Filing Flows › Comparisons › STEP vs HLI
StepStone Group vs Houlihan Lokey: STEP and HLI compared
StepStone Group is the larger company: $773M of revenue in its latest quarter (Q2 FY27) against $692M for Houlihan Lokey (Q2 FY27). StepStone Group is growing faster (+70% against +5% a year earlier). Houlihan Lokey is more profitable, with an operating margin of 22.3% against 6.2%.
Where the money goes: STEP and HLI
StepStone Group (STEP) · Q2 FY27
StepStone Group, Q2 FY27: revenue $773M (+70% year over year), operating margin 6.2%, net earnings $65.4M. 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.
| StepStone Group (STEP) | Houlihan Lokey (HLI) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q2 FY27 |
| Revenue | $773M | $692M |
| Revenue growth, Y/Y | +70% | +5% |
| Gross margin | — | 34.5% |
| Operating margin | 6.2% | 22.3% |
| Net earnings | $65.4M | $109M |
| Net margin | 8.5% | 15.8% |
| Operating cash flow | — | $252M |
| Free cash flow | — | $240M |
| Market value | $3.9B | $9.8B |
| P/E | — | 24.5× |
| Analysts’ mean target | $64.60 | $161.44 |
Questions
Which is bigger, StepStone Group or Houlihan Lokey?
StepStone Group is the larger company: $773M of revenue in its latest quarter (Q2 FY27) against $692M for Houlihan Lokey (Q2 FY27).
Is StepStone Group or Houlihan Lokey growing faster?
StepStone Group is growing faster (+70% against +5% a year earlier).
Which is more profitable, StepStone Group or Houlihan Lokey?
Houlihan Lokey is more profitable, with an operating margin of 22.3% against 6.2%.
More: StepStone Group earnings · how StepStone Group makes money · Houlihan Lokey earnings · how Houlihan Lokey makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.