BGC Group vs Evercore
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The short version
- Evercore is the larger business, with $3.9B of revenue in fiscal 2025 against $2.9B for BGC Group.
- BGC Group grew revenue faster (30.0%, against 29.5%).
- Evercore turned more of its sales into free cash flow (30.5% FCF margin, against 12.7%).
- Investors pay more for each dollar of BGC Group’s earnings: a P/E of 28.8x against 14.2x for Evercore.
| Latest fiscal year | BGC · FY25 | EVR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $10.4B |
| Revenue | $2.9B | $3.9B |
| Free cash flow | $373M | $1.2B |
| Net income | $155M | $592M |
| Growth | ||
| Revenue growth | 30.0% | 29.5% |
| 5-year growth | 7.4% | 11.2% |
| Share count change | 0.4% | 1.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 5.3% | 15.3% |
| FCF margin | 12.7% | 30.5% |
| Return on capital | 13.2% | — |
| Return on equity | 16.6% | 31.7% |
| Balance sheet | ||
| Net debt | $709M | −$2.4B |
| Net debt / EBITDA | 1.7x | −2.9x |
| Dividends and buybacks | $321M | $144M |
| Valuation & quality | ||
| P/E | 28.8x | 14.2x |
| Piotroski F-score | — | 5 |
Revenue
FY16
BGC $1.6B
EVR $1.5B
FY17
BGC $1.8B
EVR $1.7B
FY18
BGC $1.9B
EVR $2.1B
FY19
BGC $2.1B
EVR $2.0B
FY20
BGC $2.1B
EVR $2.3B
FY21
BGC $2.0B
EVR $3.3B
FY22
BGC $1.8B
EVR $2.8B
FY23
BGC $2.0B
EVR $2.4B
FY24
BGC $2.3B
EVR $3.0B
FY25
BGC $2.9B
EVR $3.9B
BGC
EVR
Operating margin
FY16
BGC —
EVR —
FY17
BGC —
EVR —
FY18
BGC —
EVR —
FY19
BGC —
EVR —
FY20
BGC —
EVR —
FY21
BGC —
EVR —
FY22
BGC —
EVR —
FY23
BGC —
EVR —
FY24
BGC —
EVR —
FY25
BGC —
EVR —
BGC
EVR
Free cash flow
FY16
BGC −$124M
EVR $403M
FY17
BGC $368M
EVR $476M
FY18
BGC −$91.9M
EVR $816M
FY19
BGC $194M
EVR $434M
FY20
BGC $272M
EVR $925M
FY21
BGC $407M
EVR $1.4B
FY22
BGC $214M
EVR $508M
FY23
BGC $390M
EVR $438M
FY24
BGC $286M
EVR $958M
FY25
BGC $373M
EVR $1.2B
BGC
EVR
Return on capital
FY16
BGC 4.9%
EVR —
FY17
BGC 2.5%
EVR —
FY18
BGC 11.1%
EVR —
FY19
BGC 7.7%
EVR —
FY20
BGC 7.3%
EVR —
FY21
BGC 16.0%
EVR —
FY22
BGC 7.6%
EVR —
FY23
BGC 7.3%
EVR —
FY24
BGC 13.8%
EVR —
FY25
BGC 13.2%
EVR —
BGC
EVR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.