• Houlihan Lokey average return on tangible equity for 2023 was 87.91, a 48.83% decline from 2022.
• Houlihan Lokey average return on tangible equity for 2022 was 171.8, a 107.94% decline from 2021.
• Houlihan Lokey average return on tangible equity for 2021 was 82.62, a 17.23% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.