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Houlihan Lokey HLI Gross margin

Gross margin at other companies

Jefferies Financial Group logo
Jefferies Financial GroupJEF
98%+1.2pp
FTI Consulting logo
FTI ConsultingFCN
31.8%+0.2pp
CRA International logo
CRA InternationalCRAI
29%-3.0pp

Other financials

Income statement

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Revenue$635.6M-4.6%
Gross profit$230.7M+15.9%
Operating income$125.1M-11.3%
Net income$99.8M-18.1%
EPS (diluted)$1.48-16.4%

Balance sheet

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Cash & equivalents$1.2B+22.5%
Total debt$492.1M+12.3%
Total assets$4.3B+12.8%

Cash flow

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Operating cash flow$293.0M-18.2%
CapEx$6.3M-56.8%
Free cash flow$286.8M-16.6%

Valuation

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Market cap$8.96B-33.6%
Enterprise value$8.26B-37.2%
P/E21×-12.0×
P/S3.4×-2.0×

Profitability

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Operating margin20.1%-0.9pp
Net margin16.3%-0.5pp
FCF margin26%-7.8pp

Returns & leverage

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Return on equity9.5%

Where this comes from

Calculated from Houlihan Lokey’s reported figures.

Based on trailing twelve months.

The source filing: Houlihan Lokey’s 10-Q, filed February 3, 2026. Open the filing →

Filed
Feb 3, 2026, 4:38 PM EST
Fiscal quarter
Q3 FY2026
Calendar quarter
Q4 2025
Accession
0001302215-26-000007

FAQ

What is Houlihan Lokey's gross margin?
Houlihan Lokey (HLI) reported gross margin of 32.8% in Q4 2025.
How has Houlihan Lokey's gross margin changed year-over-year?
Houlihan Lokey's gross margin increased by 4.4% year-over-year, from 31.4% to 32.8%.
What is the long-term trend for Houlihan Lokey's gross margin?
Over 4 years (2021 to 2025), Houlihan Lokey's gross margin has grown at a -1.4% compound annual growth rate (CAGR), from 34.2% to 32.3%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

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