NYSE:EVR
Evercore Inc.
A premier investment bank and strategy consultant serving Fortune 500 clients with high-value merger and acquisition, restructuring, and operational transformation expertise.
Key Metrics
Investment Thesis
Bull Case
Investors may favor EVR due to its proven ability to generate strong cash flows exceeding $1B annually and a resilient business model that benefits directly from increasing M&A volumes in complex industries. The company's disciplined capital allocation, evidenced by a healthy cash balance of $1.43B and minimal cost of revenue, positions it well to capture value from emerging growth sectors while maintaining high margins typical of pure-play advisory firms.
Bear Case
Potential concerns include the volatility of transaction fees which can fluctuate dramatically with deal counts, as seen in the revenue jump from $2.44B in 2023 to $3.88B in 2025. High operating expenses of $3.09B relative to a smaller gross profit margin compared to asset-heavy firms could compress profitability if market conditions deteriorate or if large-scale acquisitions fail to materialize.
About Evercore Inc.
Evercore Inc. (NYSE:EVR) is a leading global professional advisory firm providing strategic management consulting, capital markets advisory, and corporate finance services to corporations and governments worldwide.
Analysis
Management Discussion
The firm delivered robust financial performance with net profit reaching $640.7M in 2025, reflecting a strong recovery from previous years and benefiting from a favorable deal environment that drove operating profit to $793.8M. Cash flow from operations of $1.26B significantly outpaced the income tax expense of $153.1M, demonstrating high leverage on earnings before interest and taxes while managing substantial share-based compensation costs of $675.1M.
Industry Overview
The professional services and investment banking sector is characterized by high barriers to entry, intense competition for deal flow, and significant dependence on macroeconomic cycles that influence corporate spending and merger activity. Firms like Evercore succeed by specializing in niche areas of restructuring and strategic consulting, offering a differentiated value proposition that combines deep industry expertise with sophisticated capital markets execution capabilities.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.78B | $2.44B | $3.00B | $3.88B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $2.78B | $2.44B | $3.00B | $3.88B |
| Operating Expenses | $2.07B | $2.08B | $2.46B | $3.09B |
| Operating Income | $704.0M | $365.8M | $533.1M | $793.8M |
| Stock-Based Comp | $467.3M | $515.4M | $569.7M | $675.1M |
| D&A | $27.4M | $24.3M | $24.5M | $28.9M |
| Amortization | $336.0K | — | — | $3.7M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Expense | $16.9M | $16.7M | $16.8M | $24.3M |
| Pre-Tax Income | $704.0M | $365.8M | $533.1M | $793.8M |
| Income Tax | $172.6M | $80.6M | $115.4M | $153.1M |
| Continuing Ops | $476.5M | $255.5M | $378.3M | $591.9M |
| Discontinued Ops | $54.9M | $29.7M | $39.5M | $48.8M |
| Net Income | $531.4M | $285.2M | $417.7M | $640.7M |
| Minority Interest | $54.9M | $29.7M | $39.5M | $48.8M |
| Net to Common | $476.5M | $255.5M | $378.3M | $591.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $2.71B | $2.61B | $2.99B | $3.86B |
| Cash & Equivalents | $663.4M | $596.9M | $873.0M | $1.43B |
| Marketable Securities | $1.43B | $1.44B | $1.52B | $1.58B |
| Other Current Assets | $610.6M | $571.5M | $595.5M | $851.6M |
| Long-Term Assets | $914.2M | $1.10B | $1.19B | $1.50B |
| PP&E (Net) | $143.3M | $137.9M | $144.8M | $190.1M |
| Intangibles | $0 | — | — | $30.1M |
| Goodwill | $123.3M | $125.5M | $124.5M | $230.8M |
| Operating Leases | $237.6M | $378.1M | $439.5M | $457.2M |
| Other LT Assets | $373.2M | $419.6M | $464.8M | $579.2M |
| Total Assets | $3.62B | $3.70B | $4.17B | $5.36B |
| Current Liabilities | $1.07B | $910.1M | $1.23B | $1.78B |
| Current Leases | $38.0M | $36.3M | $55.3M | $58.7M |
| Deferred Revenue | $5.1M | $3.5M | $3.6M | $6.0M |
| Other Current Liab | $1.03B | $870.3M | $1.17B | $1.72B |
| Long-Term Liabilities | $824.0M | $1.01B | $1.00B | $1.25B |
| LT Operating Leases | $278.1M | $434.2M | $494.2M | $508.2M |
| Other LT Liab | $545.9M | $576.5M | $508.2M | $746.6M |
| Total Liabilities | $1.89B | $1.92B | $2.23B | $3.04B |
| Shareholders' Equity | $1.73B | $1.78B | $1.94B | $2.32B |
| Paid-In Capital | $2.86B | $3.16B | $3.51B | $4.02B |
| Retained Earnings | $1.77B | $1.89B | $2.13B | $2.58B |
| AOCI | $-27.9M | $-26.5M | $-36.1M | $-13.1M |
| Treasury Stock | $3.07B | — | — | — |
| Total L&E | $3.62B | $3.70B | $4.17B | $5.36B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $531.4M | $285.2M | $417.7M | $640.7M |
| Non-Cash Adjustments | $237.8M | $553.6M | $553.6M | $273.0M |
| Working Capital Changes | $-237.8M | $-380.9M | $16.8M | $342.8M |
| Cash from Operations | $531.4M | $458.0M | $988.2M | $1.26B |
| Cash from Investing | $313.3M | $15.6M | $-67.4M | $-98.3M |
| Dividends Paid | $127.3M | $127.9M | $135.8M | $144.4M |
| Cash from Financing | $-735.6M | $-557.2M | $-628.6M | $-635.6M |
| FX Effect | $-24.3M | $17.0M | $-15.5M | $31.5M |
| Net Change in Cash | $84.8M | $-66.6M | $276.6M | $554.0M |
| Beginning Cash | $587.3M | $672.1M | $605.5M | $882.1M |
| Ending Cash | $672.1M | $605.5M | $882.1M | $1.44B |
Frequently Asked Questions
How does Evercore Inc. make money?
The company operates primarily through three segments: Strategic Management Consulting delivering deep industry knowledge for M&A and divestiture strategies; Capital Markets Advisory providing IPOs, debt offerings, and refinancing solutions; and Corporate Finance offering specialized restructuring and transaction support to distressed and non-distressed entities.
What are the main risks for EVR?
High sensitivity to macroeconomic downturns that reduce M&A activity and corporate capital expenditure budgets; intense competition from larger bulge bracket banks for large transaction mandates; potential regulatory changes affecting financial advisory fees or disclosure requirements; concentration risk in the top 20 clients representing a significant portion of annual revenue.
What is EVR's competitive advantage?
Evercore leverages its 'Elevate' platform to integrate strategy with capital markets execution, maintains a highly selective deal flow pipeline focused on complex transactions, and possesses deep proprietary data analytics capabilities that enhance client valuation models and due diligence processes.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.