0.00	-0.79	-6.90	0.00	-198	-110
Sale and/or Maturity of Investments	3.02	4.33	4.73	3.42	9.23	4.64	9.56	6.22	2.36	2.28	8.55
Other Investing Activities, net	-23	-0.95	-11	-23	1.69	-26	-17	-17	-13	-19	-36
Net Cash From Financing Activities	-4.83	72	-20	-43	-30	-28	73	-33	3.26	26	57
Net Cash From Continuing Financing Activities	-4.83	72	-20	-43	-30	-28	73	-33	3.26	26	57
Repayment of Debt	-26	-0.63	-0.63	-12	-0.63	-0.63	-0.63	-14	-1.88	-15	-6.25
Payment of Dividends	-33	-27	-20	-29	-34	-34	-25	-27	-36	-40	-33
Issuance of Common Equity	44	100	0.88	202	5.15	6.27	0.93	260	41	138	97
Other Financing Activities, net	-0.11	-	-0.16	-205	-0.53	-0.39	-0.07	-253	-0.01	-56	-0.60
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	0.15	0.96	-0.09

This table presents Hamilton Lane's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	241	294	361	474	1,137	1,295	1,141	1,271	1,690
Total Current Assets	35	50	54	255	746	359	134	139	311
Cash & Equivalents	32	48	49	50	87	72	112	115	277
Restricted Cash	-	-	-	-	279	280	4.80	4.99	6.33
Accounts Receivable	-	-	-	-	-	-	7.19	8.15	16
Prepaid Expenses	2.59	2.30	4.71	6.99	6.14	6.86	9.82	11	11
Plant, Property, & Equipment, net	4.06	4.78	8.11	7.40	23	29	28	33	38
Total Noncurrent Assets	202	239	298	211	367	897	922	1,071	1,245
Long-Term Investments	120	137	154	-	-	504	531	604	664
Noncurrent Note & Lease Receivables	12	15	20	30	29	52	47	108	181
Noncurrent Deferred & Refundable Income Taxes	61	73	108	138	252	245	234	262	309
Other Noncurrent Operating Assets	8.19	14	16	43	86	96	110	97	91
Total Liabilities & Shareholders' Equity	241	294	361	474	1,137	1,295	1,141	1,271	1,690
Total Liabilities	154	158	191	236	546	557	566	595	766
Total Current Liabilities	1.37	1.70	2.62	1.97	2.17	2.83	4.56	4.51	5.47
Accounts Payable	1.37	1.70	2.62	1.97	2.17	2.83	4.56	4.51	5.47
Total Noncurrent Liabilities	153	156	188	234	544	555	562	591	761
Long-Term Debt	-	-	-	-	-	-	214	196	290
Noncurrent Employee Benefit Liabilities	3.42	8.09	12	11	29	20	24	36	49
Other Noncurrent Operating Liabilities	104	142	172	220	515	535	324	359	422
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	87	136	170	237	314	461	574	676	924
Total Preferred & Common Equity	60	78	110	155	238	347	415	525	717
Total Common Equity	60	78	110	155	238	347	415	525	717
Common Stock	62	74	93	108	151	162	172	208	262
Retained Earnings	0.61	4.55	18	47	88	185	244	317	456
Accumulated Other Comprehensive Income / (Loss)	-0.31	0.00	0.01	-0.08	-	-	-	0.00	-0.14
Noncontrolling Interest	27	58	59	83	76	115	159	151	207

This table presents Hamilton Lane's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	1,388	1,124	1,200	1,359	1,209	1,372	1,424	1,591	1,802	1,980	2,171
Total Current Assets	285	10	141	249	189	193	266	358	347	377	396
Cash & Equivalents	0.00	0.00	125	230	164	166	227	321	316	327	340
Restricted Cash	280	3.12	-	4.97	4.99	4.80	5.86	5.86	-	7.80	7.80
Accounts Receivable	-	-	7.96	7.82	9.97	14	16	21	20	25	35
Prepaid Expenses	5.52	7.08	8.01	6.53	9.42	7.49	17	9.45	11	17	12
Plant, Property, & Equipment, net	29	28	30	32	33	33	32	36	37	36	35
Total Noncurrent Assets	917	898	940	959	971	1,118	1,084	1,145	1,231	1,239	1,314
Long-Term Investments	534	514	546	558	588	621	627	664	674	708	745
Noncurrent Note & Lease Receivables	47	52	66	62	68	141	96	136	158	138	172
Noncurrent Deferred & Refundable Income Taxes	237	230	229	230	226	259	257	255	302	306	295
Other Noncurrent Operating Assets	99	102	99	109	89	97	104	90	96	87	103
Total Liabilities & Shareholders' Equity	1,388	1,124	1,200	1,359	1,209	1,372	1,424	1,591	1,802	1,980	2,171
Total Liabilities	587	594	558	577	585	635	622	729	807	822	845
Total Current Liabilities	1.94	2.05	5.57	3.54	3.31	4.68	6.43	5.25	6.51	6.08	5.03
Accounts Payable	1.94	2.05	5.57	3.54	3.31	4.68	6.43	5.25	6.51	6.08	5.03
Total Noncurrent Liabilities	585	592	553	574	581	630	616	724	800	816	840
Long-Term Debt	194	199	198	197	197	196	195	292	289	286	280
Noncurrent Employee Benefit Liabilities	64	66	33	47	58	68	71	78	64	84	101
Other Noncurrent Operating Liabilities	326	327	322	329	327	367	350	354	448	446	459
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	525	530	642	782	624	737	802	862	995	1,158	1,326
Total Preferred & Common Equity	391	395	435	463	468	566	607	649	759	826	877
Total Common Equity	391	395	435	463	468	566	607	649	759	826	877
Common Stock	165	167	177	179	182	210	215	224	272	289	305
Retained Earnings	226	228	258	283	286	356	392	425	487	535	571
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	1.22	1.15
Noncontrolling Interest	134	135	207	319	156	170	195	213	236	332	449

