Houlihan Lokey's fee-based model shows strong top-line momentum, with quarterly revenue rising from $513.6M in 2025Q1 to $692.0M in 2027Q2, and equity expanding from $1.8B to $2.3B, which suggests accumulated retained earnings are supporting the balance sheet.
Price trend, volume and key moving averages
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Revenue expanded from $513.6M in 2025Q1 to $692.0M in 2027Q2, yet quarterly operating income of $154.0M on $692.0M revenue implies a margin near 22% and suggests earnings conversion has lagged top-line growth.
Houlihan Lokey has demonstrated significant revenue and earnings growth, with fiscal year 2025 revenue increasing by 24.80% year-over-year to $2.39 billion and earnings rising by 42.60% to $399.71 million. Analysts project continued growth, with EPS expected to grow at an average yearly rate of 16.34% and revenue by 13.02% in the coming years.
The company's business model combines corporate finance (cyclical) with financial restructuring (countercyclical), allowing it to perform well in various economic conditions. This diversification provides a 'natural hedge,' enabling HLI to generate revenue even when M&A activity slows down.
Houlihan Lokey is a leading M&A advisor in the United States, particularly in the middle-market segment (transactions under $1 billion), which accounts for a vast majority of global deal activity. This focus positions them to capture significant deal volume.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 28, 2026 | $1.85+13.5% vs $1.63 | $692M+10.6% vs $626M |
Q3 2026 Jul 29, 2026 | $1.35-17.7% vs $1.64 | $511M-15.2% vs $602M |
Q2 2026 May 6, 2026 | $1.63-8.9% vs $1.79 | $636M-6.4% vs $679M |
Q1 2026 Jan 28, 2026 | $1.94+4.9% vs $1.85 | $717M+2.9% vs $697M |
NEW YORK--(BUSINESS WIRE)--Derek Herbert has joined Houlihan Lokey's Equity Capital Solutions platform as a Managing Director, based in New York. He will focus on Direct Equity.
Houlihan Lokey remains a leading diversified financial advisory firm, with a strong franchise and tenured management team. HLI's Corporate Finance segment faces temporary headwinds, but record backlog and stable transaction activity suggest underlying demand remains resilient. Revenue per transaction is declining in Corporate Finance, while Financial Restructuring and Valuation Advisory offer meaningful diversification benefits.
Houlihan Lokey is uniquely positioned as a top-tier restructuring advisor amid a looming debt crisis, with a best-in-class track record in major bankruptcies. HLI's share price has lagged due to heavy exposure to mid-market M&A, but the market underestimates the counter-cyclical potential of its restructuring business. AI sector debt issuance has surged, creating significant restructuring opportunities; HLI's expertise and deal flow in technology position it to benefit from sector distress.
Houlihan Lokey (HLI) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Benchmark HLI against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Houlihan Lokey, Inc. (HLI)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $145.86 | $10.19B | 24.23 | 9.55% | 15.78% | 16.93% | 1.74% | |
| $284.65 | $11.01B | 15.30 | 29.41% | 15.73% | 34.34% | 1.14% | |
| $148.61 | $3.84B | 22.21 | 14.77% | 10.5% | 19.27% | 0.58% | |
| $38.31 | $3.73B | 22.25 | 3.36% | 5.65% | 18.96% | 4.58% | |
| $56.92 | $4.22B | 19.33 | 26.98% | 14.22% | 35.67% | 4.63% | |
| $13.68 | $1.41B | 41.87 | -14.48% | 4.35% | 12.11% | 2.61% |
Houlihan Lokey, Inc. (HLI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Houlihan Lokey, Inc. (HLI) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 28, 2026·SEC
Oct 5, 2026·SEC
Jul 30, 2026·SEC
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Houlihan Lokey, Inc. (HLI) stock FAQ — growth, dividends, profitability & financials explained
Houlihan Lokey, Inc. (HLI) revenue fell by 0.4% over the trailing twelve months, compared with the twelve months before.
Yes. Houlihan Lokey, Inc. (HLI) earned $403.4M in net income over the trailing twelve months (a 15.8% net margin).
Yes. Houlihan Lokey, Inc. (HLI) pays a dividend that yields 1.74% at the current price, a moderate yield.
Houlihan Lokey, Inc. (HLI) had a return on equity (ROE) of 16.9% over the trailing twelve months. That is above the market's typical 10-15%.
Houlihan Lokey, Inc. (HLI) has an efficiency ratio of 74.7%. This is higher than peers, suggesting room for cost optimization.
