HLI Financials Houlihan Lokey, Inc.

13 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:31 UTC Overview →

Growth & profitability

Revenue has grown 11.4% per year over the past 5 years.
Net income has grown slower than revenue (6.3% vs 11.4% per year).
Operating margin has contracted, at 20.1% in the latest year.
Free cash flow has grown 3.8% per year over the past 5 years.

Financial health

Total debt has grown slower than revenue (-6.1% vs 11.4% per year).

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 41.0% of earnings and 25.5% of free cash flow.
The dividend has grown 13.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$2.6B	$424M	0.0%	20.1%	18.1%	9.8%	$682M	—	$1.2B
2025	$2.4B	$400M	32.3%	21.0%	18.4%	10.5%	$809M	—	$971M
2024	$1.9B	$280M	29.8%	19.5%	—	8.8%	$262M	—	$721M
2023	$1.8B	$254M	30.8%	18.9%	—	8.6%	$86M	—	$714M
2022	$2.3B	$438M	35.0%	27.0%	—	15.2%	$728M	—	$834M
2021	$1.5B	$313M	34.2%	26.8%	—	12.9%	$566M	$56M	$847M
2020	$1.2B	$184M	27.8%	19.8%	—	11.0%	$267M	$37M	$380M
2019	$1.1B	—	28.2%	20.2%	—	0.0%	$218M	$31M	$286M
2018	—	$172M	—	—	—	12.1%	$243M	$12M	$207M
2017	—	$108M	—	—	—	7.8%	$238M	$33M	$300M
2016	—	$70M	—	—	10.7%	6.5%	$2M	$77M	$166M
2015	—	$80M	—	—	9.7%	6.5%	$192M	—	$89M
2014	—	$61M	—	—	—	5.8%	$163M	—	$109M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$692M	$109M	34.5%	22.3%	4.7%	2.7%	$240M	—	$837M
Jun '26	$511M	$78M	30.1%	15.3%	3.5%	2.1%	-$342M	—	$745M
Mar '26	$636M	$100M	0.0%	19.7%	4.3%	2.3%	$287M	—	$1.2B
Dec '25	$717M	$117M	32.2%	22.4%	—	3.0%	$217M	—	$1.1B
Sep '25	$660M	$111M	33.6%	22.9%	4.9%	2.9%	$323M	—	$924M
Jun '25	$605M	$98M	31.1%	14.9%	4.5%	2.8%	-$145M	—	$794M
Mar '25	$666M	$122M	33.9%	21.2%	5.6%	3.2%	$344M	—	$971M
Dec '24	$634M	$95M	31.4%	21.5%	—	2.7%	$262M	—	$799M
Sep '24	$575M	$94M	33.0%	22.7%	—	2.9%	$279M	—	$691M
Jun '24	$514M	$89M	30.6%	18.4%	—	3.0%	-$75M	—	$450M
Mar '24	$520M	$81M	30.3%	19.7%	—	2.6%	$213M	—	$721M
Dec '23	$511M	$71M	29.5%	18.9%	—	2.4%	$85M	—	$556M
Sep '23	$467M	$67M	30.5%	19.3%	—	2.4%	$113M	—	$494M
Jun '23	$416M	$61M	28.9%	17.6%	—	2.3%	-$149M	—	$456M
Mar '23	$445M	$60M	32.8%	20.4%	—	2.0%	$219M	—	$714M
Dec '22	$456M	$63M	29.9%	18.4%	—	2.4%	$77M	—	$549M
Sep '22	$490M	$61M	28.1%	18.3%	—	2.4%	$72M	—	$504M
Jun '22	$419M	$71M	32.8%	18.5%	—	2.9%	-$283M	—	$489M
Mar '22	$471M	$65M	32.1%	20.9%	—	2.3%	$63M	—	$834M
Dec '21	$889M	$174M	36.1%	28.0%	—	5.7%	$547M	$134M	$1.1B

Valuation over time

How the market has priced HLI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 23.9× (Mar '23) to 24.0× (Nov '26).
The price-to-sales ratio has risen from 3.4× (Mar '23) to 3.9× (Nov '26).
The dividend yield has fallen from 2.3% (Mar '23) to 1.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HLI growing its revenue and profit?

Over the past 5 years, Houlihan Lokey, Inc.'s revenue has grown 11.4% per year, and net income grown 6.3% per year. These are computed facts, not advice.

How much debt does HLI have?

As of FY2026, Houlihan Lokey, Inc. reported — of total debt against $1.2B of cash.

What is HLI's profit margin?

In FY2026, gross margin was —, operating margin 20.1%, and net margin 16.2%.

What is HLI's P/E ratio?

Houlihan Lokey, Inc.'s P/E (TTM) is 25.21 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HLI stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 24.0× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.