Houlihan Lokey (HLI) Financials

$150.46 -3.56 (-2.31%)

As of 01:58 PM Eastern

Annual Income Statements for Houlihan Lokey

This table shows Houlihan Lokey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	80	70	101	180	143	184	313	438	254	280
Consolidated Net Income / (Loss)	80	70	108	172	159	184	313	438	254	280
Net Income / (Loss) Continuing Operations	80	70	108	172	159	184	313	438	254	280
Total Pre-Tax Income	132	126	178	218	224	236	409	604	324	391
Total Operating Income	129	126	182	214	219	230	408	613	342	363
Total Gross Profit	204	232	290	327	392	422	554	861	662	701
Total Revenue	681	694	872	963	1,084	1,159	1,525	2,270	1,809	1,914
Operating Revenue	681	694	872	963	1,084	1,159	1,525	2,270	1,809	1,914
Total Cost of Revenue	477	462	582	637	692	738	971	1,409	1,148	1,214
Operating Cost of Revenue	475	462	582	637	692	738	971	1,409	1,148	1,214
Total Operating Expenses	75	106	108	112	173	192	146	248	320	338
Selling, General & Admin Expense	27	51	50	49	77	88	85	130	155	168
Depreciation Expense	5.51	7.50	8.85	7.91	14	17	15	49	58	29
Other Operating Expenses / (Income)	42	47	49	55	82	87	46	70	107	141
Total Other Income / (Expense), net	3.48	-0.77	-3.51	3.42	5.22	6.05	1.07	-8.93	-18	28
Other Income / (Expense), net	3.48	-0.77	-3.51	3.42	5.22	6.05	1.07	-8.93	-18	28
Income Tax Expense	52	56	70	46	65	52	96	166	70	110
Net Income / (Loss) Attributable to Noncontrolling Interest	0.06	0.03	-	-	-	0.00	0.00	0.57	0.00	0.00
Basic Earnings per Share	$1.40	$1.18	$1.77	$2.76	$2.56	$2.96	$4.75	$6.74	$4.01	$4.36
Weighted Average Basic Shares Outstanding	57.13M	59.04M	61.10M	62.49M	62.21M	62.15M	65.79M	64.97M	63.36M	64.34M
Diluted Earnings per Share	$1.33	$1.10	$1.63	$2.60	$2.42	$2.80	$4.55	$6.41	$3.76	$4.11
Weighted Average Diluted Shares Outstanding	60.14M	63.48M	66.58M	66.32M	65.85M	65.73M	68.67M	68.26M	67.59M	68.16M
Weighted Average Basic & Diluted Shares Outstanding	57.10M	59.10M	61.20M	62.40M	62.20M	65.32M	68.20M	66.54M	68.06M	68.58M

This table shows Houlihan Lokey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Net Income / (Loss) Attributable to Common Shareholders	65	71	61	63	60	61	67	71	89	94	95
Consolidated Net Income / (Loss)	65	71	61	63	60	61	67	71	89	94	95
Net Income / (Loss) Continuing Operations	65	71	61	63	60	61	67	71	89	94	95
Total Pre-Tax Income	91	76	84	84	80	76	94	103	100	136	145
Total Operating Income	99	78	89	84	91	73	90	97	96	131	136
Total Gross Profit	178	153	180	167	162	152	180	197	183	221	244
Total Revenue	471	419	490	456	445	416	467	511	514	575	634
Operating Revenue	471	419	490	456	445	416	467	511	514	575	634
Total Cost of Revenue	294	266	310	289	283	263	287	314	330	354	390
Operating Cost of Revenue	294	266	310	289	283	263	287	314	330	354	390
Total Operating Expenses	79	75	90	83	71	79	90	100	88	91	108
Selling, General & Admin Expense	40	33	45	43	34	39	40	48	41	47	46
Depreciation Expense	20	19	19	13	6.35	6.53	7.09	6.66	8.86	7.44	9.56
Other Operating Expenses / (Income)	19	23	26	27	31	33	33	36	38	29	40
Restructuring Charge	-	-	-	-	-	-	9.34	9.69	-	7.04	13
Total Other Income / (Expense), net	-7.92	-1.75	-5.10	-0.56	-10	3.01	3.30	6.04	4.31	5.42	9.02
Other Income / (Expense), net	-7.92	-1.75	-5.10	-0.56	-10	3.01	3.30	6.04	4.31	5.42	9.02
Income Tax Expense	26	5.04	24	21	21	15	27	32	11	43	50
Basic Earnings per Share	$1.02	$1.12	$0.96	$0.99	$0.94	$0.96	$1.04	$1.10	$1.37	$1.42	$1.45
Weighted Average Basic Shares Outstanding	64.97M	63.28M	63.42M	63.38M	63.36M	63.81M	64.55M	64.41M	65.03M	65.82M	65.83M
Diluted Earnings per Share	$0.97	$1.03	$0.87	$0.90	$0.96	$0.90	$0.99	$1.04	$1.30	$1.37	$1.39
Weighted Average Diluted Shares Outstanding	68.26M	68.83M	69.80M	69.73M	67.59M	68.00M	67.87M	67.89M	68.50M	68.42M	68.76M
Weighted Average Basic & Diluted Shares Outstanding	66.54M	68.79M	68.65M	68.62M	68.06M	69.32M	69.11M	-	69.53M	69.50M	70.14M

This table details how cash moves in and out of Houlihan Lokey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-21	78	327	-192	-14	95	466	-13	-119	7.04
Net Cash From Operating Activities	197	12	252	251	224	288	580	737	136	328
Net Cash From Continuing Operating Activities	197	12	252	251	224	288	580	737	136	328
Net Income / (Loss) Continuing Operations	80	70	108	172	159	184	313	438	254	280
Consolidated Net Income / (Loss)	80	70	108	172	159	184	313	438	254	280
Depreciation Expense	5.51	7.50	8.85	7.91	14	17	15	49	58	29
Non-Cash Adjustments To Reconcile Net Income	25	38	43	61	58	94	92	131	194	206
Changes in Operating Assets and Liabilities, net	86	-103	91	9.49	-7.15	-7.21	159	118	-370	-186
Net Cash From Investing Activities	-213	180	-1.65	-219	6.46	-33	-100	-274	-3.00	-70
Net Cash From Continuing Investing Activities	-213	180	-1.65	-219	6.46	-33	-100	-274	-3.00	-70
Purchase of Property, Plant & Equipment	-4.67	-9.39	-14	-7.72	-6.73	-21	-14	-8.68	-51	-67
Acquisitions	-5.18	-37	-3.73	-2.70	-71	-2.20	-12	-361	-20	-3.86
Purchase of Investments	-9.45	0.00	0.00	-209	-147	-351	-392	-102	-19	-11
Sale and/or Maturity of Investments	-193	226	16	1.16	232	340	318	197	87	11
Net Cash From Financing Activities	-2.50	-114	80	-225	-236	-152	-27	-459	-240	-251
Net Cash From Continuing Financing Activities	-2.50	-114	80	-225	-236	-152	-27	-459	-240	-251
Repayment of Debt	0.00	0.00	-95	-21	0.19	0.37	-3.27	0.48	0.57	0.59
Repurchase of Common Equity	-	0.00	-0.96	-18	-70	-30	-102	-305	-49	-25
Payment of Dividends	-2.17	-114	-55	-52	-67	-81	-92	-115	-140	-148
Other Financing Activities, net	-0.33	0.05	-27	-228	-100	-42	-18	-40	-52	-78
Effect of Exchange Rate Changes	-2.27	0.44	-4.02	-	-	-	13	-17	-	-0.43
Cash Interest Paid	0.26	1.31	1.62	0.66	0.98	1.05	0.99	1.00	5.90	0.58
Cash Income Taxes Paid	-1.48	75	57	48	81	74	44	242	157	105

This table details how cash moves in and out of Houlihan Lokey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Net Change in Cash & Equivalents	-225	-345	15	46	165	-258	38	62	-272	243	108
Net Cash From Operating Activities	64	-278	85	91	238	-134	136	101	-65	289	266
Net Cash From Continuing Operating Activities	64	-278	85	91	238	-134	136	101	-65	289	266
Net Income / (Loss) Continuing Operations	65	71	61	63	60	61	67	71	89	94	95
Consolidated Net Income / (Loss)	65	71	61	63	60	61	67	71	89	94	95
Depreciation Expense	20	19	19	13	6.35	6.53	7.09	6.66	8.86	7.44	9.56
Non-Cash Adjustments To Reconcile Net Income	28	50	54	52	37	49	54	58	45	53	61
Changes in Operating Assets and Liabilities, net	-48	-418	-50	-37	135	-251	8.00	-35	-207	135	99
Net Cash From Investing Activities	-128	68	-15	-17	-39	-12	-21	-23	-40	-31	-87
Net Cash From Continuing Investing Activities	-128	68	-15	-17	-39	-12	-21	-23	-40	-31	-87
Purchase of Property, Plant & Equipment	-1.13	-4.49	-13	-14	-19	-16	-23	-16	-11	-10	-3.85
Acquisitions	-55	-	-	-	-20	0.00	-	-3.85	-32	0.04	-37
Purchase of Investments	-73	-2.20	-9.06	-3.23	-4.73	-0.04	-	-3.39	-1.49	-22	-91
Sale and/or Maturity of Investments	2.40	75	7.64	0.08	4.78	3.33	2.66	0.07	4.02	1.59	44
Net Cash From Financing Activities	-149	-124	-45	-39	-33	-111	-68	-36	-161	-39	-37
Net Cash From Continuing Financing Activities	-149	-124	-45	-39	-33	-111	-68	-36	-161	-39	-37
Repurchase of Common Equity	-122	-41	-8.18	-0.19	0.43	0.00	-25	-	-0.24	-	-0.09
Payment of Dividends	-27	-40	-33	-34	-32	-42	-35	-36	-51	-38	-37
Other Financing Activities, net	-0.04	-43	-3.76	-4.49	-0.71	-70	-7.31	-0.10	-111	-0.72	-0.25
Cash Interest Paid	0.47	0.03	1.83	1.40	2.64	0.11	0.10	0.12	0.30	0.26	0.55
Cash Income Taxes Paid	71	4.59	98	34	21	18	31	37	17	20	22

This table presents Houlihan Lokey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	1,230	1,071	1,386	1,419	1,426	1,677	2,426	2,887	2,969	3,171
Total Current Assets	474	259	564	641	491	601	1,164	1,087	952	992
Cash & Equivalents	89	166	300	207	286	380	847	834	714	721
Restricted Cash	-	0.00	192	94	0.37	0.37	0.37	0.37	0.37	0.62
Short-Term Investments	-	-	0.00	209	125	135	209	109	37	38
Accounts Receivable	57	58	61	123	71	81	108	144	182	200
Current Deferred & Refundable Income Taxes	0.00	7.20	-	-	0.00	4.28	-	0.00	18	33
Plant, Property, & Equipment, net	16	22	30	32	31	42	46	52	88	137
Total Noncurrent Assets	739	790	791	745	904	1,033	1,215	1,747	1,929	2,042
Goodwill	653	717	715	723	795	813	671	1,070	1,088	1,127
Intangible Assets	-	-	-	-	-	-	195	247	203	197
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	2.85	6.51	28	95	105	90
Other Noncurrent Operating Assets	74	73	76	22	107	214	321	334	533	627
Total Liabilities & Shareholders' Equity	1,230	1,071	1,386	1,419	1,426	1,677	2,426	2,887	2,969	3,171
Total Liabilities	404	417	655	566	535	693	1,043	1,443	1,356	1,334
Total Current Liabilities	351	339	402	429	468	474	716	1,080	879	840
Accounts Payable	37	34	42	41	55	54	67	126	113	114
Other Current Liabilities	301	299	351	378	405	420	648	954	766	726
Total Noncurrent Liabilities	53	78	253	137	67	218	327	363	476	494
Noncurrent Deferred & Payable Income Tax Liabilities	41	37	31	22	8.06	0.66	0.05	0.79	0.54	41
Other Noncurrent Operating Liabilities	11	26	210	106	52	214	326	362	476	453
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	825	651	727	853	891	984	1,384	1,444	1,613	1,837
Total Preferred & Common Equity	823	651	727	853	922	984	1,384	1,444	1,613	1,837
Total Common Equity	823	651	727	853	922	984	1,384	1,444	1,613	1,837
Common Stock	663	637	855	753	645	650	804	565	643	740
Retained Earnings	171	29	87	207	276	377	600	922	1,033	1,163
Accumulated Other Comprehensive Income / (Loss)	-11	-15	-22	-14	0.00	-43	-20	-43	-63	-67

