Hamilton Lane (HLNE)
Market Price (5/7/2026): $88.53 | Market Cap: $3.7 BilSector: Financials | Industry: Asset Management & Custody Banks
Hamilton Lane (HLNE)
Market Price (5/7/2026): $88.53Market Cap: $3.7 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 9.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -48% | Key risksHLNE key risks include [1] potential regulatory scrutiny and reputational damage from its specific ESG and net-zero commitments, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 9.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -48% |
| Key risksHLNE key risks include [1] potential regulatory scrutiny and reputational damage from its specific ESG and net-zero commitments, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. The alternative asset management sector experienced a broad downturn due to equity investor concerns regarding private credit and the potential impact of AI disruption on portfolio companies. This industry-wide sentiment is highlighted by North American alternative asset managers trading down 17% on average, with Hamilton Lane declining 21% as of April 16, 2026.
2. A cautious exit environment and concerns over private market valuations have contributed to negative investor sentiment. Hamilton Lane's 2026 Market Overview, published in March 2026, noted a "cautious exit environment" for private equity and real assets and that "the valuation multiples of unrealized deals from the 2021 – 2022 cohort have increased over their hold periods, causing some to raise concerns about valuations." This can impact distributions and overall investor confidence in private market assets.
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Stock Movement Drivers
Fundamental Drivers
The -36.7% change in HLNE stock from 1/31/2026 to 5/6/2026 was primarily driven by a -37.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.48 | 88.95 | -36.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 733 | 763 | 4.1% |
| Net Income Margin (%) | 31.1% | 30.6% | -1.7% |
| P/E Multiple | 25.6 | 15.9 | -37.7% |
| Shares Outstanding (Mil) | 41 | 42 | -0.7% |
| Cumulative Contribution | -36.7% |
Market Drivers
1/31/2026 to 5/6/2026| Return | Correlation | |
|---|---|---|
| HLNE | -36.7% | |
| Market (SPY) | 3.6% | 34.3% |
| Sector (XLF) | -2.5% | 55.4% |
Fundamental Drivers
The -21.2% change in HLNE stock from 10/31/2025 to 5/6/2026 was primarily driven by a -27.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.89 | 88.95 | -21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 692 | 763 | 10.3% |
| Net Income Margin (%) | 30.7% | 30.6% | -0.2% |
| P/E Multiple | 22.0 | 15.9 | -27.7% |
| Shares Outstanding (Mil) | 41 | 42 | -1.0% |
| Cumulative Contribution | -21.2% |
Market Drivers
10/31/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| HLNE | -21.2% | |
| Market (SPY) | 5.5% | 32.7% |
| Sector (XLF) | -0.2% | 54.3% |
Fundamental Drivers
The -41.4% change in HLNE stock from 4/30/2025 to 5/6/2026 was primarily driven by a -43.2% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 151.89 | 88.95 | -41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 692 | 763 | 10.4% |
| Net Income Margin (%) | 31.1% | 30.6% | -1.7% |
| P/E Multiple | 28.0 | 15.9 | -43.2% |
| Shares Outstanding (Mil) | 40 | 42 | -5.0% |
| Cumulative Contribution | -41.4% |
Market Drivers
4/30/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| HLNE | -41.4% | |
| Market (SPY) | 30.4% | 39.4% |
| Sector (XLF) | 8.0% | 54.0% |
Fundamental Drivers
The 26.9% change in HLNE stock from 4/30/2023 to 5/6/2026 was primarily driven by a 72.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.11 | 88.95 | 26.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 517 | 763 | 47.7% |
| Net Income Margin (%) | 17.8% | 30.6% | 72.1% |
| P/E Multiple | 28.3 | 15.9 | -43.7% |
| Shares Outstanding (Mil) | 37 | 42 | -11.4% |
| Cumulative Contribution | 26.9% |
Market Drivers
4/30/2023 to 5/6/2026| Return | Correlation | |
|---|---|---|
| HLNE | 26.9% | |
| Market (SPY) | 78.7% | 58.2% |
| Sector (XLF) | 64.0% | 62.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HLNE Return | 35% | -37% | 81% | 32% | -8% | -31% | 30% |
| Peers Return | 66% | -27% | 65% | 67% | -5% | -17% | 161% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 93% |
Monthly Win Rates [3] | |||||||
| HLNE Win Rate | 50% | 33% | 50% | 58% | 50% | 40% | |
