Houlihan Lokey (HLI) Financials

$175.00 -2.42 (-1.36%)

As of 11:22 AM Eastern

Annual Income Statements for Houlihan Lokey

This table shows Houlihan Lokey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020	3/31/2019	3/31/2018	3/31/2017	3/31/2016	3/31/2015
Net Income / (Loss) Attributable to Common Shareholders	280	254	438	313	184	143	180	101	70	80
Consolidated Net Income / (Loss)	280	254	438	313	184	159	172	108	70	80
Net Income / (Loss) Continuing Operations	280	254	438	313	184	159	172	108	70	80
Total Pre-Tax Income	391	324	604	409	236	224	218	178	126	132
Total Operating Income	363	342	613	408	230	219	214	182	126	129
Total Gross Profit	701	662	861	554	422	392	327	290	232	204
Total Revenue	1,914	1,809	2,270	1,525	1,159	1,084	963	872	694	681
Operating Revenue	1,914	1,809	2,270	1,525	1,159	1,084	963	872	694	681
Total Cost of Revenue	1,214	1,148	1,409	971	738	692	637	582	462	477
Operating Cost of Revenue	1,214	1,148	1,409	971	738	692	637	582	462	475
Total Operating Expenses	338	320	248	146	192	173	112	108	106	75
Selling, General & Admin Expense	168	155	130	85	88	77	49	50	51	27
Depreciation Expense	29	58	49	15	17	14	7.91	8.85	7.50	5.51
Other Operating Expenses / (Income)	141	107	70	46	87	82	55	49	47	42
Total Other Income / (Expense), net	28	-18	-8.93	1.07	6.05	5.22	3.42	-3.51	-0.77	3.48
Other Income / (Expense), net	28	-18	-8.93	1.07	6.05	5.22	3.42	-3.51	-0.77	3.48
Income Tax Expense	110	70	166	96	52	65	46	70	56	52
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.57	0.00	0.00	-	-	-	0.03	0.06
Basic Earnings per Share	$4.36	$4.01	$6.74	$4.75	$2.96	$2.56	$2.76	$1.77	$1.18	$1.40
Weighted Average Basic Shares Outstanding	64.34M	63.36M	64.97M	65.79M	62.15M	62.21M	62.49M	61.10M	59.04M	57.13M
Diluted Earnings per Share	$4.11	$3.76	$6.41	$4.55	$2.80	$2.42	$2.60	$1.63	$1.10	$1.33
Weighted Average Diluted Shares Outstanding	68.16M	67.59M	68.26M	68.67M	65.73M	65.85M	66.32M	66.58M	63.48M	60.14M
Weighted Average Basic & Diluted Shares Outstanding	68.58M	68.06M	66.54M	68.20M	65.32M	62.20M	62.40M	61.20M	59.10M	57.10M

This table shows Houlihan Lokey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022	3/31/2022
Net Income / (Loss) Attributable to Common Shareholders	95	94	89	71	67	61	60	63	61	71	65
Consolidated Net Income / (Loss)	95	94	89	71	67	61	60	63	61	71	65
Net Income / (Loss) Continuing Operations	95	94	89	71	67	61	60	63	61	71	65
Total Pre-Tax Income	145	136	100	103	94	76	80	84	84	76	91
Total Operating Income	136	131	96	97	90	73	91	84	89	78	99
Total Gross Profit	244	221	183	197	180	152	162	167	180	153	178
Total Revenue	634	575	514	511	467	416	445	456	490	419	471
Operating Revenue	634	575	514	511	467	416	445	456	490	419	471
Total Cost of Revenue	390	354	330	314	287	263	283	289	310	266	294
Operating Cost of Revenue	390	354	330	314	287	263	283	289	310	266	294
Total Operating Expenses	108	91	88	100	90	79	71	83	90	75	79
Selling, General & Admin Expense	46	47	41	48	40	39	34	43	45	33	40
Depreciation Expense	9.56	7.44	8.86	6.66	7.09	6.53	6.35	13	19	19	20
Other Operating Expenses / (Income)	40	29	38	36	33	33	31	27	26	23	19
Restructuring Charge	13	7.04	-	9.69	9.34	-	-	-	-	-	-
Total Other Income / (Expense), net	9.02	5.42	4.31	6.04	3.30	3.01	-10	-0.56	-5.10	-1.75	-7.92
Other Income / (Expense), net	9.02	5.42	4.31	6.04	3.30	3.01	-10	-0.56	-5.10	-1.75	-7.92
Income Tax Expense	50	43	11	32	27	15	21	21	24	5.04	26
Basic Earnings per Share	$1.45	$1.42	$1.37	$1.10	$1.04	$0.96	$0.94	$0.99	$0.96	$1.12	$1.02
Weighted Average Basic Shares Outstanding	65.83M	65.82M	65.03M	64.41M	64.55M	63.81M	63.36M	63.38M	63.42M	63.28M	64.97M
Diluted Earnings per Share	$1.39	$1.37	$1.30	$1.04	$0.99	$0.90	$0.96	$0.90	$0.87	$1.03	$0.97
Weighted Average Diluted Shares Outstanding	68.76M	68.42M	68.50M	67.89M	67.87M	68.00M	67.59M	69.73M	69.80M	68.83M	68.26M
Weighted Average Basic & Diluted Shares Outstanding	70.14M	69.50M	69.53M	-	69.11M	69.32M	68.06M	68.62M	68.65M	68.79M	66.54M

