Houlihan Lokey, Inc. (HLI)
Houlihan Lokey, Inc., an investment banking company, provides merger and acquisition (M&A), capital market, financial restructurings and liability management, and financial and valuation advisory services worldwide. The company operates in three segments: Corporate Finance (CF), Financial Restructuring (FR), and Financial and Valuation Advisory (FVA). The CF segment offers general financial advisory services; and advises public and private institutions, including financial sponsors on buy-side and sell-side M&A transactions, debt and equity financings in both the private and public markets, and other corporate finance transactions. The FR segment advises debtors, creditors, and other parties-in-interest related to recapitalization/deleveraging transactions. This segment also provides a range of advisory services, such as structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; liability management transactions; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. The FVA segment provides valuation services to companies; debt and equity interests comprising illiquid investments; and other assets and liabilities. This segment also offers fairness opinions in connection with mergers and acquisitions and other transactions; solvency opinions in connection with corporate spin-offs and dividend recapitalizations; other types of financial opinions; and diligence, tax, transaction accounting, and other financial advisory services, as well as dispute resolution services. It serves corporations, financial sponsors, and government agencies. Houlihan Lokey, Inc. was incorporated in 1972 and is headquartered in Los Angeles, California.
- Ticker
- HLI
- Exchange
- NYSE
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $10.13B
- 52-week range
- $112.83 - $195.06
Valuation
- Share price
- $145.86 (close of Nov 6, 2026)
- P/E (TTM)
- 24.03x
- Price to book
- 4.39x
- Price to free cash flow
- 25.20x
- Enterprise value
- $9.78B
- Book value per share
- $33.23
Price performance
| Period | Change |
|---|---|
| 1 day | -0.92% |
| 5 days | +5.70% |
| 1 month | +14.01% |
| 3 months | +14.33% |
| 6 months | -0.93% |
| Year to date | -16.26% |
| 1 year | -18.86% |
| 3 years | +39.43% |
| 5 years | +25.23% |
| 10 years | +521.21% |
| All time | +551.16% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 4.02%
- Shares short
- 2.15M
- Days to cover
- 2.75
- Change since prior report
- -10.55%
- Source
- FINRA consolidated short interest
Members of Congress who disclosed HLI trades
Gilbert Ray Cisneros · Josh Gottheimer · Kelly Morrison
Super investors holding HLI
Ken Griffin (Citadel) · John Rogers (Ariel Investments LLC) · Ray Dalio (Bridgewater Associates) · First Eagle Investment (First Eagle Investment Management, LLC)
Profitability and growth
- Return on equity
- 18.17%
- Return on assets
- 9.88%
- Net margin
- 16.26%
- Revenue growth
- 9.55%
- Net income growth
- 6.50%
- Free cash flow growth
- -15.71%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 3.97%
- Net debt to EBITDA
- -0.56x
Latest reported year
- Period end
- Mar 31, 2026
- Fiscal year
- 2026
- Revenue
- $2.62B
- Net income
- $425.70M
- Earnings per share
- $6.40
- Shares outstanding
- 66.55M
Income statement by year
| Period end | Revenue | Net income | EPS |
|---|---|---|---|
| 2026-03-31 | $2.62B | $425.70M | $6.40 |
| 2025-03-31 | $2.39B | $399.71M | $6.08 |
| 2024-03-31 | $1.91B | $280.30M | $4.36 |
| 2023-03-31 | $1.81B | $254.22M | $4.01 |
| 2022-03-31 | $2.27B | $437.75M | $6.74 |
| 2021-03-31 | $1.53B | $312.77M | $4.75 |
| 2020-03-31 | $1.16B | $183.79M | $2.96 |
| 2019-03-31 | $1.08B | $159.11M | $2.56 |
| 2018-03-31 | $963.36M | $172.28M | $2.76 |
| 2017-03-31 | $872.09M | $108.34M | $1.77 |
Margins and returns by year
| Period end | Net margin | Return on equity |
|---|---|---|
| 2026-03-31 | 16.26% | 18.17% |
| 2025-03-31 | 16.73% | 18.38% |
| 2024-03-31 | 14.64% | 15.26% |
| 2023-03-31 | 14.05% | 15.76% |
| 2022-03-31 | 19.28% | 30.32% |
| 2021-03-31 | 20.50% | 22.61% |
| 2020-03-31 | 15.85% | 18.67% |
| 2019-03-31 | 14.67% | 17.85% |
| 2018-03-31 | 17.88% | 20.20% |
| 2017-03-31 | 12.42% | 14.91% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2026-03-31 | $1.19B | - |
| 2025-03-31 | $971.01M | - |
| 2024-03-31 | $721.24M | - |
| 2023-03-31 | $714.44M | - |
| 2022-03-31 | $833.70M | - |
| 2021-03-31 | $846.85M | $55.86M |
| 2020-03-31 | $380.37M | $36.70M |
| 2019-03-31 | $285.75M | $31.19M |
| 2018-03-31 | $206.72M | $11.86M |
| 2017-03-31 | $300.31M | $32.56M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2026-03-31 | $681.82M | $201.30M |
| 2025-03-31 | $808.91M | $168.44M |
| 2024-03-31 | $261.73M | $166.59M |
| 2023-03-31 | $85.54M | $156.94M |
| 2022-03-31 | $727.92M | $91.88M |
| 2021-03-31 | $565.69M | $62.42M |
| 2020-03-31 | $266.95M | $64.34M |
| 2019-03-31 | $217.55M | $56.56M |
| 2018-03-31 | $242.93M | $47.11M |
| 2017-03-31 | $237.60M | $39.36M |
Dividend history
- Most recent payment
- Sep 1, 2026
- Paid in the last twelve months
- $2.60
| Payment date | Dividend per share |
|---|---|
| 2026-09-01 | $0.70 |
| 2026-06-01 | $0.70 |
| 2026-03-02 | $0.60 |
| 2025-12-01 | $0.60 |
| 2025-09-02 | $0.60 |
| 2025-06-02 | $0.60 |
| 2025-03-03 | $0.57 |
| 2024-12-02 | $0.57 |
Investor relations
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-10-28 | Sep 2026 | $1.58 |
| 2026-07-29 | Jun 2026 | $1.64 |
| 2026-05-06 | Mar 2026 | $1.84 |
| 2026-01-28 | Dec 2025 | $1.85 |
| 2025-10-30 | Sep 2025 | $1.69 |
| 2025-07-29 | Jun 2025 | $1.69 |
| 2025-05-07 | Mar 2025 | $1.61 |
| 2025-01-28 | Dec 2024 | $1.51 |
Filings and sources
- Company website
- hl.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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