Hamilton Lane Incorporated

HLNE

Asset Management · Financial Services

Price

$85.85

-0.05 (-0.06%)

Market Cap

$4.77B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 53.7M (2022) → 54.5M (2026)

Hamilton Lane Incorporated is an investment firm specializing in direct and fund of fund investments. It provides following services: separate accounts (customized to each individual client and structured as single client vehicles); specialized strategies (fund-of-funds, secondaries, co-investments, taft-hartley, distribution management); advisory relationships (including due diligence, strategic portfolio planning, monitoring and reporting services); and reporting and analytics solutions. For d

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-31.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

25.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$277M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Hamilton Lane Incorporated is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

67.3%

Premium pricing power — 67.3% gross margin

Operating Margin

42.4%

Excellent — 42.4% operating margin

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.7%

Steady sales growth (11.7% YoY)

EPS YoY

-13.3%

Earnings shrinking (-13.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

156%

Turns 156% of profit into real cash

FCF Margin

46.6%

Converts sales into free cash efficiently (46.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.40

Conservative — low debt load (0.40)

Interest Cover

21.51x

Comfortably covers interest (21.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

15.2x

Fair value — P/E 15.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.78%

Moderate income — 2.78% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+10.4%

Dividend growing fast (10.4% YoY)

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