Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 13.3x · ROE 20.8%. (2015–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $5.4B | $7.1B | $6.1B | $4.0B | $4.1B | $3.0B | $1.6B | $1.1B | $707M | $342M |
| Enterprise Value | $4.5B | $5.4B | $7.2B | $6.2B | $4.2B | $4.3B | $3.1B | $1.6B | $1.1B | $744M | $394M |
| P/E Ratio → | 13.62 | 16.79 | 27.48 | 30.56 | 24.58 | 19.42 | 31.52 | 25.85 | 31.58 | 40.91 | 622.33 |
| P/S Ratio | 5.90 | 7.14 | 9.95 | 10.97 | 7.51 | 11.28 | 8.65 | 5.74 | 4.20 | 2.90 | 1.90 |
| P/B Ratio | 3.00 | 3.69 | 7.68 | 8.99 | 6.92 | 5.63 | 5.01 | 6.63 | 6.24 | 5.20 | 3.95 |
| P/FCF | 9.85 | 11.92 | 24.58 | 55.37 | 17.91 | 25.77 | 17.53 | 14.27 | 9.97 | 7.49 | 4.26 |
| P/OCF | 9.72 | 11.77 | 23.59 | 50.29 | 17.53 | 24.47 | 15.70 | 13.52 | 9.49 | 7.31 | 4.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.13 | 10.08 | 11.26 | 7.85 | 11.77 | 9.09 | 5.87 | 4.28 | 3.05 | 2.19 |
| EV / EBITDA | 13.35 | 16.16 | 22.06 | 24.56 | 16.78 | 24.73 | 19.43 | 13.43 | 10.08 | 5.96 | 5.06 |
| EV / EBIT | 13.75 | 11.32 | 19.13 | 21.30 | 16.53 | 13.60 | 19.94 | 11.20 | 8.15 | 5.11 | 4.42 |
| EV / FCF | — | 11.90 | 24.90 | 56.83 | 18.72 | 26.89 | 18.43 | 14.58 | 10.17 | 7.87 | 4.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.9% | 69.9% | 70.8% | 70.0% | 71.8% | 70.5% | 60.1% | 68.7% | 60.7% | 66.0% | 59.9% |
| Operating Margin | 42.8% | 42.8% | 44.4% | 44.4% | 45.4% | 46.1% | 45.6% | 42.5% | 41.3% | 50.4% | 42.3% |
| Net Profit Margin | 32.8% | 32.8% | 30.5% | 25.4% | 20.6% | 39.7% | 28.7% | 22.2% | 13.3% | 7.1% | 0.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.8% | 20.8% | 27.2% | 22.5% | 16.6% | 22.0% | 23.7% | 29.9% | 22.0% | 15.6% | 0.7% |
| ROA | 12.5% | 12.5% | 14.7% | 11.7% | 9.0% | 12.0% | 12.2% | 14.6% | 10.3% | 6.5% | 0.3% |
| ROIC | 15.6% | 15.6% | 21.2% | 20.3% | 19.4% | 14.0% | 20.3% | 31.0% | 33.9% | 47.1% | 37.8% |
| ROCE | 19.4% | 19.4% | 26.2% | 25.2% | 24.0% | 17.1% | 24.5% | 37.3% | 41.0% | 52.5% | 36.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.40 | 0.41 | 0.51 | 0.34 | 0.40 | 0.36 | 0.42 | 0.62 | 0.97 |
| Debt / EBITDA | 1.06 | 1.06 | 1.13 | 1.08 | 1.18 | 1.45 | 1.49 | 0.71 | 0.66 | 0.67 | 1.08 |
| Net Debt / Equity | — | -0.01 | 0.10 | 0.24 | 0.31 | 0.25 | 0.26 | 0.15 | 0.13 | 0.27 | 0.60 |
| Net Debt / EBITDA | -0.02 | -0.02 | 0.28 | 0.63 | 0.73 | 1.04 | 0.95 | 0.29 | 0.20 | 0.29 | 0.67 |
| Debt / FCF | — | -0.02 | 0.32 | 1.46 | 0.81 | 1.13 | 0.90 | 0.31 | 0.20 | 0.39 | 0.65 |
| Interest Coverage | 31.96 | 31.96 | 28.17 | 26.20 | 29.15 | 68.69 | 62.22 | 50.98 | 43.63 | 24.31 | 6.13 |
Net cash position: cash ($364M) exceeds total debt ($356M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.68 | 1.00 | 0.87 | 1.85 | 1.80 | 0.81 | 0.83 | 1.35 | 3.60 |
| Quick Ratio | 1.62 | 1.62 | 1.68 | 1.00 | 0.87 | 1.85 | 1.80 | 0.81 | 0.83 | 1.35 | 3.60 |
| Cash Ratio | 1.05 | 1.05 | 0.95 | 0.46 | 0.53 | 0.32 | 0.39 | 0.44 | 0.52 | 0.92 | 2.23 |
| Asset Turnover | — | 0.33 | 0.42 | 0.44 | 0.46 | 0.28 | 0.30 | 0.58 | 0.70 | 0.83 | 0.75 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 56.9% | 56.9% | 55.1% | 77.6% | 124.5% | 66.7% | 75.5% | 125.7% | 206.5% | 267.9% | 13146.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 6.0% | 3.6% | 3.3% | 4.1% | 5.1% | 3.2% | 3.9% | 3.2% | 2.4% | 0.2% |
| FCF Yield | 10.2% | 8.4% | 4.1% | 1.8% | 5.6% | 3.9% | 5.7% | 7.0% | 10.0% | 13.4% | 23.5% |
| Buyback Yield | 1.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $54M | $48M | $54M | $54M | $54M | $33M | $28M | $24M | $19M | $18M |