This table displays calculated financial ratios and metrics derived from Hamilton Lane's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-0.54%	35.71%	3.34%	8.67%	24.66%	7.69%	43.71%	4.74%	28.73%
EBITDA Growth	0.00%	10.75%	66.27%	-1.55%	-1.92%	32.18%	47.49%	1.62%	3.08%	35.79%
EBIT Growth	0.00%	12.64%	67.97%	-2.43%	-2.21%	32.36%	47.86%	0.85%	2.87%	36.53%
NOPAT Growth	0.00%	24.48%	23.50%	-14.92%	31.69%	29.72%	-1.76%	38.56%	7.07%	38.26%
Net Income Growth	0.00%	33.28%	42.80%	-6.87%	28.06%	33.14%	46.49%	-24.29%	21.38%	38.10%
EPS Growth	0.00%	0.00%	3,000.00%	50.54%	53.57%	30.70%	41.64%	-24.37%	22.59%	46.61%
Operating Cash Flow Growth	0.00%	-25.19%	18.38%	15.44%	4.26%	61.69%	-9.90%	33.66%	-46.66%	148.92%
Free Cash Flow Firm Growth	0.00%	0.00%	-45.92%	-15.12%	24.99%	239.00%	-59.18%	-123.63%	707.26%	39.42%
Invested Capital Growth	0.00%	0.00%	25.88%	30.03%	69.28%	-1,329.14%	14.19%	164.73%	44.49%	41.02%
Revenue Q/Q Growth	0.00%	0.00%	14.51%	-4.04%	3.77%	8.22%	-0.53%	2.30%	13.04%	3.08%
EBITDA Q/Q Growth	0.00%	0.00%	25.44%	-11.04%	5.19%	8.01%	1.48%	3.64%	4.99%	0.49%
EBIT Q/Q Growth	0.00%	0.00%	25.89%	-11.73%	5.62%	8.06%	1.25%	3.72%	4.91%	0.56%
NOPAT Q/Q Growth	0.00%	0.00%	32.47%	-17.42%	8.09%	10.04%	-9.06%	8.66%	17.46%	1.38%
Net Income Q/Q Growth	0.00%	0.00%	35.75%	-19.65%	16.77%	18.19%	-9.85%	8.01%	12.58%	-1.11%
EPS Q/Q Growth	0.00%	0.00%	287.50%	-23.08%	23.56%	15.16%	-14.78%	16.67%	13.54%	-0.18%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-2.72%	3.11%	3.20%	20.53%	-12.11%	-1.65%	7.56%	6.20%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-8.44%	-23.98%	136.38%	-11.67%	-114.61%	10.98%	8.13%
Invested Capital Q/Q Growth	0.00%	0.00%	-616.54%	-282.91%	-218.74%	-1,037.79%	-460.30%	242.46%	151.53%	53.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.08%	59.90%	66.04%	60.74%	63.46%	60.10%	64.89%	62.48%	63.17%	61.50%
EBITDA Margin	39.01%	43.44%	53.22%	50.70%	45.76%	48.52%	66.45%	46.99%	46.24%	48.78%
Operating Margin	34.20%	42.33%	50.38%	41.33%	42.48%	45.58%	46.09%	45.40%	44.38%	44.40%
EBIT Margin	37.42%	42.37%	52.45%	49.52%	44.56%	47.31%	64.96%	45.58%	44.77%	47.48%
Profit (Net Income) Margin	30.89%	41.40%	43.56%	39.26%	46.26%	49.41%	67.20%	35.40%	41.02%	44.01%
Tax Burden Percent	98.47%	99.58%	76.13%	76.41%	90.08%	87.36%	78.82%	77.15%	80.67%	86.61%
Interest Burden Percent	83.84%	98.10%	109.10%	103.74%	115.25%	119.53%	131.24%	100.66%	113.60%	107.02%
Effective Tax Rate	1.53%	0.42%	23.87%	23.59%	9.92%	12.64%	21.18%	22.85%	19.33%	13.39%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	194.95%	189.23%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	189.42%	183.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-158.60%	-150.01%
Return on Equity (ROE)	0.00%	85.93%	95.46%	64.75%	62.28%	40.79%	37.25%	28.54%	36.35%	39.22%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-31.92%	158.55%	155.20%
Operating Return on Assets (OROA)	0.00%	31.67%	47.90%	38.17%	29.28%	20.08%	19.66%	19.79%	20.56%	22.86%
Return on Assets (ROA)	0.00%	30.94%	39.78%	30.26%	30.40%	20.97%	20.34%	15.37%	18.84%	21.19%
Return on Common Equity (ROCE)	0.00%	59.56%	59.35%	39.94%	40.54%	19.37%	16.41%	16.59%	27.35%	30.46%
Return on Equity Simple (ROE_SIMPLE)	0.00%	123.98%	135.54%	89.81%	81.90%	70.88%	71.28%	45.06%	43.26%	43.74%
Net Operating Profit after Tax (NOPAT)	61	76	94	80	105	136	134	185	198	274
NOPAT Margin	33.68%	42.15%	38.36%	31.58%	38.27%	39.82%	36.33%	35.03%	35.80%	38.45%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1.78%	7.53%	9.96%	9.70%	6.63%	14.15%	0.29%	5.52%	6.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	22.58%
Cost of Revenue to Revenue	50.92%	40.10%	33.96%	39.26%	36.54%	39.90%	35.11%	37.52%	36.83%	38.50%
SG&A Expenses to Revenue	14.88%	17.57%	15.66%	19.41%	20.97%	14.51%	18.81%	17.08%	18.78%	17.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.88%	17.57%	15.66%	19.41%	20.97%	14.51%	18.81%	17.08%	18.78%	17.10%
Earnings before Interest and Taxes (EBIT)	68	76	128	125	122	162	239	241	248	339
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	78	130	128	125	166	244	248	256	348
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	20.04	18.08	17.25	18.58	11.37	9.40	11.56	11.15
Price to Tangible Book Value (P/TBV)	0.00	0.00	20.04	18.08	17.25	18.58	11.37	9.40	11.56	11.15
Price to Revenue (P/Rev)	0.00	0.00	6.44	7.90	9.74	12.95	10.72	7.39	10.96	11.22
Price to Earnings (P/E)	0.00	0.00	90.64	59.36	43.89	45.15	27.00	35.80	43.08	36.80
Dividend Yield	0.00%	0.00%	2.10%	2.14%	2.14%	1.49%	1.89%	2.20%	1.58%	1.32%
Earnings Yield	0.00%	0.00%	1.10%	1.68%	2.28%	2.22%	3.70%	2.79%	2.32%	2.72%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.64	47.34	44.53
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	5.92	7.33	9.14	11.82	9.45	6.87	10.28	10.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	11.12	14.46	19.97	24.35	14.22	14.62	22.22	21.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	11.29	14.80	20.51	24.98	14.55	15.07	22.96	22.30
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	15.43	23.21	23.88	29.68	26.01	19.61	28.71	27.54
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	14.94	16.56	21.52	21.46	20.51	16.03	47.10	25.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	18.87	28.44	30.83	14.66	30.93	0.00	35.29	33.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.29	0.31
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.29	0.31
