As of September 16, 2026
1. Company Overview
Evercore Inc. (EVR) is a leading global independent investment banking advisory firm providing high-profile strategic M&A advisory, capital markets underwriting, restructuring, equity research, and wealth management services to corporations, institutions, and high-net-worth individuals worldwide.
- Investment Banking (Advisory & Underwriting): Core advisory ecosystem spanning corporate M&A, cross-border restructuring, shareholder advisory, private funds placement, and expanded equity capital markets (ECM) underwriting execution.
- Investment Management: High-net-worth wealth advisory, institutional asset management, and specialized private equity trust platforms delivering recurring management fees.
- Equities & Research: Institutional equity sales, trading, and independent macroeconomic and sector research via Evercore ISI.
- Exchange: NYSE | Sector: Financials | Industry: Capital Markets / Investment Banking & Brokerage
- Headquarters: New York, NY | CEO: John S. Weinberg
2. Key Stock & Valuation Snapshot
| Metric | Value | Reference / Context |
| Stock Price | $283.62 | 52-Week Range: $195.50 – $345.00 |
| Market Capitalization | $11.07 Billion | Premier premier independent investment banking brand |
| Trailing P/E (TTM) | 16.0x | Reflects normalization from cyclical banking downturn |
| Price / Book (P/B) | 4.8x | Premium relative to commercial banks due to asset-light, advisory-driven capital model |
| Diluted EPS (Q2 FY26) | $2.32 GAAP | $2.91 Adjusted (+20% YoY); First-Half FY26 Adjusted EPS: $10.48 (+77% YoY) |
| Dividend Yield (Forward) | 1.25% | Annualized Dividend: $3.56/share ($0.89 quarterly) |
3. Financial Performance (Q2 & H1 FY2026 Summary)
Reported on July 29, 2026, Evercore delivered record Q2 net revenues capping a record first half, driven by a broad-based M&A advisory rebound and explosive equity capital markets (ECM) underwriting activity.
- Total Operating Revenue: $990.2 Million GAAP ($1.00 Billion Adjusted) in Q2 FY26 (+19% YoY); First-Half FY26 Adjusted Net Revenue reached $2.40 Billion (+56% YoY).
- Net Annual Profit: First-half FY26 GAAP net income reached $396.5 Million (+63% YoY); Trailing Twelve-Month (TTM) Net Income exceeded $620 Million.
- Adjusted Operating Margin: 19.0% for Q2 FY26; First-Half FY26 Adjusted Operating Margin reached 22.7% (expanding toward full-cycle historical norm of 24.5%–25.0%).
- Operating Cash Flow: Strong free cash flow conversion underpinned by low working capital requirements and variable compensation structure.
- Segment Breakdown: Advisory Fees $776 Million (+11% YoY); Underwriting Fees $97 Million (+201% YoY, all-time record); Equities Commissions $64 Million (+9% YoY); Asset Management $25 Million (+15% YoY).
4. Quality Metrics Dashboard
| Metric Category | EVR Performance | Target Benchmark | Pass / Fail Status |
| EPS Growth Next 3 Years | ~18.5% Annualized | > 7.0% | PASS |
| EPS Growth Next Year | ~19.9% (Consensus FY27) | > 7.0% | PASS |
| ROCE | ~24.5% | > 20.0% | PASS |
| ROE (TTM) | ~28.5% | > 10.0% | PASS |
| 5-Year Average ROE | ~29.2% | > 10.0% | PASS |
| ROIC (TTM) | ~22.4% | > 15.0% | PASS |
| 5-Year Average ROIC | ~21.8% | > 15.0% | PASS |
| TTM Net Profit Margin | 16.5% | > 10.0% | PASS |
| 5-Year Net Profit Margin | 18.2% | > 10.0% | PASS |
| TTM Gross Margin | N/A (Financial Sector) | N/A | N/A (Uses Operating Margin framework) |
| 5-Year Gross Margin | N/A (Financial Sector) | N/A | N/A (Uses Operating Margin framework) |
| TTM Free Cash Flow Margin | 18.8% | > 10.0% | PASS |
| 5-Year Free Cash Flow Margin | 19.5% | > 10.0% | PASS |
| FCF Conversion Ratio | > 100% | > 80.0% | PASS |
| CAPEX to Revenue (TTM) | ~1.2% | Asset-Light Target | PASS |
| 5-Year CAPEX to Revenue | ~1.1% | Asset-Light Target | PASS |
| TTM Revenue Growth | 32.5% | > 5.0% | PASS |
| 5-Year Revenue Growth | 11.8% CAGR | > 5.0% | PASS |
| TTM EPS Growth | +78.0% Non-GAAP YTD | > 7.0% | PASS |
| Last 5 Year EPS Growth | 12.4% CAGR | > 7.0% | PASS |
| Sloan Ratio | -2.1% | -10.0% to +10.0% | PASS (High earnings quality) |
| Debt to Equity | 0.22x | Conservative Leverage | PASS |
| Net Corporate Debt to EBITDA | Net Cash Position ($2.4B Cash/Securities vs $540M Notes) | < 3.0x | PASS (Fortress balance sheet) |
5. Growth Catalysts
- M&A Supercycle & Backlog Realization: A rebounding global corporate deal environment, lower interest rates, and record private equity “dry powder” drive strong conversion across near-record advisory backlogs.
- Aggressive Senior Managing Director (SMD) Hiring: Opportunistic hiring of elite bulge-bracket talent (19 SMDs added YTD 2026; 188 total) expanding industry verticals (healthcare, technology, energy transition).
- Underwriting & Capital Markets Expansion: Record-setting growth in ECM underwriting (+201% in Q2), transforming Evercore from a pure M&A boutique into a multi-product institutional power.
6. Dividend & Capital Return Profile
- Quarterly Dividend: $0.89 per share ($3.56 annualized).
- Dividend Track Record: 18 consecutive years of dividend increases (~7.2% 5-year CAGR).
- Payout Ratio: Conservative ~20% of Adjusted EPS, leaving significant capital for share repurchases and opportunistic hiring.
- Share Repurchases: Aggressive capital return program; executed $734 Million in share buybacks in H1 2026 alone (2.3 Million shares at ~$324.60 average price), pushing total H1 capital returned past $822 Million.
7. Historical Stock Returns
| Time Horizon | EVR Total Return | Benchmark / Context |
| 1-Month | -4.80% | Sector-wide pullback following summer volume consolidation |
| YTD (2026) | +18.25% | Multi-quarter earnings outperformance driven by M&A recovery |
| 1-Year | -6.97% | Normalization following major 2024–2025 equity rally |
| 3-Year Return | +128.5% (Cumulative) | Strong outperformance relative to bulge-bracket peers |
| 5-Year CAGR | +21.4% (Annualized) | Outstanding long-term wealth compounder |
8. SWOT Analysis
Strengths
- Industry-leading advisory reputation attracting top-tier global enterprise M&A mandates.
- Asset-light, highly flexible cost structure driven by variable compensation ratios (target ~63.5%).
- Fortress balance sheet with $2.4 Billion in liquid assets and minimal debt obligations.
Weaknesses
- Quarterly revenue lumpiness dependent on volatile transaction closing dates and macro conditions.
- High reliance on key talent, creating continuous competition for elite senior bankers.
Opportunities
- Expansion of private funds advisory, restructuring, and wealth management ($16.2B AUM) to build recurring fee income.
- Deepening European and cross-border M&A capabilities through ongoing strategic talent expansion.
Threats
- Macroeconomic shocks or geopolitical tensions freezing global credit markets and corporate dealmaking.
- Margin compression if non-compensation operational inflation outpaces revenue recovery during slower quarters.
9. Investment Thesis
Core Case: Evercore (EVR) represents the gold standard in independent investment banking advisory. Combining an asset-light model with exceptional capital return (28%+ ROE) and a net-cash balance sheet, EVR is uniquely positioned to capture outsized market share as global M&A and capital market issuance accelerate. Backed by 18 years of uninterrupted dividend growth, aggressive share buybacks, and elite talent hiring, EVR remains a premier compounder in financial services.
10. Dividend Stockpile Score
