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HOULIHAN LOKEY, INC.

HLI Clue Score61
United States Fiscal year ends March CIK 0001302215
$130.16 +3.69% Close, 9 Oct 2026
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Price $130.16 +32.68% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue872.1Operating income182.0Net income108.3EPS, diluted1.63Fiscal year 2018Revenue963.4 +10.5%Operating income214.4Net income172.3 +59.0%EPS, diluted2.60 +59.5%Fiscal year 2019Revenue1,084.4 +12.6%Operating income219.1Net income159.1 −7.6%EPS, diluted2.42 −6.9%Fiscal year 2020Revenue1,159.4 +6.9%Operating income229.6Net income183.8 +15.5%EPS, diluted2.80 +15.7%Fiscal year 2021Revenue1,525.5 +31.6%Operating income408.2Net income312.8 +70.2%EPS, diluted4.55 +62.5%Fiscal year 2022Revenue2,270.0 +48.8%Operating income612.9Net income437.8 +40.0%EPS, diluted6.41 +40.9%Fiscal year 2023Revenue1,809.4 −20.3%Operating income341.7Net income254.2 −41.9%EPS, diluted3.76 −41.3%Fiscal year 2024Revenue1,914.4 +5.8%Operating income373.2Net income280.3 +10.3%EPS, diluted4.11 +9.3%Fiscal year 2025Revenue2,389.4 +24.8%Operating income502.6Net income399.7 +42.6%EPS, diluted5.82 +41.6%Fiscal year 2026Revenue2,617.5 +9.5%Operating income527.0Net income425.7 +6.5%EPS, diluted6.22 +6.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 872.1 963.4 1,084.4 1,159.4 1,525.5 2,270.0 1,809.4 1,914.4 2,389.4 2,617.5
Growth +10.5% +12.6% +6.9% +31.6% +48.8% −20.3% +5.8% +24.8% +9.5%
Operating income 182.0 214.4 219.1 229.6 408.2 612.9 341.7 373.2 502.6 527.0
Net income 108.3 172.3 159.1 183.8 312.8 437.8 254.2 280.3 399.7 425.7
Growth +59.0% −7.6% +15.5% +70.2% +40.0% −41.9% +10.3% +42.6% +6.5%
EPS, diluted 1.63 2.60 2.42 2.80 4.55 6.41 3.76 4.11 5.82 6.22
Growth +59.5% −6.9% +15.7% +62.5% +40.9% −41.3% +9.3% +41.6% +6.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin27.7%Operating margin20.9%Net margin12.4%Free cash flow margin27.2%Fiscal year 2018Gross margin28.8%Operating margin22.3%Net margin17.9%Free cash flow margin25.2%Fiscal year 2019Gross margin28.2%Operating margin20.2%Net margin14.7%Free cash flow margin20.1%Fiscal year 2020Gross margin27.8%Operating margin19.8%Net margin15.9%Free cash flow margin23.0%Fiscal year 2021Gross margin34.2%Operating margin26.8%Net margin20.5%Free cash flow margin37.1%Fiscal year 2022Gross margin35.0%Operating margin27.0%Net margin19.3%Free cash flow margin32.1%Fiscal year 2023Gross margin30.8%Operating margin18.9%Net margin14.0%Free cash flow margin4.7%Fiscal year 2024Gross margin29.8%Operating margin19.5%Net margin14.6%Free cash flow margin13.7%Fiscal year 2025Gross margin32.3%Operating margin21.0%Net margin16.7%Free cash flow margin33.9%Fiscal year 2026Operating margin20.1%Net margin16.3%Free cash flow margin26.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 27.7% 28.8% 28.2% 27.8% 34.2% 35.0% 30.8% 29.8% 32.3% n/a
Operating margin 20.9% 22.3% 20.2% 19.8% 26.8% 27.0% 18.9% 19.5% 21.0% 20.1%
Net margin 12.4% 17.9% 14.7% 15.9% 20.5% 19.3% 14.0% 14.6% 16.7% 16.3%
