Houlihan Lokey, Inc. HLI

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 146.44 USD on Nov 2, 2026, −14.8% year to date

Quant rating

Quant rating B Rank 161 of 799 in Financials

Growth A 67 of 799
Valuation D 615 of 799
Quality A 114 of 799
Revisions A 87 of 799
Momentum C 483 of 799

Wall Street consensus Buy (2.50)Average target 161.44 USD +10.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.2B
Enterprise value: 9.4B
52-week range: 112.83 – 194.70
3-year range: 102.03 – 209.19
Dividend yield: 2.03%
Beta (5 years): 0.91
Shares outstanding: 69.4M
Next earnings: Jan 26, 2027

About the company

Houlihan Lokey, Inc. is a global investment bank specializing in mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Its segments include Corporate Finance (CF), Financial Restructuring (FR), and Financial and Valuation Advisory (FVA). CF segment provides general financial advisory services and advice on mergers and acquisitions and capital solutions offerings. FR segment offers a range of advisory services to its clients, including: the structuring, negotiation, and confirmation of plans of reorganization; liability management transactions; corporate viability assessment, and procuring debtor-in-possession financing. FVA segment provides financial advisory and valuation services with respect to companies, debt and equity interests (including complex illiquid investments), and other types of assets and liabilities, and others. It also provides investment banking advice to clients in the insurance and wealth management sectors.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,618	2,389	1,914	1,809	2,270	–
Revenue growth	9.5%	24.8%	5.8%	−20.3%	48.8%	11.4%
EPS (basic, normalized)	7.56	6.29	4.49	4.54	7.10	–
EPS growth	20.2%	40.1%	−1.1%	−36.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	16.3%	16.7%	14.6%	14.0%	19.3%	16.2%
ROE	–	21.7%	17.9%	20.5%	34.3%	23.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	837
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	−726
Total equity (mil)	2,307
Net debt / equity	−0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	2,618	+9.5%	3.6x	33.71	+9.0%	4.3x	7.56	+20.2%	19.4x
2027	2,706	+3.4%	3.5x	36.36	+7.9%	4.0x	7.21	−4.6%	20.3x
2028	3,117	+15.2%	3.0x	39.53	+8.7%	3.7x	8.72	+21.0%	16.8x
2029	3,344	+7.3%	2.8x	43.22	+9.4%	3.4x	9.69	+11.1%	15.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,706	+3.0%	+1.9%	−8.4%	7.21	+3.7%	+2.2%	−13.3%
2028	3,117	−0.2%	−0.7%	−7.1%	8.72	0.0%	−1.2%	−8.7%
2029	3,344	−2.1%	−2.0%	−10.6%	9.69	−3.2%	−3.2%	−15.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	520	514	575	634	666	605	659	717	636	511
Sales mean (mil)	509	509	538	602	629	568	648	701	706	630
Surprise	+2.3%	+1.0%	+6.9%	+5.3%	+5.9%	+6.7%	+1.7%	+2.3%	−9.9%	−18.9%
EPS reported	1.27	1.22	1.46	1.64	1.96	2.14	1.84	1.94	1.63	1.35
EPS mean	1.23	1.21	1.31	1.51	1.62	1.68	1.70	1.87	1.83	1.72
Surprise	+3.7%	+1.2%	+11.3%	+8.4%	+20.8%	+27.6%	+8.1%	+3.9%	−10.8%	−21.4%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HLI Houlihan Lokey, Inc.	10.2B	−1.06x	16.3%	4.41x	20.3x	16.8x	14.3x	10.3x
MS Morgan Stanley	290.7B	–	13.6%	2.51x	14.4x	13.6x	–	–
GS The Goldman Sachs Group, Inc.	261.7B	–	13.0%	2.09x	12.6x	12.1x	–	–
C Citigroup Inc.	203.8B	–	9.1%	0.97x	10.8x	9.5x	–	–
BLK BlackRock, Inc.	189.3B	–	22.9%	3.14x	20.1x	17.9x	14.6x	12.9x
SCHW The Charles Schwab Corporation	153.4B	–	30.4%	3.06x	13.8x	11.3x	24.3x	20.7x
Mean		−1.06x	17.6%	2.70x	15.3x	13.5x	17.8x	14.6x
Median		−1.06x	14.9%	2.78x	14.1x	12.8x	14.6x	12.9x

