Houlihan Lokey, Inc. (HLI) Stock Price & Analysis
Houlihan Lokey, Inc. (HLI) closed at USD 133.24 on Thursday, October 22, 2026, up 3.78% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 128.39; the Oct 22, 2026 session ranged USD 127.55–134.65 on volume of 715,590 shares. Market capitalization is $9.31B, with a 52-week range of USD 112.83–204.18 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 08:39 UTC.
Also available as compact Markdown for AI agents: nexqual.com/HLI.md
Key facts (HLI)
- Last four reported quarters (through Jun 30, 2026): revenue $2.52B, net income $406M (16.1% margin), free cash flow $485M (SEC filings).
- Valuation: P/E 22.9x (avg 27.3x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold HLI (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.1M; 2 not under a Rule 10b5-1 plan ($1.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $501K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.18 on a 1–5 scale) (11 analysts), mean target USD 155.44 (range 147–175).
- Total return with dividends: 1Y -31.1% vs S&P 500 +14.9%; 5Y +41.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.65, revenue estimate $632M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (HLI)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.27B | $1.81B | $1.91B | $2.39B | $2.62B | $2.52B |
| Gross profit | $795M | $557M | $571M | $772M | — | — |
| Operating income | $613M | $342M | $373M | $503M | $527M | $515M |
| Net income | $438M | $254M | $280M | $400M | $426M | $406M |
| EPS (diluted) | $6.41 | $3.76 | $4.11 | $5.82 | $6.22 | — |
| Free cash flow | $728M | $85.5M | $262M | $809M | $682M | $485M |
| Gross margin | 35.0% | 30.8% | 29.8% | 32.3% | — | — |
| Operating margin | 27.0% | 18.9% | 19.5% | 21.0% | 20.1% | 20.4% |
| Net margin | 19.3% | 14.0% | 14.6% | 16.7% | 16.3% | 16.1% |
| Revenue growth | +48.8% | -20.3% | +5.8% | +24.8% | +9.5% | — |
| Cash + short-term investments | $834M | $714M | $721M | $971M | $1.19B | — |
Fiscal years end Mar. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (HLI)
P/E 22.9x · P/S 3.7x · P/FCF 19.2x · P/B 4.1x · FCF yield 5.21% · Earnings yield 4.36% · Dividend yield (paid, TTM) 1.95%
P/E at fiscal year-ends: Mar 2026 23.1x, Mar 2025 27.7x, Mar 2024 31.2x.
Superinvestors (SEC 13F-HR, Q2 2026) (HLI)
2 of 80 tracked investors hold HLI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.33% | $32.8M | New position |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $12K | Reduced -98.2% |
Insider sales (SEC Form 4, open-market, last ~7 months) (HLI)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Crain Christopher M | GENERAL COUNSEL | 1,000 | $140K | 100% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-05-21 | Beiser Scott L | CO-CHAIRMAN | 6,265 | $941K | 100% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (HLI)
1 purchase, $501K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-03 | Alley J Lindsey | Chief Financial Officer | 4,020 | $501K | 124.52 | Too little history (no open-market trades in 2025) |
Analysts (HLI)
Consensus Buy (mean 2.18 on a 1–5 scale), 11 analysts; mean target USD 155.44 (low 147, high 175).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Citizens | Upgrade | Market Perform → Market Outperform | $175 |
| 2026-10-08 | Morgan Stanley | Target lowered | Overweight | $177 → $165 |
| 2026-10-07 | UBS | Target raised | Neutral | $147 → $154 |
| 2026-08-03 | BMO Capital | Target lowered | Outperform | $160 → $145 |
| 2026-07-30 | UBS | Target lowered | Neutral | $161 → $147 |
| 2026-07-30 | Goldman Sachs | Target lowered | Buy | $171 → $148 |
| 2026-07-30 | Morgan Stanley | Target lowered | Overweight | $187 → $177 |