This table details how cash moves in and out of Houlihan Lokey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020	3/31/2019	3/31/2018	3/31/2017	3/31/2016	3/31/2015
Net Change in Cash & Equivalents	7.04	-119	-13	466	95	-14	-192	327	78	-21
Net Cash From Operating Activities	328	136	737	580	288	224	251	252	12	197
Net Cash From Continuing Operating Activities	328	136	737	580	288	224	251	252	12	197
Net Income / (Loss) Continuing Operations	280	254	438	313	184	159	172	108	70	80
Consolidated Net Income / (Loss)	280	254	438	313	184	159	172	108	70	80
Depreciation Expense	29	58	49	15	17	14	7.91	8.85	7.50	5.51
Non-Cash Adjustments To Reconcile Net Income	206	194	131	92	94	58	61	43	38	25
Changes in Operating Assets and Liabilities, net	-186	-370	118	159	-7.21	-7.15	9.49	91	-103	86
Net Cash From Investing Activities	-70	-3.00	-274	-100	-33	6.46	-219	-1.65	180	-213
Net Cash From Continuing Investing Activities	-70	-3.00	-274	-100	-33	6.46	-219	-1.65	180	-213
Purchase of Property, Plant & Equipment	-67	-51	-8.68	-14	-21	-6.73	-7.72	-14	-9.39	-4.67
Acquisitions	-3.86	-20	-361	-12	-2.20	-71	-2.70	-3.73	-37	-5.18
Purchase of Investments	-11	-19	-102	-392	-351	-147	-209	0.00	0.00	-9.45
Sale and/or Maturity of Investments	11	87	197	318	340	232	1.16	16	226	-193
Net Cash From Financing Activities	-251	-240	-459	-27	-152	-236	-225	80	-114	-2.50
Net Cash From Continuing Financing Activities	-251	-240	-459	-27	-152	-236	-225	80	-114	-2.50
Repayment of Debt	0.59	0.57	0.48	-3.27	0.37	0.19	-21	-95	0.00	0.00
Repurchase of Common Equity	-25	-49	-305	-102	-30	-70	-18	-0.96	0.00	-
Payment of Dividends	-148	-140	-115	-92	-81	-67	-52	-55	-114	-2.17
Other Financing Activities, net	-78	-52	-40	-18	-42	-100	-228	-27	0.05	-0.33
Effect of Exchange Rate Changes	-0.43	-	-17	13	-	-	-	-4.02	0.44	-2.27
Cash Interest Paid	0.58	5.90	1.00	0.99	1.05	0.98	0.66	1.62	1.31	0.26
Cash Income Taxes Paid	105	157	242	44	74	81	48	57	75	-1.48

This table details how cash moves in and out of Houlihan Lokey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022	3/31/2022
Net Change in Cash & Equivalents	108	243	-272	62	38	-258	165	46	15	-345	-225
Net Cash From Operating Activities	266	289	-65	101	136	-134	238	91	85	-278	64
Net Cash From Continuing Operating Activities	266	289	-65	101	136	-134	238	91	85	-278	64
Net Income / (Loss) Continuing Operations	95	94	89	71	67	61	60	63	61	71	65
Consolidated Net Income / (Loss)	95	94	89	71	67	61	60	63	61	71	65
Depreciation Expense	9.56	7.44	8.86	6.66	7.09	6.53	6.35	13	19	19	20
Non-Cash Adjustments To Reconcile Net Income	61	53	45	58	54	49	37	52	54	50	28
Changes in Operating Assets and Liabilities, net	99	135	-207	-35	8.00	-251	135	-37	-50	-418	-48
Net Cash From Investing Activities	-87	-31	-40	-23	-21	-12	-39	-17	-15	68	-128
Net Cash From Continuing Investing Activities	-87	-31	-40	-23	-21	-12	-39	-17	-15	68	-128
Purchase of Property, Plant & Equipment	-3.85	-10	-11	-16	-23	-16	-19	-14	-13	-4.49	-1.13
Acquisitions	-37	0.04	-32	-3.85	-	0.00	-20	-	-	-	-55
Purchase of Investments	-91	-22	-1.49	-3.39	-	-0.04	-4.73	-3.23	-9.06	-2.20	-73
Sale and/or Maturity of Investments	44	1.59	4.02	0.07	2.66	3.33	4.78	0.08	7.64	75	2.40
Net Cash From Financing Activities	-37	-39	-161	-36	-68	-111	-33	-39	-45	-124	-149
Net Cash From Continuing Financing Activities	-37	-39	-161	-36	-68	-111	-33	-39	-45	-124	-149
Repurchase of Common Equity	-0.09	-	-0.24	-	-25	0.00	0.43	-0.19	-8.18	-41	-122
Payment of Dividends	-37	-38	-51	-36	-35	-42	-32	-34	-33	-40	-27
Other Financing Activities, net	-0.25	-0.72	-111	-0.10	-7.31	-70	-0.71	-4.49	-3.76	-43	-0.04
Cash Interest Paid	0.55	0.26	0.30	0.12	0.10	0.11	2.64	1.40	1.83	0.03	0.47
Cash Income Taxes Paid	22	20	17	37	31	18	21	34	98	4.59	71

This table presents Houlihan Lokey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020	3/31/2019	3/31/2018	3/31/2017	3/31/2016	3/31/2015
Total Assets	3,171	2,969	2,887	2,426	1,677	1,426	1,419	1,386	1,071	1,230
Total Current Assets	992	952	1,087	1,164	601	491	641	564	259	474
Cash & Equivalents	721	714	834	847	380	286	207	300	166	89
Restricted Cash	0.62	0.37	0.37	0.37	0.37	0.37	94	192	0.00	-
Short-Term Investments	38	37	109	209	135	125	209	0.00	-	-
Accounts Receivable	200	182	144	108	81	71	123	61	58	57
Current Deferred & Refundable Income Taxes	33	18	0.00	-	4.28	0.00	-	-	7.20	0.00
Plant, Property, & Equipment, net	137	88	52	46	42	31	32	30	22	16
Total Noncurrent Assets	2,042	1,929	1,747	1,215	1,033	904	745	791	790	739
Goodwill	1,127	1,088	1,070	671	813	795	723	715	717	653
Intangible Assets	197	203	247	195	-	-	-	-	-	-
Noncurrent Deferred & Refundable Income Taxes	90	105	95	28	6.51	2.85	-	-	-	-
Other Noncurrent Operating Assets	627	533	334	321	214	107	22	76	73	74
Total Liabilities & Shareholders' Equity	3,171	2,969	2,887	2,426	1,677	1,426	1,419	1,386	1,071	1,230
Total Liabilities	1,334	1,356	1,443	1,043	693	535	566	655	417	404
Total Current Liabilities	840	879	1,080	716	474	468	429	402	339	351
Accounts Payable	114	113	126	67	54	55	41	42	34	37
Other Current Liabilities	726	766	954	648	420	405	378	351	299	301
Total Noncurrent Liabilities	494	476	363	327	218	67	137	253	78	53
Noncurrent Deferred & Payable Income Tax Liabilities	41	0.54	0.79	0.05	0.66	8.06	22	31	37	41
Other Noncurrent Operating Liabilities	453	476	362	326	214	52	106	210	26	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,837	1,613	1,444	1,384	984	891	853	727	651	825
Total Preferred & Common Equity	1,837	1,613	1,444	1,384	984	922	853	727	651	823
Total Common Equity	1,837	1,613	1,444	1,384	984	922	853	727	651	823
Common Stock	740	643	565	804	650	645	753	855	637	663
Retained Earnings	1,163	1,033	922	600	377	276	207	87	29	171
Accumulated Other Comprehensive Income / (Loss)	-67	-63	-43	-20	-43	0.00	-14	-22	-15	-11

