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HLIHoulihan Lokey, Inc.
$140.77$9.8B
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HLI logoHoulihan Lokey, Inc.(HLI)Earnings, Financials & Key Ratios

HLI•NYSE•Banking & Credit
24.2× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryInvestment Banking and M&A Advisory
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 Equity19.93%+22.6%
  • Net Interest Margin0%
  • Efficiency Ratio17.51%-10.4%
  • ROA11.44%+25.2%
  • Equity / Assets56.94%-1.7%
  • Book Value per Share31.68+17.5%

HLI Key Insights

Houlihan Lokey, Inc. (HLI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 16.8%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Efficient operations: 17.5% efficiency ratio
  • ✓11 consecutive years of dividend growth
  • ✓Well capitalized: 56.9% equity/assets
  • ✓Good 3Y average ROE of 17.6%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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HLI Price & Volume

Houlihan Lokey, Inc. (HLI) stock price & volume — 10-year historical chart

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HLI Growth Metrics

Houlihan Lokey, Inc. (HLI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.38%
5 Years15.56%
3 Years1.72%
TTM-

Profit CAGR

10 Years17.47%
5 Years16.81%
3 Years-2.98%
TTM24.78%

EPS CAGR

10 Years15.99%
5 Years15.76%
3 Years-3.17%
TTM24.24%

Return on Capital

10 Years22.32%
5 Years24.2%
3 Years18.32%
Last Year20.11%

HLI Recent Earnings

Houlihan Lokey, Inc. (HLI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$1.63-8.9%
$1.79
Rev
$636M-6.4%
$679M
Q1 2026
Jan 28, 2026
Metric
Actual
Est
EPS
$1.94+4.9%
$1.85
Rev
$717M+2.9%
$697M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$1.84+9.5%
$1.68
Rev
$659M+1.2%
$652M
Q3 2025
Jul 29, 2025
Metric
Actual
Est
EPS
$2.14+27.4%
$1.68
Rev
$605M+4.4%
$580M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$1.63vs $1.79-8.9%
$636Mvs $679M-6.4%
Q1 2026Jan 28, 2026
$1.94vs $1.85+4.9%
$717Mvs $697M+2.9%
Q4 2025Oct 30, 2025
$1.84vs $1.68+9.5%
$659Mvs $652M+1.2%
Q3 2025Jul 29, 2025
$2.14vs $1.68+27.4%
$605Mvs $580M+4.4%
Based on last 12 quarters of dataView full earnings history →

HLI Peer Comparison

Houlihan Lokey, Inc. (HLI) competitors in Investment Banking and M&A Advisory — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EVR logoEVREvercore Inc.Direct Competitor14.72B371.7226.4629.49%15.26%29.32%0.50
PJT logoPJTPJT Partners Inc.Direct Competitor3.76B155.4723.2714.77%10.32%20.08%0.41
LAZ logoLAZLazard LtdDirect Competitor4.16B44.3020.413.25%7.5%26.7%2.61
MC logoMCMoelis & CompanyDirect Competitor4.93B67.1822.8526.98%15.36%37.88%0.39
PWP logoPWPPerella Weinberg PartnersDirect Competitor1.61B15.8528.82-14.48%2.85%16.26%1.36
FTI logoFTITechnipFMC plcProduct Competitor26.07B65.1728.339.37%10.63%32.2%0.59
HLNE logoHLNEHamilton Lane IncorporatedProduct Competitor4.57B82.2213.896.46%32.83%20.15%0.24
SF logoSFStifel Financial Corp.Product Competitor11.38B73.5412.516.94%10.86%11.96%0.36

Compare HLI vs Peers

Houlihan Lokey, Inc. (HLI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EVR

Most directly comparable listed peer for HLI.

Scale Benchmark

vs JPM

Larger-name benchmark to compare HLI against a more recognizable public peer.

