Recent News
Feb. 23, 2026 — Ben Hart joined as Senior Managing Director and Head of Asia Private Capital Advisory, based in Singapore; Feb. 2–25, 2026 — multiple senior managing directors hired across consumer, healthcare and private-capital advisory teams; Mar. 1, 2026 — Christine Varney joins the board as a director; Mar. 4, 2026 — a promotion within wealth management to partner announced. These items reflect targeted hires and governance additions across regions and business lines over the past 13 weeks.
Technical Analysis
ADX / DI+ / DI-: ADX at 43.73 signals a very strong directional move; DI+ has been increasing while DI- has been decreasing, which indicates a developing bullish directional shift even though DI- remains the larger absolute reading. That combination points to momentum turning toward the long side while trend strength stays elevated.
MACD: MACD sits negative at -15.09 but shows a dip-and-reversal pattern, indicating bullish momentum has begun to re-emerge; MACD remains marginally below its signal line (-14.95), so momentum improvement has started but lacks a confirmed MACD crossover.
MRO (Momentum/Regression Oscillator): MRO at -18.54 places the price below the WMDST target, implying upward pressure toward the valuation anchor; the negative MRO suggests the stock carries upside potential relative to the modeled target.
RSI: RSI at 42.66 and declining indicates waning short-term buying pressure and room for a recovery move if momentum indicators confirm; present RSI level does not show overextension in either direction.
Price Structure & Moving Averages: Last close $279.12 trades below the 12-day EMA ($282.22), 20-day average ($282.62) and well below the 50-day ($328.64) and 200-day ($315.68) averages, reflecting short-to-intermediate weakness despite early signs of bullish directional change. Ichimoku lines (Tenkan $291.64; Kijun $316.05; cloud above price) reinforce that the price sits beneath key short- and medium-term supports.
Volatility & Volume: 42-day beta 2.14 and elevated ADX imply continuation of outsized moves; 10-day average volume (793,566) exceeds the 50- and 200-day averages, consistent with active repositioning around recent news and earnings cadence.
Fundamental Analysis
Earnings & Revenue: Reported EPS $5.13 versus estimate $4.05 produced a 26.67% EPS surprise; total revenue $1,288,277,000 with reported revenue growth year-over-year at -25.11% and revenue growth quarter-over-quarter at 0.0%. Quarterly EPS and revenue outcomes support the firm’s ability to convert advisory activity into higher profitability despite YoY top-line contraction.
Profitability & Cash Flow: Return on equity stands at 10.04% and return on assets at 4.17%, both above the industry peer mean values provided; operating cash flow $807,467,000 and free cash flow $798,605,000 yield a free cash flow yield of 6.01%, which sits above the industry peer mean of 5.29%, reinforcing cash-generation strength relative to peers.
Leverage & Capital Structure: Debt-to-assets equals 21.56% and debt-to-equity 56.86%; those measures exceed the industry peer mean values but remain inside the provided peer range, indicating higher leverage than peers on average while staying within the documented high bound.
Valuation Multiples: Trailing P/E at 67.22 and forward P/E at 55.59 sit below the industry peer mean forward P/E value provided, while P/B at 6.54 stands above the industry peer mean of 4.74 and below the industry peer high of 9.14. PEG and forward-PEG near 1.33 and 1.10 respectively imply continued earnings-based justification for elevated multiples if earnings growth sustains.
Short-Term Fundamentals: QoQ earnings growth shows a positive 23.30% change while earnings growth YoY reads -24.89%; free cash flow growth QoQ is strong (50.63%) though free cash flow growth YoY registers negative, signaling meaningful quarter-to-quarter improvement after a weaker twelve-month comparator.
Valuation Conclusion: The current valuation as determined by WMDST rates Evercore as fair-valued; cash-generation metrics exceed industry peer means and ROE/ROA sit above peer means, supporting the fair-value determination despite elevated P/B and a high trailing P/E when compared to some peer averages.
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 | $ 350.9 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 | $ 5.77 | |
| 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 | high: 0.233 EVR: 0.216 mean: 0.069 low: 0.037 median: 0.037 |
|
| Debt To Equity | 0.569 | |
| Debt To Equity QoQ | -9.196 % | |
| Debt To Equity YoY | 2458.776 % | |
| Debt To Equity IPRWA | high: 0.639 EVR: 0.569 mean: 0.114 median: 0.004 low: -1.461 |
|
| 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 | high: 9.143 EVR: 6.538 median: 5.573 mean: 4.741 low: -10.452 |
|
| 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 median: 103.241 mean: 77.893 EVR: 67.216 low: 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 | high: 12.323 mean: 10.929 median: 10.913 EVR: 10.311 low: 1.644 |
|
| 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 | high: 0.303 EVR: 0.263 mean: 0.077 median: 0.037 low: 0.014 |
|
| Receivables Turnover | 2.388 | |
| Receivables Turnover Ratio QoQ | 15.751 % | |
| Receivables Turnover Ratio YoY | 2.448 % | |
| Receivables Turnover Ratio IPRWA | high: 7.102 EVR: 2.388 mean: 1.81 median: 1.43 low: 0.032 |
|
| 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 | high: 36.718 % EVR: 24.592 % median: 11.557 % mean: 10.109 % low: 1.294 % |
|
| Earnings Growth | 50.44 % | |
| Earnings Growth QoQ | 23.298 % | |
| Earnings Growth YoY | -24.892 % | |
| Earnings Growth IPRWA | high: 80.105 % EVR: 50.44 % mean: 31.442 % median: 30.769 % low: 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 | high: 22.628 % EVR: 6.012 % median: 5.309 % mean: 5.287 % low: 1.939 % |
|
| Free Cash Growth | 47.486 % | |
| Free Cash Growth QoQ | 50.625 % | |
| Free Cash Growth YoY | -75.89 % | |
| Free Cash Growth IPRWA | high: 182.593 % EVR: 47.486 % mean: -17.434 % low: -64.449 % median: -64.449 % |
|
| 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 | high: 5.394 % EVR: 4.171 % mean: 1.215 % median: 0.637 % low: 0.141 % |
|
| 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 | high: 0.155 EVR: 0.1 mean: 0.061 median: 0.053 low: -0.074 |
|
| DuPont ROE | 10.62 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |