HOULIHAN LOKEY, INC. (HLI)

Investment Advice

Latest Price

$133.73

TTM P/E

22.48

Normalized P/E

25.50

Div Yield

0.97%

Book Value

33.91

P/B Ratio

3.94

Valuation metrics

EPS: $6.22

Book value / share: $35.84

Formula: √(22.5 × EPS × BVPS)

Graham Number

$70.83

47% downside

Norm. op. income: $408M (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$61.56

54% downside

Base FCF: $682M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$758.04

+467% upside

EPS: $6.22

Target P/E: 26×

Formula: EPS × P/E

P/E Fair Value

$161.72

+21% upside

79.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	5.24M	$702.0M	7.88%	-40.4K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	2.77M	$372.0M	4.17%	-4.3K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.44M	$327.0M	3.67%	+20.4K	2026-06-30
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	2.43M	$325.0M	3.65%	-215.5K	2026-06-30
EARNEST PARTNERS LLC	2.17M	$291.0M	3.27%	-56.3K	2026-06-30
STATE STREET CORP	1.75M	$234.0M	2.63%	+55.8K	2026-06-30
MORGAN STANLEY	1.69M	$226.0M	2.54%	+98.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.38M	$185.0M	2.08%	+32.7K	2026-06-30
BANK OF MONTREAL /CAN/	1.30M	$174.0M	1.96%	+151.1K	2026-06-30
CITADEL ADVISORS LLC	1.24M	$165.0M	1.86%	+737.5K	2026-06-30