Houlihan Lokey (HLI) EBITDA Margin (2014 - 2025)
Houlihan Lokey (HLI) posted quarterly EBITDA Margin of 22.41% for Q4 2025, up 96.0% year-over-year from 11.44% in Q4 2024, and down 2.33% on a QoQ basis from 22.95% in Q3 2025.
Houlihan Lokey (HLI) EBITDA Margin (2014 - 2025) Analysis & Trends
Houlihan Lokey has reported EBITDA Margin for 12 years, with the latest figure at 22.41% in Q4 2025.
- EBITDA Margin for Q4 2025 came in at 22.41%, up 96.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 20.47% (down 22.0% YoY), and the FY2025 annual result was 20.99%, up 204.0% from the prior year.
- EBITDA Margin retreated to 22.41% in Q4 2025, from 22.95% in the prior quarter.
- Over five years, EBITDA Margin peaked at 37.75% in Q1 2022 and troughed at 14.88% in Q2 2025.
- A 5-year average of 22.35% and a median of 20.69% in 2023 frame the typical range for EBITDA Margin.
- The widest annual swing landed in 2022, when EBITDA Margin jumped 974 bps; it then plunged 1738 bps in 2023.
- A 5-year view of EBITDA Margin shows it stood at 28.04% in 2021, then tumbled by 34 bps to 18.44% in 2022, then gained by 2 bps to 18.89% in 2023, then climbed by 14 bps to 21.45% in 2024, then climbed by 4 bps to 22.41% in 2025.
- Per Business Quant data, the three most recent EBITDA Margin figures were 22.41% in Q4 2025, 22.95% in Q3 2025, and 14.88% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Morgan Stanley | 333.21 Bn | 173.07 Bn | - | 95.89% |
| 2 | Goldman Sachs | 311.14 Bn | -665.21 Bn | - | 131.07% |
| 3 | Schwab Charles | 196.95 Bn | 123.36 Bn | - | 63.04% |
| 4 | Robinhood Markets | 93.19 Bn | 75.81 Bn | 1.20 Bn | 35.93% |
| 5 | Interactive Brokers | 41.71 Bn | -22.59 Bn | - | 138.98% |
| 6 | LPL Financial Holdings | 29.06 Bn | 26.36 Bn | - | 11.90% |
| 7 | Tradeweb Markets | 23.03 Bn | 20.97 Bn | - | 45.17% |
| 8 | Circle Internet | 21.70 Bn | 19.97 Bn | 288.85 Mn | 5.04% |
| 9 | Futu Holdings | 16.14 Bn | 214.18 Mn | 733.58 Mn | 64.41% |
| 10 | Houlihan Lokey | 8.58 Bn | 7.39 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 22.41% |
| Sep 30, 2025 | 22.95% |
| Jun 30, 2025 | 14.83% |
| Mar 31, 2025 | 21.01% |
| Dec 31, 2024 | 21.45% |
| Sep 30, 2024 | 22.73% |
| Jun 30, 2024 | 18.45% |
| Mar 31, 2024 | 19.73% |
| Dec 31, 2023 | 18.89% |
| Sep 30, 2023 | 19.33% |
| Jun 30, 2023 | 17.64% |
| Mar 31, 2023 | 20.38% |
| Dec 31, 2022 | 18.44% |
| Sep 30, 2022 | 18.26% |
| Jun 30, 2022 | 18.53% |
| Mar 31, 2022 | 37.75% |
| Dec 31, 2021 | 28.04% |
| Sep 30, 2021 | 29.28% |
| Jun 30, 2021 | 28.89% |
| Mar 31, 2021 | 28.02% |