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Side-by-side financial comparison of HOULIHAN LOKEY, INC. (HLI) and TRINET GROUP, INC. (TNET). Click either name above to swap in a different company.
TRINET GROUP, INC. is the larger business by last-quarter revenue ($1.2B vs $717.1M, roughly 1.7× HOULIHAN LOKEY, INC.). On growth, HOULIHAN LOKEY, INC. posted the faster year-over-year revenue change (13.0% vs -2.2%). HOULIHAN LOKEY, INC. produced more free cash flow last quarter ($217.0M vs $43.0M). Over the past eight quarters, HOULIHAN LOKEY, INC.'s revenue compounded faster (17.4% CAGR vs -0.6%).
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...
TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. TriNet is headquartered in Dublin, California. TriNet partners with organizations between 3 and 2,500 employees.
HLI vs TNET — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $717.1M | $1.2B |
| Net Profit | $116.5M | — |
| Gross Margin | 32.2% | — |
| Operating Margin | 22.4% | 0.1% |
| Net Margin | 16.3% | — |
| Revenue YoY | 13.0% | -2.2% |
| Net Profit YoY | 22.3% | — |
| EPS (diluted) | $1.70 | $0.02 |
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 | $717.1M | $1.2B | ||
| Q3 25 | $659.5M | $1.2B | ||
| Q2 25 | $605.3M | $1.2B | ||
| Q1 25 | $666.4M | $1.3B | ||
| Q4 24 | $634.4M | $1.3B | ||
| Q3 24 | $575.0M | $1.2B | ||
| Q2 24 | $513.6M | $1.2B | ||
| Q1 24 | $520.5M | $1.3B |
| Q4 25 | $116.5M | — | ||
| Q3 25 | $111.8M | $34.0M | ||
| Q2 25 | $97.5M | $37.0M | ||
| Q1 25 | $121.9M | $85.0M | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $93.5M | $45.0M | ||
| Q2 24 | $88.9M | $60.0M | ||
| Q1 24 | $81.1M | $91.0M |
| 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 | 22.4% | 0.1% | ||
| Q3 25 | 22.9% | 4.1% | ||
| Q2 25 | 14.8% | 4.1% | ||
| Q1 25 | 20.9% | 8.9% | ||
| Q4 24 | 21.5% | -2.9% | ||
| Q3 24 | 22.7% | 4.7% | ||
| Q2 24 | 18.6% | 6.5% | ||
| Q1 24 | 19.7% | 9.7% |
| Q4 25 | 16.3% | — | ||
| Q3 25 | 17.0% | 2.8% | ||
| Q2 25 | 16.1% | 3.0% | ||
| Q1 25 | 18.3% | 6.6% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 16.3% | 3.6% | ||
| Q2 24 | 17.3% | 4.9% | ||
| Q1 24 | 15.6% | 7.2% |
| Q4 25 | $1.70 | $0.02 | ||
| Q3 25 | $1.63 | $0.70 | ||
| Q2 25 | $1.42 | $0.77 | ||
| Q1 25 | $1.76 | $1.71 | ||
| Q4 24 | $1.39 | $-0.44 | ||
| Q3 24 | $1.37 | $0.89 | ||
| Q2 24 | $1.30 | $1.20 | ||
| Q1 24 | $1.18 | $1.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $287.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.3B | $54.0M |
| Total Assets | $3.9B | $3.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $287.0M | ||
| Q3 25 | $923.6M | $321.0M | ||
| Q2 25 | $793.8M | $407.0M | ||
| Q1 25 | $971.0M | $349.0M | ||
| Q4 24 | $799.3M | $360.0M | ||
| Q3 24 | $691.4M | $301.0M | ||
| Q2 24 | $449.7M | $249.0M | ||
| Q1 24 | $721.2M | $383.0M |
| Q4 25 | $2.3B | $54.0M | ||
| Q3 25 | $2.2B | $110.0M | ||
| Q2 25 | $2.2B | $107.0M | ||
| Q1 25 | $2.2B | $63.0M | ||
| Q4 24 | $2.1B | $69.0M | ||
| Q3 24 | $2.0B | $129.0M | ||
| Q2 24 | $1.8B | $100.0M | ||
| Q1 24 | $1.8B | $143.0M |
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.8B | $3.4B | ||
| Q2 25 | $3.5B | $3.7B | ||
| Q1 25 | $3.8B | $3.8B | ||
| Q4 24 | $3.5B | $4.1B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $2.9B | $3.7B | ||
| Q1 24 | $3.2B | $4.0B |
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 | $61.0M |
| Free Cash FlowOCF − Capex | $217.0M | $43.0M |
| FCF MarginFCF / Revenue | 30.3% | 3.4% |
| Capex IntensityCapex / Revenue | 0.1% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.87× | — |
| TTM Free Cash FlowTrailing 4 quarters | $738.9M | $234.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.7M | $61.0M | ||
| Q3 25 | $325.0M | $72.0M | ||
| Q2 25 | $-131.6M | $75.0M | ||
| Q1 25 | $358.4M | $95.0M | ||
| Q4 24 | $265.5M | $65.0M | ||
| Q3 24 | $289.2M | $84.0M | ||
| Q2 24 | $-64.5M | $39.0M | ||
| Q1 24 | $225.3M | $91.0M |
| Q4 25 | $217.0M | $43.0M | ||
| Q3 25 | $322.8M | $55.0M | ||
| Q2 25 | $-144.8M | $57.0M | ||
| Q1 25 | $343.9M | $79.0M | ||
| Q4 24 | $261.7M | $47.0M | ||
| Q3 24 | $278.7M | $59.0M | ||
| Q2 24 | $-75.4M | $22.0M | ||
| Q1 24 | $213.1M | $73.0M |
| Q4 25 | 30.3% | 3.4% | ||
| Q3 25 | 49.0% | 4.5% | ||
| Q2 25 | -23.9% | 4.6% | ||
| Q1 25 | 51.6% | 6.1% | ||
| Q4 24 | 41.2% | 3.7% | ||
| Q3 24 | 48.5% | 4.8% | ||
| Q2 24 | -14.7% | 1.8% | ||
| Q1 24 | 40.9% | 5.8% |
| Q4 25 | 0.1% | 1.4% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 2.2% | 1.2% | ||
| Q4 24 | 0.6% | 1.4% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | 2.1% | 1.4% | ||
| Q1 24 | 2.3% | 1.4% |
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | 2.12× | ||
| Q2 25 | -1.35× | 2.03× | ||
| Q1 25 | 2.94× | 1.12× | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | 1.87× | ||
| Q2 24 | -0.73× | 0.65× | ||
| Q1 24 | 2.78× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
