HOULIHAN LOKEY, INC.
HLIdata completeness 88%13 fiscal years on fileData notes: no data for concept 'interestExpense'
HOULIHAN LOKEY, INC. earns about 39% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $60.53 and $231 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $2.27B1 | $1.81B2 | $1.91B3 | $2.39B3 | $2.62B3 |
| Net income | $437.8M4 | $254.2M5 | $280.3M6 | $399.7M6 | $425.7M6 |
| Operating cash flow | $736.6M7 | $136.3M8 | $328.5M9 | $848.6M9 | $704.1M9 |
| Capital expenditure | $8.68M10 | $50.7M11 | $66.7M12 | $39.7M12 | $22.3M12 |
| Free cash flow (derived) | $727.9M7 | $85.5M8 | $261.7M9 | $808.9M9 | $681.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $833.7M13 | $714.4M14 | $721.2M15 | $971M16 | $1.19B16 |
| Diluted shares | 68.3M | 67.6M | 68.2M | 68.7M | 68.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $342.28 of net worth that earned you $62.2 and generated $99.63 of cash last year.
It earned about 39% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $60.53 and $231 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth6.4%
- fcfBase$681.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth6.4%
- fcfBase$681.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$399.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $159.73 |
| Base | 6.4% | $205.18 |
| Bull | 11.4% | $248.51 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 6.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-03-31 · accession 0001302215-24-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-03-31 · accession 0001302215-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001302215-26-000053 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-03-31 · accession 0001302215-24-000028 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0001302215-25-000024 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0001302215-26-000053 (NetIncomeLoss)
- 10-K · period ending 2022-03-31 · accession 0001302215-24-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0001302215-25-000024 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001302215-26-000053 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-03-31 · accession 0001302215-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-03-31 · accession 0001302215-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-03-31 · accession 0001302215-26-000053 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-03-31 · accession 0001302215-23-000031 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-03-31 · accession 0001302215-24-000028 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0001302215-25-000024 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-03-31 · accession 0001302215-26-000053 (CashAndCashEquivalentsAtCarryingValue)