Freedom Holding vs Houlihan Lokey
Houlihan Lokey is the larger business, with $2.62bn of revenue in fiscal 2026 against $2.19bn for Freedom Holding (1.2 times as much). Houlihan Lokey grew faster (9.5% against 9.3%). Houlihan Lokey kept more of each dollar of sales as profit: a net margin of 16.3% against 7.0%.
| Latest fiscal year | Freedom HoldingFRHC, 2026 | Houlihan LokeyHLI, 2026 |
|---|---|---|
| Revenue | $2.19bn | $2.62bn |
| Revenue growth | 9.3% | 9.5% |
| Net income | $153m | $426m |
| Operating margin | — | 20.1% |
| Net margin | 7.0% | 16.3% |
| Return on equity | 11.3% | 18.8% |
| Free cash flow | −$13.5m | $682m |
| Cash | $966m | $1.19bn |
| Total debt | $1.26bn | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | 1.9% |
| Share buybacks | — | $175m |
| Employees | — | 2,600 |
| Market value | $11.53bn | $9.81bn |
| Price vs our value range | — | — |
| Moat score | 67 (Moderate) | 77 (Strong) |
| Insider trades, 12 months | 2 buys, 26 sales | 1 buys, 5 sales |