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Houlihan Lokey, Inc. (HLI) stock

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NYSE: HLI NYSE Investment Banking & Brokerage Next results ~January 28, 2027

C+ Fundamentals grade

Houlihan Lokey, Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Valuation models combined (4)

Base case. Range ~$84–$130. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 28% below it.

Price used: $146.45, November 3, 2026

Houlihan Lokey, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Houlihan Lokey files

10-Q filed October 30: Houlihan Lokey

Model value +14.4%

Revenue for the twelve months to September 2026 was $2.56bn, down 0.4% on a year earlier, against growth of 1.7% a quarter earlier. That puts it 21 of 21 for growth among the investment banking & brokerage companies we cover. Its fundamentals grade moves from C to C+. Our model value rises from $87.52 to $100 a share, against a share price of $138. The rating stays Sell.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Houlihan Lokey stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.52bn, up 1.7% on a year earlier, slower than 9.5% a quarter earlier. That puts it 8 of 9 for growth among the investment advice companies we cover. Our valuation models combined value is $90.62 a share, against a share price of $131.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Houlihan Lokey, Inc.'s trailing-twelve-month revenue fell 0.4% year on year, with a free-cash-flow margin of 15.7%. Where it stands out: change in share count of -1.6% ranks 5 of 35 investment banking & brokerage companies we cover. Where it lags: revenue growth of -0.4% ranks 34 of 40 investment banking & brokerage companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 48.7% while net income fell 5.4%: a 43pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.

Things to watch

  • Priced above our value. The share price of $146.44 is 28% above our value per share of $110.
  • Revenue shrinking. Revenue fell 0.4% over the last 12 months.
  • Growth easing. The growth rate is 2.1 points lower than a quarter earlier.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 8.8% over 90 days.

Latest results: FY2027 Q2

Filed October 30, 2026
Earnings per share
$1.35 against an average estimate of $1.64: missed by 17.7%
Revenue
$692m, up 4.8% on a year earlier
Share reaction
+5.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $1.65

Houlihan Lokey's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.0%
  • 1 week+10.7%
  • 1 month+15.9%
  • This year-14.8%
  • 1 year-16.3%
  • 5 years+36.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Operating margin
20.3%
Net margin
15.8%
EPS (TTM, diluted)
$5.96

Growth

Revenue growth
−0.4%
Change in growth rate
−2.1 pts
Share count change
−1.6%

Earnings

Last results
October 28, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Product
  3. Our research
  4. Results
  5. Announcement
  6. Results
  7. Announcement
  8. Leadership
  9. Announcement
  10. Leadership
  11. Product
  12. Announcement
  13. Announcement
  14. Announcement
  15. Leadership
  16. Announcement
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Houlihan Lokey, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$110
Price used
$146.41close November 3, 2026
Implied change
▼ 28%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like Houlihan Lokey, Inc. (see the models table below and how they are combined) , with a 9.39% cost of equity. The models span ~$84–~$130; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Houlihan Lokey, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$96–$200 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$84 ~$64–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$90 ~$78–$110 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$3.4 ~$36–$150 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$100 ~$88–$130 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$84–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Houlihan Lokey, Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

77 /100

Strong moat

How hard Houlihan Lokey's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 11.3% of total assets over 10 years.

  • Durability 16 / 20

    Operating margin has been a median 20.8%; its worst year was 19.0%.

  • Discipline 13 / 20

    The diluted share count fell 1.7% over five years; stock-based pay has been a median 5.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.02 −7% $2.6bn −0%
Next $8.59 +23% $3.1bn +19%

Next year's EPS estimate has moved −8.8% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −11.2% on 90 days ago. In the last 30 days, 1 analyst raised Houlihan Lokey, Inc.'s forecast and 5 cut it.

Consensus EPS forecast Houlihan Lokey, Inc., last 90 days
$7.00 $8.00 $9.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.90 Current fiscal year, 60 days ago: $7.03 Current fiscal year, 30 days ago: $7.08 Current fiscal year, 7 days ago: $7.00 Current fiscal year, Now: $7.02 $7.02 Next fiscal year, 90 days ago: $9.42 Next fiscal year, 60 days ago: $8.80 Next fiscal year, 30 days ago: $8.79 Next fiscal year, 7 days ago: $8.70 Next fiscal year, Now: $8.59 $8.59

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.90$9.42
60 days ago $7.03$8.80
30 days ago $7.08$8.79
7 days ago $7.00$8.70
Now $7.02$8.59

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.64 $1.35 −17.7%
Mar 2026 $1.79 $1.63 −8.8%
Dec 2025 $1.87 $1.94 +3.6%
Sept 2025 $1.68 $1.84 +9.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in Houlihan Lokey, Inc.'s latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

11 analysts, Oct 2026
Buy655%
Hold545%
Sell00%

Monthly trend

  1. Oct 202633511
  2. Sep 202623611
  3. Aug 202623611
  4. Jul 202623611

Counts of recommendations published by analysts covering Houlihan Lokey, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
2.51
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
2,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −16.8%

$176.01 on October 31, 2025 to $146.44

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.5bn +1.7%
Net margin 16.5% 16.1% −2.5%
P/E multiple 29.6x 24.6x −16.9%
Share count 69m 68m +1.0%

Biggest factor: p/e multiple.

Last 3 years +45.1%

$100.90 on November 3, 2023 to $146.44

ThenNowEffect
Revenue (last 12 months) $1.8bn $2.5bn +39.7%
Net margin 13.6% 16.1% +18.5%
P/E multiple 27.8x 24.6x −11.4%
Share count 67m 68m −1.1%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HLI+57%−14%+41%+47%+2%−15%
Industry peers (median)+26%−20%+16%+43%+10%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HLI58%42%67%67%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HLI−16%−37%−15%−10%−24%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 40% from September 23, 2025 to August 10, 2026. Getting back needed a 68% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$122.74 – $189.42
From 52-week high
−22.7%
vs 50-day average
+11.4%
vs 200-day average
+2.2%
Volatility (1 year)
30%
Beta vs S&P 500
0.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.5%
After a week
6 up, 5 down
typical move ±5.1%
After a month
5 up, 6 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +5.3% 0.0% — —
July 30, 2026 −9.8% +2.4% −8.3% −4.4%
May 7, 2026 +3.8% +0.5% +2.5% −6.4%
January 29, 2026 −6.8% −0.5% −7.0% −9.0%
October 31, 2025 −10.6% +0.5% −9.5% −11.9%
July 30, 2025 −0.5% −0.5% +0.1% +4.7%
May 8, 2025 +6.0% +0.6% +9.7% +7.5%
January 29, 2025 −2.1% +0.1% −0.3% −5.8%
October 31, 2024 +4.0% −1.5% +11.5% +13.9%
July 31, 2024 −0.8% +0.2% −3.0% +3.9%
May 9, 2024 +1.9% +0.7% +0.3% −1.6%
February 2, 2024 +2.0% +0.7% +4.1% +2.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Houlihan Lokey, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Houlihan Lokey, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Houlihan Lokey, Inc.
$1.5B $2B $2.5B $3B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.9B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.4B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.6B Revenue (TTM), FY26 Q3: $2.6B Revenue (TTM), FY26 Q4: $2.6B Revenue (TTM), FY27 Q1: $2.5B Revenue (TTM), FY27 Q2: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $1.8B
FY24 Q4 $1.9B
FY25 Q1 $2B
FY25 Q2 $2.1B
FY25 Q3 $2.2B
FY25 Q4 $2.4B
FY26 Q1 $2.5B
FY26 Q2 $2.6B
FY26 Q3 $2.6B
FY26 Q4 $2.6B
FY27 Q1 $2.5B
FY27 Q2 $2.6B
Revenue growth, TTM YoY Houlihan Lokey, Inc.
-10% 0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 0.2% Revenue growth, TTM YoY, FY24 Q4: 5.8% Revenue growth, TTM YoY, FY25 Q1: 11.4% Revenue growth, TTM YoY, FY25 Q2: 18.8% Revenue growth, TTM YoY, FY25 Q3: 22.0% Revenue growth, TTM YoY, FY25 Q4: 24.8% Revenue growth, TTM YoY, FY26 Q1: 23.3% Revenue growth, TTM YoY, FY26 Q2: 21.0% Revenue growth, TTM YoY, FY26 Q3: 18.1% Revenue growth, TTM YoY, FY26 Q4: 9.6% Revenue growth, TTM YoY, FY27 Q1: 1.7% Revenue growth, TTM YoY, FY27 Q2: -0.4% -0.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 0.2%
FY24 Q4 5.8%
FY25 Q1 11.4%
FY25 Q2 18.8%
FY25 Q3 22.0%
FY25 Q4 24.8%
FY26 Q1 23.3%
FY26 Q2 21.0%
FY26 Q3 18.1%
FY26 Q4 9.6%
FY27 Q1 1.7%
FY27 Q2 -0.4%
Operating margin (TTM) Houlihan Lokey, Inc.
19% 20% 21% 22% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 19.1% Operating margin (TTM), FY24 Q4: 19.5% Operating margin (TTM), FY25 Q1: 19.6% Operating margin (TTM), FY25 Q2: 20.5% Operating margin (TTM), FY25 Q3: 21.2% Operating margin (TTM), FY25 Q4: 21.0% Operating margin (TTM), FY26 Q1: 20.1% Operating margin (TTM), FY26 Q2: 20.2% Operating margin (TTM), FY26 Q3: 20.5% Operating margin (TTM), FY26 Q4: 20.1% Operating margin (TTM), FY27 Q1: 20.4% Operating margin (TTM), FY27 Q2: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 19.1%
FY24 Q4 19.5%
FY25 Q1 19.6%
FY25 Q2 20.5%
FY25 Q3 21.2%
FY25 Q4 21.0%
FY26 Q1 20.1%
FY26 Q2 20.2%
FY26 Q3 20.5%
FY26 Q4 20.1%
FY27 Q1 20.4%
FY27 Q2 20.3%
FCF margin (TTM) Houlihan Lokey, Inc.
10% 20% 30% 40% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 14.6% FCF margin (TTM), FY24 Q4: 13.7% FCF margin (TTM), FY25 Q1: 16.7% FCF margin (TTM), FY25 Q2: 23.7% FCF margin (TTM), FY25 Q3: 30.2% FCF margin (TTM), FY25 Q4: 33.9% FCF margin (TTM), FY26 Q1: 29.8% FCF margin (TTM), FY26 Q2: 30.5% FCF margin (TTM), FY26 Q3: 27.9% FCF margin (TTM), FY26 Q4: 26.0% FCF margin (TTM), FY27 Q1: 19.2% FCF margin (TTM), FY27 Q2: 15.7% 15.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 14.6%
FY24 Q4 13.7%
FY25 Q1 16.7%
FY25 Q2 23.7%
FY25 Q3 30.2%
FY25 Q4 33.9%
FY26 Q1 29.8%
FY26 Q2 30.5%
FY26 Q3 27.9%
FY26 Q4 26.0%
FY27 Q1 19.2%
FY27 Q2 15.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Sept 2026
Income
Revenue 872 963 1,084 1,159 1,525 2,270 1,809 1,914 2,389 2,618 2,556
Gross profit 241 278 306 323 521 795 557 571 772 — —
EBITDA 191 222 234 247 423 661 400 402 544 570 552
Operating income 182 214 219 230 408 613 342 373 503 527 518
Net income 108 172 159 184 313 438 254 280 400 426 403
Diluted EPS $1.63 $2.60 $2.42 $2.80 $4.55 $6.41 $3.76 $4.11 $5.82 $6.22 $5.96
Growth (year on year)
Revenue — +10.5% +12.6% +6.9% +31.6% +48.8% −20.3% +5.8% +24.8% +9.5% −0.4%
EBITDA — +16.5% +5.1% +5.7% +71.5% +56.2% −39.5% +0.5% +35.4% +4.7% −3.0%
Operating income — +17.8% +2.2% +4.8% +77.8% +50.2% −44.2% +9.2% +34.7% +4.9% −0.1%
Net income — +59.0% −7.6% +15.5% +70.2% +40.0% −41.9% +10.3% +42.6% +6.5% −5.4%
Diluted EPS — +59.5% −6.9% +15.7% +62.5% +40.9% −41.3% +9.3% +41.6% +6.9% −3.8%
Margins
Gross margin 27.7% 28.8% 28.2% 27.8% 34.2% 35.0% 30.8% 29.8% 32.3% — —
EBITDA margin 21.9% 23.1% 21.5% 21.3% 27.8% 29.1% 22.1% 21.0% 22.8% 21.8% 21.6%
Operating margin 20.9% 22.3% 20.2% 19.8% 26.8% 27.0% 18.9% 19.5% 21.0% 20.1% 20.3%
Net margin 12.4% 17.9% 14.7% 15.9% 20.5% 19.3% 14.0% 14.6% 16.7% 16.3% 15.8%
Free-cash-flow margin 27.2% 25.2% 20.1% 23.0% 37.1% 32.1% 4.7% 13.7% 33.9% 26.0% 15.7%
Cash flow
Cash from operations 252 251 224 288 580 737 136 328 849 704 427
Capital spending 14 8 7 21 14 9 51 67 40 22 25
Free cash flow 238 243 218 267 566 728 86 262 809 682 402
Stock-based pay 39 47 57 64 62 92 157 167 168 201 200
Free cash flow after stock pay 198 196 161 203 503 636 −71 95 640 481 201
Balance sheet
Cash 300 207 286 380 847 834 714 721 971 1,189 837
Total debt 33 12 31 37 56 134 0 0 0 0 0
Net debt (negative = net cash) −268 −195 −255 −344 −791 −700 −714 −721 −971 −1,189 −837
Diluted shares 67m 66m 66m 66m 69m 68m 68m 68m 69m 68m 68m
Returned to shareholders
Dividends 55 52 67 81 92 115 140 148 165 174 187
Buybacks 0 18 70 30 102 305 49 25 53 175 237
Total returned 55 70 136 110 194 420 189 173 218 349 424

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$237M
Dividends (TTM)
$187M
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$253M
Diluted share count
−1.6%
year over year
Total shareholder yield
4.3%
dividends 1.9% + buybacks 2.4% of market value
Dividend payout ratio
46%
of net income paid out

Competitors: side by side with peers

Closest by revenue in investment banking & brokerage
Last 12 months unless stated HLI FUTU PIPR CNCK MRX BGC Median
Revenue, last 12 months $2.6bn $2.9bn $2.1bn $3.2bn $2.0bn $3.3bn $2.0bn
Revenue growth, last 12 months −0.4% 68.3% 32.1% 26.8% 26.9% 27.6% 20.7%
Revenue growth, 3-year average 12.7% — 17.1% — — 20.6% 16.2%
Revenue growth, latest quarter 4.8% — 24.5% — — 7.8% 17.4%
Gross margin 32.7% 87.1% — −0.3% — — 3.6%
Operating margin 20.3% 61.6% — — — — −2.3%
Operating margin, 3-year average 20.3% 35.8% — — — — 9.4%
Net margin 15.8% 49.6% 14.5% −0.4% 14.5% 6.0% 5.8%
Cash from operations / revenue 16.7% 178.5% 23.9% −0.1% 33.0% 15.3% 7.7%
Free-cash-flow margin 15.7% 178.3% 23.0% −0.1% 32.3% 14.7% 5.2%
Free-cash-flow margin, 3-year average 23.3% 284.9% 20.3% — — 16.8% 16.8%
Stock pay / revenue 7.8% 1.5% 6.0% 0.3% — 0.2% 4.7%
Change in share count −1.6% 0.9% 0.1% 8.6% 1.1% −0.8% 1.2%

Median of all 40 companies we cover in investment banking & brokerage. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 investment banking & brokerage companies
Measure Company Peer median Rank
Revenue growth Growth -0.4% 20.8% 34 of 40
Change in growth rate Growth -2.1pp -0.3pp 24 of 40
Operating margin Profitability 20.3% -2.3% 3 of 17
Net margin Profitability 15.8% 6.0% 10 of 40
Stock pay as % of revenue Cash generation 7.8% 4.8% 26 of 36
Change in share count Balance sheet -1.6% 1.2% 5 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Geography
Region Revenue Share YoY
United States $1.8B 67.8% ▲ 4.3%
Outside the US $842M 32.2% ▲ 22.5%

From Houlihan Lokey, Inc.'s 10-K filed May 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.4B
Institutions reporting
515
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
47 / 74

Top buyers and sellers, Q2 2026: 223 institutions bought and 279 sold ; the biggest buyer was Citadel Advisors LLC (+739K shares) and the biggest seller Capital Research Global Investors (−788K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $703M 5.2M 9.5% ▼ 0.8%
Vanguard Portfolio Management LLC $372M 2.8M 5.0% ▼ 0.2%
Vanguard Capital Management LLC $327M 2.4M 4.4% ▲ 0.8%
Kayne Anderson Rudnick Investment Management LLC $325M 2.4M 4.4% ▼ 8.2%
Earnest Partners LLC $291M 2.2M 3.9% ▼ 2.5%
Royal Bank Of Canada $267M 2.0M 3.6% ▲ 13.7%
State Street Corp $235M 1.7M 3.2% ▲ 3.3%
Morgan Stanley $227M 1.7M 3.1% ▲ 6.2%
Geode Capital Management, LLC $186M 1.4M 2.5% ▲ 2.4%
Bank Of Montreal $174M 1.3M 2.4% ▲ 13.1%
Citadel Advisors LLC $165M 1.2M 2.2% ▲ 151.5%
Neuberger Berman Group LLC $133M 993K 1.8% ▲ 62.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Houlihan Lokey, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $500,570 1 trade by 1 insider, last 12 months Insider sales History → $2.1M 5 trades by 3 insiders · 8% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Crain Christopher M GENERAL COUNSEL September 10, 2026 Sell 1,000 $140.15 $140,150
Alley J Lindsey Chief Financial Officer August 3, 2026 Buy 4,020 $124.52 $500,570
Beiser Scott L CO-CHAIRMAN May 21, 2026 Sell 6,265 $150.26 $941,379
Crain Christopher M GENERAL COUNSEL April 1, 2026 Sell pre-set plan 500 $143.40 $71,700
Schriesheim Robert A Director February 6, 2026 Sell 5,000 $170.86 $854,300
Crain Christopher M GENERAL COUNSEL January 2, 2026 Sell pre-set plan 500 $174.17 $87,085

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 0 sales of Houlihan Lokey, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 7, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 16, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 30, 2026
  • May 7, 2026
  • January 29, 2026
  • October 31, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Houlihan Lokey, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Houlihan Lokey, Inc. in brief

What does Houlihan Lokey, Inc. do?
Houlihan Lokey, Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in March.
What is Houlihan Lokey, Inc.'s stock ticker?
Houlihan Lokey, Inc. trades under the ticker HLI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Houlihan Lokey, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Houlihan Lokey, Inc. reported revenue of $2.6B, 0.4% lower than a year earlier, according to its SEC filings.
What is Houlihan Lokey, Inc.'s free cash flow?
Houlihan Lokey, Inc.'s free-cash-flow margin is 15.7% of revenue over the trailing twelve months.
Who are Houlihan Lokey, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Houlihan Lokey, Inc. buying back stock, and does it pay a dividend?
Houlihan Lokey, Inc. spent $237M on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Houlihan Lokey, Inc.'s market cap?
On November 2, 2026, Houlihan Lokey, Inc.'s market capitalisation was about $9.9B, with a price-to-earnings ratio of 24.6 and net debt of -$837M. Market figures come from third-party market data and may be delayed.
Does Houlihan Lokey, Inc. pay a dividend?
Yes: Houlihan Lokey, Inc. paid $187M in dividends over the trailing twelve months, a dividend yield of 1.91% and a payout ratio of 46.4%.
Who are Houlihan Lokey, Inc.'s competitors?
In our Investment Banking & Brokerage peer group, the companies closest to Houlihan Lokey, Inc. are Futu Holdings Ltd, Piper Sandler Companies, Coincheck Group N.V., Marex Group Ltd and BGC Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Houlihan Lokey, Inc.'s.
Are insiders buying or selling Houlihan Lokey, Inc. stock?
Over the last 12 months, Houlihan Lokey, Inc.'s directors and officers reported 1 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Houlihan Lokey, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Houlihan Lokey, Inc. announces its own schedule.