What is the 13F Pro Quality Score for HLI?

13F Pro ranks HOULIHAN LOKEY, INC. (HLI) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View HLI's current score at https://13fpro.ai/research/HLI (free sign-up required for the full ranking).

Where does 13F Pro source HLI data?

All HOULIHAN LOKEY, INC. fundamentals and ownership data come directly from SEC EDGAR. HOULIHAN LOKEY, INC. files with the SEC under CIK 1302215. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is HLI in?

HOULIHAN LOKEY, INC. (HLI) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives HLI's revenue?

Per HOULIHAN LOKEY, INC.'s latest 10-K filed with the SEC on 2026-05-22, the biggest revenue drivers are: Corporate Finance ($1.74B, +14% YoY); Financial Restructuring ($529M, -3% YoY); Financial and Valuation Advisory ($344M, +8% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/HLI.

What are HLI's largest expenses?

HOULIHAN LOKEY, INC.'s latest 10-K reports these as the largest expense items: Employee compensation and benefits ($1.61B, +10% YoY); Non-compensation expenses ($407M, +12% YoY). Sourced directly from SEC EDGAR filing text for FY2026 (year ended March 31, 2026).

How often is HLI research updated on 13F Pro?

HLI's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

HOULIHAN LOKEY, INC.(HLI)Stock Analysis

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13F Pro Quality Score

67.3/100

Rank #471 of 2,879 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

44.2/100

Profitability

79.6/100

Balance Sheet

86.1/100

Earnings Quality

49.1/100

Free Cash Flow

82.3/100

Institutional Flow

75.1/100

Revenue Scale

67.0/100

Dilution Risk

20.1/100

HLI Stock Analysis & AI Quality Score

AI stock analysis and institutional research for HOULIHAN LOKEY, INC. (HLI), a Financials sector company. 13F Pro's AI-powered ranking engine scores HLI at 67.3/100 on a 32-signal composite quality model, placing it at rank #471 of 2,879 stocks — the top 25% of the AI-ranked universe. HLI scores in the top quartile across balance sheet strength (86.1), free cash flow (82.3), profitability (79.6). Shareholder dilution risk is elevated at 20.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q4 2026), HOULIHAN LOKEY, INC. reports quarterly revenue of $635.6M, net income of $99.8M, an operating margin of 19.7%. Top institutional holders of HLI by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT, based on the most recent SEC filings. HLI trades on the NYSE exchange and files with the SEC under CIK 1302215. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HLI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for HOULIHAN LOKEY, INC. directly from SEC EDGAR. HOULIHAN LOKEY, INC.'s 13F Pro composite quality score has ranged between 8 and 79 since 2021, currently 67.3 — a stable long-term trajectory across 56 quarterly and live scoring snapshots.

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Fun facts about HOULIHAN LOKEY, INC.

Quirks, history, and lore behind HLI — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · mid-cap · listed on the NYSE · headquartered in Los Angeles, California.
2
The Numbers
Annual revenues in the range of $2 billion, with a workforce of roughly 2,500 professionals spread across offices on multiple continents.
3
The History
Founded in 1972, it spent decades as a quietly elite independent advisory firm before going public on the NYSE in 2015.
4
The Secret
Unlike bulge-bracket rivals, it has no trading desk and no balance sheet risk — pure advice, pure fees, no drama.
5
The Lore
It is the world's #1 advisor on restructuring and distressed deals — when a company is going belly-up, this is the firm everyone calls.
6
The Giveaway
Its name sounds like a fancy law firm from 1890, its ticker is HLI, and it has quietly become the most powerful independent investment bank you've probably never heard of.

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What's Driving HLI's Business? Latest 10-K Breakdown

✓ 14/14 datapoints verified

AI-extracted from HOULIHAN LOKEY, INC.'s 10-K filed 2026-05-22 — FY2026 (year ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Houlihan Lokey reported FY2026 revenues of $2.62 billion, up 10% YoY, driven by 14% growth in Corporate Finance amid favorable M&A markets.

Biggest Revenue Drivers

Total revenue: $2.62B+10% YoY

Corporate Finance$1.74B+14% YoY

Increase primarily due to higher number of closed transactions driven by favorable market conditions

Financial Restructuring$529M-3% YoY

Decrease primarily due to fewer closed transactions driven by less favorable market conditions for restructuring

Financial and Valuation Advisory$344M+8% YoY

Increase primarily due to higher average fee per engagement, driven by improvements in M&A markets

Largest Expense Items

Employee compensation and benefits$1.61B+10% YoY

Increase primarily due to higher revenues; compensation ratio remained at 64%

Non-compensation expenses$407M+12% YoY

Increases in revaluation of acquisition contingent consideration, travel, and IT/communications

Margins: Operating income grew 5% to $527M despite revenue growth of 10%, reflecting margin pressure from non-compensation expenses rising 12%. The compensation ratio was stable at 64%, but higher acquisition-related contingent consideration revaluations and operating cost growth constrained overall profitability expansion.