This table presents Houlihan Lokey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	12/31/2023	6/30/2023	12/31/2022	9/30/2022	6/30/2022	12/31/2021
Total Assets	3,476	3,213	2,943	2,959	2,707	2,672	2,510	2,436	3,046
Total Current Assets	1,071	991	727	777	644	734	675	657	1,295
Cash & Equivalents	799	691	450	556	456	549	504	489	1,059
Restricted Cash	1.45	1.45	0.62	0.37	0.37	0.37	0.37	0.37	0.37
Short-Term Investments	104	57	36	35	34	37	36	36	40
Accounts Receivable	167	219	193	153	138	138	135	132	196
Current Deferred & Refundable Income Taxes	0.00	22	48	33	16	9.86	-	-	-
Plant, Property, & Equipment, net	140	149	143	131	101	76	62	53	52
Total Noncurrent Assets	2,265	2,073	2,073	2,051	1,962	1,862	1,773	1,726	1,699
Goodwill	1,280	1,178	1,175	1,129	1,091	1,061	1,051	1,062	1,083
Intangible Assets	222	197	199	200	200	205	215	231	263
Noncurrent Deferred & Refundable Income Taxes	83	87	81	103	109	113	112	102	40
Other Noncurrent Operating Assets	679	612	618	619	562	483	395	331	313
Total Liabilities & Shareholders' Equity	3,476	3,213	2,943	2,959	2,707	2,672	2,510	2,436	3,046
Total Liabilities	1,395	1,256	1,113	1,190	1,092	1,131	1,064	1,018	1,516
Total Current Liabilities	842	746	601	675	565	759	784	672	1,109
Accounts Payable	123	105	110	100	91	120	98	99	123
Other Current Liabilities	719	641	491	575	473	639	686	573	986
Total Noncurrent Liabilities	553	510	512	514	527	372	280	346	407
Noncurrent Deferred & Payable Income Tax Liabilities	48	46	44	44	0.29	41	0.54	0.68	28
Other Noncurrent Operating Liabilities	505	464	468	470	527	331	279	345	378
Commitments & Contingencies	0.00	0.00	0.00	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	2,081	1,957	1,829	1,769	1,615	1,541	1,447	1,418	1,529
Total Preferred & Common Equity	2,081	1,957	1,829	1,769	1,615	1,541	1,447	1,418	1,529
Total Common Equity	2,081	1,957	1,829	1,769	1,615	1,541	1,447	1,418	1,529
Common Stock	852	735	692	702	616	602	560	528	669
Retained Earnings	1,315	1,260	1,207	1,121	1,059	1,008	981	955	887
Accumulated Other Comprehensive Income / (Loss)	-86	-38	-70	-54	-60	-70	-94	-66	-26

