Hamilton Lane Inc. (HLNE) intrinsic value & 10-year financials
Hamilton Lane Inc. (HLNE) has a Graham intrinsic value of $132.20 per share. At $82.26 on Oct 20, 2026, the stock trades 38% below that value. Over the last 10 fiscal years revenue grew 17.4% a year to $759.0M, with an average return on invested capital of 27.1%.
- Graham intrinsic value
- $132.20
- Share price (Oct 20, 2026)
- $82.26
- Price vs Graham value
- 38% below
- Market cap
- $5.2B
- Revenue (FY2026)
- $759.0M
- Revenue growth (10-yr CAGR)
- 17.4%
- ROIC (10-yr avg)
- 27.1%
- Free cash flow (FY2026)
- $419.1M
HLNE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $759.0M | $249.2M | — | $419.1M | — | 32.2% |
| FY2025 | $713.0M | $217.4M | — | $288.7M | — | 32.8% |
| FY2024 | $553.8M | $140.9M | — | $109.8M | — | 25.3% |
| FY2023 | $528.8M | $109.1M | — | $221.8M | — | 21.9% |
| FY2022 | $367.9M | $146.0M | $3.98 | $161.0M | — | 36.6% |
| FY2021 | $341.6M | $98.0M | $2.81 | $169.5M | — | 39.7% |
| FY2020 | $274.0M | $60.8M | $2.15 | $114.4M | — | 39.1% |
| FY2019 | $252.2M | $33.6M | $1.40 | $106.3M | — | 27.2% |
| FY2018 | $244.0M | $17.3M | — | $94.4M | — | 15.3% |
| FY2017 | $179.8M | $612.0K | — | $80.4M | — | 0.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Hamilton Lane INC is a consistent compounder, expanding top-line revenue at 17.4% annually over the past decade.
Hamilton Lane INC has earned high returns on invested capital, averaging 27.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Hamilton Lane INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Hamilton Lane INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $132.20 per share.