| Peers Win Rate | 67% | 42% | 68% | 82% | 52% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HLNE Max Drawdown | -3% | -44% | 0% | -6% | -22% | -34% | |
| Peers Max Drawdown | -9% | -39% | -6% | -4% | -32% | -34% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STEP, ARES, BX, KKR, APO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/6/2026 (YTD)
How Low Can It Go
| Event | HLNE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.5% | -18.8% |
| % Gain to Breakeven | 25.9% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.4% | -6.7% |
| % Gain to Breakeven | 22.6% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.1% | 32.4% |
| Time to Breakeven | 410 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.6% | -33.7% |
| % Gain to Breakeven | 74.3% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.5% | 23.7% |
| Time to Breakeven | 98 days | 105 days |
In The Past
Hamilton Lane's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | HLNE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.5% | -18.8% |
| % Gain to Breakeven | 25.9% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.1% | 32.4% |
| Time to Breakeven | 410 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.6% | -33.7% |
| % Gain to Breakeven | 74.3% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.5% | 23.7% |
| Time to Breakeven | 98 days | 105 days |
In The Past
Hamilton Lane's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hamilton Lane (HLNE)
AI Analysis | Feedback
Here are 1-3 brief analogies for Hamilton Lane (HLNE):
- It's like the Blackstone of private market fund-of-funds and direct investments.
- It's like a Fidelity or Vanguard for institutional clients, but focused solely on private equity, venture capital, and other private market investments.
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- Investment Management (Separate Accounts): Customized single-client vehicles tailored for private markets investment.
- Investment Management (Specialized Strategies): Pooled investment vehicles covering fund-of-funds, secondaries, and co-investments.
- Advisory Services: Consulting engagements providing due diligence, strategic portfolio planning, monitoring, and reporting services.
- Reporting and Analytics Solutions: Data and technology platforms for portfolio insights and performance tracking.
AI Analysis | Feedback
Hamilton Lane (HLNE) is an investment firm that provides private market solutions and advisory services to a diverse range of sophisticated investors, rather than selling products to general consumers or a few specific public companies. Its major customers fall primarily into the following categories:
- Institutional Investors: This broad category includes pension funds (such as Taft-Hartley funds explicitly mentioned in the description), endowments, foundations, and sovereign wealth funds. These entities engage Hamilton Lane for separate accounts, specialized fund-of-funds strategies, co-investments, secondaries, and comprehensive advisory services to gain exposure to private equity, venture capital, real estate, and other alternative assets.
- High-Net-Worth Individuals and Family Offices: Hamilton Lane serves wealthy individual investors and family offices who seek customized private market solutions, including separate accounts and specialized strategies, to build diversified portfolios across various private asset classes and geographies.
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Erik Hirsch Co-Chief Executive Officer
Erik Hirsch was appointed Co-Chief Executive Officer of Hamilton Lane in January 2024. He joined the firm in 1999 and previously held roles as Chief Investment Officer from 2003 to 2016 and Vice Chairman and Head of Strategic Initiatives from 2016 to 2023. Before his tenure at Hamilton Lane, Mr. Hirsch worked as a corporate investment banker in the Mergers & Acquisitions department of Brown Brothers Harriman & Co. from 1998 to 1999. From 1995 to 1998, he served as a municipal financial consultant with Public Financial Management, where he specialized in asset securitization, strategic consulting, and sport stadium financings. He also acts as a strategic advisor to Tifin, a fintech company builder and operator, in which Hamilton Lane is a strategic investor. Additionally, Mr. Hirsch is a board member of Novata, a public benefit corporation focused on ESG data for private markets, which Hamilton Lane co-founded.
Juan Delgado-Moreira Co-Chief Executive Officer
Juan Delgado-Moreira was appointed Co-Chief Executive Officer of Hamilton Lane in January 2024. He joined the firm in 2005 and served as Vice Chairman from 2018 to 2023, during which he oversaw Asian investment activities and client relationships. Prior to joining Hamilton Lane, Mr. Delgado-Moreira worked as an Investment Manager at Baring Private Equity Partners Ltd. in London, where his focus was on mid-market private equity investments in Europe.
Jeffrey Armbrister Chief Financial Officer
Jeffrey Armbrister was appointed Chief Financial Officer of Hamilton Lane, effective August 8, 2023. He joined the firm in 2018 and previously served as the Global Head of Direct Equity Investments from September 2019 to August 2023. Before his time at Hamilton Lane, Mr. Armbrister was a Managing Director at Versa Capital Management starting in 2003, focusing on control-oriented, special situations, debt, and equity investments in middle-market companies. His earlier career included roles as an Equity Research analyst at Oppenheimer + Close, and various positions in private equity, venture capital, corporate development, and investment banking at firms such as Berwind Financial Group, Redleaf Group, ICG Commerce, and Wheat First Butcher Singer. He currently serves on the boards of two of Hamilton Lane’s direct equity/co-investment portfolio companies.
Mario L. Giannini Executive Co-Chairman
Mario L. Giannini serves as an Executive Co-Chairman of Hamilton Lane. He joined the firm in 1993 and held the position of Chief Executive Officer for 22 years, from 2001 to 2023. Prior to joining Hamilton Lane, Mr. Giannini served as Executive Vice President and General Counsel of Industrial Valley Title Insurance Company from 1989 to 1992, Deputy General Counsel of Fidelity Bank in Philadelphia from 1984 to 1989, and Senior Attorney at Continental Illinois Bank in Chicago from 1979 to 1983.
Andrea Kramer Chief Operating Officer, Chief Risk Officer
Andrea Kramer has served as Chief Operating Officer since May 2023 and Chief Risk Officer since April 2023. She joined Hamilton Lane in 2005 and previously worked as a Managing Director. From September 2020 through its deregistration in December 2022, Ms. Kramer served as Chief Executive Officer and Director of Hamilton Lane Alliance Holdings I, Inc., a sponsored special purpose acquisition company (SPAC). Before joining Hamilton Lane, she was a General Partner at Exelon Capital Partners from 1999 to 2002, where she was responsible for market analysis, due diligence, technical analysis, business model analysis, negotiations, deal structuring, and managing a corporate-sponsored private equity portfolio. Her prior experience also includes roles as a Senior Business Development Manager for Philadelphia Gas Works and a Fund Manager for Murex Corporation.
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The key risks to Hamilton Lane's business are:1. Macroeconomic Headwinds and Market Conditions
Hamilton Lane faces significant risks from adverse macroeconomic conditions and volatile market environments, which can directly impact its core business activities. A slowdown in private equity fundraising and dealmaking, driven by macroeconomic uncertainty, can lead to a stagnation in Assets Under Management (AUM) and consequently affect the firm's management fees and revenue outlook. Rising interest rates, fluctuating valuations, and challenging market conditions generally pose risks to private equity investments. Furthermore, the firm's ability to identify and access suitable investment opportunities for its clients is highly dependent on overall market health. There is also a risk that investors may default on their capital commitments, impacting the liquidity and operational capacity of funds.2. Technology Disruption, AI Integration, and Cybersecurity Threats
The rapid advancements in artificial intelligence, including machine learning and generative AI, present a significant and evolving risk to Hamilton Lane. While promising, these technological strides can lead to heightened competition, escalating legal and regulatory challenges, and increased compliance expenses within the private investment and financial sectors where the firm operates. Such developments have the potential to materially impair business operations and financial outcomes. Beyond AI, cybersecurity remains a critical threat, with private equity firms being susceptible to attacks from employees, third parties, and external bad actors, which can result in financial losses, regulatory penalties, and reputational damage. Reliance on machine learning for investment decisions also carries inherent risks, as models may not always incorporate all relevant data.3. Intense Competition and Fee Structure Pressures
