Houlihan Lokey (HLI) Net Margin (2014 - 2025)
Houlihan Lokey (HLI) recorded quarterly Net Margin of 16.25% in Q4 2025, down 4.11% quarter-over-quarter from 16.95% in Q3 2025, and up 123.0% on a YoY basis from 7.29% in Q4 2024.
Houlihan Lokey (HLI) Net Margin (2014 - 2025) Analysis & Trends
Houlihan Lokey's Net Margin history runs 12 years deep, the most recent figure standing at 16.25% for Q4 2025.
- In Q4 2025, Net Margin rose 123.0% year-over-year to 16.25%; the TTM figure through Dec 2025 stood at 16.91% (up 91.0% YoY), while the FY2025 annual figure was 16.73%, up 209.0% from the prior year.
- Net Margin was 16.25% for Q4 2025 at Houlihan Lokey, down from 16.95% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 24.95% in Q1 2022 to a low of 12.41% in Q3 2022.
- Historically, Net Margin has averaged 16.99% across 5 years, with a median of 16.26% in 2024.
- The sharpest annual moves came in 2022 and 2023: Net Margin jumped 511 bps in 2022, then sank 1154 bps in 2023.
- A 5-year view of Net Margin shows it stood at 19.61% in 2021, then dropped by 30 bps to 13.81% in 2022, then gained by 0 bps to 13.85% in 2023, then grew by 8 bps to 15.02% in 2024, then climbed by 8 bps to 16.25% in 2025.
- The last three Net Margin figures came in at 16.25% (Q4 2025), 16.95% (Q3 2025), and 16.11% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | SOL Strategies | 96,012.83 Bn | 96,012.83 Bn | - | - |
| 2 | Morgan Stanley | 328.23 Bn | 194.70 Bn | - | 26.29% |
| 3 | Goldman Sachs | 313.22 Bn | -624.33 Bn | - | 31.36% |
| 4 | Schwab Charles | 154.90 Bn | 109.92 Bn | - | 36.98% |
| 5 | Robinhood Markets | 75.17 Bn | 70.53 Bn | 960.00 Mn | 32.80% |
| 6 | Interactive Brokers | 38.41 Bn | 49.00 Bn | - | 16.00% |
| 7 | LPL Financial Holdings | 23.13 Bn | 22.10 Bn | - | 7.22% |
| 8 | Tradeweb Markets | 21.12 Bn | 19.87 Bn | - | 37.74% |
| 9 | Circle Internet | 19.75 Bn | 18.24 Bn | 35.01 Mn | 132.82% |
| 10 | Houlihan Lokey | 9.39 Bn | 8.33 Bn | 697.95 Mn | 16.25% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 16.25% |
| Sep 30, 2025 | 16.95% |
| Jun 30, 2025 | 16.11% |
| Mar 31, 2025 | 18.29% |
| Dec 31, 2024 | 15.02% |
| Sep 30, 2024 | 16.27% |
| Jun 30, 2024 | 17.32% |
| Mar 31, 2024 | 15.58% |
| Dec 31, 2023 | 13.85% |
| Sep 30, 2023 | 14.35% |
| Jun 30, 2023 | 14.76% |
| Mar 31, 2023 | 13.41% |
| Dec 31, 2022 | 13.81% |
| Sep 30, 2022 | 12.41% |
| Jun 30, 2022 | 16.91% |
| Mar 31, 2022 | 24.95% |
| Dec 31, 2021 | 19.61% |
| Sep 30, 2021 | 21.01% |
| Jun 30, 2021 | 23.06% |
| Mar 31, 2021 | 19.85% |