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Houlihan Lokey

HLI NYSE Investment Banking & Brokerage Financials FY2017–FY2026

Houlihan Lokey's revenue rose 9.6% to $2.6 billion in fiscal 2026. Its operating margin was 20.1%, down from 21.0% a year earlier. Free cash flow was $682 million, down 15.7%. It paid out $349 million in dividends and buybacks, 51% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$131.31

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.6B
9.5% vs prior year
Operating margin Operating income as a share of revenue.
20.1%
0.9 pts
Net income Profit after all expenses, interest and tax.
$426M
6.5%
Free cash flow Cash from operations minus capital spending.
$682M
15.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$8.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.0x
On $5.96 EPS (TTM)

About these figures. Gross margin for fiscal 2026 is blank: the 10-K's structured data doesn't include every figure it needs. Interest coverage for fiscal 2026 is blank: the 10-K's structured data has no interest expense for that year.

What Houlihan Lokey does

No business description yet.

Legal name
HOULIHAN LOKEY, INC.
Fiscal year ends
March 31, 2026
Latest annual report
—
Accession · CIK
0001302215-26-000053
0001302215

Revenue and margins

Houlihan Lokey had $2.6B of revenue in fiscal 2026, up 9.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 16.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $682M in fiscal 2026, 26.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Houlihan Lokey returned $349M to shareholders in fiscal 2026, 51% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Houlihan Lokey yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 68.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.0x · peers 21.5x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Houlihan Lokey can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $834M$714M$721M$971M$1.2B
Interest coverage 612.9x57.9x644.6x368.7x—
Total assets $2.9B$3.0B$3.2B$3.8B$4.3B
Total liabilities $1.4B$1.4B$1.3B$1.6B$1.9B
Shareholders' equity $1.4B$1.6B$1.8B$2.2B$2.3B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.5M

