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Side-by-side financial comparison of AlTi Global, Inc. (ALTI) and HOULIHAN LOKEY, INC. (HLI). Click either name above to swap in a different company.
HOULIHAN LOKEY, INC. is the larger business by last-quarter revenue ($717.1M vs $86.6M, roughly 8.3× AlTi Global, Inc.). HOULIHAN LOKEY, INC. runs the higher net margin — 16.3% vs -15.1%, a 31.4% gap on every dollar of revenue. On growth, AlTi Global, Inc. posted the faster year-over-year revenue change (87.0% vs 13.0%). Over the past eight quarters, AlTi Global, Inc.'s revenue compounded faster (30.6% CAGR vs 17.4%).
Cristal Global is the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. It was formed when The National Titanium Dioxide Company Ltd. combined with Millennium Chemicals. The headquarters are in Jeddah, Saudi Arabia. It is a significant shareholder in Bemax, the world’s 5th largest TiO2 feedstock producer.
Houlihan Lokey, Inc. is an American multinational independent investment bank and financial services company. Houlihan Lokey was founded in 1972 and is headquartered at Constellation Place in Century City, Los Angeles, California. The firm advises large public and closely held companies as well as institutions and governments. Its main service lines include mergers and acquisitions, capital solutions, restructuring and distressed M&A, fairness opinions, and financial and valuation advisory. A...
ALTI vs HLI — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $86.6M | $717.1M |
| Net Profit | $-13.1M | $116.5M |
| Gross Margin | — | 32.2% |
| Operating Margin | -2.1% | 22.4% |
| Net Margin | -15.1% | 16.3% |
| Revenue YoY | 87.0% | 13.0% |
| Net Profit YoY | 75.6% | 22.3% |
| EPS (diluted) | — | $1.70 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $86.6M | $717.1M | ||
| Q3 25 | $57.2M | $659.5M | ||
| Q2 25 | $53.1M | $605.3M | ||
| Q1 25 | $58.0M | $666.4M | ||
| Q4 24 | $46.3M | $634.4M | ||
| Q3 24 | $51.8M | $575.0M | ||
| Q2 24 | $49.5M | $513.6M | ||
| Q1 24 | $50.8M | $520.5M |
| Q4 25 | $-13.1M | $116.5M | ||
| Q3 25 | $-84.1M | $111.8M | ||
| Q2 25 | $-24.4M | $97.5M | ||
| Q1 25 | $1.9M | $121.9M | ||
| Q4 24 | $-53.8M | $95.3M | ||
| Q3 24 | $-72.5M | $93.5M | ||
| Q2 24 | $-6.4M | $88.9M | ||
| Q1 24 | $29.7M | $81.1M |
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
| Q4 25 | -2.1% | 22.4% | ||
| Q3 25 | -49.8% | 22.9% | ||
| Q2 25 | -56.7% | 14.8% | ||
| Q1 25 | -23.3% | 20.9% | ||
| Q4 24 | -42.7% | 21.5% | ||
| Q3 24 | -18.4% | 22.7% | ||
| Q2 24 | -30.2% | 18.6% | ||
| Q1 24 | -28.9% | 19.7% |
| Q4 25 | -15.1% | 16.3% | ||
| Q3 25 | -147.0% | 17.0% | ||
| Q2 25 | -45.9% | 16.1% | ||
| Q1 25 | 3.3% | 18.3% | ||
| Q4 24 | -116.1% | 15.0% | ||
| Q3 24 | -140.0% | 16.3% | ||
| Q2 24 | -12.9% | 17.3% | ||
| Q1 24 | 58.4% | 15.6% |
| Q4 25 | — | $1.70 | ||
| Q3 25 | — | $1.63 | ||
| Q2 25 | $-0.33 | $1.42 | ||
| Q1 25 | $-0.04 | $1.76 | ||
| Q4 24 | $-0.71 | $1.39 | ||
| Q3 24 | $-0.88 | $1.37 | ||
| Q2 24 | $-0.18 | $1.30 | ||
| Q1 24 | $0.18 | $1.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.2M | $1.1B |
| Total DebtLower is stronger | $883.0K | — |
| Stockholders' EquityBook value | $600.1M | $2.3B |
| Total Assets | $1.2B | $3.9B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.2M | $1.1B | ||
| Q3 25 | $35.8M | $923.6M | ||
| Q2 25 | $42.4M | $793.8M | ||
| Q1 25 | $52.8M | $971.0M | ||
| Q4 24 | $64.4M | $799.3M | ||
| Q3 24 | $220.6M | $691.4M | ||
| Q2 24 | $60.0M | $449.7M | ||
| Q1 24 | $134.2M | $721.2M |
| Q4 25 | $883.0K | — | ||
| Q3 25 | $586.0K | — | ||
| Q2 25 | $673.0K | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $128.4M | — | ||
| Q2 24 | $164.0M | — | ||
| Q1 24 | $183.7M | — |
| Q4 25 | $600.1M | $2.3B | ||
| Q3 25 | $607.2M | $2.2B | ||
| Q2 25 | $685.4M | $2.2B | ||
| Q1 25 | $665.2M | $2.2B | ||
| Q4 24 | $658.4M | $2.1B | ||
| Q3 24 | $707.0M | $2.0B | ||
| Q2 24 | $540.2M | $1.8B | ||
| Q1 24 | $510.9M | $1.8B |
| Q4 25 | $1.2B | $3.9B | ||
| Q3 25 | $1.2B | $3.8B | ||
| Q2 25 | $1.2B | $3.5B | ||
| Q1 25 | $1.2B | $3.8B | ||
| Q4 24 | $1.3B | $3.5B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $1.3B | $2.9B | ||
| Q1 24 | $1.3B | $3.2B |
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.30× | — | ||
| Q1 24 | 0.36× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $217.7M |
| Free Cash FlowOCF − Capex | — | $217.0M |
| FCF MarginFCF / Revenue | — | 30.3% |
| Capex IntensityCapex / Revenue | 0.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | — | $738.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $217.7M | ||
| Q3 25 | — | $325.0M | ||
| Q2 25 | $-19.9M | $-131.6M | ||
| Q1 25 | $-30.2M | $358.4M | ||
| Q4 24 | $-56.0K | $265.5M | ||
| Q3 24 | $-4.9M | $289.2M | ||
| Q2 24 | $-30.2M | $-64.5M | ||
| Q1 24 | $-15.5M | $225.3M |
| Q4 25 | — | $217.0M | ||
| Q3 25 | — | $322.8M | ||
| Q2 25 | $-20.0M | $-144.8M | ||
| Q1 25 | $-31.0M | $343.9M | ||
| Q4 24 | $-1.8M | $261.7M | ||
| Q3 24 | $-9.4M | $278.7M | ||
| Q2 24 | $-31.2M | $-75.4M | ||
| Q1 24 | $-15.7M | $213.1M |
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 49.0% | ||
| Q2 25 | -37.6% | -23.9% | ||
| Q1 25 | -53.4% | 51.6% | ||
| Q4 24 | -4.0% | 41.2% | ||
| Q3 24 | -18.2% | 48.5% | ||
| Q2 24 | -63.2% | -14.7% | ||
| Q1 24 | -30.9% | 40.9% |
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 1.3% | 2.2% | ||
| Q4 24 | 3.9% | 0.6% | ||
| Q3 24 | 8.7% | 1.8% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 0.4% | 2.3% |
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 2.91× | ||
| Q2 25 | — | -1.35× | ||
| Q1 25 | -15.80× | 2.94× | ||
| Q4 24 | — | 2.79× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | -0.73× | ||
| Q1 24 | -0.52× | 2.78× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