This table displays calculated financial ratios and metrics derived from Houlihan Lokey's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020	3/31/2019	3/31/2018	3/31/2017	3/31/2016	3/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.80%	-20.29%	48.81%	31.58%	6.91%	12.56%	10.47%	25.70%	1.89%	14.92%
EBITDA Growth	9.64%	-41.42%	53.72%	67.81%	5.92%	5.78%	20.50%	40.72%	-3.28%	23.60%
EBIT Growth	20.54%	-46.35%	47.58%	73.66%	5.05%	2.98%	22.05%	42.07%	-4.92%	25.45%
NOPAT Growth	-2.87%	-39.72%	42.59%	74.20%	15.24%	-8.36%	53.50%	57.38%	-9.81%	29.76%
Net Income Growth	10.26%	-42.00%	40.14%	70.18%	15.52%	-7.65%	59.02%	55.29%	-12.72%	30.13%
EPS Growth	9.31%	-41.34%	40.88%	62.50%	15.70%	-6.92%	59.51%	48.18%	-17.29%	26.67%
Operating Cash Flow Growth	141.03%	-81.50%	27.04%	101.56%	28.27%	-10.52%	-0.54%	2,050.16%	-94.04%	19.09%
Free Cash Flow Firm Growth	148.61%	-133.79%	-40.14%	134.37%	827.38%	-68.91%	-81.45%	24.07%	145.23%	0.00%
Invested Capital Growth	25.05%	71.88%	52.50%	-30.33%	-3.09%	38.19%	40.92%	-50.26%	-30.68%	0.00%
Revenue Q/Q Growth	0.00%	-1.44%	-1.28%	14.92%	0.99%	4.49%	-1.27%	9.20%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	-5.91%	-4.83%	19.02%	4.02%	1.50%	1.84%	8.87%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	-3.11%	-7.52%	20.24%	3.71%	0.75%	1.99%	9.67%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	-1.29%	-6.08%	15.81%	7.98%	4.39%	1.53%	11.50%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	-2.12%	-7.24%	14.81%	8.03%	4.77%	2.39%	11.64%	0.00%	0.00%
EPS Q/Q Growth	0.00%	-0.27%	-6.97%	13.75%	8.11%	4.76%	2.36%	11.64%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	464.31%	-22.04%	19.78%	18.40%	11.03%	4.04%	26.11%	-68.38%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	63.43%	-48.44%	24.49%	35.02%	-78.33%	-53.15%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	-9.77%	16.21%	-32.35%	-18.94%	-13.06%	-30.61%	-48.39%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.61%	36.56%	37.94%	36.33%	36.37%	36.18%	33.92%	33.24%	33.46%	29.92%
EBITDA Margin	21.89%	21.12%	28.74%	27.82%	21.82%	22.02%	23.43%	21.48%	19.19%	20.22%
Operating Margin	18.95%	18.89%	27.00%	26.76%	19.80%	20.20%	22.26%	20.87%	18.22%	18.90%
EBIT Margin	20.40%	17.91%	26.61%	26.83%	20.33%	20.69%	22.61%	20.47%	18.11%	19.41%
Profit (Net Income) Margin	14.64%	14.05%	19.31%	20.50%	15.85%	14.67%	17.88%	12.42%	10.06%	11.74%
Tax Burden Percent	71.77%	78.46%	72.58%	76.43%	78.00%	70.93%	79.09%	60.70%	55.53%	60.50%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	28.23%	21.54%	27.42%	23.57%	22.00%	29.07%	20.91%	39.30%	44.47%	39.50%
Return on Invested Capital (ROIC)	26.88%	39.37%	107.24%	77.98%	37.38%	37.06%	56.34%	29.38%	11.44%	21.48%
ROIC Less NNEP Spread (ROIC-NNEP)	24.25%	41.01%	107.89%	77.88%	36.35%	36.24%	55.79%	30.05%	11.78%	17.33%
Return on Net Nonoperating Assets (RNNOA)	-10.63%	-22.74%	-76.23%	-51.56%	-17.78%	-18.81%	-34.58%	-13.72%	-2.01%	-2.13%
Return on Equity (ROE)	16.25%	16.63%	31.01%	26.42%	19.60%	18.24%	21.76%	15.66%	9.43%	19.36%
Cash Return on Invested Capital (CROIC)	4.62%	-13.51%	65.65%	113.73%	40.52%	4.99%	22.37%	96.50%	47.68%	-178.52%
Operating Return on Assets (OROA)	12.72%	11.07%	22.73%	19.95%	15.19%	15.77%	15.53%	14.53%	10.92%	10.74%
Return on Assets (ROA)	9.13%	8.68%	16.50%	15.25%	11.85%	11.19%	12.29%	8.82%	6.06%	6.50%
Return on Common Equity (ROCE)	16.25%	16.63%	31.01%	26.42%	19.91%	18.56%	21.71%	15.59%	9.40%	19.28%
Return on Equity Simple (ROE_SIMPLE)	15.26%	15.76%	30.36%	22.61%	18.67%	17.26%	20.20%	14.91%	10.71%	9.72%
Net Operating Profit after Tax (NOPAT)	260	268	445	312	179	155	170	110	70	78
NOPAT Margin	13.60%	14.82%	19.60%	20.45%	15.45%	14.33%	17.60%	12.67%	10.12%	11.43%
Net Nonoperating Expense Percent (NNEP)	2.63%	-1.64%	-0.65%	0.10%	1.03%	0.82%	0.55%	-0.67%	-0.34%	4.16%
Cost of Revenue to Revenue	63.39%	63.44%	62.06%	63.67%	63.63%	63.82%	66.08%	66.76%	66.54%	70.08%
SG&A Expenses to Revenue	8.78%	8.55%	5.71%	5.58%	7.60%	7.12%	5.13%	5.76%	7.33%	4.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.65%	17.68%	10.95%	9.58%	16.56%	15.97%	11.66%	12.37%	15.24%	11.03%
Earnings before Interest and Taxes (EBIT)	391	324	604	409	236	224	218	178	126	132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	419	382	652	424	253	239	226	187	133	138
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.80	3.63	3.90	3.10	3.18	2.90	3.00	2.70	2.07	0.00
Price to Tangible Book Value (P/TBV)	17.24	18.17	44.72	8.28	18.23	21.04	19.75	173.88	0.00	0.00
Price to Revenue (P/Rev)	4.61	3.24	2.48	2.81	2.70	2.46	2.65	2.25	1.95	0.00
Price to Earnings (P/E)	31.47	23.03	12.86	13.70	17.01	18.72	14.19	19.40	19.38	0.00
Dividend Yield	1.72%	2.49%	2.06%	2.09%	2.60%	2.64%	2.06%	2.42%	1.45%	0.00%
Earnings Yield	3.18%	4.34%	7.77%	7.30%	5.88%	5.34%	7.05%	5.15%	5.16%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.49	5.92	9.36	9.83	5.54	4.66	5.84	5.94	2.39	0.00
Enterprise Value to Revenue (EV/Rev)	4.21	2.82	2.07	2.12	2.25	2.09	2.14	1.70	1.73	0.00
Enterprise Value to EBITDA (EV/EBITDA)	19.24	13.35	7.19	7.61	10.33	9.50	9.11	7.92	9.03	0.00
Enterprise Value to EBIT (EV/EBIT)	20.64	15.75	7.76	7.89	11.09	10.11	9.44	8.31	9.57	0.00
