Skip to the list

Boutique investment banks

The 11 companies in this industry listed on the NYSE and Nasdaq are worth $36 bn combined; the largest are Evercore (EVR), Houlihan Lokey (HLI) and PJT Partners (PJT). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Evenly matched
11 companies value 36 bn revenue 14 bn margin — free cash flow — avg. score 4.3
EVR holds 26.4% of the group's value, 1.1x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 EVR Evercore
United States · score 6.9
26% 9.5 bn 4.7 bn 15.7% 1.6 bn 17.1% 1.6% Independent M&A investment bank · Largest independent US M&A advisory firm
2 HLI Houlihan Lokey
United States · score 6.3
25% 8.9 bn 2.5 bn 16.1% 0.5 bn 5.5% 2.0% Investment bank for M&A, restructuring and valuation · Global leader in restructuring; countercyclical revenue
3 PJT PJT Partners
United States · score 6.0
16% 5.7 bn 1.9 bn 10.6% 0.7 bn 11.6% 0.4% Advisory and restructuring investment bank · Restructuring and strategic advisory boutique
4 MC Moelis & Co
United States · score 7.0
12% 4.2 bn 0.0 bn 347x 0.4 bn 10.4% 4.8% Global independent investment bank · New York — assets of $1.4bn
5 LAZ Lazard
United States · score 6.3
10% 3.5 bn 3.3 bn 6.9% 0.7 bn 19.0% 5.5% Financial advisory and asset management · Global advisory firm with a strong presence in Europe
6 LCLN Lincoln International, Inc.
United States · score 4.9
7% 2.4 bn 0.9 bn — — — — — Middle-market M&A investment bank · Illinois — assets of $998m
7 PWP Perella Weinberg Partners
United States · score 3.8
3% 1.2 bn 0.7 bn 3.2% 0.1 bn 7.4% 2.1% Independent financial and strategic advisory · New York — assets of $645m
8 BRBI BRBI BR Partners S.A.
Brazil · score 4.9
2% 0.7 bn 0.1 bn 32.9% -0.1 bn -11.9% 5.5% Investment bank in Brazil: M&A, capital markets and treasury · Brazil — assets of $3.5bn
9 MEGL Magic Empire Global Ltd
Hong Kong · score 0.5
0% 0.1 bn 0.0 bn -72.0% 0.0 bn -1.7% — Corporate finance advisory in Hong Kong · Hong Kong — assets of $16m
10 GRAN Grande Group Ltd/HK
Hong Kong · score 1.2
0% 0.0 bn 0.0 bn -192.2% 0.0 bn -2.9% 2.5% Securities brokerage and financial advisory in Hong Kong · Hong Kong — assets of $13m
11 NCPL Netcapital Inc.
United States · score 0.0
0% 0.0 bn 0.0 bn -38x -0.0 bn -65.5% — Fintech for online capital raising by private companies · Massachusetts — assets of $26m

Other industries in the same sector

and 31 industries more
What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

Have a question or a suggestion, or found a mistake?

Write here: a question about the score, a missing company or industry, a number that looks wrong. Every message is read, and the email is so I can reply.