Houlihan Lokey (HLI) FCF Margin (2014 - 2025)
Houlihan Lokey (HLI) posted FCF Margin of 30.27% for Q4 2025, down 38.2% on a QoQ basis from 48.98% in Q3 2025, and down 1098.0% year-over-year from 3.03% in Q4 2024.
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Houlihan Lokey (HLI) FCF Margin (2014 - 2025) Analysis & Trends
Houlihan Lokey has reported FCF Margin for 12 years, with the latest figure at 30.27% in Q4 2025.
- On a quarterly basis, FCF Margin fell 1098.0% year-over-year to 30.27% in Q4 2025; TTM through Dec 2025 was 27.91%, a 232.0% decrease from a year earlier, with the FY2025 full-year figure at 33.85%, up 2018.0% from the prior year.
- FCF Margin was 30.27% for Q4 2025 at Houlihan Lokey, down from 48.98% in the prior quarter.
- The five-year high for FCF Margin was 61.54% in Q4 2021, with the low at 67.48% in Q2 2022.
- Average FCF Margin over 5 years is 19.76%, with a median of 27.26% recorded in 2022.
- The sharpest annual moves came in 2021 and 2022: FCF Margin surged 3169 bps in 2021, then plunged 4463 bps in 2022.
- Over 5 years, FCF Margin stood at 61.54% in 2021, then sank by 73 bps to 16.91% in 2022, then declined by 1 bps to 16.69% in 2023, then soared by 147 bps to 41.24% in 2024, then declined by 27 bps to 30.27% in 2025.
- The last three FCF Margin figures came in at 30.27% (Q4 2025), 48.98% (Q3 2025), and 23.97% (Q2 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Evercore | 10.14 Bn | 8.05 Bn | 975.67 Mn | 51.56% |
| 2 | Jefferies Financial | 9.74 Bn | -5.67 Bn | 3.09 Bn | 49.75% |
| 3 | Houlihan Lokey | 9.07 Bn | 7.99 Bn | - | - |
| 4 | Cluster Group Holdings | 8.00 Bn | 8.00 Bn | - | - |
| 5 | PJT Partners | 5.75 Bn | 5.81 Bn | 481.98 Mn | 46.55% |
| 6 | Moelis | 5.25 Bn | 5.17 Bn | - | - |
| 7 | Piper Sandler Companies | 4.88 Bn | 4.77 Bn | - | 5.74% |
| 8 | Lazard | 3.95 Bn | 2.96 Bn | - | 24.03% |
| 9 | BRBI BR Partners | 3.50 Bn | 3.38 Bn | 16.77 Mn | 129.64% |
| 10 | Perella Weinberg Partners | 1.40 Bn | 1.59 Bn | - | 30.13% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 30.27% |
| Sep 30, 2025 | 48.98% |
| Jun 30, 2025 | -23.97% |
| Mar 31, 2025 | 51.60% |
| Dec 31, 2024 | 41.24% |
| Sep 30, 2024 | 48.48% |
| Jun 30, 2024 | -14.68% |
| Mar 31, 2024 | 40.94% |
| Dec 31, 2023 | 16.69% |
| Sep 30, 2023 | 24.10% |
| Jun 30, 2023 | -35.89% |
| Mar 31, 2023 | 49.25% |
| Dec 31, 2022 | 16.91% |
| Sep 30, 2022 | 14.67% |
| Jun 30, 2022 | -67.48% |
| Mar 31, 2022 | 24.25% |
| Dec 31, 2021 | 61.54% |
| Sep 30, 2021 | 38.92% |
| Jun 30, 2021 | -24.55% |
| Mar 31, 2021 | 53.83% |