Houlihan Lokey (HLI) Financials

$150.89 +0.34 (+0.23%)

Closing price 03:59 PM Eastern

Extended Trading

$150.93 +0.03 (+0.02%)

As of 05:56 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	80	70	101	180	143	184	313	438	254	280	400
Consolidated Net Income / (Loss)	80	70	108	172	159	184	313	438	254	280	400
Net Income / (Loss) Continuing Operations	80	70	108	172	159	184	313	438	254	280	400
Total Pre-Tax Income	132	126	178	218	224	236	409	604	324	391	531
Total Operating Income	129	126	182	214	219	230	408	613	342	363	502
Total Gross Profit	204	232	290	327	392	422	554	861	697	737	920
Total Revenue	681	694	872	963	1,084	1,159	1,525	2,270	1,809	1,914	2,389
Operating Revenue	681	694	872	963	1,084	1,159	1,525	2,270	1,809	1,914	2,389
Total Cost of Revenue	477	462	582	637	692	738	971	1,409	1,113	1,177	1,469
Operating Cost of Revenue	475	462	582	637	692	738	971	1,409	1,113	1,177	1,469
Total Operating Expenses	75	106	108	112	173	192	146	248	355	374	418
Selling, General & Admin Expense	27	51	50	49	77	88	85	130	155	168	180
Depreciation Expense	5.51	7.50	8.85	7.91	14	17	15	49	58	29	41
Other Operating Expenses / (Income)	42	47	49	55	82	87	46	70	107	141	143
Restructuring Charge	-	-	-	-	-	-	-	-	35	36	55
Total Other Income / (Expense), net	3.48	-0.77	-3.51	3.42	5.22	6.05	1.07	-8.93	-18	28	30
Other Income / (Expense), net	3.48	-0.77	-3.51	3.42	5.22	6.05	1.07	-8.93	-18	28	30
Income Tax Expense	52	56	70	46	65	52	96	166	70	110	132
Basic Earnings per Share	$1.40	$1.18	$1.77	$2.76	$2.56	$2.96	$4.75	$6.74	$4.01	$4.36	$6.08
Weighted Average Basic Shares Outstanding	57.13M	59.04M	61.10M	62.49M	62.21M	62.15M	65.79M	64.97M	63.36M	64.34M	65.72M
Diluted Earnings per Share	$1.33	$1.10	$1.63	$2.60	$2.42	$2.80	$4.55	$6.41	$3.76	$4.11	$5.82
Weighted Average Diluted Shares Outstanding	60.14M	63.48M	66.58M	66.32M	65.85M	65.73M	68.67M	68.26M	67.59M	68.16M	68.66M
Weighted Average Basic & Diluted Shares Outstanding	57.10M	59.10M	61.20M	62.40M	62.20M	65.32M	68.20M	66.54M	68.06M	68.58M	69.79M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	61	67	71	81	89	94	95	122	98	112	117
Consolidated Net Income / (Loss)	61	67	71	81	89	94	95	122	98	112	117
Net Income / (Loss) Continuing Operations	61	67	71	81	89	94	95	122	98	112	117
Total Pre-Tax Income	76	94	103	118	100	136	145	150	98	160	170
Total Operating Income	73	90	97	103	95	131	136	139	90	151	161
Total Gross Profit	152	180	197	208	198	221	244	271	233	254	276
Total Revenue	416	467	511	520	514	575	634	666	605	659	717
Operating Revenue	416	467	511	520	514	575	634	666	605	659	717
Total Cost of Revenue	263	287	314	312	316	354	390	396	372	406	441
Operating Cost of Revenue	263	287	314	312	316	354	390	396	372	406	441
Total Operating Expenses	79	90	100	105	102	91	108	132	143	103	115
Selling, General & Admin Expense	39	40	48	42	41	47	46	45	51	42	51
Depreciation Expense	6.53	7.09	6.66	8.26	8.86	7.44	9.56	15	16	10	8.30
Other Operating Expenses / (Income)	33	33	36	38	38	29	40	36	56	33	38
Restructuring Charge	-	9.34	9.69	-	14	7.04	13	-	21	18	18
Total Other Income / (Expense), net	3.01	3.30	6.04	15	5.13	5.42	9.02	11	8.25	8.71	8.92
Other Income / (Expense), net	3.01	3.30	6.04	15	5.13	5.42	9.02	11	8.25	8.71	8.92
Income Tax Expense	15	27	32	37	11	43	50	28	0.52	48	53
Basic Earnings per Share	$0.96	$1.04	$1.10	$1.26	$1.37	$1.42	$1.45	$1.84	$1.47	$1.67	$1.75
Weighted Average Basic Shares Outstanding	63.81M	64.55M	64.41M	64.34M	65.03M	65.82M	65.83M	65.72M	66.24M	66.96M	66.63M
Diluted Earnings per Share	$0.90	$0.99	$1.04	$1.18	$1.30	$1.37	$1.39	$1.76	$1.42	$1.63	$1.70
Weighted Average Diluted Shares Outstanding	68.00M	67.87M	67.89M	68.16M	68.50M	68.42M	68.76M	68.66M	68.89M	68.59M	68.43M
Weighted Average Basic & Diluted Shares Outstanding	69.32M	69.11M	-	68.58M	69.53M	69.50M	70.14M	69.79M	70.31M	70.07M	69.79M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$0.60

