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 29 h ago Overview →

Growth & profitability

Revenue has grown 11.4% per year over the past 5 years.
Net income has grown slower than revenue (6.4% 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 40.9% 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

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	FCF	Total debt	Cash
2026	$2.6B	$426M	0.0%	20.1%	$682M	—	$1.2B
2025	$2.4B	$400M	32.3%	21.0%	$809M	—	$971M
2024	$1.9B	$280M	29.8%	19.5%	$262M	—	$721M
2023	$1.8B	$254M	30.8%	18.9%	$86M	—	$714M
2022	$2.3B	$438M	35.0%	27.0%	$728M	—	$834M
2021	$1.5B	$313M	34.2%	26.8%	$566M	$56M	$847M
2020	$1.2B	$184M	27.8%	19.8%	$267M	$37M	$380M
2019	$1.1B	—	28.2%	20.2%	$218M	$31M	$286M
2018	—	$172M	—	—	$243M	$12M	$207M
2017	—	$108M	—	—	$238M	$33M	$300M
2016	—	$70M	—	—	$2M	$77M	$166M
2015	—	$80M	—	—	$192M	—	$89M
2014	—	$61M	—	—	$163M	—	$109M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$636M	$100M	0.0%	19.7%	$287M	—	$1.2B
Dec '25	$717M	$117M	32.2%	22.4%	$217M	—	$1.1B
Sep '25	$659M	$112M	33.8%	22.9%	$323M	—	$924M
Jun '25	$605M	$98M	31.0%	14.8%	-$145M	—	$794M
Mar '25	$666M	$122M	33.9%	21.2%	$344M	—	$971M
Dec '24	$634M	$95M	31.4%	21.5%	$262M	—	$799M
Sep '24	$575M	$94M	33.0%	22.7%	$279M	—	$691M
Jun '24	$514M	$89M	30.6%	18.4%	-$75M	—	$450M
Mar '24	$520M	$81M	30.3%	19.7%	$213M	—	$721M
Dec '23	$511M	$71M	29.5%	18.9%	$85M	—	$556M
Sep '23	$467M	$67M	30.5%	19.3%	$113M	—	$494M
Jun '23	$416M	$61M	28.9%	17.6%	-$149M	—	$456M
Mar '23	$445M	$60M	32.8%	20.4%	$219M	—	$714M
Dec '22	$456M	$63M	29.9%	18.4%	$77M	—	$549M
Sep '22	$490M	$61M	28.1%	18.3%	$72M	—	$504M
Jun '22	$419M	$71M	32.8%	18.5%	-$283M	—	$489M
Mar '22	$471M	$65M	32.1%	20.9%	$63M	—	$834M
Dec '21	$889M	$174M	36.1%	28.0%	$547M	$134M	$1.1B
Sep '21	$537M	$113M	35.3%	29.3%	$209M	$65M	$923M
Jun '21	$373M	$86M	35.8%	28.9%	-$91M	$46M	$782M

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 fallen from 22.9× (Mar '23) to 21.3× (Jun '26).
The price-to-sales ratio has risen from 3.2× (Mar '23) to 3.5× (Jun '26).
The dividend yield has fallen from 2.4% (Mar '23) to 1.9% (Jun '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 6.4% 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 16.3%.

What is HLI's P/E ratio?

As of Jun '26, Houlihan Lokey, Inc. traded at a price-to-earnings ratio of about 21.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.