Houlihan Lokey vs Piper Sandler Companies
Houlihan Lokey is the larger business, with $2.62bn of revenue in fiscal 2026 against $1.90bn for Piper Sandler Companies (1.4 times as much). Piper Sandler Companies grew faster (24.3% against 9.5%). Houlihan Lokey kept more of each dollar of sales as profit: a net margin of 16.3% against 14.8%. Houlihan Lokey carries less debt relative to equity (0.0% against 1.1%).
| Latest fiscal year | Houlihan LokeyHLI, 2026 | Piper Sandler CompaniesPIPR, 2025 |
|---|---|---|
| Revenue | $2.62bn | $1.90bn |
| Revenue growth | 9.5% | 24.3% |
| Net income | $426m | $281m |
| Operating margin | 20.1% | — |
| Net margin | 16.3% | 14.8% |
| Return on equity | 18.8% | 21.7% |
| Free cash flow | $682m | $587m |
| Cash | $1.19bn | $809m |
| Total debt | $0 | $15.0m |
| Debt to equity | 0.0% | 1.1% |
| Dividend per share | — | — |
| Dividend yield | 1.9% | 3.1% |
| Share buybacks | $175m | $125m |
| Employees | 2,600 | 1,858 |
| Market value | $9.81bn | $4.48bn |
| Price vs our value range | — | — |
| Moat score | 77 (Strong) | 42 (Weak) |
| Insider trades, 12 months | 1 buys, 5 sales | 0 buys, 19 sales |