Enterprise Value to NOPAT (EV/NOPAT)	30.96	19.03	10.54	10.35	14.59	14.59	12.13	13.43	17.13	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	24.55	37.44	6.37	5.57	9.09	10.11	8.21	5.89	102.59	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	180.28	0.00	17.22	7.10	13.46	108.35	30.55	4.09	4.11	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.02	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.02	0.00
Financial Leverage	-0.44	-0.55	-0.71	-0.66	-0.49	-0.52	-0.62	-0.46	-0.17	-0.12
Leverage Ratio	1.78	1.92	1.88	1.73	1.65	1.63	1.77	1.78	1.56	1.49
Compound Leverage Factor	1.78	1.92	1.88	1.73	1.65	1.63	1.77	1.78	1.56	1.49
Debt to Total Capital	0.00%	0.00%	0.04%	0.06%	0.33%	0.74%	1.02%	1.63%	2.23%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.04%	0.06%	0.33%	0.74%	1.02%	1.63%	2.23%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.52%	0.36%	0.39%
Common Equity to Total Capital	100.00%	100.00%	99.96%	99.94%	99.67%	102.64%	98.98%	97.86%	97.45%	99.61%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.01	0.03	0.04	0.06	0.11	0.00
Net Debt to EBITDA	0.00	0.00	-1.44	-2.49	-2.03	-1.70	-2.22	-2.57	-1.14	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.01	0.03	0.04	0.06	0.11	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.02	0.04	0.05	0.11	0.21	0.00
Net Debt to NOPAT	0.00	0.00	-2.12	-3.38	-2.86	-2.60	-2.95	-4.35	-2.16	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.02	0.04	0.05	0.11	0.21	0.00
Altman Z-Score	5.55	4.08	4.27	4.22	4.27	4.57	4.28	3.08	2.93	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-1.62%	-1.74%	0.24%	0.43%	0.36%	0.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	1.08	1.01	1.63	1.27	1.05	1.50	1.40	0.76	1.35
Quick Ratio	1.14	1.06	1.01	1.63	1.26	1.03	1.26	0.90	0.66	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	45	-92	272	455	194	21	67	363	292	-647
Operating Cash Flow to CapEx	492.22%	268.62%	8,486.22%	4,098.37%	1,388.23%	3,334.43%	3,247.14%	1,747.35%	124.89%	4,206.96%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.62	0.85	0.74	0.75	0.76	0.69	0.71	0.60	0.55
Accounts Receivable Turnover	10.03	11.10	17.98	16.12	15.28	11.18	10.48	14.68	12.00	11.84
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.01	25.75	46.07	34.38	31.59	34.33	30.80	33.47	36.33	41.29
Accounts Payable Turnover	10.66	9.58	14.55	16.01	13.55	14.45	15.45	15.31	12.90	12.83
Days Sales Outstanding (DSO)	36.38	32.89	20.30	22.65	23.89	32.64	34.83	24.86	30.41	30.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	34.23	38.10	25.09	22.80	26.95	25.27	23.63	23.84	28.30	28.45
Cash Conversion Cycle (CCC)	2.16	-5.21	-4.79	-0.15	-3.06	7.37	11.20	1.03	2.10	2.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,077	861	501	329	472	487	352	250	502	725
Invested Capital Turnover	1.98	2.66	5.47	3.81	2.42	2.59	3.20	2.32	1.13	1.88
Increase / (Decrease) in Invested Capital	216	360	172	-143	-15	134	102	-252	-222	725
Enterprise Value (EV)	8,062	5,102	4,689	3,230	2,614	2,268	2,057	1,484	1,202	0.00
Market Capitalization	8,822	5,854	5,631	4,285	3,126	2,673	2,557	1,960	1,351	0.00
Book Value per Share	$26.58	$23.51	$21.43	$20.07	$15.01	$14.09	$12.94	$10.89	$9.97	$14.40
Tangible Book Value per Share	$7.41	$4.69	$1.87	$7.50	$2.62	$1.94	$1.97	$0.17	($1.01)	$2.97
Total Capital	1,837	1,613	1,444	1,384	988	898	862	743	668	826
Total Debt	0.00	0.00	0.54	0.82	3.28	6.61	8.83	12	15	0.00
Total Long-Term Debt	0.00	0.00	0.54	0.82	3.28	6.61	8.83	12	15	0.00
Net Debt	-760	-752	-943	-1,055	-513	-405	-501	-481	-151	-101
Capital Expenditures (CapEx)	67	51	8.68	14	21	6.73	7.72	14	9.39	4.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-608	-680	-936	-607	-389	-388	-297	-330	-246	34
Debt-free Net Working Capital (DFNWC)	152	73	7.45	448	127	23	213	163	-80	123
Net Working Capital (NWC)	152	73	7.45	448	127	23	213	163	-80	123
Net Nonoperating Expense (NNE)	-20	14	6.48	-0.82	-4.72	-3.70	-2.71	2.13	0.43	-2.11
Net Nonoperating Obligations (NNO)	-760	-752	-943	-1,055	-513	-405	-501	-481	-151	-101
Total Depreciation and Amortization (D&A)	29	58	49	15	17	14	7.91	8.85	7.50	5.51
Debt-free, Cash-free Net Working Capital to Revenue	-31.74%	-37.56%	-41.22%	-39.82%	-33.56%	-35.79%	-30.81%	-37.86%	-35.50%	5.01%
Debt-free Net Working Capital to Revenue	7.95%	4.01%	0.33%	29.39%	10.96%	2.15%	22.08%	18.64%	-11.55%	18.03%
Net Working Capital to Revenue	7.95%	4.01%	0.33%	29.39%	10.96%	2.15%	22.08%	18.64%	-11.55%	18.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.36	$4.01	$6.74	$4.75	$2.96	$2.56	$2.76	$1.77	$1.18	$0.00
Adjusted Weighted Average Basic Shares Outstanding	64.34M	63.36M	64.97M	65.79M	62.15M	62.21M	62.49M	61.10M	59.04M	0.00
Adjusted Diluted Earnings per Share	$4.11	$3.76	$6.41	$4.55	$2.80	$2.42	$2.60	$1.63	$1.10	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	68.16M	67.59M	68.26M	68.67M	65.73M	65.85M	66.32M	66.58M	63.48M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.58M	68.06M	66.54M	68.20M	65.32M	66.24M	66.88M	67.13M	66.84M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	260	268	445	312	179	155	170	110	70	78
Normalized NOPAT Margin	13.60%	14.82%	19.60%	20.45%	15.45%	14.33%	17.60%	12.67%	10.12%	11.43%
Pre Tax Income Margin	20.40%	17.91%	26.61%	26.83%	20.33%	20.69%	22.61%	20.47%	18.11%	19.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.96%	55.22%	26.19%	29.42%	43.88%	42.07%	30.23%	51.04%	163.83%	2.71%
Augmented Payout Ratio	61.86%	74.36%	95.73%	62.10%	60.01%	85.79%	40.72%	51.92%	163.83%	2.71%