Financial Leverage	0.00	-1.76	-1.51	-1.27	-1.11	-1.19	-1.21	-1.03	-0.84	-0.82
Leverage Ratio	0.00	2.78	2.40	2.14	2.05	1.95	1.83	1.86	1.93	1.85
Compound Leverage Factor	0.00	2.73	2.62	2.22	2.36	2.33	2.40	1.87	2.19	1.98
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	27.11%	22.49%	23.91%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	27.11%	22.49%	23.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	30.69%	42.37%	35.06%	34.80%	59.65%	52.96%	20.15%	17.29%	17.02%
Common Equity to Total Capital	0.00%	69.31%	57.63%	64.95%	65.20%	40.35%	47.04%	52.74%	60.22%	59.07%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.86	0.77	0.83
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.75	-2.06	-1.89
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.86	0.77	0.83
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.15	0.99	1.06
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.34	-2.66	-2.40
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.15	0.99	1.06
Altman Z-Score	0.00	0.00	8.47	8.35	8.99	6.52	5.67	5.73	7.67	7.94
Noncontrolling Interest Sharing Ratio	0.00%	30.69%	37.82%	38.31%	34.90%	52.52%	55.94%	41.88%	24.76%	22.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	25.53	29.35	20.65	129.51	343.37	127.01	29.29	30.82	56.88
Quick Ratio	0.00	23.64	28.00	18.85	125.96	212.13	25.53	26.09	27.26	53.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	142	77	65	81	275	112	-27	161	225
Operating Cash Flow to CapEx	11,853.96%	6,406.20%	4,289.80%	2,080.17%	5,883.37%	1,009.59%	1,988.31%	4,773.31%	1,091.41%	2,474.66%
Free Cash Flow to Firm to Interest Expense	0.00	9.72	12.79	21.39	28.85	110.01	24.24	-3.08	14.43	16.87
Operating Cash Flow to Interest Expense	8.64	5.61	16.14	36.73	41.33	75.17	36.55	26.30	10.81	22.56
Operating Cash Flow Less CapEx to Interest Expense	8.56	5.52	15.77	34.96	40.62	67.73	34.71	25.74	9.82	21.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.75	0.91	0.77	0.66	0.42	0.30	0.43	0.46	0.48
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.23	58.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	44.26	55.18	39.13	35.34	22.25	14.11	18.47	18.03	20.20
Accounts Payable Turnover	0.00	52.79	54.06	45.84	43.66	65.84	51.67	53.73	45.01	55.04
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.05	6.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	6.91	6.75	7.96	8.36	5.54	7.06	6.79	8.11	6.63
Cash Conversion Cycle (CCC)	0.00	-6.91	-6.75	-7.96	-8.36	-5.54	-7.06	-6.79	-3.06	-0.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-66	-49	-34	-10	-150	-129	83	120	170
Invested Capital Turnover	0.00	-5.47	-4.26	-6.08	-12.29	-4.26	-2.64	-23.32	5.44	4.92
Increase / (Decrease) in Invested Capital	0.00	-66	17	15	24	-139	21	212	37	49
Enterprise Value (EV)	0.00	0.00	1,445	1,848	2,504	4,037	3,477	3,631	5,692	7,550
Market Capitalization	0.00	0.00	1,572	1,993	2,670	4,425	3,942	3,907	6,068	8,001
Book Value per Share	$0.00	$0.00	$1.66	$2.20	$2.98	$4.51	$6.52	$7.72	$9.72	$12.94
Tangible Book Value per Share	$0.00	$0.00	$1.66	$2.20	$2.98	$4.51	$6.52	$7.72	$9.72	$12.94
Total Capital	0.00	87	136	170	237	590	737	788	872	1,214
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	214	196	290
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	214	196	290
Net Debt	0.00	-152	-185	-204	-248	-740	-856	-434	-527	-658
Capital Expenditures (CapEx)	0.92	1.28	2.25	5.37	1.98	19	8.53	4.75	11	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	1.23	0.60	2.10	5.02	3.97	4.03	12	15	22
Debt-free Net Working Capital (DFNWC)	0.00	34	48	51	253	744	356	129	134	306
Net Working Capital (NWC)	0.00	34	48	51	253	744	356	129	134	306
Net Nonoperating Expense (NNE)	5.03	1.36	-13	-19	-22	-33	-114	-1.98	-29	-40
Net Nonoperating Obligations (NNO)	0.00	-152	-185	-204	-248	-740	-866	-491	-556	-754
Total Depreciation and Amortization (D&A)	2.88	1.92	1.89	2.98	3.29	4.13	5.50	7.44	8.19	9.29
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.68%	0.25%	0.83%	1.83%	1.16%	1.10%	2.35%	2.66%	3.09%
Debt-free Net Working Capital to Revenue	0.00%	18.64%	19.75%	20.40%	92.28%	217.77%	96.83%	24.40%	24.26%	42.86%
Net Working Capital to Revenue	0.00%	18.64%	19.75%	20.40%	92.28%	217.77%	96.83%	24.40%	24.26%	42.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.94	$1.41	$2.17	$2.82	$4.02	$3.05	$3.72	$5.45
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.93	$1.40	$2.15	$2.81	$3.98	$3.01	$3.69	$5.41
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	48.83M	50.88M	51.89M	53.03M	53.24M	54.00M	54.19M	53.55M
Normalized Net Operating Profit after Tax (NOPAT)	61	76	94	80	105	136	134	185	198	274
Normalized NOPAT Margin	33.68%	42.15%	38.36%	31.58%	38.27%	39.82%	36.33%	35.03%	35.80%	38.45%
Pre Tax Income Margin	31.37%	41.57%	57.22%	51.38%	51.36%	56.55%	85.26%	45.88%	50.86%	50.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.35	5.23	21.37	41.09	43.37	64.58	51.53	27.97	22.19	25.39
NOPAT to Interest Expense	4.82	5.20	15.63	26.21	37.24	54.35	28.82	21.49	17.74	20.56
EBIT Less CapEx to Interest Expense	5.28	5.14	20.99	39.33	42.66	57.13	49.69	27.42	21.20	24.48
NOPAT Less CapEx to Interest Expense	4.74	5.12	15.25	24.44	36.54	46.91	26.98	20.94	16.75	19.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	131.19%	112.37%	48.74%	72.24%	61.07%	45.44%	39.61%	73.25%	48.16%	38.25%
Augmented Payout Ratio	131.19%	120.19%	48.75%	72.25%	61.08%	45.44%	39.61%	73.25%	48.16%	38.25%

This table displays calculated financial ratios and metrics derived from Hamilton Lane's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.73%	-17.28%	-1.42%	56.63%	57.34%	18.22%	34.33%	12.06%	-10.56%	27.25%	18.02%
EBITDA Growth	-16.43%	-29.67%	53.03%	46.38%	79.17%	26.41%	53.48%	1.97%	-13.96%	15.10%	15.93%
EBIT Growth	-17.02%	-30.39%	56.25%	46.87%	81.03%	26.39%	54.92%	2.26%	-14.49%	15.40%	16.37%
NOPAT Growth	-19.77%	-1.84%	-7.05%	77.95%	75.53%	22.44%	84.51%	5.28%	-14.96%	6.15%	2.19%
Net Income Growth	-8.52%	11.71%	57.80%	49.37%	69.61%	17.70%	124.30%	-4.59%	-11.50%	36.46%	19.81%
EPS Growth	-10.99%	14.43%	64.52%	53.66%	81.48%	23.42%	158.82%	-0.79%	-12.93%	23.36%	3.79%
Operating Cash Flow Growth	-4.89%	-18.24%	-163.34%	64.26%	37.55%	51.30%	276.77%	80.92%	61.68%	1.27%	15.09%
Free Cash Flow Firm Growth	-21.54%	-77.32%	-76.15%	116.77%	117.21%	227.93%	-78.16%	-30.05%	66.24%	140.59%	3,390.39%
Invested Capital Growth	39.26%	168.92%	96.72%	44.49%	39.57%	41.08%	130.74%	41.02%	-5.93%	-23.58%	-21.03%
Revenue Q/Q Growth	10.86%	1.47%	-1.27%	41.03%	11.36%	-23.75%	12.17%	17.66%	-11.12%	8.48%	4.04%
EBITDA Q/Q Growth	-4.38%	1.39%	-9.10%	65.38%	17.03%	-28.47%	10.36%	6.90%	1.95%	-7.32%	10.46%
EBIT Q/Q Growth	-4.57%	1.45%	-9.71%	67.23%	17.62%	-29.17%	10.68%	7.31%	1.64%	-7.52%	10.90%
NOPAT Q/Q Growth	11.78%	29.79%	-34.75%	88.00%	10.26%	-9.47%	-1.68%	7.27%	-10.94%	13.01%	-5.35%
Net Income Q/Q Growth	-0.18%	25.63%	-46.46%	122.48%	13.35%	-12.82%	2.02%	-5.36%	5.14%	34.43%	-10.43%
EPS Q/Q Growth	-1.22%	37.04%	-54.05%	147.06%	16.67%	-6.80%	-3.65%	-5.30%	2.40%	32.03%	-18.93%
Operating Cash Flow Q/Q Growth	338.59%	33.85%	-146.95%	159.60%	267.28%	47.23%	-45.15%	-39.00%	228.23%	-7.78%	-37.67%
Free Cash Flow Firm Q/Q Growth	110.92%	-38.36%	0.16%	148.88%	41.36%	-6.94%	-93.33%	697.02%	235.91%	34.69%	-3.21%
Invested Capital Q/Q Growth	-3.69%	-15.97%	-29.02%	151.53%	-6.97%	-15.06%	16.08%	53.73%	-37.94%	-31.00%	19.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.73%	63.80%	60.32%	63.62%	60.13%	63.29%	63.21%	60.05%	60.47%	59.67%	60.75%
EBITDA Margin	46.36%	46.32%	42.65%	50.24%	52.79%	49.53%	48.73%	44.27%	50.78%	43.39%	46.07%
Operating Margin	43.94%	43.82%	41.03%	47.48%	45.55%	44.80%	45.00%	42.44%	43.75%	41.76%	43.31%
EBIT Margin	44.86%	44.86%	41.02%	48.87%	51.62%	47.95%	47.31%	43.15%	49.35%	42.07%	44.84%
Profit (Net Income) Margin	41.06%	50.84%	27.57%	43.49%	44.27%	50.62%	46.03%	37.03%	43.80%	54.28%	46.73%
Tax Burden Percent	75.79%	97.20%	68.61%	79.02%	81.56%	98.48%	85.92%	83.06%	80.74%	88.11%	77.30%
Interest Burden Percent	120.76%	116.60%	97.95%	112.61%	105.14%	107.18%	113.24%	103.31%	109.92%	146.43%	134.81%
Effective Tax Rate	24.21%	2.80%	31.39%	20.98%	18.44%	1.52%	14.08%	16.94%	19.26%	11.89%	22.70%
Return on Invested Capital (ROIC)	250.72%	453.48%	382.61%	204.30%	242.10%	352.52%	338.34%	173.48%	225.28%	321.87%	258.95%
ROIC Less NNEP Spread (ROIC-NNEP)	249.19%	452.08%	382.75%	202.29%	239.74%	351.14%	336.47%	172.94%	223.31%	318.15%	256.31%
Return on Net Nonoperating Assets (RNNOA)	-224.84%	-425.69%	-358.84%	-169.37%	-206.35%	-315.14%	-300.68%	-141.62%	-195.32%	-290.94%	-233.18%
Return on Equity (ROE)	25.88%	27.79%	23.78%	34.93%	35.75%	37.37%	37.66%	31.86%	29.96%	30.93%	25.76%
Cash Return on Invested Capital (CROIC)	220.92%	287.32%	403.15%	158.55%	206.55%	263.80%	263.08%	155.20%	248.47%	346.43%	295.96%
Operating Return on Assets (OROA)	18.22%	16.06%	17.23%	22.45%	25.11%	22.35%	23.38%	20.78%	21.52%	18.12%	18.20%
Return on Assets (ROA)	16.68%	18.21%	11.58%	19.97%	21.53%	23.59%	22.74%	17.83%	19.10%	23.37%	18.97%
Return on Common Equity (ROCE)	14.76%	14.99%	17.77%	26.28%	25.96%	25.23%	28.31%	24.74%	22.92%	22.60%	17.98%
Return on Equity Simple (ROE_SIMPLE)	41.95%	40.90%	43.13%	0.00%	46.43%	45.23%	48.87%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	42	54	35	66	73	66	65	70	62	70	66
NOPAT Margin	33.30%	42.59%	28.15%	37.52%	37.15%	44.11%	38.67%	35.25%	35.32%	36.80%	33.48%
Net Nonoperating Expense Percent (NNEP)	1.53%	1.40%	-0.13%	2.01%	2.36%	1.37%	1.87%	0.54%	1.97%	3.72%	2.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.30%	-	-	-	5.64%	5.75%	4.84%	4.87%	4.14%
