Houlihan Lokey, Inc. (HLI) Stock Price & How to Invest

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 new fiscal year started poorly: in the quarter ended June 30, 2026, revenue fell about 15.5% year over year to roughly $511 million and EPS of $1.35 came in well below the $1.64 consensus, after a smaller miss the quarter before ($1.63 versus $1.79). Trailing revenue has slipped to about $2.52 billion. The shares have fallen about 26% year to date and 31% over a year to roughly $130, near the low end of a $113 to $204 range. Analysts still lean positive (Citizens upgraded the stock to Market Outperform with a $175 target on October 9), and the fiscal second-quarter report on October 28, 2026 is expected to show EPS near $1.65 on about $632 million of revenue. 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.

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. The business depends heavily on retaining senior bankers, and competition for talent is intense against boutiques and bulge brackets alike, so continued hiring adds compensation cost ahead of revenue. 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, as the 26% year-to-date decline shows. Regulatory scrutiny of large restructurings and M&A, plus macro shocks to capital markets, are additional external factors outside the firm's control.

9 analysts publish price targets on HLI, averaging $155.44 against a $129.55 price as of October 2026, or +20.0%. The published targets run from $147.00 to $175.00, a narrow spread, and the ratings split 6 buy, 5 hold, 0 sell. Over the last six months there have been 2 raises and 9 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full HLI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Houlihan Lokey, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. 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. The most optimistic published target, $175.00, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $147.00, is roughly what HLI is worth if this bites instead.

Read the full bull and bear case on HLI, including what would have to change to break either one. Walnut is not an investment adviser.

No. Houlihan Lokey, Inc. (HLI) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

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 (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
• P/E (trailing / forward): ~22x / ~15x
• Market cap: ~$9.1B (shares ~$129.76 on October 16, 2026)
• Dividend: $2.80 annualized (~2.2% yield)

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.

These are the investment theses HLI naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to HLI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

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 portfolio, so HLI sits alongside other stocks that express the same thesis.

Walnut takes the portfolio 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.

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. That stability was tested in the June 2026 quarter, when revenue fell about 15% and EPS missed by a wide margin, and the stock now trades near 15 times forward earnings, below the premium it has often carried.

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 or a sell?, 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? And to weigh HLI against a peer, read the full side-by-side comparisons: HLI vs CELH and HLI vs CROX.