This table displays calculated financial ratios and metrics derived from Houlihan Lokey's official financial filings.

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022	3/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.12%	23.12%	23.51%	11.97%	-4.61%	-0.67%	-5.60%	-48.64%	-8.88%	12.32%	-5.90%
EBITDA Growth	41.61%	42.59%	31.18%	12.77%	-2.97%	-12.72%	-21.68%	-64.00%	-35.49%	-15.17%	-23.03%
EBIT Growth	41.48%	45.44%	30.81%	22.68%	11.04%	0.70%	-11.45%	-66.42%	-46.14%	-29.65%	-35.13%
NOPAT Growth	34.13%	38.90%	44.31%	4.98%	0.41%	-18.56%	-4.99%	-63.62%	-43.25%	-15.68%	-28.92%
Net Income Growth	34.60%	39.56%	44.88%	12.29%	10.38%	-13.27%	-8.46%	-63.83%	-46.20%	-17.66%	-34.41%
EPS Growth	33.65%	38.38%	44.44%	15.56%	13.79%	-12.62%	-1.03%	-64.57%	-47.27%	-17.60%	-33.10%
Operating Cash Flow Growth	163.16%	112.95%	51.70%	10.82%	59.59%	51.96%	269.40%	-83.51%	-59.52%	-208.59%	-76.35%
Free Cash Flow Firm Growth	-206.44%	129.33%	22.49%	322.08%	75.55%	50.25%	-188.12%	-300.78%	-209.89%	-224.35%	-141.88%
Invested Capital Growth	0.00%	2.49%	19.46%	0.00%	29.85%	25.92%	71.88%	121.36%	0.00%	88.46%	52.50%
Revenue Q/Q Growth	10.34%	11.94%	0.00%	9.45%	12.30%	-6.51%	-2.57%	-6.75%	16.93%	-11.15%	-46.99%
EBITDA Q/Q Growth	7.77%	32.01%	0.00%	8.52%	21.45%	-4.35%	-10.55%	-6.63%	9.24%	-14.17%	-58.88%
EBIT Q/Q Growth	6.64%	36.26%	0.00%	9.62%	22.55%	-4.92%	-3.96%	-0.78%	11.14%	-16.39%	-63.58%
NOPAT Q/Q Growth	-0.49%	5.54%	0.00%	3.04%	9.66%	-12.41%	6.07%	-1.45%	-11.06%	2.19%	-59.39%
Net Income Q/Q Growth	1.87%	5.18%	0.00%	5.63%	9.19%	2.90%	-5.38%	3.82%	-14.20%	8.61%	-62.61%
EPS Q/Q Growth	1.46%	5.38%	0.00%	5.05%	10.00%	-6.25%	6.67%	3.45%	-15.53%	6.19%	-61.81%
Operating Cash Flow Q/Q Growth	-8.20%	548.33%	0.00%	-25.71%	201.69%	-156.09%	161.58%	6.98%	130.61%	-531.25%	-88.32%
Free Cash Flow Firm Q/Q Growth	-1,897.63%	145.21%	0.00%	595.39%	-19.46%	41.08%	36.31%	45.45%	-143.00%	-241.29%	-144.38%
Invested Capital Q/Q Growth	-2.58%	-10.13%	0.00%	-100.00%	4.74%	30.60%	-9.77%	5.20%	1.57%	78.27%	16.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.50%	38.50%	35.73%	38.50%	38.50%	36.64%	36.39%	36.62%	36.70%	36.52%	37.69%
EBITDA Margin	24.38%	24.96%	21.17%	21.37%	21.55%	19.93%	19.48%	21.22%	21.19%	22.68%	23.48%
Operating Margin	21.45%	22.73%	18.61%	18.89%	19.33%	17.64%	20.38%	18.44%	18.26%	18.53%	20.93%
EBIT Margin	22.87%	23.67%	19.45%	20.07%	20.04%	18.36%	18.05%	18.32%	17.21%	18.11%	19.25%
Profit (Net Income) Margin	15.02%	16.27%	17.32%	13.85%	14.35%	14.76%	13.41%	13.81%	12.41%	16.91%	13.83%
Tax Burden Percent	65.67%	68.74%	89.05%	69.03%	71.64%	80.40%	74.29%	75.41%	72.07%	93.35%	71.87%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	34.33%	31.26%	10.95%	30.97%	28.37%	19.60%	25.71%	24.59%	27.93%	6.65%	28.13%
Return on Invested Capital (ROIC)	53.74%	27.77%	27.02%	0.00%	23.70%	25.39%	40.22%	36.85%	65.79%	58.60%	82.31%
ROIC Less NNEP Spread (ROIC-NNEP)	52.43%	27.22%	26.23%	0.00%	23.28%	24.92%	41.12%	36.90%	67.15%	58.82%	82.88%
Return on Net Nonoperating Assets (RNNOA)	-22.79%	-9.79%	-7.43%	0.00%	-8.18%	-8.34%	-22.80%	-20.25%	-25.04%	-30.66%	-58.56%
Return on Equity (ROE)	30.95%	17.98%	19.58%	0.00%	15.51%	17.06%	17.42%	16.60%	40.75%	27.94%	23.75%
Cash Return on Invested Capital (CROIC)	-143.15%	23.66%	5.47%	0.00%	-1.55%	2.29%	-13.51%	-36.32%	-115.76%	1.73%	65.65%
Operating Return on Assets (OROA)	14.76%	16.26%	13.85%	0.00%	13.07%	12.90%	11.16%	11.76%	15.55%	17.50%	16.45%
Return on Assets (ROA)	9.70%	11.18%	12.33%	0.00%	9.36%	10.37%	8.29%	8.87%	11.21%	16.34%	11.82%
Return on Common Equity (ROCE)	30.95%	17.98%	19.58%	0.00%	15.51%	17.06%	17.42%	16.60%	40.75%	27.94%	23.75%
Return on Equity Simple (ROE_SIMPLE)	17.25%	17.09%	16.83%	0.00%	14.19%	15.16%	0.00%	16.86%	25.64%	29.85%	0.00%
Net Operating Profit after Tax (NOPAT)	89	90	85	67	65	59	67	63	64	72	71
NOPAT Margin	14.09%	15.62%	16.57%	13.04%	13.85%	14.18%	15.14%	13.90%	13.16%	17.30%	15.04%
Net Nonoperating Expense Percent (NNEP)	1.31%	0.56%	0.79%	0.00%	0.42%	0.48%	-0.91%	-0.05%	-1.36%	-0.22%	-0.57%
Return On Investment Capital (ROIC_SIMPLE)	4.30%	-	-	-	-	-	-	4.12%	-	-	-
Cost of Revenue to Revenue	61.50%	61.50%	64.27%	61.50%	61.50%	63.36%	63.61%	63.38%	63.30%	63.48%	62.31%
SG&A Expenses to Revenue	7.19%	8.26%	8.04%	9.31%	8.55%	9.39%	7.54%	9.33%	9.23%	7.97%	8.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.05%	15.77%	17.12%	19.61%	19.17%	19.00%	16.01%	18.18%	18.45%	18.00%	16.76%
Earnings before Interest and Taxes (EBIT)	145	136	100	103	94	76	80	84	84	76	91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	155	144	109	109	101	83	87	97	104	95	111
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.80	5.61	5.06	0.00	4.12	4.07	3.63	3.73	3.46	3.59	3.90
Price to Tangible Book Value (P/TBV)	20.88	18.86	20.31	0.00	16.56	20.25	18.17	20.88	27.66	41.01	44.72
Price to Revenue (P/Rev)	5.38	5.18	4.60	4.43	4.09	3.63	3.24	3.13	2.20	2.20	2.48
Price to Earnings (P/E)	33.63	32.86	30.04	31.47	29.06	26.82	23.03	22.12	13.50	12.05	12.86
Dividend Yield	1.30%	1.42%	1.65%	1.85%	2.05%	2.22%	2.49%	2.41%	2.64%	2.41%	2.06%
Earnings Yield	2.97%	3.04%	3.33%	3.18%	3.44%	3.73%	4.34%	4.52%	7.41%	8.30%	7.77%
Enterprise Value to Invested Capital (EV/IC)	9.49	8.48	6.52	0.00	5.69	5.40	5.92	5.41	4.92	5.12	9.36
Enterprise Value to Revenue (EV/Rev)	4.98	4.83	4.36	0.00	3.76	3.36	2.82	2.81	1.97	1.97	2.07
