Demand and volumepositive · 1 filings
“Revenues increased due to an increase in the number of Fee Events, driven by strong market demand across our service lines.”10-Q · Jul 31, 2026 ↗
Houlihan Lokey, Inc.
HLI
Market read
Houlihan Lokey, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 9.5% versus the comparable filing period.
- Operating margin fell 0.9 percentage points.
Company+0.5% todayVolume comparison unavailable
Market group0 of 1 activeInvestment Banking · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- HLI's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if HLI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 9.5% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 0.9 percentage points.
What would clarify the read
- HLI's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Brokerage and capital-markets earnings model
For brokers and capital-markets platforms, the key question is how client activity, interest rates, customer balances, margin lending and market conditions translate into earnings and capital needs.
Key research questions
- Can client and activity growth offset pressure from lower rates or weaker trading volumes?
- Are customer balances, margin lending and credit conditions changing the risk profile?
- Does the valuation reflect a durable earnings model or unusually favorable market conditions?
Annual periods9
Price observations328
Usable filing statements77
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +9.5% year over year.
- Restructuring and cost reductions has repeated favorable evidence across 3 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 134% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 228% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
136.666m-2.3%12m-32.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-03-31$2.3B+48.8%$6.41-0.6%
2023-03-31$1.8B-20.3%$3.76-1.0%
2024-03-31$1.9B+5.8%$4.11+0.8%
2025-03-31$2.4B+24.8%$5.82+0.7%
2026-03-31$2.6B+9.5%$6.22-0.3%
What management says matters
Persistent and emerging business drivers
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.6× · EV/sales 3.1×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
136.66+0.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for HLI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-K filed 2026-05-22 against the comparable filing from 2025-05-15.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 9.5% versus the comparable filing period.
What weakened
- Operating margin fell 0.9 percentage points.
Filing receipts
“ting activities resulted in a net cash inflow of $704.1 million, primarily due to net income reflecting the strong business performance.”
“The increase in other (income) expense, net was primarily due to higher interest income.”
“Investing activities resulted in a net inflow of $2.2 million, primarily attributable to sales or maturities of investment securities, largely offset by purchases of investment securities and capital expenditures.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind HLI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
EVREvercore Inc.competitorFeb 20, 2026 ▾
“Our investment banking competitors can generally be categorized into two main groups: (1) large universal banks and bulge bracket firms such as Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS and (2)…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
HLI is currently a Leader in the organic co-movement group Investment Banking. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for HLI; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.