Houlihan Lokey, Inc. (HLI) Balance Sheet
HLI balance sheet, FY2026
March 31, 2026 · U.S. dollars$4.31B assets = $1.86B liabilities + $2.45B equity
Both columns are drawn to the same scale: what HLI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HLI financial health
Current ratio1.53
Comfortable · current assets cover current liabilities 1.53×
Debt / equity0.21
Low leverage · $0.21 of debt for each $1 of equity
Equity / assets54.4%
Equity-funded · of assets funded by shareholders
Cash / debt276.3%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles37.1%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
HLI balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.38BFY2017 | $4.31BFY2026 | +13.5%/yr | |
| Total liabilities | $651.9MFY2017 | $1.86BFY2026 | +12.3%/yr | |
| Shareholders’ equity | $730.5MFY2017 | $2.34BFY2026 | +13.8%/yr | |
| Cash & short-term investments | $300.3MFY2017 | $1.36BFY2026 | +18.3%/yr | |
| Total debt | $37.5MFY2017 | $492.1MFY2026 | +33.1%/yr | |
| Net cash (debt) | $262.8MFY2017 | $867.6MFY2026 | +$604.8M | |
| Working capital | $236.4MFY2017 | $646.7MFY2026 | +$410.3M | |
| Book value per share | $10.97FY2017 | $34.23FY2026 | +13.5%/yr | |
| Current ratio | 1.61FY2017 | 1.53FY2026 | −0.08 | |
| Debt / equity | 0.05FY2017 | 0.21FY2026 | +0.16 | |
| Shares outstanding | 66.6MFY2017 | 68.4MFY2026 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HLI assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
HLI liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
HLI debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HLI balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.36B | $1.14B | $728.8M | $720.7M | $833.7M | $846.9M | $485.7M | $285.7M | $206.7M | $300.3M |
| Cash & equivalents | $1.19B | $971.0M | $721.2M | $714.4M | $833.7M | $846.9M | $380.4M | $285.7M | $206.7M | $300.3M |
| Short-term investments | $170.3M | $167.3M | $7.6M | $6.3M | $109.1M | $208.6M | $105.3M | $125.3M | $209.3M | $192.4M |
| Receivables | $499.6M | $415.1M | $424.5M | $314.8M | $248.8M | $226.5M | $125.0M | $151.4M | $131.9M | $129.3M |
| Inventory | $0 | $0 | $0 | $1.06B | $0 | $1.09B | $524.0M | $70.8M | $286.6M | $1.2M |
| Other current assets | $0 | $4.6M | $619,000 | $0 | $373,000 | $0 | $0 | $89.5M | $0 | $192.4M |
| Total current assets | $1.86B | $1.56B | $1.15B | $1.04B | $1.08B | $1.07B | $611.1M | $597.4M | $432.1M | $623.2M |
| Property, plant & equipment (net) | $142.9M | $512.0M | $480.7M | $422.2M | $224.1M | $198.4M | $177.6M | $31.0M | $32.1M | $30.4M |
| Goodwill & intangible assets | $1.60B | $1.50B | $1.32B | $1.29B | $1.32B | $866.2M | $812.8M | $794.6M | $723.3M | $715.3M |
| Long-term investments | $43.5M | $28.3M | $30.4M | $37.3M | $109.1M | $208.6M | $30.1M | $125.3M | $209.3M | $0 |
| Other non-current assets | $663.2M | $224.1M | $180.7M | $182.3M | $152.9M | $79.1M | $45.4M | $0 | $22.0M | $13.4M |
| Total assets | $4.31B | $3.82B | $3.17B | $2.97B | $2.89B | $2.43B | $1.68B | $1.42B | $1.42B | $1.38B |