Enterprise Value to EBITDA (EV/EBITDA)	20.94	20.99	19.70	0.00	18.27	16.41	13.35	12.70	7.71	7.19	7.19
Enterprise Value to EBIT (EV/EBIT)	22.37	22.42	21.16	0.00	20.09	18.72	15.75	15.43	8.93	7.99	7.76
Enterprise Value to NOPAT (EV/NOPAT)	33.39	32.86	30.61	0.00	26.34	23.86	19.03	18.99	11.67	10.60	10.54
Enterprise Value to Operating Cash Flow (EV/OCF)	15.60	18.58	22.05	0.00	20.23	21.64	37.44	0.00	10.53	8.33	6.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	36.28	129.88	0.00	0.00	262.86	0.00	0.00	0.00	385.39	17.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.43	-0.36	-0.28	0.00	-0.35	-0.33	-0.55	-0.55	-0.37	-0.52	-0.71
Leverage Ratio	1.67	1.66	1.64	0.00	1.70	1.70	1.92	1.86	1.74	1.68	1.88
Compound Leverage Factor	1.67	1.66	1.64	0.00	1.70	1.70	1.92	1.86	1.74	1.68	1.88
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.04%	0.04%	0.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.04%	0.04%	0.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	99.98%	99.97%	99.96%	99.96%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.44	-0.93	-0.83	-1.44
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.16	-1.41	-1.22	-2.12
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	6.58	6.69	6.41	0.00	4.96	4.95	3.81	4.36	4.33	4.60	3.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.33	1.21	0.00	1.15	1.14	1.08	0.97	0.86	0.98	1.01
Quick Ratio	1.27	1.30	1.13	0.00	1.10	1.11	1.06	0.95	0.86	0.98	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,087	60	-134	1,021	-206	-173	-293	-460	-843	-347	-102
Operating Cash Flow to CapEx	6,896.47%	2,755.55%	-593.37%	647.60%	583.59%	-853.25%	1,247.83%	657.34%	639.34%	-6,198.89%	5,725.49%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.69	0.71	0.00	0.65	0.70	0.62	0.64	0.90	0.97	0.85
Accounts Receivable Turnover	13.46	11.40	12.19	0.00	12.39	13.40	11.10	11.00	16.78	17.86	17.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.01	15.18	16.46	0.00	18.50	23.45	25.75	28.83	36.46	48.12	46.07
Accounts Payable Turnover	11.55	13.14	12.73	0.00	11.31	12.08	9.58	9.52	14.45	18.15	14.55
Days Sales Outstanding (DSO)	27.12	32.01	29.94	0.00	29.46	27.23	32.89	33.20	21.76	20.43	20.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	31.59	27.78	28.68	0.00	32.26	30.23	38.10	38.34	25.26	20.11	25.09
Cash Conversion Cycle (CCC)	-4.48	4.23	1.26	0.00	-2.80	-2.99	-5.21	-5.14	-3.51	0.32	-4.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,176	1,207	1,344	0.00	1,178	1,125	861	954	907	893	501
Invested Capital Turnover	3.81	1.78	1.63	0.00	1.71	1.79	2.66	2.65	5.00	3.39	5.47
Increase / (Decrease) in Invested Capital	1,176	29	219	-954	271	232	360	523	907	419	172
Enterprise Value (EV)	11,165	10,238	8,763	0.00	6,707	6,076	5,102	5,159	4,462	4,570	4,689
Market Capitalization	12,069	10,988	9,249	8,148	7,298	6,566	5,854	5,745	5,001	5,094	5,631
Book Value per Share	$29.94	$28.15	$26.68	$0.00	$25.52	$23.73	$23.51	$22.44	$21.03	$22.40	$21.43
Tangible Book Value per Share	$8.32	$8.38	$6.64	$0.00	$6.36	$4.76	$4.69	$4.01	$2.63	$1.96	$1.87
Total Capital	2,081	1,957	1,829	0.00	1,769	1,615	1,613	1,541	1,447	1,418	1,444
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.31	0.51	0.54	0.54
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.31	0.51	0.54	0.54
Net Debt	-904	-750	-486	0.00	-591	-490	-752	-586	-539	-524	-943
Capital Expenditures (CapEx)	3.85	10	11	16	23	16	19	14	13	4.49	1.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-676	-505	-360	0.00	-490	-411	-680	-611	-649	-540	-936
Debt-free Net Working Capital (DFNWC)	229	245	126	0.00	102	79	73	-24	-109	-15	7.45
Net Working Capital (NWC)	229	245	126	0.00	102	79	73	-24	-109	-15	7.45
Net Nonoperating Expense (NNE)	-5.92	-3.73	-3.83	-4.17	-2.36	-2.42	7.67	0.42	3.68	1.63	5.69
Net Nonoperating Obligations (NNO)	-904	-750	-486	0.00	-591	-490	-752	-586	-539	-524	-943
Total Depreciation and Amortization (D&A)	9.56	7.44	8.86	6.66	7.09	6.53	6.35	13	19	19	20
Debt-free, Cash-free Net Working Capital to Revenue	-30.12%	-23.82%	-17.91%	0.00%	-27.45%	-22.75%	-37.56%	-33.27%	-28.59%	-23.32%	-41.22%
Debt-free Net Working Capital to Revenue	10.19%	11.54%	6.24%	0.00%	5.69%	4.39%	4.01%	-1.32%	-4.79%	-0.66%	0.33%
Net Working Capital to Revenue	10.19%	11.54%	6.24%	0.00%	5.69%	4.39%	4.01%	-1.32%	-4.79%	-0.66%	0.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.45	$1.42	$1.37	$0.00	$0.00	$0.96	$0.94	$0.99	$0.96	$1.12	$1.02
Adjusted Weighted Average Basic Shares Outstanding	65.83M	65.82M	65.03M	0.00	0.00	63.81M	63.36M	63.38M	63.42M	63.28M	64.97M
Adjusted Diluted Earnings per Share	$1.39	$1.37	$1.30	$0.00	$0.00	$0.90	$0.96	$0.90	$0.87	$1.03	$0.97
Adjusted Weighted Average Diluted Shares Outstanding	68.76M	68.42M	68.50M	0.00	0.00	68.00M	67.59M	69.73M	69.80M	68.83M	68.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	70.14M	69.50M	69.53M	0.00	0.00	69.32M	68.06M	68.62M	68.65M	68.79M	66.54M
Normalized Net Operating Profit after Tax (NOPAT)	98	95	85	73	71	59	67	63	64	72	71
Normalized NOPAT Margin	15.41%	16.46%	16.57%	14.35%	15.28%	14.18%	15.14%	13.90%	13.16%	17.30%	15.04%
Pre Tax Income Margin	22.87%	23.67%	19.45%	20.07%	20.04%	18.36%	18.05%	18.32%	17.21%	18.11%	19.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.21%	48.07%	51.24%	56.10%	57.33%	57.94%	55.22%	52.16%	34.80%	29.33%	26.19%
Augmented Payout Ratio	45.30%	48.14%	59.43%	65.57%	67.16%	61.19%	74.36%	117.88%	99.70%	95.03%	95.73%

