What is Houlihan Lokey, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Houlihan Lokey, Inc.'s reported free cash flow gives $277.44 per share. The share price was $129.07 on September 25, 2026, 53% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 6.5% | 10.0% | $176.19 | +37% |
| Base | 11.5% | 9.0% | $277.44 | +115% |
| Bull | 16.5% | 8.0% | $479.23 | +271% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $354.48 | $378.29 | $407.40 | $443.79 | $490.57 |
| 8.0% | $296.76 | $312.21 | $330.46 | $352.36 | $379.14 |
| 9.0% | $254.70 | $265.26 | $277.44 | $291.66 | $308.46 |
| 10.0% | $222.74 | $230.25 | $238.76 | $248.49 | $259.71 |
| 11.0% | $197.69 | $203.20 | $209.35 | $216.27 | $224.12 |
Where the presets come from
Base: years 1 to 5 grow at Houlihan Lokey, Inc.'s revenue growth rate over the last 5 fiscal years (11.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions