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Houlihan Lokey HLI Corporate Finance — Non-compensation expense

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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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Gross margin32.8%+1.4pp
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

Reported directly by Houlihan Lokey in its filing.

Tagged under the XBRL concept hli:NonCompensationExpense.

The source filing: Houlihan Lokey’s 10-K, filed May 22, 2026.

Filed
May 22, 2026, 4:43 PM EDT
Fiscal year
FY2026
Accession
0001302215-26-000053
Line itemYear Ended March 31, 2026Year Ended March 31, 2025Year Ended March 31, 2024
Financial Restructuring299,614289,979282,431
Financial and Valuation Advisory188,526175,412155,502
Non-compensation expense by segment
Corporate Finance198,103181,020166,221
Financial Restructuring49,94845,19345,437
Financial and Valuation Advisory62,11954,18755,670
Segment profit
Corporate Finance581,240474,423302,533

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's corporate finance — non-compensation expense?
Houlihan Lokey (HLI) reported corporate finance — non-compensation expense of $49.96M in Q1 2026.
How has Houlihan Lokey's corporate finance — non-compensation expense changed year-over-year?
Houlihan Lokey's corporate finance — non-compensation expense increased by 13.4% year-over-year, from $44.08M to $49.96M.
What is the long-term trend for Houlihan Lokey's corporate finance — non-compensation expense?
Over 3 years (2023 to 2026), Houlihan Lokey's corporate finance — non-compensation expense has grown at a 9.9% compound annual growth rate (CAGR), from $149.17M to $198.1M.
What does corporate finance — non-compensation expense mean?
Operating costs incurred by the Corporate Finance segment excluding personnel-related expenses, such as travel, technology, occupancy, and professional fees. This metric tracks the operational overhead required to support advisory activities.

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