Cost of Revenue to Revenue	35.27%	36.20%	39.68%	36.38%	39.87%	36.71%	36.79%	39.95%	39.53%	40.33%	39.25%
SG&A Expenses to Revenue	20.79%	19.98%	19.29%	16.14%	14.58%	18.49%	18.21%	17.61%	16.72%	17.91%	17.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.79%	19.98%	19.29%	16.14%	14.58%	18.49%	18.21%	17.61%	16.72%	17.91%	17.44%
Earnings before Interest and Taxes (EBIT)	56	57	51	86	102	72	80	85	87	80	89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	59	53	89	104	74	82	88	89	83	91
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.73	10.36	12.86	11.56	11.74	14.94	12.27	11.15	10.08	8.78	8.24
Price to Tangible Book Value (P/TBV)	9.73	10.36	12.86	11.56	11.74	14.94	12.27	11.15	10.08	8.78	8.24
Price to Revenue (P/Rev)	8.16	9.74	12.28	10.96	10.63	13.97	11.52	11.22	11.05	9.90	9.47
Price to Earnings (P/E)	39.67	42.13	48.69	43.08	39.39	49.84	37.01	36.80	36.04	31.80	30.96
Dividend Yield	2.09%	1.90%	1.55%	1.58%	1.48%	1.11%	1.29%	1.32%	1.41%	1.53%	1.57%
Earnings Yield	2.52%	2.37%	2.05%	2.32%	2.54%	2.01%	2.70%	2.72%	2.77%	3.14%	3.23%
Enterprise Value to Invested Capital (EV/IC)	49.47	67.05	117.44	47.34	55.66	90.44	67.83	44.53	68.27	94.06	78.80
Enterprise Value to Revenue (EV/Rev)	7.65	9.18	11.46	10.28	9.95	13.25	10.82	10.59	10.38	9.32	8.99
Enterprise Value to EBITDA (EV/EBITDA)	16.72	21.27	24.32	22.22	20.61	27.06	21.61	21.71	21.55	19.84	19.24
Enterprise Value to EBIT (EV/EBIT)	17.27	22.06	25.15	22.96	21.22	27.86	22.22	22.30	22.18	20.42	19.78
Enterprise Value to NOPAT (EV/NOPAT)	22.69	25.80	33.25	28.71	27.07	35.54	27.66	27.54	27.31	25.49	25.52
Enterprise Value to Operating Cash Flow (EV/OCF)	17.73	21.89	49.96	47.10	43.65	47.10	26.41	25.10	20.52	19.43	19.00
Enterprise Value to Free Cash Flow (EV/FCFF)	26.07	34.02	38.63	35.29	31.40	40.13	35.98	33.58	26.64	23.52	23.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.25	0.32	0.29	0.27	0.24	0.34	0.31	0.29	0.25	0.21
Long-Term Debt to Equity	0.31	0.25	0.32	0.29	0.27	0.24	0.34	0.31	0.29	0.25	0.21
Financial Leverage	-0.90	-0.94	-0.94	-0.84	-0.86	-0.90	-0.89	-0.82	-0.87	-0.91	-0.91
Leverage Ratio	1.81	1.74	2.02	1.93	1.87	1.76	1.88	1.85	1.83	1.74	1.72
Compound Leverage Factor	2.19	2.02	1.98	2.17	1.96	1.88	2.13	1.91	2.01	2.54	2.32
Debt to Total Capital	23.57%	20.16%	23.97%	22.49%	20.97%	19.56%	25.30%	23.91%	22.48%	19.78%	17.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	23.57%	20.16%	23.97%	22.49%	20.97%	19.56%	25.30%	23.91%	22.48%	19.78%	17.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	24.65%	32.59%	19.02%	17.29%	18.28%	19.60%	18.44%	17.02%	18.40%	23.01%	27.94%
Common Equity to Total Capital	51.78%	47.25%	57.01%	60.22%	60.74%	60.85%	56.26%	59.07%	59.10%	57.20%	54.65%
Debt to EBITDA	0.83	0.93	0.85	0.77	0.65	0.61	0.84	0.83	0.87	0.83	0.78
Net Debt to EBITDA	-2.00	-2.81	-2.43	-2.06	-1.97	-2.09	-2.02	-1.89	-2.11	-2.20	-2.28
Long-Term Debt to EBITDA	0.83	0.93	0.85	0.77	0.65	0.61	0.84	0.83	0.87	0.83	0.78
Debt to NOPAT	1.13	1.13	1.17	0.99	0.85	0.81	1.08	1.06	1.10	1.07	1.04
Net Debt to NOPAT	-2.71	-3.40	-3.32	-2.66	-2.59	-2.75	-2.59	-2.40	-2.67	-2.83	-3.02
Long-Term Debt to NOPAT	1.13	1.13	1.17	0.99	0.85	0.81	1.08	1.06	1.10	1.07	1.04
Altman Z-Score	5.57	5.99	7.24	7.25	7.51	9.96	7.80	7.45	6.83	6.40	6.21
Noncontrolling Interest Sharing Ratio	42.98%	46.08%	25.25%	24.76%	27.38%	32.48%	24.82%	22.34%	23.49%	26.92%	30.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	25.32	70.34	56.99	30.82	41.16	41.38	68.21	56.88	53.25	62.04	78.69
Quick Ratio	23.88	67.09	52.65	27.26	38.54	37.86	65.29	53.66	51.62	57.88	74.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	19	12	12	29	41	39	2.57	20	69	93	90
Operating Cash Flow to CapEx	1,712.64%	2,684.05%	-1,143.05%	1,348.57%	5,295.02%	7,458.83%	1,143.16%	1,140.89%	9,593.15%	10,948.25%	4,443.29%
Free Cash Flow to Firm to Interest Expense	6.58	4.28	4.28	3.47	14.04	14.24	0.66	5.37	17.84	24.19	24.31
Operating Cash Flow to Interest Expense	20.02	28.29	-13.26	2.58	27.06	43.42	16.66	10.30	33.44	31.04	20.10
Operating Cash Flow Less CapEx to Interest Expense	18.85	27.23	-14.42	2.39	26.55	42.84	15.20	9.39	33.09	30.76	19.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.36	0.42	0.46	0.49	0.47	0.49	0.48	0.44	0.43	0.41
Accounts Receivable Turnover	0.00	0.00	0.00	72.23	56.45	53.41	44.18	58.52	40.37	35.03	26.95
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.34	16.19	15.87	18.03	19.86	20.25	19.95	20.20	19.93	21.55	21.42
Accounts Payable Turnover	41.63	64.15	67.16	45.01	46.47	49.63	60.65	55.04	47.47	45.97	59.07
Days Sales Outstanding (DSO)	0.00	0.00	0.00	5.05	6.47	6.83	8.26	6.24	9.04	10.42	13.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.77	5.69	5.43	8.11	7.85	7.35	6.02	6.63	7.69	7.94	6.18
Cash Conversion Cycle (CCC)	-8.77	-5.69	-5.43	-3.06	-1.39	-0.52	2.24	-0.39	1.35	2.48	7.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	80	67	48	120	112	95	110	170	105	73	87
Invested Capital Turnover	7.53	10.65	13.59	5.44	6.52	7.99	8.75	4.92	6.38	8.75	7.74
Increase / (Decrease) in Invested Capital	23	42	24	37	32	28	62	49	-6.63	-22	-23
Enterprise Value (EV)	3,964	4,515	5,613	5,692	6,225	8,593	7,481	7,550	7,183	6,829	6,864
Market Capitalization	4,231	4,792	6,018	6,068	6,651	9,062	7,968	8,001	7,649	7,254	7,228
Book Value per Share	$8.05	$8.57	$8.66	$9.72	$10.45	$11.19	$11.71	$12.94	$14.17	$14.83	$15.72
Tangible Book Value per Share	$8.05	$8.57	$8.66	$9.72	$10.45	$11.19	$11.71	$12.94	$14.17	$14.83	$15.72
Total Capital	840	979	821	872	932	997	1,154	1,214	1,284	1,444	1,606
Total Debt	198	197	197	196	196	195	292	290	289	286	280
Total Long-Term Debt	198	197	197	196	196	195	292	290	289	286	280
Net Debt	-473	-596	-560	-527	-596	-665	-700	-658	-702	-757	-813
Capital Expenditures (CapEx)	3.39	2.89	3.19	1.61	1.51	1.57	5.63	3.44	1.34	1.09	1.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	10	11	16	15	17	27	26	22	24	37	43
Debt-free Net Working Capital (DFNWC)	136	246	186	134	188	260	353	306	340	371	391
Net Working Capital (NWC)	136	246	186	134	188	260	353	306	340	371	391
Net Nonoperating Expense (NNE)	-9.71	-10	0.73	-11	-14	-9.75	-12	-3.51	-15	-33	-26
Net Nonoperating Obligations (NNO)	-562	-714	-576	-556	-625	-707	-752	-754	-890	-1,085	-1,239
Total Depreciation and Amortization (D&A)	1.87	1.86	2.04	2.41	2.31	2.37	2.39	2.22	2.53	2.52	2.43
Debt-free, Cash-free Net Working Capital to Revenue	2.01%	2.20%	3.28%	2.66%	2.72%	4.13%	3.69%	3.09%	3.49%	5.02%	5.60%
Debt-free Net Working Capital to Revenue	26.16%	49.94%	37.86%	24.26%	30.07%	40.02%	51.02%	42.86%	49.13%	50.63%	51.18%
Net Working Capital to Revenue	26.16%	49.94%	37.86%	24.26%	30.07%	40.02%	51.02%	42.86%	49.13%	50.63%	51.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.82	$1.11	$0.52	$1.27	$1.49	$1.38	$1.33	$1.25	$1.30	$1.71	$1.40
Adjusted Weighted Average Basic Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Adjusted Diluted Earnings per Share	$0.81	$1.11	$0.51	$1.26	$1.47	$1.37	$1.32	$1.25	$1.28	$1.69	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	54.00M	54.01M	54.01M	54.19M	54.20M	55.43M	55.44M	53.55M	55.68M	55.80M	55.78M
Normalized Net Operating Profit after Tax (NOPAT)	42	54	35	66	73	66	65	70	62	70	66
Normalized NOPAT Margin	33.30%	42.59%	28.15%	37.52%	37.15%	44.11%	38.67%	35.25%	35.32%	36.80%	33.48%
Pre Tax Income Margin	54.18%	52.30%	40.18%	55.03%	54.27%	51.40%	53.58%	44.58%	54.25%	61.60%	60.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.37	20.75	18.70	10.25	34.46	26.60	20.59	22.39	22.52	20.97	24.15
NOPAT to Interest Expense	14.38	19.70	12.83	7.87	24.80	24.47	16.83	18.29	16.12	18.34	18.03
EBIT Less CapEx to Interest Expense	18.20	19.69	17.54	10.05	33.95	26.02	19.13	21.49	22.17	20.68	23.69
NOPAT Less CapEx to Interest Expense	13.21	18.65	11.67	7.68	24.29	23.89	15.37	17.39	15.77	18.06	17.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.59%	67.37%	63.41%	48.16%	41.96%	42.68%	38.44%	38.25%	40.15%	38.61%	39.24%
Augmented Payout Ratio	69.59%	67.37%	63.41%	48.16%	41.96%	42.68%	38.44%	38.25%	40.15%	38.61%	39.24%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, four-year trend snapshot for Hamilton Lane (HLNE) based on quarterly cash flow statements, income statements, and balance sheets. The focus is on what could matter to retail investors evaluating the stock's momentum and liquidity.

Revenue growth: Operating revenue rose from about $168.3 million in 2023 Q3 to about $198.6 million in 2026 Q3, signaling a multi-year uptrend in topline performance.
Solid gross margin: In 2026 Q3, gross profit was about $120.6 million on $198.6 million of revenue, yielding a gross margin near 60.7%, indicating pricing power and strong cost control.
Earnings per share strength: Diluted earnings per share stood at $1.37 in 2026 Q3, supported by a solid net income to common shareholder figure and an improving earnings profile in the latest quarter.
Improving liquidity: Cash and cash equivalents were about $340.2 million in 2026 Q3, up from around $315.9 million earlier in 2026 and markedly higher than levels a few years prior, suggesting ample liquidity to fund operations and investments.
Shareholder returns: The company continues to pay a per-share dividend of $0.54, reflecting ongoing cash return to shareholders and a stable income component for investors.
Debt level: Long-term debt has fluctuated within a broad range (roughly $197 million to $292 million over the last four years), with 2026 Q3 around $279.5 million. This suggests manageable leverage with some variability over time.
Equity financing: Issuance of common equity in 2026 Q3 totaled about $96.6 million, indicating access to capital markets but potential dilution for existing shareholders.
Investing activity: The firm continues to deploy cash into acquisitions and long-term investments; for example, 2026 Q3 net cash from continuing investing activities was about -$139.2 million, contributing to near-term cash outflows despite positive operating cash flow.
Significant investing outflows in recent quarters: Q3 2026 net cash from continuing investing activities was approximately -$139.2 million, with similar sizable outlays in prior periods (e.g., Q2 2026 around -$134.1 million). This heavy investing pace weighs on near-term free cash flow and cash balance.
Near-term liquidity pressure from investing: Sustained large cash spends on acquisitions/investments can press on short-term liquidity if operating cash flow and financing activity do not keep pace.

