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HLI

HOULIHAN LOKEY, INC.
6 filings tracked
financialsasset managementLARGE ($10B-200B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Houlihan Lokey has demonstrated impressive operational resilience in its fiscal 2026 results, reporting a 10% increase in total revenue to $2.62 billion.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the top-line growth, a closer look at the cost structure reveals a precarious reliance on human capital. Compensation expenses now consume 64% of total revenue, creating a high fixed-cost base that threatens margins if deal flow decelerates.…

Risk Factors

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Synthesis (Verdict & Resolution)

The fiscal 2026 filing paints a picture of a high-performing advisory powerhouse that is successfully navigating a volatile macroeconomic environment. The synergy between its growth-oriented Corporate Finance arm and its defensive Financial Restructuring practice has allowed the firm to grow net income to $425.7 million. However, the trade-off for this growth is a heightened sensitivity to talent costs and a concentrated ownership structure that limits minority shareholder agency. Ultimately, Houlihan Lokey's success depends on its ability to maintain its premium positioning in the mid-cap market while managing the inherent volatility of success-based fees. With over $1.3 billion in unrestricted cash and a disciplined approach to capital returns via dividends and buybacks, the firm is well-positioned for the short term, though long-term valuation will likely be tied to its ability to improve operational leverage and manage its significant intangible asset base.

Selected Quarter

Core Takeaway

HLI is growing revenues and profits through mid-cap M&A leadership, but high compensation ratios and concentrated voting power remain key risks.

Investor Lens

The trade-off between aggressive market share capture in M&A and the resulting pressure on operating margins.

Watch Next

The stability of the Financial Restructuring segment revenue as interest rates potentially normalize.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.12Q2 '26 (10-K)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-K)
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%
bullishMay 22

Corporate Finance segment profit grew 23%, significantly outpacing revenue growth.

margin expansion
70%
bearishMay 22

Compensation expenses remain high at 64% of revenue, limiting overall operational leverage.

margin compression
50%
bullishMay 22

Active share repurchase program with $230 million remaining under the current authorization.

buyback
60%
bearishMay 22

Paid $15 million SEC penalty regarding off-channel communications compliance.

regulatory action
30%

Filing History

10-KMay 22, 2026
Expand Sequence

The fiscal 2026 filing paints a picture of a high-performing advisory powerhouse that is successfully navigating a volatile macroeconomic environment. The synergy between its growth-oriented Corporate Finance arm and its defensive Financial Restructuring practice has allowed the firm to grow net income to $425.7 million. However, the trade-off for this growth is a heightened sensitivity to talent costs and a concentrated ownership structure that limits minority shareholder agency. Ultimately, Houlihan Lokey's success depends on its ability to maintain its premium positioning in the mid-cap market while managing the inherent volatility of success-based fees. With over $1.3 billion in unrestricted cash and a disciplined approach to capital returns via dividends and buybacks, the firm is well-positioned for the short term, though long-term valuation will likely be tied to its ability to improve operational leverage and manage its significant intangible asset base.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.