Houlihan Lokey

HLI · NYSE · Financials · Financials, fiscal 2017 to 2026

HLI · Last close · October 26, 2026

$131.21

Houlihan Lokey's revenue rose 9.6% to $2.6 billion in fiscal 2026. Its operating margin was 20.1%, down from 21.0% a year earlier. Free cash flow was $682 million, down 15.7%. It paid out $349 million in dividends and buybacks, 51% of free cash flow. The diluted share count fell 0.3%.

HOULIHAN LOKEY, INC. Latest fiscal year ended March 31, 2026 10-K filed May 22, 2026 · 0001302215-26-000053 Updated October 18, 2026

Revenue

$2.6B

9.6%

Operating margin

20.1%

0.9 pts

Net income

$426M

6.5%

Free cash flow

$682M

15.7%

Return on equity

18.9%

1.1 pts

Market cap

$8.9B

Oct 26 close

P/E

22.0x

On $5.96 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Gross margin for fiscal 2026 is blank: the 10-K's structured data doesn't include every figure it needs. Interest coverage for fiscal 2026 is blank: the 10-K's structured data has no interest expense for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 16.0% a year and net income 16.4% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Houlihan Lokey yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Houlihan Lokey's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Houlihan Lokey's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Houlihan Lokey's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 13% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 19.5% then 11% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $131.21
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Houlihan Lokey's earnings per share of $5.96 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.5×, the middle of Houlihan Lokey's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: BGC Group, Piper Sandler Companies, Virtu Financial, Evercore.

Earnings growth in the years ahead (% a year) Starts at Houlihan Lokey's revenue growth over the last 3 years, 13.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $131.21
Value at this multiple, against the last close: —
Houlihan Lokey's P/E at the last close: 22.0×

Company	Last close	Earnings per share	P/E today
BGC GroupBGC	$11.79	$0.41	28.8×
Houlihan LokeyHLI	$131.21	$5.96	22.0×
Piper Sandler CompaniesPIPR	$64.97	$3.96	16.4×
EvercoreEVR	$257.40	$17.72	14.5×
Virtu FinancialVIRT	$55.90	$6.02	9.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	834	714	721	971	1,190
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	612.9x	57.9x	644.6x	368.7x	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $500,570 of Houlihan Lokey shares on the open market, and 3 insiders sold $2.1 million, $158,785 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 10, 2026	Christopher M CrainGeneral Counsel	Sold	1,000	$140.15	$140,150	Form 4
Aug 3, 2026	Alley J LindseyChief Financial Officer	Bought	4,020	$124.52	$500,570	Form 4
May 21, 2026	Scott L BeiserCo-chairman, Director, 10% owner	Sold	6,265	$150.26	$941,379	Form 4
Apr 1, 2026	Christopher M CrainGeneral Counsel	Sold plan	500	$143.40	$71,700	Form 4
Feb 6, 2026	Robert A SchriesheimDirector	Sold	5,000	$170.86	$854,300	Form 4
Jan 2, 2026	Christopher M CrainGeneral Counsel	Sold plan	500	$174.17	$87,085	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Pass	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	−1.6%	−12.8%	−6.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Houlihan Lokey side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Houlihan Lokey	FY26	9.6%	20.1%	26.1%	—	—	—
BGC Group	FY25	30.0%	—	12.7%	13.2%	1.7x	—	Compare
Piper Sandler Companies	FY25	24.3%	—	—	34.4%	−2.0x	—	Compare
Virtu Financial	FY25	26.2%	—	13.6%	37.9%	0.8x	—	Compare
Evercore	FY25	29.5%	—	30.5%	—	−2.9x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	872	963	1,084	1,159	1,526	2,270	1,809	1,914	2,389	2,618
Revenue growth	—	10.5%	12.6%	6.9%	31.6%	48.8%	−20.3%	5.8%	24.8%	9.6%
Gross profit	242	278	306	322	521	795	557	571	772	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	182	214	219	230	408	613	342	373	503	527
Net income	108	172	159	184	313	438	254	280	400	426
Diluted EPS (US$)	1.63	2.60	2.42	2.80	4.55	6.41	3.76	4.11	5.82	6.22
Diluted shares (millions)	67	66	66	66	69	68	68	68	69	68
Cash flow
Cash from operations	252	251	224	288	580	737	136	328	849	704
Capital expenditure	14	8	7	21	14	9	51	67	40	22
Free cash flow	238	243	218	267	566	728	86	262	809	682
Dividends paid	55	52	67	81	92	115	140	148	165	174
Share buybacks	0	18	70	30	102	305	49	25	52	175
Acquisitions	4	3	71	2	12	361	20	4	69	2
Stock-based compensation	39	47	57	64	62	92	157	167	168	201
Balance sheet at fiscal year end
Cash and short-term investments	300	207	286	380	847	834	714	721	971	1,190
Debt incl. finance leases	33	12	31	37	56	—	—	—	—	—
Total assets	1,386	1,424	1,426	1,677	2,426	2,887	2,969	3,171	3,820	4,309
Total liabilities	655	566	535	693	1,042	1,443	1,356	1,334	1,645	1,856
Shareholders' equity	727	853	891	984	1,384	1,444	1,613	1,837	2,175	2,342
Margins and ratios
Gross margin	27.7%	28.8%	28.2%	27.8%	34.2%	35.0%	30.8%	29.8%	32.3%	—
Operating margin	20.9%	22.3%	20.2%	19.8%	26.8%	27.0%	18.9%	19.5%	21.0%	20.1%
Net margin	12.4%	17.9%	14.7%	15.8%	20.5%	19.3%	14.1%	14.6%	16.7%	16.3%
Free cash flow margin	27.2%	25.2%	20.1%	23.0%	37.1%	32.1%	4.7%	13.7%	33.9%	26.1%
Return on capital	21.6%	30.4%	24.0%	28.0%	50.6%	—	—	—	—	—
Return on equity	15.7%	21.8%	18.2%	19.6%	26.4%	31.0%	16.6%	16.2%	19.9%	18.9%
Return on assets	8.8%	12.3%	11.2%	11.8%	15.2%	16.5%	8.7%	9.1%	11.4%	10.5%
Net debt to EBITDA	−1.4x	−0.9x	−1.1x	−1.4x	−1.9x	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Houlihan Lokey's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Houlihan Lokey.