HLI vs PIPR: 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.

Reading it: PIPR 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 PIPR 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 PIPR 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

Piper Sandler Companies (NYSE: PIPR) is a Minneapolis-based investment bank founded in 1895 that advises corporations, financial sponsors and public entities. Its largest engine is corporate investment banking, which spans M&A and financial-restructuring advisory plus equity and debt capital raising, with deep verticals in healthcare and financial services. Alongside that sit public finance (municipal underwriting), an institutional brokerage business in equities and fixed income, equity research, and a smaller asset-management arm. Revenue is overwhelmingly fee-based and transaction-driven, which makes results lumpy from quarter to quarter.

Full PIPR 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.
• PIPR drivers: Advisory and M&A recovery; Restructuring and countercyclical mix.

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; the two most recent quarters both missed EPS estimates, and the June 2026 quarter's $1.35 was about 18% below consensus. For PIPR, the business is highly cyclical and concentrated in transaction fees, so a slowdown in M&A, restructuring demand outside downturns, or a freeze in equity and debt issuance can cut revenue sharply within a quarter.

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; PIPR 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 PIPR guides.

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.

PIPR. Piper Sandler grew FY2025 net revenues to roughly $1.9 billion and net income to ~$281 million, and trailing figures have since risen to ~$2.1 billion and ~$307 million. The trailing P/E has compressed from roughly 18x in July to ~15x as the stock fell ~26% year to date, and consensus EPS of ~$4.61 for 2026 and ~$5.41 for 2027 puts it near 12x forward. The regular dividend is $0.20 per quarter, and the firm has historically added special dividends tied to annual performance.

Headline figures (approximate, October 2026): 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; PIPR shows revenue (ttm) ~$2.1B, up ~25% year over year (Q2 2026), net income (ttm) ~$307M, profit margin ~14.5%, q2 2026 eps ~$1.04 adjusted vs ~$0.88 consensus, operating margin ~21.6%.

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