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

Same yardstick, side by side (as of August 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.

Reading it: LAZ is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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. HLI and LAZ 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 HLI and LAZ 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.

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

Lazard Inc. operates two core businesses. Financial Advisory provides mergers and acquisitions, restructuring, capital-markets, and sovereign advice to companies, governments, and institutions worldwide, and Asset Management runs equity, fixed-income, multi-asset, and alternatives strategies for institutional and private clients. As of mid-2026 the firm managed roughly $285 billion in assets and generated about $3 billion in trailing net revenue, split between the two segments. It carries a market capitalization near $4.4 billion, making it a mid-cap franchise with an outsized brand relative to its size.

Full LAZ guide

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

• HLI drivers: Restructuring ballast; M&A and capital-markets recovery.
• LAZ drivers: M&A and restructuring cycle; Asset Management inflows and AUM.

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: 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. For LAZ, advisory revenue is highly cyclical and can drop sharply when M&A and capital-markets activity slows, which directly pressures earnings and the ability to sustain the dividend.

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 HLI if you believe its drivers more; LAZ 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 HLI and LAZ guides.

HLI. At roughly $137 per share in mid-July 2026, HLI trades near a market cap of about $11.4 billion, with a trailing P/E around 22x that sits below its multi-year median. The dividend was raised about 17 percent to $0.70 per quarter (roughly $2.80 annualized). The 52-week range has been wide (roughly $131 to $212), reflecting the market's shifting expectations for deal activity.

LAZ. Lazard trades as a mid-cap value-and-income name, with a dividend yield near 4% that reflects both the firm's payout and the market's discount for cyclical advisory earnings. First-quarter 2026 net revenue of about $757 million and net income near $101 million showed improvement, driven mainly by the asset-management rebound. Valuation debates hinge on whether the advisory cycle reaccelerates and whether asset-management flows can stay positive.

Headline figures (approximate, July 2026): HLI shows revenue (fy2026, ended mar 2026) ~$2.62B, net income (fy2026) ~$426M, diluted eps (fy2026) ~$6.22, adjusted eps (fy2026) ~$7.56; LAZ shows market cap ~$4.4B, revenue (ttm, net) ~$3.0B, q1 2026 net revenue ~$757M, assets under management ~$285B.

HLI and LAZ 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 HLI and LAZ exposure against your real portfolio. It is not an investment adviser.