Hamilton Lane operates in a highly competitive landscape within the alternative asset management industry, facing competition from major firms with substantial scale and broad investment mandates. These competitors vie for institutional capital and investment opportunities across various alternative asset classes. The growth of new structures, such as evergreen funds, is anticipated to lead to declining fees over time for such products, potentially creating an environment where larger firms consolidate market share and smaller firms struggle. This trend contributes to broader "fee compression" across the private equity sector, which could challenge Hamilton Lane's ability to maintain its current fee structure and profitability. The inherent layered fee structure of fund-of-funds, a key offering of Hamilton Lane, also means investors pay both underlying fund fees and the fund-of-funds management fees, which can lead to lower net returns for investors and potentially impact the attractiveness of these offerings.AI Analysis | Feedback
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The addressable markets for Hamilton Lane's main products and services are substantial and growing, primarily encompassing various segments of the global private markets.Private Markets (Global)
The total global private assets under management (AUM), which includes private equity, private debt, infrastructure, and real estate funds, reached a record $14.05 trillion in 2025. This figure is projected to climb by 70% to hit $23.9 trillion by 2030. Another estimate places private markets AUM at approximately $15 trillion in 2024, with a projection to exceed $18 trillion by 2027.Private Equity (Global and Regional)
The global private equity market (including venture capital) is a significant component of the broader private markets.- Global: Private equity and venture capital assets under management topped just over $11 trillion as of year-end 2023. More specifically, global private equity fund asset values alone reached $9.917 trillion in 2025 and are expected to nearly double to $17.4 trillion by 2030.
- North America: The North American private equity market held the largest share globally, with total assets under management of $3.4 trillion in 2023. This region accounted for 48.3% of the global private equity market in 2025, valued at $3,260.08 billion.
- Europe: European private equity and venture capital investors collectively managed approximately €1.5 trillion (excluding credit and infrastructure) in assets under management in 2025. The broader Europe private equity market was valued at USD 3.26 trillion in 2025 and is projected to reach USD 9.12 trillion by 2034.
- Asia-Pacific: The Asia-Pacific private equity market is expected to grow from USD 2.71 trillion in 2025 to USD 5.32 trillion by 2031. Asia's private equity global assets reached a record $2.1 trillion in the first eight months of 2025.
Private Equity Secondaries Market (Global)
The global secondary market for private equity reached a transaction volume of $240 billion in 2025, marking a 48% year-over-year increase and setting a new record. Dedicated secondary capital available reached $327 billion in 2025, with total secondary market capital (including traditional LPs and leverage) estimated at approximately $477 billion.Private Equity Co-investments (Global)
Global capital raised through private equity co-investments reached a record $33.2 billion in 2024.Private Equity and Venture Capital Advisory Services (Global)
The global private equity and venture capital advisory services market was estimated at USD 15.0 billion in 2024 and is projected to grow to USD 25.0 billion by 2035, exhibiting a compound annual growth rate of 4.75% during the forecast period 2025-2035.AI Analysis | Feedback
Hamilton Lane (HLNE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion of the Evergreen Platform: The Evergreen platform is a significant growth engine for Hamilton Lane. Its fee-paying assets under management (FPAUM) have demonstrated substantial year-over-year increases, with strong net inflows contributing to its expansion. For example, the evergreen platform's FPAUM reached $12.5 billion, reflecting an impressive year-over-year increase of approximately 65%, with strong inflow trends. The company's growth strategy specifically emphasizes the expansion of specialized funds, particularly the Evergreen platform. This platform continues to be a multi-strategy, multi-asset engine for future expansion, driven by product launches and net inflows.
- Growth in Specialized Funds: Beyond the Evergreen platform, Hamilton Lane is actively launching and fundraising for various other specialized funds, including direct equity funds, impact funds, and venture access products. Specialized funds have been a primary driver of management and advisory fees, accounting for 63% of these fees for the nine months ended December 31, 2025. These funds also significantly contribute to fee-earning AUM growth.
