Houlihan Lokey (HLI) FCF Margin (2014 - 2025)

Houlihan Lokey has reported FCF Margin for 12 years, with the latest figure at 30.27% in Q4 2025.

• FCF Margin for Q4 2025 came in at 30.27%, down 1098.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 27.91% (down 232.0% YoY), and the FY2025 annual result was 33.85%, up 2018.0% from the prior year.
• FCF Margin fell to 30.27% in Q4 2025, from 48.98% in the prior quarter.
• Over five years, FCF Margin peaked at 61.54% in Q4 2021 and troughed at 67.48% in Q2 2022.
• A 5-year average of 19.76% and a median of 27.26% in 2022 frame the typical range for FCF Margin.
• The widest annual swing landed in 2021, when FCF Margin jumped 3169 bps; it then plunged 4463 bps in 2022.
• A 5-year view of FCF Margin shows it stood at 61.54% in 2021, then tumbled by 73 bps to 16.91% in 2022, then slipped by 1 bps to 16.69% in 2023, then jumped by 147 bps to 41.24% in 2024, then slipped by 27 bps to 30.27% in 2025.
• Per Business Quant data, the three most recent FCF Margin figures were 30.27% in Q4 2025, 48.98% in Q3 2025, and 23.97% in Q2 2025.