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HOULIHAN LOKEY, INC. (HLI)

As-reported financials and SEC filings for HOULIHAN LOKEY, INC. The latest annual period is FY2026. The latest reported quarter is Q1 FY2027. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About HOULIHAN LOKEY, INC.

Houlihan Lokey, Inc. is a global independent investment bank that provides advisory services in mergers and acquisitions, capital markets, financial restructuring, and valuation. The company serves a diverse range of clients including corporations, financial sponsors, and government agencies worldwide. Its main business segments include Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory.

Snapshot

Revenue
$2.62B
Revenue growth (YoY)
9.5%
Net income
$425.7M
Diluted EPS
$6.22
Gross margin
Operating margin
20.1%
Net margin
16.3%
FCF margin
26.0%
ROE
net income / fiscal-year-end equity
P/E
22.4×
trailing when available, otherwise FY EPS
Market cap
$9.29B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2026, the latest annual period (ended March 31, 2026). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Houlihan Lokey

  • Revenue grew 9.5% to $2.6B in FY2026, slower than the 24.8% the year before.
  • Operating margin is 20.1% in FY2026, -6.9 pp against 27.0% in FY2022.
  • Most recent quarter Q1 FY2027: revenue $511M, down 15.5% from Q1 FY2026.
  • Free cash flow was $682M in FY2026, 26.0% of revenue.
  • Net income rose 6.5% to $426M in FY2026.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Houlihan Lokey’s fundamentals sit among the 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin20.1%
61st percentile of 146
Net margin16.3%
52nd percentile of 377
FCF margin26.0%
64th percentile of 272
Revenue growth (YoY)+9.5%
48th percentile of 420
P/E22.4×
78th percentile of 318
Short interest2.42d
22nd percentile of 420

1 reported insider purchase (code P) totaling $500,570 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$343.1M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$164.7M1.2MAdded
AQR Capital ManagementquantQ2 2026$65.2M486.2KAdded
Millennium ManagementquantQ2 2026$50.4M375.9KAdded
D. E. ShawquantQ2 2026$39.0M290.8KAdded
Two Sigma InvestmentsquantQ2 2026$11.5M85.4KReduced
Renaissance TechnologiesquantQ2 2026$10.2M76.0KNew
Bridgewater AssociatesQ2 2026$2.1M16.0KReduced
First Eagle Investment ManagementQ2 2026$12,07290Reduced

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$501K
code P value
Sells (90d)
0
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-03
filed 2026-08-05
ALLEY J LINDSEYChief Financial OfficerBuy4.0K$124.52$501K
2026-05-21
BEISER SCOTT LCO-CHAIRMANSell6.3K$150.26$941K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.3M
settled 2026-08-14
Change vs prior
+5.9%
vs previous settlement
Days to cover
2.42
at avg daily volume
Avg daily volume
957.1K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.3M+5.9%2.42
2026-07-312.2M+23.2%2.16
2026-07-151.8M-2.6%1.68
2026-06-301.8M+10.0%2.36
2026-06-151.7M-7.8%2.69
2026-05-291.8M-2.0%2.55
2026-05-151.8M+25.3%1.93
2026-04-301.5M+18.3%3.49

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2026FY2025FY2024FY2023FY2022
Revenue$2.62B$2.39B$1.91B$1.81B$2.27B
Gross profit
Operating income$527.0M$502.6M$373.2M$341.7M$612.9M
Net income$425.7M$399.7M$280.3M$254.2M$437.8M
Diluted EPS$6.22$5.82$4.11$3.76$6.41

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2026FY2025FY2024FY2023FY2022
Cash and equivalents$1.19B$971.0M$721.2M$714.4M$833.7M
Current assets
Total assets$4.31B$3.82B$3.17B$2.97B$2.89B
Current liabilities
Long-term debt
Total liabilities$1.86B$1.64B$1.33B$1.36B$1.44B
Total equity$2.34B$2.17B$1.84B$1.61B$1.44B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2026FY2025FY2024FY2023FY2022
Operating cash flow$704.1M$848.6M$328.5M$136.3M$736.6M
Capital expenditure$22.3M$39.7M$66.7M$50.7M$8.7M
Free cash flow$681.8M$808.9M$261.7M$85.5M$727.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2027$511.0M-15.5%$78.0M$1.15
Q4 FY2026$635.6M-4.6%$99.8M$1.48
Q3 FY2026$717.1M13.0%$116.5M$1.70
Q2 FY2026$659.5M14.7%$111.8M$1.63
Q1 FY2026$605.0M17.8%$98.0M$1.42
Q4 FY2025$666.4M28.0%$121.9M$1.77
Q3 FY2025$634.4M24.1%$95.3M$1.39
Q2 FY2025$575.0M23.1%$93.5M$1.37

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryInvestment Advice
Latest annual periodFY2026 (ended March 31, 2026)
Latest reported quarterQ1 FY2027 (ended June 30, 2026)
Oldest indexed filing2004
SEC CIK1302215

Selected SEC filings

10-K2026-05-22
View on EDGAR →
10-Q2026-07-31
View on EDGAR →
10-Q2026-02-03
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-07
View on EDGAR →
8-K2026-02-25
View on EDGAR →

Largest Financials peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.