NYSE : HLI
Houlihan Lokey, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 138 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 9.58B
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Financial statements
Houlihan Lokey, Inc. (HLI) reported revenue of 2.56B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Total Interest Expense | 184.00K | |||||
| Net Interest Income | -184.00K | |||||
| Brokerage Commission | 2.56B | 2.62B | 2.39B | 1.91B | 1.81B | 2.27B |
| Revenue | 2.56B | 2.62B | 2.39B | 1.91B | 1.81B | 2.27B |
| Salaries & Employee Benefits | 1.57B | 1.61B | 1.47B | 1.18B | 1.11B | 1.41B |
| Cost of Services Provided | 289.55M | 273.55M | 253.40M | 250.62M | 193.99M | 150.28M |
| Other Operating Expenses | 77.02M | 73.02M | 69.17M | 58.80M | 63.94M | 45.42M |
| Total Operating Expenses | 1.97B | 2.00B | 1.83B | 1.52B | 1.43B | 1.65B |
| Operating Income | 582.53M | 618.53M | 556.08M | 399.10M | 380.49M | 616.91M |
| Currency Exchange Gains | 237.00K | |||||
| Other Non-Operating Income (Expenses) | 49.14M | 53.14M | 27.72M | 6.93M | -15.61M | -1.64M |
| EBT Excluding Unusual Items | 631.68M | 671.68M | 584.04M | 406.03M | 364.88M | 615.27M |
| Merger & Restructuring Charges | -64.62M | -73.62M | -54.78M | -36.23M | -35.07M | |
| Gain (Loss) on Sale of Investments | -3.68M | -4.23M | ||||
| Other Unusual Items | -17.79M | -35.79M | 2.07M | 20.75M | -2.13M | -7.10M |
| Pretax Income | 549.26M | 562.26M | 531.34M | 390.54M | 324.00M | 603.94M |
| Income Tax Expense | 146.09M | 138.09M | 131.62M | 110.24M | 69.78M | 165.61M |
| Earnings From Continuing Ops. | 403.17M | 424.17M | 399.71M | 280.30M | 254.22M | 438.32M |
| Minority Interest in Earnings | 523.00K | 1.52M | -573.00K | |||
| Net Income | 403.70M | 425.70M | 399.71M | 280.30M | 254.22M | 437.75M |
| Net Income to Common | 403.70M | 425.70M | 399.71M | 280.30M | 254.22M | 437.75M |
| Shares Outstanding (Basic) | 66.55M | 66.55M | 65.72M | 64.34M | 63.36M | 64.97M |
| Shares Outstanding (Diluted) | 67.68M | 68.43M | 68.66M | 68.16M | 67.59M | 68.26M |
| EPS (Basic) | 6.07 | 6.40 | 6.08 | 4.36 | 4.01 | 6.74 |
| EPS (Diluted) | 5.96 | 6.22 | 5.82 | 4.11 | 3.76 | 6.41 |
| Free Cash Flow | 401.82M | 681.82M | 808.91M | 261.73M | 85.54M | 727.92M |
| Free Cash Flow Per Share | 5.94 | 9.96 | 11.78 | 3.84 | 1.27 | 10.66 |
| Dividend Per Share | 2.60 | 2.40 | 2.28 | 2.20 | 2.12 | 1.72 |
| Operating Margin | 22.80% | 23.63% | 23.27% | 20.85% | 21.03% | 27.18% |
| Profit Margin | 15.80% | 16.26% | 16.73% | 14.64% | 14.05% | 19.29% |
| Free Cash Flow Margin | 15.72% | 26.05% | 33.85% | 13.67% | 4.73% | 32.07% |
| Effective Tax Rate | 26.60% | 24.56% | 24.77% | 28.23% | 21.54% | 27.42% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 837.00M | 1.19B | 971.01M | 721.24M | 714.44M | 833.70M |
| Accounts Receivable | 552.00M | 499.55M | 415.09M | 391.64M | 297.07M | 248.78M |
| Other Receivables | 25.00M | 35.91M | 44.29M | 65.79M | 46.56M | 17.10M |
| Property, Plant & Equipment | 558.00M | 550.33M | 512.02M | 480.73M | 422.22M | 224.12M |