- Consistent Growth in Assets Under Management (AUM) and Assets Under Advisement (AUA): The firm has consistently expanded its AUM and AUA, a fundamental driver of its fee-based revenue, even amid capital market volatility. As of September 30, 2025, Hamilton Lane's AUM and AUA surpassed $1.0 trillion. This ability to consistently grow its asset base across market cycles positions the company for continued revenue generation.
- Increasing Demand for Technology Solutions: Revenue from technology solutions is experiencing growth due to rising demand for the company's reporting, monitoring, data, and analytics offerings. This area grew by more than $5 million or 24% over the prior year.
- Strategic Partnerships: New strategic partnerships are anticipated to contribute to future revenue growth. For instance, the partnership with Guardian Life is expected to introduce new managed assets and create recurring fee opportunities.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Hamilton Lane commenced repurchases of its Class A common stock on February 20, 2026, under an existing authorization.
- The share repurchase program, originally approved in November 2018 and re-approved in December 2024, permits repurchases of up to 6% of the originally outstanding shares, not to exceed $50 million.
- Prior to February 20, 2026, the company had not executed any buybacks under this program, leaving the full authorization available at commencement.
Share Issuance
- On March 4, 2024, Hamilton Lane announced the pricing of a public offering of 1,922,322 shares of Class A common stock, in aggregate, by Hamilton Lane and a selling stockholder, generating approximately $210 million in gross proceeds.
- Hamilton Lane intends to utilize its portion of the proceeds from the March 2024 offering to settle in cash exchanges of membership units in Hamilton Lane Advisors, L.L.C. held by certain of its members.
- On September 2, 2025, Hamilton Lane commenced an underwritten public offering of 528,705 shares of Class A common stock, with proceeds from Hamilton Lane's sale intended for cash exchanges of membership units.
Capital Expenditures
- Hamilton Lane reported capital expenditures of $8.5 million over the trailing twelve months as of November 14, 2023.
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| 10032025 | HLNE | Hamilton Lane | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -25.5% | -27.2% | -29.9% |
| 08312022 | HLNE | Hamilton Lane | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.8% | 36.5% | -17.1% |
| 02282022 | HLNE | Hamilton Lane | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -10.6% | 1.8% | -25.4% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 112.33 |
| Mkt Cap | 52.2 |
| Rev LTM | 9,006 |
| Op Inc LTM | 490 |
| FCF LTM | 1,774 |
| FCF 3Y Avg | 1,803 |
| CFO LTM | 1,872 |
| CFO 3Y Avg | 1,910 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.1% |
| Rev Chg 3Y Avg | 44.3% |
| Rev Chg Q | 55.6% |
| QoQ Delta Rev Chg LTM | 12.0% |
| Op Inc Chg LTM | -5.6% |
| Op Inc Chg 3Y Avg | 60.0% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 21.1% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 30.1% |
| CFO/Rev 3Y Avg | 27.6% |
| FCF/Rev LTM | 29.6% |
| FCF/Rev 3Y Avg | 26.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 52.2 |
| P/S | 4.8 |
| P/Op Inc | 11.4 |
| P/EBIT | 8.8 |
| P/E | 27.2 |
| P/CFO | 15.8 |
| Total Yield | 7.2% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.2% |
| 3M Rtn | -6.9% |
| 6M Rtn | -14.2% |
| 12M Rtn | -7.2% |
| 3Y Rtn | 83.3% |
| 1M Excs Rtn | 1.3% |
| 3M Excs Rtn | -14.0% |
| 6M Excs Rtn | -20.4% |
| 12M Excs Rtn | -38.7% |
| 3Y Excs Rtn | -0.9% |
Price Behavior
| Market Price | $88.95 | |
| Market Cap ($ Bil) | 3.7 | |
| First Trading Date | 03/01/2017 | |
| Distance from 52W High | -48.4% | |
| 50 Days | 200 Days | |
| DMA Price | $99.40 | $126.62 |
| DMA Trend | down | down |
| Distance from DMA | -10.5% | -29.8% |
| 3M | 1YR | |
| Volatility | 50.5% | 40.4% |
| Downside Capture | 1.57 | 1.04 |
| Upside Capture | 28.21 | 74.33 |
| Correlation (SPY) | 31.6% | 37.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.01 | 0.84 | 1.15 | 1.05 | 1.26 | 1.38 |
| Up Beta | 1.39 | 0.92 | 0.84 | 0.34 | 1.41 | 1.46 |
| Down Beta | -1.58 | 0.62 | 0.64 | 0.81 | 0.86 | 1.27 |
| Up Capture | -20% | 27% | 26% | 102% | 69% | 215% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 22 | 29 | 63 | 121 | 387 |
| Down Capture | 447% | 146% | 229% | 157% | 155% | 109% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 21 | 34 | 61 | 130 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLNE | |
|---|---|---|---|---|
| HLNE | -43.7% | 40.3% | -1.32 | - |
| Sector ETF (XLF) | 6.5% | 14.6% | 0.21 | 53.6% |
| Equity (SPY) | 28.5% | 12.5% | 1.78 | 38.8% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | -4.9% |
| Commodities (DBC) | 50.9% | 18.0% | 2.20 | -8.1% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 25.3% |
| Bitcoin (BTCUSD) | -14.2% | 42.1% | -0.25 | 25.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLNE | |
|---|---|---|---|---|
| HLNE | 1.0% | 35.9% | 0.11 | - |
| Sector ETF (XLF) | 9.1% | 18.6% | 0.37 | 63.3% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 63.5% |
| Gold (GLD) | 21.0% | 17.9% | 0.96 | 3.5% |
| Commodities (DBC) | 13.9% | 19.1% | 0.60 | 10.3% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 50.9% |
| Bitcoin (BTCUSD) | 8.7% | 56.1% | 0.37 | 28.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLNE | |
|---|---|---|---|---|
| HLNE | 19.4% | 36.4% | 0.64 | - |
| Sector ETF (XLF) | 12.5% | 22.2% | 0.52 | 58.0% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 60.2% |
| Gold (GLD) | 13.7% | 16.0% | 0.71 | 4.6% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 19.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 50.5% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 21.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | -3.7% | -5.2% | -24.0% |
| 11/4/2025 | 6.4% | 13.4% | 7.3% |
| 5/29/2025 | -11.1% | -15.0% | -17.5% |
| 2/4/2025 | 2.2% | 5.3% | -3.1% |
| 11/6/2024 | 6.9% | 9.2% | 2.9% |
| 8/6/2024 | 5.6% | 7.8% | 18.2% |
| 5/23/2024 | 4.2% | 4.0% | -1.6% |
| 2/6/2024 | -5.7% | -2.0% | -10.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 8 |
| # Negative | 9 | 6 | 11 |
| Median Positive | 3.6% | 4.9% | 13.8% |
| Median Negative | -1.5% | -6.2% | -3.6% |
| Max Positive | 6.9% | 13.4% | 23.5% |
| Max Negative | -11.1% | -15.0% | -24.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/30/2025 | 10-K |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/25/2023 | 10-K |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/26/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends | 2.16 | 10.0% | Higher New | Actual: 1.96 for 2025 | |||
Prior: Q2 2026 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends | 2.16 | 10.0% | Affirmed | Actual: 1.96 for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Berkman, David J | By: The 2006 Berkman Trust for David J. Berkman Family | Buy | 2252026 | 101.00 | 10,000 | 1,010,000 | 1,010,000 | Form | |
| 2 | Hirsch, Erik R | Co-Chief Executive Officer | Direct | Buy | 2242026 | 107.13 | 9,225 | 988,260 | 7,551,916 | Form |
| 3 | Delgado-Moreira, Juan | Co-Chief Executive Officer | Direct | Buy | 2242026 | 107.24 | 9,225 | 989,311 | 143,495,352 | Form |
| 4 | Kramer, Andrea Anigati | Chief Operating Officer | Direct | Buy | 2242026 | 107.53 | 2,325 | 250,011 | 7,071,399 | Form |
| 5 | Giannini, Mario L | Executive Co-Chairman | Direct | Buy | 2242026 | 107.32 | 9,225 | 990,010 | 11,346,002 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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