HLINYSEInvestment AdviceFiscal year ends March 31
HOULIHAN LOKEY, INC.
Financials through Q1 FY2027, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$127.07−2.48 (-1.91%)
Close on Oct 19, 2026
- Market cap
- $8.59B
- P/E (TTM)
- 21.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2013 to 2026
Gross margin
–
Operating margin
20.1%−6.6 pts over 5 years
Net margin
16.3%−4.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.5% | +13.1% | +11.4% | – | |
| Operating income | +4.9% | +15.5% | +5.2% | +15.3% | |
| Net income | +6.5% | +18.7% | +6.4% | +19.8% | |
| EPS, diluted | +6.9% | +18.3% | +6.5% | +18.9% | |
| Free cash flow | -15.7% | +99.8% | +3.8% | +76.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on assets | 8.8% | 15.2% | 10.5% | |
| Capex to revenue | 1.7% | 0.9% | 0.9% | |
| Diluted shares | 67M | 69M | 68M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Houlihan Lokey generated $2.75B from operations and spent $1.54B on capital expenditure, dividends and share buybacks. 12% of that went back into the business.
Generated
$2.75B
Used
$1.54B
Capital expenditure$188.15M12%Dividends$742.90M48%Share buybacks$606.35M39%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.3%
×Asset turnover0.64×
×Equity multiplier1.80×
=Return on equity, FY202618.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 16.3% | 0.64× | 1.80× | 18.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
4of 6 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$425.70M
- Cash generatingOperating cash flow above zero$704.13M
- Return on assets improvedROA up on the prior year12.6% → 11.1%
- Earnings backed by cashOperating cash flow above net income$704.13M vs $425.70M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise69M → 68M
- Gross margin improvedGross margin up on the prior year32.32% → –
- More efficientAsset turnover rose0.75 → 0.69