Houlihan Lokey, Inc. (HLI) Financial Ratios
13 years of historical data (2013–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↑
17.14
+19% vs avg
5yr avg: 14.44
30Y Low8.1·High21.5
P/FCF
↑
12.16
↓-54% vs avg
5yr avg: 26.50
30Y Low8.1·High69.1
P/B Ratio
↑
4.45
+6% vs avg
5yr avg: 4.19
30Y Low2.4·High5.1
ROE
↓
19.9%
-10% vs avg
5yr avg: 22.0%
30Y Low9%·High31%
Debt/EBITDA
↑
0.81
+15% vs avg
5yr avg: 0.70
30Y Low0.0·High1.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HLI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Houlihan Lokey, Inc. trades at 24.2x earnings, 10% above its 5-year average of 22.1x, sitting at the 80th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 77%. On a free-cash-flow basis, the stock trades at 12.2x P/FCF, 54% below the 5-year average of 26.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.8B | $11.1B | $8.7B | $5.9B | $6.0B | $4.6B | $3.4B | $3.0B | $3.0B | $2.3B | $1.6B |
| Enterprise Value | $9.3B | $10.6B | $8.4B | $5.6B | $5.4B | $3.9B | $3.2B | $2.7B | $2.8B | $2.0B | $1.5B |
| P/E Ratio → | 24.21 | 27.75 | 31.19 | 23.27 | 13.70 | 14.62 | 18.61 | 18.95 | 17.15 | 21.13 | 22.64 |
| P/S Ratio | 4.12 | 4.64 | 4.56 | 3.27 | 2.64 | 2.99 | 2.95 | 2.78 | 3.07 | 2.63 | 2.28 |
| P/B Ratio | 4.45 | 5.10 | 4.76 | 3.67 | 4.15 | 3.30 | 3.48 | 3.39 | 3.47 | 3.14 | 2.42 |
| P/FCF | 12.16 | 13.71 | 33.38 | 69.13 | 8.23 | 8.07 | 12.83 | 13.88 | 12.18 | 10.68 | 382.33 |
| P/OCF | 11.59 | 13.07 | 26.60 | 43.39 | 8.14 | 7.88 | 11.91 | 13.46 | 11.80 | 10.00 | 116.91 |
P/E links to full P/E history page with 30-year chart
HLI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Houlihan Lokey, Inc.'s enterprise value stands at 17.1x EBITDA, 19% above its 5-year average of 14.4x. The Financial Services sector median is 11.4x, placing the stock at a 50% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.42 | 4.40 | 3.08 | 2.36 | 2.55 | 2.76 | 2.53 | 2.87 | 2.32 | 2.15 |
| EV / EBITDA | 17.14 | 19.45 | 21.54 | 13.94 | 8.10 | 9.20 | 12.98 | 11.74 | 12.43 | 10.62 | 11.14 |
| EV / EBIT | 18.55 | 18.97 | 21.13 | 14.79 | 8.74 | 9.54 | 13.96 | 12.51 | 12.89 | 11.13 | 11.80 |
| EV / FCF | — | 13.05 | 32.21 | 65.16 | 7.36 | 6.89 | 12.00 | 12.60 | 11.38 | 9.43 | 360.67 |
HLI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Houlihan Lokey, Inc. earns an operating margin of 21.0%, roughly in line with the Financial Services sector average. Operating margins have expanded from 18.9% to 21.0% over the past 3 years, signaling improving operational efficiency. ROE of 19.9% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 15.5% represents solid returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 38.5% | 38.5% | 38.5% | 37.9% | 36.3% | 36.4% | 36.2% | 33.9% | 33.2% | 33.5% |
| Operating Margin | 21.0% | 21.0% | 19.0% | 18.9% | 27.0% | 26.8% | 19.8% | 20.2% | 22.3% | 20.9% | 18.2% |
| Net Profit Margin | 16.7% | 16.7% | 14.6% | 14.0% | 19.3% | 20.5% | 15.9% | 14.7% | 17.9% | 12.4% | 10.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.9% | 19.9% | 16.2% | 16.6% | 31.0% | 26.4% | 19.6% | 18.2% | 21.8% | 15.7% | 9.4% |
| ROA | 11.4% | 11.4% | 9.1% | 8.7% | 16.5% | 15.2% | 11.9% | 11.2% | 12.3% | 8.8% | 6.1% |
| ROIC | 15.5% | 15.5% | 12.8% | 14.1% | 28.7% | 22.7% | 16.9% | 18.6% | 19.7% | 18.3% | 12.2% |
| ROCE | 20.1% | 20.1% | 16.7% | 18.1% | 36.8% | 29.3% | 21.8% | 22.9% | 21.6% | 20.5% | 15.3% |
HLI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Houlihan Lokey, Inc. carries a Debt/EBITDA ratio of 0.8x, which is very conservative (81% below the sector average of 4.3x). The company holds a net cash position — cash of $971M exceeds total debt of $438M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.23 | 0.23 | 0.14 | 0.13 | 0.16 | 0.01 | 0.02 | 0.04 | 0.12 |
