Evercore Inc. (EVR) is a pure-play advisory firm with no inventory, no trading book, and no lending balance sheet. Under a liquidation lens, the recovery posture is structurally negative: MFFAIS reports a cash liquidation value of approximately -$528M and a liquid liquidation value of approximately -$453M as of March 31, 2026. This is the expected outcome for a professional services firm whose most valuable assets — client relationships, human capital, and brand — carry zero liquidation value. The balance sheet as of March 31, 2026 shows total assets of $4.31B against total liabilities of $2.23B, yielding book equity of $2.09B (including $307M noncontrolling interest). However, haircut analysis materially erodes the asset base. The two largest asset categories — $986M cash/equivalents (100% recovery) and $1.04B in investment securities and CDs (near-100% for Treasuries, which constitute 83% of the $837M securities portfolio) — anchor the recoverable pool. Accounts receivable of $547M net (90-95% recovery) and $175M long-term receivables are partially recoverable. Against these, the liability stack is held at face: $540M long-term notes payable (Series D, E, F, G, H, J, K, L), $558M operating lease liability (undiscounted gross obligations of $711M, not extinguished on windup), $653M accrued employee compensation (a first-quarter seasonal spike representing prior-year bonus payments in flight), and $108M other noncurrent liabilities including Tax Receivable Agreement obligations. The Robey Warshaw acquisition (completed 2025) added $227M goodwill and $26M net intangibles — both receive zero recovery under the lens. The July 2025 issuance of $250M in Series K and L notes (5.17%/5.47%) materially increased the fixed-charge liability stack relative to the prior 10-K filing period, and the $48M Series C repayment in March 2026 provides only partial offset. Deferred tax assets of $307M are treated as zero in liquidation. The operating lease liability of $559M, with obligations extending through 2035 and a post-five-year tail of $350M, represents a structurally sticky claim that does not compress on windup. Treasury stock of $5.18B at cost (reflecting aggressive buyback history) is a contra-equity accounting construct with no liquidation relevance. The contingent consideration and deferred compensation obligations tied to Robey Warshaw are discussed in MD&A and footnotes but the precise quantum of contingent consideration is not separately tagged in XBRL.
▼ Community Notes