Houlihan Lokey, Inc. Financial Ratios — HLI Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Return on Common Equity (%)	- -	10.41	9.46	15.73	21.82	18.24	19.6	26.42	30.97	16.63	16.25	19.93	18.85
Return on Assets (%)	- -	6.97	6.06	8.82	12.29	11.19	11.85	15.25	16.48	8.68	9.13	11.44	10.47
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	10.08	9.04	14.94	20.89	17.56	17.55	22.59	26.82	16.1	13.57	17.26	16.85
Gross Margin (%)	29.97	30.22	33.46	33.24	33.92	36.18	36.37	36.33	37.94	38.5	38.5	38.5	38.5
EBITDA Margin (%)	18.38	19.7	19.3	21.88	23.08	21.54	21.3	27.75	29.14	24.04	22.34	25.01	25.26
Operating Margin (%)	17.36	18.9	18.22	20.87	22.26	20.2	19.8	26.76	27	20.82	20.85	23.28	23.63
Incremental Operating Margin (%)	- -	29.19	-17.48	31.18	35.52	3.87	14.01	48.77	27.5	51.26	21.23	33.1	27.27
Pretax Margin (%)	17.78	19.41	18.11	20.47	22.61	20.69	20.33	26.83	26.61	17.91	20.4	22.24	21.48
Profit Margin (%)	10.35	11.73	10.05	12.42	17.88	14.67	15.85	20.5	19.28	14.05	14.64	16.73	16.26
Net Income to Common Margin (%)	10.35	11.73	10.05	12.42	17.88	14.67	15.85	20.5	19.28	14.05	14.64	16.73	16.26
Effective Tax Rate (%)	41.68	39.5	44.47	39.3	20.91	29.07	22	23.57	27.42	21.54	28.23	24.77	24.56
Dvd Payout Ratio (%)	1.75	2.71	163.77	51.04	30.23	42.07	43.88	29.42	26.16	55.22	52.96	41.33	41.18
Sustainable Growth Rate (%)	- -	10.13	-6.03	7.7	15.22	10.57	11	18.65	22.87	7.45	7.64	11.69	11.09

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Total Debt	- -	- -	77	33	13	9	159	175	198	375	415	438	492
ST Debt	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	77	33	12	9	159	175	198	375	415	438	492
Total Debt/EBITDA	- -	- -	0.57	0.17	0.06	0.04	0.64	0.41	0.3	0.86	0.97	0.73	0.74
Net Debt/EBITDA	-1	-0.66	-0.67	-1.4	-0.87	-1.19	-1.52	-2	-1.26	-1.64	-1.69	-1.62	-1.8
Total Debt/EBIT	- -	- -	0.61	0.18	0.06	0.04	0.69	0.43	0.32	0.99	1.04	0.79	0.8
Net Debt/EBIT	-1.06	-0.69	-0.71	-1.47	-0.9	-1.26	-1.64	-2.07	-1.36	-1.9	-1.81	-1.75	-1.92
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	67.09	66.89	60.81	52.44	60.11	62.51	58.7	57.03	50.01	54.34	57.93	56.94	54.36
Long-Term Debt/Equity (%)	- -	- -	11.72	4.46	1.39	0.97	16.14	12.67	13.69	23.24	22.62	20.15	20.06
Long-Term Debt/Capital (%)	- -	- -	10.49	4.27	1.37	0.96	13.9	11.25	12.04	18.86	18.45	16.77	16.71
Long-Term Debt/Total Assets (%)	- -	- -	7.15	2.35	0.84	0.61	9.47	7.23	6.85	12.63	13.1	11.47	11.42
Total Debt/Equity (%)	- -	- -	11.72	4.46	1.51	0.97	16.14	12.67	13.69	23.24	22.62	20.15	20.06
Total Debt/Capital (%)	- -	- -	10.49	4.27	1.48	0.96	13.9	11.25	12.04	18.86	18.45	16.77	16.71
Total Debt/Total Assets (%)	- -	- -	7.15	2.35	0.91	0.61	9.47	7.23	6.85	12.63	13.1	11.47	11.42
Net Debt to Equity	-15.3	-10.74	-13.7	-36.66	-22.73	-31.09	-38.17	-61.15	-57.71	-44.28	-39.27	-44.65	-48.49
Net Debt/Capital (%)	-18.07	-12.03	-15.88	-57.87	-29.42	-45.11	-49.25	-118.82	-103.16	-56.09	-47.11	-59.13	-67.75
EBITDA	109	134	134	191	222	234	247	423	661	435	428	598	661
EBITDA-CapEx	107	129	125	176	215	227	226	409	653	384	361	558	639
Operating Income (Loss)	103	129	126	182	214	219	230	408	613	377	399	556	619

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Cash Ratio	0.38	0.25	0.57	0.78	0.96	0.77	0.97	1.04	0.71	0.78	0.83	1.06	1.09
Current Ratio	1.27	1.47	1.06	1.61	1	0.88	1.22	1.32	0.93	1.13	1.32	1.45	1.5
Quick Ratio	1.27	1.47	1.06	1.11	1.27	1.08	1.22	1.32	0.93	1.13	1.32	1.45	1.5
CFO/Avg Current Liab	- -	0.61	0.04	0.74	0.61	0.48	0.58	0.88	0.74	0.13	0.37	0.87	0.62
Common Equity/Total Assets	67.09	66.89	60.81	52.44	60.11	62.51	58.7	57.03	50.01	54.34	57.93	56.94	54.36
Long-Term Debt/Equity (%)	- -	- -	11.72	4.46	1.39	0.97	16.14	12.67	13.69	23.24	22.62	20.15	20.06
Long-Term Debt/Capital (%)	- -	- -	10.49	4.27	1.37	0.96	13.9	11.25	12.04	18.86	18.45	16.77	16.71
Long-Term Debt/Total Assets (%)	- -	- -	7.15	2.35	0.84	0.61	9.47	7.23	6.85	12.63	13.1	11.47	11.42
Total Debt/Equity (%)	- -	- -	11.72	4.46	1.51	0.97	16.14	12.67	13.69	23.24	22.62	20.15	20.06
Total Debt/Capital (%)	- -	- -	10.49	4.27	1.48	0.96	13.9	11.25	12.04	18.86	18.45	16.77	16.71
Total Debt/Total Assets (%)	- -	- -	7.15	2.35	0.91	0.61	9.47	7.23	6.85	12.63	13.1	11.47	11.42
CFO/Total Liabilities	47.65	48.65	2.81	38.46	44.28	41.95	41.53	55.62	51.04	10.05	24.62	51.59	37.94
CFO/CapEx	73.63	42.07	1.25	17.47	32.47	33.34	13.88	40.98	84.86	2.69	4.92	21.38	31.56
Altman's Z-Score	2.76	2.67	5.65	4.88	5.93	6.73	5.94	5.19	5.96	5.42	6.8	7.02	6.06

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Accounts Receivable Turnover	- -	12.6	12	14.68	13.96	14.65	15.28	16.11	17.98	11.1	10.03	10.46	10.78
Days Sales Outstanding	- -	28.96	30.41	24.86	26.14	24.92	23.89	22.65	20.3	32.89	36.38	34.9	33.86
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	13.06	12.9	15.31	15.45	14.45	13.55	16.01	14.55	9.29	10.35	11.69	11.79
Accounts Payable Turnover Days	- -	27.95	28.3	23.84	23.63	25.27	26.95	22.8	25.09	39.3	35.28	31.22	30.97
Cash Conversion Cycle	- -	1.02	2.1	1.03	2.51	-0.34	-3.06	-0.15	-4.79	-6.41	1.1	3.68	2.89
Inventory to Cash Days	- -	28.96	30.41	24.86	26.14	24.92	23.89	22.65	20.3	32.89	36.38	34.9	33.86
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Market Capitalization	- -	- -	1,626	2,274	2,934	2,999	3,415	4,536	5,927	6,009	8,857	11,280	9,980
- Cash & Cash Equivalents	109	89	166	300	207	286	380	847	834	714	721	971	1,189
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	3	3	2	4	- -	- -	- -	- -	- -	- -	- -	- -	111
+ Total Debt	- -	- -	77	33	13	9	159	175	198	375	415	438	492
Enterprise Value	-106	-85	1,539	2,010	2,531	2,625	3,088	3,864	5,291	5,664	8,544	10,580	9,266
Total Capital	715	826	730	763	866	900	1,143	1,559	1,641	1,988	2,252	2,613	2,945
Total Debt/Capital (%)	- -	- -	10.49	4.27	1.48	0.96	13.9	11.25	12.04	18.86	18.45	16.77	16.71
Total Debt / EV	- -	- -	0.05	0.02	0.01	- -	0.05	0.05	0.04	0.07	0.05	0.04	0.05
EV/Sales	- -	- -	2.22	2.3	2.63	2.42	2.66	2.53	2.33	3.13	4.46	4.43	3.54
EV/EBITDA	- -	- -	11.49	10.53	11.39	11.24	12.51	9.13	8	13.02	19.98	17.7	14.01
EV/EBIT	- -	- -	12.17	11.04	11.81	11.98	13.45	9.47	8.63	15.03	21.41	19.02	14.98
EV/Cash Flow to Firm	- -	- -	131.3	7.98	10.1	11.71	10.74	6.66	7.18	41.56	26.01	12.47	13.16
EV/Free Cash Flow to Firm	- -	- -	72.91	7.54	9.8	11.36	10.01	6.51	7.1	30.29	21.62	11.91	12.76
Diluted Market Cap	- -	- -	1,581	2,294	2,958	3,019	3,426	4,567	5,993	5,913	8,737	11,088	9,829
Diluted Enterprise Value	-106	-85	1,493	2,030	2,764	2,742	3,204	3,896	5,357	5,574	8,432	10,556	9,242
EV per Share	- -	- -	23.57	30.45	38.47	40.14	47.13	56.66	78.38	82.46	123.65	151.48	133.35
TTM Sales	592	681	694	872	963	1,084	1,159	1,525	2,270	1,809	1,914	2,389	2,618
TTM EBITDA	109	134	134	191	222	234	247	423	661	435	428	598	661
TTM Operating Income	103	129	126	182	214	219	230	408	613	377	399	556	619
TTM Cash Flow to Firm	165	197	12	252	251	224	288	580	737	136	328	849	704
TTM Free Cash Flow to Firm	167	201	21	266	258	231	308	594	745	187	395	888	726

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Price/Free Cash Flow	- -	- -	74.89	8.61	11.45	13.07	11.11	7.69	8.04	31.62	22.11	12.48	13.53
EV/EBIT	- -	- -	12.17	11.04	11.81	11.98	13.45	9.47	8.63	15.03	21.41	19.02	14.98
Enterprise Value	-106	-85	1,539	2,010	2,531	2,625	3,088	3,864	5,291	5,664	8,544	10,580	9,266
Low Price	- -	- -	18.22	20.96	32.08	34.32	41.8	49.76	65.03	74.18	83.92	122.14	134.41