Free cash flow margin 27.2% 25.2% 20.1% 23.0% 37.1% 32.1% 4.7% 13.7% 33.9% 26.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow252.0Capital expenditure−14.4Free cash flow237.6Buybacks0.0Dividends paid−55.3Fiscal year 2018Operating cash flow250.6Capital expenditure−7.7Free cash flow242.9 +2.2%Buybacks−18.1Dividends paid−52.1Fiscal year 2019Operating cash flow224.3Capital expenditure−6.7Free cash flow217.5 −10.4%Buybacks−69.6Dividends paid−66.9Fiscal year 2020Operating cash flow287.7Capital expenditure−20.7Free cash flow266.9 +22.7%Buybacks−29.6Dividends paid−80.7Fiscal year 2021Operating cash flow579.8Capital expenditure−14.1Free cash flow565.7 +111.9%Buybacks−102.2Dividends paid−92.0Fiscal year 2022Operating cash flow736.6Capital expenditure−8.7Free cash flow727.9 +28.7%Buybacks−304.8Dividends paid−114.8Fiscal year 2023Operating cash flow136.3Capital expenditure−50.7Free cash flow85.5 −88.2%Buybacks−48.7Dividends paid−140.4Fiscal year 2024Operating cash flow328.5Capital expenditure−66.7Free cash flow261.7 +206.0%Buybacks−25.0Dividends paid−148.5Fiscal year 2025Operating cash flow848.6Capital expenditure−39.7Free cash flow808.9 +209.1%Buybacks−52.5Dividends paid−165.2Fiscal year 2026Operating cash flow704.1Capital expenditure−22.3Free cash flow681.8 −15.7%Buybacks−175.4Dividends paid−174.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 252.0 250.6 224.3 287.7 579.8 736.6 136.3 328.5 848.6 704.1
Capital expenditure −14.4 −7.7 −6.7 −20.7 −14.1 −8.7 −50.7 −66.7 −39.7 −22.3
Free cash flow 237.6 242.9 217.5 266.9 565.7 727.9 85.5 261.7 808.9 681.8
Growth +2.2% −10.4% +22.7% +111.9% +28.7% −88.2% +206.0% +209.1% −15.7%
Buybacks 0.0 −18.1 −69.6 −29.6 −102.2 −304.8 −48.7 −25.0 −52.5 −175.4
Dividends paid −55.3 −52.1 −66.9 −80.7 −92.0 −114.8 −140.4 −148.5 −165.2 −174.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash300.3Total debt32.6Net cash (debt)267.8Shareholders’ equity726.6Debt to equity0.04Fiscal year 2018Cash206.7Total debt11.9Net cash (debt)194.9Shareholders’ equity852.8Debt to equity0.01Fiscal year 2019Cash285.7Total debt31.2Net cash (debt)254.6Shareholders’ equity891.3Debt to equity0.03Fiscal year 2020Cash380.4Total debt36.7Net cash (debt)343.7Shareholders’ equity984.4Debt to equity0.04Fiscal year 2021Cash846.9Total debt55.9Net cash (debt)791.0Shareholders’ equity1,383.6Debt to equity0.04Fiscal year 2022Cash833.7Shareholders’ equity1,443.7Fiscal year 2023Cash714.4Shareholders’ equity1,613.3Fiscal year 2024Cash721.2Shareholders’ equity1,836.8Fiscal year 2025Cash971.0Shareholders’ equity2,175.0Fiscal year 2026Cash1,189.5Shareholders’ equity2,342.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 300.3 206.7 285.7 380.4 846.9 833.7 714.4 721.2 971.0 1,189.5
Total debt 32.6 11.9 31.2 36.7 55.9 n/a n/a n/a n/a n/a
Net cash (debt) 267.8 194.9 254.6 343.7 791.0 n/a n/a n/a n/a n/a
Shareholders’ equity 726.6 852.8 891.3 984.4 1,383.6 1,443.7 1,613.3 1,836.8 2,175.0 2,342.0
Debt to equity 0.04 0.01 0.03 0.04 0.04 n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Operations
252.0 250.6 224.3 287.7 579.8 736.6 136.3 328.5 848.6 704.1
Growth −0.5% −10.5% +28.3% +101.6% +27.0% −81.5% +141.0% +158.4% −17.0%
8.9 7.9 14.5 17.3 15.2 48.5 58.2 28.5 41.3 42.6
Investment
−14.4 −7.7 −6.7 −20.7 −14.1 −8.7 −50.7 −66.7 −39.7 −22.3
calc 237.6 242.9 217.5 266.9 565.7 727.9 85.5 261.7 808.9 681.8
Growth +2.2% −10.4% +22.7% +111.9% +28.7% −88.2% +206.0% +209.1% −15.7%
calc 3.57 3.66 3.30 4.06 8.24 10.66 1.27 3.84 11.78 9.96
−1.7 −218.6 6.5 −33.1 −99.7 −273.9 −3.0 −70.4 −265.1 2.2
Financing
80.2 −225.3 −236.1 −152.1 −26.8 −459.1 −240.5 −250.6 −329.1 −492.9
−55.3 −52.1 −66.9 −80.7 −92.0 −114.8 −140.4 −148.5 −165.2 −174.0
0.0 −18.1 −69.6 −29.6 −102.2 −304.8 −48.7 −25.0 −52.5 −175.4

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.