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	-21	78	327	-192	-14	95	466	-13	-119	7.04	254
Net Cash From Operating Activities	197	12	252	251	224	288	580	737	136	328	849
Net Cash From Continuing Operating Activities	197	12	252	251	224	288	580	737	136	328	849
Net Income / (Loss) Continuing Operations	80	70	108	172	159	184	313	438	254	280	400
Consolidated Net Income / (Loss)	80	70	108	172	159	184	313	438	254	280	400
Depreciation Expense	5.51	7.50	8.85	7.91	14	17	15	49	58	29	41
Non-Cash Adjustments To Reconcile Net Income	25	38	43	61	58	94	92	131	194	206	214
Changes in Operating Assets and Liabilities, net	86	-103	91	9.49	-7.15	-7.21	159	118	-370	-186	194
Net Cash From Investing Activities	-213	180	-1.65	-219	6.46	-33	-100	-274	-3.00	-70	-265
Net Cash From Continuing Investing Activities	-213	180	-1.65	-219	6.46	-33	-100	-274	-3.00	-70	-265
Purchase of Property, Plant & Equipment	-4.67	-9.39	-14	-7.72	-6.73	-21	-14	-8.68	-51	-67	-40
Acquisitions	-5.18	-37	-3.73	-2.70	-71	-2.20	-12	-361	-20	-3.86	-69
Purchase of Investments	-9.45	0.00	0.00	-209	-147	-351	-392	-102	-19	-11	-250
Sale and/or Maturity of Investments	-193	226	16	1.16	232	340	318	197	87	11	94
Net Cash From Financing Activities	-2.50	-114	80	-225	-236	-152	-27	-459	-240	-251	-329
Net Cash From Continuing Financing Activities	-2.50	-114	80	-225	-236	-152	-27	-459	-240	-251	-329
Repayment of Debt	0.00	0.00	-95	-21	0.19	0.37	-3.27	0.48	0.57	0.59	0.71
Repurchase of Common Equity	-	0.00	-0.96	-18	-70	-30	-102	-305	-49	-25	-53
Payment of Dividends	-2.17	-114	-55	-52	-67	-81	-92	-115	-140	-148	-165
Other Financing Activities, net	-0.33	0.05	-27	-228	-100	-42	-18	-40	-52	-78	-112
Effect of Exchange Rate Changes	-2.27	0.44	-4.02	-	-	-	13	-17	-12	-0.43	-0.76
Cash Interest Paid	0.26	1.31	1.62	0.66	0.98	1.05	0.99	1.00	5.90	0.58	1.36
Cash Income Taxes Paid	-1.48	75	57	48	81	74	44	242	157	105	93

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-258	38	62	166	-272	243	108	175	-177	130	133
Net Cash From Operating Activities	-134	136	101	225	-65	289	266	358	-132	325	218
Net Cash From Continuing Operating Activities	-134	136	101	225	-65	289	266	358	-132	325	218
Net Income / (Loss) Continuing Operations	61	67	71	81	89	94	95	122	98	112	117
Consolidated Net Income / (Loss)	61	67	71	81	89	94	95	122	98	112	117
Depreciation Expense	6.53	7.09	6.66	8.26	8.86	7.44	9.56	15	16	10	8.30
Non-Cash Adjustments To Reconcile Net Income	49	54	58	45	45	53	61	54	52	58	78
Changes in Operating Assets and Liabilities, net	-251	8.00	-35	91	-207	135	99	167	-297	145	15
Net Cash From Investing Activities	-12	-21	-23	-15	-40	-31	-87	-106	110	-114	56
Net Cash From Continuing Investing Activities	-12	-21	-23	-15	-40	-31	-87	-106	110	-114	56
Purchase of Property, Plant & Equipment	-16	-23	-16	-12	-11	-10	-3.85	-14	-13	-2.24	-0.64
Purchase of Investments	-0.04	-	-3.39	-7.86	-1.49	-22	-91	-136	-153	-130	103
Sale and/or Maturity of Investments	3.33	2.66	0.07	5.40	4.02	1.59	44	44	277	18	-46
Net Cash From Financing Activities	-111	-68	-36	-36	-161	-39	-37	-91	-197	-72	-131
Net Cash From Continuing Financing Activities	-111	-68	-36	-36	-161	-39	-37	-91	-197	-72	-131
Repayment of Debt	0.59	-	-	-	0.71	-	-	-	0.71	-	-0.71
Repurchase of Common Equity	0.00	-25	-	-	-0.24	-	-0.09	-52	-7.81	-30	-88
Payment of Dividends	-42	-35	-36	-36	-51	-38	-37	-39	-52	-42	-41
Other Financing Activities, net	-70	-7.31	-0.10	-0.59	-111	-0.72	-0.25	-0.38	-137	-0.64	-2.16
Effect of Exchange Rate Changes	-	-	19	-8.53	-5.10	-	-	-	41	-8.63	-9.79
Cash Income Taxes Paid	18	31	37	20	17	20	22	34	11	44	86

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	1,230	1,071	1,386	1,419	1,426	1,677	2,426	2,887	2,969	3,171	3,820
Total Current Assets	474	259	564	641	491	601	1,164	1,087	952	992	1,424
Cash & Equivalents	89	166	300	207	286	380	847	834	714	721	971
Short-Term Investments	-	-	0.00	209	125	135	209	109	37	38	196
Accounts Receivable	57	58	61	123	71	81	108	144	182	200	257
Plant, Property, & Equipment, net	16	22	30	32	31	42	46	52	88	137	149
Total Noncurrent Assets	739	790	791	745	904	1,033	1,215	1,747	1,929	2,042	2,246
Goodwill	653	717	715	723	795	813	671	1,070	1,088	1,127	1,285
Intangible Assets	-	-	-	-	-	-	195	247	203	197	213
Other Noncurrent Operating Assets	74	73	76	22	107	214	321	334	533	627	749
Total Liabilities & Shareholders' Equity	1,230	1,071	1,386	1,419	1,426	1,677	2,426	2,887	2,969	3,171	3,820
Total Liabilities	404	417	655	566	535	693	1,043	1,443	1,356	1,334	1,645
Total Current Liabilities	351	339	402	429	468	474	716	1,080	879	840	1,074
Accounts Payable	37	34	42	41	55	54	67	126	113	114	137
Other Current Liabilities	301	299	351	378	405	420	648	954	766	726	937
Total Noncurrent Liabilities	53	78	253	137	67	218	327	363	476	494	571
Other Noncurrent Operating Liabilities	11	26	210	106	52	214	326	362	476	486	571
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	825	651	727	853	891	984	1,384	1,444	1,613	1,837	2,175
Total Preferred & Common Equity	823	651	727	853	922	984	1,384	1,444	1,613	1,837	2,175
Total Common Equity	823	651	727	853	922	984	1,384	1,444	1,613	1,837	2,175
Common Stock	663	637	855	753	645	650	804	565	643	740	843
Retained Earnings	171	29	87	207	276	377	600	922	1,033	1,163	1,395
Accumulated Other Comprehensive Income / (Loss)	-11	-15	-22	-14	0.00	-43	-20	-43	-63	-67	-63

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	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	2,510	2,672	2,707	2,782	2,959	2,943	3,213	3,476	3,518	3,793	3,937
Total Current Assets	675	734	644	700	777	727	991	1,071	1,092	1,359	1,395
Cash & Equivalents	504	549	456	494	556	450	691	799	794	924	1,056
Short-Term Investments	36	37	34	31	35	36	57	104	73	185	128
Accounts Receivable	135	138	138	152	153	193	219	167	218	251	211
Plant, Property, & Equipment, net	62	76	101	119	131	143	149	140	151	145	141
Total Noncurrent Assets	1,773	1,862	1,962	1,962	2,051	2,073	2,073	2,265	2,275	2,289	2,400
Goodwill	1,051	1,061	1,091	1,086	1,129	1,175	1,178	1,280	1,295	1,292	1,293
Intangible Assets	215	205	200	197	200	199	197	222	204	201	200
Other Noncurrent Operating Assets	395	483	562	572	619	618	612	679	680	796	908
Total Liabilities & Shareholders' Equity	2,510	2,672	2,707	2,782	2,959	2,943	3,213	3,476	3,518	3,793	3,937
Total Liabilities	1,064	1,131	1,092	1,135	1,190	1,113	1,256	1,395	1,340	1,546	1,643
Total Current Liabilities	784	759	565	648	675	601	746	842	746	932	989
Accounts Payable	98	120	91	95	100	110	105	123	106	109	108
Other Current Liabilities	686	639	473	553	575	491	641	719	640	823	881
Total Noncurrent Liabilities	280	372	527	488	514	512	510	553	594	615	654
Other Noncurrent Operating Liabilities	279	331	527	450	470	468	464	505	533	615	654
Commitments & Contingencies	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,447	1,541	1,615	1,646	1,769	1,829	1,957	2,081	2,178	2,247	2,294
Total Preferred & Common Equity	1,447	1,541	1,615	1,646	1,769	1,829	1,957	2,081	2,178	2,247	2,294
Total Common Equity	1,447	1,541	1,615	1,646	1,769	1,829	1,957	2,081	2,178	2,247	2,294
Common Stock	560	602	616	638	702	692	735	852	744	760	735
Retained Earnings	981	1,008	1,059	1,087	1,121	1,207	1,260	1,315	1,449	1,516	1,589
Accumulated Other Comprehensive Income / (Loss)	-94	-70	-60	-80	-54	-70	-38	-86	-15	-29	-29

