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Friday 6 November 2026 Export HLI’s income statement to Excel — free account

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
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Houlihan Lokey, Inc. (HLI) valuation and DCF model

What the price implies · reverse DCF

At $148.20 the price implies 18.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 3.5% a year over the last ten years, 13.7% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 20.4% over ten years; the price implies 30.3% for good.

In March 2017 the price assumed 18.0% a year; Houlihan Lokey, Inc. went on to grow the dividend a share 12.4% a year to FY2026.

Price implies
18.8%
Last 5 years, reported
13.7%
Last 10 years, reported
3.5%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
18.8% a year for ten years
$148.20
today’s price
Its base case
3.5% a year for five years, then 2.1%
$44.84
69.7% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Houlihan Lokey, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Houlihan Lokey, Inc.’s own cost of capital: risk-free 4.3% + beta 0.91 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $44.84 ten years discounted, and what follows
Current price $148.20 market price per share
Below today’s price 69.7% downside at the base case’s assumptions

How we got there$20.62 10 years of dividends+$24.22 terminal value=$44.84 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 24.46× 24.94× 20.35× 20% above 14.35× 70% above
P/FCF 24.56× 29.60× 20.03× 23% above 9.28× 165% above
P/B 4.28× 4.23× 3.80× 13% above 1.36× 214% above
EV/EBITDA — 14.12× 12.14× — 3.38× —
EV/Sales — 3.20× 2.76× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
14.34×19.06×23.78×28.50×10Y avg 20.35×2018201920202021202220232024202520262026

HLI trades at 24.46× P/E, against a 10-year average of 20.35× (range 13.03×–29.39×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $123.30 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.