Evercore Inc. (EVR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.1%

$172.15

vs $308.21 price

Levered DCF

$327.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.25×	28.11×	25.49×	8.98×	7.35×	12.69×	10.05×	8.59×
P/B	7.43×	6.23×	4.13×	2.78×	4.12×	3.61×	3.44×	4.27×
P/S	3.89×	3.55×	2.67×	1.54×	1.65×	1.95×	1.47×	1.56×
EV / EBITDA	18.39×	19.93×	18.22×	5.71×	4.75×	7.6×	5.77×	4.34×
Gross margin	99.4%	99.4%	99.3%	99.4%	99.5%	99.1%	99.0%	99.1%
Operating margin	20.5%	17.8%	15.0%	25.3%	33.8%	23.7%	22.1%	26.5%
Net margin	15.3%	12.6%	10.5%	17.1%	22.4%	15.3%	14.7%	18.1%
Current ratio	5.8×	7.76×	9.02×	9.94×	6.75×	10.28×	11.79×	24.25×
Debt / equity	0.57×	0.54×	0.54×	0.45×	0.55×	0.58×	0.75×	0.22×
Interest coverage	32.72×	31.8×	21.88×	41.78×	63.49×	25.26×	22.28×	31.03×
Dividend yield	1.0%	1.3%	2.0%	3.0%	2.2%	2.4%	3.2%	2.4%
Payout ratio	24.4%	35.9%	50.0%	26.7%	16.0%	30.4%	32.5%	20.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.1%	22.2%	16.2%	31.0%	56.1%	28.5%	34.2%	49.8%
Return on invested capital	12.5%	10.2%	7.9%	15.0%	23.5%	12.4%	13.8%	21.2%
Return on assets	11.0%	9.1%	6.9%	13.2%	19.5%	10.4%	11.4%	17.7%
Free cash flow yield	7.8%	9.0%	6.7%	11.9%	24.9%	20.8%	14.5%	25.2%
Earnings yield	3.9%	3.6%	3.9%	11.1%	13.6%	7.9%	9.9%	11.6%
Enterprise value	$14.8B	$10.6B	$6.7B	$4.2B	$5.4B	$4.3B	$2.8B	$2.5B
Net debt / EBITDA	-0.39×	-0.03×	0.52×	-0.13×	0×	-0.19×	-0.41×	-1.24×
Cash conversion cycle (days)	-618	-581	-512	-573	-618	-584	-663	-2,309