Hamilton Lane

HLNE on Nasdaq. Hamilton Lane sells private markets investment portfolios to institutions and private wealth clients. Market value $5.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

Scores 100 of 100 on quality, a sign of a strong business.
Pays a 1.5% dividend, every year for at least 5 years.

What to watch out for

Expensive right now: it scores 29 of 100 on price, and our list needs 60.

See cheaper Financial services stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity

five annual reports to March 2026

30.5%five-year median

Yearly profit per dollar of owners' money: 31 cents. Above 10 is good.

Price to book

quarterly report to June 2026

6.2×

What you pay for each dollar of net assets: $6.17.

Earnings yield

past 12 months to June 2026

4.8%

Profit per $100 you pay: $4.76.

Quality score: 100 of 100. Price score: 29 of 100. Our list needs 70 on quality and 60 on price.

$86.50 a share, 20% above its 1-year low

Dividend: 1.5% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a

20222023202420252026

Revenue
Revenue	$368m	$529m	$554m	$713m	$759m
Operating margin
Operating margin	n/a	n/a	n/a	n/a	n/a
Debt to equity
Debt to equity	n/a	n/a	n/a	n/a	n/a
Shares outstanding
Shares outstanding	n/a	n/a	n/a	n/a	n/a

Health checks

Free cash flow positiveDoesn't apply to banks and insurers
Accounting checksDoesn't apply to banks and insurers
DebtDoesn't apply to banks and insurers
Revenue growth, five yearsStrong, 17.3% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

Sales: $275 million last quarter, up 56% on a year ago.
Profit: $80 million, up 50% on a year ago.
Spare cash over the past 12 months: $367 million, up from $338 million.
Sales grew on a year ago in 3 of the last 4 quarters.

Sales by quarter

$176m

$275m

Sales by quarter
Quarter to	Amount
September 2024	$150m
December 2024	$168m
March 2025	$198m
June 2025	$176m
September 2025	$191m
December 2025	$199m
March 2026	$194m
June 2026	$275m

Profit by quarter

$54m

$80m

Profit by quarter
Quarter to	Amount
September 2024	$55m
December 2024	$53m
March 2025	$50m
June 2025	$54m
September 2025	$71m
December 2025	$58m
March 2026	$66m
June 2026	$80m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated): n/a
Last annual report (10-K): 21 May 2026
Next quarterly (estimated, 10-Q): 3 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 380 funds in all.

Jun '25

Dec '25

Jun '26

Mawer Investment ManagementMawer team
Value
$1m
Share of fund
<0.1%
New

Fund	Value	Share of that fund	Change
Mawer Investment ManagementMawer team	$1m	<0.1%	New

Largest holders overall

BlackRock
$338m
Added
Kayne Anderson Rudnick Investment Management
$241m
Cut
Vanguard Portfolio Management
$142m
Vanguard Capital Management
$141m
State Street
$108m
Added
LOS Angeles Capital Management
$96m
Added
Citadel Advisors
$95m
Added
Wasatch Advisors LP
$91m
Cut
Geode Capital Management
$83m
Principal Financial Group
$81m
Cut

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

HLA Investments, LLC
Insider or founder
at least 27.6%−0.6 pts
(filed with 26 related holders)
Since 27 May 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Item 3 to this Amendment No. 15 is hereby incorporated by reference.
Read the filing
BlackRock, Inc.
Passive investor
9.1%−1.0 pts
Since 30 September 2025
Kayne Anderson Rudnick Investment Management, LLC
Passive investor
7.8%+1.3 pts
Since 31 March 2026
The Vanguard Group
Passive investor
Sold down below 5%
Since 13 March 2026
Kevin J. Lucey
Insider or founder
Sold down below 5%
Since 12 February 2025
What they said
Item 3 to this Amendment No. 13 is hereby incorporated by reference. Pursuant to lock-up agreements, the Issuer, HLA, certain directors and executive officers and certain of the Reporting Persons (collectively owning approximately 26.9% of the Issuer's common stock as of…
Read the filing

Holder	Stake	Since
HLA Investments, LLC Insider or founder	at least 27.6%−0.6 pts (filed with 26 related holders)	27 May 2026	What they said Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Item 3 to this Amendment No. 15 is hereby incorporated by reference. Read the filing
BlackRock, Inc. Passive investor	9.1%−1.0 pts	30 September 2025
Kayne Anderson Rudnick Investment Management, LLC Passive investor	7.8%+1.3 pts	31 March 2026
The Vanguard Group Passive investor	Sold down below 5%	13 March 2026
Kevin J. Lucey Insider or founder	Sold down below 5%	12 February 2025	What they said Item 3 to this Amendment No. 13 is hereby incorporated by reference. Pursuant to lock-up agreements, the Issuer, HLA, certain directors and executive officers and certain of the Reporting Persons (collectively owning approximately 26.9% of the Issuer's common stock as of… Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $20m of shares on the open market.

Rogers Hartley R.
Executive Co-Chairman, Director
Bought
Date
11 June 2026
Shares
38,290
Price
$78.49
Value
$3m
Kramer Andrea Anigati
Chief Operating Officer
Bought
Date
11 June 2026
Shares
1,283
Price
$77.46
Value
$99,381
BERKMAN DAVID J
Director
Bought
Date
11 June 2026
Shares
15,000
Price
$76.27
Value
$1m
Rogers Hartley R.
Executive Co-Chairman, Director
Bought
Date
27 May 2026
Shares
932
Price
$92.72
Value
$86,420
Rogers Hartley R.
Executive Co-Chairman, Director
Bought
Date
26 May 2026
Shares
110,000
Price
$90.05
Value
$10m
BERKMAN DAVID J
Director
Bought
Date
24 February 2026
Shares
10,000
Price
$101.00
Value
$1m
Hirsch Erik R.
Co-Chief Executive Officer, Director
Bought
Date
20 February 2026
Shares
9,225
Price
$107.13
Value
$988,274
Delgado-Moreira Juan
Co-Chief Executive Officer, Director
Bought
Date
20 February 2026
Shares
9,225
Price
$107.24
Value
$989,296
Kramer Andrea Anigati
Chief Operating Officer
Bought
Date
20 February 2026
Shares
2,325
Price
$107.53
Value
$250,007
Giannini Mario L
Executive Co-Chairman
Bought
Date
20 February 2026
Shares
9,225
Price
$107.32
Value
$990,027

Date	Who	Did	Shares	Price	Value
11 June 2026	Rogers Hartley R. Executive Co-Chairman, Director	Bought	38,290	$78.49	$3m
11 June 2026	Kramer Andrea Anigati Chief Operating Officer	Bought	1,283	$77.46	$99,381
11 June 2026	BERKMAN DAVID J Director	Bought	15,000	$76.27	$1m
27 May 2026	Rogers Hartley R. Executive Co-Chairman, Director	Bought	932	$92.72	$86,420
26 May 2026	Rogers Hartley R. Executive Co-Chairman, Director	Bought	110,000	$90.05	$10m
24 February 2026	BERKMAN DAVID J Director	Bought	10,000	$101.00	$1m
20 February 2026	Hirsch Erik R. Co-Chief Executive Officer, Director	Bought	9,225	$107.13	$988,274
20 February 2026	Delgado-Moreira Juan Co-Chief Executive Officer, Director	Bought	9,225	$107.24	$989,296
20 February 2026	Kramer Andrea Anigati Chief Operating Officer	Bought	2,325	$107.53	$250,007
20 February 2026	Giannini Mario L Executive Co-Chairman	Bought	9,225	$107.32	$990,027

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 21 May 2026, plus the 10-Q filed 4 Aug 2026 and 2 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.