Houlihan Lokey (HLI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $8.7B, Houlihan Lokey's free cash flow of $682M (fiscal 2026) would need to grow about -1% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Houlihan Lokey's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from HLI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Houlihan Lokey's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $1.8B | $1.9B | $2.4B | $2.6B |
| Net income | $438M | $254M | $280M | $400M | $426M |
| Free cash flow | $728M | $86M | $262M | $809M | $682M |
| EPS (diluted) | $6.41 | $3.76 | $4.11 | $5.82 | $6.22 |
| Operating margin | 27.0% | 18.9% | 19.5% | 21.0% | 20.1% |
Where the revenue comes from
Revenue by segments, fiscal 2026.
Superinvestors who own HLI
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $117M | 0.18% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $85M | 0.07% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $65M | 0.02% | Q2 2026 |
| John Rogers Ariel Investments |
New position | $33M | 0.33% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Trimmed | $12,072 | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by Houlihan Lokey's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 3, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $162.16 | — |
| Mar 3, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $162.16 | — |
| Feb 13, 2026 | Michael T. Mccaul |
0 | $165.85 | — |
| Feb 13, 2026 | Michael T. Mccaul |
0 | $165.85 | — |
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In the full deep dive
Questions
What growth does Houlihan Lokey's stock price imply?
At a market value of $8.7B, Houlihan Lokey would need its free cash flow to grow about -1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 12% a year.
Are Houlihan Lokey insiders buying the stock?
4 open-market insider purchases of HLI in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Houlihan Lokey?
5 of the superinvestors Investingly tracks hold HLI in their latest 13F, including Ron Baron, Hersh Cohen, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.