olivLaw · US equity research
Evercore Inc. EVR
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Evercore Inc. is an independent investment bank whose businesses centre on mergers and acquisitions, strategic advisory and equity underwriting, complemented by wealth management services. Investor attention has recently focused on a strong rebound in deal activity, which lifted first-half 2026 net revenues well above the prior year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Evercore Inc. (EVR) stock was 311.03 USD (+4.65% on the day), with P/E 17.1 on diluted EPS of 18.21 USD over the last 12 months, dividend yield 1.11%, beta 1.85, 52-week range 247.96–383.12 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+12.5% YoY), net income of 160.8 m USD (+11.2% YoY), diluted EPS 3.93 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 230.75 – 310.10
- above the upper band · %B 1.01 · band width 29.3%
- SMA 50 / 200
- 272.62 / 314.79
- mixed trend
- MACD (12, 26, 9)
- 8.48 / 2.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.2% | −1.1% | +18.3 pp | — |
| 3 months | −2.4% | −0.5% | −2.0 pp | — |
| 6 months | −6.7% | +4.4% | −11.1 pp | — |
| Year to date | −8.6% | +12.3% | −20.9 pp | — |
| 1 year | +4.5% | +13.5% | −9.0 pp | −2.5% |
| 3 years | +120.0% | +76.4% | +43.6 pp | +21.9% |
| 5 years | +105.6% | +63.7% | +42.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 979.5 m | 699.0 m | 838.0 m | 1.0 bn | 1.3 bn | 1.4 bn | 998.5 m | 1.2 bn |
| Depreciation & amortisation | 5.8 m | 6.0 m | 6.5 m | 7.9 m | 8.6 m | 12.4 m | 12.6 m | 12.7 m |
| Interest expense | 4.2 m | 4.2 m | 4.2 m | 7.1 m | 8.8 m | 8.9 m | 8.3 m | 8.3 m |
| Pre-tax income | 213.5 m | 112.1 m | 151.2 m | 217.3 m | 313.3 m | 331.8 m | 147.6 m | 243.9 m |
| Income tax | 58.7 m | -41.7 m | 44.3 m | 59.8 m | 90.8 m | 9.1 m | 41.1 m | 66.6 m |
| Net income | 140.4 m | 146.2 m | 97.2 m | 144.6 m | 204.0 m | 301.2 m | 95.3 m | 160.8 m |
| Diluted EPS | 3.30 ≈ | 3.48 | 2.36 | 3.41 | 4.76 ≈ | 7.20 | 2.32 | 3.93 |
| Operating cash flow | 686.4 m | -549.7 m | 437.7 m ≈ | 560.9 m ≈ | 807.5 m | -225.9 m | 525.5 m ≈ | 659.6 m ≈ |
| Capex | 13.3 m | 19.7 m | 26.0 m ≈ | 19.4 m ≈ | 8.9 m | 3.1 m | 10.7 m ≈ | 18.9 m ≈ |
| Dividends paid | 30.9 m | 46.5 m | 32.6 m ≈ | 32.8 m ≈ | 32.5 m | 49.8 m | 34.9 m ≈ | 34.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 40-quarter history (min 5.4, median 15.7, max 33.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.0 bn | 2.3 bn | 3.3 bn | 2.8 bn | 2.4 bn | 3.0 bn | 3.9 bn |
| Revenue YoY | +20.8% | −2.6% | +12.6% | +44.7% | −16.0% | −12.1% | +22.7% | +29.5% |
| Net income | 377.2 m | 297.4 m | 350.6 m | 740.1 m | 476.5 m | 255.5 m | 378.3 m | 591.9 m |
| Net income YoY | +200.7% | −21.2% | +17.9% | +111.1% | −35.6% | −46.4% | +48.1% | +56.5% |
| Diluted EPS | 8.33 | 6.89 | 8.22 | 17.08 | 11.61 | 6.37 | 9.08 | 14.05 |
| Diluted EPS YoY | +197.5% | −17.3% | +19.3% | +107.8% | −32.0% | −45.1% | +42.5% | +54.7% |
| net % | 18.1% | 14.7% | 15.3% | 22.4% | 17.1% | 10.5% | 12.6% | 15.3% |
| Free cash flow | 816.3 m | 433.9 m | 925.0 m | 1.4 bn | 508.2 m | 437.9 m | 958.1 m | 1.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.3 bn USD
- Total assets
- 5.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.16x
- ROE
- 27.8%
- ROA
- 12.4%
- FCF margin
- 30.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 3.3 bn | 2.8 bn | 2.4 bn | 3.0 bn | 3.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 24.6 m | 27.7 m | 27.4 m | 24.3 m | 24.5 m | 28.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Interest expense | 21.4 m | 17.6 m | 16.9 m | 16.7 m | 16.8 m | 24.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 540.8 m | 1.1 bn | 704.0 m | 365.8 m | 533.1 m | 793.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 128.2 m | 248.0 m | 172.6 m | 80.6 m | 115.4 m | 153.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 350.6 m | 740.1 m | 476.5 m | 255.5 m | 378.3 m | 591.