Houlihan Lokey (HLI) concentration risks

The company's disclosed concentration profile is limited to a single moderate geographic exposure: in fiscal 2026, approximately 32.2% of revenue was earned from international operations. By disclosed size this is a moderate share, and its character is structural — it reflects the company's deliberate expansion of its advisory and financial services businesses across multiple international markets rather than reliance on a specific foreign counterparty or region. Because the filing does not identify a single country or region as dominant within the international segment, the exposure is diffuse rather than concentrated in one jurisdiction. Currency translation, cross-border regulatory requirements, and varying deal-flow environments across different markets are the primary channels through which this geographic mix could affect reported results, and those tend to be broadly manageable rather than binary. The domestic portion, representing the remaining share of revenue, is not broken down into identifiable customer, product, or counterparty concentrations in the disclosed claims. There is no disclosed single-client dependency, supplier reliance, or product-line concentration that would add to the profile. On balance, the disclosed concentration is limited in scope: the international revenue share is the primary variable to monitor, and its diffuse nature across multiple geographies makes it a lower concern than a concentration in any single foreign jurisdiction would be.

For the engine’s reasoning on HLI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.