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Houlihan Lokey vs Affiliated Managers Group: HLI and AMG compared
Houlihan Lokey is the larger company: $692M of revenue in its latest quarter (Q2 FY27) against $641M for Affiliated Managers Group (Q2 2026). Affiliated Managers Group is growing faster (+30% against +5% a year earlier). Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 22.3%.
Where the money goes: HLI and AMG
Houlihan Lokey (HLI) · Q2 FY27
Houlihan Lokey, Q2 FY27: revenue $692M (+5% year over year), operating margin 22.3%, net earnings $109M, operating cash flow $252M. The chart follows the revenue to costs, profit and cash.
Affiliated Managers Group (AMG) · Q2 2026
Affiliated Managers Group, Q2 2026: revenue $641M (+30% year over year), operating margin 48.0%, net earnings $186M, operating cash flow $239M. The chart follows the revenue to costs, profit and cash.
| Houlihan Lokey (HLI) | Affiliated Managers Group (AMG) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q2 2026 |
| Revenue | $692M | $641M |
| Revenue growth, Y/Y | +5% | +30% |
| Gross margin | 34.5% | — |
| Operating margin | 22.3% | 48.0% |
| Net earnings | $109M | $186M |
| Net margin | 15.8% | 29.0% |
| Operating cash flow | $252M | $239M |
| Free cash flow | $240M | — |
| Market value | $9.8B | $9.8B |
| P/E | 24.5× | 9.3× |
| Analysts’ mean target | $161.44 | $445.71 |
Questions
Which is bigger, Houlihan Lokey or Affiliated Managers Group?
Houlihan Lokey is the larger company: $692M of revenue in its latest quarter (Q2 FY27) against $641M for Affiliated Managers Group (Q2 2026).
Is Houlihan Lokey or Affiliated Managers Group growing faster?
Affiliated Managers Group is growing faster (+30% against +5% a year earlier).
Which is more profitable, Houlihan Lokey or Affiliated Managers Group?
Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 22.3%.
More: Houlihan Lokey earnings · how Houlihan Lokey makes money · Affiliated Managers Group earnings · how Affiliated Managers Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Aug 7, 2026). Fiscal quarters can end on different dates. Not investment advice.