Carried interest timing volatility
Based on current market data, HLNE trades at a P/E of 13.14 and a PEG ratio of 0.82, which suggests that the market may be undervaluing the firm's long-term earnings growth potential compared to broader asset management peers that often command significantly higher valuation premiums.
The PEG ratio below 1.0 indicates that the stock may be priced for lower growth than the firm has historically demonstrated, potentially reflecting investor skepticism regarding the sustainability of performance-based fees. Investors should monitor whether this discount persists as the firm continues to scale its recurring fee-earning assets under management.
As reported in financial statements, HLNE's ROIC has fluctuated between 3.5% and 6.8% over the last ten quarters, suggesting that while the firm is compounding capital, the efficiency of these returns is sensitive to the timing of capital deployment and the realization of performance-based incentive allocations.
The variability in ROIC appears to be driven by the episodic nature of carried interest rather than a structural decline in the core advisory business. Maintaining a consistent ROIC above the firm's cost of capital remains essential for justifying the current valuation and supporting the firm's ongoing capital return strategy.
According to recent SEC filings, HLNE's asset turnover has remained relatively low at approximately 0.10, which is characteristic of an asset-light advisory model where the primary value driver is human capital and proprietary data rather than the intensive utilization of physical or tangible balance sheet assets.
The DSO trend, which has fluctuated between 63 and 88 days, warrants further investigation as it may reflect the inherent payment cycles associated with institutional advisory mandates. This suggests that while the firm is efficient in its operations, it remains subject to the administrative timelines of its large-scale institutional client base.
Based on an analysis of the firm's revenue structure, the P/E ratio is frequently misapplied to HLNE because it fails to distinguish between stable, recurring management fees and the highly volatile, episodic nature of carried interest that can artificially inflate or deflate reported net income.
Investors should instead prioritize Fee-Related Earnings (FRE) as a more accurate metric for assessing the firm's core earning power and operational health. Relying solely on GAAP P/E ratios may obscure the underlying durability of the advisory business, leading to an inaccurate assessment of the firm's true valuation.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HLNE stock.
Hamilton Lane Incorporated's current P/E ratio is 13.6x. The historical average is 27.6x.
Hamilton Lane Incorporated's current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
Hamilton Lane Incorporated's return on equity (ROE) is 20.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.1%.
Based on historical data, Hamilton Lane Incorporated is trading at a P/E of 13.6x. Compare with industry peers and growth rates for a complete picture.
Hamilton Lane Incorporated's current dividend yield is 3.23% with a payout ratio of 56.9%.
Hamilton Lane Incorporated has 69.9% gross margin and 42.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hamilton Lane Incorporated's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.