MeritValue

Evercore Inc.

EVRdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Evercore Inc. earns about 74% on invested capital, far above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $117.21 and $375.96 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.31B1$2.78B2$2.44B3$3B3$3.88B3
Net income$740.1M4$476.5M5$255.5M6$378.3M6$591.9M6
Operating cash flow$1.38B7$531.4M8$458M9$988.2M9$1.26B9
Capital expenditure$28M10$23.2M11$20M12$30.1M12$74M12
Free cash flow (derived)$1.36B7$508.2M8$437.9M9$958.1M9$1.18B9
Total debt—————
Cash & equivalents$578.3M13$663.4M14$596.9M15$873M15$1.43B15
Diluted shares43.3M41.0M40.1M41.6M42.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$482.2
your share of equity
Profit it earned you last year
$140.5
Free cash flow it threw off
$280.66
Debt you’d be carrying
—

10 shares is a claim on $482.2 of net worth that earned you $140.5 and generated $280.66 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
74% avg · 5y
FY21 119%FY22 62%FY23 30%FY24 52%FY25 109%

It earned about 74% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $117.21 and $375.96 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$361.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.2%
  • fcfBase$958.1M
DCF · Growth Exit 5Y
$375.96
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.2%
  • fcfBase$958.1M
Earnings Power Value
$117.21
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$476.5M
  • growthAssumed0.0%
Graham Number
$123.47
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $375.96
The three cases
Bear0.0%$358.75
Base1.2%$375.96
Bull6.2%$458.04

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 1.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001360901-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001360901-25-000005 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-010273 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001360901-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001360901-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-010273 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001360901-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001360901-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-010273 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001360901-24-000007 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001360901-25-000005 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-010273 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001360901-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001360901-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-26-010273 (CashAndCashEquivalentsAtCarryingValue)