Recent News
Dec. 15, 2025 — Evercore announced it will host the 12th Annual “Leading the Charge: Power & Utility” conference on Jan. 8–9, 2026 in West Palm Beach, Florida; the release highlights speaker lineups and corporate attendees. Dec. 9, 2025 — Evercore leadership participated in the Goldman Sachs Financial Services conference, representing the firm in investor and industry panels.
Technical Analysis
ADX at 36.03 indicates a strong underlying trend that amplifies recent directional moves and raises the potential for trend continuation against an over-valued market-implied price.
Directional indicators show DI+ labeled as a dip & reversal, which signals a bullish shift in directional strength; DI- labeled as a peak & reversal also signals bullish directional dynamics, implying directional sellers have eased and buyers regained relative control.
MACD shows a peak & reversal and sits below its signal line (MACD -10.03 vs signal -8.31), a bearish momentum configuration that pressures near-term upside despite directional indicator signals.
MRO reads -13.97, a negative value indicating price sits below WMDST’s target and therefore carries upside potential toward that target; the magnitude suggests a moderate mean-reversion influence on price action.
RSI at 47.97 with a decreasing trend places momentum near the midrange and slightly favors downside momentum if selling volume picks up; this complements the MACD bearish momentum while leaving room for mean reversion given the MRO signal.
Price sits at $313.43, marginally above the 200-day average ($312.54) but below the 50-day average ($347.86) and the 26-day EMA ($330.49); the 12-day EMA trend shows decreasing momentum, creating a confluence of resistance near the mid-$320s that the market must clear for stronger upside follow-through.
Volatility measures (42-day and 52-week vol ~3%) and average volumes (10-day 626,384 vs current 471,873) suggest liquidity remains adequate but slightly lighter than recent short-term averages, increasing sensitivity to directional catalysts.
Fundamental Analysis
Earnings: Adjusted EPS registered $5.13 versus an estimate of $4.05, an EPS surprise of +26.67%, and forward EPS stands at $5.85. Year-over-year earnings metrics include an earnings growth figure of 50.44% and earnings growth QoQ of +23.30%, while earnings growth YoY shows -24.89% (all figures provided). These mixed period comparisons highlight sequential improvement versus year-ago base effects; the EPS beat materially supports reported operating strength.
Revenue and cash flow: Total revenue equals $1,288,277,000 with revenue growth reported as 24.59% in one aggregate measure while revenue growth YoY registers -25.11% and QoQ at 0.0%; operating cash flow reached $807,467,000 and free cash flow totaled $798,605,000, producing a free cash flow yield of 6.01% and a cash flow margin of 14.39%—both supportive of a strong cash-generative profile even as some year-over-year top-line comparisons remain compressed.
Balance sheet and returns: Cash stands at $1,466,441,000 with total equity of $2,031,576,000 and total debt of $1,155,081,000. Return on equity reads 10.04% and return on assets 4.17%, with return metrics improving QoQ (ROE QoQ +25.65%, ROA QoQ +16.99%), signaling improving capital efficiency in the latest period.
Capital allocation: Dividend rate $0.84355 per share yields ~0.25% with a payout ratio of 15.93% and dividend coverage ratio of 6.28; the firm returned substantial capital to shareholders through dividends and share repurchases in the reported year, supporting shareholder distributions while retaining cash for strategic growth.