Watch Items from the Filing

FR revenue declined 3% YoY to $529M amid 'less favorable market conditions for restructuring'; segment profit fell 14% despite only 3% revenue decline, indicating margin compression.
International revenues comprise 32.2% of total ($842M), with goodwill and intangibles representing $1.60B (37% of total assets), creating material impairment risk if valuations decline.
Redeemable noncontrolling interest of $111M related to Audere Partners acquisition with put/call redemption features exercisable over ~3 years creates future cash outflow obligation.
Bad debt provision of $7.7M in FY2026 vs. $9.3M in FY2025; client bankruptcy risk remains given FR business model dependency on distressed company insolvency proceedings.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-K on SEC EDGAR →Share on X

Revenue

Q4 2026

$635.6M

Net Income

Q4 2026

$99.8M

Free Cash Flow

Q4 2026

$286.8M

Operating Margin

Q4 2026

19.7%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+9.5% YoY

$2.62BFY 2026

FY21 $1.53BFY24 $1.91BFY25 $2.39BFY26 $2.62B

Net Income

+6.5% YoY

$425.7MFY 2026

FY21 $312.8MFY24 $280.3MFY25 $399.7MFY26 $425.7M

Operating Income

+4.9% YoY

$527.0MFY 2026

FY21 $408.2MFY24 $373.2MFY25 $502.6MFY26 $527.0M

EPS (Diluted)

+6.9% YoY

$6.22FY 2026

FY21 $4.55FY24 $4.11FY25 $5.82FY26 $6.22

Total Assets

+12.8% YoY

$4.31BFY 2026

FY21 $2.43BFY24 $3.17BFY25 $3.82BFY26 $4.31B

Total Debt

—FY 2026

FY21 $55.9MFY24 —FY25 —FY26 —

Op. Cash Flow

-17.0% YoY

$704.1MFY 2026

FY21 $579.8MFY24 $328.5MFY25 $848.6MFY26 $704.1M

Metric	FY 2026	FY 2025	FY 2024	FY 2021	FY 2020	FY 2019
Revenue	$2.62B +9.5%	$2.39B +24.8%	$1.91B +25.5%	$1.53B +31.6%	$1.16B +6.9%	$1.08B
Net Income	$425.7M +6.5%	$399.7M +42.6%	$280.3M -10.4%	$312.8M +70.2%	$183.8M	—
Operating Income	$527.0M +4.9%	$502.6M +34.7%	$373.2M -8.6%	$408.2M +77.8%	$229.6M +4.8%	$219.1M
EPS (Diluted)	$6.22 +6.9%	$5.82 +41.6%	$4.11 -9.7%	$4.55 +62.5%	$2.80 +15.7%	$2.42
Total Assets	$4.31B +12.8%	$3.82B +20.5%	$3.17B +30.7%	$2.43B +44.7%	$1.68B +17.6%	$1.43B
Total Debt	—	—	—	$55.9M +52.2%	$36.7M +17.7%	$31.2M
Operating Cash Flow	$704.1M -17.0%	$848.6M +158.4%	$328.5M -43.4%	$579.8M +101.6%	$287.7M +28.3%	$224.3M

AI Insight: HLI Financial Trends

Revenue grew 24% year-over-year to $636M in Q1 2026, but operating income lagged with only 11% growth versus prior-year quarter.

• Operating income expanded from $95M in Q2 2024 to $161M in Q4 2025, a 69% gain over 18 months.

• Net income rose 12% YoY from $122M (Q1 2025) to $117M (Q4 2025), then declined to $100M in Q1 2026.

• Operating cash flow averaged $272M across last four quarters, vs. $78M in first two quarters of trailing period.

⚠ Q2 2025 saw operating income contract 36% QoQ to $90M and operating cash flow turn negative at -$132M.

⚠ Q1 2026 operating margin compressed to 19.7% from 22.5% in Q4 2025, signaling near-term profitability pressure.

AI Insight: HLI Ratio Trends

Operating margin volatility and declining asset efficiency signal earnings instability rather than sustainable improvement.

• OpMargin swung from 14.8% in Q2 2025 to 22.9% in Q3 2025, then settled at 19.7% in Q1 2026 — high quarter-to-quarter volatility.

• ROA fell from 12.8% in Q1 2025 to 9.3% in Q1 2026, a 350bp decline over four quarters — sharpest drop in the period.

• Net profit margin compressed from 18.3% in Q1 2025 to 15.7% in Q1 2026, marking consistent weakness in bottom-line conversion.

⚠ Q1 2026 ROA of 9.3% is lowest in dataset; TTM ROA of 9.9% suggests sustained asset-efficiency deterioration.

⚠ Operating margin fell below 20% in both Q2 2025 and Q1 2026 — risk of structural margin compression if Q2 2024 spike was anomalous.

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Available Research

13F Pro tracks comprehensive data for HOULIHAN LOKEY, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of HLI

BlackRock, Inc.
$758.4M5,280,800 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$399.0M2,778,410 sh
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC
$379.5M2,642,146 sh
VANGUARD CAPITAL MANAGEMENT LLC
$347.5M2,419,332 sh
EARNEST PARTNERS LLC
$320.1M2,228,984 sh
ROYAL BANK OF CANADA
$251.6M1,751,495 sh
STATE STREET CORP
$243.2M1,693,696 sh
MORGAN STANLEY
$228.6M1,592,009 sh
WELLINGTON MANAGEMENT GROUP LLP
$195.5M1,361,410 sh
GEODE CAPITAL MANAGEMENT, LLC
$194.1M1,351,209 sh

Fund	Value	Shares
BlackRock, Inc.	$758.4M	5,280,800
VANGUARD PORTFOLIO MANAGEMENT LLC	$399.0M	2,778,410
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	$379.5M	2,642,146
VANGUARD CAPITAL MANAGEMENT LLC	$347.5M	2,419,332
EARNEST PARTNERS LLC	$320.1M	2,228,984
ROYAL BANK OF CANADA	$251.6M	1,751,495
STATE STREET CORP	$243.2M	1,693,696
MORGAN STANLEY	$228.6M	1,592,009
WELLINGTON MANAGEMENT GROUP LLP	$195.5M	1,361,410
GEODE CAPITAL MANAGEMENT, LLC	$194.1M	1,351,209

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Is HLI a good stock to buy?

13F Pro's AI-powered analysis of HOULIHAN LOKEY, INC. (HLI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for HLI are available on the HLI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own HLI?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling HLI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of HOULIHAN LOKEY, INC.'s investment landscape.