| Liabilities | ||||||||||
| Accounts payable | $135.9M | $137.2M | $114.2M | $113.4M | $126.2M | $67.5M | $53.9M | $55.0M | $40.8M | $41.7M |
| Short-term debt | — | $49.9M | $759.2M | $31.6M | $34.7M | $29.1M | $29.5M | $27.8M | $10.0M | $4.9M |
| Deferred revenue | — | $48.2M | $33.1M | $40.7M | $28.8M | $27.9M | $26.8M | $27.8M | $3.6M | $3.7M |
| Total current liabilities | $1.21B | $1.13B | $873.3M | $920.0M | $1.17B | $812.1M | $501.0M | $525.9M | $432.3M | $386.8M |
| Long-term debt | $0 | $14.5M | $25.8M | $22.1M | $539,000 | $22.6M | $22.5M | $8.7M | $11.9M | $32.6M |
| Lease obligations | $492.1M | $438.2M | $415.4M | $374.9M | $197.1M | $174.5M | $154.2M | — | — | — |
| Other long-term liabilities | $643.5M | $501.9M | $434.9M | $413.4M | $272.8M | $207.8M | $169.1M | $0 | $121.9M | $232.6M |
| Total liabilities | $1.86B | $1.64B | $1.33B | $1.36B | $1.44B | $1.04B | $692.6M | $531.7M | $566.0M | $651.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $69,000 | $70,000 | $69,000 | $69,000 | $68,000 | $68,000 | $65,000 | $65,000 | $753.1M | $854.8M |
| Retained earnings (deficit) | $1.65B | $1.39B | $1.16B | $1.03B | $922.2M | $600.1M | $377.5M | $276.5M | $207.1M | $87.4M |
| Treasury stock | — | — | — | — | — | — | — | — | −$93.5M | −$193.6M |
| Accumulated other comprehensive income | −$48.9M | −$63.3M | −$66.6M | −$62.8M | −$43.3M | −$20.2M | −$43.1M | −$30.3M | −$14.0M | −$21.9M |
| Minority interest | $110.6M | $0 | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.34B | $2.17B | $1.84B | $1.61B | $1.44B | $1.38B | $984.4M | $891.3M | $852.8M | $730.5M |
| Key figures | ||||||||||
| Total debt | $492.1M | $438.2M | $415.4M | $374.9M | $197.6M | $175.3M | $158.9M | $36.5M | $21.8M | $37.5M |
| Net cash (debt) | $867.6M | $700.1M | $313.4M | $345.8M | $636.1M | $671.5M | $326.8M | $249.3M | $184.9M | $262.8M |
| Working capital | $646.7M | $429.5M | $280.6M | $115.8M | −$87.0M | $261.7M | $110.0M | $71.5M | −$184,000 | $236.4M |
| Tangible book value | $742.3M | $677.6M | $511.8M | $322.1M | $125.9M | $517.3M | $171.5M | $96.7M | $129.5M | $15.1M |
| Book value per share | $34.23 | $31.68 | $26.95 | $23.87 | $21.15 | $20.15 | $14.98 | $13.54 | $12.86 | $10.97 |
| Shares outstanding | 68.4M | 68.7M | 68.2M | 67.6M | 68.3M | 68.7M | 65.7M | 65.8M | 66.3M | 66.6M |
| Current ratio | 1.53 | 1.38 | 1.32 | 1.13 | 0.93 | 1.32 | 1.22 | 1.14 | 1.00 | 1.61 |
| Quick ratio | 1.53 | 1.38 | 1.32 | 1.13 | 0.93 | 1.32 | 1.22 | 0.83 | 0.78 | 1.11 |
| Debt / equity | 0.21 | 0.20 | 0.23 | 0.23 | 0.14 | 0.13 | 0.16 | 0.04 | 0.03 | 0.05 |
| Equity / assets | 54.4% | 56.9% | 57.9% | 54.3% | 50.0% | 57.0% | 58.7% | 62.6% | 60.1% | 52.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $797.0M | $1.36B | $1.14B | $1.08B | $837.1M | $1.14B | $874.8M | $721.8M | $459.2M | $728.8M | $560.9M | $497.9M |
| Cash & equivalents | $745.0M | $1.19B | $1.06B | $923.6M | $793.8M | $971.0M | $799.3M | $691.4M | $449.7M | $721.2M | $555.5M | $493.9M |
