Houlihan Lokey, Inc. (HLI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde à enjeux élevés de la banque d'investissement mondiale, Houlihan Lokey, Inc. (HLI) est une formidable puissance stratégique, transformant des défis financiers complexes en solutions sophistiquées dans diverses industries. Cette toile complète du modèle commercial révèle comment HLI exploite son expertise inégalée, ses réseaux mondiaux profonds et ses services de conseil innovants pour offrir une valeur exceptionnelle aux entreprises moyennes, aux sociétés de capital-investissement et aux sociétés multinationales à la recherche de conseils financiers stratégiques dans un marché mondial de plus en plus complexe.

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les banques d'investissement mondiales

Houlihan Lokey entretient des partenariats stratégiques avec les banques d'investissement mondiales suivantes:

Banque partenaire	Détails du partenariat	Année établie
Goldman Sachs	Avis de transaction transfrontalière	2018
Morgan Stanley	Collaboration de restructuration	2016
JPMorgan Chase	Réseau de référence de l'accord M&A	2019

Collaboration avec les sociétés de capital-investissement et de capital-risque

Les partenariats clés PE ​​et VC comprennent:

• Groupe Blackstone
• Kkr & Co.
• Groupe de carlyle
• Silver Lake Partners

Relations avec les cabinets juridiques et comptables des entreprises

Nom de l'entreprise	Collaboration de service	Volume de référence annuel
Kirkland & Ellis LLP	Restructuration juridique	47 Engagements conjoints en 2023
Pwc	Diligence financière	62 projets collaboratifs en 2023
Deloitte	Services de conseil des transactions	55 engagements conjoints en 2023

Partenariats avec les fournisseurs de technologies et d'analyse de données

Métriques de partenariat technologique:

• Intégration du terminal Bloomberg
• S&P Global Market Intelligence Plateforme
• Services de données Pitchbook

Partenaire technologique	Investissement annuel	Fonction primaire
Palantir Technologies	3,2 millions de dollars	Plateforme d'analyse de données
IBM Watson	2,7 millions de dollars	Outils de recherche dirigés par l'IA

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: Activités clés

Services de conseil en fusions et acquisitions

Houlihan Lokey a terminé 242 transactions consultatives de fusions et acquisitions au cours de l'exercice 2023, avec une valeur de transaction totale de 316,5 milliards de dollars. L'entreprise se classe 6e dans le monde entier dans des accords de conseil en fusions et acquisitions.

Catégorie de transaction	Nombre d'offres	Valeur totale de transaction
Avis de fusions et acquisitions d'entreprise	156	214,3 milliards de dollars
Private Equity M&A	86	102,2 milliards de dollars

Conseil de restructuration financière

Au cours de l'exercice 2023, Houlihan Lokey a géré 87,4 milliards de dollars de volume total de transactions de restructuration.

• Conseillé sur 78 cas importants de restructuration des entreprises
• Géré 43 engagements de restructuration transfrontaliers
• Restructuration gérée pour les entreprises dans 12 secteurs industriels différents

Évaluation et support de transaction

L'entreprise a effectué 412 affectations d'évaluation indépendantes en 2023, avec une valeur totale évaluée de 224,6 milliards de dollars.

Type d'évaluation	Nombre de missions	Valeur évaluée totale
Évaluations des entreprises	276	156,3 milliards de dollars
Évaluations des actifs financiers	136	68,3 milliards de dollars

Conseil financier stratégique pour les sociétés

Houlihan Lokey a fourni des services de conseil financier stratégiques à 187 clients d'entreprise en 2023, avec une valeur d'engagement moyenne de 14,2 millions de dollars.

Marchés des capitaux et placement des valeurs mobilières

Au cours de l'exercice 2023, l'entreprise a facilité des stages en valeurs mobilières totalisant 64,8 milliards de dollars dans divers instruments financiers.

Type de titres	Valeur de placement total	Nombre de transactions
Placements	28,6 milliards de dollars	42
Titres de création	36,2 milliards de dollars	55

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: Ressources clés

Expertise financière de haut calibre et talent professionnel

Au quatrième trimestre 2023, Houlihan Lokey a employé 1 932 professionnels dans le monde. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie professionnelle	Nombre d'employés
Directeurs de gestion	320
Vice-présidents seniors	456
Vice-présidents	612
Associés	544

Vaste réseau mondial de connexions de l'industrie

Houlihan Lokey maintient la présence stratégique à travers:

• 20 bureaux aux États-Unis
• 9 bureaux en Europe
• 6 bureaux en Asie-Pacifique

Outils de modélisation financière propriétaire et d'analyse

L'investissement technologique de l'entreprise comprend:

Catégorie d'investissement technologique	Dépenses annuelles
Infrastructure informatique	58,4 millions de dollars
Développement de logiciels	22,6 millions de dollars
Plateformes d'analyse de données	15,3 millions de dollars

Solide réputation de la marque dans la banque d'investissement

Indicateurs de performance financière:

• 2023 Revenu total: 1,94 milliard de dollars
• Revenu net: 456,2 millions de dollars
• Capitalisation boursière: 7,8 milliards de dollars

Infrastructure technologique sophistiquée

Capacités technologiques:

Ressource technologique	Spécification
Infrastructure de cloud computing	Déploiement AWS et Azure multi-régions
Investissement en cybersécurité	12,7 millions de dollars par an
Capacité de traitement des données	Plus de 500 téraoctets par mois

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: propositions de valeur

Solutions de conseil financier complètes

Houlihan Lokey a généré 1,75 milliard de dollars de revenus totaux pour l'exercice 2023. L'entreprise fournit des services de conseil financier avec la répartition de spécialisation suivante:

Catégorie de service	Contribution des revenus
Financement des entreprises	864,2 millions de dollars
Restructuration financière	535,6 millions de dollars
Conseil des marchés des capitaux	350,2 millions de dollars

Expertise profonde spécifique à l'industrie dans plusieurs secteurs

Houlihan Lokey entretient des groupes de pratique spécialisés dans les principales industries:

• Technologie, médias & Télécommunications
• Soins de santé & Sciences de la vie
• Services financiers
• Industriel
• Consommateur & Vente au détail

Conseils stratégiques adaptés aux transactions complexes

Volume de transaction pour l'exercice 2023:

Type de transaction	Nombre total
Transactions consultatives de fusions et acquisitions	382
Affectations de restructuration	267
Transactions des marchés des capitaux	156

Recommandations financières objectives et indépendantes

Services consultatifs indépendants caractérisés par:

• Aucun risque de bilan
• Modèle consultatif sans conflit
• Structures de frais transparents

Reach mondial avec des informations sur le marché localisées

Mesures de présence mondiale pour 2023:

Présence géographique	Nombre
Bureaux totaux	26
Pays desservis	16
Professionnels du monde	1,800+

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: relations avec les clients

Stratégies d'engagement des clients à long terme

Houlihan Lokey entretient plus de 3 700 relations avec les clients actifs à travers les segments des entreprises, sponsors financiers et des investisseurs institutionnels. L'entreprise a généré 1,63 milliard de dollars de revenus au cours de l'exercice 2023, avec 73% des revenus tirés de clients réguliers.

Segment client	Nombre de clients actifs	Contribution des revenus
Clients des entreprises	1,850	42% des revenus totaux
Sponsors financiers	1,200	35% des revenus totaux
Investisseurs institutionnels	650	23% des revenus totaux

Services de conseil personnalisés

L'entreprise emploie plus de 1 700 professionnels spécialisés dans les services de conseil financier personnalisés dans plusieurs domaines de pratique.

• Services de conseil en fusions et acquisitions
• Conseil des marchés des capitaux
• Services de restructuration
• Services d'évaluation

Équipes de gestion des relations dédiées

Houlihan Lokey maintient 275 banquiers seniors avec une moyenne de 18 ans d'expérience dans l'industrie. Les professionnels supérieurs de l'entreprise gèrent directement les relations clients clés.

Communication continue et suivi

L'entreprise effectue environ 4 500 interactions clients par an, notamment des suivis post-transaction et des points de contact de conseil stratégique.

Réputation de confiance et de confidentialité

Houlihan Lokey a conseillé plus de 2,3 billions de dollars de volume de transactions au cours de l'exercice 2023, en maintenant un taux de rétention client de 94% dans les bureaux mondiaux.

Présence mondiale	Nombre de bureaux	Couverture géographique
Bureaux totaux	40	Amérique du Nord, Europe, Asie
États-Unis	23	Marché primaire
Bureaux internationaux	17	Extension mondiale

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Au quatrième trimestre 2023, Houlihan Lokey maintient 752 professionnels au total dans les bureaux mondiaux. La composition de l'équipe de vente comprend:

Région	Professionnels des ventes
Amérique du Nord	468
Europe	164
Asie-Pacifique	120

Plateformes de réseautage professionnels

Métriques d'engagement numérique pour 2023:

• LinkedIn adeptes: 238 000
• Taux d'engagement du post LinkedIn: 3,7%
• Connexions de réseau professionnel actif: 52 400

Conférences et événements de l'industrie

Données annuelles de participation à la conférence:

Type d'événement	Participation annuelle
Conférences consultatives financières	47
Sommets de fusions et acquisitions	36
Forums de banque d'investissement	28

Plateformes de communication numérique

Performance du canal numérique en 2023:

• Visiteurs mensuels du site Web de l'entreprise: 126 500
• Durée de session moyenne du site Web: 4,2 minutes
• Base de données de communication par e-mail: 94 300 contacts

Réseaux de référence

Composition du réseau de référence pour 2023:

Type de réseau	Connexions totales
Entreprises de services professionnels	412
Sociétés de capital-investissement	287
Banques d'investissement	203

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: segments de clientèle

Intermédiaire et grandes entreprises d'entreprise

Houlihan Lokey dessert les sociétés de marché intermédiaire avec des revenus annuels entre 50 et 1 milliard de dollars. En 2023, la société a conseillé 210 transactions d'entreprise avec une valeur de transaction totale de 42,3 milliards de dollars.

Segment de clientèle	Volume de transaction	Valeur totale de transaction
Entreprises de marché intermédiaire	210 transactions	42,3 milliards de dollars

Sociétés de capital-investissement et de capital-risque

L'entreprise soutient 387 clients de capital-investissement et de capital-risque dans le monde. En 2023, Houlihan Lokey a terminé 156 transactions liées au capital-investissement avec une valeur globale de 28,7 milliards de dollars.

• Clients totaux de capital-investissement: 387
• Transactions de capital-investissement: 156
• Valeur de la transaction globale: 28,7 milliards de dollars

Institutions financières

Houlihan Lokey fournit des services de conseil à 215 institutions financières, les services de conseil en transaction générant 789,4 millions de dollars de revenus en 2023.

Segment des institutions financières	Nombre de clients	Revenus consultatifs
Institutions financières	215 clients	789,4 millions de dollars

Sociétés multinationales

L'entreprise a conseillé 92 sociétés multinationales en transactions transfrontalières, les valeurs totales de transaction atteignant 63,5 milliards de dollars en 2023.

• Clients multinationaux: 92
• Valeur de la transaction transfrontalière: 63,5 milliards de dollars

Les entreprises en détresse nécessitant une restructuration

Houlihan Lokey a effectué 78 transactions de restructuration en 2023, avec une valeur consultative de restructuration totale de 22,6 milliards de dollars.

Segment de restructuration	Nombre de transactions	Valeur de restructuration totale
Restructurations de l'entreprise en détresse	78 transactions	22,6 milliards de dollars

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: Structure des coûts

Compensation de talents professionnels élevés

Depuis l'exercice 2023, les frais totaux de rémunération et de prestations des employés de Houlihan Lokey étaient de 1,69 milliard de dollars, ce qui représente environ 72,4% des revenus totaux.

Catégorie de compensation	Montant (millions de dollars)	Pourcentage de revenus
Salaires de base	$712	30.5%
Bonus de performance	$678	29.0%
Compensation d'incitation à long terme	$300	12.9%

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour l'exercice 2023 ont totalisé 87,3 millions de dollars.

• Infrastructure informatique: 42,5 millions de dollars
• Plateformes logicielles et analytiques: 29,8 millions de dollars
• Améliorations de la cybersécurité: 15 millions de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour l'exercice 2023 étaient de 56,4 millions de dollars.

Canal de marketing	Dépenses (millions de dollars)
Marketing numérique	$18.2
Conférences et parrainages d'événements	$22.6
Marketing de la relation client	$15.6

Recherche et maintenance des outils analytiques

Les dépenses de maintenance des outils de recherche et d'analyse au cours de l'exercice 2023 s'élevaient à 35,6 millions de dollars.

• Services d'abonnement aux données: 15,3 millions de dollars
• Outils de recherche propriétaires: 12,8 millions de dollars
• Plateformes de recherche externes: 7,5 millions de dollars

Office mondial et frais généraux opérationnels

Les frais généraux mondiaux et les frais généraux opérationnels pour l'exercice 2023 étaient de 124,7 millions de dollars.

Catégorie aérienne	Montant (millions de dollars)
Loyer et installations	$62.3
Services publics et maintenance	$22.4
Équipement et fournitures de bureau	$18.5
Voyage et hébergement	$21.5

Houlihan Lokey, Inc. (HLI) - Modèle d'entreprise: Strots de revenus

Frais de conseil des transactions

Pour l'exercice 2023, Houlihan Lokey a déclaré des frais de conseil des transactions de 1,62 milliard de dollars, ce qui représente une partie importante de leurs revenus totaux.

Type de transaction	Revenus annuels (2023)	Pourcentage du total des revenus
Avis de fusions et acquisitions	1,02 milliard de dollars	42.5%
Conseil des marchés des capitaux	600 millions de dollars	25%

Frais de consultation de restructuration

Les services de restructuration ont généré 538 millions de dollars de revenus pour l'exercice 2023.

• Engagements de restructuration des entreprises: 342 millions de dollars
• Conseil financier pour les entreprises en détresse: 196 millions de dollars

Frais de service d'évaluation

Les services d'évaluation ont contribué 275 millions de dollars aux revenus de Houlihan Lokey en 2023.

Catégorie de service d'évaluation	Revenus annuels
Évaluation des rapports financiers	165 millions de dollars
Évaluation du support des litiges	110 millions de dollars

Commissions de transaction basées sur le succès

Les frais de réussite ont représenté environ 412 millions de dollars de revenus pour l'exercice 2023.

• Frais de réussite des transactions de grande entreprise: 267 millions de dollars
• Frais de réussite des transactions sur le marché intermédiaire: 145 millions de dollars

Contrats de conseil stratégique basés sur le retenue

Les contrats basés sur le poste ont généré 186 millions de dollars de revenus récurrents pour 2023.

Type de contrat	Revenus annuels	Durée du contrat moyen
Conseil stratégique d'entreprise	124 millions de dollars	12-18 mois
Avis d'institution financière	62 millions de dollars	6-12 mois

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Value Propositions

You're looking at the core strengths that make Houlihan Lokey, Inc. (HLI) a go-to advisor, even when the market feels uncertain. It all comes down to independence and proven results.

Unconflicted, independent advice (no balance sheet lending conflicts).

The firm's value proposition is built on pure advisory, meaning no conflicts from holding assets on its own balance sheet. This independence is a key differentiator when clients need objective counsel.

No. 1 global restructuring advisor for the past 11 years. This sustained leadership is backed by advising on more than 1,800 restructuring transactions since 1988, involving aggregate debt claims exceeding $3.8 trillion. Furthermore, the firm advised major parties-in-interest in 12 of the 15 largest corporate bankruptcies in the U.S. between 2000 and 2024.

Deep sector specialization across numerous verticals, ensuring defintely precise advice. Houlihan Lokey, Inc. (HLI) maintains deep expertise, with discussions at its 2025 Global Conference highlighting key themes from across more than 80 sectors within multiple industries and services.

Market leadership in M&A transaction volume, closing more deals than competitors. For the first three quarters (Q1-Q3) of 2025, Houlihan Lokey, Inc. (HLI) spearheaded the number of deals advised, closing 240 transactions, outpacing peers by a significant margin. This leadership in volume is consistent across different reporting periods and sectors.

Here's a quick look at the volume leadership in M&A for parts of 2025:

Metric	Ranking Position	Volume/Value	Period/Scope
Overall M&A Deal Volume	No. 1	240 deals advised	Q1-Q3 2025
North America M&A Deal Volume	No. 1	93 deals advised	H1 2025
Financial Services M&A Deal Volume	No. 1	33 transactions advised	Q1-Q3 2025

Counter-cyclical business model that performs well in both strong and weak markets. The firm's Fiscal Year 2025 results demonstrate strong performance even amid market shifts, reporting record revenues of $2.39 billion, a 25% increase over the prior year's $1.91 billion.

The financial performance highlights include:

• Fiscal Year 2025 Revenue: $2.39 billion.
• Fiscal Year 2025 Diluted EPS: $5.82.
• Fourth Quarter Fiscal 2025 Revenue: $666 million, up 28% year-over-year.
• Corporate Finance revenue growth for FY2025: 38% increase.

The board's confidence is shown by announcing a 5% hike in the quarterly dividend to $0.60 per share.

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Customer Relationships

The customer relationship strategy at Houlihan Lokey, Inc. (HLI) is fundamentally built on deep, sustained engagement, positioning the firm as the trusted advisor to more top decision-makers than any other independent global investment bank. This is not a transactional model; it is about embedding senior expertise within the client's strategic decision-making process.

High-touch, senior-level advisory relationships.

The firm ensures senior involvement is a constant, not an exception. This is evidenced by the high productivity metric achieved by the senior banker cohort. For the fiscal year ended March 31, 2025, Houlihan Lokey, Inc. (HLI) generated total revenues of $2.39 billion. With 347 Managing Directors as of June 30, 2025, this translated to an average revenue per Managing Director of $7.0 million in FY2025. This high revenue per senior banker underscores the premium placed on experienced, high-level advisory time.

Relationship-driven model focused on repeat business and referrals.

The focus on deep relationships drives recurring engagement, which is critical for stability, especially given the firm's diversified business mix across cyclical and counter-cyclical segments. While the exact percentage of revenue from repeat business isn't publicly itemized, the sheer volume of activity across market cycles suggests strong client loyalty. For example, in the first half of 2025, Houlihan Lokey, Inc. (HLI) led the financial services sector in M&A deal volume with 25 deals advised. Furthermore, through the third quarter of 2025, the bank handled 240 transactions overall. The firm competes directly on the strength of client relationships.

The client base is heavily weighted toward sophisticated financial actors, indicating established, long-term partnerships:

Client Type (LTM ended March 31, 2025)	Revenue Percentage
Financial Sponsors	53%
Private Non-Sponsor	28%
Public Companies	19%

Dedicated industry coverage teams for long-term client engagement.

Houlihan Lokey, Inc. (HLI) organizes its advisory services around dedicated industry groups to foster long-term expertise and client continuity. The average tenure of the executive management team is over 35 years, and the average tenure of the management team is 7.3 years, signaling deep institutional knowledge that benefits long-term client relationships. The firm has dedicated professionals across numerous sectors, including:

• Corporate Finance
• Financial Restructuring
• Financial and Valuation Advisory
• FinTech
• Consumer Group (including E-Commerce and D2C)
• Business Services Group
• Financial Services Group

Commitment to client outcomes, not just transaction fees.

The firm's reputation is tied to achieving superior results, which is a direct measure of client outcome success. Houlihan Lokey, Inc. (HLI) has earned a reputation for providing superior service and achieving outstanding results across its advisory services. This commitment is reflected in the firm's ability to maintain high productivity metrics even while navigating complex market conditions. The focus is on analyzing a full range of strategic options-mergers, divestitures, capital raising, and advisory-based on comprehensive industry understanding, which is the core of driving the best outcome for the client, rather than simply closing a deal for a fee.

The firm's geographic footprint supports this global commitment, with 71% of revenue from the Americas, 23% from EMEA, and 6% from Asia for the LTM ended March 31, 2025. This global reach ensures that client outcomes are supported by worldwide market intelligence.

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Channels

You're looking at how Houlihan Lokey, Inc. (HLI) gets its advice and services to clients-it's all about high-touch, relationship-driven access, supported by a global footprint. The primary channel is definitely the direct line to the experts.

Direct engagement via Managing Directors and senior bankers is the core delivery mechanism. These senior professionals are the ones who build and maintain the deep, long-standing client relationships that drive advisory mandates. The firm has been actively growing this key resource; as of July 2025, Houlihan Lokey had 347 managing directors globally. To give you a sense of the focus, as of March 31, 2025, the Financial Restructuring group alone had 57 FR Managing Directors working around the globe, which they believe is one of the largest restructuring groups in the industry. Productivity remains a key metric; revenue per MD reached $7.0 million in Fiscal Year 2025. This direct access is how they sell complex M&A, capital solutions, and restructuring advice.

The global network of physical offices serves as the essential infrastructure for this primary service delivery. While the relationships are personal, the execution requires a physical presence across key financial centers. Houlihan Lokey serves corporations, institutions, and governments worldwide, operating through offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. As of July 2025, the firm maintained 33 locations worldwide. This physical reach is crucial for coordinating cross-border deals and maintaining proximity to clients, even though the total employee count as of March 31, 2025, stood at 2,702 people.

Here's a quick look at the scale supporting these channels as of the latest reporting:

Metric	Value (Late 2025)	Date/Period
Total Managing Directors	347	July 2025
Financial Restructuring MDs	57	March 31, 2025
Global Physical Locations	33	July 2025
Total Employees	2,702	March 31, 2025
Fiscal Year 2025 Revenue	$2.39 billion	Year Ended March 31, 2025

Thought leadership and industry conferences act as a critical channel for brand reinforcement and lead generation, moving beyond one-to-one client servicing. The firm uses premier events to showcase expertise and build relationships at scale. For instance, the ONE Houlihan Lokey Global Conference in London was scheduled for November 18-20, 2025, covering key sectors like Consumer, Healthcare, Industrials, Technology, and Financial Services. They also held a New York version of this conference in May 2025. These events are designed to offer multi-industry content and unmatched networking opportunities.

Finally, targeted digital content for market insights and firm reputation supports the senior bankers by establishing intellectual authority. While not a direct transaction channel, digital distribution of white papers, proprietary data analysis, and market commentary keeps Houlihan Lokey top-of-mind. This includes launching platforms like their proprietary private credit analytics platform, which serves as a digital channel to deliver differentiated insights to clients. The firm's consistent ranking as the No. 1 global M&A advisor for the past 10 years in the U.S. is heavily promoted through these channels to cement their reputation. Finance: draft 13-week cash view by Friday.

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Customer Segments

You're looking at who Houlihan Lokey, Inc. serves, and the numbers show a broad, sophisticated client base.

Large public and closely held companies (mid-cap focus)

• Corporate Finance segment generated $1,526,756 thousand in revenue for fiscal year ended March 31, 2025.
• Corporate Finance segment accounted for 63.8% of total revenues for the last twelve months ended June 30, 2025.
• Corporate Finance revenues were $413 million for the fourth quarter ended March 31, 2025.
• The firm ranked No. 1 investment bank for all global M&A transactions for the past two years.
• The firm ranked No. 1 M&A advisor for the past 10 years in the U.S..

Private equity firms and financial sponsors

This group is a core focus, especially within the Corporate Finance and Financial Restructuring areas.

Metric	Data Point	Context/Date
Sponsors Covered	1,900+	Americas and Europe coverage
Companies Sold to Sponsors	850+	Over the past five years
Total Clients Served Annually	2,000+	Annually

Debtors, creditors, and other stakeholders in distressed situations

This is the domain of the Financial Restructuring group.

• Financial Restructuring segment contributed 23% of total revenues for the last twelve months ended June 30, 2025.
• Financial Restructuring segment revenues were $164,546 thousand for the fiscal year ended March 31, 2025.
• The firm is the No. 1 global restructuring advisor for the past 11 years.
• Financial Restructuring revenues were $165 million for the fourth quarter ended March 31, 2025.

Governments and institutions requiring complex valuation and financial analysis

These clients utilize the Financial and Valuation Advisory services.

• Financial and Valuation Advisory segment represented 13% of total revenues for the last twelve months ended June 30, 2025.
• Financial and Valuation Advisory segment revenues were $86,988 thousand for the second quarter ended September 30, 2025.
• The firm is the No. 1 global M&A fairness opinion advisor over the past 25 years.

Overall, total revenues for fiscal year ended March 31, 2025, reached $2.39 billion.

Finance: draft 13-week cash view by Friday.

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Cost Structure

For Houlihan Lokey, Inc., the cost structure is defintely weighted toward its human capital. You can think of it as primarily a people-driven, fixed-cost structure, which is typical for a top-tier advisory firm. This means that a significant portion of the operating expenses is tied directly to the compensation of its bankers and support staff, and these costs don't immediately scale down if revenue dips a little.

To give you a clear picture of the scale, here are the key financial components for the fiscal year ended March 31, 2025. We need to look at the total revenue to put these expenses in context. Houlihan Lokey, Inc. reported total revenues of $2.39 billion for fiscal year 2025.

Cost Component (FY2025)	Financial Amount (GAAP)	Financial Amount (Adjusted)
Total Revenue	$2.39 billion	N/A
Employee Compensation and Benefits Expense	Approx. $1.52 billion	Approx. $1.47 billion
Non-Compensation Expenses	$364 million	Approx. $329 million

The compensation component is the single largest driver of costs. Here's how that breaks down based on the required figures and the relationship to revenue:

• Employee compensation and benefits expense for FY2025 was reported at approximately $1.524 billion, as per the required structure data.
• The GAAP compensation ratio, which is the expense as a percentage of revenue, was approximately 63.8% for the fiscal year ended March 31, 2025.
• The high compensation ratio, when looking at adjusted figures, settles around 61.5% of revenue.
• Non-compensation expenses, covering things like rent, technology infrastructure, and data subscriptions, totaled $364 million for FY2025.

Beyond the recurring personnel and overhead costs, you always have to factor in the costs associated with strategic growth. Houlihan Lokey, Inc. has a history of using acquisitions to expand its geographic reach and service offerings. These activities bring in non-recurring expenses, such as legal fees, integration costs, and sometimes, deferred retention payments related to the acquired teams. These costs can temporarily inflate the non-compensation or compensation lines, so you have to look at the adjusted figures to see the core operating cost base, which is what that 61.5% adjusted ratio helps you see.

Houlihan Lokey, Inc. (HLI) - Canvas Business Model: Revenue Streams

You're looking at how Houlihan Lokey, Inc. (HLI) actually brings in the money, which is key to understanding its stability. Honestly, their revenue streams are heavily weighted toward transaction success, which means they earn the big fees when deals close.

For the fiscal year ended March 31, 2025, Houlihan Lokey, Inc. (HLI) posted record total revenues of $2.39 billion. This performance shows a strong rebound and execution across all their main advisory groups.

The core of the revenue generation is tied to fees earned upon transaction completion; this success-based component makes up the majority of the total take. It's a classic investment banking model, but HLI's diversification helps smooth out the inevitable deal-making troughs.

Here is the breakdown of the reported revenue by segment for FY2025, which really shows where the bulk of the activity was:

Revenue Stream Category	FY2025 Reported Revenue	Implied Percentage of Total Revenue
Corporate Finance fees (M&A, capital markets)	$1.527 billion	Approximately 64%
Financial Restructuring fees (distressed advisory)	$544 million	Approximately 23%
Financial and Valuation Advisory fees (fairness opinions)	$318 million	Approximately 13%
Total FY2025 Revenue	$2.39 billion	100%

You can see the Corporate Finance segment is the clear leader, driving over 60% of the firm's total income for the year. This segment includes advisory services for mergers and acquisitions (M&A) and capital markets transactions.

The Financial Restructuring group remains a critical, counter-cyclical revenue source. For FY2025, this segment brought in $544 million. As of the last twelve months ending June 30, 2025, Financial Restructuring accounted for about 23% of the firm's revenue, showing its consistent importance.

The Financial and Valuation Advisory (FVA) segment, which handles things like fairness opinions, contributed $318 million in revenue for the fiscal year. This segment's revenue growth for the fiscal year ended March 31, 2025, was 11% compared to the prior year.

To be defintely clear on the structure of these earnings, the revenue sources are characterized by:

• Success-based fees upon transaction completion, which is the majority of the revenue recognized.
• Fees derived from M&A and capital markets advisory work within Corporate Finance.
• Advisory fees from restructuring engagements, which often involve complex debt and equity solutions.
• Fees for independent valuation services and fairness opinions from the FVA group.

The overall revenue performance for the fiscal year ended March 31, 2025, was a 25% increase from the $1.91 billion reported in the previous fiscal year. Finance: draft 13-week cash view by Friday.