Greenhill & Co., Inc. :GHL-US: Earnings Analysis: 2016 By the Numbers : January 31, 2017

Greenhill & Co., Inc. reports financial results for the year ended December 31, 2016.


  • Gross margins widened from 95.26% to 96.37% compared to the same period last year, operating (EBITDA) margins now 27.16% from 18.52%.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2016 2015 2014 2013 2012
Relevant Numbers (Annual)
Revenues 335.52 261.56 275.23 287.15 285.08
Revenue Growth (YOY) N/A N/A N/A N/A N/A
Earnings 60.76 25.6 43.39 46.68 42.09
Earnings Growth (YOY) 137.37 -41 -7.06 10.9 -5.57
Net Margin 18.11 9.79 15.76 16.26 14.77
EPS 1.89 0.82 1.43 1.55 1.38
Return on Equity 21.39 9.48 16.25 16.06 12.93
Return on Assets 14.34 6.72 12.56 12.61 9.93

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Earnings Growth Analysis

The company’s earnings growth was influenced by year-on-year improvement in gross margins from 95.26% to 96.37% as well as better cost controls. As a result, operating margins (EBITDA margins) rose from 18.52% to 27.16% compared to the same period last year. For comparison, gross margins were 95.26% and EBITDA margins were 18.52% in the last reporting period.


The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from 17.20% to 26.19% and (2) one-time items. The company’s pretax margins are now 26.19% compared to 16.55% for the same period last year.

EBIT Margin History
PreTax Margin History

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Company Profile

Greenhill & Co., Inc. is an independent investment bank, which engages in the provision of financial advice globally on significant mergers, acquisitions, restructurings, financings, and capital advisory to corporations, partnerships, institutions, and governments. It objective is to provide un-conflicted advice on a wide range of transactions, within and between markets all around the world. The company was founded by Robert F. Greenhill in January 1996 and is headquartered in New York, NY.

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