Houlihan Lokey (HLI) Net Margin (2014 - 2025)
Houlihan Lokey (HLI) posted Net Margin of 16.25% for Q4 2025, down 4.11% on a QoQ basis from 16.95% in Q3 2025, and up 123.0% year-over-year from 7.29% in Q4 2024.
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Houlihan Lokey (HLI) Net Margin (2014 - 2025) Analysis & Trends
Houlihan Lokey has reported Net Margin for 12 years, with the latest figure at 16.25% in Q4 2025.
- On a quarterly basis, Net Margin rose 123.0% year-over-year to 16.25% in Q4 2025; TTM through Dec 2025 was 16.93%, a 93.0% increase from a year earlier, with the FY2025 full-year figure at 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.
- The five-year high for Net Margin was 24.95% in Q1 2022, with the low at 12.41% in Q3 2022.
- Average Net Margin over 5 years is 16.99%, with a median of 16.26% recorded in 2024.
- The sharpest annual moves came in 2022 and 2023: Net Margin surged 511 bps in 2022, then plunged 1154 bps in 2023.
- Over 5 years, Net Margin stood at 19.61% in 2021, then declined by 30 bps to 13.81% in 2022, then advanced by 0 bps to 13.85% in 2023, then increased by 8 bps to 15.02% in 2024, then grew 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 16.2% (Q2 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Evercore | 10.14 Bn | 8.05 Bn | 975.67 Mn | 10.67% |
| 2 | Jefferies Financial | 9.74 Bn | -5.67 Bn | 3.09 Bn | 7.26% |
| 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 | 16.72% |
| 6 | Moelis | 5.25 Bn | 5.17 Bn | - | - |
| 7 | Piper Sandler Companies | 4.88 Bn | 4.77 Bn | - | 14.13% |
| 8 | Lazard | 3.95 Bn | 2.96 Bn | - | -1.06% |
| 9 | BRBI BR Partners | 3.50 Bn | 3.38 Bn | 16.77 Mn | 4.08% |
| 10 | Perella Weinberg Partners | 1.40 Bn | 1.59 Bn | - | 4.04% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 16.25% |
| Sep 30, 2025 | 16.95% |
| Jun 30, 2025 | 16.20% |
| 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% |