Houlihan Lokey, Inc.

HLINYSEFinancial Services● Active

$140.93

+$1.68(+1.21%)

Market Cap$9.7B

P/E Ratio—

52W High$211.777

52W Low$134.41

Avg Volume675K

Open$139.37

Beta0.95

Overview

Houlihan Lokey, Inc. (HLI) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HLI · free cash flow · updated Jun 8, 2026

Core FCF metrics

HLI · FCF · TTM · margin & CAGR

Free cash flow was $681.8M for FY2026 (fiscal year ending 2026-03-31), down 15.7% year-over-year The FCF margin was 26.1%. Five-year CAGR stands at +3.8%.

FY2026 Free Cash Flow$681.8M▼ -15.7% YoY

Trailing 12M (TTM)$681.8Mtrailing 4 quarters sum

FCF Margin26.1%$681.8M ÷ revenue

3-Year CAGR+99.8%FY2023 → FY2026

5-Year CAGR+3.8%FY2021 → FY2026

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HLI · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2026Latest$704.1M(22M)$681.8M▼ 15.7%26.1%

FY2025$848.6M(40M)$808.9M▲ +209.1%33.9%

FY2024$328.5M(67M)$261.7M▲ +206.0%13.7%

FY2023$136.3M(51M)$85.5M▼ 88.2%4.7%

FY2022$736.6M(9M)$727.9M▲ +28.7%32.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HLI · P/FCF · FCF yield · FCF per share

Houlihan Lokey, Inc. (HLI) trades at a FCF yield of 7.09% and a price-to-free-cash-flow ratio of 13.7x. FCF per share stands at $10.25, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.09%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$10.25

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x13.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2026 · 2026-03-31

Cash flow statement summary

HLI · cash flow statement · operating / investing / financing

For FY2026, Houlihan Lokey, Inc. generated $704.1M in operating cash flow and spent 22M in capital expenditures, yielding $681.8M in free cash flow.

Operating Activities

+$704.1M

Cash from core business operations

2026-03-31

Investing Activities

+$2.2M

CapEx, acquisitions & investments

2026-03-31

Financing Activities

−$492.9M

Buybacks, dividends & debt

2026-03-31

FCF FormulaOperating CF ($704.1M) − |CapEx| (22M) = FCF ($681.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

HLI vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Houlihan Lokey, Inc.YOU

HLI

$681.8M-15.7%26.0%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Houlihan Lokey, Inc. (HLI) reported free cash flow of $681.8M for FY2026 (fiscal year ending 2026-03-31), down 15.7% year-over-year. The FCF margin was 26.1%.

Based on available data, Houlihan Lokey, Inc. has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $808.9M in FY2025. The 5-year CAGR stands at +3.8%.

Houlihan Lokey, Inc.'s FCF yield is 7.09% and price-to-FCF ratio is 13.7x for FY2026, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HLI free cash flow · 8 questions

Houlihan Lokey, Inc. free cash flow was $681.8M for FY2026, down 15.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $681.8M.

HLI free cash flowHLI FCFHLI FCF 2026HLI free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Houlihan Lokey, Inc. · Houlihan Lokey, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026