Houlihan Lokey, Inc. (HLI) Stock

Houlihan Lokey, Inc. (HLI) is a Financials stock trading at $127.97 (as of 2026-08-20), with a market capitalization of $8.65B and a trailing P/E of 21.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Houlihan Lokey, Inc. provides merger and acquisition, capital markets, financial restructuring, and financial and valuation advisory services worldwide. It operates through Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory segments, serving public and private institutions, debtors and creditors, and other parties seeking transaction, restructuring, and valuation support.

Understand Houlihan Lokey, Inc.: how it makes money

Houlihan Lokey provides merger and acquisition, capital markets, financial restructuring, and financial and valuation advisory services, earning advisory fees tied to transaction activity (for example, closed transactions and fee events).

Advisory revenue is structurally linked to deal execution, with reported operating activity measured in counts such as Corporate Finance Closed Transactions, Financial Restructuring Closed Transactions, and Financial and Valuation Advisory Fee Events.

Revenue by segment (latest quarter)
Corp Fin$0.4B
Fin Restruct$0.1B
Valuation Adv$0.1B

Business quality (Solid): The business is clearly segmented and tied to observable transaction activity metrics, but the profit engine depends on deal volume and fee event flow, which can be volatile.

Valuation: At 23× earnings, HLI trades 33% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Multiple advisory lines: The company reports three segments (Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory), so performance is not limited to one type of mandate.
  • Deal execution visibility: Operating activity is tracked using deal outcome and fee activity metrics (closed transactions and fee events), which can help investors understand what drives segment revenue changes.

Bear case

  • Cyclical fee dependence on transactions: Because key operating indicators are counts of closed transactions and fee events, revenue can be pressured if transaction activity slows.
  • Execution and staffing sensitivity: The presence of metrics such as managing directors and directors implies team capacity matters, so changes in deal teams or promotions could affect future fee generation.
Valuation — source: SEC EDGAR (first-party)
Price$127.97
Market Cap$8.65B
P/E Ratio21.3
EV / EBITDA14.4
Price / Book3.84
Price / Sales3.43
FCF Yield5.6%
DCF Value (model)$135.00
DCF Upside vs Price5.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.62B
Net Margin16.3%
Revenue Growth (YoY)-15.6%
EPS Growth (YoY)-20.4%
FCF Growth (YoY)136.2%
Valuation vs Sector & Industry
Stock P/E21.3
Sector P/E (Financials)15.1
Industry P/E (Trading)34.6
vs Sector40.7%
vs Industry-38.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($915.67M)
Institutional Holders Tracked10
Congressional Trades (recent)5
Company
SectorFinancials
IndustryTrading
CEOScott Joseph Adelson
Employees2,601
CountryUS
IPO Date2015-08-13

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HLI earnings history · HLI institutional & insider holders · HLI KPIs & operating metrics · HLI financials · HLI investor presentations & press releases · HLI SEC filings · HLI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.