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Houlihan Lokey, Inc.

HLI Financial Capital Markets

Houlihan Lokey, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.6 billion, up 9.55% from fiscal 2025.

Revenue
+4.85%
EPS
−1.80%
Free cash flow
−25.7%

Quarter to September 2026, against a year earlier

148.20 5.86 −3.80%
Market cap
$10.2B
P/E
24.5×
Fwd P/E
18.2×
Dividend yield
1.75%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Corporate Finance
  • Financial Restructuring
  • Financial Advisory Services

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 0.50
Sold, $m 2.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — 1 1 — 1 1 — — — 1 — —
Insider Ownership 19.14%

Capital & Financial Ratios $m

Size
Market Cap 10,210.00
Revenue ttm 2,555.52
Net income ttm 403.17
Free cash flow ttm 401.82
Net debt Q (837.00)
Valuation
P/E 24.46
Forward P/E 18.20
Price / sales 3.86
Forward P/S Powerpack
Price / FCF 24.56
Price / book 4.28
Financial health
Current ratio Q 1.28
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +4.85% (above 0%: growing)
Operating income growth Q +1.99% (above 0%: growing)
EPS, this year −3.73% (below 0%: weak)
EPS, next year A +19.55% (at or above 15%: strong)
Revenue, next year A +3.65%
EPS, past 5 yrs +6.45%
EPS, next 5 yrs A +8.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 75.21%
10-year low 10-year high
P/S against its own 10 years 76.64%
10-year low 10-year high
P/B against its own 10 years 73.71%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.75%
Annual rate
2.60
Payout ratio
43.6%
Growth, 2017–25
+14.5%/yr
  1. 0.80 ’17
  2. 1.01 ’18 +26
  3. 1.20 ’19 +19
  4. 1.28 ’20 +7
  5. 1.62 ’21 +27
  6. 2.02 ’22 +25
  7. 2.18 ’23 +8
  8. 2.26 ’24 +4
  9. 2.37 ’25 +5
  10. 2.40 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 722 971 1,189 837
Receivables 232 257 228 285
Inventory — — — —
Other — — — —
954 1,228 1,418 1,122
2024 2025 2026 Q'26
Payables 114 137 136 102
ST’ Debt — — — —
Other — — — —
840 1,074 1,213 877

Compound Annual Growth %

10y 5y 3y
Sales 14.20% 11.40% 13.10%
Cash Flow 50.62% 3.96% 72.88%
Earnings 19.83% 6.36% 18.75%
Book Value 13.66% 11.10% 13.24%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 1.58 Actual 1.85

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 1.85 1.94 Beat by 0.09
Q4 FY26 1.84 1.63 Miss by 0.21
Q1 FY27 1.64 1.35 Miss by 0.29
Q2 FY27 1.58 1.85 Beat by 0.27
Q3 FY27 1.99 — Reports 27 January 2027

EPS $

Jun Sep Dec Mar Year
’26 1.15 1.64 — — —
’26 1.42 1.63 1.70 1.47 6.22
’25 1.30 1.37 1.39 1.76 5.82
’24 0.90 0.99 1.04 1.18 4.11
’23 1.03 0.87 0.90 1.10 3.98
’22 1.25 1.65 2.54 0.97 6.41
’21 0.69 0.70 1.71 1.44 4.55
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 511 692 — — —
’26 605 660 717 635 2,618
’25 514 575 634 666 2,389
’24 416 467 511 520 1,914
’23 419 490 456 445 1,809
’22 373 537 889 471 2,270
’21 211 276 538 501 1,525
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 (336) 252 — — —
’26 (132) 325 218 293 704
’25 (65) 289 266 358 849
’24 (134) 136 101 225 328
’23 (278) 85 91 238 136
’22 (90) 210 552 64 737
’21 (115) 114 309 273 580
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 (342) 240 — — —
’26 (145) 323 217 287 682
’25 (75) 279 262 344 809
’24 (149) 113 85 213 262
’23 (283) 72 77 219 86
’22 (91) 209 547 63 728
’21 (119) 111 304 270 566
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.8% a year for ten years. It grew 3.5% a year over the last ten.

Implied
18.8%
10 years, reported
3.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 872 963 1,084 1,159 1,525 2,270 1,809 1,914 2,389 2,618 2,556 +13.0% 2,713 3,129 3,382 +8.9%
Gross margin, % 30.75 31.17 32.23 32.75 35.91 36.95 35.68 35.09 35.78 35.73 35.62 +5.0 pt
EBT 178 218 224 236 409 604 324 391 531 562 549 +13.6%
EBT margin, % 20.47 22.61 20.69 20.33 26.83 26.61 17.91 20.40 22.24 21.48 21.49 +1.0 pt
Net income 108 172 159 184 313 438 254 280 400 424 403 +16.4%
Per share, $
Per share, $ Revenue 14.27 15.42 17.43 18.65 23.19 34.94 28.56 29.76 36.36 39.33 38.37 +11.9%
Earnings 1.77 2.76 2.56 2.96 4.75 6.74 4.25 4.36 6.08 6.40 6.06 +15.4%
Cash flow 4.12 4.01 3.60 4.63 8.81 11.34 2.15 5.11 12.91 10.58 6.41 +11.0%
Capex (0.24) (0.12) (0.11) (0.33) (0.22) (0.13) (0.80) (1.04) (0.60) (0.34) (0.38) +4.0%
Free cash flow 3.89 3.89 3.50 4.30 8.60 11.20 1.35 4.07 12.31 10.25 6.03 +11.4%
Book value 11.89 13.65 14.33 15.84 21.03 22.22 25.46 28.55 33.09 35.20 34.64 +12.8%
Shares, m 61 62 62 62 66 65 63 64 66 67 67 +1.0%
Valuation, ×
Valuation, × P/E 19.46 15.82 18.25 17.61 14.06 13.03 21.81 29.39 26.56 22.48 24.46 19.8
P/S 2.41 2.83 2.68 2.79 2.87 2.51 3.06 4.31 4.44 3.65 3.86 3.2
P/B 2.90 3.20 3.26 3.29 3.16 3.95 3.44 4.49 4.88 4.08 4.28 3.7
EV/Sales 1.89 2.53 2.42 2.47 2.31 2.15 2.67 3.93 4.04 3.20 — 2.8
EV/FCF 6.92 10.04 12.09 10.73 6.24 6.69 56.45 28.75 11.92 12.27 — 16.2
Cash, $m
Cash, $m Operating cash flow 252 251 224 288 580 737 136 328 849 704 427 +12.1%
Capex (14) (8) (7) (21) (14) (9) (51) (67) (40) (22) (25) +5.0%
Free cash flow 238 243 218 267 566 728 86 262 809 682 402 +12.4%
Balance, $m
Balance, $m Working capital (22) (145) (111) (8) 171 (163) 35 114 154 205 245 n/m
Net debt (460) (288) (277) (376) (846) (834) (715) (722) (971) (1,189) (837) +11.1%
Shareholders’ equity 727 853 891 984 1,384 1,444 1,613 1,837 2,175 2,342 2,307 +13.9%
Returns, %
Returns, % ROA 8.82 12.29 11.19 11.85 15.25 16.48 8.68 9.13 11.44 10.47 10.39 +1.7 pt
ROIC 42.68 23.74 22.31 23.59 47.49 62.78 23.77 20.92 26.09 28.57 22.02 (14.1) pt
ROE 15.73 21.82 18.24 19.60 26.42 30.97 16.63 16.25 19.93 18.85 17.73 +3.1 pt
People
People Employees 1,171 1,228 1,354 1,491 650 839 1,000 1,000 1,100 850 — (3.5%)
Revenue/emp, $m 0.74 0.78 0.80 0.78 2.35 2.71 1.81 1.91 2.17 3.08 — +17.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Houlihan Lokey is an independent investment bank headquartered in Los Angeles. Founded in 1972, it helps organizations make financial decisions and carry out transactions. Scott J. Adelson is its chief executive officer.

