Houlihan Lokey, Inc. (HLI) 10-Year Financial Performance & Capital Metrics

HLI • • Banking & Credit

Financial ServicesCapital MarketsInvestment Banking & AdvisoryBoutique Advisory Firms

AboutHoulihan Lokey, Inc., an investment banking company, provides merger and acquisition (M&A), capital market, financial restructuring, and financial and valuation advisory services worldwide. It operates in three segments: Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory. The Corporate Finance segment offers general financial advisory services; and advises public and private institutions on buy-side and sell-side transactions, leveraged loans, private mezzanine debt, high-yield debt, initial public offerings, follow-ons, convertibles, equity private placements, private equity, and liability management transactions, as well as advise financial sponsors on various transactions. The Financial Restructuring segment advises debtors, creditors, and other parties-in-interest related to recapitalization/deleveraging transactions. It also provides a range of advisory services, including structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. The Financial and Valuation Advisory segment offers valuations of various assets, such as companies, illiquid debt and equity securities, and intellectual property. It also provides fairness opinions in connection with M&A and other transactions, and solvency opinions in connection with corporate spin-offs and dividend recapitalizations; and other types of financial opinions. In addition, this segment offers dispute resolution services. It serves corporations, institutions, and governments. The company was incorporated in 1972 and is headquartered in Los Angeles, California with offices in the United States, Europe, the Middle East, and the Asia-Pacific region.Show more

Net Interest Income $0
Total Revenue $2.39B +24.8%
Net Income $400M +42.6%
Return on Equity 19.93% +22.6%
Net Interest Margin 0%
Efficiency Ratio 17.51% -10.4%
ROA 11.44% +25.2%
Equity / Assets 56.94% -1.7%
Book Value per Share 31.68 +17.5%
Tangible BV/Share 9.87 +31.4%
Debt/Equity 0.20 -10.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 16.8%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 17.5% efficiency ratio
✓Well capitalized: 56.9% equity/assets
✓Good 3Y average ROE of 17.6%
✓Diversified revenue: 100.0% from non-interest income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.38%

5Y15.56%

3Y1.72%

TTM-

Profit (Net Income) CAGR

10Y17.47%

5Y16.81%

3Y-2.98%

TTM27.56%

EPS CAGR

10Y15.99%

5Y15.76%

3Y-3.17%

TTM26.79%

ROCE

10Y Avg22.32%

5Y Avg24.2%

3Y Avg18.32%

Latest20.11%

Peer Comparison

Boutique Advisory Firms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MCMoelis & Company	5.45B	73.68	41.39	39.75%	11.39%	37.92%	7.62%	0.47
EVREvercore Inc.	14.18B	366.54	40.37	22.67%	12.62%	25.34%	6.76%	0.48
PJTPJT Partners Inc.	4.35B	179.13	36.41	29.48%	9%	19.14%	12.12%	0.39
PIPRPiper Sandler Companies	6.01B	360.96	35.25	13.08%	12.23%	16.16%	4.96%	0.07
HLIHoulihan Lokey, Inc.	9.95B	182.60	31.37	24.81%	16.73%	18.98%	8.13%	0.20
LAZLazard Ltd	4.92B	51.88	19.36	20.98%	9.07%	28.55%	14.17%	2.87
MDBHMDB Capital Holdings, LLC Class A common	18.81M	3.66	1.39	-47.54%	5.27%	19.16%		0.01
WAITop KingWin Ltd	3.73M	2.24	-0.22	-31.16%	-231.43%	-40.27%		0.07

