Houlihan Lokey, Inc. (HLI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.64	$1.35	-17.7%	—	$511M	—
Q4 26	$1.79	$1.63	-8.9%	—	$635.6M	—
Q2 26	$1.68	$1.84	+9.5%	—	$659.5M	—
Q1 26	$1.68	$2.14	+27.4%	—	$605.3M	—
Q4 25	$1.62	$1.96	+21.0%	—	$666.4M	—
Q3 25	$1.52	$1.64	+7.9%	—	$634.4M	—
Q2 25	$1.31	$1.46	+11.5%	—	$575M	—
Q1 25	$1.2	$1.22	+1.7%	—	$513.6M	—
Q4 24	$1.23	$1.27	+3.3%	—	$520.5M	—
Q3 24	$1.14	$1.22	+7.0%	—	$511.1M	—
Q2 24	$1.03	$1.11	+7.8%	—	$467M	—
Q1 24	$1.01	$0.89	-11.9%	—	$415.8M	—
Q4 23	$0.93	$1.11	+19.4%	—	$444.8M	—
Q3 23	$1.15	$1.14	-0.9%	—	$456.5M	—
Q2 23	$1.03	$1.19	+15.5%	—	$489.5M	—
Q1 23	$0.94	$1.1	+17.0%	—	$418.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$6.4	—	—	$2.6B	—
FY25	—	$6.08	—	—	$2.4B	—
FY24	—	$4.36	—	—	$1.9B	—
FY23	—	$4.01	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$872.1M	$963.4M	$1.1B	$1.2B	$1.5B	$2.3B	$1.8B	$1.9B	$2.4B	$2.6B
YoY change	+25.7%	+10.5%	+12.6%	+6.91%	+31.6%	+48.8%	-20.3%	+5.8%	+24.8%	+9.55%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	872.1M	963.4M	1.1B	1.2B	1.5B	2.3B	1.8B	1.9B	2.4B	2.6B
Cost of revenue	582.2M	636.6M	692.1M	737.8M	971.2M	1.4B	1.1B	1.2B	1.5B	1.6B
Gross profit	289.8M	326.7M	392.3M	421.6M	554.3M	861.3M	661.6M	700.8M	919.9M	1B
Gross margin	33.2%	33.9%	36.2%	36.4%	36.3%	37.9%	36.6%	36.6%	38.5%	38.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	57.8M	64.2M	83.2M	93.3M	95.6M	127.8M	142.9M	185.3M	188.5M	201.1M
Operating expenses	99M	104.4M	158.7M	174.7M	130.9M	199.9M	261.6M	309.4M	322.3M	346.6M
Operating income	182M	214.4M	219.1M	229.6M	408.2M	612.9M	341.7M	362.9M	556.3M	618.5M
Operating margin	20.9%	22.3%	20.2%	19.8%	26.8%	27%	18.9%	19%	23.3%	23.6%
Non-operating income, net	-3.5M	3.4M	5.2M	6M	1.1M	-8.9M	-17.7M	27.7M	-25M	-56.3M
Pretax income	178.5M	217.8M	224.3M	235.6M	409.2M	603.9M	324M	390.5M	531.3M	562.3M
Income tax	70.1M	45.6M	65.2M	51.9M	96.5M	165.6M	69.8M	110.2M	131.6M	138.1M
Net income	108.3M	172.3M	159.1M	183.8M	312.8M	438.3M	254.2M	280.3M	399.7M	424.2M
Net margin	12.4%	17.9%	14.7%	15.9%	20.5%	19.3%	14%	14.6%	16.7%	16.2%
EBITDA	190.8M	222.3M	233.6M	246.9M	423.4M	661.4M	400M	391.4M	652.4M	752.7M
EPS	1.77	2.76	2.56	2.96	4.75	6.74	4.01	4.36	6.08	6.4
Diluted EPS	1.63	2.6	2.42	2.8	4.55	6.41	3.76	4.11	5.82	6.22

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	467M	511.1M	520.5M	513.6M	575M	634.4M	666.4M	605.3M	659.5M	717.1M	635.6M	511M
Cost of revenue	296.5M	324M	329.5M	330.1M	353.6M	390.2M	409.9M	372.3M	405.6M	441M	390.9M	314M
Gross profit	170.4M	187.1M	190.9M	183.5M	221.4M	244.3M	256.6M	233.1M	253.9M	276.1M	244.7M	197M
Gross margin	36.5%	36.6%	36.7%	35.7%	38.5%	38.5%	38.5%	38.5%	38.5%	38.5%	38.5%	38.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	44.2M	49.3M	51.3M	44M	42.6M	50.9M	51M	47.7M	44.8M	51.6M	57M	57M
Operating expenses	73.1M	83.9M	80M	79.1M	76.2M	85.8M	81.3M	88.8M	74.6M	89.5M	93.7M	97M
Operating income	90.3M	96.5M	102.7M	95.6M	137.7M	148.9M	159.9M	128.2M	169M	178.3M	143M	92M
Operating margin	19.3%	18.9%	19.7%	18.6%	24%	23.5%	24%	21.2%	25.6%	24.9%	22.5%	18%
Non-operating income, net	3.3M	6M	15.3M	4.3M	-1.6M	-3.8M	-9.6M	-30.2M	-8.9M	-8.7M	-8.5M	-6M
Pretax income	93.6M	102.6M	118M	99.9M	136.1M	145.1M	150.3M	98M	160.1M	169.6M	134.5M	86M
Income tax	26.5M	31.8M	37M	10.9M	42.5M	49.8M	28.3M	517K	48.3M	53.1M	36.2M	8M
Net income	67M	70.8M	81.1M	88.9M	93.5M	95.3M	121.9M	97.5M	111.8M	116.5M	98.3M	78M
Net margin	14.4%	13.9%	15.6%	17.3%	16.3%	15%	18.3%	16.1%	17%	16.3%	15.5%	15.3%
EBITDA	97.4M	103.2M	111M	104.4M	152.2M	171.3M	196M	182.7M	196.9M	204.2M	168.9M	114M
EPS	1.04	1.1	1.26	1.37	1.42	1.45	1.84	1.47	1.67	1.75	1.5	1.17
Diluted EPS	0.99	1.04	1.18	1.3	1.37	1.39	1.76	1.42	1.63	1.7	1.47	1.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	2.1B	2.8B	2.9B	3.2B	4.4B	5.7B	5.5B	8.2B	10.6B	9.6B	9.1B
Enterprise value	1.8B	2.4B	2.5B	2.9B	3.7B	5.1B	5.2B	7.9B	9.9B	8.7B	8.9B
Shares outstanding	61.1M	62.5M	62.2M	62.2M	65.8M	65M	63.4M	64.3M	65.7M	66.5M	66.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	19.4	16.2	17.9	17.6	14	13	21.8	29.4	26.6	22.5	21.5
P/S	2.41	2.89	2.63	2.79	2.87	2.51	3.06	4.31	4.44	3.65	3.54
P/B	2.88	3.27	3.2	3.29	3.16	3.95	3.44	4.49	4.88	3.9	3.96
EV/EBITDA	9.63	10.7	10.6	11.8	8.75	7.66	13	20.3	15.2	11.6	11.8
EV/Sales	2.11	2.47	2.29	2.51	2.43	2.23	2.87	4.14	4.15	3.34	3.52
Earnings yield	5.15%	6.18%	5.58%	5.67%	7.15%	7.68%	4.59%	3.4%	3.77%	4.44%	4.66%
FCF yield	11.3%	8.72%	7.63%	8.24%	12.9%	12.8%	1.54%	3.17%	7.62%	7.13%	4.7%
PEG	—	—	—	—	—	—	—	—	—	—	-1.05

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	33.2%	33.9%	36.2%	36.4%	36.3%	37.9%	36.6%	36.6%	38.5%	38.5%	38.6%
Operating margin	20.9%	22.3%	20.2%	19.8%	26.8%	27%	18.9%	19%	23.3%	23.6%	18.4%
Net margin	12.4%	17.9%	14.7%	15.9%	20.5%	19.3%	14%	14.6%	16.7%	16.2%	16.1%
ROE	14.8%	20.2%	17.9%	18.7%	22.6%	30.4%	15.8%	15.3%	18.4%	17.3%	17.8%
ROA	7.82%	12.1%	11.2%	11%	12.9%	15.2%	8.56%	8.84%	10.5%	9.84%	11.2%
ROIC	23.9%	37.7%	30%	27.2%	43.8%	55.1%	21.2%	17.1%	28.4%	28.6%	20.4%
Return on tangible assets	-240.9%	-620.2%	-97.4%	358.2%	45.1%	174.5%	65.8%	53.8%	48.4%	38.3%	78%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.61	1	0.88	1.22	1.32	0.93	1.13	1.32	1.38	1.5	1.66
Quick ratio	1.61	1	0.88	1.22	1.32	0.93	1.13	1.32	1.38	1.5	1.74
Debt / equity	0.04	0.02	0.01	0.16	0.13	0.14	0.23	0.23	0.2	0.2	0.21
Debt / assets	0.02	0.01	0.01	0.09	0.07	0.07	0.13	0.13	0.11	0.11	0.13
Net debt / EBITDA	-1.4	-1.81	-1.6	-1.32	-1.59	-0.96	-0.86	-0.8	-1.07	-1.09	-0.38
Effective tax rate	39.3%	20.9%	29.1%	22%	23.6%	27.4%	21.5%	28.2%	24.8%	24.6%	26.5%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	14.3	15.4	17.4	18.7	23.2	34.9	28.6	29.8	36.4	39.3	37.9
EPS (basic)	1.77	2.76	2.56	2.96	4.75	6.74	4.01	4.36	6.08	6.4	6.4
EPS (diluted)	1.63	2.6	2.42	2.8	4.55	6.41	3.76	4.11	5.82	6.22	5.95
Book value per share	12	13.6	14.3	15.8	21	22.2	25.5	28.5	33.1	36.9	32.3
FCF per share	3.89	3.89	3.5	4.3	8.6	11.2	1.35	4.07	12.3	10.2	7.17
Cash per share	4.92	6.66	6.14	7.81	12.9	12.8	11.4	11.3	17.3	19.8	10.7
Capex per share	0.24	0.12	0.11	0.33	0.22	0.13	0.8	1.04	0.6	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	1.65%	0.8%	0.62%	1.79%	0.93%	0.38%	2.8%	3.49%	1.66%	—	—
Capex / operating cash flow	8.69%	3.61%	3.26%	7.3%	5.22%	1.49%	12.7%	17.6%	6.71%	—	—
Payout ratio	51%	30.2%	42.1%	43.9%	29.4%	26.2%	55.2%	53%	41.3%	41%	42%
Dividend yield	2.63%	1.87%	2.35%	2.49%	2.1%	2.01%	2.53%	1.8%	1.56%	1.82%	2.16%

Yield

2.16%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.70

ex-dividend Sep 1, 2026

Payout ratio

42%

of earnings

Dividend growth

10 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.70
Jun 1, 2026	$0.70
Mar 2, 2026	$0.60
Dec 1, 2025	$0.60
Sep 2, 2025	$0.60
Jun 2, 2025	$0.60
Mar 3, 2025	$0.57

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$467M	$511.1M	$520.5M	$513.6M	$575M	$634.4M	$666.4M	$605.3M	$659.5M	$717.1M	$635.6M	$511M
YoY change	-4.61%	+12%	+17%	+23.5%	+23.1%	+24.1%	+28%	+17.9%	+14.7%	+13%	-4.62%	-15.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	300.3M	416M	381.9M	485.7M	846.9M	833.7M	720.7M	728.8M	1.1B	1.3B
Receivables	60.7M	77.3M	70.8M	80.9M	108.4M	144M	182M	199.6M	257.3M	228.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	622M	432.1M	437.5M	611.1M	1.1B	1.1B	1B	1.2B	1.6B	1.8B
Property, plant & equipment	30.4M	32.1M	31M	177.6M	198.4M	224.1M	422.2M	480.7M	512M	550.3M
Goodwill & intangibles	1.4B	1.4B	1.6B	1.6B	1.7B	2.6B	2.6B	2.6B	3B	3.2B
Total assets	1.4B	1.4B	1.4B	1.7B	2.4B	2.9B	3B	3.2B	3.8B	4.3B
Accounts payable	41.7M	40.8M	55M	53.9M	67.5M	126.2M	113.4M	114.2M	137.2M	135.9M
Short-term debt	—	989K	—	—	—	—	—	—	—	—
Total current liabilities	386.8M	432.3M	495.3M	501M	812.1M	1.2B	920M	873.3M	1.1B	1.2B
Long-term debt	32.6M	11.9M	8.7M	158.9M	175.3M	197.6M	374.9M	415.4M	438.2M	492.1M
Total liabilities	655.3M	566M	534.6M	692.6M	1B	1.4B	1.4B	1.3B	1.6B	1.9B
Shareholders' equity	730.5M	852.8M	891.3M	984.4M	1.4B	1.4B	1.6B	1.8B	2.2B	2.5B
Total debt	32.6M	12.8M	8.7M	158.9M	175.3M	197.6M	374.9M	415.4M	438.2M	492.1M
Net debt	-267.8M	-193.9M	-277.1M	-221.5M	-671.5M	-636.1M	-339.6M	-305.8M	-532.8M	-697.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	497.9M	560.9M	728.8M	459.2M	721.8M	874.8M	1.1B	837.1M	1.1B	1.1B	1.3B	756M
Receivables	152.2M	152.8M	199.6M	192.6M	219.1M	166.7M	257.3M	218.2M	251.2M	210.9M	228.3M	224M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	806.8M	921.1M	1.2B	856.6M	1.1B	1.2B	1.6B	1.2B	1.5B	1.6B	1.8B	1.2B
Property, plant & equipment	483.1M	487.3M	480.7M	505.6M	508.5M	496M	512M	514.8M	497.8M	556.6M	550.3M	555M
Goodwill & intangibles	2.6B	2.7B	2.6B	2.7B	2.7B	3B	3B	3B	3B	3B	3.2B	3.2B
Total assets	2.8B	3B	3.2B	2.9B	3.2B	3.5B	3.8B	3.5B	3.8B	3.9B	4.3B	3.7B
Accounts payable	95.1M	100.3M	114.2M	110.1M	104.7M	123.1M	137.2M	105.6M	108.9M	107.7M	135.9M	122M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	685.2M	716.4M	873.3M	637.8M	784M	888.4M	1.1B	797.6M	931.6M	988.8M	1.2B	711M
Long-term debt	419.4M	420.1M	415.4M	435.2M	431.2M	433M	438.2M	440.4M	432.9M	497.1M	492.1M	493M
Total liabilities	1.1B	1.2B	1.3B	1.1B	1.3B	1.4B	1.6B	1.3B	1.5B	1.6B	1.9B	1.4B
Shareholders' equity	1.6B	1.8B	1.8B	1.8B	2B	2.1B	2.2B	2.2B	2.2B	2.3B	2.5B	2.4B
