Hamilton Lane Incorporated (HLNE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.8%

$51.99

vs $87.84 price

Levered DCF

$77.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.06

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.59×	27.28×	29.91×	24.26×	19.23×	31.4×	25.49×	31.26×
P/B	4.03×	8.32×	8.02×	6.6×	8.14×	12.33×	10.04×	9.53×
P/S	4.86×	8.37×	7.61×	5.19×	7.67×	8.59×	5.67×	4.17×
EV / EBITDA	7.55×	15.75×	14.53×	11.3×	9.28×	19.31×	10.81×	7.91×
Gross margin	69.9%	70.8%	70.0%	71.8%	70.5%	60.1%	68.7%	60.7%
Operating margin	42.8%	44.4%	44.4%	45.4%	46.1%	45.6%	42.5%	41.3%
Net margin	32.8%	30.5%	25.4%	20.6%	39.7%	28.7%	22.2%	13.3%
Current ratio	1.62×	1.68×	1×	0.87×	1.85×	1.8×	0.81×	0.83×
Debt / equity	0.39×	0.51×	0.52×	0.7×	0.73×	1×	0.55×	0.64×
Interest coverage	21.73×	23.74×	22×	27.86×	36.59×	62.22×	41.35×	34.3×
Dividend yield	3.8%	2.0%	2.6%	5.0%	3.4%	2.5%	4.9%	6.6%
Payout ratio	56.9%	55.1%	77.6%	124.5%	66.7%	75.5%	125.7%	206.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.2%	30.3%	26.8%	26.3%	42.1%	41.2%	39.3%	30.5%
Return on invested capital	13.9%	19.6%	19.4%	19.9%	12.5%	14.9%	29.2%	30.0%
Return on assets	10.8%	12.9%	11.1%	9.6%	11.3%	8.6%	12.8%	9.3%
Free cash flow yield	12.3%	4.8%	2.6%	8.1%	5.7%	5.7%	7.1%	10.1%
Earnings yield	6.8%	3.6%	3.3%	4.0%	5.2%	3.3%	3.9%	3.2%
Enterprise value	$3.7B	$6.1B	$4.4B	$2.9B	$3B	$3.1B	$1.6B	$1.1B
Net debt / EBITDA	-0.02×	0.24×	0.53×	0.7×	0.56×	0.95×	0.24×	0.16×
Cash conversion cycle (days)	75	92	67	28	44	28	36	24