Houlihan Lokey, Inc. (HLI) Key Metrics
HLI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.05B
- Enterprise value
- $8.82B
- P/E (TTM)
- 21.7 10-yr median 20.1
- Forward P/E
- 15.0
- PEG ratio
- 6.54
- Price / sales
- 3.6 10-yr median 3.0
- Price / book
- 4.0 10-yr median 3.6
- EV / EBITDA
- 14.3 10-yr median 12.5
- Dividend yield
- 1.68% $2.80 a year
- Beta
- 1.01
HLI key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsHLI valuation Price multiples at each fiscal year-end price.
HLI returns How much profit the business earns on the capital it uses.
HLI per-share figures Results divided by the shares outstanding at year-end.
HLI financial health Debt, liquidity and how easily interest is covered.
HLI efficiency & capital use Working capital cycle and where the cash goes.
HLI valuation history
HLI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HLI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HLI cash returned to shareholders
HLI price vs earnings per share
HLI key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.83B | $11.09B | $8.74B | $5.91B | $5.99B | $4.57B | $3.43B | $3.02B | $2.96B | $2.29B |
| Enterprise value | $8.96B | $10.39B | $8.42B | $5.57B | $5.36B | $3.90B | $3.10B | $2.77B | $2.77B | $2.03B |
| P/E ratio | 23.1 | 27.7 | 31.2 | 23.3 | 13.7 | 14.6 | 18.6 | 19.0 | 17.2 | 21.2 |
| Price / sales | 3.8 | 4.6 | 4.6 | 3.3 | 2.6 | 3.0 | 3.0 | 2.8 | 3.1 | 2.6 |
| Price / book | 4.2 | 5.1 | 4.8 | 3.7 | 4.2 | 3.3 | 3.5 | 3.4 | 3.5 | 3.1 |
| Price / free cash flow | 14.4 | 13.7 | 33.4 | 69.1 | 8.2 | 8.1 | 12.8 | 13.9 | 12.2 | 10.7 |
| Price / operating cash flow | 14.0 | 13.1 | 26.6 | 43.4 | 8.1 | 7.9 | 11.9 | 13.5 | 11.8 | 10.0 |
| EV / sales | 3.4 | 4.3 | 4.4 | 3.1 | 2.4 | 2.6 | 2.7 | 2.6 | 2.9 | 2.3 |
| EV / EBITDA | 14.8 | 17.4 | 19.7 | 12.8 | 8.1 | 9.2 | 12.6 | 11.9 | 12.5 | 10.6 |
| EV / free cash flow | 13.1 | 12.8 | 32.2 | 65.1 | 7.4 | 6.9 | 11.6 | 12.7 | 11.4 | 9.5 |
| Earnings yield | 4.3% | 3.6% | 3.2% | 4.3% | 7.3% | 6.8% | 5.4% | 5.3% | 5.8% | 4.7% |
| Free cash flow yield | 6.9% | 7.3% | 3.0% | 1.4% | 12.1% | 12.4% | 7.8% | 7.2% | 8.2% | 9.4% |
| Dividend yield | 1.8% | 1.5% | 1.7% | 2.4% | 1.9% | 2.0% | 2.4% | 2.2% | 1.8% | 2.4% |
| Shareholder yield (dividends + buybacks) | 3.6% | 2.0% | 2.0% | 3.2% | 7.0% | 4.3% | 3.2% | 4.5% | 2.4% | 2.4% |
| Share price at fiscal year-end | $143.62 | $161.50 | $128.19 | $87.49 | $87.80 | $66.51 | $52.12 | $45.85 | $44.60 | $34.45 |
| Per share | ||||||||||
| Revenue per share | $38.25 | $34.80 | $28.09 | $26.77 | $33.25 | $22.21 | $17.64 | $16.47 | $14.53 | $13.10 |
| Earnings per share | $6.22 | $5.82 | $4.11 | $3.76 | $6.41 | $4.55 | $2.80 | $2.42 | $2.60 | $1.63 |
| Operating cash flow per share | $10.29 | $12.36 | $4.82 | $2.02 | $10.79 | $8.44 | $4.38 | $3.41 | $3.78 | $3.44 |
| Free cash flow per share | $9.96 | $11.78 | $3.84 | $1.27 | $10.66 | $8.24 | $4.06 | $3.30 | $3.66 | $3.23 |
| Cash per share | $19.87 | $16.58 | $10.69 | $10.66 | $12.21 | $12.33 | $7.39 | $4.34 | $3.12 | $4.51 |
| Book value per share | $34.23 | $31.68 | $26.95 | $23.87 | $21.15 | $20.15 | $14.98 | $13.54 | $12.86 | $10.97 |
| Tangible book value per share | $10.85 | $9.87 | $7.51 | $4.77 | $1.84 | $7.53 | $2.61 | $1.47 | $1.95 | $0.23 |
| Dividends per share | $2.54 | $2.41 | $2.18 | $2.08 | $1.68 | $1.34 | $1.23 | $1.02 | $0.79 | $0.83 |
| Capex per share | $0.33 | $0.58 | $0.98 | $0.75 | $0.13 | $0.21 | $0.32 | $0.10 | $0.12 | $0.22 |
| Debt per share | $7.19 | $6.38 | $6.09 | $5.55 | $2.90 | $2.55 | $2.42 | $0.55 | $0.33 | $0.56 |
| Shares outstanding | 68.4M | 68.7M | 68.2M | 67.6M | 68.3M | 68.7M | 65.7M | 65.8M | 66.3M | 66.6M |
| Change in shares outstanding | −0.3% | +0.7% | +0.8% | −1.0% | −0.6% | +4.5% | −0.2% | −0.7% | −0.4% | +4.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.8% | 19.9% | 16.2% | 16.6% | 31.0% | 26.4% | 19.6% | 18.2% | 21.8% | 15.7% |
| Return on invested capital (ROIC) | 31.6% | 25.2% | 18.7% | 25.8% | 58.5% | 45.6% | 27.6% | 23.7% | 29.9% | 21.4% |
| Return on assets (ROA) | 10.5% | 11.4% | 9.1% | 8.7% | 16.5% | 15.2% | 11.9% | 11.2% | 12.3% | 8.8% |
| Return on tangible assets | 15.7% | 17.2% | 15.2% | 15.2% | 27.9% | 20.1% | 21.3% | 25.3% | 24.8% | 16.2% |
| Free cash flow margin | 26.0% | 33.9% | 13.7% | 4.7% | 32.1% | 37.1% | 23.0% | 20.1% | 25.2% | 24.6% |
| Income quality (OCF / net income) | 1.65 | 2.12 | 1.17 | 0.54 | 1.68 | 1.85 | 1.57 | 1.41 | 1.45 | 2.12 |
| Financial health | ||||||||||
| Total debt | $492.1M | $438.2M | $415.4M | $374.9M | $197.6M | $175.3M | $158.9M | $36.5M | $21.8M | $37.5M |
| Cash & short-term investments | $1.36B | $1.14B | $728.8M | $720.7M | $833.7M | $846.9M | $485.7M | $285.7M | $206.7M | $300.3M |
| Net debt | −$867.6M | −$700.1M | −$313.4M | −$345.8M | −$636.1M | −$671.5M | −$326.8M | −$249.3M | −$184.9M | −$262.8M |
| Debt / equity | 0.21 | 0.20 | 0.23 | 0.23 | 0.14 | 0.13 | 0.16 | 0.04 | 0.03 | 0.05 |
| Debt / assets | 0.11 | 0.11 | 0.13 | 0.13 | 0.07 | 0.07 | 0.09 | 0.03 | 0.02 | 0.03 |
| Net debt / EBITDA | −1.43 | −1.17 | −0.73 | −0.79 | −0.96 | −1.59 | −1.32 | −1.07 | −0.83 | −1.38 |
| 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 | −0.02 | 0.93 | −0.02 | 0.17 | 1.00 | 0.34 | 1.61 |
| Interest coverage | — | — | — | 124.8 | 64.5 | 746.2 | 402.1 | 342.3 | — | — |
| Working capital | $646.7M | $429.5M | $280.6M | $115.8M | −$87.0M | $261.7M | $110.0M | $71.5M | −$184,000 | $236.4M |
| Invested capital | $1.47B | $1.47B | $1.52B | $1.27B | $807.6M | $712.0M | $657.6M | $642.1M | $667.9M | $467.6M |
| Tangible asset value | $852.9M | $677.6M | $511.8M | $322.1M | $125.9M | $517.3M | $171.5M | $96.7M | $129.5M | $15.1M |
| Net current asset value | $3.3M | −$86.8M | −$180.1M | −$319.7M | −$360.3M | $31.2M | −$81.6M | $65.7M | −$134.0M | −$28.7M |
| Graham number | $69.21 | $64.42 | $49.93 | $44.95 | $55.24 | $45.44 | $30.70 | $27.13 | $27.41 | $20.04 |
| Graham net-net per share | −$1.78 | −$2.84 | −$4.21 | $1.93 | −$6.19 | $7.57 | $2.26 | −$1.47 | −$1.77 | −$3.82 |
| Capital allocation | ||||||||||
| Dividends paid | $174.0M | $165.2M | $148.5M | $140.4M | $114.8M | $92.0M | $80.7M | $66.9M | $52.1M | $55.3M |
| Share buybacks (net) | $175.4M | $52.5M | $25.0M | $48.7M | $304.8M | $102.2M | $29.6M | $69.6M | $18.1M | $0 |
| Dividend payout ratio | 40.9% | 41.3% | 53.0% | 55.2% | 26.2% | 29.4% | 43.9% | 42.1% | 30.2% | 51.0% |
| Dividends + buybacks / free cash flow | 51.3% | 26.9% | 66.3% | 221.0% | 57.6% | 34.3% | 41.3% | 62.7% | 28.9% | 25.7% |
| Capex / revenue | 0.9% | 1.7% | 3.5% | 2.8% | 0.4% | 0.9% | 1.8% | 0.6% | 0.8% | 1.7% |
| Capex / operating cash flow | 3.2% | 4.7% | 20.3% | 37.2% | 1.2% | 2.4% | 7.2% | 3.0% | 3.1% | 6.3% |
| Capex / depreciation | 0.52 | 0.96 | 2.34 | 0.87 | 0.18 | 0.93 | 1.20 | 0.46 | 0.98 | 1.63 |
| Stock-based compensation / revenue | 7.7% | 7.0% | 8.7% | 8.7% | 4.0% | 4.1% | 5.6% | 5.2% | 4.9% | 4.5% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 7.7% | 7.9% | 16.8% | 7.9% | 5.6% | 6.3% | 8.0% | 7.7% | 6.7% | 6.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 63.8 | 64.1 | 70.5 | 56.8 | 38.2 | 42.1 | 43.5 | 47.7 | 49.5 | 57.2 |
| Days of inventory on hand | — | — | — | 347.3 | — | 303.4 | 147.1 | 94.2 | 82.5 | 16.5 |
| Days payables outstanding | 1,169.3 | 31.2 | 35.3 | 39.3 | 25.1 | 22.8 | 26.9 | 25.3 | 23.6 | 23.8 |
| Cash conversion cycle (days) | -1,105.6 | 32.9 | 35.2 | 364.8 | 13.1 | 322.7 | 163.7 | 116.6 | 108.3 | 49.8 |
| Receivables turnover | 5.72 | 5.69 | 5.18 | 6.42 | 9.55 | 8.68 | 8.39 | 7.66 | 7.38 | 6.38 |
| Payables turnover | 0.31 | 11.69 | 10.35 | 9.29 | 14.55 | 16.01 | 13.55 | 14.45 | 15.45 | 15.31 |
| Inventory turnover | — | — | — | 1.05 | — | 1.20 | 2.48 | 3.87 | 4.42 | 22.18 |
| Asset turnover | 0.64 | 0.68 | 0.62 | 0.62 | 0.85 | 0.74 | 0.75 | 0.76 | 0.69 | 0.71 |
| Average receivables | $457.3M | $419.8M | $369.6M | $281.8M | $237.7M | $175.8M | $138.2M | $141.6M | $130.6M | $136.7M |
| Average payables | $136.6M | $125.7M | $113.8M | $119.8M | $96.8M | $60.7M | $54.5M | $47.9M | $41.2M | $38.0M |
| Average inventory | — | — | — | $1.06B | — | $807.4M | $297.4M | $178.7M | $143.9M | $26.2M |
| Intangibles / total assets | 37.1% | 39.2% | 41.8% | 43.5% | 45.6% | 35.7% | 48.5% | 55.8% | 51.0% | 51.7% |
Computed from HLI's annual financial statements (latest annual report filed May 22, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HLI valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Houlihan Lokey traded at 23.1 times earnings, against a 10-year median of 20.1. Based on the latest twelve months, the trailing P/E is 21.7 and the forward P/E is 15.0. Houlihan Lokey earned a return on equity of 18.8% and a return on invested capital of 31.6% in fiscal 2026. It ended the year with $492.1 million of debt and $1.4 billion in cash and short-term investments, a net cash position of $867.6 million. It returned $349.5 million to shareholders: $174.0 million in dividends and $175.4 million in share buybacks, 51% of free cash flow.
See the HLI income statement, the HLI chart for price history, or the HLI stock overview for the latest quote and news.
HLI key metrics FAQ
What is Houlihan Lokey's P/E ratio?
Houlihan Lokey's trailing P/E ratio is 21.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.0. At the end of fiscal 2026 it was 23.1, compared with a 10-year median of 20.1.
What is Houlihan Lokey's EV/EBITDA?
Houlihan Lokey's enterprise value was 14.8 times EBITDA at the end of fiscal 2026 (enterprise value $9.0 billion, EBITDA $604.9 million); the current EV/EBITDA is 14.3.
What is Houlihan Lokey's return on equity?
Houlihan Lokey's return on equity (ROE) was 18.8% in fiscal 2026: net income of $425.7 million on average shareholders' equity of $2.3 billion.
What is Houlihan Lokey's ROIC?
Houlihan Lokey's return on invested capital was 31.6% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Houlihan Lokey have?
Houlihan Lokey had total debt of $492.1 million at the end of fiscal 2026, a debt-to-equity ratio of 0.21 and more cash than debt.
What is Houlihan Lokey's dividend yield?
Houlihan Lokey's forward dividend yield is 1.68%. Houlihan Lokey paid $174.0 million in dividends in fiscal 2026 ($2.54 per share), a payout ratio of 40.9%.
Does Houlihan Lokey buy back its shares?
Yes. Houlihan Lokey spent $175.4 million on net share repurchases in fiscal 2026 Shares outstanding changed −0.3% over the year, to 68.4M..
What is Houlihan Lokey's free cash flow yield?
Houlihan Lokey generated $681.8 million of free cash flow in fiscal 2026, a free cash flow yield of 6.9% on its market value at year-end ($9.8 billion).
What is Houlihan Lokey's current ratio?
Houlihan Lokey's current ratio was 1.53 at the end of fiscal 2026: current assets were 1.53 times current liabilities.