HLIHOULIHAN LOKEY, INC.
Investment Advice
- Revenue
- $2.6B
- 9.5% YoY
- Operating margin
- 20.1%
- 4.3% YoY
- EBITDA
- $570M
- 4.7% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.2×
- −$703M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear166% of net incomeCash flow under 80% of net income
- Dilutive SBCClear8% of revenueOver 10% of revenue
- Payouts exceed cash flowClear50% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear37% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.3B | $1.8B | $1.9B | $2.4B | $2.6B | 9.5% |
| Operating income | $613M | $342M | $373M | $503M | $527M | 4.9% |
| Net income | $438M | $254M | $280M | $400M | $424M | 6.0% |
| Operating cash flow | $737M | $136M | $328M | $849M | $704M | 17% |
| Capex | $9M | $51M | $67M | $40M | $22M | 44% |
| Stock-based comp | $92M | $157M | $167M | $168M | $201M | 20% |
| Buybacks | $305M | $49M | $25M | $53M | $175M | 234% |
| Dividends | $115M | $140M | $148M | $165M | $174M | 5.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $140K · 1
- Net
- −$140K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 237 | 159 |
| FY2025 | — | — | 263 | 158 |
| FY2024 | — | — | 205 | 131 |
| FY2023 | — | — | 137 | 98 |
| FY2022 | — | — | 135 | 115 |