Houlihan Lokey, Inc. (HLI) Stock Price & How to Invest
Last updated July 2026
Short answer
HLI is Houlihan Lokey, an independent global investment bank that earns advisory fees across M&A, financial restructuring, and valuation work, with a restructuring franchise that tends to hold up when deal markets slow. Exposure comes through owning the stock directly or via a financials or capital-markets basket.
HLI stock price
As of 2026-07-22, Houlihan Lokey, Inc. (HLI) last closed at $138.90, down 28.9% over the past year. Over the past 52 weeks it has traded between $132.52 and $209.19.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Houlihan Lokey, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Houlihan Lokey, Inc. (HLI) do?
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.
The investment picture centers on the counter-cyclical balance between its businesses. When mergers and financings are strong, Corporate Finance drives growth; when credit tightens and defaults rise, the restructuring practice picks up, smoothing results across cycles. For fiscal 2026 (ended March 31, 2026) the firm reported revenue of roughly $2.62 billion, up about 10 percent, with net income near $426 million and diluted EPS around $6.22. The stock carries a growing dividend and a mid-cap valuation that has historically commanded a premium to deal-dependent peers because of the restructuring ballast and the capital-light, fee-based model.
What's driving Houlihan Lokey, Inc. (HLI)?
1. Restructuring ballast
Houlihan Lokey runs one of the largest restructuring advisory practices in the world, consistently ranked in the top tier alongside PJT Partners and Evercore. That business tends to accelerate exactly when M&A slows, giving the firm a natural hedge that most advisory banks lack.
2. M&A and capital-markets recovery
Corporate Finance is the biggest revenue driver, and a rebound in dealmaking and sponsor-driven activity flows directly to fees. Fiscal 2026 revenue rose about 10 percent to roughly $2.62 billion as deal conditions improved, and continued normalization in private-equity activity would extend that.
3. Capital-light, fee-based model
The firm earns advisory fees rather than trading or lending, so it carries little balance-sheet risk and converts revenue to cash efficiently. That supports a rising dividend (raised about 17 percent to $0.70 per quarter in May 2026) plus buybacks.
4. Scale and diversification through acquisition
Houlihan Lokey has built breadth across sectors, geographies, and product lines partly through tuck-in acquisitions, expanding its valuation and consulting franchise and deepening industry coverage that helps it win mid-market and larger mandates.
What are the risks to Houlihan Lokey, Inc. (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 business depends heavily on retaining senior bankers, and competition for talent is intense against boutiques and bulge brackets alike. Fees can swing quarter to quarter based on the timing of transaction closings, making near-term earnings hard to forecast. The stock has traded at a premium multiple, which leaves less room for error if growth disappoints. Regulatory scrutiny of large restructurings and M&A, plus macro shocks to capital markets, are additional external factors outside the firm's control.
How is Houlihan Lokey, Inc. (HLI) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Houlihan Lokey, Inc.'s investor relations page or your broker.
- Revenue (FY2026, ended Mar 2026): ~$2.62B
- Net income (FY2026): ~$426M
- Diluted EPS (FY2026): ~$6.22
- Adjusted EPS (FY2026): ~$7.56
- Market cap: ~$11.4B
- P/E (TTM): ~22x
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.
Who competes with Houlihan Lokey, Inc. (HLI)?
Independent advisory boutiques
Evercore, Moelis, Lazard, and PJT Partners compete most directly for M&A and restructuring mandates. PJT, Houlihan Lokey, and Evercore are widely viewed as the top tier in restructuring, where Houlihan Lokey leads by deal volume and creditor-side work.
Bulge-bracket investment banks
Goldman Sachs, JPMorgan, Morgan Stanley, and similar full-service banks compete on large-cap advisory, though they also trade and lend, giving them a different risk profile from Houlihan Lokey's advisory-only model.
Middle-market and specialist advisers
Numerous mid-market M&A shops, valuation firms, and industry-focused boutiques compete for the smaller transactions and valuation work where Houlihan Lokey has historically dominated.
How to invest in Houlihan Lokey, Inc. (HLI)
There are three common ways to get HLI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so HLI sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where HLI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Houlihan Lokey, Inc. (HLI)
Houlihan Lokey is a fee-driven, advisory-only investment bank whose diversified mix (M&A plus a leading restructuring practice) gives it more stability than most deal-dependent peers, at a valuation that reflects that quality.
More on Houlihan Lokey, Inc. (HLI)
Whether HLI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is HLI a buy?, and where the stock could go from here in the HLI stock forecast.
For income investors, whether HLI pays a dividend and how the payout looks is covered in does HLI pay a dividend?
Build a basket around HLI with Walnut
Use Houlihan Lokey, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Houlihan Lokey do?
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It is an independent global investment bank that provides advisory services: mergers and acquisitions advice, capital raising, financial restructuring for distressed companies and creditors, and valuation and financial opinions. It earns fees for advice rather than trading or lending.
What are HLI's business segments?
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Three: Corporate Finance (M&A and capital solutions, the largest), Financial Restructuring (bankruptcy and workout advisory), and Financial and Valuation Advisory (fairness opinions, portfolio valuation, and consulting). Corporate Finance is roughly two-thirds of revenue.
How did Houlihan Lokey perform in fiscal 2026?
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For the fiscal year ended March 31, 2026, revenue was roughly $2.62 billion, up about 10 percent from the prior year, with net income near $426 million and diluted EPS around $6.22 (adjusted EPS about $7.56).
Does HLI pay a dividend?
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Yes. In May 2026 the firm raised its quarterly dividend about 17 percent to $0.70 per share, or roughly $2.80 annualized, giving a yield in the ballpark of 2 percent at recent prices. It also repurchases shares.
Why is the restructuring business important to HLI?
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Restructuring advisory tends to grow when the economy weakens and companies default, exactly when M&A slows. That gives Houlihan Lokey a counter-cyclical hedge that steadies results across market cycles, which most advisory banks lack.
Who are Houlihan Lokey's main competitors?
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In advisory it competes with independent boutiques like Evercore, Moelis, Lazard, and PJT Partners, and with bulge-bracket banks such as Goldman Sachs and JPMorgan. In restructuring, PJT, Houlihan Lokey, and Evercore are generally seen as the top tier.
What are the main risks in owning HLI?
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Advisory fees are lumpy and depend on deals closing, so a prolonged slowdown in M&A or credit markets can hurt results. The firm also relies on retaining senior bankers, faces intense competition for talent, and trades at a premium multiple that leaves limited room for disappointment.
How can I get exposure to HLI?
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You can own the stock directly through a brokerage or include it in a thematic basket alongside other capital-markets or financials names. Walnut is not an investment adviser; this is descriptive information, not a recommendation to buy or sell.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Houlihan Lokey, Inc.'s investor relations page or your broker before making investment decisions.