The company advises businesses that want to sell themselves, buy another business or raise capital. It also works with companies and their creditors when debts need to be reorganized, including in bankruptcy. Another practice values businesses and assets, provides financial opinions on transactions and advises on related accounting, tax and diligence questions.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Corporate Finance 1,745 66.65%
Financial Restructuring 529 20.20%
Financial Advisory Services 344 13.15%
Gross margin 35.73%
Operating margin 20.13%
Pre-tax margin 21.48%

Revenue by segment since 2017

Houlihan Lokey, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BMNR BitMine Immersion Technologies, Inc. $11.5B — (loss-making) — (loss-making) +2,167.79% (above 0%: growing) n/m −126,594.81% (below 0%: shrinking) 87.70% (25.50%) Compare
JEF Jefferies Financial Group Inc. $11.2B 12.7× 12.4× +8.52% (above 0%: growing) +17.31% (above 0%: growing) +1,563.06% (above 0%: growing) 98.97% 24.82% Compare
EVR Evercore Inc $11.2B 14.5× 15.2× +12.51% (above 0%: growing) +24.01% (above 0%: growing) +25.04% (above 0%: growing) 99.76% 21.48% Compare
SF Stifel Financial Corporation $10.8B 11.8× 11.4× −0.22% (below 0%: shrinking) +13.26% (above 0%: growing) −90.85% (below 0%: shrinking) 99.05% 22.63% Compare
HLI Houlihan Lokey, Inc. $10.2B 24.5× 18.2× +4.85% (above 0%: growing) −1.80% (below 0%: shrinking) −25.70% (below 0%: shrinking) 35.98% 22.25%
FUTU Futu Holdings Limited Sponsored ADR $9.0B 9.2× 10.6× +35.71% (above 0%: growing) +42.98% (above 0%: growing) +443.45% (above 0%: growing) 86.31% 61.99% Compare
VIRT Virtu Financial, Inc. $8.4B 8.9× 8.2× +19.05% (above 0%: growing) −1.21% (below 0%: shrinking) +78.56% (above 0%: growing) 78.24% 46.04% Compare
XP XP Inc. $7.6B 7.7× 7.1× +22.04% (above 0%: growing) +23.26% (above 0%: growing) −127.08% (below 0%: shrinking) 100.00% 34.50% Compare
IREN IREN Limited $7.3B — (loss-making) — (loss-making) −26.73% (below 0%: shrinking) n/m +705.74% (above 0%: growing) 75.71% (585.97%) Compare
Median of peers $9.9B 10.5× 11.0× +15.78% +20.29% +51.80% 93.34% 23.73%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • CEO Scott Adelson said Corporate Finance backlog and activity suggested growth for the rest of the year, while interest rates and geopolitical instability remained headwinds.
  • Adelson expected a stronger second half for Financial Restructuring and elevated revenue through fiscal 2028, with software engagements contributing in calendar 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.79%
Held by the ten largest 35.55%
Holder Shares Stake Change
Vanguard 5.66m 8.10% +19.44k
BlackRock 5.24m 7.50% −40.39k
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 2.43m 3.47% −215.53k
EARNEST PARTNERS LLC 2.17m 3.11% −56.26k
Royal Bank of Canada 1.99m 2.85% +240.60k
State Street 1.75m 2.50% +55.78k
Morgan Stanley 1.69m 2.42% +98.24k
Geode Capital Management 1.38m 1.98% +32.70k
BMO 1.30m 1.86% +151.09k
Citadel Advisors 1.23m 1.76% +739.39k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Houlihan Lokey, Inc. (HLI) Latest News

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HLI metrics, ten years each

stockrow.com/HLI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com