ValueScreener company report

Houlihan Lokey, Inc. (HLI)

Name: Houlihan Lokey, Inc. (HLI) filed financial figures
Creator: ValueScreener

NYSE / Financial Services / Financial - Capital Markets

Share price

128.51 USD Market dataClose of Oct 15, 2026

Market capitalisation

8.98B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2026, filed May 22, 2026
Ratios computed: Oct 15, 2026
Filed years: 12, FY2014 to FY2026

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

18.2% Computed

From the FY2026 filing

Read quality

Financial strength

Debt to equity

n/a Computed

From the FY2026 filing

Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read financial strength

Valuation

Price to earnings

20.08x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

2.0% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 20.08x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Financial - Capital Markets industry (36 companies), 20.08x sits at the 66th percentile; the middle half of that group runs from 12.68x to 23.09x.

Is it good

Return on equity was 18.2% in FY2026, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Financial - Capital Markets industry (64 companies), 18.2% sits at the 79th percentile; the middle half of that group runs from -23.4% to 16.4%.

Year by year against peers: Whether Houlihan Lokey, Inc.'s return on equity stayed above the median of the Financial - Capital Markets industry, year by year. (FY2023 to FY2026, 4 fiscal years of Houlihan Lokey, Inc. with a comparable figure)
The direction: Which way Houlihan Lokey, Inc.'s operating margin has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Houlihan Lokey, Inc.)
In one paragraph: One paragraph on Houlihan Lokey, Inc.'s returns, cash, balance sheet and price. (5 of sixteen figures read for Houlihan Lokey, Inc.)

These are HLI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research HLIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed May 22, 2026, accession 0001302215-26-000053.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Houlihan Lokey, Inc: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/m Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.	n/m ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Return on equity	18.2% ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Return on capital employed, pre-tax Why n/m Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.	n/m ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Return on assets	9.9% ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Gross margin Why n/a Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Operating margin	20.1% ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Net margin	16.3% ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053

HLI 16.3%

6.3%29.1%

Net margin: HLI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Houlihan Lokey, Inc: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Current ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Quick ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Interest coverage Why n/a No interest expense is filed for this year, so coverage is not computed.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Altman Z-score Why n/m Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.	n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Net debt Why n/a The FY2026 balance sheet carries no net debt we could read.	n/a ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Houlihan Lokey, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 22, 2026, 0001302215-26-000053).

Houlihan Lokey, Inc: balance sheet position
Total assets	4.31B FiledFY2026 10-K, filed May 22, 2026
Total liabilities	1.86B FiledFY2026 10-K, filed May 22, 2026
Shareholders' equity	2.34B FiledFY2026 10-K, filed May 22, 2026
Cash	1.19B FiledFY2026 10-K, filed May 22, 2026
Total debt	n/a FiledFY2026 10-K, filed May 22, 2026
Net debt	n/a
Current ratio	n/a
Debt to equity	n/a

Debt to equity: FY2026: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Current ratio: FY2026: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Houlihan Lokey, Inc: what the market charges, each with its source
Figure	Value, source and document
Price to earnings	20.08x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
P/E on trailing twelve months	20.97x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	3.76x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Price to sales	3.36x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Enterprise value to EBIT Why n/m Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.	n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Enterprise value to EBITDA Why n/m Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.	n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Price to earnings over growth	3.27 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Diluted earnings per share	6.22 USD FiledFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Graham number	70.20 USD ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053

We publish no fair value or price target of our own. Value HLI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Houlihan Lokey, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Houlihan Lokey, Inc: valuation
Share price	128.51 USD
Market capitalisation	8.98B USD
Enterprise value to EBITDA	n/m
Graham number	70.20 USD
Diluted earnings per share, FY2026	6.22 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 10.21x, median 21.30x, high 41.41x, latest 20.97x. 2,522 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Houlihan Lokey, Inc

Same industry (Financial - Capital Markets) and size band (Mid, 2B to 10B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Houlihan Lokey, Inc: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield Why n/m For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.	n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Free cash flow	681.8M USD ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Free cash flow margin Why n/m For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.	n/m ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Dividend yield	2.0% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Payout ratio	40.9% ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Houlihan Lokey, Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	20.08x	FY2026	Oct 15, 2026
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	3.76x	FY2026	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	May 22, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	2.0%	FY2026	Oct 15, 2026
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/a	FY2026	May 22, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/a	FY2026	May 22, 2026
n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	3.36x	FY2026	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	3.27	FY2026	Oct 15, 2026
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	May 22, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab
	n/m	FY2026	May 22, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itIncome statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tabForm10-KFiledMay 22, 2026PeriodFY2026Accession0001302215-26-000053What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001302215-26-000053, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 12 filed fiscal years on record, FY2014 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Houlihan Lokey, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Houlihan Lokey, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2026	2.62B	527.0M	425.7M	6.22	681.8M	20.1%	18.2%	10-K, May 22, 20260001302215-26-000053
FY2025	2.39B	502.6M	399.7M	5.82	808.9M	21.0%	18.4%	10-K, May 15, 20250001302215-25-000024
FY2024	1.91B	373.2M	280.3M	4.11	261.7M	19.5%	15.3%	10-K, May 21, 20240001302215-24-000028
FY2023	1.81B	341.7M	254.2M	3.76	85.5M	18.9%	15.8%	10-K, May 25, 20230001302215-23-000031
FY2022	2.27B	612.9M	437.8M	6.41	727.9M	27.0%	n/a	10-K, May 27, 20220001302215-22-000029
FY2021	1.53B	408.2M	312.8M	4.55	565.7M	26.8%	22.6%	10-K, May 21, 20210001302215-21-000027
FY2020	1.16B	229.6M	183.8M	2.80	266.9M	19.8%	18.7%	10-K, May 15, 20200001302215-20-000074
FY2019	1.08B	219.1M	159.1M	2.42	217.5M	20.2%	17.9%	10-K, May 24, 20190001302215-19-000044
FY2018	963.4M	214.4M	172.3M	2.60	242.9M	22.3%	20.2%	10-K, May 25, 20180001302215-18-000015
FY2017	872.1M	182.0M	108.3M	1.63	237.6M	20.9%	n/a	10-K, Jun 13, 20170001302215-17-000027

Revenue, compound annual growth FY2017 to FY2026: 13.0%
Earnings, compound annual growth FY2017 to FY2026: 16.4%
Earnings per share, compound annual growth FY2017 to FY2026: 16.0%
Free cash flow, compound annual growth FY2017 to FY2026: 12.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Houlihan Lokey, Inc: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/m The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.	n/m ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Piotroski F-score Why n/m 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.	n/m ComputedFY2026 10-K, filed May 22, 2026, 0001302215-26-000053
Named tests met	0 of 30 Computed
Beta	0.97 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 17 not met, 13 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: None of the named tests.
Does not: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; P/E times P/B (Benjamin Graham); High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured: Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; High returns and growth; EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(16)

Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

16 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, as filed

The reading, in brief

Financial health

Valuation

Companies like Houlihan Lokey, Inc

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes