Houlihan LOKEY, Inc. (HLI) intrinsic value & 10-year financials
Houlihan LOKEY, Inc. (HLI) has a Graham intrinsic value of $206.60 per share. At $131.21 on Oct 27, 2026, the stock trades 36% below that value. Over the last 10 fiscal years revenue grew 13.0% a year to $2.6B, with an average return on invested capital of 30.1%.
- Graham intrinsic value
- $206.60
- Share price (Oct 27, 2026)
- $131.21
- Price vs Graham value
- 36% below
- Market cap
- $9.0B
- Revenue (FY2026)
- $2.6B
- Revenue growth (10-yr CAGR)
- 13.0%
- ROIC (10-yr avg)
- 30.1%
- Free cash flow (FY2026)
- $681.8M
HLI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.6B | $425.7M | $6.22 | $681.8M | 20.1% | 17.6% |
| FY2025 | $2.4B | $399.7M | $5.82 | $808.9M | 21.0% | 18.8% |
| FY2024 | $1.9B | $280.3M | $4.11 | $261.7M | 19.0% | 15.1% |
| FY2023 | $1.8B | $254.2M | $3.76 | $85.5M | 18.9% | 17.5% |
| FY2022 | $2.3B | $437.8M | $6.41 | $727.9M | 27.0% | 75.0% |
| FY2021 | $1.5B | $312.8M | $4.55 | $565.7M | 26.8% | 50.6% |
| FY2020 | $1.2B | $183.8M | $2.80 | $266.9M | 19.8% | 28.0% |
| FY2019 | $1.1B | $159.1M | $2.42 | $217.5M | 20.2% | 24.1% |
| FY2018 | $963.4M | $172.3M | $2.60 | $242.9M | 22.3% | 30.4% |
| FY2017 | $872.1M | $108.3M | $1.63 | $214.8M | 20.9% | 24.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HOULIHAN LOKEY, INC. is a consistent compounder, expanding top-line revenue at 13.0% annually over the past decade.
HOULIHAN LOKEY, INC. has earned high returns on invested capital, averaging 38.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
HOULIHAN LOKEY, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HOULIHAN LOKEY, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $206.60 per share.