| Short-term investments | $52.0M | $170.3M | $84.1M | $155.9M | $43.3M | $167.3M | $75.5M | $30.4M | $9.5M | $7.6M | $5.3M | $3.9M |
| Receivables | $224.0M | $499.6M | $443.5M | $442.4M | $401.5M | $415.1M | $369.4M | $379.3M | $396.8M | $424.5M | $359.8M | $308.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $945.6M | $829.2M |
| Other current assets | $0 | $0 | $0 | $0 | $4.6M | $4.6M | $1.5M | $1.5M | $619,000 | $619,000 | $0 | $0 |
| Total current assets | $1.02B | $1.86B | $1.58B | $1.52B | $1.24B | $1.56B | $1.25B | $1.10B | $856.6M | $1.15B | $921.1M | $806.8M |
| Property, plant & equipment (net) | $555.0M | $142.9M | $556.6M | $497.8M | $514.8M | $512.0M | $496.0M | $508.5M | $505.6M | $480.7M | $487.3M | $483.1M |
| Goodwill & intangible assets | $1.60B | $1.60B | $1.49B | $1.49B | $1.50B | $1.50B | $1.50B | $1.37B | $1.37B | $1.32B | $1.33B | $1.28B |
| Long-term investments | $41.0M | $43.5M | $43.5M | $28.7M | $29.5M | $28.3M | $28.1M | $26.4M | $26.1M | $30.4M | $30.0M | $31.2M |
| Other non-current assets | $501.0M | $663.2M | $260.2M | $251.9M | $231.5M | $224.1M | $203.6M | $200.9M | $180.5M | $180.7M | $192.0M | $177.3M |
| Total assets | $3.72B | $4.31B | $3.94B | $3.79B | $3.52B | $3.82B | $3.48B | $3.21B | $2.94B | $3.17B | $2.96B | $2.78B |
| Liabilities | ||||||||||||
| Accounts payable | $122.0M | $135.9M | $107.7M | $108.9M | $105.6M | $137.2M | $123.1M | $104.7M | $110.1M | $114.2M | $100.3M | $95.1M |
| Short-term debt | — | — | $0 | $0 | $37.0M | $49.9M | $7.3M | $17.5M | $30.0M | $41.3M | $4.8M | $13.0M |
| Deferred revenue | — | — | — | — | $51.5M | $48.2M | $40.5M | $38.0M | $36.6M | $33.1M | $41.0M | $37.4M |
| Total current liabilities | $711.0M | $1.21B | $988.8M | $931.6M | $797.6M | $1.13B | $888.4M | $784.0M | $637.8M | $873.3M | $716.4M | $685.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $14.5M | $14.5M | $14.5M | $14.5M | $0 | $0 | $0 | $0 |
| Lease obligations | $493.0M | $492.1M | $497.1M | $432.9M | $440.4M | $438.2M | $433.0M | $431.2M | $435.2M | $415.4M | $420.1M | $419.4M |
| Other long-term liabilities | $641.0M | $643.5M | $654.2M | $614.8M | $527.9M | $501.9M | $492.3M | $457.2M | $475.6M | $460.7M | $473.2M | $450.3M |
| Total liabilities | $1.35B | $1.86B | $1.64B | $1.55B | $1.34B | $1.64B | $1.40B | $1.26B | $1.11B | $1.33B | $1.19B | $1.14B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $69,000 | $69,000 | $71,000 | $70,000 | $70,000 | $70,000 | $69,000 | $69,000 | $69,000 | $69,000 | $69,000 |
| Retained earnings (deficit) | $1.67B | $1.65B | $1.59B | $1.52B | $1.45B | $1.39B | $1.31B | $1.26B | $1.21B | $1.16B | $1.12B | $1.09B |
| Accumulated other comprehensive income | −$51.0M | −$48.9M | −$29.5M | −$29.0M | −$15.0M | −$63.3M | −$86.4M | −$38.2M | −$69.6M | −$66.6M | −$54.1M | −$79.7M |
| Minority interest | $110.0M | $110.6M | — | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.25B | $2.34B | $2.29B | $2.25B | $2.18B | $2.17B | $2.08B | $1.96B | $1.83B | $1.84B | $1.77B | $1.65B |
| Key figures | ||||||||||||
| Total debt | $493.0M | $492.1M | $497.1M | $432.9M | $440.4M | $438.2M | $433.0M | $431.2M | $435.2M | $415.4M | $420.1M | $419.4M |
| Net cash (debt) | $304.0M | $867.6M | $643.5M | $646.6M | $396.7M | $700.1M | $441.8M | $290.6M | $24.0M | $313.4M | $140.8M | $78.4M |
| Working capital | $310.0M | $646.7M | $595.4M | $590.3M | $445.6M | $429.5M | $357.2M | $318.6M | $218.8M | $280.6M | $204.6M | $121.6M |
| Tangible book value | $656.0M | $742.3M | $801.4M | $753.9M | $679.1M | $677.6M | $578.1M | $582.7M | $455.4M | $511.8M | $440.8M | $363.0M |
| Book value per share | $33.36 | $34.41 | $33.52 | $32.76 | $31.61 | $31.44 | $30.26 | $28.60 | $26.71 | $26.82 | $26.06 | $24.25 |
| Shares outstanding | 67.6M | 68.1M | 68.4M | 68.6M | 68.9M | 69.2M | 68.8M | 68.4M | 68.5M | 68.5M | 67.9M | 67.9M |
| Current ratio | 1.44 | 1.53 | 1.60 | 1.63 | 1.56 | 1.38 | 1.40 | 1.41 | 1.34 | 1.32 | 1.29 | 1.18 |
| Quick ratio | 1.44 | 1.53 | 1.60 | 1.63 | 1.55 | 1.38 | 1.40 | 1.40 | 1.34 | 1.32 | 1.29 | 1.18 |
| Debt / equity | 0.22 | 0.21 | 0.22 | 0.19 | 0.20 | 0.20 | 0.21 | 0.22 | 0.24 | 0.23 | 0.24 | 0.25 |
| Equity / assets | 60.7% | 54.4% | 58.3% | 59.2% | 61.9% | 56.9% | 59.9% | 60.9% | 62.2% | 57.9% | 59.8% | 59.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 22, 2026); data from EODHD.
HLI financial position
At the end of fiscal 2026 (March 31, 2026), Houlihan Lokey had total assets of $4.3 billion (up 12.8% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $2.3 billion. It held $1.4 billion in cash and short-term investments against $492.1 million of debt, a net cash position of $867.6 million. Its current ratio was 1.53. In the latest quarter (ended June 30, 2026) total assets were $3.7 billion and equity $2.3 billion.
Related: HLI income statement, HLI cash flow statement, HLI key metrics. See the HLI stock overview for the latest quote and news.
HLI balance sheet FAQ
What are Houlihan Lokey's total assets?
Houlihan Lokey reported total assets of $4.3 billion at the end of fiscal 2026 (March 31, 2026), compared with $3.8 billion a year earlier.
How much debt does Houlihan Lokey have?
Houlihan Lokey had $492.1 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.21.
How much cash does Houlihan Lokey have?
Houlihan Lokey held $1.4 billion in cash and short-term investments at the end of fiscal 2026; with $492.1 million of debt that is net cash of $867.6 million.
What is Houlihan Lokey's book value?
Houlihan Lokey's shareholders' equity (book value) was $2.3 billion at the end of fiscal 2026, or $34.23 per share.
What is Houlihan Lokey's current ratio?
Houlihan Lokey had current assets of $1.9 billion and current liabilities of $1.2 billion, a current ratio of 1.53 (it can cover its short-term obligations).
How much goodwill does Houlihan Lokey have?
Houlihan Lokey carried $1.6 billion of goodwill and intangible assets, 37.1% of total assets, at the end of fiscal 2026.