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what it is
Hamilton Lane helps big investors get into private equity, private credit, and secondaries, then takes fees for access, advice, and performance.
how it gets paid
Last year Hamilton Lane made $713M in revenue. management fees was the main engine at $285M, or 40% of sales.
why it's growing
Revenue grew 28.7% last year. Assets under management reached $145 billion, up 11% from 12 months earlier, while fee-earning aum rose to $76 billion, reflecting steady inflows and market appreciation.
what just happened
The latest quarter landed at $1.55 in EPS, ahead of the $1.15 consensus by 34.8%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
65/100 earnings predictability — reasonably predictable
26.5x trailing p/e — priced about right
1.4% dividend yield — cash in your pocket every quarter
21.5% return on capital — every dollar works hard here
xvary composite: 68/100 — average
What they do
Hamilton Lane helps big investors get into private equity, private credit, and secondaries, then takes fees for access, advice, and performance.
The moat is trust plus scale. Hamilton Lane has $145 billion of AUM and $745 billion of AUA, so clients already use it to place very large private-market bets. Fee-earning AUM → assets that actually pay Hamilton Lane fees → so what: that base reached $76 billion, giving you recurring revenue before any performance fees show up.
How they make money
$713M
annual revenue · their business grew +28.7% last year
management fees
$285M
+11.0%
advisory fees
$171M
+11.0%
incentive fees
$121M
+18.0%
carried interest
$86M
+28.7%
investment and other income
$50M
+10.0%
The products that matter
private-markets portfolio management
Management and advisory
$713M revenue · core business
it's the entire reported revenue base at $713M, and it grew 28.7% last year. This is the business.
100% of revenue
semi-liquid private markets vehicles
Evergreen products
record inflows
management says these products are driving record quarterly inflows and higher fee rates. The Guardian Life partnership alone is expected to contribute about $500M annually over the next decade.
growth driver
data, technology, and distribution layer
Technology and data platform
supports $145B AUM
this helps win and retain institutional and wealth clients across a $145B platform, but the company does not break out standalone revenue here. Thin disclosure is part of the story.
visibility watch
Key numbers
$183
18-month target
That sits 21% above $150.95 today, so your upside case is real but not fantasy-priced.
47.5%
operating margin
Operating margin → how much revenue is left after running the business → so what: nearly half of each revenue dollar survives.
21.5%
return on capital
Return on capital → profit earned on money put into the business → so what: Hamilton Lane turns capital into earnings far better than an average asset manager.
$76B
fee-paying assets
Fee-earning AUM → assets that actually generate recurring fees → so what: this is the cleanest read on future base revenue.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $288M (3% of capital)
- net profit margin 36.8% — keeps 37 cents of every dollar in revenue
- return on equity 44% — $0.44 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in HLNE 3 years ago → it's now worth $21,930.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
The latest quarter landed at $1.55 in EPS, ahead of the $1.15 consensus by 34.8%.
Revenue was about $198.6 million in the quarter, up 18% vs. prior year based on the company update cited in web coverage. Management also said evergreen products posted record inflows while fee-earning AUM reached $76 billion.
$198.6M
revenue
$1.55
eps
47.5%
operating margin
the number that mattered
The 34.8% EPS beat matters because it shows Hamilton Lane can turn asset growth into profit faster than the Street expected.
-
assets under management reached $145 billion, up 11% from 12 months earlier, while fee-earning aum rose to $76 billion, reflecting steady inflows and market appreciation.
-
business trends remain favorable across key strategies.
-
specialized funds, particularly the firm’s evergreen products, continue to drive growth, with record quarterly inflows and rising fee rates amid an asset-mix shift toward higher-margin offerings.management also announced a significant long-term partnership with guardian life, which is expected to contribute approximately $500 million annually over the next decade and further scale hamilton lane’s evergreen and insurance-focused platforms. the firm’s technology initiatives and data partnerships are also expanding engagement with institutional and wealth clients, supporting broader distribution and visibility into 2026 and beyond.
-
looking ahead, hamilton lane’s setup remains attractive.operating leverage is improving, fee-earning assets continue to grow, and expense discipline remains intact despite incremental investments tied to growth initiatives. the balance sheet is strong, dividend growth remains consistent, and unrealized paper gains that have not yet been sold continue to build.
-
the stock has increased nearly 25% in value since our late october report.despite the aforementioned stock price rise, these shares continue to hold attractive intermediate- and long-term capital return potential.
source: company earnings report, 2026
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What could go wrong
the #1 risk is fee-earning AUM growth slowing after a strong evergreen run.
high
fee-earning AUM stalls
HLNE reports $145B of total AUM, but only $76B is fee-earning. If fundraising or asset mix slows, revenue growth can cool faster than the headline AUM number suggests.
the pressure point is the monetized $76B, not the full $145B platform.
med
private-markets exit and valuation cycle
A weaker deal environment can slow realizations, fundraising, and client appetite for new commitments. That matters when the stock is priced for continued growth at 26.5x trailing earnings.
if growth slows, the multiple does not have much room to hide.
med
partnership and platform execution
Management highlighted a Guardian Life relationship worth about $500M annually over a decade and ongoing investment in technology and platform partnerships. If that ramp disappoints, part of the current growth story fades.
that's meaningful against a $713M annual revenue base.
low
the chart is weaker than the fundamentals
The momentum rank sits in the bottom 5%, and institutions logged 181 buyers versus 206 sellers in 3q2025. That is not a collapse, but it does say the stock still needs to win people over.
price can stay choppy even if the business keeps executing.
if fee-earning AUM stalls near $76B and revenue falls short of the $910M estimate, you're left with an ~$8B stock on a premium multiple and less growth to justify it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
fee-earning AUM, not just total AUM
$76B is the number tied to fees. If that grows slower than the $145B headline asset base, the story gets weaker fast.
calendar
next earnings report
you want updates on evergreen inflows, fee rates, and whether the $6.30 EPS estimate is holding up.
trend
evergreen product mix
management says evergreen vehicles are driving record inflows and higher fee rates. If that continues, margins stay supported.
risk
guardian partnership execution
about $500M annually for 10 years is large relative to current revenue. Watch for signs the ramp is arriving on schedule.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they still like the setup.
risk profile
average
stability score 3 — this sits in the middle of the market on risk. Not a bunker stock, not chaos either.
chart momentum
bottom 5%
technical score 5 — the chart looks worse than the business. That disconnect is either an opportunity or a warning.
earnings predictability
65 / 100
earnings are reasonably dependable, but private-markets marks and realization timing can still create some lumpiness.
source: institutional data
Institutional activity
181 buyers vs. 206 sellers in 3q2025. total institutional holdings: 42.1M shares.
source: institutional data
Price targets
3-5 year target range
$113
$252
$151
current price
$183
target midpoint · +21% from current · 3-5yr high: $235 (+55% · 13% ann'l return)
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