BGC Group
BGC · Investment Banking & Brokerage
$11.79
0.8%Houlihan Lokey
HLI · Investment Banking & Brokerage
$131.31
1.4%The short version
- BGC Group is the larger business, with $2.9B of revenue in fiscal 2025 against $2.6B for Houlihan Lokey.
- BGC Group grew revenue faster (30.0%, against 9.6%).
- Houlihan Lokey turned more of its sales into free cash flow (26.1% FCF margin, against 12.7% FCF margin).
- Investors pay more for each dollar of BGC Group’s earnings: a P/E of 28.8x against 22.0x for Houlihan Lokey.
| Latest fiscal year | BGC · FY25 | HLI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $8.9B |
| Revenue | $2.9B | $2.6B |
| Free cash flow | $373M | $682M |
| Net income | $155M | $426M |
| Growth | ||
| Revenue growth | 30.0% | 9.6% |
| 5-year growth | 7.4% | 11.4% |
| Share count change | 0.4% | −0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 20.1% |
| Net margin | 5.3% | 16.3% |
| FCF margin | 12.7% | 26.1% |
| Return on capital | 13.2% | — |
| Return on equity | 16.6% | 18.9% |
| Balance sheet | ||
| Net debt | $709M | — |
| Net debt / EBITDA | 1.7x | — |
| Dividends and buybacks | $321M | $349M |
| Valuation & quality | ||
| P/E | 28.8x | 22.0x |
| Piotroski F-score | — | — |
FY17
BGC $1.8B
HLI $872M
FY18
BGC $1.9B
HLI $963M
FY19
BGC $2.1B
HLI $1.1B
FY20
BGC $2.1B
HLI $1.2B
FY21
BGC $2.0B
HLI $1.5B
FY22
BGC $1.8B
HLI $2.3B
FY23
BGC $2.0B
HLI $1.8B
FY24
BGC $2.3B
HLI $1.9B
FY25
BGC $2.9B
HLI $2.4B
FY26
BGC —
HLI $2.6B
BGC
HLI
FY17
BGC —
HLI 20.9%
FY18
BGC —
HLI 22.3%
FY19
BGC —
HLI 20.2%
FY20
BGC —
HLI 19.8%
FY21
BGC —
HLI 26.8%
FY22
BGC —
HLI 27.0%
FY23
BGC —
HLI 18.9%
FY24
BGC —
HLI 19.5%
FY25
BGC —
HLI 21.0%
FY26
BGC —
HLI 20.1%
BGC
HLI
FY17
BGC $368M
HLI $238M
FY18
BGC −$91.9M
HLI $243M
FY19
BGC $194M
HLI $218M
FY20
BGC $272M
HLI $267M
FY21
BGC $407M
HLI $566M
FY22
BGC $214M
HLI $728M
FY23
BGC $390M
HLI $85.5M
FY24
BGC $286M
HLI $262M
FY25
BGC $373M
HLI $809M
FY26
BGC —
HLI $682M
BGC
HLI
FY17
BGC 2.5%
HLI 21.7%
FY18
BGC 11.1%
HLI 30.4%
FY19
BGC 7.7%
HLI 24.0%
FY20
BGC 7.3%
HLI 28.0%
FY21
BGC 16.0%
HLI 50.6%
FY22
BGC 7.6%
HLI —
FY23
BGC 7.3%
HLI —
FY24
BGC 13.8%
HLI —
FY25
BGC 13.2%
HLI —
FY26
BGC —
HLI —
BGC
HLI
Add another company
Compare up to four at once.
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.