Houlihan Lokey HLI

Asset Management, Financial Services

$131.31

−1.45%

Market cap: $9.2B
PE: 22.0×; 10y median 21.4×
Forward PE: n/m; not a meaningful number
Price to sales: 3.6×
EV/EBIT: 17.2×
Revenue, 12 months: $2.5B; +2% on a year ago
Net margin: 16.1%
Free cash flow yield: 5.3%

Houlihan Lokey trades at 22.0× trailing earnings, near its ten-year median. Revenue was $2.5B over the last twelve months, up 2% on a year earlier with a 16% net margin.

Charts

Financials

Income statement for HLI, by quarter
Income statement	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
	$467M−5%	$511.1M+12%	$520.5M+17%	$513.6M+24%	$575M+23%	$634.4M+24%	$666.4M+28%	$605.3M+18%	$659.5M+15%	$717.1M+13%	$635.6M−5%	$511M−16%
	$90.3M+1%	$96.5M+15%	$102.7M+13%	$94.7M+29%	$130.7M+45%	$136.1M+41%	$141.1M+37%	$89.8M−5%	$151.3M+16%	$160.7M+18%	$125.1M−11%	$78M−13%
Pre-tax income	$93.6M+11%	$102.6M+23%	$118M+47%	$99.9M+31%	$136.1M+45%	$145.1M+42%	$150.3M+27%	$98M−2%	$160.1M+18%	$169.6M+17%	$134.5M−11%	$86M−12%
	$26.5M+13%	$31.8M+55%	$37M+79%	$10.9M−27%	$42.5M+60%	$49.8M+57%	$28.3M−23%	$0	$48.3M+14%	$53.1M+7%	$36.2M+28%	$8M
Net income	$67M+10%	$70.8M+12%	$81.1M+36%	$88.9M+45%	$93.5M+40%	$95.3M+35%	$121.9M+50%	$97.5M+10%	$111.8M+20%	$116.5M+22%	$99.8M−18%	$78M−20%
	$0.99+14%	$1.04+16%	$1.18+23%	$1.30+44%	$1.37+38%	$1.39+34%	$1.77+50%	$1.42+9%	$1.63+19%	$1.70+22%	$1.48−16%	$1.15−19%
	67.9M−3%	67.9M−3%	69M+11%	68.5M+1%	68.4M+1%	68.8M+1%	69M+0%	68.9M+1%	68.6M+0%	68.4M−1%	67.7M−2%	67.6M−2%

Operating income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Pre-tax income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Income tax: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Net income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

EPS, diluted: 11 periods, Q1 FY15 to Q4 FY26: quarter's net income to common over its shares, to the cent.

Diluted shares: Q1 FY15: share-days: the 6-month average less the second quarter's. 12 periods, Q4 FY15 to Q4 FY26: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Asset Management nearest Houlihan Lokey's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
HLIHoulihan Lokey	$9.2B	22.0×	21.4×	3.6×	+2%	16.1%
EVREvercore	$9.7B	14.2×	18.1×	2.0×	+46%	15.7%
AMGAffiliated Managers	$9.9B	13.6×	13.7×	4.4×	+12%	37.7%
IDCCInterDigital	$8.4B	37.7×	23.0×	10.7×	−12%	38.3%
MORNMorningstar	$8.4B	21.3×	39.7×	3.3×	+9%	16.4%
VCTRVictory Capital	$6.6B	19.7×	12.0×	4.2×	+52%	29.6%
CGCarlyle	$13.8B	40.2×	13.2×	3.8×	−42%	10.1%
DLBDolby Laboratories	$5.9B	26.7×	31.2×	4.3×	+1%	16.7%
OWLBlue OWL Capital	$14.6B	78.0×	185×	4.9×	+14%	2.7%
BENFranklin Resources	$15.8B	21.1×	14.2×	1.7×	+8%	8.7%
TPGTPG	$17.2B	82.7×	177×	3.4×	+30%	4.7%
Peer median	$9.8B	24.0×	20.5×	4.0×	+11%	16.1%