olivLaw · US equity research
Houlihan Lokey, Inc. HLI
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Houlihan Lokey is a global independent investment bank active in mergers and acquisitions, capital markets, financial restructurings and valuation services. Revenue in fiscal 2026 rose 10%, while revenue in the first quarter of fiscal 2027 fell 16% amid headwinds in corporate finance.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Houlihan Lokey, Inc. (HLI) stock was 154.06 USD (+4.99% on the day), with market capitalisation 90.6 m USD, P/E 25.8 on diluted EPS of 5.97 USD over the last 12 months, dividend yield 0.24%, beta 0.96, 52-week range 123.39–192.07 USD. Latest reported quarter (Q2 2027): revenue of 692.0 m USD (+4.8% YoY), net income of 109.0 m USD (−1.8% YoY), diluted EPS 1.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 118.62 – 148.81
- above the upper band · %B 1.17 · band width 22.6%
- SMA 50 / 200
- 132.36 / 144.01
- mixed trend
- MACD (12, 26, 9)
- 4.50 / 2.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.4% | −1.1% | +22.5 pp | — |
| 3 months | +20.2% | −0.5% | +20.6 pp | — |
| 6 months | +4.6% | +4.4% | +0.2 pp | — |
| Year to date | −11.6% | +12.3% | −23.9 pp | — |
| 1 year | −14.0% | +13.5% | −27.5 pp | −2.5% |
| 3 years | +45.6% | +76.4% | −30.8 pp | +21.9% |
| 5 years | +32.3% | +63.7% | −31.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 634.4 m | 666.4 m | 605.0 m | 660.0 m | 717.1 m | 635.6 m | 511.0 m | 692.0 m |
| Gross profit | 199.1 m | 226.0 m | 188.0 m | 222.0 m | 230.7 m | — | 154.0 m | 239.0 m |
| Operating income | 136.1 m | 141.1 m | 90.0 m | 151.0 m | 160.7 m | 125.1 m | 78.0 m | 154.0 m |
| Depreciation & amortisation | 9.6 m | 15.4 m | 16.0 m | 10.0 m | 8.3 m | 8.0 m | 8.0 m | 10.0 m |
| Pre-tax income | 145.1 m | 150.3 m | 98.0 m | 160.0 m | 169.6 m | 134.5 m | 86.0 m | 159.0 m |
| Income tax | 49.8 m | 28.3 m | 0 | 49.0 m | 53.1 m | 36.2 m | 8.0 m | 49.0 m |
| Net income | 95.3 m | 121.9 m | 98.0 m | 111.0 m | 116.5 m | 99.8 m | 78.0 m | 109.0 m |
| Diluted EPS | 1.39 | 1.77 ≈ | 1.42 | 1.63 | 1.70 | 1.48 ≈ | 1.15 | 1.64 |
| Operating cash flow | 265.5 m ≈ | 358.4 m | -132.0 m | 325.0 m ≈ | 218.1 m ≈ | 293.0 m | -336.0 m | 252.0 m ≈ |
| Capex | 3.9 m ≈ | 14.5 m | 13.0 m | 2.0 m ≈ | 1.1 m ≈ | 6.3 m | 6.0 m | 12.0 m ≈ |
| Dividends paid | 37.0 m ≈ | 38.5 m | 53.0 m | 41.0 m ≈ | 40.9 m ≈ | 39.2 m | 61.0 m | 46.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 73 percentile of its own 40-quarter history (min 12.8, median 19.2, max 33.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.5 bn | 2.3 bn | 1.8 bn | 1.9 bn | 2.4 bn | 2.6 bn |
| Revenue YoY | +12.6% | +6.9% | +31.6% | +48.8% | −20.3% | +5.8% | +24.8% | +9.5% |
| Net income | 159.1 m | 183.8 m | 312.8 m | 437.8 m | 254.2 m | 280.3 m | 399.7 m | 425.7 m |
| Net income YoY | −7.6% | +15.5% | +70.2% | +40.0% | −41.9% | +10.3% | +42.6% | +6.5% |
| Diluted EPS | 2.42 | 2.80 | 4.55 | 6.41 | 3.76 | 4.11 | 5.82 | 6.22 |
| Diluted EPS YoY | −6.9% | +15.7% | +62.5% | +40.9% | −41.3% | +9.3% | +41.6% | +6.9% |
| net % | 14.7% | 15.9% | 20.5% | 19.3% | 14.0% | 14.6% | 16.7% | 16.3% |
| Free cash flow | 217.5 m | 266.9 m | 565.7 m | 727.9 m | 85.5 m | 261.7 m | 808.9 m | 681.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.2 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.3 bn USD
- Total assets
- 4.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 18.8%
- ROA
- 10.5%
- FCF margin
- 26.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 2.3 bn | 1.8 bn | 1.9 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 22 May 2026verified |
| Gross profit | 521.4 m | 795.3 m | 557.1 m | 571.1 m | 772.3 m | — | SEC (XBRL)· 15 May 2025verified |
| Operating income | 408.2 m | 612.9 m | 341.7 m | 373.2 m | 502.6 m | 527.0 m | SEC (XBRL)· 22 May 2026verified |
| Depreciation & amortisation | 15.2 m | 48.5 m | 58.2 m | 28.5 m | 41.3 m | 42.6 m | SEC (XBRL)· 22 May 2026verified |
| EBITDA | 423.4 m ≈ | 661.4 m ≈ | 400.0 m ≈ | 401.8 m ≈ | 543.8 m ≈ | 569.7 m ≈ | SEC (XBRL)· 22 May 2026derived |
| Pre-tax income | 409.2 m | 603.9 m | 324.0 m | 390.5 m | 531.3 m | 562.3 m | SEC (XBRL)· 22 May 2026verified |
| Income tax | 96.5 m | 165.6 m | 69.8 m | 110.2 m | 131.6 m | 138.1 m | SEC (XBRL)· 22 May 2026verified |
| Net income | 312.8 m | 437.8 m | 254.2 m | 280.3 m | 399.7 m | 425.7 m | SEC (XBRL)· 22 May 2026verified |
| Diluted EPS | 4.55 | 6.41 | 3.76 | 4.11 | 5.82 | 6.22 | SEC (XBRL)· 22 May 2026verified |
| Weighted average diluted shares | 68.7 m | 68.3 m | 67.6 m | 68.2 m | 68.7 m | 68.4 m | SEC (XBRL)· 22 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 846.9 m | 833.7 m | 714.4 m | 721.2 m | 971.0 m | 1.2 bn | SEC (XBRL)· 31 Jul 2026verified |
| Property, plant & equipment, net | 46.4 m | 52.2 m | 88.3 m | 136.7 m | 149.4 m | 143.0 m | SEC (XBRL)· 31 Jul 2026verified |
| Goodwill | 671.1 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 31 Jul 2026verified |
| Total assets | 2.4 bn | 2.9 bn | 3.0 bn | 3.2 bn | 3.8 bn | 4.3 bn | SEC (XBRL)· 31 Jul 2026verified |
| Long-term debt | 55.9 m | — | — | — | — | — | SEC (XBRL)· 21 May 2021verified |
| Total liabilities | 1.0 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 31 Jul 2026verified |
| Equity | 1.4 bn | 1.4 bn | 1.6 bn | 1.8 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 22 May 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 579.8 m | 736.6 m | 136.3 m | 328.5 m | 848.6 m | 704.1 m | SEC (XBRL)· 22 May 2026verified |
| Capex | 14.1 m | 8.7 m | 50.7 m | 66.7 m | 39.7 m | 22.3 m | SEC (XBRL)· 22 May 2026verified |
| Free cash flow | 565.7 m ≈ | 727.9 m ≈ | 85.5 m ≈ | 261.7 m ≈ | 808.9 m ≈ | 681.8 m ≈ | SEC (XBRL)· 22 May 2026derived |
| Investing cash flow | -99.7 m | -273.9 m | -3.0 m | -70.4 m | -265.1 m | 2.2 m | SEC (XBRL)· 22 May 2026verified |
| Financing cash flow | -26.8 m | -459.1 m | -240.5 m | -250.6 m | -329.1 m | -492.9 m | SEC (XBRL)· 22 May 2026verified |
| Dividends paid | 92.0 m | 114.8 m | 140.4 m | 148.5 m | 165.2 m | 174.0 m | SEC (XBRL)· 22 May 2026verified |
| Share repurchases | 102.2 m | 304.8 m | 48.7 m | 25.0 m | 52.5 m | 175.4 m | SEC (XBRL)· 22 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 90.6 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.94 – 173.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E70.57 – 173.83 (Mid 129.06)28 companies used · median multiple 21.6x · quartiles 11.8x – 29.1xAAMI, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, FHI, GCMG, GROW, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)3.94 – 5.30 (Mid 4.52)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.8% | 51 (vs peers) | 11% |
| FCF conversion · Quality | 99.6% | 99 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 13.1% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 18.3% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 25.8x | 38 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 443.7% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 400.2% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 46.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation65/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Houlihan Lokey, Inc. (HLI). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.6 bn USD in 2026; YoY growth 9.5%; net margin 15.8%; ROE 17.7%.
The estimated value range is 37.26–89.57 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 66.79 USD, the price of 154.06 USD leaves a potential of -56.6% (value / price − 1) and a margin of safety of -130.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 99.6%
- Revenue CAGR 3Y: 13.1%
- EPS CAGR 3Y: 18.3%
- FCF yield: 443.7%
- Shareholder yield (distributions): 400.2%
- Payout ratio (FCF): 46.5%
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
| BVCBitVentures Limited | 138.6 m | 39.8 | 28.9% | 687.6% | unavailable | +1,203% / −76% |
1- and 3-year price returns: for HLI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11,379.03 Total return 7,286% · Per year 7,286% | 20,040.71 Total return 12,908% · Per year 12,908% | 30,082.14 Total return 19,426% · Per year 19,426% |
| 3 years | 13,034.16 Total return 8,360% · Per year 339% | 25,633.54 Total return 16,539% · Per year 450% | 41,954.67 Total return 27,133% · Per year 548% |
| 5 years | 14,930.03 Total return 9,591% · Per year 150% | 32,787.20 Total return 21,182% · Per year 192% | 58,512.92 Total return 37,881% · Per year 228% |
- Exit P/E± 6,408.39
- Net margin± 4,485.87
- Annual revenue growth± 3,402.01
- Annual dilution± 376.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Houlihan Lokey is a global independent investment bank active in mergers and acquisitions, capital markets, financial restructurings and valuation services. Revenue in fiscal 2026 rose 10% 1, while revenue in the first quarter of fiscal 2027 fell 16% 2 amid headwinds in corporate finance.
SWOT
Strengths
- The company has a strong reputation in small and mid-sized transactions and a broad professional network, backed by extensive employee ownership.
- The independent model, with no lending and no securities trading, reduces conflicts of interest and supports client trust.
- The restructuring segment works as a hedge across economic cycles, since demand can rise when M&A activity falls.
Weaknesses
- Revenue relies largely on success-contingent fees tied to transaction completion, which makes quarterly results volatile.
- Compensation is the largest cost and is hard to cut quickly when revenue falls.
- The company does not provide financing and can be at a disadvantage in deals where rivals can offer credit.
Opportunities
- International expansion and growth in new regions could diversify revenue if operations are managed effectively.
- A recovery in M&A activity could restore growth in the corporate finance segment.
- Demand for valuations and fairness opinions, driven by complex transactions, could grow in the FVA segment.
Threats
- An economic slowdown or higher interest rates could reduce the volume and size of transactions.
- Geopolitical instability and trade policy changes could delay or cancel transactions.
- Competitive pressure from firms that can offer financing could reduce market share in certain mandates.
Risks
- Volatile fee-based revenuehigh
Revenue depends on transaction completion, and delays or cancellations can reduce results from one quarter to the next.
- Market conditionshigh
An adverse change in economic conditions or in access to credit could reduce transaction volume and directly hit revenue.
- Goodwill and intangible asset impairmentmedium
Intangible assets make up a significant share of the balance sheet, and an impairment would weigh on results.
- International operations riskmedium
Currency swings, higher costs and different regulation can affect results from operations outside the United States.
- Acquisition integration risklow
Integrating acquired firms can be difficult, and the prices paid could exceed the value obtained.
Investment thesis
What would need to be true (bull case)
- If M&A activity recovers, the company could quickly regain corporate finance revenue, where it has a strong position in the mid-cap segment 12.
- The restructuring and valuation segments could offset weakness elsewhere, particularly in periods of economic uncertainty 12.
- The independent model and reputation could support long-term client relationships and win mandates in difficult conditions 1.
What would break the thesis
- If instability in the Middle East and disruption in software persist, corporate finance revenue could stay below earlier levels 2.
- A revenue structure built on success-contingent fees leaves the company exposed to delays and cancelled transactions 1.
- Fixed personnel costs could weigh on operating margin if revenue does not recover in good time 12.
What to watch
- Corporate Finance revenue trend and number of closed transactionsQ2 2027
- Compensation ratio, the share of revenue paid out as compensationQ2 2027
- Restructuring activity and the number of closed FR transactions2027
- Results of international operations and the trend in the non-US revenue sharenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Established in 1972, Houlihan Lokey advises on mergers and acquisitions, capital solutions, financial restructurings, liability management and financial and valuation advisory for corporations, financial sponsors and government agencies 1. The company is organised into three segments: Corporate Finance, Financial Restructuring and Financial and Valuation Advisory 1. Its model rests on independence: it does not engage in lending, securities sales and trading, or investment research that might conflict with client interests 1.
As of March 31, 2026, the firm had more than 1,900 financial professionals across more than thirty offices and served more than 2,000 clients annually, from closely held companies to Fortune Global 500 corporations 1. Broad employee ownership is significant: about 850 employee shareholders owned roughly 21% of equity, according to the annual report 1. The company allocates resources to both organic growth and acquisitions that add professionals in new sectors or regions 1.
International revenue is an important part of the business, and the company intends to expand outside the United States, including into regions where it has less experience 1. That expansion carries specific risks such as currency fluctuations, higher operating costs and political instability 1.
Segments
Corporate Finance (CF)
The largest segment, covering M&A and capital solutions, with revenue of 1.74 billion USD in fiscal 2026, up 14% 1. Revenue here is mainly Completion Fees, which makes results volatile from quarter to quarter 12.
Market context
The company competes in the global independent investment banking market for transaction mandates, particularly mid-cap deals that it regards as underserved by bulge-bracket banks 1. The market is sensitive to macroeconomic conditions, interest rates and transaction volumes, which directly shape the number and size of mandates 1.
Demand for restructuring and liability management has stayed elevated, according to the company, due to interest rates, record company leverage and geopolitical tensions 1. At the same time, in the first quarter of fiscal 2027 corporate finance was hit by instability in the Middle East and disruption in the software sector 2.
Trends
- Recovery in M&A and capital markets activitytailwind
If M&A and capital markets activity regains momentum, corporate finance revenue could recover, particularly for a firm that points to its mid-cap focus 12.
- Interest rates and inflationheadwind
Elevated rates and inflation can slow transactions and reduce advisory demand, since clients depend on credit access to complete acquisitions 1.
- Demand for restructuringsmixed
High leverage and disruption in some industries support restructuring activity, although FR revenue declined in the first quarter of fiscal 2027 because of closing timing 12.
- Geopolitical tensions and trade policymixed
International conflicts and shifts in trade policy create uncertainty for clients, but they can also generate restructuring and valuation demand 1.
Competitive position
The company competes with other investment banks and financial advisory firms, globally and regionally, on industry knowledge, transaction execution, client relationships and reputation 1. It acknowledges a possible disadvantage against competitors that provide financing or market-making services 1.
Rivals include boutique firms focused on particular industries or geographies, as well as global independent investment banks and bulge-bracket firms 1. The company differentiates itself by staying independent and specialised, avoiding conflicts from lending and trading products 1.
- Global independent investment banks
Direct rivals for M&A and capital-raising mandates, referred to generically in the annual report without naming specific firms.
- Bulge-bracket investment banks
Large institutions competing for transactions, which the company believes focus less on the mid-cap segment.
- Boutique firms focused on industries or regions
Smaller advisers with sector or geographic expertise competing for advisory mandates.
- Professional and financial services firms offering financing or market-making
Rivals able to provide transaction financing, an advantage the company says it does not offer.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report05 Oct 2026Departure or appointment of officers
- Current report22 Sept 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers
- Current report13 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Jul 2026
- Annual report22 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Houlihan Lokey, Inc. · 22 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Houlihan Lokey, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Houlihan Lokey, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.