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
NII Growth %	-1%	-	-	-	-	-	-	-	-	-
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Loan Loss Provision	461.61M	582.24M	636.63M	692.07M	737.76M	971.2M	1.41B	1.11B	1.18B	1.47B
Non-Interest Income+	693.76M	872.09M	963.36M	1.08B	1.16B	1.53B	2.27B	1.81B	1.91B	2.39B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	693.76M	872.09M	963.36M	1.08B	1.16B	1.53B	2.27B	1.81B	1.91B	2.39B
Revenue Growth %	0.02%	0.26%	0.1%	0.13%	0.07%	0.32%	0.49%	-0.2%	0.06%	0.25%
Non-Interest Expense	105.76M	107.85M	112.32M	173.22M	192M	146.1M	248.46M	354.9M	374.19M	418.38M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	126.4M	182M	214.41M	219.1M	229.6M	408.16M	612.86M	341.74M	362.86M	501.54M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	0.44%	0.18%	0.02%	0.05%	0.78%	0.5%	-0.44%	0.06%	0.38%
Pretax Income+	125.63M	178.49M	217.84M	224.32M	235.65M	409.23M	603.94M	324M	390.54M	531.34M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	55.86M	70.14M	45.55M	65.21M	51.85M	96.46M	165.61M	69.78M	110.24M	131.62M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	69.74M	108.34M	172.28M	159.11M	183.79M	312.77M	437.75M	254.22M	280.3M	399.71M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.13%	0.55%	0.59%	-0.08%	0.16%	0.7%	0.4%	-0.42%	0.1%	0.43%
Net Income (Continuing)	69.77M	108.34M	172.28M	159.11M	183.79M	312.77M	438.32M	254.22M	280.3M	399.71M
EPS (Diluted)+	1.10	1.63	2.60	2.42	2.80	4.55	6.41	3.76	4.11	5.82
EPS Growth %	-0.17%	0.48%	0.6%	-0.07%	0.16%	0.63%	0.41%	-0.41%	0.09%	0.42%
EPS (Basic)	1.18	1.77	2.60	2.42	2.96	4.75	6.74	4.01	4.36	6.08
Diluted Shares Outstanding	63.48M	66.58M	66.32M	65.85M	65.73M	68.67M	68.26M	67.59M	68.16M	68.66M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	166.17M	300.31M	206.72M	285.75M	380.37M	846.85M	833.7M	714.44M	721.24M	971.01M
Short Term Investments	0	0	0	0	1000K	0	0	1000K	1000K	1000K
Total Investments+	0	0	209.32M	125.26M	135.39M	208.62M	109.14M	37.31M	38.01M	195.62M
Investments Growth %	-1%	-	-	-0.4%	0.08%	0.54%	-0.48%	-0.66%	0.02%	4.15%
Long-Term Investments	0	0	209.32M	125.26M	30.09M	208.62M	109.14M	31.05M	30.44M	28.3M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	518.68M	519.49M	528.89M	594.81M	618.46M	671.07M	1.07B	1.09B	1.13B	1.28B
Intangible Assets	198.69M	195.86M	194.42M	199.79M	194.39M	195.16M	247.33M	203.37M	197.44M	212.67M
PP&E (Net)	21.7M	30.42M	32.15M	31.03M	177.61M	198.4M	224.12M	422.22M	480.73M	512.02M
Other Assets	21.63M	17.95M	21.99M	34.7M	38.89M	50.75M	57.65M	83.61M	90.68M	131.37M
Total Current Assets	310.18M	622M	432.08M	437.47M	611.06M	1.07B	1.08B	1.04B	1.15B	1.56B
Total Non-Current Assets	760.7M	763.71M	986.76M	988.45M	1.07B	1.35B	1.8B	1.93B	2.02B	2.26B
Total Assets+	1.07B	1.38B	1.42B	1.42B	1.68B	2.43B	2.89B	2.97B	3.17B	3.82B
Asset Growth %	-0.13%	0.29%	0.03%	0%	0.18%	0.45%	0.19%	0.03%	0.07%	0.2%
Return on Assets (ROA)	0.06%	0.09%	0.12%	0.11%	0.12%	0.15%	0.16%	0.09%	0.09%	0.11%
Accounts Payable	34.4M	41.66M	40.77M	55.05M	53.88M	67.47M	126.19M	113.42M	114.17M	137.23M
Total Debt+	76.62M	32.56M	12.85M	8.66M	158.89M	175.33M	197.63M	374.87M	415.41M	438.19M