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.92%	1.89%	25.70%	10.47%	12.56%	6.91%	31.58%	48.81%	-20.29%	5.80%	24.81%
EBITDA Growth	23.60%	-3.28%	40.72%	20.50%	5.78%	5.92%	67.81%	53.72%	-41.42%	9.64%	36.64%
EBIT Growth	25.45%	-4.92%	42.07%	22.05%	2.98%	5.05%	73.66%	47.58%	-46.35%	20.54%	36.05%
NOPAT Growth	29.76%	-9.81%	57.38%	53.50%	-8.36%	15.24%	74.20%	42.59%	-39.72%	-2.87%	44.87%
Net Income Growth	30.13%	-12.72%	55.29%	59.02%	-7.65%	15.52%	70.18%	40.14%	-42.00%	10.26%	42.60%
EPS Growth	26.67%	-17.29%	48.18%	59.51%	-6.92%	15.70%	62.50%	40.88%	-41.34%	9.31%	41.61%
Operating Cash Flow Growth	19.09%	-94.04%	2,050.16%	-0.54%	-10.52%	28.27%	101.56%	27.04%	-81.50%	141.03%	158.36%
Free Cash Flow Firm Growth	0.00%	145.23%	24.07%	-81.45%	-68.91%	827.38%	134.37%	-40.14%	-133.79%	148.61%	907.40%
Invested Capital Growth	0.00%	-30.68%	-50.26%	40.92%	38.19%	-3.09%	-30.33%	52.50%	71.88%	25.05%	-6.80%
Revenue Q/Q Growth	0.00%	0.00%	9.20%	-1.27%	4.49%	0.99%	14.92%	-1.28%	-1.44%	0.00%	6.51%
EBITDA Q/Q Growth	0.00%	0.00%	8.87%	1.84%	1.50%	4.02%	19.02%	-4.83%	-5.91%	0.00%	7.38%
EBIT Q/Q Growth	0.00%	0.00%	9.67%	1.99%	0.75%	3.71%	20.24%	-7.52%	-3.11%	0.00%	6.45%
NOPAT Q/Q Growth	0.00%	0.00%	11.50%	1.53%	4.39%	7.98%	15.81%	-6.08%	-1.29%	0.00%	12.84%
Net Income Q/Q Growth	0.00%	0.00%	11.64%	2.39%	4.77%	8.03%	14.81%	-7.24%	-2.12%	0.00%	11.38%
EPS Q/Q Growth	0.00%	0.00%	11.64%	2.36%	4.76%	8.11%	13.75%	-6.97%	-0.27%	0.00%	11.07%
Operating Cash Flow Q/Q Growth	0.00%	-68.38%	26.11%	4.04%	11.03%	18.40%	19.78%	-22.04%	464.31%	0.00%	18.60%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-53.15%	-78.33%	35.02%	24.49%	-48.44%	63.43%	0.00%	153.52%
Invested Capital Q/Q Growth	0.00%	0.00%	-48.39%	-30.61%	-13.06%	-18.94%	-32.35%	16.21%	-9.77%	0.00%	-14.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.92%	33.46%	33.24%	33.92%	36.18%	36.37%	36.33%	37.94%	36.56%	36.61%	38.50%
EBITDA Margin	20.22%	19.19%	21.48%	23.43%	22.02%	21.82%	27.82%	28.74%	21.12%	21.89%	23.96%
Operating Margin	18.90%	18.22%	20.87%	22.26%	20.20%	19.80%	26.76%	27.00%	18.89%	18.95%	20.99%
EBIT Margin	19.41%	18.11%	20.47%	22.61%	20.69%	20.33%	26.83%	26.61%	17.91%	20.40%	22.24%
Profit (Net Income) Margin	11.74%	10.06%	12.42%	17.88%	14.67%	15.85%	20.50%	19.31%	14.05%	14.64%	16.73%
Tax Burden Percent	60.50%	55.53%	60.70%	79.09%	70.93%	78.00%	76.43%	72.58%	78.46%	71.77%	75.23%
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	39.50%	44.47%	39.30%	20.91%	29.07%	22.00%	23.57%	27.42%	21.54%	28.23%	24.77%
Return on Invested Capital (ROIC)	21.48%	11.44%	29.38%	56.34%	37.06%	37.38%	77.98%	107.24%	39.37%	26.88%	36.27%
ROIC Less NNEP Spread (ROIC-NNEP)	17.33%	11.78%	30.05%	55.79%	36.24%	36.35%	77.88%	107.89%	41.01%	24.25%	33.95%
Return on Net Nonoperating Assets (RNNOA)	-2.13%	-2.01%	-13.72%	-34.58%	-18.81%	-17.78%	-51.56%	-76.23%	-22.74%	-10.63%	-16.34%
Return on Equity (ROE)	19.36%	9.43%	15.66%	21.76%	18.24%	19.60%	26.42%	31.01%	16.63%	16.25%	19.93%
Cash Return on Invested Capital (CROIC)	-178.52%	47.68%	96.50%	22.37%	4.99%	40.52%	113.73%	65.65%	-13.51%	4.62%	43.31%
Operating Return on Assets (OROA)	10.74%	10.92%	14.53%	15.53%	15.77%	15.19%	19.95%	22.73%	11.07%	12.72%	15.20%
Return on Assets (ROA)	6.50%	6.06%	8.82%	12.29%	11.19%	11.85%	15.25%	16.50%	8.68%	9.13%	11.44%
Return on Common Equity (ROCE)	19.28%	9.40%	15.59%	21.71%	18.56%	19.91%	26.42%	31.01%	16.63%	16.25%	19.93%
Return on Equity Simple (ROE_SIMPLE)	9.72%	10.71%	14.91%	20.20%	17.26%	18.67%	22.61%	30.36%	15.76%	15.26%	18.38%
Net Operating Profit after Tax (NOPAT)	78	70	110	170	155	179	312	445	268	260	377
NOPAT Margin	11.43%	10.12%	12.67%	17.60%	14.33%	15.45%	20.45%	19.60%	14.82%	13.60%	15.79%
Net Nonoperating Expense Percent (NNEP)	4.16%	-0.34%	-0.67%	0.55%	0.82%	1.03%	0.10%	-0.65%	-1.64%	2.63%	2.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	17.35%
Cost of Revenue to Revenue	70.08%	66.54%	66.76%	66.08%	63.82%	63.63%	63.67%	62.06%	63.44%	63.39%	61.50%
SG&A Expenses to Revenue	4.02%	7.33%	5.76%	5.13%	7.12%	7.60%	5.58%	5.71%	8.55%	8.78%	7.51%
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	11.03%	15.24%	12.37%	11.66%	15.97%	16.56%	9.58%	10.95%	17.68%	17.65%	17.51%
Earnings before Interest and Taxes (EBIT)	132	126	178	218	224	236	409	604	324	391	531
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	138	133	187	226	239	253	424	652	382	419	573
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.07	2.70	3.00	2.90	3.18	3.10	3.90	3.63	4.80	5.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	173.88	19.75	21.04	18.23	8.28	44.72	18.17	17.24	16.72
Price to Revenue (P/Rev)	0.00	1.95	2.25	2.65	2.46	2.70	2.81	2.48	3.24	4.61	4.74
Price to Earnings (P/E)	0.00	19.38	19.40	14.19	18.72	17.01	13.70	12.86	23.03	31.47	28.34
Dividend Yield	0.00%	1.45%	2.42%	2.06%	2.64%	2.60%	2.09%	2.06%	2.49%	1.72%	1.41%
Earnings Yield	0.00%	5.16%	5.15%	7.05%	5.34%	5.88%	7.30%	7.77%	4.34%	3.18%	3.53%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.39	5.94	5.84	4.66	5.54	9.83	9.36	5.92	7.49	10.12
Enterprise Value to Revenue (EV/Rev)	0.00	1.73	1.70	2.14	2.09	2.25	2.12	2.07	2.82	4.21	4.25
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.03	7.92	9.11	9.50	10.33	7.61	7.19	13.35	19.24	17.74
Enterprise Value to EBIT (EV/EBIT)	0.00	9.57	8.31	9.44	10.11	11.09	7.89	7.76	15.75	20.64	19.12
Enterprise Value to NOPAT (EV/NOPAT)	0.00	17.13	13.43	12.13	14.59	14.59	10.35	10.54	19.03	30.96	26.92
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	102.59	5.89	8.21	10.11	9.09	5.57	6.37	37.44	24.55	11.97
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.11	4.09	30.55	108.35	13.46	7.10	17.22	0.00	180.28	22.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.12	-0.17	-0.46	-0.62	-0.52	-0.49	-0.66	-0.71	-0.55	-0.44	-0.48
Leverage Ratio	1.49	1.56	1.78	1.77	1.63	1.65	1.73	1.88	1.92	1.78	1.74
Compound Leverage Factor	1.49	1.56	1.78	1.77	1.63	1.65	1.73	1.88	1.92	1.78	1.74
Debt to Total Capital	0.00%	2.23%	1.63%	1.02%	0.74%	0.33%	0.06%	0.04%	0.00%	0.00%	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%	0.00%
Long-Term Debt to Total Capital	0.00%	2.23%	1.63%	1.02%	0.74%	0.33%	0.06%	0.04%	0.00%	0.00%	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%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.36%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.61%	97.45%	97.86%	98.98%	102.64%	99.67%	99.94%	99.96%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.11	0.06	0.04	0.03	0.01	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	-1.14	-2.57	-2.22	-1.70	-2.03	-2.49	-1.44	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.11	0.06	0.04	0.03	0.01	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.21	0.11	0.05	0.04	0.02	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	-2.16	-4.35	-2.95	-2.60	-2.86	-3.38	-2.12	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.21	0.11	0.05	0.04	0.02	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	2.93	3.08	4.28	4.57	4.27	4.22	4.27	4.08	5.55	5.84
Noncontrolling Interest Sharing Ratio	0.39%	0.36%	0.43%	0.24%	-1.74%	-1.62%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	0.76	1.40	1.50	1.05	1.27	1.63	1.01	1.08	1.18	1.33
Quick Ratio	0.42	0.66	0.90	1.26	1.03	1.26	1.63	1.01	1.06	1.14	1.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-647	292	363	67	21	194	455	272	-92	45	451
Operating Cash Flow to CapEx	4,206.96%	124.89%	1,747.35%	3,247.14%	3,334.43%	1,388.23%	4,098.37%	8,486.22%	268.62%	492.22%	2,137.61%
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	0.55	0.60	0.71	0.69	0.76	0.75	0.74	0.85	0.62	0.62	0.68
Accounts Receivable Turnover	11.84	12.00	14.68	10.48	11.18	15.28	16.12	17.98	11.10	10.03	10.46
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	41.29	36.33	33.47	30.80	34.33	31.59	34.38	46.07	25.75	17.01	16.71
Accounts Payable Turnover	12.83	12.90	15.31	15.45	14.45	13.55	16.01	14.55	9.58	10.66	11.69
Days Sales Outstanding (DSO)	30.82	30.41	24.86	34.83	32.64	23.89	22.65	20.30	32.89	36.38	34.90
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)	28.45	28.30	23.84	23.63	25.27	26.95	22.80	25.09	38.10	34.23	31.22
Cash Conversion Cycle (CCC)	2.37	2.10	1.03	11.20	7.37	-3.06	-0.15	-4.79	-5.21	2.16	3.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	725	502	250	352	487	472	329	501	861	1,077	1,004
Invested Capital Turnover	1.88	1.13	2.32	3.20	2.59	2.42	3.81	5.47	2.66	1.98	2.30
Increase / (Decrease) in Invested Capital	725	-222	-252	102	134	-15	-143	172	360	216	-73
Enterprise Value (EV)	0.00	1,202	1,484	2,057	2,268	2,614	3,230	4,689	5,102	8,062	10,157
Market Capitalization	0.00	1,351	1,960	2,557	2,673	3,126	4,285	5,631	5,854	8,822	11,328
Book Value per Share	$14.40	$9.97	$10.89	$12.94	$14.09	$15.01	$20.07	$21.43	$23.51	$26.58	$31.01
Tangible Book Value per Share	$2.97	($1.01)	$0.17	$1.97	$1.94	$2.62	$7.50	$1.87	$4.69	$7.41	$9.66
Total Capital	826	668	743	862	898	988	1,384	1,444	1,613	1,837	2,175
Total Debt	0.00	15	12	8.83	6.61	3.28	0.82	0.54	0.00	0.00	0.00
Total Long-Term Debt	0.00	15	12	8.83	6.61	3.28	0.82	0.54	0.00	0.00	0.00
Net Debt	-101	-151	-481	-501	-405	-513	-1,055	-943	-752	-760	-1,171
Capital Expenditures (CapEx)	4.67	9.39	14	7.72	6.73	21	14	8.68	51	67	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	-246	-330	-297	-388	-389	-607	-936	-680	-608	-817
Debt-free Net Working Capital (DFNWC)	123	-80	163	213	23	127	448	7.45	73	152	355
Net Working Capital (NWC)	123	-80	163	213	23	127	448	7.45	73	152	355
Net Nonoperating Expense (NNE)	-2.11	0.43	2.13	-2.71	-3.70	-4.72	-0.82	6.48	14	-20	-22
Net Nonoperating Obligations (NNO)	-101	-151	-481	-501	-405	-513	-1,055	-943	-752	-760	-1,171
Total Depreciation and Amortization (D&A)	5.51	7.50	8.85	7.91	14	17	15	49	58	29	41
Debt-free, Cash-free Net Working Capital to Revenue	5.01%	-35.50%	-37.86%	-30.81%	-35.79%	-33.56%	-39.82%	-41.22%	-37.56%	-31.74%	-34.17%
Debt-free Net Working Capital to Revenue	18.03%	-11.55%	18.64%	22.08%	2.15%	10.96%	29.39%	0.33%	4.01%	7.95%	14.84%
Net Working Capital to Revenue	18.03%	-11.55%	18.64%	22.08%	2.15%	10.96%	29.39%	0.33%	4.01%	7.95%	14.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.18	$1.77	$2.76	$2.56	$2.96	$4.75	$6.74	$4.01	$4.36	$6.08
Adjusted Weighted Average Basic Shares Outstanding	0.00	59.04M	61.10M	62.49M	62.21M	62.15M	65.79M	64.97M	63.36M	64.34M	65.72M
Adjusted Diluted Earnings per Share	$0.00	$1.10	$1.63	$2.60	$2.42	$2.80	$4.55	$6.41	$3.76	$4.11	$5.82
Adjusted Weighted Average Diluted Shares Outstanding	0.00	63.48M	66.58M	66.32M	65.85M	65.73M	68.67M	68.26M	67.59M	68.16M	68.66M
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	0.00	66.84M	67.13M	66.88M	66.24M	65.32M	68.20M	66.54M	68.06M	68.58M	69.79M
Normalized Net Operating Profit after Tax (NOPAT)	78	70	110	170	155	179	312	445	268	260	419
Normalized NOPAT Margin	11.43%	10.12%	12.67%	17.60%	14.33%	15.45%	20.45%	19.60%	14.82%	13.60%	17.52%
Pre Tax Income Margin	19.41%	18.11%	20.47%	22.61%	20.69%	20.33%	26.83%	26.61%	17.91%	20.40%	22.24%
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	2.71%	163.83%	51.04%	30.23%	42.07%	43.88%	29.42%	26.19%	55.22%	52.96%	41.33%
Augmented Payout Ratio	2.71%	163.83%	51.92%	40.72%	85.79%	60.01%	62.10%	95.73%	74.36%	61.86%	54.47%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.67%	-4.61%	11.97%	17.02%	23.51%	23.12%	24.12%	28.05%	17.86%	14.70%	13.03%
EBITDA Growth	-12.72%	-2.97%	12.77%	45.76%	31.18%	42.59%	41.61%	31.17%	4.88%	18.69%	15.04%
EBIT Growth	0.70%	11.04%	22.68%	46.99%	30.81%	45.44%	41.48%	27.29%	-1.83%	17.61%	16.90%
NOPAT Growth	-18.56%	0.41%	4.98%	4.77%	44.31%	38.90%	34.13%	60.13%	5.88%	17.67%	23.54%
Net Income Growth	-13.27%	10.38%	12.29%	35.90%	44.88%	39.56%	34.60%	50.38%	9.66%	19.49%	22.29%
EPS Growth	-12.62%	13.79%	15.56%	22.92%	44.44%	38.38%	33.65%	49.15%	9.23%	18.98%	22.30%
Operating Cash Flow Growth	51.96%	59.59%	10.82%	-5.39%	51.70%	112.95%	163.16%	59.06%	-104.04%	12.39%	-18.01%
Free Cash Flow Firm Growth	50.25%	75.55%	322.08%	50.42%	22.49%	129.33%	-206.44%	228.24%	193.94%	188.49%	116.28%
Invested Capital Growth	25.92%	29.85%	0.00%	25.05%	19.46%	2.49%	0.00%	-6.80%	-2.75%	-5.69%	-5.66%
Revenue Q/Q Growth	-6.51%	12.30%	9.45%	1.82%	0.00%	11.94%	10.34%	5.04%	-9.16%	8.94%	8.74%
EBITDA Q/Q Growth	-4.35%	21.45%	8.52%	15.63%	0.00%	32.01%	7.77%	7.10%	-31.16%	49.38%	4.45%
EBIT Q/Q Growth	-4.92%	22.55%	9.62%	15.08%	0.00%	36.26%	6.64%	3.54%	-34.74%	63.24%	5.99%
NOPAT Q/Q Growth	-12.41%	9.66%	3.04%	5.86%	0.00%	5.54%	-0.49%	26.37%	-20.92%	18.33%	4.47%
Net Income Q/Q Growth	2.90%	9.19%	5.63%	14.51%	0.00%	5.18%	1.87%	27.93%	-20.00%	14.61%	4.26%
EPS Q/Q Growth	-6.25%	10.00%	5.05%	13.46%	0.00%	5.38%	1.46%	26.62%	-19.32%	14.79%	4.29%
Operating Cash Flow Q/Q Growth	-156.09%	201.69%	-25.71%	123.31%	0.00%	548.33%	-8.20%	34.98%	-136.73%	346.94%	-33.03%
Free Cash Flow Firm Q/Q Growth	41.08%	-19.46%	595.39%	-114.22%	0.00%	145.21%	-1,897.63%	117.13%	-32.15%	38.07%	1.45%
Invested Capital Q/Q Growth	30.60%	4.74%	-100.00%	0.00%	0.00%	-10.13%	-2.58%	-14.67%	30.18%	-12.85%	-2.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.64%	38.50%	38.50%	39.99%	35.73%	38.50%	38.50%	40.64%	38.50%	38.50%	38.50%
EBITDA Margin	19.93%	21.55%	21.37%	24.27%	21.17%	24.96%	24.38%	24.86%	18.84%	25.83%	24.82%
Operating Margin	17.64%	19.33%	18.89%	19.73%	18.61%	22.73%	21.45%	20.89%	14.83%	22.95%	22.41%
EBIT Margin	18.36%	20.04%	20.07%	22.68%	19.45%	23.67%	22.87%	22.55%	16.20%	24.27%	23.66%
Profit (Net Income) Margin	14.76%	14.35%	13.85%	15.58%	17.32%	16.27%	15.02%	18.29%	16.11%	16.95%	16.25%
Tax Burden Percent	80.40%	71.64%	69.03%	68.69%	89.05%	68.74%	65.67%	81.14%	99.47%	69.84%	68.70%
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	19.60%	28.37%	30.97%	31.31%	10.95%	31.26%	34.33%	18.86%	0.53%	30.16%	31.30%
Return on Invested Capital (ROIC)	25.39%	23.70%	0.00%	26.78%	27.02%	27.77%	53.74%	38.93%	27.63%	35.06%	35.68%
ROIC Less NNEP Spread (ROIC-NNEP)	24.92%	23.28%	0.00%	25.38%	26.23%	27.22%	52.43%	38.00%	26.42%	34.40%	35.09%
Return on Net Nonoperating Assets (RNNOA)	-8.34%	-8.18%	0.00%	-11.12%	-7.43%	-9.79%	-22.79%	-18.29%	-8.95%	-15.20%	-16.75%
Return on Equity (ROE)	17.06%	15.51%	0.00%	15.65%	19.58%	17.98%	30.95%	20.64%	18.68%	19.85%	18.93%
Cash Return on Invested Capital (CROIC)	2.29%	-1.55%	0.00%	4.62%	5.47%	23.66%	-143.15%	43.31%	31.69%	39.84%	42.55%
Operating Return on Assets (OROA)	12.90%	13.07%	0.00%	14.14%	13.85%	16.26%	14.76%	15.41%	12.44%	17.78%	16.91%
Return on Assets (ROA)	10.37%	9.36%	0.00%	9.71%	12.33%	11.18%	9.70%	12.51%	12.38%	12.41%	11.61%
Return on Common Equity (ROCE)	17.06%	15.51%	0.00%	15.65%	19.58%	17.98%	30.95%	20.64%	18.68%	19.85%	18.93%
Return on Equity Simple (ROE_SIMPLE)	15.16%	14.19%	0.00%	0.00%	16.83%	17.09%	17.25%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	59	65	67	71	85	90	89	113	89	106	110
NOPAT Margin	14.18%	13.85%	13.04%	13.55%	16.57%	15.62%	14.09%	16.95%	14.76%	16.03%	15.40%
Net Nonoperating Expense Percent (NNEP)	0.48%	0.42%	0.00%	1.39%	0.79%	0.56%	1.31%	0.93%	1.21%	0.66%	0.59%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	3.84%	-	-	4.30%	5.19%	4.10%	4.70%	4.81%
Cost of Revenue to Revenue	63.36%	61.50%	61.50%	60.01%	64.27%	61.50%	61.50%	59.36%	61.50%	61.50%	61.50%
SG&A Expenses to Revenue	9.39%	8.55%	9.31%	7.98%	8.04%	8.26%	7.19%	6.78%	8.36%	6.32%	7.14%
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	19.00%	19.17%	19.61%	20.26%	17.12%	15.77%	17.05%	19.75%	23.67%	15.55%	16.09%
Earnings before Interest and Taxes (EBIT)	76	94	103	118	100	136	145	150	98	160	170
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	83	101	109	126	109	144	155	166	114	170	178
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.07	4.12	0.00	4.76	5.06	5.61	5.80	5.21	5.77	6.43	5.32
Price to Tangible Book Value (P/TBV)	20.25	16.56	0.00	17.07	20.31	18.86	20.88	16.72	18.50	19.15	15.23
Price to Revenue (P/Rev)	3.63	4.09	4.43	4.56	4.60	5.18	5.38	4.74	5.06	5.63	4.61
Price to Earnings (P/E)	26.82	29.06	31.47	31.16	30.04	32.86	33.63	28.34	30.76	33.85	27.26
Dividend Yield	2.22%	2.05%	1.85%	1.74%	1.65%	1.42%	1.30%	1.41%	1.28%	1.14%	1.36%
Earnings Yield	3.73%	3.44%	3.18%	3.21%	3.33%	3.04%	2.97%	3.53%	3.25%	2.95%	3.67%
Enterprise Value to Invested Capital (EV/IC)	5.40	5.69	0.00	7.41	6.52	8.48	9.49	10.12	8.95	11.71	9.93
Enterprise Value to Revenue (EV/Rev)	3.36	3.76	0.00	4.17	4.36	4.83	4.98	4.25	4.71	5.19	4.16
Enterprise Value to EBITDA (EV/EBITDA)	16.41	18.27	0.00	19.03	19.70	20.99	20.94	17.74	20.22	22.04	17.55
Enterprise Value to EBIT (EV/EBIT)	18.72	20.09	0.00	20.42	21.16	22.42	22.37	19.12	22.07	24.08	19.07
Enterprise Value to NOPAT (EV/NOPAT)	23.86	26.34	0.00	30.62	30.61	32.86	33.39	26.92	30.52	33.43	26.25
Enterprise Value to Operating Cash Flow (EV/OCF)	21.64	20.23	0.00	24.28	22.05	18.58	15.60	11.97	14.96	16.31	14.32
Enterprise Value to Free Cash Flow (EV/FCFF)	262.86	0.00	0.00	178.33	129.88	36.28	0.00	22.55	27.83	28.52	22.66
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	-0.33	-0.35	0.00	-0.44	-0.28	-0.36	-0.43	-0.48	-0.34	-0.44	-0.48
Leverage Ratio	1.70	1.70	0.00	1.78	1.64	1.66	1.67	1.74	1.61	1.67	1.69
Compound Leverage Factor	1.70	1.70	0.00	1.78	1.64	1.66	1.67	1.74	1.61	1.67	1.69
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%
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%	0.00%	0.00%	0.00%	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%	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%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
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	0.00	0.00	0.00	0.00
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	0.00	0.00	0.00	0.00
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	4.95	4.96	0.00	5.23	6.41	6.69	6.58	5.51	7.12	7.11	5.96
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	1.14	1.15	0.00	1.18	1.21	1.33	1.27	1.33	1.46	1.46	1.41
Quick Ratio	1.11	1.10	0.00	1.14	1.13	1.30	1.27	1.33	1.45	1.46	1.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-173	-206	1,021	-145	-134	60	-1,087	186	126	174	177
Operating Cash Flow to CapEx	-853.25%	583.59%	647.60%	1,843.33%	-593.37%	2,755.55%	6,896.47%	2,474.86%	-998.33%	14,523.95%	34,066.04%
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	0.70	0.65	0.00	0.62	0.71	0.69	0.65	0.68	0.77	0.73	0.71
Accounts Receivable Turnover	13.40	12.39	0.00	10.03	12.19	11.40	13.46	10.46	12.08	10.91	14.03
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	23.45	18.50	0.00	17.01	16.46	15.18	16.01	16.71	16.88	17.46	18.81
Accounts Payable Turnover	12.08	11.31	0.00	10.35	12.73	13.14	11.55	11.69	14.15	14.78	14.11
Days Sales Outstanding (DSO)	27.23	29.46	0.00	36.38	29.94	32.01	27.12	34.90	30.21	33.45	26.02
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)	30.23	32.26	0.00	35.28	28.68	27.78	31.59	31.22	25.80	24.70	25.86
Cash Conversion Cycle (CCC)	-2.99	-2.80	0.00	1.10	1.26	4.23	-4.48	3.68	4.41	8.76	0.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,125	1,178	0.00	1,077	1,344	1,207	1,176	1,004	1,307	1,139	1,110
Invested Capital Turnover	1.79	1.71	0.00	1.98	1.63	1.78	3.81	2.30	1.87	2.19	2.32
Increase / (Decrease) in Invested Capital	232	271	-954	216	219	29	1,176	-73	-37	-69	-67
Enterprise Value (EV)	6,076	6,707	0.00	7,975	8,763	10,238	11,165	10,157	11,688	13,328	11,021
Market Capitalization	6,566	7,298	8,148	8,735	9,249	10,988	12,069	11,328	12,559	14,436	12,205
Book Value per Share	$23.73	$25.52	$0.00	$26.58	$26.68	$28.15	$29.94	$31.01	$31.20	$31.96	$32.74
Tangible Book Value per Share	$4.76	$6.36	$0.00	$7.41	$6.64	$8.38	$8.32	$9.66	$9.73	$10.72	$11.44
Total Capital	1,615	1,769	0.00	1,837	1,829	1,957	2,081	2,175	2,178	2,247	2,294
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-490	-591	0.00	-760	-486	-750	-904	-1,171	-871	-1,108	-1,184
Capital Expenditures (CapEx)	16	23	16	12	11	10	3.85	14	13	2.24	0.64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-411	-490	0.00	-608	-360	-505	-676	-817	-525	-680	-778
Debt-free Net Working Capital (DFNWC)	79	102	0.00	152	126	245	229	355	346	428	406
Net Working Capital (NWC)	79	102	0.00	152	126	245	229	355	346	428	406
Net Nonoperating Expense (NNE)	-2.42	-2.36	-4.17	-11	-3.83	-3.73	-5.92	-8.97	-8.21	-6.08	-6.13
Net Nonoperating Obligations (NNO)	-490	-591	0.00	-760	-486	-750	-904	-1,171	-871	-1,108	-1,184
Total Depreciation and Amortization (D&A)	6.53	7.09	6.66	8.26	8.86	7.44	9.56	15	16	10	8.30
Debt-free, Cash-free Net Working Capital to Revenue	-22.75%	-27.45%	0.00%	-31.74%	-17.91%	-23.82%	-30.12%	-34.17%	-21.18%	-26.52%	-29.37%
Debt-free Net Working Capital to Revenue	4.39%	5.69%	0.00%	7.95%	6.24%	11.54%	10.19%	14.84%	13.94%	16.67%	15.34%
Net Working Capital to Revenue	4.39%	5.69%	0.00%	7.95%	6.24%	11.54%	10.19%	14.84%	13.94%	16.67%	15.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.96	$0.00	$0.00	$1.26	$1.37	$1.42	$1.45	$1.84	$1.47	$1.67	$1.75
Adjusted Weighted Average Basic Shares Outstanding	63.81M	0.00	0.00	64.34M	65.03M	65.82M	65.83M	65.72M	66.24M	66.96M	66.63M
Adjusted Diluted Earnings per Share	$0.90	$0.00	$0.00	$1.18	$1.30	$1.37	$1.39	$1.76	$1.42	$1.63	$1.70
Adjusted Weighted Average Diluted Shares Outstanding	68.00M	0.00	0.00	68.16M	68.50M	68.42M	68.76M	68.66M	68.89M	68.59M	68.43M
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	69.32M	0.00	0.00	68.58M	69.53M	69.50M	70.14M	69.79M	70.31M	70.07M	69.79M
Normalized Net Operating Profit after Tax (NOPAT)	59	71	73	71	85	95	98	113	110	118	122
Normalized NOPAT Margin	14.18%	15.28%	14.35%	13.55%	16.57%	16.46%	15.41%	16.95%	18.13%	17.90%	17.08%
Pre Tax Income Margin	18.36%	20.04%	20.07%	22.68%	19.45%	23.67%	22.87%	22.55%	16.20%	24.27%	23.66%
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	57.94%	57.33%	56.10%	52.96%	51.24%	48.07%	45.21%	41.33%	40.76%	39.81%	38.72%
Augmented Payout Ratio	61.19%	67.16%	65.57%	61.86%	59.43%	48.14%	45.30%	54.47%	55.48%	60.86%	78.39%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused summary of Houlihan Lokey (HLI) using the last four years of quarterly statements. The bullets highlight trends across revenue, profitability, cash flow, and balance-sheet health.

Revenue growth across 2024–2026: Operating revenue rose from about $415.8 million in 2024 Q1 to $717.1 million in 2026 Q3, indicating a sustained uptrend in advisory demand.
Net income improving in 2025–2026: Net income from continuing operations reached roughly $116.5 million in 2026 Q3 (versus about $97–$105 million in earlier 2025 quarters), signaling stronger profitability in the near term.
Strong cash flow from operations in 2025–2026: Generating substantial cash from operating activities, with quarterly figures like about $358.4 million in 2025 Q4 and $325.0 million in 2026 Q2, suggesting efficient cash conversion during the latest years.
Solid liquidity and balance-sheet strength: Cash and equivalents around $1.06 billion at 2026 Q3, and total assets near $3.94 billion, with equity above $2.2 billion, indicating ample liquidity and a sturdy capital base.
Rising earnings per share (diluted): Diluted EPS rose to about $1.70 in 2026 Q3, continuing a trend of improving profitability per share through 2025–2026.
Stable gross margin range: Gross margin hovered in the high 30s to ~39% range (e.g., gross profit around $276 million on $717 million revenue in 2026 Q3), suggesting consistent operating efficiency over time.
Moderate leverage and debt profile: Debt levels appear manageable with periodic debt repayments, and cash flows largely funded by ongoing operations, though exact debt figures vary by quarter.
Financing cash outflows persist: Net cash from financing activities was negative in multiple quarters (e.g., large net outflows from share repurchases and dividends in 2025–2026), which reduces free cash in the near term.
Working capital and capital allocation swings: Fluctuations in changes in operating assets and liabilities, plus sizable capex and investment activity across quarters, can create near-term cash-flow volatility and signal periodic reinvestment or payout cycles.

05/14/26 05:56 PM ETAI Generated. May Contain Errors.

Houlihan Lokey Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Houlihan Lokey's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

Houlihan Lokey's net income appears to be on an upward trend, with a most recent value of $399.71 million in 2025, rising from $79.94 million in 2015. The previous period was $280.30 million in 2024. Find out what analysts predict for Houlihan Lokey in the coming months.

Houlihan Lokey's total operating income in 2025 was $501.54 million, based on the following breakdown:

Total Gross Profit: $919.93 million
Total Operating Expenses: $418.38 million

Over the last 10 years, Houlihan Lokey's total revenue changed from $680.87 million in 2015 to $2.39 billion in 2025, a change of 250.9%.

Houlihan Lokey's total liabilities were at $1.64 billion at the end of 2025, a 23.3% increase from 2024, and a 307.2% increase since 2015.

In the past 10 years, Houlihan Lokey's cash and equivalents has ranged from $88.66 million in 2015 to $971.01 million in 2025, and is currently $971.01 million as of their latest financial filing in 2025.

Over the last 10 years, Houlihan Lokey's book value per share changed from 14.40 in 2015 to 31.01 in 2025, a change of 115.3%.

Related Companies

Financial statements for NYSE:HLI last updated on 2/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Houlihan Lokey (HLI) Financials

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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

Financials Breakdown Chart

Key Financial Trends

Houlihan Lokey Financials - Frequently Asked Questions

When does Houlihan Lokey's fiscal year end?

How has Houlihan Lokey's net income changed over the last 10 years?

What is Houlihan Lokey's operating income?

How has Houlihan Lokey's revenue changed over the last 10 years?

How much debt does Houlihan Lokey have?

How much cash does Houlihan Lokey have?

How has Houlihan Lokey's book value per share changed over the last 10 years?

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