Hamilton Lane INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hamilton Lane INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	180	244	252	274	342	368	529	554	713	759
General and administrative			49	57.5	49.2
Operating expenses	104	121	148	158	186	198	289	308	396	434
Interest expense	14.6	5.99	3.04	2.82	2.04
Other non-operating income	-1.36	16.7	25.3	24.3	37.5	144	2.57	35.8	45.7	138
Pre-tax income	74.8	140	130	141	193	314	243	282	362	463
Income tax	0.32	33.3	30.6	14	24.4	66.4	55.4	54.5	48.5	75.2
Net income	0.61	17.3	33.6	60.8	98	146	109	141	217	249
EPS, diluted			1.40	2.15	2.81	3.98

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	32.3	47.6	49.4	50.1	87	76.2	117	120	284	372
Property, plant and equipment	4.06	4.78	8.11	7.4	23.3	28.8	28.4	33	37.6	35
Lease right-of-use assets				9.58	64.4	65.6	62.3	62.4	61.4	61.4
Goodwill	1.07	3.94	3.94	3.94	3.94	9.57	9.57	9.57	9.57	9.57
Intangible assets	0.4	3.02	2.56	8.33	7.93	12.6	6.29	4.58	2.88	1.42
Total assets	241	294	361	474	1,137	1,295	1,141	1,271	1,690	2,305
Total liabilities	154	158	191	236	546	557	566	595	766	838
Total debt	84.3	84.2	71	74.7	163	214	214	196	290	278
Paid-in capital	61.8	73.8	92.5	108	151	162	172	208	262	299
Retained earnings	0.61	4.55	17.7							615
Treasury stock	-2.15	0
Other comprehensive income	-0.31	0	0.01	-0.08				0	-0.14	1.17
Shareholders' equity	60	78.4	110	155	238	347	415	525	717	915
Total equity	86.6	136	170	237	314	461	574	676	924	1,467
Total liabilities and equity	241	294	361	474	1,137	1,295	1,141	1,271	1,690	2,305

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	74.4	106	99	127	169	247	187	227	314	388
Depreciation and amortization	1.92	1.89	2.98	3.29	4.13	5.5	7.44	8.19	9.29	9.88
Stock-based compensation	4.68	5.54	6.38	7.18	7.08	7.4	9.95	12.1	31.4	50.9
Deferred income tax	0.03	23	21.7	7.93	7.03	23.9	20.5	16.7	12.1	28.2
Change in payables	0.73	0.33	0.92	-0.65	0.21	0.65	1.73	-0.05	0.96	0.19
Cash from operations	81.7	96.7	112	116	188	170	227	121	301	425
Capital expenditures	-1.28	-2.25	-5.37	-1.98	-18.6	-8.53	-4.75	-11.1	-12.2	-5.84
Acquisitions	0	-5.23	0	0	0	-10.1	-1.5	0	0
Cash from investing	-16.7	-21.8	-19.2	-49.9	-422	-70.5	178	-122	-118	-495
Debt issued		74.6	0	74.8	75	24.9	31.7	0
Debt repaid	-163	-87	-2.81	-71.3	-1.41	-1.84	-4.5	-2.5	-3.75	-12.5
Stock issued	0	125	194	147	473	73.8	43.7	202	248	55.5
Share buybacks		-0	-0	-0	-0.01	-0	0	-0	-0
Dividends paid	0	-9.51	-18.7	-29.1	-39.7	-49.6	-72.4	-65.4	-76	-87.7
Cash from financing	-101	-59.7	-90.2	-64.7	271	-113	-364	4.4	-19.2	156
Exchange rate effect	0	0	0.01	-0.14	0.13	0	0	0	-0.1	2.43
Net change in cash	-36.2	15.2	2.21	1.62	37.2	-14.2	40.4	3.07	164	88.3
Free cash flow	80.4	94.4	106	114	170	161	222	110	289	419
Interest paid	10.2	3.08	2.97	2.85	1.99	4.59	8.47	11	10.4	11.9
Income taxes paid	0.28	8.79	10.2	7.8	6.33	33.7	50.9	39.8	27	54.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $86.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	60.3%	Pre-tax income / revenue.
Net margin	32.1%	Net income / revenue.
FCF margin	42.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.5%	Cash from operations / revenue.
Effective tax rate	15.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.9%	Net income / average total assets.
Stock-based pay / revenue	5.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	41.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	45.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	19.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	27.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	36.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.8%	Total debt / total assets.
Liabilities / assets	33.3%	Total liabilities / total assets.
Net debt	-$75.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$939.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	24.8x	Revenue / average property, plant and equipment.
FCF conversion	133.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	32.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.75B	Share price x shares outstanding.
Enterprise value	$4.68B	Market cap + total debt - cash - short-term investments.
P/E	17.2x	Market cap / net income. Only when net income is positive.
P/S	5.54x	Market cap / revenue.
P/B	5.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.06x	Market cap / tangible book value, when positive.
P/FCF	13.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	5.45x	Enterprise value / revenue.
EV/FCF	12.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was Hamilton Lane INC's revenue in fiscal 2026?

Hamilton Lane INC reported revenue of $759.0M for fiscal 2026, 6.5% higher than the year before.

Was Hamilton Lane INC profitable in fiscal 2026?

Yes. Net income was $249.2M, a net margin of 32.8%.

How much free cash flow did Hamilton Lane INC generate in fiscal 2026?

Cash from operations of $424.9M minus capital expenditures of $5.8M left free cash flow of $419.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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