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Asset management · Financial Services · Fiscal year ends Mar 31
Hamilton Lane reported revenue of $759M in the fiscal year ended Mar 2026, up 6.5% from the year before. Operating income was $463M, an operating margin of 61.0%, and net income was $249M. Operating cash flow of $425M less capital expenditure of $6M left free cash flow of $419M. It held more cash than debt (net cash $93M).
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 368 | 529 | 554 | 713 | 759 |
| Operating incomederived: pre-tax income + interest | 314 | 243 | 282 | 362 | 463 |
| Pre-tax income | 314 | 243 | 282 | 362 | 463 |
| Income tax | 66.4 | 55.4 | 54.5 | 48.5 | 75.2 |
| Net income | 146 | 109 | 141 | 217 | 249 |
| Diluted EPS | 3.98 | – | – | – | – |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 76.2 | 117 | 120 | 284 | 372 |
| Net PP&E | 28.8 | 28.4 | 33.0 | 37.6 | 35.0 |
| Goodwill | 9.6 | 9.6 | 9.6 | 9.6 | 9.6 |
| Total assets | 1,295 | 1,141 | 1,271 | 1,690 | 2,305 |
| Long-term debt | 214 | 214 | 196 | 290 | 278 |
| Total liabilities | 557 | 566 | 595 | 766 | 838 |
| Shareholders' equity | 347 | 415 | 525 | 717 | 915 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 170 | 227 | 121 | 301 | 425 |
| Capital expenditure | 8.5 | 4.7 | 11.1 | 12.2 | 5.8 |
| Free cash flow | 161 | 222 | 110 | 289 | 419 |
| Depreciation & amortisation | 5.5 | 7.4 | 8.2 | 9.3 | 9.9 |
| Stock-based compensation | 7.4 | 10.0 | 12.1 | 31.4 | 50.9 |
| Acquisitions | 10.1 | 1.5 | – | – | – |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | – |
| Dividends paid | 49.6 | 72.4 | 65.4 | 76.0 | 87.7 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.7% | 4.7% | 28.7% | 6.5% |
| Operating income growth (YoY) | – | −22.7% | 16.1% | 28.6% | 27.8% |
| Operating margin | 85.3% | 45.9% | 50.9% | 50.8% | 61.0% |
| Net margin | 39.7% | 20.6% | 25.4% | 30.5% | 32.8% |
| Return on equityBlank when equity is negative | 42.1% | 26.3% | 26.8% | 30.3% | 27.2% |
| Free cash flow margin | 43.8% | 42.0% | 19.8% | 40.5% | 55.2% |
| Cash conversion (CFO ÷ net income) | 1.16x | 2.08x | 0.86x | 1.38x | 1.71x |
| Debt ÷ equity | 0.62x | 0.51x | 0.37x | 0.40x | 0.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 137 | 97.0 | 76.5 | 6.7 | −93.5 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.