Saturday 17 October 2026 Export HLI’s income statement to Excel — free account

Houlihan Lokey, Inc.

Houlihan Lokey, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.6 billion, up 9.55% from fiscal 2025. In the quarter to June 2026, revenue fell 15.5%, EPS fell 20.4% and free cash flow fell 135.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three; insiders bought in the last twelve months.

129.55 1.04 +0.81%

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Market cap: $9.0B
P/E: 21.3×
Fwd P/E: 19.2×
Dividend yield: 2.01%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.50

Total sells 2.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	1	—	—
Sell	—	—	1	1	—	1	1	—	—	—	1	—

Insider Ownership 18.69%

Capital & Financial Ratios $m

Market Cap 8,980.00

Revenue 2,523.52

Net Income 404.17

Free Cash Flow 484.82

Net Debt (745.00)

Current Ratio 1.36

Debt/Equity 0.00

P/E ratio 21.27

Fwd P/E 19.20

P/S ratio 3.41

P/B ratio 3.82

Past 5Y EPS Growth 6.45%

This Y EPS Growth (7.95%)

Next Y EPS Growth 23.84%

Next Y revenue growth (0.40%)

Next 5Y EPS Growth 7.64%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 65.39%

10-year low 10-year high

P/S against its own 10 years 64.25%

10-year low 10-year high

P/B against its own 10 years 58.20%

10-year low 10-year high

Dividends

Payout Ratio 0.44

Annual Dividend Rate 2.60

Annual Dividend Yield 2.01%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	2.40	0.60 0.70 0.70
2025	2.37	0.57 0.60 0.60 0.60
2024	2.26	0.55 0.57 0.57 0.57
2023	2.18	0.53 0.55 0.55 0.55
2022	2.02	0.43 0.53 0.53 0.53
2021	1.62	0.33 0.43 0.43 0.43
2020	1.28	0.31 0.31 0.33 0.33
2019	1.20	0.27 0.31 0.31 0.31
2018	1.01	0.20 0.27 0.27 0.27
2017	0.80	0.20 0.20 0.20 0.20
2016	0.66	0.15 0.17 0.17 0.17

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2024	2025	2026	Q'26
Cash	722	971	1,189	745
Receivables	232	257	228	224
Inventory	—	—	—	—
Other	—	—	—	—
	954	1,228	1,418	969

	2024	2025	2026	Q'26
Payables	114	137	136	122
ST’ Debt	—	—	—	—
Other	—	—	—	—
	840	1,074	1,213	711

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%

Revenue $m

	Jun	Sep	Dec	Mar	Year
’26	511	—	—	—	—
’26	605	659	717	636	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)	—	—	—	—
’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)	—	—	—	—
’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.

