📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Houlihan Lokey, Inc., an investment banking company, provides merger and acquisition (M&A), capital market, financial restructurings and liability management, and financial and valuation advisory services worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding HLI

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	18.4K	$2.6M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q1 2026

Cautious

Management described the environment as 'dynamic and volatile', expressed 'cautiously optimistic' momentum but remained 'mindful of potential headwinds including tariffs and inflation'. Scott Adelson used language like 'uncertainty', 'volatile macro environment', and 'measured' in their outlook.

Q2 2026

Confident Specific

Management used definitive language like 'we are pleased', 'benefited from a steady macro environment', 'capital markets are wide open', and gave specific growth numbers (revenues up 15%, EPS up 26%, corporate finance revenue up 21%). No hedging or defensiveness; they provided concrete outlook commentary.

Q3 2026

Confident Specific

Management uses concrete growth numbers (revenues up 13%, Corp Fin up 12%, 177 deals closed) and explicitly states improved visibility into FY2027, calling activity levels 'accelerating' and 'solid' after Labor Day and New Year's inflection points.

Q4 2026 latest

Confident Specific

Management emphasizes record revenue ($2.6B), record EPS ($7.56), record backlog and pipeline, and record managing director hires, while explicitly acknowledging geopolitical uncertainty and software sector disruption as transient headwinds.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger post-call: record revenue, backlog, and pipeline across all segments reinforce the firm's diversification advantage. The improved Restructuring outlook adds a tailwind, and record MD hires/M&A pipeline signal continued growth. However, near-term volatility from geopolitical events and software sector dislocation may delay Corporate Finance deal closures in Q1 FY2027. Key metrics to watch next quarter: actual backlog conversion in Corporate Finance, closure of the two delayed Restructuring deals, and any further commentary on software revenue impact.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Record $2.6B revenue, adjusted EPS $7.56, CF and FVA record revenues.

Revenue & Profitability

Full-year fiscal 2026 revenue was $2.6 billion, up 10% versus the prior year. Adjusted EPS was $7.56, up 20%. In Q4 2026, revenue was $636 million with adjusted EPS of $1.63. Adjusted compensation expense ratio was 61.5% for both the quarter and full year. Adjusted non-compensation expenses grew 10.7% for the year, ending at a 13.9% ratio. The adjusted effective tax rate for fiscal 2026 was 23.7%.

Outlook

Management expects the FR segment to continue at elevated levels in fiscal 2027 due to tailwinds from widening credit spreads, dislocation in private credit and software, and energy volatility. CF faces near-term variability from geopolitical uncertainty (Middle East conflict) and software sector volatility, but sees strong underlying demand. The FVA business is expected to grow in fiscal 2027. Overall, the company believes its diversification positions it well to navigate any market conditions.

Growth Drivers

CF revenues outside the U.S. grew significantly faster than U.S. revenues in both Q4 and the full year. Capital Solutions (within CF) performed well and now represents over 20% of CF revenues, with strong backlog and expectations. FVA portfolio valuation group is benefiting from growing TAM driven by private credit valuation scrutiny. FR is seeing increased activity from recent wins and is expected to perform at elevated levels. The company also hired 33 managing directors (including acquisitions) in fiscal 2026 and promoted 25 to managing director in early fiscal 2027.

Balance Sheet & CapEx

Not discussed in this earnings call beyond general technology spending. The company noted that its technology investments in the FVA business are transferable to CF and FR, and that it continues to invest in AI and workflow. Adjusted non-compensation expenses grew 10.7% in fiscal 2026 and similar growth is expected in fiscal 2027.

Margins

The adjusted compensation expense ratio was 61.5% in Q4 and for the full year, and management expects to maintain the long-term target of 61.5% for fiscal 2027. Adjusted non-compensation expenses grew 10.7% year-over-year, ending at a 13.9% ratio for fiscal 2026, with similar growth expected in fiscal 2027. No other specific margin guidance was provided.

Key Risks

Key risks flagged include geopolitical uncertainty from the Middle East conflict causing extended deal timelines and near-term variability in CF and FVA. Software sector volatility is a risk, with management assuming software will be affected in fiscal 2027. Macroeconomic pressures and market disruptions are also noted. Analysts questioned the risk of sponsors and sellers not aligning on price, but management sees that as not the preponderance of deal flow.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-07-29

Quarterly revenues fell to $511 million with adjusted EPS of $1.35, driven by delayed large transactions and macro headwinds, especially in Corporate Finance. FVA grew 13% and restructuring remained strong, while management expects current disruptions to be temporary.

Q4 2026 Q4 2026 2026-05-06

Record annual revenue and EPS growth driven by strong performance in Corporate Finance and FVA, with Financial Restructuring poised for elevated activity in FY 2027. Geopolitical uncertainty and tech sector pressures persist, but robust backlog and hiring support a positive outlook.

Q3 2026 Q3 2026 2026-01-28

Third quarter revenues rose 13% year-over-year to $717 million, with adjusted EPS up 18%. Corporate Finance and Restructuring segments both saw double-digit growth, while new acquisitions and hires expanded European presence. Outlook for M&A remains strong, with early-stage growth in Capital Solutions.

Q2 2026 Q2 2026 2025-10-30

Revenues grew 15% year-over-year to $659 million, with adjusted EPS up 26%. Corporate finance and international segments led growth, while capital solutions outpaced M&A. The outlook is positive, with a strong backlog and expectations for a robust second half.

Q1 2026 Q1 2026 2025-07-29

Fiscal Q1 2026 saw revenues rise 18% to $605M and adjusted EPS jump 75% year-over-year, with all business lines showing strong growth. The outlook remains positive, with elevated restructuring activity and continued hiring, though macro volatility and regional differences persist.

📊 Analysis Methodology

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