HOULIHAN LOKEY, INC. HLI
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6.40 | 6.08 | 4.36 | 4.01 | 6.74 | 4.75 | 2.96 | 2.56 | 2.76 | 1.77 |
| EPS, diluted | 6.22 | 5.82 | 4.11 | 3.76 | 6.41 | 4.55 | 2.80 | 2.42 | 2.60 | 1.63 |
| Shares, diluted (wtd. avg.) | $68.4M | $68.7M | $68.2M | $67.6M | $68.3M | $68.7M | $65.7M | $65.8M | $66.3M | $66.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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