Latest Ratios: P/E Ratio 18.5x · EV/EBITDA 12.1x · ROE 27.8%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $15.1B | $11.5B | $6.9B | $4.5B | $5.9B | $4.7B | $3.2B | $3.2B | $4.0B | $3.0B |
| Enterprise Value | $9.7B | $14.8B | $11.5B | $7.1B | $4.4B | $5.9B | $4.6B | $3.0B | $2.5B | $3.6B | $2.7B |
| P/E Ratio → | 18.50 | 24.22 | 30.53 | 26.85 | 9.40 | 7.95 | 13.34 | 10.85 | 8.59 | 32.14 | 28.27 |
| P/S Ratio | 2.61 | 3.92 | 3.87 | 2.83 | 1.62 | 1.79 | 2.06 | 1.61 | 1.57 | 2.37 | 2.11 |
| P/B Ratio | 4.97 | 6.51 | 5.94 | 3.85 | 2.59 | 3.60 | 3.14 | 2.87 | 3.21 | 5.07 | 3.88 |
| P/FCF | 8.50 | 12.77 | 12.05 | 15.66 | 8.81 | 4.34 | 5.05 | 7.44 | 3.97 | 8.31 | 7.63 |
| P/OCF | 8.00 | 12.02 | 11.68 | 14.98 | 8.42 | 4.25 | 4.78 | 6.40 | 3.81 | 7.81 | 7.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.84 | 3.87 | 2.91 | 1.58 | 1.79 | 2.02 | 1.51 | 1.23 | 2.13 | 1.87 |
| EV / EBITDA | 12.11 | 18.39 | 21.64 | 19.15 | 5.98 | 5.14 | 7.99 | 6.26 | 4.38 | 7.83 | 9.19 |
| EV / EBIT | 12.27 | 18.63 | 21.62 | 19.28 | 6.22 | 5.27 | 8.44 | 6.76 | 4.61 | 8.29 | 10.06 |
| EV / FCF | — | 12.51 | 12.03 | 16.10 | 8.61 | 4.34 | 4.93 | 6.99 | 3.12 | 7.48 | 6.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.4% | 99.4% | 99.4% | 99.3% | 99.4% | 99.5% | 99.1% | 99.0% | 99.1% | 98.8% | 98.9% |
| Operating Margin | 20.5% | 20.5% | 17.8% | 15.0% | 25.3% | 33.8% | 23.7% | 22.1% | 26.5% | 25.4% | 18.4% |
| Net Profit Margin | 15.3% | 15.3% | 12.6% | 10.5% | 17.1% | 22.4% | 15.3% | 14.7% | 18.1% | 7.3% | 7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 27.8% | 20.3% | 14.6% | 28.3% | 47.4% | 26.8% | 27.9% | 41.8% | 15.9% | 14.4% |
| ROA | 12.4% | 12.4% | 9.6% | 7.0% | 12.8% | 20.6% | 11.7% | 12.6% | 20.3% | 7.7% | 6.8% |
| ROIC | 18.8% | 18.8% | 14.6% | 10.9% | 22.1% | 36.7% | 20.3% | 22.8% | 38.5% | 33.8% | 22.1% |
| ROCE | 17.6% | 17.6% | 14.1% | 10.3% | 19.7% | 32.4% | 18.8% | 19.7% | 30.8% | 28.0% | 17.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.48 | 0.47 | 0.40 | 0.44 | 0.48 | 0.58 | 0.17 | 0.22 | 0.24 |
| Debt / EBITDA | 1.44 | 1.44 | 1.73 | 2.29 | 0.94 | 0.63 | 1.26 | 1.35 | 0.29 | 0.38 | 0.63 |
| Net Debt / Equity | — | -0.13 | -0.01 | 0.11 | -0.06 | 0.00 | -0.07 | -0.17 | -0.69 | -0.51 | -0.44 |
| Net Debt / EBITDA | -0.39 | -0.39 | -0.03 | 0.52 | -0.13 | 0.00 | -0.19 | -0.41 | -1.20 | -0.87 | -1.17 |
| Debt / FCF | — | -0.26 | -0.02 | 0.44 | -0.19 | 0.00 | -0.12 | -0.45 | -0.85 | -0.83 | -0.86 |
| Interest Coverage | 32.72 | 32.72 | 31.80 | 21.88 | 41.78 | 63.49 | 25.26 | 22.28 | 31.03 | 21.89 | 16.00 |
Net cash position: cash ($1.5B) exceeds total debt ($1.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.80 | 5.80 | 7.76 | 9.02 | 9.94 | 6.75 | 10.28 | 11.79 | 24.25 | 14.66 | 14.07 |
| Quick Ratio | 5.80 | 5.80 | 7.76 | 9.02 | 9.94 | 6.75 | 10.28 | 11.79 | 24.25 | 14.66 | 14.07 |
| Cash Ratio | 4.20 | 4.20 | 5.35 | 5.74 | 6.67 | 4.53 | 6.98 | 8.57 | 14.13 | 9.50 | 9.03 |
| Asset Turnover | — | 0.72 | 0.72 | 0.66 | 0.77 | 0.87 | 0.68 | 0.78 | 0.98 | 1.09 | 0.88 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.0% | 1.2% | 1.9% | 2.8% | 2.0% | 2.3% | 3.0% | 2.4% | 1.4% | 1.7% |
| Payout Ratio | 24.4% | 24.4% | 35.9% | 50.0% | 26.7% | 16.0% | 30.4% | 32.5% | 20.5% | 45.1% | 47.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 4.1% | 3.3% | 3.7% | 10.6% | 12.6% | 7.5% | 9.2% | 11.6% | 3.1% | 3.5% |
| FCF Yield | 11.8% | 7.8% | 8.3% | 6.4% | 11.4% | 23.1% | 19.8% | 13.4% | 25.2% | 12.0% | 13.1% |
| Buyback Yield | 6.6% | 4.4% | 3.9% | 5.7% | 12.3% | 12.4% | 3.2% | 10.3% | 9.7% | 7.5% | 5.7% |
| Total Shareholder Yield | 7.8% | 5.3% | 5.1% | 7.6% | 15.1% | 14.4% | 5.4% | 13.3% | 12.1% | 8.9% | 7.4% |
| Shares Outstanding | — | $44M | $42M | $40M | $41M | $43M | $43M | $43M | $45M | $45M | $44M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying EVR stock.
Evercore Inc.'s current P/E ratio is 18.5x. The historical average is 32.7x. This places it at the 35th percentile of its historical range.
Evercore Inc.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Evercore Inc.'s return on equity (ROE) is 27.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 26.5%.
Based on historical data, Evercore Inc. is trading at a P/E of 18.5x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Evercore Inc.'s current dividend yield is 1.25% with a payout ratio of 24.4%.
Evercore Inc. has 99.4% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Evercore Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Advisory revenue cyclicality
Metrics are mathematically derived from official filings.
Premium Multiple on Cyclical Peak
Evercore trades at 5.7x book and 21.2x trailing earnings, a premium to peers like Lazard and Houlihan Lokey, reflecting market expectations of sustained advisory strength. According to recent filings, forward P/E of 15.2x suggests earnings normalization.
The current P/B of 5.7x is well above the peer median of 4.6x, indicating the market prices Evercore as a premier franchise rather than a commodity balance sheet. However, the forward P/E of 15.2x implies that the market expects a significant decline from the 2026Q1 earnings spike, which may be prudent given the cyclicality of M&A. Investors should monitor whether the premium is justified by sustained ROTCE above peers.
ROE Volatility Masks Underlying Strength
ROE swung from 4.4% in 2024Q2 to 13.7% in 2026Q1, reflecting the deal cycle, but the 2026Q1 level is near the top of the range. As reported in financial statements, ROA improved to 6.2% in 2026Q1, driven by record fee revenue.
DuPont decomposition shows that Evercore's profitability is driven entirely by asset utilization (fee income to assets) and non-interest income, with no contribution from NIM. The efficiency ratio improved from 84.5% in 2024Q1 to 73.6% in 2026Q1, indicating strong operating leverage. However, the 2026Q2 ROE of 9.1% suggests that the 2026Q1 peak may not be sustainable, and investors should focus on the quality of earnings rather than the absolute level.
Efficiency Gains Offset Negative NIM
Net interest margin is negative at -0.2%, but this is immaterial as 100% of revenue is fee-based. According to the latest quarterly data, the efficiency ratio improved to 73.6% in 2026Q1, down from 84.5% in 2024Q1, reflecting strong cost control.
Evercore's negative NIM is a structural artifact of its advisory model, where interest expense on client balances exceeds interest income. The efficiency ratio trend is the more relevant metric, and the improvement suggests that revenue growth is outpacing expense growth. However, the 85.2% efficiency ratio in 2026Q2 indicates that the improvement may be cyclical, and investors should watch for cost discipline if revenue normalizes.
Equity Buffer Supports Capital Returns
Equity-to-assets stood at 0.48 in 2026Q1, down from 0.55 in 2024Q1, but remains robust, with equity of $1.8B supporting a $4.3B balance sheet. Based on reported figures, this provides ample capacity for dividends and buybacks.
Evercore's capital adequacy is not measured by CET1 but by its equity cushion, which is substantial given the low-risk balance sheet. The firm returned $1.2B to shareholders over the last four quarters, representing a payout ratio of approximately 60% of net income, according to SEC filings. The declining equity ratio is a result of increased asset growth and capital return, but the absolute level remains healthy. Investors should monitor whether the equity buffer remains adequate if the securities portfolio experiences unrealized losses.
Minimal Credit Risk, Provision Spike Notable
Loan loss provisions were zero for most quarters but jumped to $19.9M in 2026Q2, according to the latest data, suggesting a potential credit event or reserve build. However, the loan book remains immaterial, so credit risk is not a primary concern.
Evercore's asset quality is not a key driver given its advisory-centric model, but the provision spike in 2026Q2 warrants attention. The $19.9M provision is negligible relative to revenue, but it may indicate a specific client exposure or a conservative reserve build. Given the minimal loan book, investors should not overinterpret this, but it is worth monitoring in future quarters.
P/E Misleads on Cyclical Earnings
The most misapplied ratio for Evercore is P/E, as earnings are highly cyclical and can swing dramatically with M&A activity. According to reported figures, trailing P/E of 21.2x understates the peak earnings, while forward P/E of 15.2x may overstate normalization.
For banks and advisory firms, P/E is less meaningful than P/B or P/TBV because earnings are volatile and can be distorted by one-time items. Evercore's P/B of 5.7x is a more stable indicator of value, but it also embeds expectations of high returns on equity. Investors should use a mid-cycle earnings estimate or a P/TBV approach to better capture the franchise value. The negative NIM and 100% fee income make traditional bank metrics like NIM and loan loss provisions irrelevant, so focusing on fee-based revenue and efficiency is more appropriate.