Frequently Asked Questions About Houlihan Lokey's Financials

When does Houlihan Lokey's fiscal year end?

According to the most recent income statement we have on file, Houlihan Lokey's financial year ends in March. Their financial year 2024 ended on March 31, 2024.

How has Houlihan Lokey's net income changed over the last 9 years?

Houlihan Lokey's net income appears to be on an upward trend, with a most recent value of $280.30 million in 2024, rising from $79.94 million in 2015. The previous period was $254.22 million in 2023. Find out what analysts predict for Houlihan Lokey in the coming months.

What is Houlihan Lokey's operating income?

Houlihan Lokey's total operating income in 2024 was $362.86 million, based on the following breakdown:

Total Gross Profit: $700.82 million
Total Operating Expenses: $337.95 million

How has Houlihan Lokey revenue changed over the last 9 years?

Over the last 9 years, Houlihan Lokey's total revenue changed from $680.87 million in 2015 to $1.91 billion in 2024, a change of 181.2%.

How much debt does Houlihan Lokey have?

Houlihan Lokey's total liabilities were at $1.33 billion at the end of 2024, a 1.6% decrease from 2023, and a 230.2% increase since 2015.

How much cash does Houlihan Lokey have?

In the past 9 years, Houlihan Lokey's cash and equivalents has ranged from $88.66 million in 2015 to $846.85 million in 2021, and is currently $721.24 million as of their latest financial filing in 2024.

How has Houlihan Lokey's book value per share changed over the last 9 years?

Over the last 9 years, Houlihan Lokey's book value per share changed from 14.40 in 2015 to 26.58 in 2024, a change of 84.6%.

Related Companies

This page (NYSE:HLI) was last updated on 5/21/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Houlihan Lokey (HLI) Financials

Frequently Asked Questions About Houlihan Lokey's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Houlihan Lokey (HLI) Financials

Annual Income Statements for Houlihan Lokey

Quarterly Income Statements for Houlihan Lokey

Annual Cash Flow Statements for Houlihan Lokey

Quarterly Cash Flow Statements for Houlihan Lokey

Annual Balance Sheets for Houlihan Lokey

Quarterly Balance Sheets for Houlihan Lokey

Annual Metrics And Ratios for Houlihan Lokey

Quarterly Metrics And Ratios for Houlihan Lokey

Frequently Asked Questions About Houlihan Lokey's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools