HOULIHAN LOKEY, INC. HLI

Financials SIC 6282 - Investment Advice NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities › Portfolio Management and Investment Advice derived NYSE

Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions ("M&A"), capital markets, financial restructurings, liability management, and financial and valuation advisory services. We serve a diverse set of clients worldwide, including corporations, financial sponsors and government agencies. We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients. We advise our clients on critical strategic and financial decisions, employing a rigorous analytical approach coupled with deep product and industry expertise. We market our services through our product areas, our industry groups and our Financial Sponsors group, serving our clients in three business segments: Corporate Finance ("CF"), encompassing M&A and capital solutions; Financial Restructuring ("FR"), including restructurings both out-of-court and in formal bankruptcy or insolvency proceedings; and Financial and Valuation Advisory ("FVA"), including financial opinions and a variety of valuation and financial consulting services.

Last close 131.31 2026-10-23
Market cap $8.73B estimated share count
52-week range 112.83 - 204.18

Valuation FY2025 figures against the last close

P/S3.3x
P/E21.1x
P/FCF12.8x
EV/EBITDA15.3x
Dividend yield2.0%
Diluted EPS6.22

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • International
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.8B (67.8%) 68% United States International, FY2025: 842.2M (32.2%) 32% International FY2024 United States, FY2024: 1.7B (71.2%) 71% International, FY2024: 687.3M (28.8%) 29% FY2023 United States, FY2023: 1.3B (70.2%) 70% International, FY2023: 570.1M (29.8%) 30%
Region FY2025FY2024FY2023
United States $1.78B $1.70B $1.34B
International $842.2M $687.3M $570.1M

As the company reported it, from the “SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.62B$2.39B$1.91B$1.81B$2.27B$1.53B$1.16B$1.08B$963.4M$872.1M
Gross profit —$772.3M$571.1M$557.1M$795.3M$521.4M$322.5M$306.0M$277.6M$241.5M
Total operating expenses $2.09B$1.89B$1.54B$1.47B$1.66B$1.12B$929.8M$865.3M$749.0M$690.1M
Operating income $527.0M$502.6M$373.2M$341.7M$612.9M$408.2M$229.6M$219.1M$214.4M$182.0M
Pre-tax income $562.3M$531.3M$390.5M$324.0M$603.9M$409.2M$235.6M$224.3M$217.8M$178.5M
Income tax $138.1M$131.6M$110.2M$69.8M$165.6M$96.5M$51.9M$65.2M$45.6M$70.1M
Net income $424.0M$400.0M$280.0M$254.0M$438.0M$312.8M$183.8M$159.1M$172.3M$108.3M
EPS, basic 6.406.084.364.016.744.752.962.562.761.77
EPS, diluted 6.225.824.113.766.414.552.802.422.601.63
Shares, diluted (wtd. avg.) 68.4M68.7M68.2M67.6M68.3M68.7M65.7M65.8M66.3M66.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.19B$971.0M$721.9M$714.8M$834.1M$847.2M$380.7M$286.1M$300.2M$492.7M
Property, plant and equipment $142.9M$149.3M$136.7M$88.3M$52.2M$46.4M$42.4M$31.0M$32.1M$30.4M
Goodwill $1.40B$1.28B$1.13B$1.09B$1.07B$671.1M$618.5M$594.8M$528.9M$519.5M
Total assets $4.31B$3.82B$3.17B$2.97B$2.89B$2.43B$1.68B$1.43B$1.42B$1.39B
Long-term debt —————$55.9M$36.7M$31.2M$11.9M$32.6M
Total liabilities $1.86B$1.64B$1.33B$1.36B$1.44B$1.04B$692.6M$534.6M$566.0M$655.3M
Retained earnings $1.65B$1.39B$1.16B$1.03B$922.2M$600.1M$377.5M$276.5M$207.1M$87.4M
Total equity $2.34B$2.17B$1.84B$1.61B$1.44B$1.38B$984.4M$891.3M$852.8M$726.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $704.1M$848.6M$328.5M$136.3M$736.6M$579.8M$287.7M$224.3M$250.6M$252.0M
Depreciation and amortisation $42.6M$41.3M$28.5M$58.2M$48.5M$15.2M$17.3M$14.5M$7.9M$8.9M
Stock-based compensation ———————$56.6M$47.1M$39.4M
Capital expenditure $22.3M$39.7M$66.7M$50.7M$8.7M$14.1M$20.7M$6.7M$7.7M$14.4M
Investing cash flow $2.2M-$265.1M-$70.4M-$3.0M-$273.9M-$99.7M-$33.1M$6.5M-$218.6M-$1.7M
Financing cash flow -$492.9M-$329.1M-$250.6M-$240.5M-$459.1M-$26.8M-$152.1M-$236.1M-$225.3M$80.2M
Dividends paid $174.0M$165.2M$148.5M$140.4M$114.8M$92.0M$80.7M$66.9M$52.1M$55.3M
Buybacks $175.4M$52.5M$25.0M$48.7M$304.8M$102.2M$29.6M$69.6M$18.1M$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001302215-26-000059.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 872.1M Gross profit, FY2016: 241.5M Net income, FY2016: 108.3M Revenue, FY2017: 963.4M Gross profit, FY2017: 277.6M Net income, FY2017: 172.3M Revenue, FY2018: 1.1B Gross profit, FY2018: 306M Net income, FY2018: 159.1M Revenue, FY2019: 1.2B Gross profit, FY2019: 322.5M Net income, FY2019: 183.8M Revenue, FY2020: 1.5B Gross profit, FY2020: 521.4M Net income, FY2020: 312.8M Revenue, FY2021: 2.3B Gross profit, FY2021: 795.3M Net income, FY2021: 438M Revenue, FY2022: 1.8B Gross profit, FY2022: 557.1M Net income, FY2022: 254M Revenue, FY2023: 1.9B Gross profit, FY2023: 571.1M Net income, FY2023: 280M Revenue, FY2024: 2.4B Gross profit, FY2024: 772.3M Net income, FY2024: 400M Revenue, FY2025: 2.6B Net income, FY2025: 424M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $872.1M $963.4M $1.08B $1.16B $1.53B $2.27B $1.81B $1.91B $2.39B $2.62B
Gross profit $241.5M $277.6M $306.0M $322.5M $521.4M $795.3M $557.1M $571.1M $772.3M —
Net income $108.3M $172.3M $159.1M $183.8M $312.8M $438.0M $254.0M $280.0M $400.0M $424.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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