Houlihan Lokey (HLI) FCF Margin (2014 - 2025)
Houlihan Lokey's FCF Margin was 30.27% in fiscal Q3 2026 (quarter ended Dec 31, 2025), down 10.98 percentage points from 41.24% a year earlier and down 18.71 percentage points from the prior quarter.
Houlihan Lokey (HLI) FCF Margin (2014 - 2025) Analysis & Trends
On a trailing twelve-month basis, Houlihan Lokey's FCF Margin was 27.91% through Dec 31, 2025, down 2.32 percentage points year-over-year; for FY2025 (ended Mar 31, 2025), it was 33.85%, up 20.18 percentage points from FY2024.
- FCF Margin shows a five-year change of +10.83 percentage points (FY2020 to FY2025).
- In earlier fiscal years, FCF Margin was 13.67% in FY2024 (+8.94 pp), 4.73% in FY2023 (-27.34 pp), 32.07% in FY2022 (-5.02 pp) and 37.08% in FY2021 (+14.06 pp).
- Quarterly FCF Margin has moved between -67.48% (fiscal Q1 2023) and 61.54% (fiscal Q3 2022) over five years.
- Compared with a year earlier, FCF Margin was higher in five of the last eight quarters, with an average year-over-year change of +6.59 percentage points.
- The best year-over-year quarter for FCF Margin over five years was fiscal Q4 2023 (a gain of 35.81 percentage points); the worst was fiscal Q3 2023 (a drop of 44.63 percentage points).
- Per Business Quant data, HLI's FCF Margin in the three fiscal quarters before Q3 2026 was 48.98% (Q2 2026), -23.97% (Q1 2026) and 51.60% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 106.56 Bn | 94.66 Bn | - | 54.13% |
| 2 | Intercontinental Exchange | 89.45 Bn | 83.19 Bn | - | 51.34% |
| 3 | Robinhood Markets | 88.18 Bn | 69.22 Bn | - | 54.13% |
| 4 | Nasdaq | 53.47 Bn | 50.90 Bn | 1.50 Bn | 25.04% |
| 5 | Interactive Brokers | 37.14 Bn | 14.26 Bn | - | 326.90% |
| 6 | Cboe Global Markets | 33.00 Bn | 24.66 Bn | 731.60 Mn | -37.17% |
| 7 | LPL Financial Holdings | 25.71 Bn | 21.03 Bn | - | 3.90% |
| 8 | Tradeweb Markets | 25.33 Bn | 17.34 Bn | - | 69.02% |
| 9 | Circle Internet | 21.30 Bn | 15.18 Bn | 288.85 Mn | 73.63% |
| 10 | Houlihan Lokey | 8.72 Bn | 4.75 Bn | - | - |
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 | 13.44% |
| Dec 31, 2021 | 61.54% |
| Sep 30, 2021 | 38.92% |
| Jun 30, 2021 | -24.55% |
| Mar 31, 2021 | 53.83% |
Houlihan Lokey FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=HLI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "HLI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=HLI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();