HLI · Houlihan Lokey, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $2.62B | $2.39B | $1.91B | $1.81B | $2.27B | $1.53B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | $772.31M | $571.07M | $557.08M | $795.29M | $521.37M |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $2.09B | $1.89B | $1.55B | $1.47B | $1.66B | $1.12B |
| D&A | $42.63M | $41.27M | $28.54M | $58.22M | $48.54M | $15.23M |
| Operating Income | $527.02M | $501.54M | $362.86M | $341.74M | $612.86M | $408.16M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $138.09M | $131.62M | $110.24M | $69.78M | $165.61M | $96.46M |
| Net Income | $425.70M | $399.71M | $280.30M | $254.22M | $183.79M | $312.77M |
| EPS - Basic | $6.40 | $6.08 | $4.36 | $4.01 | $6.74 | $4.75 |
| EPS - Diluted | $6.22 | $5.82 | $4.11 | $3.76 | $6.41 | $4.55 |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.19B | $971.01M | $721.24M | $714.44M | $833.70M | $846.85M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $4.31B | $3.82B | $3.17B | $2.97B | $2.89B | $2.43B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | $55.86M |
| Total Liabilities | $1.86B | $1.64B | $1.33B | $1.36B | $1.44B | $1.04B |
| Stockholders' Equity | $2.34B | $2.17B | $1.84B | $1.61B | $1.44B | $1.38B |
| Retained Earnings | $1.65B | $1.39B | $1.16B | $1.03B | $922.22M | $600.10M |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $704.13M | $848.61M | $328.46M | $136.27M | $736.60M | $579.84M |
| Investing Cash Flow | $2.18M | ($265.06M) | ($70.41M) | ($3.00M) | ($273.91M) | ($99.75M) |
| Financing Cash Flow | ($492.94M) | ($329.07M) | ($250.59M) | ($240.46M) | ($459.06M) | ($26.82M) |
| CapEx | $22.31M | $39.70M | $66.73M | $50.73M | $8.68M | $14.15M |
| Free Cash Flow | $681.82M | $808.91M | $261.73M | $85.54M | $727.92M | $565.69M |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | 32.3% | 29.8% | 30.8% | 35.0% | 34.2% |
| Operating margin | 20.1% | 21.0% | 19.0% | 18.9% | 27.0% | 26.8% |
| EBITDA margin | 21.8% | 22.7% | 20.4% | 22.1% | 29.1% | 27.8% |
| Net margin | 16.3% | 16.7% | 14.6% | 14.0% | 8.1% | 20.5% |
| Free cash flow margin | 26.0% | 33.9% | 13.7% | 4.7% | 32.1% | 37.1% |
| FCF / Net income | 1.60 | 2.02 | 0.93 | 0.34 | 3.96 | 1.81 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 24.5% | 24.8% | 28.2% | 21.5% | 47.4% | 23.6% |
| Return on assets | 9.9% | 10.5% | 8.8% | 8.6% | 6.4% | 12.9% |
| Return on equity | 18.2% | 18.4% | 15.3% | 15.8% | 12.7% | 22.6% |
| Return on invested capital | - | - | - | - | - | 21.7% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | 0.04 |
| Debt / Assets | - | - | - | - | - | 0.02 |
| Debt / EBITDA | - | - | - | - | - | 0.13 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.84 | 1.76 | 1.73 | 1.84 | 2.00 | 1.75 |
| Liabilities / Assets | 0.43 | 0.43 | 0.42 | 0.46 | 0.50 | 0.43 |
| Efficiency | ||||||
| Asset turnover | 0.61 | 0.63 | 0.60 | 0.61 | 0.79 | 0.63 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 23.1x | 27.7x | 31.2x | 23.3x | 13.7x | 14.6x |
| P / B | 4.2x | 5.1x | 4.8x | 3.7x | 4.2x | 3.3x |
| P / S | 3.8x | 4.6x | 4.6x | 3.3x | 2.6x | 3.0x |
| EV / EBITDA | 15.2x | 18.6x | 20.5x | 13.0x | 7.8x | 8.9x |
| Growth | ||||||
| Revenue growth (YoY) | 9.5% | 24.8% | 5.8% | -20.3% | 48.8% | 31.6% |
| Revenue CAGR (3y) | 13.1% | 1.7% | 7.9% | 16.0% | 27.9% | - |
| Revenue CAGR (5y) | 11.4% | 15.6% | 12.0% | - | - | - |
| Gross profit growth (YoY) | - | 35.2% | 2.5% | -30.0% | 52.5% | 61.6% |
| Operating income growth (YoY) | 5.1% | 38.2% | 6.2% | -44.2% | 50.2% | 77.8% |
| Net income growth (YoY) | 6.5% | 42.6% | 10.3% | 38.3% | -41.2% | 70.2% |
| EPS growth (YoY) | 6.9% | 41.6% | 9.3% | -41.3% | 40.9% | 62.5% |
| EPS CAGR (3y) | 18.3% | -3.2% | -3.3% | 10.3% | 38.4% | 20.5% |
| EPS CAGR (5y) | 6.5% | 15.8% | 11.2% | 7.7% | 31.5% | 32.8% |
| FCF growth (YoY) | -15.7% | 209.1% | 206.0% | -88.2% | 28.7% | 111.9% |
| FCF CAGR (5y) | 3.8% | 24.8% | 3.8% | -18.8% | 27.6% | 167.4% |
| Book value growth (YoY) | 7.7% | 18.4% | 13.9% | 11.7% | 4.3% | 40.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-03-31.
Business segments
$2.62B totalCorporate Finance$1.74B · 66.7%
Financial Restructuring$528.65M · 20.2%
Financial And Valuation Advisory$344.23M · 13.2%
Geographic
$2.62B totalUS$1.78B · 67.8%
Non Us$842.18M · 32.2%
Stability scores
Piotroski F-score
FY 2026 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Investment Advice
Comparing HOULIHAN LOKEY against the 5 most active filers in the same SIC group.
Dividends
$2.50/share trailing 12 months · +8.2% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.7000 |
| Mar 2, 2026 | $0.6000 |
| Dec 1, 2025 | $0.6000 |
| Sep 2, 2025 | $0.6000 |
| Jun 2, 2025 | $0.6000 |
| Mar 3, 2025 | $0.5700 |
| Dec 2, 2024 | $0.5700 |
| Sep 3, 2024 | $0.5700 |
| Jun 3, 2024 | $0.5700 |
| Feb 29, 2024 | $0.5500 |
| Nov 30, 2023 | $0.5500 |
| Aug 31, 2023 | $0.5500 |
| Jun 1, 2023 | $0.5500 |
| Mar 1, 2023 | $0.5300 |
| Dec 1, 2022 | $0.5300 |
| Sep 1, 2022 | $0.5300 |
| Jun 1, 2022 | $0.5300 |
| Mar 1, 2022 | $0.4300 |
| Dec 1, 2021 | $0.4300 |
| Sep 1, 2021 | $0.4300 |
| Jun 1, 2021 | $0.4300 |
| Mar 1, 2021 | $0.3300 |
| Dec 1, 2020 | $0.3300 |
| Sep 1, 2020 | $0.3300 |