This table presents Houlihan Lokey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q1 2025	Q2 2025	Q3 2025
Total Assets	3,046	2,436	2,510	2,672	2,707	2,959	2,943	3,213	3,476
Total Current Assets	1,295	657	675	734	644	777	727	991	1,071
Cash & Equivalents	1,059	489	504	549	456	556	450	691	799
Restricted Cash	0.37	0.37	0.37	0.37	0.37	0.37	0.62	1.45	1.45
Short-Term Investments	40	36	36	37	34	35	36	57	104
Accounts Receivable	196	132	135	138	138	153	193	219	167
Current Deferred & Refundable Income Taxes	-	-	-	9.86	16	33	48	22	0.00
Plant, Property, & Equipment, net	52	53	62	76	101	131	143	149	140
Total Noncurrent Assets	1,699	1,726	1,773	1,862	1,962	2,051	2,073	2,073	2,265
Goodwill	1,083	1,062	1,051	1,061	1,091	1,129	1,175	1,178	1,280
Intangible Assets	263	231	215	205	200	200	199	197	222
Noncurrent Deferred & Refundable Income Taxes	40	102	112	113	109	103	81	87	83
Other Noncurrent Operating Assets	313	331	395	483	562	619	618	612	679
Total Liabilities & Shareholders' Equity	3,046	2,436	2,510	2,672	2,707	2,959	2,943	3,213	3,476
Total Liabilities	1,516	1,018	1,064	1,131	1,092	1,190	1,113	1,256	1,395
Total Current Liabilities	1,109	672	784	759	565	675	601	746	842
Accounts Payable	123	99	98	120	91	100	110	105	123
Other Current Liabilities	986	573	686	639	473	575	491	641	719
Total Noncurrent Liabilities	407	346	280	372	527	514	512	510	553
Noncurrent Deferred & Payable Income Tax Liabilities	28	0.68	0.54	41	0.29	44	44	46	48
Other Noncurrent Operating Liabilities	378	345	279	331	527	470	468	464	505
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,529	1,418	1,447	1,541	1,615	1,769	1,829	1,957	2,081
Total Preferred & Common Equity	1,529	1,418	1,447	1,541	1,615	1,769	1,829	1,957	2,081
Total Common Equity	1,529	1,418	1,447	1,541	1,615	1,769	1,829	1,957	2,081
Common Stock	669	528	560	602	616	702	692	735	852
Retained Earnings	887	955	981	1,008	1,059	1,121	1,207	1,260	1,315
Accumulated Other Comprehensive Income / (Loss)	-26	-66	-94	-70	-60	-54	-70	-38	-86

This table displays calculated financial ratios and metrics derived from Houlihan Lokey's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.92%	1.89%	25.70%	10.47%	12.56%	6.91%	31.58%	48.81%	-20.29%	5.80%
EBITDA Growth	23.60%	-3.28%	40.72%	20.50%	5.78%	5.92%	67.81%	53.72%	-41.42%	9.64%
EBIT Growth	25.45%	-4.92%	42.07%	22.05%	2.98%	5.05%	73.66%	47.58%	-46.35%	20.54%
NOPAT Growth	29.76%	-9.81%	57.38%	53.50%	-8.36%	15.24%	74.20%	42.59%	-39.72%	-2.87%
Net Income Growth	30.13%	-12.72%	55.29%	59.02%	-7.65%	15.52%	70.18%	40.14%	-42.00%	10.26%
EPS Growth	26.67%	-17.29%	48.18%	59.51%	-6.92%	15.70%	62.50%	40.88%	-41.34%	9.31%
Operating Cash Flow Growth	19.09%	-94.04%	2,050.16%	-0.54%	-10.52%	28.27%	101.56%	27.04%	-81.50%	141.03%
Free Cash Flow Firm Growth	0.00%	145.23%	24.07%	-81.45%	-68.91%	827.38%	134.37%	-40.14%	-133.79%	148.61%
Invested Capital Growth	0.00%	-30.68%	-50.26%	40.92%	38.19%	-3.09%	-30.33%	52.50%	71.88%	25.05%
Revenue Q/Q Growth	0.00%	0.00%	9.20%	-1.27%	4.49%	0.99%	14.92%	-1.28%	-1.44%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	8.87%	1.84%	1.50%	4.02%	19.02%	-4.83%	-5.91%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	9.67%	1.99%	0.75%	3.71%	20.24%	-7.52%	-3.11%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	11.50%	1.53%	4.39%	7.98%	15.81%	-6.08%	-1.29%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	11.64%	2.39%	4.77%	8.03%	14.81%	-7.24%	-2.12%	0.00%
EPS Q/Q Growth	0.00%	0.00%	11.64%	2.36%	4.76%	8.11%	13.75%	-6.97%	-0.27%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	-68.38%	26.11%	4.04%	11.03%	18.40%	19.78%	-22.04%	464.31%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-53.15%	-78.33%	35.02%	24.49%	-48.44%	63.43%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	-48.39%	-30.61%	-13.06%	-18.94%	-32.35%	16.21%	-9.77%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.92%	33.46%	33.24%	33.92%	36.18%	36.37%	36.33%	37.94%	36.56%	36.61%
EBITDA Margin	20.22%	19.19%	21.48%	23.43%	22.02%	21.82%	27.82%	28.74%	21.12%	21.89%
Operating Margin	18.90%	18.22%	20.87%	22.26%	20.20%	19.80%	26.76%	27.00%	18.89%	18.95%
EBIT Margin	19.41%	18.11%	20.47%	22.61%	20.69%	20.33%	26.83%	26.61%	17.91%	20.40%
Profit (Net Income) Margin	11.74%	10.06%	12.42%	17.88%	14.67%	15.85%	20.50%	19.31%	14.05%	14.64%
Tax Burden Percent	60.50%	55.53%	60.70%	79.09%	70.93%	78.00%	76.43%	72.58%	78.46%	71.77%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	39.50%	44.47%	39.30%	20.91%	29.07%	22.00%	23.57%	27.42%	21.54%	28.23%
Return on Invested Capital (ROIC)	21.48%	11.44%	29.38%	56.34%	37.06%	37.38%	77.98%	107.24%	39.37%	26.88%
ROIC Less NNEP Spread (ROIC-NNEP)	17.33%	11.78%	30.05%	55.79%	36.24%	36.35%	77.88%	107.89%	41.01%	24.25%
Return on Net Nonoperating Assets (RNNOA)	-2.13%	-2.01%	-13.72%	-34.58%	-18.81%	-17.78%	-51.56%	-76.23%	-22.74%	-10.63%
Return on Equity (ROE)	19.36%	9.43%	15.66%	21.76%	18.24%	19.60%	26.42%	31.01%	16.63%	16.25%
Cash Return on Invested Capital (CROIC)	-178.52%	47.68%	96.50%	22.37%	4.99%	40.52%	113.73%	65.65%	-13.51%	4.62%
Operating Return on Assets (OROA)	10.74%	10.92%	14.53%	15.53%	15.77%	15.19%	19.95%	22.73%	11.07%	12.72%
Return on Assets (ROA)	6.50%	6.06%	8.82%	12.29%	11.19%	11.85%	15.25%	16.50%	8.68%	9.13%
Return on Common Equity (ROCE)	19.28%	9.40%	15.59%	21.71%	18.56%	19.91%	26.42%	31.01%	16.63%	16.25%
Return on Equity Simple (ROE_SIMPLE)	9.72%	10.71%	14.91%	20.20%	17.26%	18.67%	22.61%	30.36%	15.76%	15.26%
Net Operating Profit after Tax (NOPAT)	78	70	110	170	155	179	312	445	268	260
NOPAT Margin	11.43%	10.12%	12.67%	17.60%	14.33%	15.45%	20.45%	19.60%	14.82%	13.60%
Net Nonoperating Expense Percent (NNEP)	4.16%	-0.34%	-0.67%	0.55%	0.82%	1.03%	0.10%	-0.65%	-1.64%	2.63%
Cost of Revenue to Revenue	70.08%	66.54%	66.76%	66.08%	63.82%	63.63%	63.67%	62.06%	63.44%	63.39%
SG&A Expenses to Revenue	4.02%	7.33%	5.76%	5.13%	7.12%	7.60%	5.58%	5.71%	8.55%	8.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.03%	15.24%	12.37%	11.66%	15.97%	16.56%	9.58%	10.95%	17.68%	17.65%
Earnings before Interest and Taxes (EBIT)	132	126	178	218	224	236	409	604	324	391
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	138	133	187	226	239	253	424	652	382	419
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.07	2.70	3.00	2.90	3.18	3.10	3.90	3.63	4.80
Price to Tangible Book Value (P/TBV)	0.00	0.00	173.88	19.75	21.04	18.23	8.28	44.72	18.17	17.24
Price to Revenue (P/Rev)	0.00	1.95	2.25	2.65	2.46	2.70	2.81	2.48	3.24	4.61
Price to Earnings (P/E)	0.00	19.38	19.40	14.19	18.72	17.01	13.70	12.86	23.03	31.47
Dividend Yield	0.00%	1.45%	2.42%	2.06%	2.64%	2.60%	2.09%	2.06%	2.49%	1.72%
Earnings Yield	0.00%	5.16%	5.15%	7.05%	5.34%	5.88%	7.30%	7.77%	4.34%	3.18%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.39	5.94	5.84	4.66	5.54	9.83	9.36	5.92	7.49
Enterprise Value to Revenue (EV/Rev)	0.00	1.73	1.70	2.14	2.09	2.25	2.12	2.07	2.82	4.21
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.03	7.92	9.11	9.50	10.33	7.61	7.19	13.35	19.24
Enterprise Value to EBIT (EV/EBIT)	0.00	9.57	8.31	9.44	10.11	11.09	7.89	7.76	15.75	20.64
Enterprise Value to NOPAT (EV/NOPAT)	0.00	17.13	13.43	12.13	14.59	14.59	10.35	10.54	19.03	30.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	102.59	5.89	8.21	10.11	9.09	5.57	6.37	37.44	24.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.11	4.09	30.55	108.35	13.46	7.10	17.22	0.00	180.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.12	-0.17	-0.46	-0.62	-0.52	-0.49	-0.66	-0.71	-0.55	-0.44
Leverage Ratio	1.49	1.56	1.78	1.77	1.63	1.65	1.73	1.88	1.92	1.78
Compound Leverage Factor	1.49	1.56	1.78	1.77	1.63	1.65	1.73	1.88	1.92	1.78
Debt to Total Capital	0.00%	2.23%	1.63%	1.02%	0.74%	0.33%	0.06%	0.04%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	2.23%	1.63%	1.02%	0.74%	0.33%	0.06%	0.04%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.36%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.61%	97.45%	97.86%	98.98%	102.64%	99.67%	99.94%	99.96%	100.00%	100.00%
Debt to EBITDA	0.00	0.11	0.06	0.04	0.03	0.01	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	-1.14	-2.57	-2.22	-1.70	-2.03	-2.49	-1.44	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.11	0.06	0.04	0.03	0.01	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.21	0.11	0.05	0.04	0.02	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	-2.16	-4.35	-2.95	-2.60	-2.86	-3.38	-2.12	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.21	0.11	0.05	0.04	0.02	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	2.93	3.08	4.28	4.57	4.27	4.22	4.27	4.08	5.55
Noncontrolling Interest Sharing Ratio	0.39%	0.36%	0.43%	0.24%	-1.74%	-1.62%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	0.76	1.40	1.50	1.05	1.27	1.63	1.01	1.08	1.18
Quick Ratio	0.42	0.66	0.90	1.26	1.03	1.26	1.63	1.01	1.06	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-647	292	363	67	21	194	455	272	-92	45
Operating Cash Flow to CapEx	4,206.96%	124.89%	1,747.35%	3,247.14%	3,334.43%	1,388.23%	4,098.37%	8,486.22%	268.62%	492.22%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.60	0.71	0.69	0.76	0.75	0.74	0.85	0.62	0.62
Accounts Receivable Turnover	11.84	12.00	14.68	10.48	11.18	15.28	16.12	17.98	11.10	10.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.29	36.33	33.47	30.80	34.33	31.59	34.38	46.07	25.75	17.01
Accounts Payable Turnover	12.83	12.90	15.31	15.45	14.45	13.55	16.01	14.55	9.58	10.66
Days Sales Outstanding (DSO)	30.82	30.41	24.86	34.83	32.64	23.89	22.65	20.30	32.89	36.38
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	28.45	28.30	23.84	23.63	25.27	26.95	22.80	25.09	38.10	34.23
Cash Conversion Cycle (CCC)	2.37	2.10	1.03	11.20	7.37	-3.06	-0.15	-4.79	-5.21	2.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	725	502	250	352	487	472	329	501	861	1,077
Invested Capital Turnover	1.88	1.13	2.32	3.20	2.59	2.42	3.81	5.47	2.66	1.98
Increase / (Decrease) in Invested Capital	725	-222	-252	102	134	-15	-143	172	360	216
Enterprise Value (EV)	0.00	1,202	1,484	2,057	2,268	2,614	3,230	4,689	5,102	8,062
Market Capitalization	0.00	1,351	1,960	2,557	2,673	3,126	4,285	5,631	5,854	8,822
Book Value per Share	$14.40	$9.97	$10.89	$12.94	$14.09	$15.01	$20.07	$21.43	$23.51	$26.58
Tangible Book Value per Share	$2.97	($1.01)	$0.17	$1.97	$1.94	$2.62	$7.50	$1.87	$4.69	$7.41
Total Capital	826	668	743	862	898	988	1,384	1,444	1,613	1,837
Total Debt	0.00	15	12	8.83	6.61	3.28	0.82	0.54	0.00	0.00
Total Long-Term Debt	0.00	15	12	8.83	6.61	3.28	0.82	0.54	0.00	0.00
Net Debt	-101	-151	-481	-501	-405	-513	-1,055	-943	-752	-760
Capital Expenditures (CapEx)	4.67	9.39	14	7.72	6.73	21	14	8.68	51	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	-246	-330	-297	-388	-389	-607	-936	-680	-608
Debt-free Net Working Capital (DFNWC)	123	-80	163	213	23	127	448	7.45	73	152
Net Working Capital (NWC)	123	-80	163	213	23	127	448	7.45	73	152
Net Nonoperating Expense (NNE)	-2.11	0.43	2.13	-2.71	-3.70	-4.72	-0.82	6.48	14	-20
Net Nonoperating Obligations (NNO)	-101	-151	-481	-501	-405	-513	-1,055	-943	-752	-760
Total Depreciation and Amortization (D&A)	5.51	7.50	8.85	7.91	14	17	15	49	58	29
Debt-free, Cash-free Net Working Capital to Revenue	5.01%	-35.50%	-37.86%	-30.81%	-35.79%	-33.56%	-39.82%	-41.22%	-37.56%	-31.74%
Debt-free Net Working Capital to Revenue	18.03%	-11.55%	18.64%	22.08%	2.15%	10.96%	29.39%	0.33%	4.01%	7.95%
Net Working Capital to Revenue	18.03%	-11.55%	18.64%	22.08%	2.15%	10.96%	29.39%	0.33%	4.01%	7.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.18	$1.77	$2.76	$2.56	$2.96	$4.75	$6.74	$4.01	$4.36
Adjusted Weighted Average Basic Shares Outstanding	0.00	59.04M	61.10M	62.49M	62.21M	62.15M	65.79M	64.97M	63.36M	64.34M
Adjusted Diluted Earnings per Share	$0.00	$1.10	$1.63	$2.60	$2.42	$2.80	$4.55	$6.41	$3.76	$4.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	63.48M	66.58M	66.32M	65.85M	65.73M	68.67M	68.26M	67.59M	68.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	66.84M	67.13M	66.88M	66.24M	65.32M	68.20M	66.54M	68.06M	68.58M
Normalized Net Operating Profit after Tax (NOPAT)	78	70	110	170	155	179	312	445	268	260
Normalized NOPAT Margin	11.43%	10.12%	12.67%	17.60%	14.33%	15.45%	20.45%	19.60%	14.82%	13.60%
Pre Tax Income Margin	19.41%	18.11%	20.47%	22.61%	20.69%	20.33%	26.83%	26.61%	17.91%	20.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.71%	163.83%	51.04%	30.23%	42.07%	43.88%	29.42%	26.19%	55.22%	52.96%
Augmented Payout Ratio	2.71%	163.83%	51.92%	40.72%	85.79%	60.01%	62.10%	95.73%	74.36%	61.86%

This table displays calculated financial ratios and metrics derived from Houlihan Lokey's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.90%	12.32%	-8.88%	-48.64%	-5.60%	-0.67%	-4.61%	11.97%	23.51%	23.12%	24.12%
EBITDA Growth	-23.03%	-15.17%	-35.49%	-64.00%	-21.68%	-12.72%	-2.97%	12.77%	31.18%	42.59%	41.61%
EBIT Growth	-35.13%	-29.65%	-46.14%	-66.42%	-11.45%	0.70%	11.04%	22.68%	30.81%	45.44%	41.48%
NOPAT Growth	-28.92%	-15.68%	-43.25%	-63.62%	-4.99%	-18.56%	0.41%	4.98%	44.31%	38.90%	34.13%
Net Income Growth	-34.41%	-17.66%	-46.20%	-63.83%	-8.46%	-13.27%	10.38%	12.29%	44.88%	39.56%	34.60%
EPS Growth	-33.10%	-17.60%	-47.27%	-64.57%	-1.03%	-12.62%	13.79%	15.56%	44.44%	38.38%	33.65%
Operating Cash Flow Growth	-76.35%	-208.59%	-59.52%	-83.51%	269.40%	51.96%	59.59%	10.82%	51.70%	112.95%	163.16%
Free Cash Flow Firm Growth	-141.88%	-224.35%	-209.89%	-300.78%	-188.12%	50.25%	75.55%	322.08%	22.49%	129.33%	-206.44%
Invested Capital Growth	52.50%	88.46%	0.00%	121.36%	71.88%	25.92%	29.85%	0.00%	19.46%	2.49%	0.00%
Revenue Q/Q Growth	-46.99%	-11.15%	16.93%	-6.75%	-2.57%	-6.51%	12.30%	9.45%	0.00%	11.94%	10.34%
EBITDA Q/Q Growth	-58.88%	-14.17%	9.24%	-6.63%	-10.55%	-4.35%	21.45%	8.52%	0.00%	32.01%	7.77%
EBIT Q/Q Growth	-63.58%	-16.39%	11.14%	-0.78%	-3.96%	-4.92%	22.55%	9.62%	0.00%	36.26%	6.64%
NOPAT Q/Q Growth	-59.39%	2.19%	-11.06%	-1.45%	6.07%	-12.41%	9.66%	3.04%	0.00%	5.54%	-0.49%
Net Income Q/Q Growth	-62.61%	8.61%	-14.20%	3.82%	-5.38%	2.90%	9.19%	5.63%	0.00%	5.18%	1.87%
EPS Q/Q Growth	-61.81%	6.19%	-15.53%	3.45%	6.67%	-6.25%	10.00%	5.05%	0.00%	5.38%	1.46%
Operating Cash Flow Q/Q Growth	-88.32%	-531.25%	130.61%	6.98%	161.58%	-156.09%	201.69%	-25.71%	0.00%	548.33%	-8.20%
Free Cash Flow Firm Q/Q Growth	-144.38%	-241.29%	-143.00%	45.45%	36.31%	41.08%	-19.46%	595.39%	0.00%	145.21%	-1,897.63%
Invested Capital Q/Q Growth	16.21%	78.27%	1.57%	5.20%	-9.77%	30.60%	4.74%	-100.00%	0.00%	-10.13%	-2.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.69%	36.52%	36.70%	36.62%	36.39%	36.64%	38.50%	38.50%	35.73%	38.50%	38.50%
EBITDA Margin	23.48%	22.68%	21.19%	21.22%	19.48%	19.93%	21.55%	21.37%	21.17%	24.96%	24.38%
Operating Margin	20.93%	18.53%	18.26%	18.44%	20.38%	17.64%	19.33%	18.89%	18.61%	22.73%	21.45%
EBIT Margin	19.25%	18.11%	17.21%	18.32%	18.05%	18.36%	20.04%	20.07%	19.45%	23.67%	22.87%
Profit (Net Income) Margin	13.83%	16.91%	12.41%	13.81%	13.41%	14.76%	14.35%	13.85%	17.32%	16.27%	15.02%
Tax Burden Percent	71.87%	93.35%	72.07%	75.41%	74.29%	80.40%	71.64%	69.03%	89.05%	68.74%	65.67%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	28.13%	6.65%	27.93%	24.59%	25.71%	19.60%	28.37%	30.97%	10.95%	31.26%	34.33%
Return on Invested Capital (ROIC)	82.31%	58.60%	65.79%	36.85%	40.22%	25.39%	23.70%	0.00%	27.02%	27.77%	53.74%
ROIC Less NNEP Spread (ROIC-NNEP)	82.88%	58.82%	67.15%	36.90%	41.12%	24.92%	23.28%	0.00%	26.23%	27.22%	52.43%
Return on Net Nonoperating Assets (RNNOA)	-58.56%	-30.66%	-25.04%	-20.25%	-22.80%	-8.34%	-8.18%	0.00%	-7.43%	-9.79%	-22.79%
Return on Equity (ROE)	23.75%	27.94%	40.75%	16.60%	17.42%	17.06%	15.51%	0.00%	19.58%	17.98%	30.95%
Cash Return on Invested Capital (CROIC)	65.65%	1.73%	-115.76%	-36.32%	-13.51%	2.29%	-1.55%	0.00%	5.47%	23.66%	-143.15%
Operating Return on Assets (OROA)	16.45%	17.50%	15.55%	11.76%	11.16%	12.90%	13.07%	0.00%	13.85%	16.26%	14.76%
Return on Assets (ROA)	11.82%	16.34%	11.21%	8.87%	8.29%	10.37%	9.36%	0.00%	12.33%	11.18%	9.70%
Return on Common Equity (ROCE)	23.75%	27.94%	40.75%	16.60%	17.42%	17.06%	15.51%	0.00%	19.58%	17.98%	30.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	29.85%	25.64%	16.86%	0.00%	15.16%	14.19%	0.00%	16.83%	17.09%	17.25%
Net Operating Profit after Tax (NOPAT)	71	72	64	63	67	59	65	67	85	90	89
NOPAT Margin	15.04%	17.30%	13.16%	13.90%	15.14%	14.18%	13.85%	13.04%	16.57%	15.62%	14.09%
Net Nonoperating Expense Percent (NNEP)	-0.57%	-0.22%	-1.36%	-0.05%	-0.91%	0.48%	0.42%	0.00%	0.79%	0.56%	1.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.12%	-	-	-	-	-	-	4.30%
Cost of Revenue to Revenue	62.31%	63.48%	63.30%	63.38%	63.61%	63.36%	61.50%	61.50%	64.27%	61.50%	61.50%
SG&A Expenses to Revenue	8.47%	7.97%	9.23%	9.33%	7.54%	9.39%	8.55%	9.31%	8.04%	8.26%	7.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.76%	18.00%	18.45%	18.18%	16.01%	19.00%	19.17%	19.61%	17.12%	15.77%	17.05%
Earnings before Interest and Taxes (EBIT)	91	76	84	84	80	76	94	103	100	136	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	95	104	97	87	83	101	109	109	144	155
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.90	3.59	3.46	3.73	3.63	4.07	4.12	0.00	5.06	5.61	5.80
Price to Tangible Book Value (P/TBV)	44.72	41.01	27.66	20.88	18.17	20.25	16.56	0.00	20.31	18.86	20.88
Price to Revenue (P/Rev)	2.48	2.20	2.20	3.13	3.24	3.63	4.09	4.43	4.60	5.18	5.38
Price to Earnings (P/E)	12.86	12.05	13.50	22.12	23.03	26.82	29.06	31.47	30.04	32.86	33.63
Dividend Yield	2.06%	2.41%	2.64%	2.41%	2.49%	2.22%	2.05%	1.85%	1.65%	1.42%	1.30%
Earnings Yield	7.77%	8.30%	7.41%	4.52%	4.34%	3.73%	3.44%	3.18%	3.33%	3.04%	2.97%
Enterprise Value to Invested Capital (EV/IC)	9.36	5.12	4.92	5.41	5.92	5.40	5.69	0.00	6.52	8.48	9.49
Enterprise Value to Revenue (EV/Rev)	2.07	1.97	1.97	2.81	2.82	3.36	3.76	0.00	4.36	4.83	4.98
Enterprise Value to EBITDA (EV/EBITDA)	7.19	7.19	7.71	12.70	13.35	16.41	18.27	0.00	19.70	20.99	20.94
Enterprise Value to EBIT (EV/EBIT)	7.76	7.99	8.93	15.43	15.75	18.72	20.09	0.00	21.16	22.42	22.37
Enterprise Value to NOPAT (EV/NOPAT)	10.54	10.60	11.67	18.99	19.03	23.86	26.34	0.00	30.61	32.86	33.39
Enterprise Value to Operating Cash Flow (EV/OCF)	6.37	8.33	10.53	0.00	37.44	21.64	20.23	0.00	22.05	18.58	15.60
Enterprise Value to Free Cash Flow (EV/FCFF)	17.22	385.39	0.00	0.00	0.00	262.86	0.00	0.00	129.88	36.28	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.71	-0.52	-0.37	-0.55	-0.55	-0.33	-0.35	0.00	-0.28	-0.36	-0.43
Leverage Ratio	1.88	1.68	1.74	1.86	1.92	1.70	1.70	0.00	1.64	1.66	1.67
Compound Leverage Factor	1.88	1.68	1.74	1.86	1.92	1.70	1.70	0.00	1.64	1.66	1.67
Debt to Total Capital	0.04%	0.04%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.04%	0.04%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.96%	99.96%	99.97%	99.98%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-1.44	-0.83	-0.93	-1.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-2.12	-1.22	-1.41	-2.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.68	4.60	4.33	4.36	3.81	4.95	4.96	0.00	6.41	6.69	6.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.01	0.98	0.86	0.97	1.08	1.14	1.15	0.00	1.21	1.33	1.27
Quick Ratio	1.01	0.98	0.86	0.95	1.06	1.11	1.10	0.00	1.13	1.30	1.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-102	-347	-843	-460	-293	-173	-206	1,021	-134	60	-1,087
Operating Cash Flow to CapEx	5,725.49%	-6,198.89%	639.34%	657.34%	1,247.83%	-853.25%	583.59%	647.60%	-593.37%	2,755.55%	6,896.47%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.97	0.90	0.64	0.62	0.70	0.65	0.00	0.71	0.69	0.65
Accounts Receivable Turnover	17.98	17.86	16.78	11.00	11.10	13.40	12.39	0.00	12.19	11.40	13.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	46.07	48.12	36.46	28.83	25.75	23.45	18.50	0.00	16.46	15.18	16.01
Accounts Payable Turnover	14.55	18.15	14.45	9.52	9.58	12.08	11.31	0.00	12.73	13.14	11.55
Days Sales Outstanding (DSO)	20.30	20.43	21.76	33.20	32.89	27.23	29.46	0.00	29.94	32.01	27.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	25.09	20.11	25.26	38.34	38.10	30.23	32.26	0.00	28.68	27.78	31.59
Cash Conversion Cycle (CCC)	-4.79	0.32	-3.51	-5.14	-5.21	-2.99	-2.80	0.00	1.26	4.23	-4.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	501	893	907	954	861	1,125	1,178	0.00	1,344	1,207	1,176
Invested Capital Turnover	5.47	3.39	5.00	2.65	2.66	1.79	1.71	0.00	1.63	1.78	3.81
Increase / (Decrease) in Invested Capital	172	419	907	523	360	232	271	-954	219	29	1,176
Enterprise Value (EV)	4,689	4,570	4,462	5,159	5,102	6,076	6,707	0.00	8,763	10,238	11,165
Market Capitalization	5,631	5,094	5,001	5,745	5,854	6,566	7,298	8,148	9,249	10,988	12,069
Book Value per Share	$21.43	$22.40	$21.03	$22.44	$23.51	$23.73	$25.52	$0.00	$26.68	$28.15	$29.94
Tangible Book Value per Share	$1.87	$1.96	$2.63	$4.01	$4.69	$4.76	$6.36	$0.00	$6.64	$8.38	$8.32
Total Capital	1,444	1,418	1,447	1,541	1,613	1,615	1,769	0.00	1,829	1,957	2,081
Total Debt	0.54	0.54	0.51	0.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.54	0.54	0.51	0.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-943	-524	-539	-586	-752	-490	-591	0.00	-486	-750	-904
Capital Expenditures (CapEx)	1.13	4.49	13	14	19	16	23	16	11	10	3.85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-936	-540	-649	-611	-680	-411	-490	0.00	-360	-505	-676
Debt-free Net Working Capital (DFNWC)	7.45	-15	-109	-24	73	79	102	0.00	126	245	229
Net Working Capital (NWC)	7.45	-15	-109	-24	73	79	102	0.00	126	245	229
Net Nonoperating Expense (NNE)	5.69	1.63	3.68	0.42	7.67	-2.42	-2.36	-4.17	-3.83	-3.73	-5.92
Net Nonoperating Obligations (NNO)	-943	-524	-539	-586	-752	-490	-591	0.00	-486	-750	-904
Total Depreciation and Amortization (D&A)	20	19	19	13	6.35	6.53	7.09	6.66	8.86	7.44	9.56
Debt-free, Cash-free Net Working Capital to Revenue	-41.22%	-23.32%	-28.59%	-33.27%	-37.56%	-22.75%	-27.45%	0.00%	-17.91%	-23.82%	-30.12%
Debt-free Net Working Capital to Revenue	0.33%	-0.66%	-4.79%	-1.32%	4.01%	4.39%	5.69%	0.00%	6.24%	11.54%	10.19%
Net Working Capital to Revenue	0.33%	-0.66%	-4.79%	-1.32%	4.01%	4.39%	5.69%	0.00%	6.24%	11.54%	10.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$1.12	$0.96	$0.99	$0.94	$0.96	$0.00	$0.00	$1.37	$1.42	$1.45
Adjusted Weighted Average Basic Shares Outstanding	64.97M	63.28M	63.42M	63.38M	63.36M	63.81M	0.00	0.00	65.03M	65.82M	65.83M
Adjusted Diluted Earnings per Share	$0.97	$1.03	$0.87	$0.90	$0.96	$0.90	$0.00	$0.00	$1.30	$1.37	$1.39
Adjusted Weighted Average Diluted Shares Outstanding	68.26M	68.83M	69.80M	69.73M	67.59M	68.00M	0.00	0.00	68.50M	68.42M	68.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.54M	68.79M	68.65M	68.62M	68.06M	69.32M	0.00	0.00	69.53M	69.50M	70.14M
Normalized Net Operating Profit after Tax (NOPAT)	71	72	64	63	67	59	71	73	85	95	98
Normalized NOPAT Margin	15.04%	17.30%	13.16%	13.90%	15.14%	14.18%	15.28%	14.35%	16.57%	16.46%	15.41%
Pre Tax Income Margin	19.25%	18.11%	17.21%	18.32%	18.05%	18.36%	20.04%	20.07%	19.45%	23.67%	22.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.19%	29.33%	34.80%	52.16%	55.22%	57.94%	57.33%	56.10%	51.24%	48.07%	45.21%
Augmented Payout Ratio	95.73%	95.03%	99.70%	117.88%	74.36%	61.19%	67.16%	65.57%	59.43%	48.14%	45.30%

Frequently Asked Questions About Houlihan Lokey's Financials

When does Houlihan Lokey's fiscal year end?

According to the most recent income statement we have on file, Houlihan Lokey's financial year ends in March. Their financial year 2024 ended on March 31, 2024.

How has Houlihan Lokey's net income changed over the last 9 years?

Houlihan Lokey's net income appears to be on an upward trend, with a most recent value of $280.30 million in 2024, rising from $79.94 million in 2015. The previous period was $254.22 million in 2023.

What is Houlihan Lokey's operating income?

Houlihan Lokey's total operating income in 2024 was $362.86 million, based on the following breakdown:

Total Gross Profit: $700.82 million
Total Operating Expenses: $337.95 million

How has Houlihan Lokey revenue changed over the last 9 years?

Over the last 9 years, Houlihan Lokey's total revenue changed from $680.87 million in 2015 to $1.91 billion in 2024, a change of 181.2%.

How much debt does Houlihan Lokey have?

Houlihan Lokey's total liabilities were at $1.33 billion at the end of 2024, a 1.6% decrease from 2023, and a 230.2% increase since 2015.

How much cash does Houlihan Lokey have?

In the past 9 years, Houlihan Lokey's cash and equivalents has ranged from $88.66 million in 2015 to $846.85 million in 2021, and is currently $721.24 million as of their latest financial filing in 2024.

How has Houlihan Lokey's book value per share changed over the last 9 years?

Over the last 9 years, Houlihan Lokey's book value per share changed from 14.40 in 2015 to 26.58 in 2024, a change of 84.6%.

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This page (NYSE:HLI) was last updated on 4/16/2025 by MarketBeat.com Staff

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Houlihan Lokey (HLI) Financials

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Houlihan Lokey (HLI) Financials

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