FCN vs HLI: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FCN and HLI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FCN and HLI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

FTI Consulting is a global expert firm that advises corporations, law firms, governments, and financial institutions through five segments: Corporate Finance and Restructuring (its largest, roughly 41% of revenue), Forensic and Litigation Consulting (~20%), Economic Consulting (~19%), Technology (~10%), and Strategic Communications (~10%). Its work spans turnaround and restructuring, transactions, disputes and investigations, antitrust and regulatory economics, e-discovery, and corporate reputation. The firm employs roughly 8,100 people, of whom about 6,400 are billable professionals, and generates around 63% of revenue from US-based professionals.

Full FCN guide

Houlihan Lokey, Inc. (NYSE: HLI) is an independent, advisory-focused investment bank founded in 1972 and headquartered in Los Angeles. It advises corporations, private equity sponsors, and governments across three segments: Corporate Finance (M&A and capital-raising, the largest slice at roughly two-thirds of revenue), Financial Restructuring (out-of-court workouts and bankruptcy advisory, where it is a global market leader by deal volume), and Financial and Valuation Advisory (fairness opinions, portfolio valuation, and financial consulting). Unlike bulge-bracket banks, Houlihan Lokey does not trade for its own account or make large loans, so its revenue is almost entirely advisory fees.

Full HLI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FCN drivers: Restructuring and Corporate Finance strength; Record Strategic Communications demand.
• HLI drivers: Restructuring ballast; M&A and capital-markets recovery.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The Economic Consulting segment has been a clear drag, with revenue declining and swinging to a segment EBITDA loss on softer antitrust and economic-analysis demand plus elevated compensation; the October 2026 leadership change at Compass Lexecon is an attempt to reset that unit. For HLI, advisory revenue is inherently lumpy and tied to deal completions, so a prolonged M&A slowdown or credit freeze can pressure results even with the restructuring hedge; the two most recent quarters both missed EPS estimates, and the June 2026 quarter's $1.35 was about 18% below consensus.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FCN if you believe its drivers more; HLI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FCN and HLI guides.

FCN. FCN closed near $145.85 on October 16, 2026, within a 52-week range of roughly $129 to $189, down about 14% year to date. Its trailing P/E near 17.6x falls to about 13.4x on forward estimates, a discount that reflects margin worries and two straight EPS misses even as revenue keeps growing. Q3 2026 results are due October 29, with consensus near $2.74 per share on about $1.01 billion of revenue.

HLI. At roughly $130 per share in mid-October 2026, HLI trades near a market cap of about $9.1 billion, with a trailing P/E around 22x and a forward multiple near 15x on expected EPS of about $8.63, a discount to the premium the stock has often held. The gap between those two multiples reflects a bet that deal fees recover after a soft first half of fiscal 2027. The nine covering analysts carry a mean target near $155 and a buy rating, and the fiscal second-quarter report on October 28, 2026 is the next test.

Headline figures (approximate, October 2026): FCN shows revenue (ttm) ~$3.92B (Q2 2026 up ~5.3% YoY), revenue (q2 2026) ~$993M, net income (ttm) ~$253M (profit margin ~6.4%), eps (q2 2026 vs estimate) ~$1.99 vs ~$2.26; HLI shows revenue (ttm) ~$2.52B (June 2026 quarter ~$511M, down ~15.5% YoY), revenue (fy2026, ended mar 2026) ~$2.62B (up ~10%), net income (ttm) ~$406M (~16% net margin), eps (latest quarter) ~$1.35 vs ~$1.64 expected.

FCN and HLI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FCN and HLI exposure against your real portfolio. It is not an investment adviser.