What We Did

A rundown of our key accomplishments in 2023, including revenue growth, expansion of capabilities, recognitions, select engagements, and more

2023 Takeaways

  • Every service group grew organically
  • Senior talent and M&A pipelines continued to grow
  • Amid rapid growth, our net promoter score remained exceptional at +90
  • 10-year Compound Annual Growth Rate (CAGR) of 19% and 17% for organic growth only

Revenue Growth

GLOBAL operations, $ in millions USD
Fiscal Year Ending 9/30/2023

News Highlights From 2023

Torrey Partners Acquisition

We acquired Torrey Partners, an economic, forensic accounting, and valuation services firm headquartered in San Diego, California. We are pleased to welcome Torrey Partners’ team of 25 professionals to the firm’s Disputes, Claims, & Investigations group, bolstering the group’s bench of expert testifiers and presence on the West Coast.


Golf Sponsorship With Marcus Byrd

We are proud to sponsor professional golfer Marcus Byrd, who joined the Stout family in 2023. In 2023, Marcus set an APGA tour record with four victories and also earned exemptions into four PGA TOUR events. As a result of his outstanding play during the season, Marcus finished first in the Lexus Cup standings. By winning the Lexus Cup, Marcus took home the 2023 APGA Mastercard Player Achievement Award, which includes status on 2024 PGA TOUR Americas. Marcus joins Stout brand ambassadors Sam Ryder, Lauren Stephenson, Lizette Salas, and Steve Johnson.


2023 Velocity Global Impact Award Finalist

Brand ambassador and LGPA professional Lizette Salas was recognized as a 2023 Velocity Global Impact Award finalist. This award celebrates players who have helped to grow the sport of golf and to inspire the next generation of athletes to have a positive impact on the world.


Awards & Recognitions

We are consistently recognized for our professional excellence, and 2023 only continued that trend. Here are a few honors we're particularly proud of from the past year.

#1 U.S. Fairness Opinion Provider in 2023

We are pleased to be recognized again as a top fairness opinion advisor by Refinitiv's Global Mergers & Acquisitions Review. In 2023, we ranked first in the United States and third globally. Since 2012, we have consistently ranked as a top fairness opinion provider. Our professionals leverage extensive investment banking and valuation experience to assist clients in making sound business decisions and completing their critical transactions. We understand the complexity and uncertainty inherent in completing a deal and are committed to navigating through the "noise" to provide timely, sophisticated, and reliable advice.

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IAM Patent 1000

Fourteen of our intellectual property experts have been recognized by Intellectual Asset Management (IAM) in its 2023 Patent 1000 rankings. Melissa Bennis, John Bone, Julie Davis, Lindsey Fisher, David Haas, Steve Holzen, Mark Hosfield, Michael Jeffords, Kevin McElroy, Jeffrey Press, Michele Riley, Sara Rinke, Dana Trexler, and Scott Weingust were recognized as world-leading patent professionals. IAM Patent 1000 identifies individual and firm expertise in all major areas of patent law and practice.

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Outstanding Turnaround Firm

Our Corporate Recovery Services team was named one of Turnarounds & Workouts' Outstanding Turnaround Firms of 2023. This annual list highlights firms that provide on-site management and help with day-to-day business decisions at troubled and bankrupt firms

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American Bankruptcy Institute's 40 Under 40

Kate Lattner has been named a 2023 honoree of the American Bankruptcy Institute’s prestigious 40 Under 40 program. The award recognizes individuals who demonstrate remarkable ability, leadership, and achievement in the bankruptcy and insolvency community.

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International Valuation Standards Council Boards

To further its mission of promoting and enhancing valuation standards globally, the International Valuation Standards Council (IVSC) appointed Matt Clark, Harris Antoniades, and Kyle TenHuisen to the Standards Review Board, the Financial Instruments Board, and the Tangible Assets Board, respectively.

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Insights for Informed Decision Making

Our professionals are thought leaders. Throughout the year, we showcase our expertise through articles, reports, guidance documents, industry updates, and resource centers on important topics and trends.

Industry Updates

Our investment banking experts leverage their substantial industry knowledge to provide regular updates on recent trends and activity in the M&A and private equity markets.

Browse Our Industry Updates

Current State of
Discount Valuations

To provide insight on Tax Court proceedings, our Trust & Estate professionals examine the seminal cases of the past as well as the most recent hot-button cases regarding valuation for income, estate, and gift tax purposes.

Download the Book

Royalty Audit Guide

Our Royalty Audit Guide explains the rationale for and execution of a royalty audit.

We discuss the various reasons for conducting such an audit, how to perform it — from selecting a royalty auditor to performing a site visit — and the nuanced contract provisions that make it possible.

Download the Guide

The Intersection of M&A and Internal Controls: A Comprehensive Report

Through the first survey of its kind, we uncovered the key internal controls considerations that companies should address when undergoing an M&A transaction.

Read the Report

In-House Portfolio Valuations: Is the Reward Worth the Risk?

There is a lot at stake when conducting a portfolio valuation, but even more so when it comes to valuing Level Three investments in house. Our comprehensive guide dives deeper into portfolio valuations, why outsourcing is the right choice, and how to choose the right provider.

Read the Guide

A Roadmap for the Valuation of Pre-IPO Equity Interests

Our guide sheds light on areas of consideration and presents a roadmap for selecting the appropriate valuation methodologies and assumptions to ensure proper guidance along the pre-IPO valuation journey.

Read the Report

Resource Centers

We have compiled helpful resources on numerous subjects to serve as a one-stop-shop for information gathering.

Secondary Transactions

With the volume of GP-led secondary and continuation fund transactions expected to increase, GPs should carefully consider the underlying process for determining the value at which these deals transact. Consistent third-party valuations and an independent fairness opinion can help protect GPs from those seeking to challenge a transaction in hindsight.

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Transaction Lifecycle

In today’s highly competitive environment, it’s critical for companies to seek qualified and objective guidance that can drive sound decision making and help manage risk throughout a deal and even after closing. We leverage our considerable investment banking, valuation, due diligence, and technical accounting experience to provide timely, sophisticated, and reliable advice.

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Paycheck Protection Program (PPP)

We have been helping both borrowers and lenders prepare for SBA audits as well as comply with data requests and bank regulatory requirements (AML) since the CARES Act was established. Our experience with the PPP rules detailed in the related releases and guidance has been honed by our work with hundreds of PPP borrowers, lenders, and leading law firms/attorneys. We know the red flags, risks, and mitigations associated with PPP in order to assist clients in preparation for successful interaction with government investigators and auditors.

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Eviction Right to Counsel

Our Transformative Change consultants have collected resources to assist our clients and their communities with understanding the eviction process, its impacts, and solutions to combat the eviction crisis that cities large and small are facing. Our Eviction Right to Counsel Resource Center is a compilation of resources addressing these important issues.

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Intellectual Property

We have the only fully integrated team of valuation professionals, damages experts, compliance professionals, investment bankers, and technical experts with the ability to execute a full spectrum of IP services. Our Intellectual Property Resource Center features our capabilities across numerous areas, including expert testimony and consulting, valuation, transactions, and compliance.

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Court Case Commentaries
and Reviews

We regularly research significant trust & estate tax and valuation-related cases and provide expert analyses. We examine the background behind a case as well as the court’s proceedings leading up to a decision. We utilize our extensive experience both inside and outside of the courtroom to analyze recent cases so others can make informed decisions.

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New Services & Deepened Industry Expertise

In 2023 we expanded our practice areas and service offerings and deepened our industry expertise through key senior leadership hires.

Premium Client Service

No matter the nature of an engagement, we treat every client as our best client. We always strive to exceed expectations on both a project level and a personal level, ensuring that all professionals we work with receive quality service with every matter.
"The Stout team navigated difficult requirements from our auditors and proposed solutions that helped the audit be successful."
"The level of engagement and professionalism of (Stout) was delightful. Their efforts made this an easy and pain free exercise."
"(Stout) goes above and beyond cultivating a client relationship of trust and reliability."
"Communication, updates, and the final presentation were outstanding. We really appreciate the professionalism, attention to detail, etc."
"The team had immediate answers to all of my questions around the valuation. You were perfect, as always."

Client Success Stories

Carisma Therapeutics
Blue Point Capital Partners


(on a scale from -100 to 100 since 2016)

Trusted by Leading Brands From Around the World

Strengthening Our Track Record of Delivering Results

We have significant expertise providing services spanning a wide range of industries and practice areas. As always, we are honored to serve our clients for their most important and complex engagements. Click any of these tiles to read about some of our engagements from the past year.

A Rapidly Growing Talent Base

In 2023, we welcomed 236 new colleagues into our ranks, and a breakdown by group is shown below.

New Colleagues


Investment Banking
& Restructuring


Transaction Advisory


Valuation Advisory


Accounting &
Reporting Advisory


Disputes, Claims,
& Investigations


Platform Services
& Go-to-Market