Houlihan Lokey vs Robinhood
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The short version
- Robinhood is the larger business, with $4.5B of revenue in fiscal 2025 against $2.6B for Houlihan Lokey, about 1.7 times as much.
- Robinhood grew revenue faster (51.6%, against 9.6%).
- Robinhood turned more of its sales into free cash flow (36.3% FCF margin, against 26.1%).
- Investors pay more for each dollar of Robinhood’s earnings: a P/E of 41.9x against 22.0x for Houlihan Lokey.
| Latest fiscal year | HLI · FY26 | HOOD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.9B | $86.7B |
| Revenue | $2.6B | $4.5B |
| Free cash flow | $682M | $1.6B |
| Net income | $426M | $1.9B |
| Growth | ||
| Revenue growth | 9.6% | 51.6% |
| 5-year growth | 11.4% | 36.1% |
| Share count change | −0.3% | 1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.1% | — |
| Net margin | 16.3% | 42.1% |
| FCF margin | 26.1% | 36.3% |
| Return on capital | — | — |
| Return on equity | 18.9% | 22.0% |
| Balance sheet | ||
| Net debt | — | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $349M | $653M |
| Valuation & quality | ||
| P/E | 22.0x | 41.9x |
| Piotroski F-score | — | — |
Revenue
FY17
HLI $872M
HOOD —
FY18
HLI $963M
HOOD —
FY19
HLI $1.1B
HOOD $278M
FY20
HLI $1.2B
HOOD $958M
FY21
HLI $1.5B
HOOD $1.8B
FY22
HLI $2.3B
HOOD $1.4B
FY23
HLI $1.8B
HOOD $1.9B
FY24
HLI $1.9B
HOOD $3.0B
FY25
HLI $2.4B
HOOD $4.5B
FY26
HLI $2.6B
HOOD —
HLI
HOOD
Operating margin
FY17
HLI 20.9%
HOOD —
FY18
HLI 22.3%
HOOD —
FY19
HLI 20.2%
HOOD —
FY20
HLI 19.8%
HOOD —
FY21
HLI 26.8%
HOOD —
FY22
HLI 27.0%
HOOD —
FY23
HLI 18.9%
HOOD —
FY24
HLI 19.5%
HOOD —
FY25
HLI 21.0%
HOOD —
FY26
HLI 20.1%
HOOD —
HLI
HOOD
Free cash flow
FY17
HLI $238M
HOOD —
FY18
HLI $243M
HOOD —
FY19
HLI $218M
HOOD $1.3B
FY20
HLI $267M
HOOD $1.9B
FY21
HLI $566M
HOOD −$948M
FY22
HLI $728M
HOOD −$880M
FY23
HLI $85.5M
HOOD $1.2B
FY24
HLI $262M
HOOD −$170M
FY25
HLI $809M
HOOD $1.6B
FY26
HLI $682M
HOOD —
HLI
HOOD
Return on capital
FY17
HLI 21.7%
HOOD —
FY18
HLI 30.4%
HOOD —
FY19
HLI 24.0%
HOOD —
FY20
HLI 28.0%
HOOD —
FY21
HLI 50.6%
HOOD —
FY22
HLI —
HOOD —
FY23
HLI —
HOOD —
FY24
HLI —
HOOD —
FY25
HLI —
HOOD —
FY26
HLI —
HOOD —
HLI
HOOD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.