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Asset management · Financial Services · Fiscal year ends Mar 31
Houlihan Lokey reported revenue of $2.6B in the fiscal year ended Mar 2026, up 9.5% from the year before. Operating income was $527M, an operating margin of 20.1%, and net income was $426M. Operating cash flow of $704M less capital expenditure of $22M left free cash flow of $682M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 2,270 | 1,809 | 1,914 | 2,389 | 2,618 |
| Gross profit | 795 | 557 | 571 | 772 | – |
| Operating income | 613 | 342 | 373 | 503 | 527 |
| Pre-tax income | 604 | 324 | 391 | 531 | 562 |
| Income tax | 166 | 69.8 | 110 | 132 | 138 |
| Net income | 438 | 254 | 280 | 400 | 426 |
| Diluted EPS | 6.41 | 3.76 | 4.11 | 5.82 | 6.22 |
| Diluted shares | 68.3 | 67.6 | 68.2 | 68.7 | 68.4 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 834 | 714 | 721 | 971 | 1,189 |
| Net PP&E | 52.2 | 88.3 | 137 | 149 | 143 |
| Goodwill | 1,070 | 1,088 | 1,127 | 1,285 | 1,396 |
| Total assets | 2,887 | 2,969 | 3,171 | 3,820 | 4,309 |
| Deferred revenue | 28.8 | 40.7 | 33.1 | 48.2 | 39.0 |
| Total liabilities | 1,443 | 1,356 | 1,334 | 1,645 | 1,856 |
| Shareholders' equity | 1,444 | 1,613 | 1,837 | 2,175 | 2,342 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 737 | 136 | 328 | 849 | 704 |
| Capital expenditure | 8.7 | 50.7 | 66.7 | 39.7 | 22.3 |
| Free cash flow | 728 | 85.5 | 262 | 809 | 682 |
| Depreciation & amortisation | 48.5 | 58.2 | 28.5 | 41.3 | 42.6 |
| Stock-based compensation | 91.9 | 157 | 167 | 168 | 201 |
| Acquisitions | 361 | 20.4 | 3.9 | 69.2 | 2.5 |
| Share buybacks | 305 | 48.7 | 25.0 | 52.5 | 175 |
| Dividends paid | 115 | 140 | 148 | 165 | 174 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −20.3% | 5.8% | 24.8% | 9.5% |
| Operating income growth (YoY) | – | −44.2% | 9.2% | 34.7% | 4.9% |
| EPS growth (YoY) | – | −41.3% | 9.3% | 41.6% | 6.9% |
| Gross margin | 35.0% | 30.8% | 29.8% | 32.3% | – |
| Operating margin | 27.0% | 18.9% | 19.5% | 21.0% | 20.1% |
| Net margin | 19.3% | 14.0% | 14.6% | 16.7% | 16.3% |
| Return on equityBlank when equity is negative | 30.3% | 15.8% | 15.3% | 18.4% | 18.2% |
| Free cash flow margin | 32.1% | 4.7% | 13.7% | 33.9% | 26.0% |
| Cash conversion (CFO ÷ net income) | 1.68x | 0.54x | 1.17x | 2.12x | 1.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.