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Houlihan Lokey HLI Stock-Based Comp

Stock-Based Comp at other companies

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Goldman Sachs GroupGS
$2.53B+4.7%
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$219.59M+21.4%
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Moelis & CompanyMC
$72.21M-16.3%
PJT Partners logo
PJT PartnersPJT
$85.13M-4.1%
Perella Weinberg Partners logo
Perella Weinberg PartnersPWP
$30.97M+17.3%
Jefferies Financial Group logo
Jefferies Financial GroupJEF
$22.93M+26.0%

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 us-gaap:AllocatedShareBasedCompensationExpense.

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
(In thousands)Year Ended March 31, 2026Year Ended March 31, 2025Year Ended March 31, 2024
Non-cash lease expense39,32637,30332,908
Depreciation and amortization42,63441,27028,536
Revaluation of acquisition contingent consideration17,895(1,047)(10,373)
Compensation expense – equity and liability classified share awards201,304168,443166,595
Other(1,673)(1,449)(876)
Changes in operating assets and liabilities:
Accounts receivable32,633(55,698)(23,828)
Unbilled work in progress(115,148)33,770(77,477)

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's stock-based comp?
Houlihan Lokey (HLI) reported stock-based comp of $51.53M in Q1 2026.
How has Houlihan Lokey's stock-based comp changed year-over-year?
Houlihan Lokey's stock-based comp increased by 15.9% year-over-year, from $44.46M to $51.53M.
What is the long-term trend for Houlihan Lokey's stock-based comp?
Over 4 years (2022 to 2026), Houlihan Lokey's stock-based comp has grown at a 21.7% compound annual growth rate (CAGR), from $91.88M to $201.3M.
What does stock-based comp mean?
Total non-cash stock-based compensation expense for equity awards (RSUs, options, ESPP), added back to net income in cash flow reconciliation.

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