EV/Sales	- -	- -	2.22	2.3	2.63	2.42	2.66	2.53	2.33	3.13	4.46	4.43	3.54
EV/EBITDA	- -	- -	11.49	10.53	11.39	11.24	12.51	9.13	8	13.02	19.98	17.7	14.01
Price/Earnings	- -	- -	21.08	19.43	16.18	17.93	17.63	13.99	13.03	21.8	29.42	26.56	22.45
Price/Earnings Average	- -	- -	19.63	15.09	14.54	17.72	16.06	13.02	13.72	21.71	24.41	25.8	27.87
Price/Earnings High	- -	- -	22.65	19.71	19.16	20.8	20.07	15.41	18.2	25.51	30.71	31.59	33.11
Price/Earnings Low	- -	- -	15.43	11.82	11.64	13.42	14.14	10.47	9.65	18.49	19.26	20.08	21.01
Price/Book Value	- -	- -	2.5	3.13	3.44	3.36	3.47	3.28	4.11	3.72	4.82	5.19	4.26
Price/Book Value Average	- -	- -	2.33	2.43	3.09	3.32	3.16	3.05	4.32	3.71	4	5.04	5.29
Price/Book Value High	- -	- -	2.68	3.18	4.07	3.9	3.95	3.61	5.73	4.36	5.03	6.17	6.28
Price/Book Value Low	- -	- -	1.83	1.9	2.47	2.52	2.78	2.45	3.04	3.16	3.16	3.92	3.99
Price/Tangible Book Value	- -	- -	-24.56	201.71	22.66	31	19.91	8.77	47.06	18.65	17.31	16.65	13.44
Price/Tangible Book Value Average	- -	- -	-22.87	156.7	20.37	30.64	18.14	8.16	49.55	18.58	14.36	16.17	16.69
Price/Tangible Book Value High	- -	- -	-26.38	204.63	26.83	35.97	22.67	9.66	65.73	21.83	18.06	19.8	19.82
Price/Tangible Book Value Low	- -	- -	-17.97	122.72	16.3	23.2	15.97	6.56	34.86	15.82	11.33	12.59	12.58
Price/Sales	- -	- -	2.12	2.41	2.89	2.63	2.79	2.87	2.51	3.06	4.31	4.44	3.65
Price/Sales Average	- -	- -	1.97	1.88	2.6	2.6	2.55	2.67	2.65	3.05	3.57	4.32	4.53
Price/Sales High	- -	- -	2.28	2.45	3.43	3.05	3.18	3.16	3.51	3.58	4.5	5.28	5.38
Price/Sales Low	- -	- -	1.55	1.47	2.08	1.97	2.24	2.15	1.86	2.6	2.82	3.36	3.42
Price/Cash Flow	- -	- -	125.43	8.35	11.12	12.72	11.26	7.55	7.74	40.68	25.11	12.51	13.57
Price/Cash Flow Average	- -	- -	116.79	6.49	10	12.57	10.26	7.03	8.15	40.5	20.83	12.15	16.85
Price/Cash Flow High	- -	- -	134.75	8.47	13.17	14.76	12.83	8.31	10.82	47.59	26.21	14.88	20.02
Price/Cash Flow Low	- -	- -	91.78	5.08	8	9.52	9.03	5.65	5.74	34.49	16.44	9.46	12.7
Price/Free Cash Flow Average	- -	- -	69.72	6.69	10.29	12.92	10.12	7.16	8.47	31.49	18.34	12.13	16.79
Price/Free Cash Flow High	- -	- -	80.45	8.73	13.56	15.16	12.65	8.47	11.23	36.99	23.08	14.85	19.95
Price/Free Cash Flow Low	- -	- -	54.8	5.24	8.24	9.78	8.91	5.75	5.96	26.81	14.47	9.44	12.66
EV/Sales Average	- -	- -	2.06	1.72	2.54	2.48	2.49	2.33	2.47	3.12	3.68	4.36	4.51
EV/Sales High	- -	- -	2.39	2.34	3.41	2.95	3.16	2.83	3.37	3.7	4.67	5.39	5.4
EV/Sales Low	- -	- -	1.59	1.28	1.99	1.81	2.17	1.78	1.65	2.63	2.87	3.35	3.34
EV/EBITDA Average	-0.98	-0.64	10.66	7.87	10.99	11.5	11.7	8.39	8.47	12.97	16.47	17.45	17.85
EV/EBITDA High	-0.98	-0.64	12.4	10.71	14.76	13.71	14.86	10.21	11.55	15.38	20.9	21.56	21.37
EV/EBITDA Low	-0.98	-0.64	8.24	5.87	8.62	8.42	10.2	6.43	5.68	10.93	12.84	13.38	13.24
EV/EBIT Average	-1.03	-0.66	11.29	8.26	11.4	12.26	12.58	8.7	9.14	14.98	17.65	18.74	19.08
EV/EBIT High	-1.03	-0.66	13.13	11.23	15.3	14.62	15.98	10.6	12.47	17.76	22.4	23.16	22.84
EV/EBIT Low	-1.03	-0.66	8.72	6.15	8.94	8.98	10.96	6.67	6.12	12.62	13.76	14.38	14.15
Last Price	- -	- -	24.9	34.45	44.6	45.85	52.12	66.51	87.8	87.49	128.19	161.5	143.62
High Price	- -	- -	26.75	34.95	52.81	53.2	59.36	73.26	122.62	102.36	133.8	192.1	211.78
Enterprise Value Average	-106	-85	1,427	1,503	2,444	2,686	2,889	3,551	5,604	5,644	7,042	10,426	11,801
Enterprise Value High	-106	-85	1,660	2,043	3,281	3,202	3,668	4,325	7,641	6,691	8,939	12,884	14,129
Enterprise Value Low	-106	-85	1,103	1,120	1,917	1,967	2,517	2,722	3,754	4,756	5,493	7,998	8,753

Shares Outstanding	65	65	65	66	66	65	66	68	68	69	69	70	69
Diluted Weighted Avg Shares	60	60	63	67	66	66	66	69	68	68	68	69	68
Basic Weighted Avg Shares	60	60	59	61	62	62	62	66	65	63	64	66	67
Revenue per Share	9.8	11.26	11.75	14.27	15.42	17.43	18.65	23.19	34.94	28.56	29.76	36.36	39.33
EBITDA per Share	1.8	2.22	2.27	3.12	3.56	3.75	3.97	6.44	10.18	6.87	6.65	9.09	9.94
Operating Income per Share	1.7	2.13	2.14	2.98	3.43	3.52	3.69	6.2	9.43	5.95	6.2	8.46	9.29
Basic EPS, GAAP	1.01	1.32	1.18	1.77	2.76	2.56	2.96	4.75	6.74	4.01	4.36	6.08	6.4
Basic EPS from Cont Ops	1.02	1.32	1.18	1.77	2.76	2.56	2.96	4.75	6.75	4.01	4.36	6.08	6.37
Diluted EPS, GAAP	1.01	1.32	1.1	1.63	2.6	2.42	2.8	4.55	6.41	3.76	4.11	5.82	6.22
Diluted EPS from Cont Ops	1.02	1.32	1.1	1.63	2.6	2.42	2.8	4.55	6.42	3.76	4.11	5.82	6.2
Dividend per Share	0.02	0.04	1.94	0.9	0.83	1.08	1.3	1.4	1.77	2.22	2.31	2.51	2.62
Cash Flow per Share	2.73	3.25	0.2	4.12	4.01	3.6	4.63	8.81	11.34	2.15	5.11	12.91	10.58
Free Cash Flow per Basic Share	2.69	3.17	0.04	3.89	3.89	3.5	4.3	8.6	11.2	1.35	4.07	12.31	10.25
Cash & Equivalents per Share	1.68	1.36	2.54	4.55	6.32	5.84	7.41	12.42	12.35	10.49	10.55	16.3	18.94
Book Value per Share	10.92	12.62	9.97	11.01	12.96	13.63	15.02	20.29	21.39	23.49	26.58	31.14	33.71
Tangible Book Value per Share	1.06	2.61	-1.01	0.17	1.97	1.48	2.62	7.59	1.87	4.69	7.41	9.7	10.68

Houlihan Lokey, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)