Darleen Armour, ASA

Managing Director

Financial Valuation & Consulting

Energy & Infrastructure

Los Angeles


[email protected]


Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice and the Energy & Infrastructure practice with Marshall & Stevens Incorporated. She is responsible for all financial valuation assignments in the West Region and all financial reporting valuations for Energy & Infrastructure clients nationally. Ms. Armour leads the Technical Standards Committee for the national Financial Valuation & Consulting practice.

Ms. Armour has been in the valuation business since 1987. Her experience includes Fairness Opinions, Solvency Opinions and the valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, equity compensation/stock options (IRC 409A), ESOPs, and litigation support.

Ms. Armour works with public and private companies in a wide range of industries. She has a great amount of experience in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs.

Prior to joining Marshall & Stevens, Ms. Armour has served as Director of BDO’s Valuation and Business Analytics practice, Senior Vice President at FMV Opinions, Inc., and Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.

Ms. Armour served as an Adjunct Professor at California State University, Fullerton teaching a Graduate Level Business Valuation/Mergers & Acquisition Course from 2010 to 2018.

Ms. Armour has been qualified as an expert witness, has provided testimony, and been a neutral third appraiser in arbitration and legal proceedings.

She is an active member of the Association for Corporate Growth having served on the Orange County Board of Directors from 2001 – 2020 and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth.

Professional Highlights

  • Member, Association for Corporate Growth
    • Membership Committee, Los Angeles Chapter 
    • Orange County Board of Directors, 2001-2020
  • Marshall & Stevens, Inc.
    October 2015-present
    Managing Director, Financial Valuation & Consulting, 2019-present 
    Director, Financial Valuation & Consulting, 2015-2019
  • BDO
    Director, Valuation & Business Analytics, 2014-2015
  • FMV Opinions
    Senior Vice President, 2012-2014
  • Cronkite & Kissell
    Principal, 2001-2012
  • Houlihan Lokey
    Senior Vice President, 1987-2001
  • California State University, Fullerton
    Adjunct Professor, 2010-2018
    Business Valuation/Mergers & Acquisitions (graduate level) 
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