| Debt / EBITDA | 0.81 | 0.81 | 1.06 | 0.94 | 0.30 | 0.41 | 0.64 | 0.04 | 0.06 | 0.17 | 0.57 |
| Net Debt / Equity | — | -0.24 | -0.17 | -0.21 | -0.44 | -0.49 | -0.22 | -0.31 | -0.23 | -0.37 | -0.14 |
| Net Debt / EBITDA | -0.98 | -0.98 | -0.78 | -0.85 | -0.96 | -1.59 | -0.90 | -1.19 | -0.87 | -1.40 | -0.67 |
| Debt / FCF | — | -0.66 | -1.17 | -3.97 | -0.87 | -1.19 | -0.83 | -1.27 | -0.80 | -1.25 | -21.66 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($971M) exceeds total debt ($438M)
HLI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.38x means Houlihan Lokey, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.13x to 1.38x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.38 | 1.38 | 1.32 | 1.13 | 0.93 | 1.32 | 1.22 | 0.88 | 1.00 | 1.61 | 1.06 |
| Quick Ratio | 1.38 | 1.38 | 1.32 | 1.13 | 0.93 | 1.32 | 1.22 | 0.88 | 1.00 | 1.61 | 1.06 |
| Cash Ratio | 0.86 | 0.86 | 0.83 | 0.78 | 0.71 | 1.04 | 0.76 | 0.58 | 0.48 | 0.78 | 0.57 |
| Asset Turnover | — | 0.63 | 0.60 | 0.61 | 0.79 | 0.63 | 0.69 | 0.76 | 0.68 | 0.63 | 0.65 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HLI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Houlihan Lokey, Inc. returns 2.2% to shareholders annually — split between a 1.7% dividend yield and 0.5% buyback yield. A payout ratio of 41.3% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 41.3% | 41.3% | 53.0% | 55.2% | 26.2% | 29.4% | 43.9% | 42.1% | 30.2% | 51.0% | 163.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 3.6% | 3.2% | 4.3% | 7.3% | 6.8% | 5.4% | 5.3% | 5.8% | 4.7% | 4.4% |
| FCF Yield | 8.2% | 7.3% | 3.0% | 1.4% | 12.1% | 12.4% | 7.8% | 7.2% | 8.2% | 9.4% | 0.3% |
| Buyback Yield | 0.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $68M | $68M | $68M | $69M | $66M | $66M | $66M | $67M | $63M |
Peer Comparison
Compare HLI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HLIYou | $10B | 24.2 | 17.1 | 12.2 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
 EVR | $15B | 26.6 | 18.0 | 12.5 | 99.4% | 20.5% | 27.8% | 18.8% | 1.4 |
 PJT | $4B | 23.1 | 9.2 | 7.8 | 32.4% | 21.2% | 18.9% | 20.3% | 1.1 |
 LAZ | $4B | 20.1 | 11.5 | 8.1 | 31.8% | 13.0% | 27.0% | 9.5% | 5.7 |
 MC | $5B | 22.8 | 16.4 | 9.1 | 99.2% | 18.1% | 40.2% | 24.9% | 0.9 |
 PWP | $2B | 29.1 | 25.0 | 53.3 | 97.2% | 6.4% | 14.5% | 7.0% | 5.1 |
 FTI | $27B | 29.3 | 20.0 | 18.6 | 17.3% | 9.6% | 29.5% | 17.6% | 1.4 |
 HLNE | $4B | 13.4 | 13.2 | 9.7 | 69.9% | 42.8% | 20.8% | 15.6% | 1.1 |
 SF | $11B | 12.6 | 12.1 | 9.5 | 86.6% | 13.8% | 11.7% | 7.9% | 2.3 |
 RJF | $31B | 15.2 | 5.1 | 13.7 | 88.2% | 28.7% | 17.7% | 20.9% | 1.0 |
 BX | $97B | 31.8 | 14.9 | 55.4 | 86.0% | 51.9% | 14.6% | 16.1% | 1.8 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 13 years · Updated daily
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HLI — Frequently Asked Questions
Quick answers to the most common questions about buying HLI stock.
What is Houlihan Lokey, Inc.'s P/E ratio?
Houlihan Lokey, Inc.'s current P/E ratio is 24.2x. The historical average is 20.9x. This places it at the 80th percentile of its historical range.
What is Houlihan Lokey, Inc.'s EV/EBITDA?
Houlihan Lokey, Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
What is Houlihan Lokey, Inc.'s ROE?
Houlihan Lokey, Inc.'s return on equity (ROE) is 19.9%. The historical average is 17.2%.
Is HLI stock overvalued?
Based on historical data, Houlihan Lokey, Inc. is trading at a P/E of 24.2x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Houlihan Lokey, Inc.'s dividend yield?
Houlihan Lokey, Inc.'s current dividend yield is 1.71% with a payout ratio of 41.3%.
What are Houlihan Lokey, Inc.'s profit margins?
Houlihan Lokey, Inc. has 38.5% gross margin and 21.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Houlihan Lokey, Inc. have?
Houlihan Lokey, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.