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 8.22 | 17.08 | 11.61 | 6.37 | 9.08 | 14.05 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 42.6 m | 43.3 m | 41.0 m | 40.1 m | 41.6 m | 42.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 2.35 | 2.65 | 2.84 | 3.00 | 3.16 | 3.32 | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 829.6 m | 578.3 m | 663.4 m | 596.9 m | 873.0 m | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 2.4 bn | 2.8 bn | 2.7 bn | 2.6 bn | 3.0 bn | 3.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 148.8 m | 148.6 m | 143.3 m | 137.9 m | 144.8 m | 190.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 129.1 m | 128.2 m | 123.3 m | 125.5 m | 124.5 m | 230.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 698.0 k | 336.0 k | 0 | — | 0 | 30.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 3.4 bn | 3.8 bn | 3.6 bn | 3.7 bn | 4.2 bn | 5.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 38.0 m | 31.6 m | 28.8 m | 26.0 m | 29.0 m | 44.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.3 bn | 1.1 bn | 910.1 m | 1.2 bn | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.9 bn | 2.2 bn | 1.9 bn | 1.9 bn | 2.2 bn | 3.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 978.4 m | 1.4 bn | 531.4 m | 458.0 m | 988.2 m | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 53.3 m | 28.0 m | 23.2 m | 20.0 m | 30.1 m | 74.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 925.0 m ≈ | 1.4 bn ≈ | 508.2 m ≈ | 437.9 m ≈ | 958.1 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -483.9 m | -705.9 m | 313.3 m | 15.6 m | -67.4 m | -98.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -307.8 m | -925.3 m | -735.6 m | -557.2 m | -628.6 m | -635.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 106.6 m | 118.8 m | 127.3 m | 127.9 m | 135.8 m | 144.4 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 216.01 – 525.61 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E216.01 – 525.61 (Mid 398.72)29 companies used · median multiple 21.9x · quartiles 11.9x – 28.9xAAMI, ABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, FHI, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)outside the aggregate43.63 – 58.67 (Mid 50.04)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.6% | 49 (vs peers) | 13% |
| FCF conversion · Quality | 226.6% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 11.8% | 98 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 6.6% | 44 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 17.1x | 72 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 8.8% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth71/100 · 2/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial72/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EVERCORE INC. (EVR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.9 bn USD in 2025; YoY growth 29.5%; net margin 15.6%; ROE 40.6%.
The estimated value range is 216.01–525.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 398.72 USD, the price of 311.03 USD leaves a potential of 28.2% (value / price − 1) and a margin of safety of 22.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 226.6%
- Revenue CAGR 3Y: 11.8%
- Current ratio: 2.2x
- P/E (TTM): 17.1x
- Payout ratio (FCF): 8.8%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
| BVCBitVentures Limited | 138.6 m | 39.8 | 28.9% | 687.6% | unavailable | +1,203% / −76% |
1- and 3-year price returns: for EVR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (28 Oct 2026 · results).
In brief
Evercore Inc. is an independent investment bank whose businesses centre on mergers and acquisitions, strategic advisory and equity underwriting, complemented by wealth management services. Investor attention has recently focused on a strong rebound in deal activity, which lifted first-half 2026 net revenues well above the prior year 3.
SWOT
Strengths
- The firm holds a leading position in independent merger and acquisition advisory and a reputation built on the absence of conflicts of interest, which helps attract clients seeking neutral advice 1.
- Revenue rose sharply in the first half of 2026, and the firm reported record quarters in several business lines, showing strong execution 3.
- The firm has a large team of senior bankers and a recognised research platform that supports institutional client relationships 13.
Weaknesses
- Most revenue depends on one segment, which makes the firm sensitive to the cycle of the merger and acquisition market 1.
- The cost base has a large fixed component and quarterly revenue can be volatile, making steady profit growth difficult 1.
- The wealth management business remains small relative to core advisory, limiting revenue diversification 1.
Opportunities
- Expansion into new sectors and regions, including through acquisitions of specialist firms, could add capacity and revenue if integration succeeds 1.
- Growth in private capital markets and private funds advisory could open new fee sources for the firm 1.
- Development of wealth management, especially if client inflows keep rising, could diversify the revenue mix 2.
Threats
- A decline in merger and acquisition volumes or tighter financing conditions could sharply reduce revenue 1.
- Intense competition for senior talent and mandates could raise compensation costs and pressure margins 1.
- Conflicts of interest and regulatory compliance failures could damage reputation and business activity 1.
Risks
- Dependence on deal volumeshigh
Revenue is tied to the volume and value of merger and acquisition transactions, which can fall when economic conditions turn unfavourable 1.
- Dependence on senior professionalshigh
The business relies on senior bankers and executives who could leave for competitors, and restrictive covenants may be limited by state law 1.
- Quarterly volatility of resultsmedium
Advisory fees are typically received at transaction completion, which depends on external factors and makes steady quarterly growth difficult 1.
- Conflicts of interestmedium
Managing actual or perceived conflicts is complex, and a failure could lead to litigation, sanctions and client loss 1.
- Employee misconductlow
Misuse of confidential information or misconduct by employees could trigger regulatory sanctions and reputational harm 1.
Investment thesis
What would need to be true (bull case)
- If merger and acquisition activity stays elevated, the revenue growth seen in the first half of 2026 could continue, supported by large transactions and a more active underwriting franchise 23.
- The firm's independent position and freedom from conflicts may win complex mandates, particularly in strategic advisory and shareholder defence 1.
- Growth in wealth management could reduce dependence on transaction timing and add more stable revenue over time 2.
What would break the thesis
- If transaction volumes fall because of tariffs, interest rates or political uncertainty, advisory revenue could return to lower levels quickly 1.
- The strong first-half growth may reflect fees from a few large deals, and fewer such fees in later quarters could weigh on results 23.
- Competition from universal banks with greater resources, together with high talent costs, could pressure margins 1.
What to watch
- Trend in advisory fees and the number of transaction feesQ3 2026
- Compensation ratio and adjusted operating marginQ3 2026
- Development of assets under management in Wealth Management2027
- Updated risk factors in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (28 Oct 2026 · results).
The business
Evercore presents itself as the leading independent investment banking firm in the world, measured by the dollar volume of announced worldwide merger and acquisition transactions on which it advised over the last five years 1. The firm operates through two segments: Investment Banking & Equities, covering advisory, underwriting, and equity research and trading for institutional investors, and Investment Management, covering wealth management through Evercore Wealth Management and fiduciary services through Evercore Trust Company 1. Its model rests on avoiding the conflicts of interest that the firm associates with commercial banking and significant proprietary trading 1.
Segments
Investment Banking & Equities
This segment produced most of the firm's revenue, about 98% in fiscal 2025 1. It includes strategic advisory, mergers and acquisitions, liability management and restructuring, capital markets work, and research and sales for institutional clients, with more than 1200 institutional clients in the U.S. and abroad 1.
Investment Management
This segment serves high-net-worth individuals, foundations and endowments through Evercore Wealth Management and Evercore Trust Company, and holds interests in entities that manage private equity funds 1. Its share of total revenue is small, but wealth management activity grew in the first half of 2026 as associated assets under management rose 2.
Market context
The financial advisory market depends heavily on mergers and acquisitions volumes, which follow market conditions and access to financing, while restructuring activity tends to move counter to M&A 1. Revenue from equities trading also depends on market volumes, which decline in periods of low volatility 1. In the first half of 2026 the firm's net revenues rose 56% from the prior-year period, indicating a supportive deal environment 3.
