Filing Flows › Comparisons › HLI vs MORN
Houlihan Lokey vs Morningstar: HLI and MORN compared
Houlihan Lokey is the larger company: $692M of revenue in its latest quarter (Q2 FY27) against $672M for Morningstar (Q3 2026). Morningstar is growing faster (+9% against +5% a year earlier). Morningstar is more profitable, with an operating margin of 24.9% against 22.3%.
Where the money goes: HLI and MORN
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.
Morningstar (MORN) · Q3 2026
Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%, net earnings $116M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| Houlihan Lokey (HLI) | Morningstar (MORN) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $692M | $672M |
| Revenue growth, Y/Y | +5% | +9% |
| Gross margin | 34.5% | — |
| Operating margin | 22.3% | 24.9% |
| Net earnings | $109M | $116M |
| Net margin | 15.8% | 17.2% |
| Operating cash flow | $252M | $191M |
| Free cash flow | $240M | $155M |
| Market value | $9.8B | $9.2B |
| P/E | 24.5× | 21.4× |
| Analysts’ mean target | $161.44 | $246.00 |
Where the revenue comes from
Morningstar
- License-based: $459M (68%)
- Transaction-based: $110M (16%)
- Asset-based: $103M (15%)
Questions
Which is bigger, Houlihan Lokey or Morningstar?
Houlihan Lokey is the larger company: $692M of revenue in its latest quarter (Q2 FY27) against $672M for Morningstar (Q3 2026).
Is Houlihan Lokey or Morningstar growing faster?
Morningstar is growing faster (+9% against +5% a year earlier).
Which is more profitable, Houlihan Lokey or Morningstar?
Morningstar is more profitable, with an operating margin of 24.9% against 22.3%.
More: Houlihan Lokey earnings · how Houlihan Lokey makes money · Morningstar earnings · how Morningstar makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.