• Houlihan Lokey average gross margin for 2023 was 33.66%, a 6.24% decline from 2022.
• Houlihan Lokey average gross margin for 2022 was 35.9%, a 1.72% decline from 2021.
• Houlihan Lokey average gross margin for 2021 was 36.53%, a 7.54% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.