Trends
- Rebound in M&A activitytailwind
Advisory fee growth in 2026 reflects large transactions and a higher number of fees earned, which could support revenue if deal activity remains elevated 23.
- Macroeconomic volatilityheadwind
Interest rates, inflation, tariffs and policy uncertainty can reduce transaction volumes and delay deal completion, which would weigh on revenue if these conditions worsen 1.
- Growth in underwriting and capital marketstailwind
Underwriting activity rose sharply in 2026 and the firm took part in notable offerings, which could diversify revenue if capital markets remain active 3.
- Revenue tied to deal completion timingmixed
Advisory fees are generally paid at transaction milestones, which makes quarterly results volatile and hard to predict 1.
Competitive position
Competitors fall into two groups: large universal banks and bulge bracket firms such as Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS, and independent advisory firms such as Centerview, Houlihan Lokey, Lazard, Moelis, Perella Weinberg, PJT Partners and Rothschild 1. The firm argues its edge lies in independence from lending, proprietary trading and private equity fund management, though larger rivals have broader global resources 1.
- Goldman SachsGS
universal bank named among the major rivals in merger and acquisition advisory
- Morgan StanleyMS
bulge bracket firm with advisory and trading activity that the firm competes against
- LazardLAZ
independent advisory firm competing directly for merger and acquisition mandates
- PJT PartnersPJT
independent advisory firm active in restructuring and mergers, named as a rival
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Buy SpaceX ahead of earnings, says Evercore ISICNBC — Top News · 16 Oct 2026 · EN
- Robinhood has underperformed this year. Evercore ISI says the stock is a buyCNBC — Top News · 12 Oct 2026 · EN
- This data infrastructure app has had a strong 2026. It could get even better, Evercore ISI saysCNBC — Top News · 07 Oct 2026 · EN
- Prepare to Buy Tech Dips in Fourth Quarter, Evercore’s Emanuel SaysBloomberg Markets · 01 Oct 2026 · EN
- Saudi Aramco Said to Work With Evercore on Gas Unit (Video)Bloomberg Markets · 28 Sept 2026 · EN
- Evercore Just Upgraded Ciena Stock. Here's Why.Yahoo Finance — News · 21 Sept 2026 · EN
- Apple to fly higher as new, more expensive iPhones hit market, Evercore ISI saysCNBC — Top News · 18 Sept 2026 · EN
- Evercore ISI revamps Dell stock price target to $650Yahoo Finance — News · 11 Sept 2026 · EN
- Evercore Warns AI IPOs Could Pressure These Struggling Stocks. IBM and AppLovin Face Different TestsYahoo Finance — News · 07 Sept 2026 · EN
- Evercore expects softer third-quarter investment banking and trading guidanceYahoo Finance — News · 06 Sept 2026 · EN
- Evercore Turns Bullish on Duolingo Stock as AI Fears FadeYahoo Finance — News · 04 Sept 2026 · EN
- Duolingo Jumped After Evercore Doubled Its Target to $210. Are ChatGPT Fears Finally Breaking?Yahoo Finance — News · 03 Sept 2026 · EN
- Stocks stumbled out of the gate in September. Use these hedges to guard against volatility, Evercore ISI saysCNBC — Top News · 02 Sept 2026 · EN
- New data shows this language learning stock can bounce back, Evercore ISI saysCNBC — Top News · 01 Sept 2026 · EN
- ‘This Is an Inflation First Fed Right Now,’ Evercore’s Guha SaysBloomberg Markets · 01 Sept 2026 · EN
- Duolingo shares rise 3.8% after Evercore ISI upgradeYahoo Finance — News · 01 Sept 2026 · EN
- Evercore: META Could Surge Over 50% on $22B AI OpportunityYahoo Finance — News · 25 Aug 2026 · EN
- Treasury Action Not a Fed Game Changer for September, Says Evercore’s GuhaBloomberg Markets · 20 Aug 2026 · EN
- Japan’s Use of Fed Tool Could Test Yen Resolve, Evercore SaysBloomberg Markets · 03 Aug 2026 · EN
- Evercore’s Emanuel Says Earnings Will Rescue Tech From SelloffBloomberg Markets · 23 Jun 2026 · EN
The latest news item in our archive is from 16 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Proxy statement29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Annual report20 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Evercore Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Evercore Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Evercore Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.