A Business at a Glance
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Unless the context otherwise requires, as used in this Annual Report on Form 10-K (“Form 10-K”), the terms the “Company,” “Houlihan Lokey, Inc.,” “Houlihan Lokey,” “HL,” “our firm,” “we,” “us” and “our” refer to Houlihan Lokey, Inc., a Delaware corporation, and, in each case, unless otherwise stated, all of its subsidiaries. We use the term “HL Holders” to refer to our current and former employees and members of our management who hold our Class B common stock through the Houlihan Lokey Voting Trust (the “HL Voting Trust”). Our fiscal year ends on March 31. Accordingly, references to fiscal 2025, fiscal 2024, and fiscal 2023 are to our fiscal years ended March 31, 2025, 2024, and 2023, respectively. However, references in this Form 10-K to years are to calendar years unless otherwise noted. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.6B | 2.4B | 1.9B | 1.8B | 2.3B | 1.5B |
| Net Income | 448M | 400M | 280M | 254M | 438M | 313M |
| EPS | $6.51 | $5.82 | $4.11 | $3.76 | $6.41 | $4.55 |
| Free Cash Flow | 739M | 809M | 262M | 86M | 728M | 566M |
| ROIC | 37.8% | 19.9% | 16.2% | 16.6% | 30.4% | 25.4% |
| Gross Margin | 32.8% | 32.3% | 29.8% | 30.8% | 35.0% | 34.2% |
| Debt/Equity | 0.00 | 0.76 | 0.73 | 0.84 | 1.00 | 0.04 |
| Dividends/Share | $2.52 | $2.41 | $2.18 | $2.08 | $1.68 | $1.34 |
| Operating Income | 541M | 502M | 363M | 342M | 613M | 408M |
| Operating Margin | 20.4% | 21.0% | 19.0% | 18.9% | 27.0% | 26.8% |
| ROE | 19.5% | 19.9% | 16.2% | 16.6% | 31.0% | 26.4% |
| Shares Outstanding | 69M | 69M | 68M | 68M | 68M | 69M |
HOULIHAN LOKEY, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
HOULIHAN LOKEY, INC. trades at 24.0x trailing earnings, compared to its 15-year median P/E of 16.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.5x vs a median of 10.2x. The company's 5-year average ROIC is 21.7% with a gross margin of 32.4%. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +13.7%.
HOULIHAN LOKEY, INC. (HLI) has a current P/E ratio of 24.0, compared to its historical median P/E of 16.8. The stock is currently considered Expensive based on its historical valuation range.
HOULIHAN LOKEY, INC. (HLI) has a 5-year average return on invested capital (ROIC) of 21.7%. This indicates strong capital allocation and a potential competitive advantage.
HOULIHAN LOKEY, INC. (HLI) has a market capitalization of $10.7B. It is classified as a large-cap stock.
Yes, HOULIHAN LOKEY, INC. (HLI) pays a dividend with a trailing twelve-month yield of 1.62%. The company also returns capital through share buybacks, with a buyback yield of 1.66%.
Based on historical P/E analysis, HOULIHAN LOKEY, INC. (HLI) appears expensive. The current P/E of 24.0 is 42% above its historical median of 16.8. The estimated fair value CAGR (P/E method) is 10.8%.
HOULIHAN LOKEY, INC. (HLI) operates in the Investment Advice industry, within the Financials sector.
HOULIHAN LOKEY, INC. (HLI) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
HOULIHAN LOKEY, INC. (HLI) has a net profit margin of 16.7%. This is a healthy margin.
HOULIHAN LOKEY, INC. (HLI) generated $809 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HOULIHAN LOKEY, INC. (HLI) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
HOULIHAN LOKEY, INC. (HLI) reported earnings per share (EPS) of $5.82 in its most recent fiscal year.
HOULIHAN LOKEY, INC. (HLI) has a return on equity (ROE) of 19.9%. This indicates the company generates strong returns for shareholders.
HOULIHAN LOKEY, INC. (HLI) has a 5-year average gross margin of 32.4%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for HOULIHAN LOKEY, INC. (HLI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HOULIHAN LOKEY, INC. (HLI) has a book value per share of $31.67, based on its most recent annual SEC filing.