Houlihan Lokey, Inc.
hl.comWhat Do They Do?
Advises corporations, financial sponsors and government agencies on transactions, financial restructurings, and valuation.
10-K for FY2026, filed May 22, 2026Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions…View ↗
Mergers & Acquisitions: Our M&A business consists primarily of sell-side and buy-side engagements. In particular, we believe we have…View ↗
As of March 31, 2026, we had 59 FR Managing Directors working around the globe, which we believe constitutes one of the largest…View ↗
As of March 31, 2026, we had 44 Managing Directors in our FVA group, which we believe represents one of the largest and most respected…View ↗
How Do They Make Money?
Corporate Finance mostly gets paid when transactions close; clients may also pay retainers at signing or progress fees during the work. Financial Restructuring also mainly gets paid when transactions close, while Financial and Valuation Advisory uses fees paid at signing, as work progresses, or when an engagement is completed.
10-K for FY2026, filed May 22, 2026Revenues for all three business segments are recognized upon satisfaction of the performance obligation and may be satisfied over time or…View ↗
CF provides general financial advisory services and advice on mergers and acquisitions and capital markets offerings. We advise public and…View ↗
FR provides advice to debtors, creditors and other parties-in-interest in connection with recapitalization/deleveraging transactions…View ↗
FVA primarily provides financial advisory and valuation services with respect to companies, debt and equity interests (including complex…View ↗
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10-K for FY2026, filed May 22, 2026
FY2026 revenue by reportable segment ↗
$2.6B
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10-K for FY2026, filed May 22, 2026
$2.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Corporate Finance
Sold outright
10-K for FY2026, filed May 22, 2026 |
67%
FY2023: 62%
|
Corporate Finance, FY2026
$1.7B Sources
|
Sold outright |
|
Financial Restructuring
Sold outright
10-K for FY2026, filed May 22, 2026 |
20%
FY2023: 22%
|
Financial Restructuring, FY2026
$528.7M Sources
|
Sold outright |
|
Financial and Valuation Advisory
|
13% |
Financial and Valuation Advisory, FY2026
$344.2M Sources
|
Who Are Their Customers?
Serves corporations, financial sponsors and government agencies, as well as companies, creditors and other parties involved in financially distressed businesses. It markets through industry and financial-sponsor groups; law, consulting and accounting firms can refer clients or be direct clients.
10-K for FY2026, filed May 22, 2026Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions…View ↗
We market our services through our three business practices described below, our industry groups and our Financial Sponsors group, who work…View ↗
As of March 31, 2026, we had 59 FR Managing Directors working around the globe, which we believe constitutes one of the largest…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 16 cents of every revenue dollar as net income in FY2026 and turned 26 cents into free cash flow.
10-K for FY2026, filed May 22, 2026
$527MView ↗
10-K for FY2026, filed May 22, 2026
$425.7MView ↗
10-K for FY2026, filed May 22, 2026
$681.8MView ↗
How Are They Changing?
10-Q for Q1 FY2027, filed Jul 31, 2026
Open tableView ↗
Growing. Revenue grew 15% in 4 years, from $2.3B in FY2022 to $2.6B in FY2026, about 4% a year.
Who Do They Compete With?
Competes with Jefferies, Lazard, Moelis &, N M Rothschild & Sons, Piper Sandler, Robert W. Baird, Stifel Financial, William Blair &, Evercore Partners, PJT Partners, Lincoln International, Kroll, and Alvarez & Marsal
10-K for FY2023, filed May 25, 2023Our competitors are other investment banking and financial advisory firms. We compete on both a global and a regional basis, and on the…View ↗
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