Houlihan Lokey (HLI) Operating Margin (2014 - 2025)
Houlihan Lokey (HLI) posted Operating Margin of 22.41% for Q4 2025, down 2.33% on a QoQ basis from 22.95% in Q3 2025, and up 96.0% year-over-year from 11.44% in Q4 2024.
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Houlihan Lokey (HLI) Operating Margin (2014 - 2025) Analysis & Trends
Houlihan Lokey has reported Operating Margin for 12 years, with the latest figure at 22.41% in Q4 2025.
- On a quarterly basis, Operating Margin rose 96.0% year-over-year to 22.41% in Q4 2025; TTM through Dec 2025 was 20.47%, a 22.0% decrease from a year earlier, with the FY2025 full-year figure at 20.99%, up 204.0% from the prior year.
- Operating Margin was 22.41% for Q4 2025 at Houlihan Lokey, down from 22.95% in the prior quarter.
- The five-year high for Operating Margin was 37.75% in Q1 2022, with the low at 14.88% in Q2 2025.
- Average Operating Margin over 5 years is 22.35%, with a median of 20.69% recorded in 2023.
- The sharpest annual moves came in 2022 and 2023: Operating Margin surged 974 bps in 2022, then plunged 1738 bps in 2023.
- Over 5 years, Operating Margin stood at 28.04% in 2021, then sank by 34 bps to 18.44% in 2022, then climbed by 2 bps to 18.89% in 2023, then increased by 14 bps to 21.45% in 2024, then increased by 4 bps to 22.41% in 2025.
- The last three Operating Margin figures came in at 22.41% (Q4 2025), 22.95% (Q3 2025), and 14.88% (Q2 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Evercore | 10.14 Bn | 8.05 Bn | 975.67 Mn | 13.22% |
| 2 | Jefferies Financial | 9.74 Bn | -5.67 Bn | 3.09 Bn | 38.36% |
| 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 | 20.11% |
| 6 | Moelis | 5.25 Bn | 5.17 Bn | - | - |
| 7 | Piper Sandler Companies | 4.88 Bn | 4.77 Bn | - | - |
| 8 | Lazard | 3.95 Bn | 2.96 Bn | - | 4.53% |
| 9 | BRBI BR Partners | 3.50 Bn | 3.38 Bn | 16.77 Mn | 201.61% |
| 10 | Perella Weinberg Partners | 1.40 Bn | 1.59 Bn | - | 3.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 22.41% |
| Sep 30, 2025 | 22.95% |
| Jun 30, 2025 | 14.88% |
| Mar 31, 2025 | 21.01% |
| Dec 31, 2024 | 21.45% |
| Sep 30, 2024 | 22.73% |
| Jun 30, 2024 | 18.45% |
| Mar 31, 2024 | 19.73% |
| Dec 31, 2023 | 18.89% |
| Sep 30, 2023 | 19.33% |
| Jun 30, 2023 | 17.64% |
| Mar 31, 2023 | 20.38% |
| Dec 31, 2022 | 18.44% |
| Sep 30, 2022 | 18.26% |
| Jun 30, 2022 | 18.53% |
| Mar 31, 2022 | 37.75% |
| Dec 31, 2021 | 28.04% |
| Sep 30, 2021 | 29.28% |
| Jun 30, 2021 | 28.89% |
| Mar 31, 2021 | 28.02% |