Evercore vs Houlihan Lokey
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KIRA’s take AI analyst
I put Evercore and Houlihan Lokey side by side, using each one’s latest annual report. Here is what stands out:
- 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 14.5x for Evercore.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Evercore
EVR
3/6
Revenue growthFCF marginReturn on equity
Houlihan Lokey
HLI
3/6
5-year growthNet marginShare count change
Side by side
Best in the row
| Latest fiscal year | EVR FY25 | HLI FY26 |
|---|---|---|
| Size | ||
| Market cap | $10.6B | $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 | 14.5x | 22.0x |
| Piotroski F-score | 5 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.