Houlihan Lokey price to free cash flow HLI

Market value divided by free cash flow over the last twelve months, since 2016.

Today, Oct 23, 2026: 18.9×
10-year median: 15.0×
Against its 10-year history: 77th; percentile: 0 is its lowest day, 100 its highest
10-year range: 5.9× to 82.9×
Peer median: 13.4×

Houlihan Lokey's price to free cash flow is 18.9× as of Oct 23, 2026.

That is above its ten-year median of 15.0×, higher than on 77% of days in the last ten years.

Over that time it ranged from 5.9× in Apr 2022 to 82.9× in Jul 2023.

The median for 10 asset managers of a similar size is 13.4×.

Price to free cash flow over time

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	18.9×	12.7×	19.8×
2025	16.0×	14.8×	25.8×
2024	24.1×	24.1×	39.3×
2023	31.9×	15.5×	82.9×
2022	15.0×	5.9×	17.1×
2021	10.2×	9.0×	19.0×
2020	17.9×	13.1×	18.7×
2019	15.8×	12.8×	16.5×
2018	12.6×	11.9×	17.0×
2017	12.1×	10.4×	22.7×
2016	21.6×	18.9×	46.5×

Against its peers

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

Company	Price to free cash flow
HLIHoulihan Lokey	18.9×
EVREvercore	6.0×
AMGAffiliated Managers	9.3×
IDCCInterDigital	15.2×
MORNMorningstar	17.0×
VCTRVictory Capital	11.7×
CGCarlyle	n/m
DLBDolby Laboratories	15.0×
OWLBlue OWL Capital	11.0×
BENFranklin Resources	n/m
TPGTPG	18.7×
Peer median	13.4×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Houlihan Lokey

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.