1 insider

Sold, 12 months

$2.1M

3 insiders

Of sales under plans

8%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Christopher M CrainGeneral Counsel Sold 1,000 $140.15 $0.1M Form 4
Aug 3, 2026 Alley J LindseyChief Financial Officer Bought 4,020 $124.52 $0.5M Form 4
May 21, 2026 Scott L BeiserCo-chairman, Director, 10% owner Sold 6,265 $150.26 $0.9M Form 4
Apr 1, 2026 Christopher M CrainGeneral Counsel Sold plan 500 $143.40 $0.1M Form 4
Feb 6, 2026 Robert A SchriesheimDirector Sold 5,000 $170.86 $0.9M Form 4
Jan 2, 2026 Christopher M CrainGeneral Counsel Sold plan 500 $174.17 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −1.6%−12.8%−6.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Houlihan Lokey HLI $8.9B 9.6% 20.1% 26.1% — 22.0x —
BGC Group BGC $5.6B 30.0% — 12.7% 13.2% 28.8x — Compare →
Virtu Financial VIRT $4.9B 26.3% — 13.6% 37.9% 9.3x — Compare →
Evercore EVR $10.4B 29.5% — 30.5% — 14.2x 5 Compare →
Robinhood HOOD $86.7B 51.6% — 36.3% — 41.9x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $872M $963M $1.1B $1.2B $1.5B $2.3B $1.8B $1.9B $2.4B $2.6B
Gross profit $242M $278M $306M $323M $521M $795M $557M $571M $772M —
Operating income $182M $214M $219M $230M $408M $613M $342M $373M $503M $527M
Interest expense $1.6M $0.7M $1.0M $1.0M $1.0M $1.0M $5.9M $0.6M $1.4M —
Pretax income $179M $218M $224M $236M $409M $604M $324M $391M $531M $562M
Income tax $70.1M $45.6M $65.2M $51.9M $96.5M $166M $69.8M $110M $132M $138M
Net income $108M $172M $159M $184M $313M $438M $254M $280M $400M $426M
Diluted EPS $1.63 $2.60 $2.42 $2.80 $4.55 $6.41 $3.76 $4.11 $5.82 $6.22
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $252M $251M $224M $288M $580M $737M $136M $329M $849M $704M
Capital expenditure $14.4M $7.7M $6.7M $20.7M $14.1M $8.7M $50.7M $66.7M $39.7M $22.3M
Free cash flow $238M $243M $218M $267M $566M $728M $85.5M $262M $809M $682M
Depreciation and amortization $8.9M $7.9M $14.5M $17.3M $15.2M $48.5M $58.2M $28.5M $41.3M $42.6M
Stock-based compensation $39.4M $47.1M $56.6M $64.3M $62.4M $91.9M $157M $167M $168M $201M
Acquisitions $3.7M $2.7M $71.4M $2.2M $12.5M $361M $20.4M $3.9M $69.2M $2.5M
Share buybacks $0.0M $18.1M $69.6M $29.6M $102M $305M $48.7M $25.0M $52.5M $175M
Dividends paid $55.3M $52.1M $66.9M $80.7M $92.0M $115M $140M $149M $165M $174M
Dividends and buybacks $55.3M $70.2M $136M $110M $194M $420M $189M $173M $218M $349M
Balance sheet
Cash and short-term investments $300M $207M $286M $380M $847M $834M $714M $721M $971M $1.2B
Total debt $32.6M $11.9M $31.2M $36.7M $55.9M — — — — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $30.4M $32.1M $31.0M $42.4M $46.4M $52.2M $88.3M $137M $149M $143M
Total assets $1.4B $1.4B $1.4B $1.7B $2.4B $2.9B $3.0B $3.2B $3.8B $4.3B
Total liabilities $655M $566M $535M $693M $1.0B $1.4B $1.4B $1.3B $1.6B $1.9B
Shareholders' equity $727M $853M $891M $984M $1.4B $1.4B $1.6B $1.8B $2.2B $2.3B
Margins
Gross margin 27.7% 28.8% 28.2% 27.8% 34.2% 35.0% 30.8% 29.8% 32.3% —
Operating margin 20.9% 22.3% 20.2% 19.8% 26.8% 27.0% 18.9% 19.5% 21.0% 20.1%
EBITDA margin 21.9% 23.1% 21.5% 21.3% 27.8% 29.1% 22.1% 21.0% 22.8% 21.8%
Net margin 12.4% 17.9% 14.7% 15.9% 20.5% 19.3% 14.1% 14.6% 16.7% 16.3%
FCF margin 27.2% 25.2% 20.1% 23.0% 37.1% 32.1% 4.7% 13.7% 33.9% 26.1%
Returns
Return on capital 21.7% 30.4% 24.0% 28.0% 50.6% — — — — —
Return on equity 15.7% 21.8% 18.2% 19.6% 26.4% 31.0% 16.6% 16.3% 19.9% 18.9%
Return on assets 8.8% 12.3% 11.2% 11.9% 15.3% 16.5% 8.7% 9.1% 11.4% 10.5%
Growth
Revenue growth — 10.5% 12.6% 6.9% 31.6% 48.8% −20.3% 5.8% 24.8% 9.6%
Net income growth 55.4% 59.0% −7.7% 15.5% 70.2% 40.0% −41.9% 10.3% 42.6% 6.5%
EPS growth 48.2% 59.5% −6.9% 15.7% 62.5% 40.9% −41.3% 9.3% 41.6% 6.9%
FCF growth 10,071.1% 2.2% −10.5% 22.7% 111.9% 28.7% −88.3% 206.0% 209.1% −15.7%
Share count change 4.9% −0.4% −0.7% −0.2% 4.5% −0.6% −1.0% 0.9% 0.7% −0.3%
Financial health
Net debt / EBITDA −1.4x −0.9x −1.1x −1.4x −1.9x — — — — —
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x — — — — —
Interest coverage 112.3x 326.9x 224.3x 218.9x 412.7x 612.9x 57.9x 644.6x 368.7x —
Capital allocation
Capex / revenue 1.7% 0.8% 0.6% 1.8% 0.9% 0.4% 2.8% 3.5% 1.7% 0.9%
Stock comp / revenue 4.5% 4.9% 5.2% 5.6% 4.1% 4.1% 8.7% 8.7% 7.1% 7.7%
Payouts / FCF 23.3% 28.9% 62.7% 41.3% 34.3% 57.6% 221.0% 66.3% 26.9% 51.3%
Quality scores
Accruals ratio −11.7% −5.6% −4.6% −6.7% −13.0% −11.3% 4.0% −1.6% −12.8% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0001302215). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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