Valuation context: P/E stands at 67.22x, above the industry peer mean of 47.44x; forward P/E sits near 55.59x, indicating the market prices premium future earnings. PEG registers 1.33, slightly below the industry peer mean of 1.36. Book value per share $52.74 with a price-to-book of 6.54 (QoQ -3.01%, YoY +4.76%). WMDST values the stock as over-valued, reflecting stretched multiples versus peer averages despite strong cash generation and recent earnings beats.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-04 |
| NEXT REPORT DATE: | 2026-05-06 |
| CASH FLOW | Begin Period Cash Flow | $ 861.6 M |
| Operating Cash Flow | $ 807.5 M | |
| Capital Expenditures | $ -8.86 M | |
| Change In Working Capital | $ 377.3 M | |
| Dividends Paid | $ -32.50 M | |
| Cash Flow Delta | $ 574.5 M | |
| End Period Cash Flow | $ 1.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 355.7 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 6.8 M | |
| Depreciation and Amortization | $ 6.8 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | — | |
| Interest Expense | $ 8.8 M | |
| Net Interest Income | $ -8.75 M | |
| Income Before Tax | $ 313.3 M | |
| Tax Provision | $ 90.8 M | |
| Tax Rate | 28.978 % | |
| Net Income | $ 204.0 M | |
| Net Income From Continuing Operations | $ 222.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.05 | |
| EPS Actual | $ 5.13 | |
| EPS Difference | $ 1.08 | |
| EPS Surprise | 26.667 % | |
| Forward EPS | $ 5.85 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.4 B | |
| Intangible Assets | $ 260.9 M | |
| Net Tangible Assets | $ 1.8 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 1.5 B | |
| Net Receivables | $ 555.8 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 44.6 M | |
| Short-Term Debt | $ 48.0 M | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 2.0 B | |
| Retained Earnings | $ 2.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 52.74 | |
| Shares Outstanding | 38.523 M | |
| Revenue Per-Share | $ 33.44 | |
| VALUATION | Market Capitalization | $ 13.3 B |
| Enterprise Value | $ 14.4 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 11.208 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.637 | |
| Asset To Liability | 1.764 | |
| Debt To Capital | 0.362 | |
| Debt To Assets | 0.216 | |
| Debt To Assets QoQ | -15.855 % | |
| Debt To Assets YoY | 2271.617 % | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | 0.569 | |
| Debt To Equity QoQ | -9.196 % | |
| Debt To Equity YoY | 2458.776 % | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.538 | |
| Price To Book QoQ | -3.009 % | |
| Price To Book YoY | 4.762 % | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 67.216 | |
| Price To Earnings QoQ | -27.547 % | |
| Price To Earnings YoY | -18.027 % | |
| Price To Earnings IPRWA | high: 117.289 EVR: 67.216 low: 47.444 mean: 47.444 median: 47.444 |
|
| PE/G Ratio | 1.333 | |
| Price To Sales (P/S) | 10.311 | |
| Price To Sales QoQ | -12.184 % | |
| Price To Sales YoY | -5.641 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 55.59 | |
| Forward PE/G | 1.102 | |
| Forward P/S | 37.342 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.263 | |
| Asset Turnover Ratio QoQ | 2.85 % | |
| Asset Turnover Ratio YoY | 4.552 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 2.388 | |
| Receivables Turnover Ratio QoQ | 15.751 % | |
| Receivables Turnover Ratio YoY | 2.448 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 38.218 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.007 | |
| CapEx To Depreciation | -1.309 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.6 B | |
| Net Invested Capital | $ 2.6 B | |
| Invested Capital | $ 2.6 B | |
| Net Tangible Assets | $ 1.8 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 0.5 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.276 | |
| Dividend Payout Ratio | 0.159 | |
| Dividend Rate | $ 0.84 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 21.162 % | |
| Revenue Growth | 24.592 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | -25.113 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 50.44 % | |
| Earnings Growth QoQ | 23.298 % | |
| Earnings Growth YoY | -24.892 % | |
| Earnings Growth IPRWA | high: 80.105 % EVR: 50.44 % mean: 34.872 % low: 14.035 % median: 14.035 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 798.6 M | |
| Free Cash Flow Yield | 6.012 % | |
| Free Cash Flow Yield QoQ | 35.436 % | |
| Free Cash Flow Yield YoY | -4.798 % | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | 47.486 % | |
| Free Cash Growth QoQ | 50.625 % | |
| Free Cash Growth YoY | -75.89 % | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | 3.916 | |
| Cash Flow Margin | 14.385 % | |
| Cash Flow To Earnings | 0.909 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.171 % | |
| Return On Assets QoQ | 16.999 % | |
| Return On Assets YoY | 14.967 % | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.1 | |
| Return On Equity QoQ | 25.645 % | |
| Return On Equity YoY | 22.07 % | |
| Return On Equity IPRWA | — | |
| DuPont ROE | 10.62 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |