Evercore vs Houlihan Lokey
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The short version
- Evercore is the larger business, with $3.9B of revenue in fiscal 2025 against $2.6B for Houlihan Lokey.
- Evercore grew revenue faster (29.5%, against 9.6%).
- Evercore turned more of its sales into free cash flow (30.5% FCF margin, against 26.1%).
- Investors pay more for each dollar of Houlihan Lokey’s earnings: a P/E of 22.0x against 14.2x for Evercore.
| Latest fiscal year | EVR · FY25 | HLI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $8.9B |
| Revenue | $3.9B | $2.6B |
| Free cash flow | $1.2B | $682M |
| Net income | $592M | $426M |
| Growth | ||
| Revenue growth | 29.5% | 9.6% |
| 5-year growth | 11.2% | 11.4% |
| Share count change | 1.2% | −0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 20.1% |
| Net margin | 15.3% | 16.3% |
| FCF margin | 30.5% | 26.1% |
| Return on capital | — | — |
| Return on equity | 31.7% | 18.9% |
| Balance sheet | ||
| Net debt | −$2.4B | — |
| Net debt / EBITDA | −2.9x | — |
| Dividends and buybacks | $144M | $349M |
| Valuation & quality | ||
| P/E | 14.2x | 22.0x |
| Piotroski F-score | 5 | — |
Revenue
FY17
EVR $1.7B
HLI $872M
FY18
EVR $2.1B
HLI $963M
FY19
EVR $2.0B
HLI $1.1B
FY20
EVR $2.3B
HLI $1.2B
FY21
EVR $3.3B
HLI $1.5B
FY22
EVR $2.8B
HLI $2.3B
FY23
EVR $2.4B
HLI $1.8B
FY24
EVR $3.0B
HLI $1.9B
FY25
EVR $3.9B
HLI $2.4B
FY26
EVR —
HLI $2.6B
EVR
HLI
Operating margin
FY17
EVR —
HLI 20.9%
FY18
EVR —
HLI 22.3%
FY19
EVR —
HLI 20.2%
FY20
EVR —
HLI 19.8%
FY21
EVR —
HLI 26.8%
FY22
EVR —
HLI 27.0%
FY23
EVR —
HLI 18.9%
FY24
EVR —
HLI 19.5%
FY25
EVR —
HLI 21.0%
FY26
EVR —
HLI 20.1%
EVR
HLI
Free cash flow
FY17
EVR $476M
HLI $238M
FY18
EVR $816M
HLI $243M
FY19
EVR $434M
HLI $218M
FY20
EVR $925M
HLI $267M
FY21
EVR $1.4B
HLI $566M
FY22
EVR $508M
HLI $728M
FY23
EVR $438M
HLI $85.5M
FY24
EVR $958M
HLI $262M
FY25
EVR $1.2B
HLI $809M
FY26
EVR —
HLI $682M
EVR
HLI
Return on capital
FY17
EVR —
HLI 21.7%
FY18
EVR —
HLI 30.4%
FY19
EVR —
HLI 24.0%
FY20
EVR —
HLI 28.0%
FY21
EVR —
HLI 50.6%
FY22
EVR —
HLI —
FY23
EVR —
HLI —
FY24
EVR —
HLI —
FY25
EVR —
HLI —
FY26
EVR —
HLI —
EVR
HLI
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.