Evercore Inc

Evercore maintains a pristine capital structure characterized by zero debt, resulting in a debt-to-equity ratio of 0.0. The firm holds $1.43 billion in cash and equivalents against total equity of $2.03 billion, providing a robust liquidity buffer. With a current ratio implied by strong cash holdings and low liabilities, the firm faces minimal liquidity risk. The balance sheet is lean, with total assets of $5.36 billion and total liabilities of $3.04 billion, reflecting a capital-light business model typical of pure-play advisory firms.

Profitability metrics are exceptional, with a return on equity (ROE) of 36.77% and a return on assets (ROA) of 13.94%. These returns significantly outpace typical industry medians for financial services, driven by high net income of $591.9 million on revenue of $3.88 billion. The firm’s operating cash flow of $1.26 billion exceeds net income, indicating strong earnings quality and efficient working capital management. The low capital expenditure of $74.0 million further underscores the asset-light nature of the business, allowing for high returns on invested capital.

Revenue concentration is not explicitly detailed in segment or geographic breakdowns in the provided data, but the firm’s global presence is implied by its classification in global capital markets. As an independent advisor, Evercore likely serves a diversified client base across industries, mitigating single-client risk. The absence of specific segment data prevents a detailed analysis of revenue mix, but the firm’s reputation suggests a balanced portfolio of M&A, capital markets, and restructuring mandates.

Growth trajectory analysis is limited by the absence of historical period data in the input. However, the current revenue base of $3.88 billion and net income of $591.9 million suggest a mature, stable business. The firm’s ability to generate consistent cash flows and maintain high profitability indicates resilience in varying market conditions. Without historical trends, long-term growth visibility is assessed based on current performance and industry dynamics.

Risk assessment indicates low liquidity and dilution risks, with no immediate filing-based flags detected. The firm’s strong cash position and lack of debt provide a significant cushion against market volatility. The primary risks are likely related to market cycles affecting M&A and capital markets activity, which are inherent to the investment banking industry. The absence of dilution risk is supported by the stable share count of 42.13 million basic and diluted shares.

Recent events include analyst estimates with a mean price target of $389.78 and a median of $390.00, suggesting upside potential from the current market price of $321.29. The mean recommendation of 2.18 indicates a moderate buy consensus, with 3 strong buys and 3 buys among analysts. No significant news events or filing observations were detected, indicating a stable operational environment. The failed redrive event is a technical issue and does not impact the fundamental analysis.

This is the first analysis for Evercore Inc (EVR.O), establishing a baseline with no prior data for delta computation. The company currently has 36 top holders, with no reported officers, analysts, or index memberships in the available data. Significant holder activity was detected in late June 2026, involving major modifications to share counts for two investors as of March 31, 2026. Investor ID 587 saw their position fluctuate between 117 shares and 3,602 shares, while Investor ID 931 experienced a similar reversal between 21 shares and 25,985 shares. These changes were detected on June 25 and June 26, 2026, and again on July 3, 2026, indicating rapid adjustments or corrections in the reported holdings data. The severity of these changes is classified as major, reflecting substantial shifts in the reported ownership stakes for these specific investors. The significance of these holder changes lies in the volatility of the reported ownership structure for Evercore Inc. With 36 top holders identified, these specific adjustments highlight the dynamic nature of institutional or significant investor positions, even in the absence of broader analyst coverage or index membership changes.

Evercore generated a best-in-class return on equity of 36.8%, significantly outperforming the 11.4% median for its banking cohort.

Projected FY2026 revenue growth of 29.5% signals strong top-line momentum, reaching $3.88 billion in total operating revenue.

Net income is projected to surge 56.5% year-over-year to $592 million in FY2026, demonstrating robust profitability expansion.

The company maintains a zero debt-to-equity ratio, indicating a conservative capital structure with no leverage risk relative to equity.

The four-year net income CAGR of -5.4% reveals a significant long-term earnings decline despite recent projected growth.

Free cash flow dropped sharply from $750 million in FY2022 to $162 million in FY2024, showing volatile cash generation.

A price-to-book ratio of 6.66 suggests the stock trades at a substantial premium to its tangible book value of $2.32 billion.

Long-term debt is projected to increase to $588 million in FY2026, up from $374 million in FY2024.

Revenue CAGR of only 4.1% over four years indicates modest long-term growth despite the strong FY2026 projection.

Revenue $1.40B, +100,3% YoY; Operating income +197,5% YoY.

• ▍Revenue $1.40B, +100,3% YoY
• ▍Operating income +197,5% YoY
• ▍Net income +106,1% YoY
• ▍Free cash flow +202,8% YoY
• ▍Net margin 21.5%

Revenue $1.30B, +32,4% YoY; Operating income +46,9% YoY.

• ▍Revenue $1.30B, +32,4% YoY
• ▍Operating income +46,9% YoY
• ▍Net income +45,2% YoY
• ▍Free cash flow +66,1% YoY
• ▍Net margin 15.7%

Revenue $1.05B, +41,6% YoY; Operating income +77,2% YoY.

• ▍Revenue $1.05B, +41,6% YoY
• ▍Operating income +77,2% YoY
• ▍Net income +84,4% YoY
• ▍Free cash flow +104,5% YoY
• ▍Net margin 13.8%

Revenue $838.0M, +20,9% YoY; Operating income +38,9% YoY.

• ▍Revenue $838.0M, +20,9% YoY
• ▍Operating income +38,9% YoY
• ▍Net income +31,8% YoY
• ▍Free cash flow +10,6% YoY
• ▍Net margin 11.6%

Revenue $699.0M; Operating income $111.2M.

• ▍Revenue $699.0M
• ▍Operating income $111.2M
• ▍Net margin 20.9%

Revenue $979.5M; Operating income $212.6M.

• ▍Revenue $979.5M
• ▍Operating income $212.6M
• ▍Net margin 14.3%

Revenue $738.4M; Operating income $122.0M.

• ▍Revenue $738.4M
• ▍Operating income $122.0M
• ▍Net margin 10.6%

Revenue $693.4M; Operating income $108.2M.

• ▍Revenue $693.4M
• ▍Operating income $108.2M
• ▍Net margin 10.6%

Revenue $3.88B, +29,5% YoY; Operating income +49,9% YoY.

• ▍Revenue $3.88B, +29,5% YoY
• ▍Operating income +49,9% YoY
• ▍Net income +56,5% YoY
• ▍Free cash flow +64,6% YoY
• ▍Net margin 15.3%

Revenue $3.00B, +22,7% YoY; Operating income +46,7% YoY.

• ▍Revenue $3.00B, +22,7% YoY
• ▍Operating income +46,7% YoY
• ▍Net income +48,1% YoY
• ▍Free cash flow +70,9% YoY
• ▍Net margin 12.6%

Revenue $2.44B, −12,1% YoY; Operating income −48,4% YoY.

• ▍Revenue $2.44B, −12,1% YoY
• ▍Operating income −48,4% YoY
• ▍Net income −46,4% YoY
• ▍Free cash flow −60,4% YoY
• ▍Net margin 10.5%

Revenue $2.78B, −16,0% YoY; Operating income −36,9% YoY.

• ▍Revenue $2.78B, −16,0% YoY
• ▍Operating income −36,9% YoY
• ▍Net income −35,6% YoY
• ▍Free cash flow −45,5% YoY
• ▍Net margin 17.1%