HLI
HOULIHAN LOKEY, INC.
Financials • CIK: 0001302215
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Market Cap
$13.62B
P/E (TTM)
31.9x
Rev Growth (TTM)
+21.0%
Net Margin (TTM)
16.6%
FCF Yield (TTM)
5.8%
FCF Margin (TTM)
30.5%
Cash Flow Health
Free Cash Flow5/8 positive
TTM$784M
Q2 '26
$323M+323%
Q1 '26
$-145M-142%
FCF Margin
TTM30.5%
Q2 '2649.0%+305%
Sector: 22.2%Above Avg
OCF Margin31.9%
OCF/NI1.92x
CapEx Coverage24.2x
FCF Yield5.8%
FCF Growth (2Y)–
Cash Conversion Cycle
30 days
DSO: 30+DIO: –−DPO: –
Capital Allocation & Returns
Accumulating Cash
Total Shareholder YieldTTM
TTM0.3%
Div Yield0.0%
+Buyback (TTM)0.3%
Limited capital returns
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$783.6M
Stock Repurchases (TTM)$37.6M
Capital Return / FCF26.5%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-46.3%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.5%
8Q: 15.2%
Asset Turnover
0.71x
8Q: 0.66x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
17.61x
8Q:–
Invested Cap Turn
-2.98x
8Q:–
CapEx Intensity
-3.9%
8Q:–
CapEx/Depreciation
0.66x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.6B | $659.5M↑8.9% | $605.3M↓9.2% | $666.4M↑5.0% | $634.4M↑10.3% | $575.0M↑11.9% | $513.6M↓1.3% | $520.5M↑1.8% | $511.1M |
Operating Income | $516.4M | $151.3M↑68.5% | $89.8M↓35.5% | $139.2M↑2.3% | $136.1M↑4.2% | $130.7M↑37.9% | $94.7M↓7.7% | $102.7M↑6.4% | $96.5M |
Net Income | $426.5M | $111.8M↑14.6% | $97.5M↓20.0% | $121.9M↑27.9% | $95.3M↑1.9% | $93.5M↑5.2% | $88.9M↑9.7% | $81.1M↑14.5% | $70.8M |
Operating Cash Flow | $817.3M | $325.0M↑346.9% | $-131.6M↓136.7% | $358.4M↑35.0% | $265.5M↓8.2% | $289.2M↑548.3% | $-64.5M↓128.6% | $225.3M | N/A |
Free Cash Flow | $783.6M | $322.8M↑322.9% | $-144.8M↓142.1% | $343.9M↑31.4% | $261.7M↓6.1% | $278.7M↑469.7% | $-75.4M↓135.4% | $213.1M | $0 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
31.9x
Valuation Lenses
Earnings
31.9x
vs – sector
Cash Flow
-1.1x
EV/FCF vs –
Growth-Adj
1.2xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: -46.3%
Shareholder Returns
Dividend
–
Buyback
0.3%
Total Yield
0.3%
Market Cap$13.62B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-89/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Below Avg
-46.3%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.5%
Asset Turnover: 0.71x
Earnings Quality
Cash Conversion
1.92x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin32.6%
Capital Efficiency
Invested Capital Turnover-2.98x
Working Capital
Cash Conversion Cycle30 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
21.0%
OpInc Growth YoY
15.8%
EPS Growth YoY
27.0%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
32.6%
Operating
20.1%
Below Avg in sector
Net
16.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+13.9 pts
FCF: 30.5% | Net: 16.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $928.40M
Interest Coverage
–
+Net cash position: $928.40M
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis