HLI vs LCLN: 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.

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 LCLN 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 LCLN 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

Lincoln International advises on mergers and acquisitions in the private capital markets, working mainly for private equity firms, their portfolio companies and privately held business owners rather than for large public acquirers. The firm reports two segments. Investment Banking Advisory, which covers sell-side and buy-side M&A, private funds advisory and capital markets work, produced ~$177.7M of the ~$225.7M in second-quarter 2026 revenue. Valuations and Opinions, which marks illiquid private holdings for fund managers and writes fairness opinions, contributed the other ~$47.9M and behaves more like a subscription than a deal fee. Roughly ~1,450 professionals work from more than ~30 offices across ~14 countries, and the firm counts ~162 Managing Directors. Its October 2025 purchase of MarshBerry, an advisory and consulting business focused on the insurance and wealth-management sectors, added ~$210M of goodwill and explains a visible share of the recent growth rate.

Full LCLN 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.
• LCLN drivers: Sponsor M&A is thawing; Valuations and Opinions is the ballast.

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 LCLN, advisory revenue is cyclical and lumpy, and a stall in private equity exit activity would hit the segment generating roughly four fifths of the top line.

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; LCLN 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 LCLN 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.

LCLN. At roughly ~$25.6 a share across ~102.2M total shares in all three classes, Lincoln carries a market value near ~$2.6B, or about ~3x trailing revenue. The trailing P/E near ~5.7 quoted by most data providers divides a post-IPO share count into pre-IPO partnership earnings, so it reflects an accounting structure that no longer exists. Revenue of ~$772M in fiscal 2025 and ~$572M in fiscal 2024 is the cleaner growth comparison, because the reorganization changed the expense lines while leaving the top line untouched.

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; LCLN shows revenue (ttm) ~$874M, q2 2026 revenue ~$226M, up ~51% year over year, q2 2026 diluted eps, gaap vs adjusted ~$0.01 vs ~$0.26, adjusted compensation ratio (q2 2026) ~61% of revenue.

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