| Goodwill | 1.47B | 1.40B | 1.28B | 1.13B | 1.09B | 1.07B |
| Other Intangible Assets | 212.00M | 204.20M | 212.67M | 197.44M | 203.37M | 247.33M |
| Investments in Debt & Equity Securities | 51.00M | 169.91M | 195.07M | 37.47M | 36.79M | 109.14M |
| Restricted Cash | 5.00M | 4.41M | 4.57M | 619.00K | 373.00K | 373.00K |
| Other Current Assets | 359.00K | 549.00K | 531.00K | 518.00K | ||
| Long-Term Deferred Tax Assets | 90.06M | 104.94M | 95.28M | |||
| Other Long-Term Assets | 264.00M | 258.96M | 179.85M | 57.74M | 54.74M | 40.55M |
| Total Assets | 3.98B | 4.31B | 3.82B | 3.17B | 2.97B | 2.89B |
| Accounts Payable | 102.00M | 135.94M | 137.23M | 114.17M | 113.42M | 126.19M |
| Accrued Expenses | 775.00M | 1.08B | 936.62M | 726.03M | 765.88M | 953.60M |
| Current Portion of Leases | 63.75M | |||||
| Long-Term Debt | 539.00K | |||||
| Long-Term Leases | 494.00M | 428.36M | 438.19M | 415.41M | 374.87M | 197.09M |
| Long-Term Deferred Tax Liabilities | 7.50M | 544.00K | 789.00K | |||
| Other Long-Term Liabilities | 138.00M | 151.38M | 132.80M | 37.75M | 60.11M | 74.87M |
| Total Liabilities | 1.56B | 1.86B | 1.64B | 1.33B | 1.36B | 1.44B |
| Common Stock | 69.00K | 70.00K | 69.00K | 69.00K | 68.00K | |
| Additional Paid-In Capital | 631.00M | 746.12M | 843.35M | 739.87M | 642.97M | 564.76M |
| Retained Earnings | 1.73B | 1.65B | 1.39B | 1.16B | 1.03B | 922.22M |
| Comprehensive Income & Other | -50.00M | -48.91M | -63.28M | -66.61M | -62.81M | -43.35M |
| Total Common Equity | 2.31B | 2.34B | 2.17B | 1.84B | 1.61B | 1.44B |
| Minority Interest | 111.00M | 110.55M | ||||
| Shareholders' Equity | 2.42B | 2.45B | 2.17B | 1.84B | 1.61B | 1.44B |
| Total Liabilities & Equity | 3.98B | 4.31B | 3.82B | 3.17B | 2.97B | 2.89B |
| Total Debt | 494.00M | 492.11M | 438.19M | 415.41M | 374.87M | 197.63M |
| Net Cash (Debt) | 343.00M | 697.35M | 532.82M | 305.82M | 339.57M | 636.07M |
| Net Cash Per Share | 5.07 | 10.19 | 7.76 | 4.49 | 5.02 | 9.32 |
| Filing Date Shares Outstanding | 69.42M | 69.06M | 69.79M | 68.58M | 68.06M | 66.54M |
| Total Common Shares Outstanding | 69.40M | 69.49M | 69.84M | 69.10M | 68.69M | 67.50M |
| Working Capital | 494.00M | 453.40M | 361.66M | 306.48M | 138.97M | -69.86M |
| Book Value Per Share | 33.24 | 33.71 | 31.14 | 26.58 | 23.49 | 21.39 |
| Tangible Book Value | 624.00M | 742.32M | 677.62M | 511.81M | 322.14M | 125.93M |
| Tangible Book Value Per Share | 8.99 | 10.68 | 9.70 | 7.41 | 4.69 | 1.87 |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 403.70M | 425.70M | 399.71M | 280.30M | 254.22M | 437.75M |
| Depreciation & Amortization, Total | 34.63M | 42.63M | 41.27M | 28.54M | 58.22M | 48.54M |
| Gain (Loss) On Sale of Investments | 3.68M | 4.23M | ||||
| Stock-Based Compensation | 199.30M | 201.30M | 168.44M | 166.59M | 156.94M | 91.88M |
| Change in Accounts Receivable | -101.52M | -82.52M | -21.93M | -101.31M | -49.34M | 32.16M |
| Change in Accounts Payable | -70.90M | -27.90M | 1.71M | -30.75M | -32.01M | -9.96M |
| Change in Other Net Operating Assets | -57.66M | 108.34M | 216.29M | -64.31M | -215.49M | 165.62M |
| Other Operating Activities | 11.91M | 28.91M | 33.85M | 42.13M | 25.29M | -31.88M |
| Operating Cash Flow | 427.13M | 704.13M | 848.61M | 328.46M | 136.27M | 736.60M |
| Capital Expenditures | -25.31M | -22.31M | -39.70M | -66.73M | -50.73M | -8.68M |
| Cash Acquisitions | -51.54M | -2.54M | -69.19M | -3.86M | -20.43M | -361.00M |
| Investment in Securities | 135.03M | 27.03M | -156.17M | 180.00K | 68.15M | 95.76M |
| Investing Cash Flow | 58.18M | 2.18M | -265.06M | -70.41M | -3.00M | -273.91M |
| Long-Term Debt Repaid | -3.03M | -280.00K | ||||
| Net Debt Issued (Repaid) | -3.03M | -280.00K | ||||
| Repurchase of Common Stock | -349.17M | -318.17M | -154.86M | -95.67M | -90.94M | -338.53M |
| Common Dividends Paid | -187.04M | -174.04M | -165.22M | -148.45M | -140.38M | -114.81M |
| Other Financing Activities | -1.74M | -741.00K | -9.00M | -6.47M | -6.11M | -5.44M |
| Financing Cash Flow | -537.94M | -492.94M | -329.07M | -250.59M | -240.46M | -459.06M |
| Foreign Exchange Rate Adjustments | -32.07M | 4.93M | -756.00K | -425.00K | -12.06M | -16.78M |
| Net Cash Flow | -84.71M | 218.29M | 253.72M | 7.04M | -119.26M | -13.15M |
| Free Cash Flow | 401.82M | 681.82M | 808.91M | 261.73M | 85.54M | 727.92M |
| Free Cash Flow Margin | 15.72% | 26.05% | 33.85% | 13.67% | 4.73% | 32.07% |
| Free Cash Flow Per Share | 5.94 | 9.96 | 11.78 | 3.84 | 1.27 | 10.66 |
| Cash Interest Paid | 5.90M | 1.00M | ||||
| Cash Income Tax Paid | 225.25M | 187.25M | 93.31M | 105.06M | 156.79M | 242.03M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.17B | 10.02B | 11.33B | 8.86B | 6.00B | 5.91B |
| Last Close Price | 146.44 | 142.16 | 157.71 | 123.42 | 82.48 | 80.82 |
| PE Ratio | 24.56 | 23.54 | 28.34 | 31.61 | 23.62 | 13.51 |
| PS Ratio | 3.98 | 3.83 | 4.74 | 4.63 | 3.32 | 2.61 |
| PB Ratio | 4.41 | 4.09 | 5.21 | 4.82 | 3.72 | 4.10 |
| P/FCF Ratio | 25.30 | 14.70 | 14.01 | 33.85 | 70.18 | 8.13 |
| P/OCF Ratio | 23.80 | 14.23 | 13.35 | 26.97 | 44.06 | 8.03 |
| Debt / Equity Ratio | 0.20 | 0.20 | 0.20 | 0.23 | 0.23 | 0.14 |
| Debt / FCF Ratio | 1.23 | 0.72 | 0.54 | 1.59 | 4.38 | 0.27 |
| Net Debt / Equity Ratio | -0.14 | -0.28 | -0.24 | -0.17 | -0.21 | -0.44 |
| Net Debt / FCF Ratio | -0.85 | -1.02 | -0.66 | -1.17 | -3.97 | -0.87 |
| Asset Turnover | 0.66 | 0.64 | 0.68 | 0.62 | 0.62 | 0.85 |
| Quick Ratio | 1.53 | 1.35 | 1.33 | 1.35 | 1.15 | 0.94 |
| Current Ratio | 1.53 | 1.35 | 1.34 | 1.35 | 1.15 | 0.94 |
| Return on Equity (ROE) | 17.29% | 18.33% | 19.93% | 16.25% | 16.63% | 31.01% |
| Return on Assets (ROA) | 10.38% | 10.44% | 11.44% | 9.13% | 8.68% | 16.50% |
| Return on Invested Capital (ROIC) | 14.82% | 16.79% | 17.20% | 13.51% | 16.45% | 27.98% |
| Earnings Yield | 4.07% | 4.25% | 3.53% | 3.16% | 4.23% | 7.40% |
| FCF Yield | 3.95% | 6.80% | 7.14% | 2.95% | 1.43% | 12.31% |
| Dividend Yield | 1.91% | 1.66% | 1.41% | 1.72% | 2.43% | 1.96% |
| Payout Ratio | 45.28% | 40.88% | 41.33% | 52.96% | 55.22% | 26.23% |
| Buyback Yield / Dilution | 1.67% | 0.33% | -0.73% | -0.85% | 0.99% | 0.60% |
| Total Shareholder Return | 3.58% | 1.99% | 0.67% | 0.87% | 3.41% | 2.56% |