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Houlihan Lokey HLI Gross margin

Gross margin at other companies

Jefferies Financial Group logo
Jefferies Financial GroupJEF
97.7%+0.8pp
CBRE Group logo
CBRE GroupCBRE
18.4%-0.9pp
Fidelity National Information Services logo
Fidelity National Information ServicesFIS
36.4%-0.7pp

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$9.72B-11.5%
Enterprise value$9.02B-13.6%
P/E22.8×-4.7×
P/S3.7×-0.9×

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 official record: Houlihan Lokey’s 10-Q, filed February 3, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

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?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.