Total debt	419.4M	420.1M	415.4M	435.2M	431.2M	433M	438.2M	440.4M	432.9M	497.1M	492.1M	493M
Net debt	-74.5M	-135.4M	-305.8M	-14.5M	-260.2M	-366.3M	-532.8M	-353.4M	-490.7M	-559.4M	-697.3M	-252M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	108.3M	172.3M	159.1M	183.8M	312.8M	438.3M	254.2M	280.3M	399.7M	424.2M
Depreciation & amortization	8.9M	7.9M	14.5M	17.3M	15.2M	48.5M	58.2M	28.5M	41.3M	42.6M
Stock-based compensation	39.4M	47.1M	56.6M	64.3M	62.4M	91.9M	156.9M	166.6M	168.4M	201.3M
Change in working capital	15.5M	-5.1M	-12.2M	4.8M	-121.5M	37.9M	-95.4M	-138.8M	-53.4M	-130.3M
Operating cash flow	166M	214.1M	206.5M	284M	270.9M	584.2M	399.3M	379.6M	591.3M	704.1M
Capital expenditure	-14.4M	-7.7M	-6.7M	-20.7M	-14.1M	-8.7M	-50.7M	-66.7M	-39.7M	—
Investing cash flow	-1.7M	-218.6M	6.5M	-33.1M	-99.7M	-273.9M	-3M	-70.4M	-265.1M	24.5M
Dividends paid	-55.3M	-52.1M	-66.9M	-80.7M	-92M	-114.8M	-140.4M	-148.5M	-165.2M	-174M
Share repurchases	0	-18.1M	-69.6M	-29.6M	-102.2M	-304.8M	-48.7M	-25M	-52.5M	-175.4M
Financing cash flow	80.2M	-225.3M	-236.1M	-152.1M	-26.8M	-459.1M	-240.5M	-250.6M	-329.1M	-492.9M
Net change in cash	244.5M	-229.8M	-23.2M	98.7M	144.3M	-148.8M	155.8M	58.6M	-2.8M	235.7M
Free cash flow	237.6M	242.9M	217.5M	266.9M	565.7M	727.9M	85.5M	261.7M	808.9M	681.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	67M	70.8M	81.1M	88.9M	93.5M	95.3M	121.9M	97.5M	111.3M	116.5M	98.3M	78M
Depreciation & amortization	7.1M	6.7M	8.3M	8.9M	7.4M	9.6M	15.4M	16M	10.3M	8.3M	8M	8M
Stock-based compensation	42.7M	44M	40.5M	33.1M	45.3M	45.6M	44.5M	42.2M	46.9M	60.9M	51.5M	45M
Change in working capital	-65M	-48.9M	-66M	32.6M	-37.5M	10.9M	-80.6M	-10.4M	-38.4M	-40.8M	-32.2M	4M
Operating cash flow	62.1M	88.5M	77.6M	182.6M	110.4M	174.9M	102.3M	-131.6M	325.4M	217.7M	293M	-336M
Capital expenditure	-23.3M	-15.6M	-12.2M	-10.9M	-10.5M	-3.9M	-14.5M	—	—	—	—	-6M
Investing cash flow	-20.6M	-18.9M	-14.7M	-40.4M	-30.9M	-87.4M	-106.3M	122.8M	-112.2M	57M	-43.4M	112M
Dividends paid	-35.4M	-35.5M	-35.6M	-51.3M	-38.4M	-37M	-38.5M	-52.5M	-41.3M	-40.6M	-39.2M	-61M
Share repurchases	-25M	0	0	-240K	0	-86K	-52.2M	-7.8M	-29.5M	-87.9M	-50M	-50M
Financing cash flow	-67.7M	-35.6M	-36.1M	-161.5M	-39.1M	-37.4M	-91.1M	-196.6M	-71.8M	-131.4M	-92.8M	-217M
Net change in cash	-26.2M	34M	26.8M	-19.3M	40.4M	50.1M	-95.2M	-205.4M	141.4M	143.3M	156.9M	-441M
Free cash flow	112.5M	85.3M	213.1M	-75.4M	278.7M	261.7M	343.9M	-144.8M	323M	217M	286.8M	-342M

Houlihan Lokey, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement