Start here if you're new
what it is
Evercore advises companies on big decisions like mergers, restructurings, and capital raises, then collects fees when the deals close.
how it gets paid
Last year Evercore made $3.9B in revenue. M&A advisory was the main engine at $1.95B, or 50% of sales.
why it's growing
Revenue grew 29.5% last year. Advisory activity remained the primary driver, supported by healthy sponsor engagement and continued strength in strategic and defense-related transactions.
what just happened
Evercore reported quarterly EPS of $5.13, beating the $3.50 estimate by 46.57%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
27.5x trailing p/e — priced about right
1.0% dividend yield — cash in your pocket every quarter
20.0% return on capital — nothing to write home about
xvary composite: 60/100 — average
What they do
Evercore advises companies on big decisions like mergers, restructurings, and capital raises, then collects fees when the deals close.
Evercore sells advice, but the real product is trust. You hire a firm like this when the stakes are huge and the board wants names it can defend. That reputation supports a 25.0% operating margin and 28% return on equity from the core business, based on the company snapshot above.
How they make money
$3.9B
annual revenue · their business grew +29.5% last year
M&A advisory
$1.95B
restructuring advisory
$0.47B
capital structure and financing advice
$0.62B
equities and related execution
$0.55B
wealth and investment management
$0.31B
The products that matter
advises on corporate deals
M&A Advisory
core franchise · inside a $3.9B revenue firm
this is the business most investors are really buying. the latest quarter's $1.0B revenue and 22.0% operating margin show what the model can earn when the deal market is open.
cycle-sensitive
advises stressed clients
Restructuring Advisory
countercyclical support
when acquisitions slow, restructurings can help fill the gap. that matters in a business with only 50/100 earnings predictability and a stock priced at 27.5x trailing earnings.
downturn hedge
manages client assets
Wealth Management
steadier fee stream
this is the calmer part of the story, but this page does not provide a revenue breakout. that is thin disclosure, and you should know it before treating the full $3.9B like one smooth annuity.
less cyclical
Key numbers
27.5x
trailing p/e
P/E ratio → how many dollars you pay for one dollar of profit → so what: you are already paying up for a strong deal cycle.
25.0%
operating margin
Operating margin → revenue left after running the business → so what: this firm converts advisory fees into profit better than many people businesses.
20.0%
return on capital
Return on capital → profit generated from money invested in the business → so what: Evercore earns strong returns without a huge balance sheet.
$423
18-month target
Target price → a rough estimate of fair value → so what: the base case points to about 20% upside from $351.23.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $540M (4% of capital)
- net profit margin 17.2% — keeps 17 cents of every dollar in revenue
- return on equity 28% — $0.28 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in EVR 3 years ago → it's now worth $34,270.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Evercore reported quarterly EPS of $5.13, beating the $3.50 estimate by 46.57%.
Revenue hit $2.6 billion, up 147% vs. prior year, while the business kept riding the same M&A and advisory momentum flagged in recent company updates. The absurd part is simple: annual revenue was $3.9 billion, and one quarter produced $2.6 billion.
$975M
revenue
$5.13
eps
25.0%
gross margin
the number that mattered
The 46.57% EPS beat matters most because advisory firms are brutally cyclical, and this quarter says the cycle is still helping, not hurting.
-
evercore delivered another strong quarter, extending the momentum seen earlier last year.
-
third-quarter revenues climbed to $1.04 billion, up more than 40% vs. prior year and comfortably above expectations, while earnings of $3.41 per share also topped estimates.advisory activity remained the primary driver, supported by healthy sponsor engagement and continued strength in strategic and defense-related transactions. the firm continues to benefit from a more constructive global deal-making environment, with activity levels broadening across sectors and geographies. results through the first nine months of 2025 support a higher earnings base than previously anticipated. with market conditions stabilizing and confidence improving among corporate clients, advisory pipelines remain active heading into 2026. the balance sheet is also a clear positive, with ample liquidity and no financial constraints limiting growth initiatives. we continue to look for solid full-year results, with operating leverage supporting outsized profit growth relative to revenues as activity levels remain elevated.
-
strategic expansion remains an important longer-term catalyst.the pending acquisition of robey warshaw enhances evercore’s european presence and deepens its senior advisory bench, positioning the firm well for cross-border transactions as global m&a recovers further. while the stock has consolidated modestly since early october, the shares still reflect much of the recent improvement in fundamentals. near-term prospects remain favorable given the earnings trajectory, though longer-term appreciation potential appears more balanced after the sharp advance earlier in the year.
-
these shares remain ranked 3 (average) for timeliness.despite improving fundamentals and growing investor confidence, long-term capital appreciation potential is lackluster.
-
indeed, the recent quotation is already well within our 3 to 5-year target price range.however, continued dividend hikes and share repurchases should help support the stock over the next few years.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
Evercore's biggest risk is a stalled m&a calendar. This is a fee pool business, so quiet boardrooms hit fast.
med
deal volume rolls over
Latest-quarter revenue was $1.0B after a 42% jump from a year ago. Great when financing is open and CEOs feel brave. Less great when rates, regulation, or macro nerves shut the calendar.
With $3.9B in annual revenue and only 50/100 predictability, Evercore does not need a long freeze for earnings to feel cyclical again.
med
the moat walks out at 6 p.m.
Senior bankers are the product. If compensation inflation rises or key rainmakers leave, client relationships can leave with them.
The latest quarter's 22.0% operating margin is a strength signal, but it is also the margin pool that retention costs can attack first.
med
the stock already prices in a decent recovery
Shares trade at 27.5x trailing earnings and sit near the top of a $149–$364 52-week range. That is not how beaten-down cycle names usually look.
If the $17.00 EPS estimate starts slipping, the market stops seeing 20.7x forward earnings and starts seeing expensive trailing numbers again.
You own a quality advisory brand. You also own a business tied to corporate confidence, financing windows, and very well-paid humans.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key gap
+29.5% growth vs. a $4B revenue estimate
Last year's bounce was huge. The current forecast only adds about $100M on top of a $3.9B base. That gap tells you expectations are already cooling.
risk
m&a calendars and financing windows
Evercore's latest quarter looked excellent because the market reopened. If that window narrows, the same operating leverage works in reverse.
earnings
whether $3.41 quarterly EPS can support $17.00 for the year
One strong quarter proves the rebound. A few more decide whether the forward multiple story is real.
flow
institutional buying staying positive
334 buyers versus 248 sellers over three straight quarters says the big money likes the cycle so far. You want that trend to hold.
Analyst rankings
short-term outlook
average
outlook rank 3 — in human-speak, analysts see a normal setup here, not a stock with obvious near-term edge.
risk profile
average
risk rank 3 — the balance sheet is fine, but the business model still swings with deal activity.
chart momentum
average
momentum rank 3 — after the run toward the top of the 52-week range, the chart is no longer doing the stock any free favors.
earnings predictability
50 / 100
This is the translation: good quarters can be very good, weak quarters can arrive fast, and you should value the stock accordingly.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 334 buyers vs. 248 sellers in 3q2025. total institutional holdings: 35.0M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$256
$590
$351
current price
$423
target midpoint · +20% from current · 3-5yr high: $415 (+20% · 5% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive