Hamilton Lane Incorporated (HLNE) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: Hamilton Lane Incorporated

Market cap $5B · 52 weeks $74 – $154 (42% below the high) · P/E 13.1× · 2027 est. P/E 12.1× · Dividend 2.6% · 7 years rising · Next earnings February 2, 2027 · expected EPS $1.74 · Closing price, Nov 3 · accounts published Nov 3.

• Valuation: TTM P/E 13.1× (fairly priced).
• Business: ROE 30.3% (excellent).
• Balance sheet: Debt/Equity 0.39 (solid).
• Earnings: 8 of 8 (on track).

Where would it trade at its usual multiples?

At the decade median (33.6×) $227 (+156%); at its sector median (12.9×) $87 (-2%). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in financial services: 6 of 6 pass

• 5y revenue growth 14.7%, passes.
• Operating margin 42.8%, passes.
• ROE 30.3%, passes.
• FCF / Net Income 182.4%, passes.
• Debt / Equity 0.39, passes.
• P/E vs own 5y 13.1×, passes.

Against its peers (reference peers) — Hamilton Lane Incorporated: P/E 13.2×; EV/EBITDA 9.1×; ROIC 79.7%; $4.9B. Affiliated Managers Group, Inc. (P/E 12.8×; EV/EBITDA 7.3×; ROIC 6.1%; $9.6B), The Carlyle Group Inc. (P/E 42.5×; EV/EBITDA 28.1×; ROIC 2.8%; $14.6B), Ares Management Corporation (P/E 84.8×; EV/EBITDA 26.8×; ROIC 4.6%; $42.3B).

Expensive or cheap against its last 8 years?

P/E at each close: today 13.2× · median 33.6× · minimum 11.5× · maximum 56.2× · cheap below 27.1× · expensive above 42.1×. It has been cheaper than today only 3% of the time over its last 8 years.

Dividend

solid · Yield (last 12 months) 2.6% · $2.16 per share in 2026 · Years raising it 7 · 5-year growth +12% a year · Free cash flow coverage 3.8× (last three fiscal years) · With $1,000 invested today you'd collect $25.70 a year ($2.14 a month).