Peer Set

Compare Top 5

vs EVR, PJT, LAZ, MC

HLI Income Statement

Houlihan Lokey, Inc. (HLI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Net Interest Income
0000000000
NII Growth %
---------0%
Net Interest Margin %
0%0%0%0%0%0%0%0%0%0%
Interest Income
0000000000
Interest Expense
0000000000
Loan Loss Provision
582.24M636.63M692.07M737.76M971.2M1.41B1.11B1.18B1.47B1.66B
Non-Interest Income
872.09M963.36M1.08B1.16B1.53B2.27B1.81B1.91B2.39B2.65B
Non-Interest Income %
100%100%100%100%100%100%100%100%100%100%
Total Revenue
872.09M▲ 0%
963.36M▲ 10.5%
1.08B▲ 12.6%
1.16B▲ 6.9%
1.53B▲ 31.6%
2.27B▲ 48.8%
1.81B▼ 20.3%
1.91B▲ 5.8%
2.39B▲ 24.8%
2.65B▲ 0%
Revenue Growth %
25.7%10.47%12.56%6.91%31.58%48.81%-20.29%5.8%24.81%73.63%
Non-Interest Expense
107.85M112.32M173.22M192M146.1M248.46M354.9M374.19M418.38M428.03M
Efficiency Ratio
12.37%11.66%15.97%16.56%9.58%10.95%19.61%19.55%17.51%16.16%
Operating Income
182M▲ 0%
214.41M▲ 17.8%
219.1M▲ 2.2%
229.6M▲ 4.8%
408.16M▲ 77.8%
612.86M▲ 50.2%
341.74M▼ 44.2%
362.86M▲ 6.2%
501.54M▲ 38.2%
558.65M▲ 0%
Operating Margin %
20.87%22.26%20.2%19.8%26.76%27%18.89%18.95%20.99%21.09%
Operating Income Growth %
43.98%17.81%2.18%4.79%77.77%50.15%-44.24%6.18%38.22%-
Pretax Income
178.49M▲ 0%
217.84M▲ 22.0%
224.32M▲ 3.0%
235.65M▲ 5.0%
409.23M▲ 73.7%
603.94M▲ 47.6%
324M▼ 46.4%
390.54M▲ 20.5%
531.34M▲ 36.1%
578.01M▲ 0%
Pretax Margin %
20.47%22.61%20.69%20.33%26.83%26.61%17.91%20.4%22.24%21.83%
Income Tax
70.14M45.55M65.21M51.85M96.46M165.61M69.78M110.24M131.62M130.22M
Effective Tax Rate %
39.3%20.91%29.07%22%23.57%27.42%21.54%28.23%24.77%22.53%
Net Income
108.34M▲ 0%
172.28M▲ 59.0%
159.11M▼ 7.6%
183.79M▲ 15.5%
312.77M▲ 70.2%
437.75M▲ 40.0%
254.22M▼ 41.9%
280.3M▲ 10.3%
399.71M▲ 42.6%
447.78M▲ 0%
Net Margin %
12.42%17.88%14.67%15.85%20.5%19.28%14.05%14.64%16.73%16.91%
Net Income Growth %
55.35%59.02%-7.65%15.52%70.18%39.96%-41.93%10.26%42.6%24.78%
Net Income (Continuing)
108.34M172.28M159.11M183.79M312.77M438.32M254.22M280.3M399.71M447.78M
EPS (Diluted)
1.63▲ 0%
2.60▲ 59.5%
2.42▼ 6.9%
2.80▲ 15.7%
4.55▲ 62.5%
6.41▲ 40.9%
3.76▼ 41.3%
4.11▲ 9.3%
5.82▲ 41.6%
6.54▲ 0%
EPS Growth %
48.18%59.51%-6.92%15.7%62.5%40.88%-41.34%9.31%41.61%24.24%
EPS (Basic)
1.772.602.422.964.756.744.014.366.08-
Diluted Shares Outstanding
66.58M66.32M65.85M65.73M68.67M68.26M67.59M68.16M68.66M68.43M

HLI Balance Sheet

Houlihan Lokey, Inc. (HLI) balance sheet — assets, liabilities & shareholders' equity

MetricMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash & Short Term Investments
300.31M206.72M285.75M485.68M846.85M833.7M720.69M728.8M1.14B4.2B
Cash & Due from Banks
300.31M206.72M285.75M380.37M846.85M833.7M714.44M721.24M971.01M1.06B
Short Term Investments
000105.3M006.25M7.57M167.33M84.14M
Total Investments
0209.32M125.26M135.39M208.62M109.14M37.31M38.01M195.62M127.6M
Investments Growth %
---40.16%8.09%54.09%-47.68%-65.82%1.87%414.73%767.33%
Long-Term Investments
0209.32M125.26M30.09M208.62M109.14M31.05M30.44M28.3M129.97M
Accounts Receivables
60.72M77.26M69.49M80.91M108.41M144.03M182.03M199.63M257.33M210.88M
Goodwill & Intangibles
715.34M723.31M794.6M812.84M866.22M1.32B1.29B1.32B1.5B1.49B
Goodwill
519.49M528.89M594.81M618.46M671.07M1.07B1.09B1.13B1.28B1.29B
Intangible Assets
195.86M194.42M199.79M194.39M195.16M247.33M203.37M197.44M212.67M199.6M
PP&E (Net)
30.42M32.15M31.03M177.61M198.4M224.12M422.22M480.73M512.02M556.57M
Other Assets
17.95M21.99M34.7M38.89M50.75M57.65M83.61M90.68M131.37M260.16M
Total Current Assets
622M432.08M437.47M611.06M1.07B1.08B1.04B1.15B1.56B1.58B
Total Non-Current Assets
763.71M986.76M988.45M1.07B1.35B1.8B1.93B2.02B2.26B2.35B
Total Assets
1.38B▲ 0%
1.42B▲ 2.6%
1.42B▲ 0.3%
1.68B▲ 17.8%
2.43B▲ 44.7%
2.89B▲ 19.0%
2.97B▲ 2.8%
3.17B▲ 6.8%
3.82B▲ 20.5%
3.94B▲ 0%
Asset Growth %
29.09%2.64%0.3%17.84%44.67%18.99%2.84%6.8%20.47%71.34%
Return on Assets (ROA)
8.83%12.3%11.2%11.86%15.25%16.48%8.68%9.13%11.44%11.89%
Accounts Payable
41.66M40.77M55.05M53.88M67.47M126.19M113.42M114.17M137.23M107.66M
Total Debt
32.56M12.85M8.66M158.89M175.33M197.63M374.87M415.41M438.19M497.13M
Net Debt
-267.75M-193.87M-277.09M-221.48M-671.52M-636.07M-339.57M-305.82M-532.82M-559.35M
Long-Term Debt
32.56M11.86M8.66M4.68M818K539K0000
Short-Term Debt
0989K00000000
Other Liabilities
201M96.11M-5.28M5.24M55.05M74.87M60.11M37.75M69.4M157.06M
Total Current Liabilities
386.77M432.26M495.34M501.04M812.07M1.17B919.99M873.34M1.13B988.79M
Total Non-Current Liabilities
268.48M133.77M39.25M191.58M230.43M273.29M435.52M460.67M516.37M654.2M
Total Liabilities
655.25M566.03M534.58M692.62M1.04B1.44B1.36B1.33B1.64B1.64B
Total Equity
730.46M▲ 0%
852.81M▲ 16.8%
891.33M▲ 4.5%
984.38M▲ 10.4%
1.38B▲ 40.6%
1.44B▲ 4.3%
1.61B▲ 11.7%
1.84B▲ 13.9%
2.17B▲ 18.4%
2.29B▲ 0%
Equity Growth %
11.77%16.75%4.52%10.44%40.55%4.35%11.75%13.85%18.41%62.51%
Equity / Assets (Capital Ratio)
52.84%60.11%62.63%58.7%57.03%50.01%54.34%57.93%56.94%58.27%
Return on Equity (ROE)
15.66%21.76%18.24%19.6%26.42%30.97%16.63%16.25%19.93%20.14%
Book Value per Share
10.9712.8613.5414.9820.1521.1523.8726.9531.6833.52
Tangible BV per Share
0.231.951.472.617.531.844.777.519.8711.71
Common Stock
73K68K65K65K68K68K69K69K70K69K
Additional Paid-in Capital
854.75M753.08M645.09M649.95M803.57M564.76M642.97M739.87M843.35M734.49M
Retained Earnings
87.41M207.12M276.47M377.47M600.1M922.22M1.03B1.16B1.39B1.59B
Accumulated OCI
-21.92M-13.96M-30.29M-43.11M-20.18M-43.35M-62.81M-66.61M-63.28M-29.47M
Treasury Stock
-193.57M-93.5M00000000
Preferred Stock
0000000000

HLI Cash Flow Statement

Houlihan Lokey, Inc. (HLI) cash flow — operating, investing & free cash flow history

MetricMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash from Operations
229.26M250.65M224.27M287.67M579.84M736.6M136.27M328.46M848.61M769.48M
Operating CF Growth %
1595.87%9.33%-10.52%28.27%101.56%27.04%-81.5%141.03%158.36%-50.61%
Net Income
108.34M172.28M159.11M183.79M312.77M437.75M254.22M280.3M399.71M447.78M
Depreciation & Amortization
8.85M7.91M14.47M17.29M15.23M48.54M58.22M28.54M41.27M50M
Deferred Taxes
-6.09M-6.57M-10.69M-9.65M-21.24M0-3.45M20.47M-957K-8.27M
Other Non-Cash Items
4.01M447K569K28.23M30.43M-23.94M38.85M28.92M44.07M61.94M
Working Capital Changes
74.8M29.47M4.25M3.66M180.23M182.38M-368.51M-196.37M196.07M23.8M
Cash from Investing
-1.65M-218.58M6.46M-33.14M-99.75M-273.91M-3M-70.41M-265.06M-54.57M
Purchase of Investments
0-209.32M-146.97M-350.68M-391.56M-101.56M-19.23M-11.28M-250.48M-315.85M
Sale/Maturity of Investments
00231.46M340.62M318.43M197.32M87.38M11.46M94.31M293.03M
Net Investment Activity
0-209.32M84.49M-10.05M-73.13M95.76M68.15M180K-156.17M-22.82M
Acquisitions
-3.73M-2.7M-71.41M-2.2M-12.47M-361M-20.43M-3.86M-69.19M-1.2M
Other Investing
16.5M1.16M101K-170K000000
Cash from Financing
102.92M-225.31M-236.14M-152.14M-26.82M-459.06M-240.46M-250.59M-329.07M-491.25M
Dividends Paid
-55.29M-52.08M-66.93M-80.66M-92.01M-114.81M-140.38M-148.45M-165.22M-173.4M
Share Repurchases
0-18.07M-69.56M-29.64M-102.22M-304.79M-48.66M-24.95M-52.51M-140.09M
Stock Issued
193.56M93.5M00189.06M00000
Net Stock Activity
193.56M75.42M-69.56M-29.64M86.84M-304.79M-48.66M-24.95M-52.51M-140.09M
Debt Issuance (Net)
-1000K-1000K-1000K-1000K-1000K-280K-1000K000
Other Financing
5.91M-229.55M-97.18M-31.11M-17.48M-39.18M-48.39M-77.18M-111.34M-177.76M
Net Change in Cash
326.52M▲ 0%
-192.46M▼ 158.9%
-14.11M▲ 92.7%
94.63M▲ 770.8%
466.48M▲ 392.9%
-13.15M▼ 102.8%
-119.26M▼ 806.6%
7.04M▲ 105.9%
253.72M▲ 3503.0%
260.51M▲ 0%
Exchange Rate Effect
-4.02M785K-8.7M-7.75M13.21M-16.78M-12.06M-425K-756K36.84M
Cash at Beginning
166.17M492.69M300.22M286.12M380.75M847.22M834.07M714.81M721.85M928.4M
Cash at End
492.69M300.22M286.12M380.75M847.22M834.07M714.81M721.85M975.58M1.06B
Interest Paid
1.62M656K977K1.05M989K1M5.9M579K1.36M485K
Income Taxes Paid
57.29M47.63M80.84M73.88M44.2M242.03M156.79M105.06M93.31M82.37M
Free Cash Flow
214.84M▲ 0%
242.93M▲ 13.1%
217.55M▼ 10.4%
266.95M▲ 22.7%
565.69M▲ 111.9%
727.92M▲ 28.7%
85.54M▼ 88.2%
261.73M▲ 206.0%
808.91M▲ 209.1%
738.94M▲ 0%
FCF Growth %
5096.93%13.07%-10.45%22.71%111.91%28.68%-88.25%205.96%209.07%8.97%

HLI Banking Ratios

Houlihan Lokey, Inc. (HLI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
15.66%21.76%18.24%19.6%26.42%30.97%16.63%16.25%19.93%20.14%
Return on Assets (ROA)
8.83%12.3%11.2%11.86%15.25%16.48%8.68%9.13%11.44%11.89%
Net Interest Margin
0%0%0%0%0%0%0%0%0%0%
Efficiency Ratio
12.37%11.66%15.97%16.56%9.58%10.95%19.61%19.55%17.51%16.16%
Equity / Assets
52.84%60.11%62.63%58.7%57.03%50.01%54.34%57.93%56.94%58.27%
Book Value / Share
10.9712.8613.5414.9820.1521.1523.8726.9531.6833.52
Dividend Payout
51.04%30.23%42.07%43.88%29.42%26.23%55.22%52.96%41.33%38.72%
Related:HLI Dividend History·HLI Revenue History·HLI Price History·HLI P/E History·HLI Financial Ratios·HLI Institutional Holders

HLI SEC Filings & Documents

Houlihan Lokey, Inc. (HLI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Feb 25, 2026·SEC

Material company update

Jan 29, 2026·SEC

10-K Annual Reports

3
FY 2025

May 15, 2025·SEC

FY 2024

May 21, 2024·SEC

FY 2023

May 25, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

Feb 3, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

HLI Frequently Asked Questions

Houlihan Lokey, Inc. (HLI) stock FAQ — growth, dividends, profitability & financials explained

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 $447.8M 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 1.71%. 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.

What if you invested $1,000 in HLI back in 2013?

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How much would $100/month in HLI be worth today?

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