Technical analysis

1M+15.9%
3M+17.3%
1Y−16.8%
3Y+47.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Houlihan Lokey, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,618	2,389	1,914	1,809	2,270	1,525
Cost of revenue	–	–	–	–	–	–
Gross profit	2,618	2,389	1,914	1,809	2,270	1,525
Selling, general & administrative expenses	1,883	1,723	1,464	1,342	1,559	1,073
Research & development	–	–	–	–	–	–
Depreciation/amortization	42.6	41.3	28.5	58.2	48.5	15.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	91.5	54.8	–	–	–	–
Other operating expenses	73.0	68.9	58.8	67.6	49.6	28.8
Operating income	527	502	363	342	613	408
Net interest income (expense)	–	−0.3	−0.1	−0.1	−0.4	−0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	35.2	30.1	27.8	−17.6	−8.6	1.3
Net income before taxes	562	531	391	324	604	409
Provision for taxes	138	132	110	69.8	166	96.5
Minority interest	1.5	–	0	0	−0.6	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	426	400	280	254	438	313
Extraordinary items	–	–	–	–	–	–
Net income	426	400	280	254	438	313
EBIT, normalized	619	556	363	342	613	408
EBITDA, normalized	661	598	391	400	661	423
Basic EPS, normalized	7.56	6.29	4.49	4.54	7.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Houlihan Lokey, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,189	971	721	714	834	847
Receivables	500	415	424	315	249	227
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	550	512	481	422	224	198
Goodwill	1,396	1,285	1,127	1,088	1,070	671
Intangibles	204	213	197	203	247	195
Long-term investments	170	196	38.0	37.3	109	209
Note receivable	35.9	–	–	–	–	–
Other long-term assets	1,952	1,615	1,327	1,218	1,236	1,153
Total assets	4,309	3,820	3,171	2,969	2,887	2,426
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	136	137	114	113	126	67.5
Accrued expenses	1,569	1,375	1,141	1,141	1,151	823
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	0	14.5	25.8	22.1	22.3	22.6
Minority interest	111	–	–	–	–	–
Other liabilities	1,856	1,630	1,308	1,333	1,421	1,020
Total liabilities	1,967	1,645	1,334	1,356	1,443	1,043
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	746	843	740	643	565	804
Retained earnings (accumulated deficit)	1,645	1,395	1,163	1,033	922	600
Treasury stock	–	–	–	–	–	–
Other equity	−48.9	−63.3	−66.6	−62.8	−43.3	−20.2
Total equity	2,342	2,175	1,837	1,613	1,444	1,384
Total liabilities & shareholders' equity	4,309	3,820	3,171	2,969	2,887	2,426

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Houlihan Lokey, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	424	400	280	254	438	313
Depreciation, depletion & amortization	42.6	41.3	28.5	58.2	48.5	15.2
Deferred taxes	−25.1	−1.0	20.5	−3.4	−71.1	−21.2
Non-cash items	265	213	196	196	138	92.8
Changes in working capital	−2.1	196	−196	−369	182	180
Cash from operations	704	849	328	136	737	580
Investing activities
Capital expenditures	−22.3	−39.7	−66.7	−50.7	−8.7	−14.1
Other investing cash flows	24.5	−225	−3.7	47.7	−265	−85.6
Cash from investing	2.2	−265	−70.4	−3.0	−274	−99.7
Financing activities
Financing cash flow items	−143	−111	−77.2	−48.4	−39.2	−17.5
Cash dividends paid	−174	−165	−148	−140	−115	−92.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−175	−52.5	−25.0	−51.7	−305	82.7
Cash from financing	−493	−329	−251	−240	−459	−26.8
Foreign exchange effects	4.9	−0.8	−0.4	−12.1	−16.8	13.2
Net change in cash	218	254	7.0	−119	−13.2	466
Free cash flow	682	809	262	85.5	728	566

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.