EPS $

	Jun	Sep	Dec	Mar	Year
’26	1.15	—	—	—	—
’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.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027e
Price, $
Price, $	Low	29.51	34.32	36.25	42.86	63.38	74.18	83.92	112.17	137.99	112.83	Analyst estimates 2027–2029 Powerpack
	High	46.99	53.20	50.00	71.00	119.89	122.62	123.51	192.10	211.78	195.06
People
People	Employees	1,171	1,228	1,354	1,491	650	839	1,000	1,000	1,100	850
	Revenue/emp, $m	0.74	0.78	0.80	0.78	2.35	2.71	1.81	1.91	2.17	3.08
Income, $m
Income, $m	Revenue	872	963	1,084	1,159	1,525	2,270	1,809	1,914	2,389	2,618
	Gross margin, %	30.75	31.17	32.23	32.75	35.91	36.95	35.68	35.09	35.78	35.73
	EBT	178	218	224	236	409	604	324	391	531	562
	EBT margin, %	20.47	22.61	20.69	20.33	26.83	26.61	17.91	20.40	22.24	21.48
	Net income	108	172	159	184	313	438	254	280	400	424
	Depreciation	9	8	14	17	15	49	58	29	41	43
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
	Earnings	1.77	2.76	2.56	2.96	4.75	6.74	4.25	4.36	6.08	6.40
	Cash flow	4.12	4.01	3.60	4.63	8.81	11.34	2.15	5.11	12.91	10.58
	Capex	(0.24)	(0.12)	(0.11)	(0.33)	(0.22)	(0.13)	(0.80)	(1.04)	(0.60)	(0.34)
	Free cash flow	3.89	3.89	3.50	4.30	8.60	11.20	1.35	4.07	12.31	10.25
	Book value	11.89	13.65	14.33	15.84	21.03	22.22	25.46	28.55	33.09	35.20
	Shares, m	61	62	62	62	66	65	63	64	66	67
Valuation, ×
Valuation, ×	P/E	19.46	15.82	18.25	17.61	14.06	13.03	21.81	29.39	26.56	22.48
	P/S	2.41	2.83	2.68	2.79	2.87	2.51	3.06	4.31	4.44	3.65
	P/B	2.90	3.20	3.26	3.29	3.16	3.95	3.44	4.49	4.88	4.08
	EV/Sales	1.89	2.53	2.42	2.47	2.31	2.15	2.67	3.93	4.04	3.20
	EV/FCF	6.92	10.04	12.09	10.73	6.24	6.69	56.45	28.75	11.92	12.27
Cash, $m
Cash, $m	Operating cash flow	252	251	224	288	580	737	136	328	849	704
	Capex	(14)	(8)	(7)	(21)	(14)	(9)	(51)	(67)	(40)	(22)
	Free cash flow	238	243	218	267	566	728	86	262	809	682
Balance, $m
Balance, $m	Working capital	(22)	(145)	(111)	(8)	171	(163)	35	114	154	205
	Total debt	33	12	9	5	1	1	343	—	—	—
	Net debt	(460)	(288)	(277)	(376)	(846)	(834)	(715)	(722)	(971)	(1,189)
	Shareholders’ equity	727	853	891	984	1,384	1,444	1,613	1,837	2,175	2,342
Returns, %
Returns, %	ROA	8.82	12.29	11.19	11.85	15.25	16.48	8.68	9.13	11.44	10.47
	ROIC	42.68	23.74	22.31	23.59	47.49	62.78	23.77	20.92	26.09	28.57
	ROE	15.73	21.82	18.24	19.60	26.42	30.97	16.63	16.25	19.93	18.85

Negative figures in brackets.

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
FUTU Futu Holdings Limited Sponsored ADR	$10.5B	10.3×	10.9×	+35.71% (above 0%: growing)	+42.98% (above 0%: growing)	+443.45% (above 0%: growing)	86.31%	61.99%	Compare
SF Stifel Financial Corporation	$10.4B	11.4×	12.5×	+12.97% (above 0%: growing)	+50.00% (above 0%: growing)	−90.85% (below 0%: shrinking)	98.96%	20.64%	Compare
JEF Jefferies Financial Group Inc.	$10.3B	12.1×	15.6×	+8.52% (above 0%: growing)	+3.85% (above 0%: growing)	+1,917.32% (above 0%: growing)	98.97%	24.82%	Compare
EVR Evercore Inc	$9.9B	13.2×	19.5×	+19.15% (above 0%: growing)	−1.59% (below 0%: shrinking)	+25.04% (above 0%: growing)	99.69%	17.65%	Compare
HUT Hut 8 Corp.	$9.4B	— (loss-making)	— (loss-making)	+81.44% (above 0%: growing)	n/m	−535.81% (below 0%: shrinking)	11.10%	(275.36%)	Compare
HLI Houlihan Lokey, Inc.	$9.0B	21.3×	19.2×	−15.54% (below 0%: shrinking)	−20.41% (below 0%: shrinking)	−135.86% (below 0%: shrinking)	34.83%	15.26%
VIRT Virtu Financial, Inc.	$8.9B	9.4×	9.3×	+19.05% (above 0%: growing)	−1.21% (below 0%: shrinking)	+78.56% (above 0%: growing)	78.24%	46.04%	Compare
SNEX StoneX Group Inc.	$7.2B	12.8×	18.8×	+15.40% (above 0%: growing)	+86.64% (above 0%: growing)	−183.02% (below 0%: shrinking)	3.06%	1.67%	Compare
GLXY Galaxy Digital Inc.	$7.1B	— (loss-making)	— (loss-making)	−0.99% (below 0%: shrinking)	n/m	+80.14% (above 0%: growing)	0.86%	(1.21%)	Compare
Median of peers	$9.6B	11.7×	14.1×	+17.23%	+23.42%	+51.80%	82.28%	19.15%

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