05/22/26 07:50 AM ETAI Generated. May Contain Errors.

Hamilton Lane Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hamilton Lane's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

Hamilton Lane's net income appears to be on an upward trend, with a most recent value of $313.77 million in 2025, rising from $55.85 million in 2016. The previous period was $227.21 million in 2024. View Hamilton Lane's forecast to see where analysts expect Hamilton Lane to go next.

Hamilton Lane's total operating income in 2025 was $316.55 million, based on the following breakdown:

Total Gross Profit: $438.47 million
Total Operating Expenses: $121.91 million

Over the last 9 years, Hamilton Lane's total revenue changed from $180.80 million in 2016 to $712.96 million in 2025, a change of 294.3%.

Hamilton Lane's total liabilities were at $766.46 million at the end of 2025, a 28.8% increase from 2024, and a 397.7% increase since 2017.

In the past 8 years, Hamilton Lane's cash and equivalents has ranged from $32.29 million in 2017 to $277.27 million in 2025, and is currently $277.27 million as of their latest financial filing in 2025.

Over the last 9 years, Hamilton Lane's book value per share changed from 0.00 in 2016 to 12.94 in 2025, a change of 1,293.8%.

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Financial statements for NASDAQ:HLNE last updated on 2/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hamilton Lane (HLNE) Financials

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Hamilton Lane (HLNE) Financials

Annual Income Statements for Hamilton Lane

Quarterly Income Statements for Hamilton Lane

Annual Cash Flow Statements for Hamilton Lane

Quarterly Cash Flow Statements for Hamilton Lane

Annual Balance Sheets for Hamilton Lane

Quarterly Balance Sheets for Hamilton Lane

Annual Metrics And Ratios for Hamilton Lane

Quarterly Metrics And Ratios for Hamilton Lane

Financials Breakdown Chart

Key Financial Trends

Hamilton Lane Financials - Frequently Asked Questions

When does Hamilton Lane's fiscal year end?

How has Hamilton Lane's net income changed over the last 9 years?

What is Hamilton Lane's operating income?

How has Hamilton Lane's revenue changed over the last 9 years?

How much debt does Hamilton Lane have?

How much cash does Hamilton Lane have?

How has Hamilton Lane's book value per share changed over the last 9 years?

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