# Houlihan Lokey, Inc. (HLI)

> Source: Nexqual · https://nexqual.com/HLI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Houlihan Lokey, Inc. (HLI), nexqual.com/HLI" · informational, not investment advice.

**Price:** USD 133.24 (+3.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 128.39 · day 127.55–134.65 · 52w 112.83–204.18 · market cap $9.31B · NYQ

## Key facts
- 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)
| 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)
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)
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)
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)
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
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)
|  | 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) |

## Peers (Capital Markets)
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%

## More
Full page: https://nexqual.com/HLI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HLI in their own reports (relationship from HLI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Moelis & Co (MC) | 10-K 2026-02-26 | "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." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $364.0M | 71.2% | -13.7% |
| International | $147.0M | 28.8% | -19.7% |
| Total revenue | $511.0M | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.65 | $1.90 | -13.4% | $631.6M | 10 |
| Next quarter (ends 2026-12-31) | $1.92 | $2.16 | -11.2% | $732.6M | 9 |
| Current fiscal year (ends 2027-03-31) | $7.02 | $7.90 | -11.2% | $2.61B | 10 |
| Next fiscal year (ends 2028-03-31) | $8.59 | $9.42 | -8.8% | $3.10B | 10 |