| 2026-07-30 | Keefe, Bruyette & Woods | Target lowered | Outperform | $160 → $153 |
| 2026-07-10 | Keefe, Bruyette & Woods | Target lowered | Outperform | $172 → $160 |
| 2026-07-09 | Morgan Stanley | Target lowered | Overweight | $193 → $187 |
| 2026-07-08 | UBS | Target raised | Neutral | $160 → $161 |
Total return (dividends reinvested) (HLI)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -31.1% | +41.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -31.2% | +7.2% |
| Volatility (annualized) | 31.3% | 27.1% |
| Max drawdown | -38.3% (Oct 2025→Aug 2026) | -39.1% (Sep 2025→Jul 2026) |
HLI revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Corporate Finance | $303.0M | 59.3% | -23.9% |
| Financial Restructuring | $119.0M | 23.3% | -7.0% |
| Financial Advisory Services | $89.0M | 17.4% | +12.7% |
| Total revenue | $511.0M | 100% | — |
HLI revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $364.0M | 71.2% | -13.7% |
| International | $147.0M | 28.8% | -19.7% |
| Total revenue | $511.0M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
Companies that name HLI in their SEC reports
| Relationship to HLI | Company | Filing | Sentence |
|---|---|---|---|
| partner | Moelis & Co (MC) | 10-K Feb 26, 2026 | “We consider the global independent investment banks to be our publicly traded peers, Evercore Partners Inc., Houlihan Lokey, Inc., Lazard Ltd, Perella Weinberg Partners, PJT Partners, Inc., and us.” |
HLI company outlook (results filed Jul 30, 2026)
- “You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters.”
Quoted word-for-word from the SEC 8-K results press release.
HLI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.65 | $1.90 | -13.4% | $631.6M | 10 |
| Next quarter (ends Dec 2026) | $1.92 | $2.16 | -11.2% | $732.6M | 9 |
| Current fiscal year (ends Mar 2027) | $7.02 | $7.90 | -11.2% | $2.61B | 10 |
| Next fiscal year (ends Mar 2028) | $8.59 | $9.42 | -8.8% | $3.10B | 10 |
HLI options: expected move
Options price a move of about ±9.5% (±$12.70) by Nov 20, 2026, which includes earnings on Oct 28, 2026. Over the last 8 reports the stock moved ±5.5% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 41.9% | ±9.5% |
| Dec 18, 2026 | 56 | 37.8% | ±12.0% |
| Mar 19, 2027 | 147 | 36.1% | ±18.3% |
| Jun 17, 2027 | 237 | 36.3% | ±23.2% |
30-day implied volatility 39.7% vs 30.8% realized over the last 30 trading days. Put/call ratio (volume) 1.2. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:39 UTC)
| Price | USD 133.24 |
|---|---|
| Change | ▲ 3.78% (up) |
| Previous Close | USD 128.39 |
| Open | USD 127.35 |
| Day Range | USD 127.55 – 134.65 |
| 52-Week Range | USD 112.83 – 204.18 |
| Volume | 715,590 shares |
| Market Cap | $9.31B |
| Exchange | NYQ |
Technical Analysis (HLI)
Nexqual's technical model rates HLI "NEUTRAL" based on 4 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 08:39 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 54.66 (neutral) |
| vs SMA50 | Above (USD 130.39) |
| MACD | -0.19 (negative) |
Analyst Ratings (HLI)
Wall Street analysts rate HLI "Buy" based on 11 analysts, with a mean price target of USD 155.44 (range USD 147–175), per Nexqual as of October 23, 2026 at 08:39 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 11 |
| Mean Target | USD 155.44 |
| High Target | USD 175 |
| Low Target | USD 147 |
| Buy / Hold / Sell | 6 / 5 / 0 |
Earnings (HLI)
| Next Earnings Date | 2026-10-28 |
|---|---|
| EPS Estimate | USD 1.65 |
| Revenue Estimate | $631.61M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.35 vs est 1.64 ▼ miss |
| 2026-03-31 | USD 1.63 vs est 1.79 ▼ miss |
| 2025-12-31 | USD 1.94 vs est 1.87 ▲ beat |
| 2025-09-30 | USD 1.84 vs est 1.68 ▲ beat |
Source: Nexqual, October 23, 2026 at 08:39 UTC.
Financials & Fundamentals (HLI)
| Total Revenue | $2.52B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -15.50% |
| Gross Margin | +94.11% |
| Operating Margin | +18.39% |
| Profit Margin | +16.08% |
| ROE | +17.79% |
| Debt / Equity | 0.21 |
| Current Ratio | 1.66 |
| Total Cash | $745.00M |
| Total Debt | $493.00M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $484.82M (19.2% of revenue) |
Source: Nexqual, October 23, 2026 at 08:39 UTC.
Financial Health Score (HLI)
Nexqual rates Houlihan Lokey, Inc.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 08:39 UTC.
| Growth | Solid — Revenue +10% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 94%, operating 18% (last 12 months) |
| Balance Sheet | Strong — $745M cash vs $493M debt, net cash position |
| Cash Flow | Strong — FCF $485M (last 4 quarters to Jun 2026, SEC), 19% margin |
| Efficiency | Solid — ROE 18%, ROA 11.2% |
Ownership (HLI)
| Insider Ownership | +0.20% |
|---|---|
| Institutional Ownership | +105.65% |
| Shares Outstanding | 54.20M |
| Float | 54.03M |
| Short % of Float | +4.44% |
Source: Nexqual, October 23, 2026 at 08:39 UTC.
Leadership (HLI)
Houlihan Lokey, Inc. is led by Scott Joseph Adelson, CEO & Director, per Nexqual as of October 23, 2026 at 08:39 UTC.
| CEO & Director | Scott Joseph Adelson |
|---|---|
| Co-Chairman & Global Co-Head of Financial Restructuring Group | Paul Eric Siegert |
| MD & CFO | J. Lindsey Alley |
| Managing Director | Craig E. Tessimond |
| Managing Director of Technology Group | Nana Kyei |
Major Backers & Investors (HLI)
Notable institutional backers of Houlihan Lokey, Inc. include Kayne Anderson Rudnick Investment Management LLC, Earnest Partners LLC, Royal Bank of Canada, according to Nexqual as of October 23, 2026 at 08:39 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Kayne Anderson Rudnick Investment Management LLC | 4.48% |
| Earnest Partners LLC | 4.01% |
| Royal Bank of Canada | 3.68% |
| Morgan Stanley | 3.12% |
| Bank of Montreal /CAN/ | 2.4% |
| SmallCap World Fund Inc | 1.68% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 9.67% |
| Vanguard Group | 9.62% |
| State Street | 3.23% |
| Geode Capital | 2.55% |
Source: Nexqual, October 23, 2026 at 08:39 UTC.
From Houlihan Lokey, Inc.'s Latest SEC 10-K Filing (filed 2026-05-22)
Key Strengths & Strategy (as disclosed to the SEC)
- We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients.
- Our experience, geographic diversity, and size allow us to provide the immediate attention and staffing required for time-sensitive and mission-critical restructuring and liability management assignments, making us a valued partner for our clients.
- We have developed a reputation as a thought-leader in the field of valuation, and our professionals produce influential studies and publications, which are recognized and valued throughout the financial industry.
Partnerships
- We compete with boutique firms focused on particular industries or geographies as well as other global independent investment banks and bulge-bracket firms.
- In rendering such analyses, HLFA does not: (i) make recommendations or provide advice with respect to the merits of any security or transaction, the suitability of transacting in any security, or any investment decision with respect to any security, or (ii) manage or hold client accounts, securities or funds.
Legal & Regulatory Risks (Item 1A, quoted)
- The cost of compliance with broker-dealer, employment, labor, benefits, and tax regulations may adversely affect our business and hamper our ability to expand internationally.
- The provision of our amended and restated certificate of incorporation requiring exclusive venue in the Court of Chancery in the State of Delaware for certain types of lawsuits may have the effect of discouraging lawsuits against our directors, officers and stockholders.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| EVR | Evercore Inc. | USD 255.39 | ▲ 1.34% |
| IREN | IREN LIMITED | USD 25.51 | ▼ 8.37% |
| SF | Stifel Financial Corporation | USD 67.85 | ▲ 2.17% |
| JEF | Jefferies Financial Group Inc. | USD 45.64 | ▲ 1.35% |
| HUT | Hut 8 Corp. | USD 63.97 | ▼ 10.63% |
| SNEX | StoneX Group Inc. | USD 57.3 | ▼ 0.23% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:39 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt