Filing Flows › Comparisons › LAZ vs HLI
Lazard vs Houlihan Lokey: LAZ and HLI compared
Lazard is the larger company: $836M of revenue in its latest quarter (Q3 2026) against $692M for Houlihan Lokey (Q2 FY27). Lazard is growing faster (+8% against +5% a year earlier). Houlihan Lokey is more profitable, with an operating margin of 22.3% against 6.5%.
Where the money goes: LAZ and HLI
Lazard (LAZ) · Q3 2026
Lazard, Q3 2026: revenue $836M (+8% year over year), operating margin 6.5%, net earnings $29.2M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
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.
| Lazard (LAZ) | Houlihan Lokey (HLI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $836M | $692M |
| Revenue growth, Y/Y | +8% | +5% |
| Gross margin | — | 34.5% |
| Operating margin | 6.5% | 22.3% |
| Net earnings | $29.2M | $109M |
| Net margin | 3.5% | 15.8% |
| Operating cash flow | $316M | $252M |
| Free cash flow | $311M | $240M |
| Market value | $4.1B | $9.8B |
| P/E | 23.4× | 24.5× |
| Analysts’ mean target | $43.00 | $161.44 |
Questions
Which is bigger, Lazard or Houlihan Lokey?
Lazard is the larger company: $836M of revenue in its latest quarter (Q3 2026) against $692M for Houlihan Lokey (Q2 FY27).
Is Lazard or Houlihan Lokey growing faster?
Lazard is growing faster (+8% against +5% a year earlier).
Which is more profitable, Lazard or Houlihan Lokey?
Houlihan Lokey is more profitable, with an operating margin of 22.3% against 6.5%.
More: Lazard earnings · how Lazard makes money · Houlihan Lokey earnings · how Houlihan Lokey makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 26, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.