Evercore Inc.
EVRFinancial Snapshot
ticker: EVR step: 04 generated: 2026-05-13 source: quick-research
Evercore Inc. (EVR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$2.4B | ~$2.4B | $2.996B | +22.7% |
| Operating Margin | ~18% | ~15% | 25.9% | expanding |
| Net Income | — | — | ~$0.9B | — |
| EPS (diluted) | — | — | $12.01 | — |
FY2025: Revenue $3.88B (+29.5% YoY) — record revenues; earnings grew +56.5%. Dividend raised 5% to $0.84/quarter (April 2025), 10.4% CAGR over 6 years. Q1 2026: Net revenue $1.4B (+100% YoY); EPS $7.20 (+107% YoY) — exceptional start driven by M&A supercycle; LTM revenue through March 2026: $4.582B (+47.3% YoY). Advisory fees in Q3 2025 alone: $883M (+49% YoY). Ranked #3 globally in advisory revenues among public firms FY2024 and FY2025. No balance sheet/trading risk — pure fee income.
Cash Flow & Balance Sheet
| Metric | Value |
|---|---|
| Revenue Model | ~85–90% advisory fees (success + retainer) |
| Balance Sheet Risk | None — no proprietary trading, no lending book |
| Capital Returns | Dividend + buybacks; $0.84/quarter Q2 2025 |
| SMD Count | 182 (+ 45 ramping) |
| EWM AUM | $15.5B |
Evercore's capital-light model means it converts advisory revenue into cash with minimal capital requirements. The primary cost is compensation (typically 55–60% of revenue), making pre-compensation margins high but reported margins reflective of the compensation ratio. Cash generation is strong; capital is returned through dividends and buybacks rather than reinvestment in balance sheet assets.
Key Ratios (approximate)
- P/E: ~17.9x (trailing, above industry avg of 14.6x — premium for independent model)
- Revenue Growth (FY2025): +29.5% | Q1 2026: +100% YoY
- Operating Margin (FY2024): 25.9%; Q1 2025: 18.6%; Q2 2025 LTM: 19.2%
- Dividend CAGR: 10.4% over 6 years
Growth Profile
Evercore's revenue is highly cyclical with M&A activity — revenues fell during the 2022–2023 M&A drought (rising rates killed deal-making) and surged in the 2024–2025 recovery as the IPO window reopened and PE sponsors accelerated portfolio exits. The current cycle is exceptional: Q1 2026's 100% revenue growth and 107% EPS growth reflect the M&A supercycle, estimated ~$6T in private equity dry powder looking for exits, and Evercore's consistent market share gains (182 SMDs with 45 more ramping). The restructuring franchise provides a counter-cyclical buffer when M&A slows.
Forward Estimates
- LTM (March 2026): Revenue $4.582B (+47.3% YoY)
- FY2026: Revenue $4.5–5.0B+ implied by current run-rate
- Analyst target: ~$344 (+18.5% from recent prices, 8 analysts)
- Consensus: 25% Strong Buy, 13% Buy, 63% Hold — cautious on valuation at 17.9x P/E
- Risk: M&A cycle deceleration if macro deteriorates
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $EVR.