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Houlihan Lokey HLI Financial and Valuation Advisory — 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
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
Financial Restructuring179,093209,306194,116
Financial and Valuation Advisory93,58288,58374,422

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's financial and valuation advisory — non-compensation expense?
Houlihan Lokey (HLI) reported financial and valuation advisory — non-compensation expense of $15.53M in Q1 2026.
How has Houlihan Lokey's financial and valuation advisory — non-compensation expense changed year-over-year?
Houlihan Lokey's financial and valuation advisory — non-compensation expense increased by 14.6% year-over-year, from $13.55M to $15.53M.
What is the long-term trend for Houlihan Lokey's financial and valuation advisory — non-compensation expense?
Over 2 years (2024 to 2026), Houlihan Lokey's financial and valuation advisory — non-compensation expense has grown at a 5.6% compound annual growth rate (CAGR), from $55.67M to $62.12M.
What does financial and valuation advisory — non-compensation expense mean?
Operating expenses incurred by the Financial and Valuation Advisory segment excluding personnel costs, such as travel, technology, office overhead, and professional fees. This metric measures the operational efficiency of the segment's support structure.

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