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HLI logoHoulihan Lokey, Inc.(HLI)Earnings, Financials & Key Ratios

HLI•NYSE•Banking & Credit
$150.17
$10.31B mkt cap·25.8× P/E·Price updated May 6, 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%
  • Tangible BV/Share9.87+31.4%
  • Debt/Equity0.20-10.9%
Analysis→Technical→

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
  • ✓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

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

HLI Price & Volume

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

Loading chart...

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 11/12 qtrs (92%)●Beat Revenue 11/12 qtrs (92%)
Q1 2026Latest
Jan 28, 2026
EPS
$1.94
Est $1.85
+4.9%
Revenue
$717M
Est $697M
+2.9%
Q4 2025
Oct 30, 2025
EPS
$1.84
Est $1.68
+9.5%
Revenue
$659M
Est $652M
+1.2%
Q3 2025
Jul 29, 2025
EPS
$2.14
Est $1.68
+27.4%
Revenue
$605M
Est $580M
+4.4%
Q2 2025
May 7, 2025
EPS
$1.96
Est $1.62
+21.0%
Revenue
$666M
Est $628M
+6.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestJan 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%
Q2 2025May 7, 2025
$1.96vs $1.62+21.0%
$666Mvs $628M+6.1%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EVR logoEVREvercore Inc.Direct Competitor12.92B326.1723.2129.49%15.26%29.32%9.15%0.50
PJT logoPJTPJT Partners Inc.Direct Competitor3.67B151.9222.7414.77%10.51%20.08%13.08%0.41
LAZ logoLAZLazard LtdDirect Competitor4.24B45.1020.783.25%7.43%26.7%11.93%2.61
MC logoMCMoelis & CompanyDirect Competitor4.66B63.4921.6026.98%15.36%37.88%11.58%0.39
PWP logoPWPPerella Weinberg PartnersDirect Competitor1.98B19.5635.56-14.48%4.72%16.26%1.54%1.36
FTI logoFTITechnipFMC plcProduct Competitor30.02B75.0332.629.37%10.63%32.2%4.82%0.59
HLNE logoHLNEHamilton Lane IncorporatedProduct Competitor4.41B92.4117.0828.73%30.49%15.56%7.06%0.40
SF logoSFStifel Financial Corp.Product Competitor12.03B77.7513.226.94%10.86%11.96%9.98%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
Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Net Interest Income0000000000
NII Growth %---------0%
Net Interest Margin %0%0%0%0%0%0%0%0%0%0%
Interest Income0000000000
Interest Expense0000000000
Loan Loss Provision582.24M636.63M692.07M737.76M971.2M1.41B1.11B1.18B1.47B1.22B
Non-Interest Income872.09M963.36M1.08B1.16B1.53B2.27B1.81B1.91B2.39B2.65B
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 Expense107.85M112.32M173.22M192M146.1M248.46M354.9M374.19M418.38M886.6M
Efficiency Ratio12.37%11.66%15.97%16.56%9.58%10.95%19.61%19.55%17.51%33.48%
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%
541.08M▲ 0%
Operating Margin %20.87%22.26%20.2%19.8%26.76%27%18.89%18.95%20.99%20.43%
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 Tax70.14M45.55M65.21M51.85M96.46M165.61M69.78M110.24M131.62M130.22M
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 Outstanding66.58M66.32M65.85M65.73M68.67M68.26M67.59M68.16M68.66M68.43M

HLI Balance Sheet

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

Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash & Short Term Investments300.31M206.72M285.75M485.68M846.85M833.7M720.69M728.8M1.14B4.24B
Cash & Due from Banks300.31M206.72M285.75M380.37M846.85M833.7M714.44M721.24M971.01M1.06B
Short Term Investments000105.3M006.25M7.57M167.33M127.6M
Total Investments0209.32M125.26M135.39M208.62M109.14M37.31M38.01M195.62M127.6M
Investments Growth %---40.16%8.09%54.09%-47.68%-65.82%1.87%414.73%767.33%
Long-Term Investments0209.32M125.26M30.09M208.62M109.14M31.05M30.44M28.3M86.51M
Accounts Receivables60.72M77.26M69.49M80.91M108.41M144.03M182.03M199.63M257.33M0
Goodwill & Intangibles715.34M723.31M794.6M812.84M866.22M1.32B1.29B1.32B1.5B1.49B
Goodwill519.49M528.89M594.81M618.46M671.07M1.07B1.09B1.13B1.28B1.29B
Intangible Assets195.86M194.42M199.79M194.39M195.16M247.33M203.37M197.44M212.67M199.6M
PP&E (Net)30.42M32.15M31.03M177.61M198.4M224.12M422.22M480.73M512.02M1.05B
Other Assets17.95M21.99M34.7M38.89M50.75M57.65M83.61M90.68M131.37M0
Total Current Assets622M432.08M437.47M611.06M1.07B1.08B1.04B1.15B1.56B1.39B
Total Non-Current Assets763.71M986.76M988.45M1.07B1.35B1.8B1.93B2.02B2.26B2.55B
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%11.37%
Accounts Payable41.66M40.77M55.05M53.88M67.47M126.19M113.42M114.17M137.23M0
Total Debt32.56M12.85M8.66M158.89M175.33M197.63M374.87M415.41M438.19M994.26M
Net Debt-267.75M-193.87M-277.09M-221.48M-671.52M-636.07M-339.57M-305.82M-532.82M-62.22M
Long-Term Debt32.56M11.86M8.66M4.68M818K539K000497.13M
Short-Term Debt0989K00000000
Other Liabilities201M96.11M-5.28M5.24M55.05M74.87M60.11M37.75M69.4M0
Total Current Liabilities386.77M432.26M495.34M501.04M812.07M1.17B919.99M873.34M1.13B988.79M
Total Non-Current Liabilities268.48M133.77M39.25M191.58M230.43M273.29M435.52M460.67M516.37M994.26M
Total Liabilities655.25M566.03M534.58M692.62M1.04B1.44B1.36B1.33B1.64B1.64B
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%19.52%
Book Value per Share10.9712.8613.5414.9820.1521.1523.8726.9531.6833.52
Tangible BV per Share0.231.951.472.617.531.844.777.519.8711.71
Common Stock73K68K65K65K68K68K69K69K70K69K
Additional Paid-in Capital854.75M753.08M645.09M649.95M803.57M564.76M642.97M739.87M843.35M734.49M
Retained Earnings87.41M207.12M276.47M377.47M600.1M922.22M1.03B1.16B1.39B1.59B
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 Stock0000000000

HLI Cash Flow Statement

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

Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash from Operations229.26M250.65M224.27M287.67M579.84M736.6M136.27M328.46M848.61M848.61M
Operating CF Growth %1595.87%9.33%-10.52%28.27%101.56%27.04%-81.5%141.03%158.36%-50.61%
Net Income108.34M172.28M159.11M183.79M312.77M437.75M254.22M280.3M399.71M447.78M
Depreciation & Amortization8.85M7.91M14.47M17.29M15.23M48.54M58.22M28.54M41.27M50M
Deferred Taxes-6.09M-6.57M-10.69M-9.65M-21.24M0-3.45M20.47M-957K-6.99M
Other Non-Cash Items4.01M447K569K28.23M30.43M-23.94M38.85M28.92M44.07M-91.15M
Working Capital Changes74.8M29.47M4.25M3.66M180.23M182.38M-368.51M-196.37M196.07M175.6M
Cash from Investing-1.65M-218.58M6.46M-33.14M-99.75M-273.91M-3M-70.41M-265.06M-54.57M
Purchase of Investments0-209.32M-146.97M-350.68M-391.56M-101.56M-19.23M-11.28M-250.48M-315.85M
Sale/Maturity of Investments001000K1000K1000K1000K1000K1000K1000K2M
Net Investment Activity0-209.32M-145.97M-349.68M-390.56M-100.56M-18.23M-10.28M-249.48M-313.85M
Acquisitions-3.73M-2.7M-71.41M-2.2M-12.47M-361M-20.43M-3.86M-69.19M-1.2M
Other Investing16.5M1.16M101K-170K000000
Cash from Financing102.92M-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 Repurchases0-18.07M-69.56M-29.64M-102.22M-304.79M-48.66M-24.95M-52.51M-52.19M
Stock Issued193.56M93.5M00189.06M00000
Net Stock Activity193.56M75.42M-69.56M-29.64M86.84M-304.79M-48.66M-24.95M-52.51M-52.19M
Debt Issuance (Net)-1000K-1000K-1000K-1000K-1000K-280K-1000K000
Other Financing5.91M-229.55M-97.18M-31.11M-17.48M-39.18M-48.39M-77.18M-111.34M-265.66M
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-1000K785K-1000K-1000K1000K-1000K-1000K-425K-756K0
Cash at Beginning166.17M492.69M300.22M286.12M380.75M847.22M834.07M714.81M721.85M928.4M
Cash at End492.69M300.22M286.12M380.75M847.22M834.07M714.81M721.85M975.58M1.06B
Interest Paid1.62M656K977K1.05M989K1M5.9M579K1.36M485K
Income Taxes Paid57.29M47.63M80.84M73.88M44.2M242.03M156.79M105.06M93.31M-3.48M
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%19.52%
Return on Assets (ROA)8.83%12.3%11.2%11.86%15.25%16.48%8.68%9.13%11.44%11.37%
Net Interest Margin0%0%0%0%0%0%0%0%0%0%
Efficiency Ratio12.37%11.66%15.97%16.56%9.58%10.95%19.61%19.55%17.51%33.48%
Equity / Assets52.84%60.11%62.63%58.7%57.03%50.01%54.34%57.93%56.94%58.27%
Book Value / Share10.9712.8613.5414.9820.1521.1523.8726.9531.6833.52
Dividend Payout51.04%30.23%42.07%43.88%29.42%26.23%55.22%52.96%41.33%29.65%

HLI SEC Filings & Documents

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

8-K Announcements

6
Material company update

Feb 25, 2026·SEC

Material company update

Jan 29, 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 1.60%. 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.

Explore More HLI

Houlihan Lokey, Inc. (HLI) financial analysis — history, returns, DCA and operating performance tools

Full HLI Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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