Net Debt	-89.55M	-267.75M	-193.87M	-277.09M	-221.48M	-671.52M	-636.07M	-339.57M	-305.82M	-532.82M
Long-Term Debt	76.62M	32.56M	11.86M	8.66M	4.68M	818K	539K	0	0	0
Short-Term Debt	0	0	989K	0	0	0	0	0	0	0
Other Liabilities	3.87M	201M	96.11M	-5.28M	5.24M	55.05M	74.87M	60.11M	37.75M	69.4M
Total Current Liabilities	294M	386.77M	432.26M	495.34M	501.04M	812.07M	1.17B	919.99M	873.34M	1.13B
Total Non-Current Liabilities	123.32M	268.48M	133.77M	39.25M	191.58M	230.43M	273.29M	435.52M	460.67M	516.37M
Total Liabilities	417.33M	655.25M	566.03M	534.58M	692.62M	1.04B	1.44B	1.36B	1.33B	1.64B
Total Equity+	653.55M	730.46M	852.81M	891.33M	984.38M	1.38B	1.44B	1.61B	1.84B	2.17B
Equity Growth %	-0.21%	0.12%	0.17%	0.05%	0.1%	0.41%	0.04%	0.12%	0.14%	0.18%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.16%	0.22%	0.18%	0.2%	0.26%	0.31%	0.17%	0.16%	0.2%
Book Value per Share	10.30	10.97	12.86	13.54	14.98	20.15	21.15	23.87	26.95	31.68
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	65K	73K	68K	65K	65K	68K	68K	69K	69K	70K
Additional Paid-in Capital	637.33M	854.75M	753.08M	645.09M	649.95M	803.57M	564.76M	642.97M	739.87M	843.35M
Retained Earnings	28.62M	87.41M	207.12M	276.47M	377.47M	600.1M	922.22M	1.03B	1.16B	1.39B
Accumulated OCI	-14.61M	-21.92M	-13.96M	-30.29M	-43.11M	-20.18M	-43.35M	-62.81M	-66.61M	-63.28M
Treasury Stock	0	-193.57M	-93.5M	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	13.52M	229.26M	250.65M	224.27M	287.67M	579.84M	736.6M	136.27M	328.46M	848.61M
Operating CF Growth %	-0.93%	15.96%	0.09%	-0.11%	0.28%	1.02%	0.27%	-0.81%	1.41%	1.58%
Net Income	69.77M	108.34M	172.28M	159.11M	183.79M	312.77M	437.75M	254.22M	280.3M	399.71M
Depreciation & Amortization	7.5M	8.85M	7.91M	14.47M	17.29M	15.23M	48.54M	58.22M	28.54M	41.27M
Deferred Taxes	-4.17M	-6.09M	-6.57M	-10.69M	-9.65M	-21.24M	0	-3.45M	20.47M	-957K
Other Non-Cash Items	2.54M	4.01M	447K	569K	28.23M	30.43M	-23.94M	38.85M	28.92M	44.07M
Working Capital Changes	-97.18M	74.8M	29.47M	4.25M	3.66M	180.23M	182.38M	-368.51M	-196.37M	196.07M
Cash from Investing+	179.55M	-1.65M	-218.58M	6.46M	-33.14M	-99.75M	-273.91M	-3M	-70.41M	-265.06M
Purchase of Investments	0	0	-209.32M	-146.97M	-350.68M	-391.56M	-101.56M	-19.23M	-11.28M	-250.48M
Sale/Maturity of Investments	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-36.85M	-3.73M	-2.7M	-71.41M	-2.2M	-12.47M	-361M	-20.43M	-3.86M	-69.19M
Other Investing	225.79M	16.5M	1.16M	101K	-170K	0	0	0	0	0
Cash from Financing+	-116.01M	102.92M	-225.31M	-236.14M	-152.14M	-26.82M	-459.06M	-240.46M	-250.59M	-329.07M
Dividends Paid	-114.3M	-55.29M	-52.08M	-66.93M	-80.66M	-92.01M	-114.81M	-140.38M	-148.45M	-165.22M
Share Repurchases	0	0	-18.07M	-69.56M	-29.64M	-102.22M	-304.79M	-48.66M	-24.95M	-52.51M
Stock Issued	0	193.56M	93.5M	0	0	189.06M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-280K	-1000K	0	0
Other Financing	1.34M	5.91M	-229.55M	-97.18M	-31.11M	-17.48M	-39.18M	-48.39M	-77.18M	-111.34M
Net Change in Cash+	77.51M	326.52M	-192.46M	-14.11M	94.63M	466.48M	-13.15M	-119.26M	7.04M	253.72M
Exchange Rate Effect	443K	-1000K	785K	-1000K	-1000K	1000K	-1000K	-1000K	-425K	-756K
Cash at Beginning	88.66M	166.17M	492.69M	300.22M	286.12M	380.75M	847.22M	834.07M	714.81M	721.85M
Cash at End	166.17M	492.69M	300.22M	286.12M	380.75M	847.22M	834.07M	714.81M	721.85M	975.58M
Interest Paid	1.31M	1.62M	656K	977K	1.05M	989K	1M	5.9M	579K	1.36M
Income Taxes Paid	75.36M	57.29M	47.63M	80.84M	73.88M	44.2M	242.03M	156.79M	105.06M	93.31M
Free Cash Flow+	4.13M	214.84M	242.93M	217.55M	266.95M	565.69M	727.92M	85.54M	261.73M	808.91M
FCF Growth %	-0.98%	50.97%	0.13%	-0.1%	0.23%	1.12%	0.29%	-0.88%	2.06%	2.09%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.43%	15.66%	21.76%	18.24%	19.6%	26.42%	30.97%	16.63%	16.25%	19.93%
Return on Assets (ROA)	6.06%	8.83%	12.3%	11.2%	11.86%	15.25%	16.48%	8.68%	9.13%	11.44%
Net Interest Margin	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Efficiency Ratio	15.24%	12.37%	11.66%	15.97%	16.56%	9.58%	10.95%	19.61%	19.55%	17.51%
Equity / Assets	61.03%	52.84%	60.11%	62.63%	58.7%	57.03%	50.01%	54.34%	57.93%	56.94%
Book Value / Share	10.3	10.97	12.86	13.54	14.98	20.15	21.15	23.87	26.95	31.68
NII Growth	-100%	-	-	-	-	-	-	-	-	-
Dividend Payout	163.89%	51.04%	30.23%	42.07%	43.88%	29.42%	26.23%	55.22%	52.96%	41.33%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Corporate Finance	371.79M	434.56M	528.64M	607.33M	646.79M	802.85M	1.59B	1.13B	1.11B	1.53B
Corporate Finance Growth	-	16.88%	21.65%	14.89%	6.50%	24.13%	98.43%	-29.25%	-1.80%	37.94%
Financial Restructuring	202.34M	307.6M	294.14M	317.77M	352.52M	534.75M	392.82M	395.73M	521.98M	544.48M
Financial Restructuring Growth	-	52.02%	-4.37%	8.03%	10.93%	51.69%	-26.54%	0.74%	31.90%	4.31%
Financial Advisory Services	119.63M	129.94M	140.58M	159.28M	160.06M	187.85M	284.06M	286.59M	285.59M	318.18M
Financial Advisory Services Growth	-	8.61%	8.19%	13.30%	0.49%	17.36%	51.21%	0.89%	-0.35%	11.41%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	601.2M	760.45M	830.08M	878.84M	975.08M	1.19B	1.69B	1.29B	1.34B	1.7B
UNITED STATES Growth	-	26.49%	9.16%	5.87%	10.95%	22.32%	41.75%	-23.74%	4.26%	26.62%
Non-US	92.57M	111.64M	133.28M	205.54M	184.29M	332.73M	579.25M	520.08M	570.1M	687.25M
Non-US Growth	-	20.60%	19.39%	54.21%	-10.34%	80.55%	74.09%	-10.21%	9.62%	20.55%

Frequently Asked Questions

Valuation & Price

Houlihan Lokey, Inc. (HLI) has a price-to-earnings (P/E) ratio of 31.4x. This suggests investors expect higher future growth.

Growth & Financials

Houlihan Lokey, Inc. (HLI) grew revenue by 24.8% over the past year. This is strong growth.

Yes, Houlihan Lokey, Inc. (HLI) is profitable, generating $426.5M in net income for fiscal year 2025 (16.7% net margin).

Dividend & Returns

Yes, Houlihan Lokey, Inc. (HLI) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Houlihan Lokey, Inc. (HLI) has a return on equity (ROE) of 19.9%. This is reasonable for most industries.

Industry Metrics

Houlihan Lokey, Inc. (HLI) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Houlihan Lokey, Inc. (HLI) has an efficiency ratio of 17.5%. This is excellent, indicating strong cost control.

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