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Evercore Inc. EVR

Three-pass checkedFresh as companies report

Evercore's first half ran 56% ahead of last year, a pace no advisory firm sustains, and the stock has already given back a quarter from its high while the records were still printing.

The setup turns on what a peak-ish year is worth: 15 times this year's consensus is cheap if 2027 grows and expensive if 2026 was the crest.

EVR · price with moving averages

Daily · 6MWeekly · 3Y
$102$176$250$325$399 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Evercore is the largest independent advisory firm: merger and restructuring advice, private funds placement, equities research, underwriting and a wealth arm, with 188 senior investment bankers doing the selling. The model is the purest in the group, nearly all revenue is deal fees, no balance sheet to speak of, and about 65 cents of every dollar goes to the bankers. The moat is the senior-banker roster itself and a brand strong enough to win the biggest independent mandates, this quarter including the largest biotech IPO on record among its underwriting credits.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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