HLI on NYSE

Houlihan Lokey

Logo: https://hl.com/, Non-free logo, via Wikipedia5

American investment bank and financial services company

Houlihan Lokey, Inc. (NYSE: HLI) is an American multinational independent investment bank and financial services company, and the No.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

$2.6BRevenue, fiscal 20266
$425.7MNet income, fiscal 20266
1972Founded1

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  • TickerHLI on NYSE1
  • Industrycorporate finance, financial services, investment banking, mergers and acquisitions, restructuring1
  • HeadquartersLos Angeles1
  • Websitewww.hl.com
  • Legal formDelaware corporation1
  • Business addressHoulihan Lokey, Inc., 10250 Constellation Blvd., 5Th Floor, Los Angeles, Ca 900677
  • Filer categoryLarge accelerated filer7
  • LEI549300S3CNGTQ1QZVY464
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 57425054
MGM Tower
Photo: Minnaert, CC BY-SA 3.0, via Wikimedia Commons10

Houlihan Lokey, Inc. (NYSE: HLI) is an American multinational independent investment bank and financial services company, and the No. 1 ranked global M&A advisor by transaction count. Houlihan Lokey was founded in 1972 and is headquartered at Constellation Place in Century City, Los Angeles, California.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

20.1%Operating margin6
16.3%Net margin6
9.5%Revenue growth, 20266
18.2%Return on equity6
$681.8MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Corporate Finance brought in 67% of the revenue Houlihan Lokey broke down this way in fiscal 2026.

  1. Corporate Finance$1.7B667%up 14% from 2025
  2. Financial Restructuring$528.7M620%down 3% from 2025
  3. Financial and Valuation Advisory$344.2M613%up 8% from 2025
Business segments by year
Business segments202420252026
Corporate Finance$1.1B$1.5B$1.7B
Financial Restructuring$522.0M$544.5M$528.7M
Financial and Valuation Advisory$285.6M$318.2M$344.2M

Regions

United States brought in 68% of the revenue Houlihan Lokey broke down this way in fiscal 2026.

  1. United States$1.8B668%up 4% from 2025
  2. Outside the United States$842.2M632%up 23% from 2025
Regions by year
Regions202420252026
United States$1.3B$1.7B$1.8B
Outside the United States$570.1M$687.3M$842.2M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Other costs78¢$2.1B
  • Income tax5¢$138.1M
  • Profit16¢$425.7M

Out of $2.6B in revenue.6

Where each dollar of operating cash went, fiscal 2026

  • Capital spending3¢$22.3M
  • Dividends paid25¢$174.0M
  • Share buybacks25¢$175.4M
  • Kept or used elsewhere47¢$332.4M

Out of $704.1M of cash from operations.6

Financial statements

Revenue11121314156$2.6B in 2026+141% since 2019
0$1.0B$2.0B$3.0B2019: $1.1B$1.1B20192020: $1.2B$1.2B2020+7%2021: $1.5B$1.5B2021+32%2022: $2.3B$2.3B2022+49%2023: $1.8B$1.8B2023−20%2024: $1.9B$1.9B2024+6%2025: $2.4B$2.4B2025+25%2026: $2.6B$2.6B2026+10%
Gross profit1612131415$772.3M in 2025+152% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $306.0M$306.0M20192020: $322.5M$322.5M2020+5%2021: $521.4M$521.4M2021+62%2022: $795.3M$795.3M2022+53%2023: $557.1M$557.1M2023−30%2024: $571.1M$571.1M2024+3%2025: $772.3M$772.3M2025+35%
Operating income16121314156$527.0M in 2026+141% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $219.1M$219.1M20192020: $229.6M$229.6M2020+5%2021: $408.2M$408.2M2021+78%2022: $612.9M$612.9M2022+50%2023: $341.7M$341.7M2023−44%2024: $373.2M$373.2M2024+9%2025: $502.6M$502.6M2025+35%2026: $527.0M$527.0M2026+5%
Net income16121314156$425.7M in 2026+168% since 2019
0$200.0M$400.0M$600.0M2019: $159.1M$159.1M20192020: $183.8M$183.8M2020+16%2021: $312.8M$312.8M2021+70%2022: $437.8M$437.8M2022+40%2023: $254.2M$254.2M2023−42%2024: $280.3M$280.3M2024+10%2025: $399.7M$399.7M2025+43%2026: $425.7M$425.7M2026+7%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2026-03-312025-03-312024-03-31
Revenues$2.6B$2.4B$1.9B
Employee compensation and benefits$1.6B$1.5B$1.2B
Acquisition related compensation and benefits$73.6M$54.8M$36.2M
Travel, meals, and entertainment$72.4M$64.9M$65.3M
Rent$79.8M$77.9M$76.1M
Depreciation and amortization$42.6M$41.3M$28.5M
Information technology and communications$76.2M$69.4M$60.2M
Professional fees$45.1M$41.2M$49.1M
Other operating expenses$73.0M$68.9M$58.8M
Revaluation of acquisition contingent consideration$17.9M-$1.0M-$10.4M
Total operating expenses$2.1B$1.9B$1.5B
Operating income$527.0M$502.6M$373.2M
Other (income) expense, net-$35.2M-$28.8M-$17.3M
Income before provision for income taxes$562.3M$531.3M$390.5M
Provision for income taxes$138.1M$131.6M$110.2M
Net income$424.2M$399.7M$280.3M
Net (income) loss attributable to noncontrolling interest$1.5M$0$0
Net income attributable to Houlihan Lokey, Inc.$425.7M$399.7M$280.3M
Basic (in shares)66.5M shares65.7M shares64.3M shares
Fully diluted (in shares)68.4M shares68.7M shares68.2M shares
Basic (in usd per share)$6.40$6.08$4.36
Fully diluted (in usd per share)$6.22$5.82$4.11

Compare Houlihan Lokey with another company

The story

1970s

Houlihan Lokey, previously known as Houlihan Lokey Howard & Zukin, was co-founded in Los Angeles in 1972 by Richard Houlihan and O. Kit Lokey, both of whom left PricewaterhouseCoopers to start the company. Co-founders Robert "Bob" F. Howard joined the company in 1974, followed by James H. Zukin in 1976. The company started as a provider of general business advisory services to privately held companies.

The 1974 passage of the Employee Retirement Income Security Act launched the firm’s valuation business by creating demand for independent valuations of private businesses, particularly those that had formed employee stock ownership programs.

1980s

In 1986, Kenneth Friedman founded and became President of Houlihan Lokey’s investment banking broker dealer to provide M&A advisory services and to raise debt and equity financing. Friedman formed the investment bank to provide Wall Street level expertise to the expanding investment banking demands of Houlihan Lokey’s clients and other middle market companies.

By 1987, many of the highly leveraged transactions completed earlier in the decade were starting to exhibit signs of financial distress. Accordingly, a market was developing for financial restructuring advisory services. To position itself to serve this market, the investment banking broker-dealer purchased Cheviot Capital Corporation in 1987 and, led by Jeff Werbalowsky and Irwin Gold, began assembling what would become an active, dominant, worldwide financial restructuring group.

With the surge of mergers, acquisitions, and leveraged buyouts, Wall Street’s large investment banking firms began calling on Houlihan Lokey for independent valuation expertise in fairness, solvency, and employee stock ownership plan (ESOP) opinions. The firm advised on transactions valued at more than $100 billion during this period. The firm also started to offer estate planning valuation services. In addition, the firm opened several offices in the 1980s in New York City, San Francisco, and Chicago.

1990s

Houlihan Lokey opened eight offices across the U.S. in the 1980s and 1990s as it expanded. In 1995, to grow its information services division, Houlihan Lokey acquired Mergerstat, a publishing company with a 30-year history in analytical M&A research, from Merrill Lynch.

2000s

In 2001, Houlihan Lokey launched its first non-U.S. office by expanding into London. It also expanded its industry group platform and private equity coverage program in keeping with investment banking trends. In 2002, Houlihan Lokey advised the official creditors committees in three large bankruptcies: WorldCom, Enron, and Conseco. In 2005, the firm opened a Paris office. In 2006, the firm opened a Frankfurt office. Also in 2006, Houlihan Lokey agreed to merge with Orix USA, the U.S. corporate lending operations of ORIX Corp. of Japan, to address the growing international demand for middle-market investment banking services.

In 2007, Houlihan Lokey expanded into Asia, opening offices in Hong Kong and Tokyo. Within the next three years, the firm also opened an office in Beijing. In 2008, Houlihan Lokey advised the creditors of Lehman Brothers.

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2010s

In 2010, Houlihan Lokey bought a sizable minority stake in Avista Advisory Group, giving the firm offices in both Mumbai and Singapore. In 2013, Houlihan Lokey expanded its Financial Institutions Group through the acquisition of Milestone Advisors. The firm also launched the Illiquid Financial Assets practice to advise on the sales of assets such as stakes in loan pools, life settlements, minority positions, pharmaceutical royalties, and operating leases. In 2014, Houlihan Lokey acquired ArchPoint Partners.

In 2015, Houlihan Lokey acquired management consulting firm Bridge Strategy Group, digital media and entertainment focused investment bank MESA Securities, London-based consumer-focused firm McQueen Ltd., and operations of the Continental European investment bank Leonardo & Co. Also in 2015, Houlihan Lokey acquired the investment banking operations of Leonardo & Co. NV in Germany, the Netherlands, and Spain, and became a minority partner in a joint venture with the management team of Leonardo in respect to Leonardo’s investment banking operations in Italy. This gave the firm offices in both Rome and Milan. On August 13, 2015, Houlihan Lokey completed its initial public offering, beginning trading as HLI on the NYSE.

In January 2017, Houlihan Lokey acquired Black Stone IP, a leader in Tech+IP advisory work. In January 2018, Houlihan Lokey acquired Quayle Munro Limited, an independent advisory firm focused on providing corporate finance advisory services to companies in the data & analytics sector. In May 2018, the firm acquired BearTooth Advisors, an independent advisory firm that provided strategic advisory and placement agency services to alternative investment managers.

In November 2019, Houlihan Lokey acquired Fidentiis Capital, growing Houlihan Lokey's Corporate Finance business in Europe. This was followed shortly after by the acquisition of Freeman & Co. in December 2019, an independent advisory firm providing a range of advisory services to financial institution clients.

2020s

In August 2020, Houlihan Lokey acquired MVP Capital. In July 2021, Houlihan Lokey expanded its coverage of the consumer sector with the acquisition of boutique advisory firm Baylor Klein. Later, in October 2021, Houlihan Lokey acquired GCA Corporation, a top technology advisory firm, expanding the firm's presence in Asia and Europe. In February 2023, Houlihan Lokey acquired Oakley Advisory. In December 2023, Houlihan Lokey acquired 7 Mile Advisors, increasing the firm's IT services capabilities and expanding its Business Services Group.

In May 2024, Houlihan Lokey acquired Triago, expanding the firm's Capital Solutions Group and its private capital advisory and private placement capabilities. In October 2024, Houlihan Lokey acquired Prytania Solutions Ltd. (PSL). This acquisition strengthened Houlihan Lokey's Financial and Valuation Advisory business and expanded its presence in Europe. In December 2024, Houlihan Lokey acquired Waller Helms Advisors and Park Sutton Advisors.

In January 2026, Houlihan Lokey acquired Mellum Capital, a real estate advisory business with operations in Munich and London. In addition, Houlihan Lokey secured a controlling interest in Audere Partners, a French boutique firm operating under the Natixis Partners brand.

From Wikipedia’s article on Houlihan Lokey, shared under CC BY-SA 4.0.8

Leadership

Who has led Houlihan Lokey, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (18)

Products and brands

  • financial services

Listed on Wikidata.1

Subsidiaries and ownership

Also consolidated

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Employees over time

  • 20262,7001

Former names

  • HOULIHAN LOKEY HOWARD & ZUKIN INCAug 26, 2004 to May 8, 20157

Timeline

  1. May 10, 2026Went public Listed on NYSE1
  2. 2024New chief executive Scott Adelson becomes CEO1
  3. Aug 12, 2015New chief executive Scott L. Beiser becomes CEO23
  4. 1972Founded Founded1

Filings

338 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 174 insider forms, 28 large holders, 73 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20263 EDGAR
  4. Sep 25, 20263 EDGAR
  5. Sep 22, 20268-K EDGAR
  6. Sep 10, 2026144 EDGAR
  7. Sep 10, 20264 EDGAR
  8. Sep 8, 2026DEFA14A EDGAR
  9. Sep 8, 20268-K EDGAR
  10. Aug 13, 20268-K EDGAR
  11. Aug 13, 2026424B7 EDGAR
  12. Aug 10, 2026S-3ASR EDGAR
  13. Aug 5, 20264 EDGAR
  14. Jul 31, 202610-Q EDGAR
  15. Jul 30, 20268-K EDGAR
  16. Jul 24, 2026ARS EDGAR
  17. Jul 24, 2026DEFA14A EDGAR
  18. Jul 24, 2026DEF 14A EDGAR
  19. May 22, 202610-K EDGAR
  20. May 22, 20264 EDGAR

The 338 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

53 open-market trades by officers, directors and large owners since October 2021: 4 buys and 49 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026CRAIN CHRISTOPHER MGENERAL COUNSELSale1,000$140.15$140.2KForm 4
Aug 3, 2026ALLEY J LINDSEYChief Financial OfficerBuy4,020$124.52$500.6KForm 4
May 21, 2026BEISER SCOTT LCO-CHAIRMANSale6,265$150.26$941.4KForm 4
Apr 1, 2026CRAIN CHRISTOPHER MGENERAL COUNSELSale500$143.40$71.7KForm 4
Feb 6, 2026SCHRIESHEIM ROBERT ADirectorSale5,000$170.86$854.3KForm 4
Jan 2, 2026CRAIN CHRISTOPHER MGENERAL COUNSELSale500$174.17$87.1KForm 4
Sep 16, 2025GOLD IRWINCO-CHAIRMANSale6,811$202.75$1.4MForm 4
Sep 2, 2025CRAIN CHRISTOPHER MGENERAL COUNSELSale500$196.22$98.1KForm 4
Aug 27, 2025SIEGERT PAUL ERICCO-CHAIRMANSale40,000$199.95$8.0MForm 4
Jul 14, 2025Zucker Gillian BethDirectorSale200$191.65$38.3KForm 4
Jun 30, 2025GOLD IRWINCO-CHAIRMANSale5,000$182.81$914.0KForm 4
Jun 13, 2025Zucker Gillian BethDirectorSale200$174.37$34.9KForm 4
Jun 2, 2025CRAIN CHRISTOPHER MGENERAL COUNSELSale500$173.02$86.5KForm 4
May 19, 2025BEISER SCOTT LCO-CHAIRMANSale8,008$178.71$1.4MForm 4
May 13, 2025Zucker Gillian BethDirectorSale200$178.46$35.7KForm 4
Apr 14, 2025Zucker Gillian BethDirectorSale200$154.41$30.9KForm 4
Mar 13, 2025Zucker Gillian BethDirectorSale200$158.27$31.7KForm 4
Feb 13, 2025Zucker Gillian BethDirectorSale200$178.97$35.8KForm 4
Jan 13, 2025Zucker Gillian BethDirectorSale200$165.63$33.1KForm 4
Dec 13, 2024Zucker Gillian BethDirectorSale200$180.57$36.1KForm 4

All 53 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,240,406$702.9M0.0%−40,394
Vanguard Portfolio Management LLC2,774,115$372.1M0.0%−4,295
Vanguard Capital Management LLC2,439,724$327.2M0.0%+20,392
Kayne Anderson Rudnick Investment Management LLC2,426,619$325.5M1.0%−215,527
Earnest Partners LLC2,172,720$291.4M1.1%−56,264
Royal Bank Of Canada1,992,096$267.2M0.0%+240,601
State Street Corp1,749,472$234.7M0.0%+55,776
Morgan Stanley1,690,245$226.7M0.0%+98,236
Geode Capital Management, LLC1,383,912$185.7M0.0%+32,703
Bank Of Montreal /can/1,300,687$174.5M0.1%+151,088
Citadel Advisors LLC1,227,541$164.7M0.1%+739,389
Neuberger Berman Group LLC992,787$133.2M0.1%+381,844
Fiduciary Management Inc /wi/938,411$125.9M1.8%+134,839
Wellington Management Group Llp929,760$124.7M0.0%−431,650
Bank Of America Corp /de/890,616$119.5M0.0%−60,256
Bamco Inc /ny/869,544$116.6M0.2%−191,859
Goldman Sachs Group Inc825,406$110.7M0.0%+201,690
Qube Research & Technologies Ltd705,487$94.6M0.1%+450,323
Dimensional Fund Advisors LP692,896$92.9M0.0%+76,377
Fmr LLC690,813$92.7M0.0%−165,211
Norges Bank656,486$88.1M0.0%New
Sei Investments Co654,087$87.7M0.1%−35,445
Clearbridge Investments, LLC635,294$85.2M0.1%+10,066
LPL Financial LLC620,282$83.2M0.0%+539,256
Invesco Ltd.561,266$75.3M0.0%+86,492

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

7 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 7, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−0.2%Report
Jul 16, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−13.1%Report
Mar 3, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−34.2%Report
Jun 4, 2025Kelly MorrisonDemocratic, HouseSale$1,001 - $15,000+55.7%Report
Apr 9, 2025Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+58.2%Report
Dec 20, 2023Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+56.3%Report
Jan 11, 2023Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+59.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Wikidata and SEC EDGARIrwin Gold, Chair
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