Contents
I.
Our Foundation
Our People
III.
Our Momentum
II.
Clients and Friends,
2025 was a year of meaningful momentum for Stout. We continued to grow with intention, broadened our capabilities, and continued to stay firmly rooted in the values that have guided us since our founding in 1991. Several key strategic milestones shaped our year. A successful recapitalization, replacing Audax Private Equity with our new partner, Integrum Holdings, positions us to continue accelerating our growth trajectory and expanding how we support our clients. The acquisition of Appraisers and Planners, Inc. added depth to our commercial real estate advisory services in New York City and across the East Coast. And most recently, the addition of Pointe Advisory introduced our new Strategy service offering, enhancing our ability to support clients throughout the transaction and value creation lifecycle. Inside this Year in Review, you’ll find the achievements and recognitions that mark our firm’s progress – but above all, I’m most grateful for the individuals who made it all happen. To our clients and partners: thank you for your trust and collaboration. It is a responsibility we honor deeply. And to the Stout team: thank you for your passion, your discipline, and your unwavering commitment to excellence. Here’s to building on this momentum in 2026. The work continues, and the best chapters are still ahead.
CHIEF EXECUTIVE OFFICER
Craige Stout
By the Numbers
years of service
30+
Net Promoter Score
+92
Global reach with offices in North America, Asia, and Europe
Engagements last fiscal year
10,000
Clients served
5,000
Total colleagues
1,054
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Relentless Excellence. Built on Values.
OUR CORE VALUES
Committed
We are personally and professionally tenacious, setting big goals that impact the success of our colleagues and our organization.
Accountable
We seek to understand expectations, communicate clearly, and produce high quality work on a consistent basis.
Positive & Team-Oriented
We strive to build positive and cohesive team environments that prioritize success by valuing the people we work with.
Super Responsive & Great at Communicating
We seek to communicate quickly and clearly, ask questions to understand needs and set expectations with the intent to always exceed them.
Relationship-Focused
We build strong relationships by taking an active interest in our colleagues and by being mentors that celebrate our differences with grace and humility.
Entrepreneurial
We act like owners by being flexible, making wise decisions and promoting change that drives efficiency and moves us forward.
KEY FACTS
ABOUT US
© 2025 Stout Risius Ross, LLC | Stout is not a CPA firm.
MESSAGE FROM THE CEO
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When valuations carry significant risk, clients turn to advisors with the expertise to deliver credible conclusions that withstand scrutiny. For more than 30 years, Stout has brought clarity to complex valuation matters, combining deep industry knowledge with an understanding of legal, tax, and regulatory considerations. As one of the largest valuation practices in the U.S., we support financial reporting, tax, planning, litigation, and transaction needs. Our work is trusted by leading public companies, private businesses, and global private equity firms.
Valuation Advisory
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In an increasingly complex transaction environment, companies need an independent advisor to deliver objective analysis, manage risk, and support conclusions throughout the deal lifecycle. Stout brings deep transaction experience to help clients cut through uncertainty and make sound decisions. We provide fairness and solvency opinions, financial and tax diligence, deal structuring, and pre- and post-transaction support. With timely, reliable advice, we guide clients from initial evaluation through close and integration with confidence.
Transaction Advisory
With more than 20 years of experience, Stout helps clients drive results across strategy consulting, diligence, and competitive intelligence. Our approach is grounded in evidence and real-world experience, not theory. Deep industry expertise across professional services, healthcare, and industrials enables us to deliver differentiated perspectives supported by proprietary data and AI-enhanced methodologies. Serving CFOs, private equity sponsors, and corporate leaders, we translate complexity into clear options, actionable insights, and confident decisions throughout the transaction and value creation lifecycle.
Strategy
Stout provides specialized advisory services designed to help organizations improve performance, manage risk, and make informed decisions. Our capabilities span automotive defect and recall consulting, CARES Act and PPP dispute support, construction-related financial advisory, digital and data analytics, fund advisory solutions, and transformative change consulting. Recognized for deep industry expertise and practical execution, our teams support clients before, during, and after complex events, delivering tailored solutions across regulatory, operational, financial, and strategic challenges.
Specialty & Industry Services
For more than 25 years, middle market companies have relied on Stout for industry insight, steady guidance, and high-touch service throughout complex financial transactions. Our industry-focused bankers advise on mergers and acquisitions, private capital raising, and other strategic alternatives for family-owned businesses, private equity firms and portfolio companies, corporate divisions, and creditors. With deep experience across sales, buyouts, recapitalizations, and ESOP formations, we deliver thoughtful, practical advice tailored to each client’s objectives.
Investment Banking
Stout is a market-leading provider of ESOP and ERISA advisory services, supporting companies and trustees through every stage of the ESOP lifecycle. Our fully integrated approach combines valuation, investment banking, capital raising, and financial diligence to deliver tailored outcomes across planning, formation, compliance, and sustainability or exit. With decades of ESOP experience, thousands of related engagements, and consistent recognition as a top fairness opinion provider, Stout serves trustees, ESOP-owned companies, business owners, buyers, and ESOP counsel with depth, rigor, and reliability.
ESOP Advisory
Stout has a proven track record of helping clients throughout the litigation life cycle, including preliminary case assessment, discovery review and assistance, data analytics, expert testimony, and damage valuation. Our dedicated Claims practice has decades of experience solving complex insurance claims challenges on behalf of policyholders. Stout also provides investigative, compliance, and corporate monitoring services. We help companies prevent, detect, remediate, or otherwise resolve allegations of accounting impropriety, corruption, money-laundering, and other financial-related matters.
Disputes, Claims, & Investigations
The business environment is increasingly complex, placing growing demands on accounting and finance leaders. From managing audits and internal controls to ensuring accurate financial reporting under tight deadlines, the margin for error is slim. Add a transaction or new regulatory guidance, and many teams lack the capacity or expertise to respond. Stout supports these moments with experienced professionals who integrate seamlessly with your team, providing technical insight, practical solutions, and accountability to deliver high-quality reports on time.
Accounting & Reporting Advisory
This is Stout
We help clients find clarity amid complexity and confidence despite uncertainty, time and again. We call it Relentless Excellence® — our clients call it getting results.
2025
A year of intentional growth, expanded capabilities, and measurable impact.
YEAR IN REVIEW
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OUR PEOPLE
OUR MOMENTUM
YEAR IN REVIEW 2025
OUR FOUNDATION
A Look Back on 2025: Select Transactions
2025 was a year of momentum, as we expanded our capabilities, strengthened our expertise, and supported clients across dynamic markets and industries.
READ NOW
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.
Industry Updates
Purchase Price Allocation Study
Stout is pleased to release the results of our 2026 Ambulatory Surgery Center (ASC) Valuation Survey, which has become a valuable industry resource over the last two decades.
Ambulatory Surgery Center Valuation Survey
We explore key valuation drivers, detail the methodologies for allocating purchase prices across asset classes, and provide industry benchmarks.
DOWNLOAD THE REPORT
Our guide is designed to equip CFOs with the crucial insights and practical steps needed to move through the demanding IPO process. Our guide covers key considerations for conducting a readiness assessment, engaging relevant advisors, uplifting your financial statements, and preparing and filing a registration statement.
Preparing for a Successful IPO: What CFOs Need to Know
Our Financial Due Diligence professionals outline the core themes shaping transactions in the blue-collar services sector. They look at the sector's operational and financial factors driving buyer attention and highlight diligence considerations that impact valuation, and explore the sector's trends.
Common Themes for Financial Due Diligence of Blue-Collar Services
Our Private Equity experts break down the key drivers of effective platform onboarding and best practices that accelerate value creation and strengthen operational alignment. They examine strategic frameworks and emerging trends that shape successful post-acquisition outcomes.
Private Equity Platfrom Onboarding: Maximize Value
Our Intellectual Property experts outline critical factors fueling these disputes, provide insights into case studies from identifying misappropriation to navigating litigation complexities, and examine the legal frameworks and industry trends that influence outcomes.
Trends in Trade Secret Litigation Report
Our ESOP experts break down the key performance drivers of the Stout ESOP Index, highlighting trends, valuation insights, and the factors shaping long-term outcomes for employee owned companies.
ESOP Index
Throughout the year, we showcase our expertise through articles, reports, industry updates, and resource centers on important topics and trends.
Signature Thought Leadership
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05
Expansion of PE Coverage
Stout announced a strategic expansion of its private equity (PE) coverage, welcoming three professionals with deep experience covering PE sponsors across the United States. The expansion underscores Stout’s continued momentum and commitment to growth of the private equity channel. As part of this expansion, Stout welcomed Directors Mac Labhart, Brandon Palladino, and Jake Prizant.
04
03
02
Expanding Our Capabilities Through Strategic Growth
Strategic acquisitions and new offerings expanded our capabilities and expertise, allowing us to support clients in even more value-driven ways.
01
2025 News & Highlights
ACCOMPLISHMENTs
Stout Acquires Pointe Advisory Stout Announces Partnership with Integrum Stout Expands Accounting & Reporting Advisory Group Stout Acquires Appraisers & Planners Inc. Stout Acquires DebtX Analytics
Delivering Results Through Expertise and Partnership
SELECT 2025 ENGAGEMENTS
The select engagements below reflect the impact we delivered for clients this year, helping them navigate their most significant and complex challenges.
Bolstered PE firm’s finance team with accounting support
Provided valuation and due diligence expertise for ASC acquisition
Determined the FMV licensing fees for use of clinico-genomic data
Provided goodwill and long-lived asset impairment testing
Supported settlement of hurricane claim following summary judgment win
Developed Office of the CFO roadmap for PE-owned wealth management firm
Provided sell-side due diligence services to Stax LLC
Engaged by gaming software company to perform royalty audit
Performed expert analysis for 3AC in the FTX bankruptcy
In a year marked by shifting deal conditions, our Investment Banking, Due Diligence, and Transaction Opinions teams continued to operate as one advisor—delivering a coordinated strategy across the full transaction lifecycle. Below are select engagements that reflect meaningful activity across our core sectors in 2025. Additional transaction details are available for select engagements. Click the transaction tiles marked with a green arrow to learn more.
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08
Leading U.S. Fairness Opinion Provider in 2025
Stout is pleased to be recognized again as a top fairness opinion advisor by LSEG in its Global M&A Financial Advisory Review. We rank second for the cumulative number of fairness opinions issued in the last 10 years according to data published by LSEG. Our professionals leverage their considerable deal experience to assist boards of directors, special committees, general partners, trustees, and other fiduciaries in making informed business decisions relative to their significant transactions.
Launching Stout Strategy
The acquisition of Pointe Advisory introduced our new Strategy service offering, enhancing our ability to support clients throughout the transaction and value creation lifecycle. Leveraging data-driven market research and competitive intelligence tied directly to strategic decision-making, our Strategy platform helps clients uncover opportunities, anticipate risks, and achieve growth with confidence.
Explore Stout's Strategy Platform
Enhancing Our Premier Healthcare Platform
In 2025, Stout accelerated the expansion of its healthcare offerings, driven by the 2024 acquisition of HealthCare Appraisers, Inc., which brought decades of respected industry leadership into the firm. Today, our platform stands among the largest and most capable in the country, bringing a unique blend of expertise and services to deliver results across the healthcare industry.
Recent Healthcare Transactions
Explore Stout's Healthcare Platform
06
Broadening Advisory Services in Europe
Stout expanded its service offerings in Switzerland with the launch of financial due diligence, valuation, and accounting & reporting advisory capabilities to complement its current Investment Banking service offering. This strategic expansion further strengthens Stout’s footprint in Europe and enhances its ability to support clients across the full deal lifecycle.
07
Cost Accounting & Inventory Support
Stout announced an expansion of its Accounting & Reporting Advisory practice by adding Cost Accounting & Inventory Support to its service offerings. Our team applies industry best practices to develop managerial costing systems that drive profit maximization and strategic performance management.
Unlocking Embedded Intangible Value
We expanded our Corporate Tax Valuation capabilities with a new Embedded Intangibles offering, helping clients uncover and quantify embedded intangible costs to drive tax savings and improve cash flow. The service brings together valuation expertise and tax advisory insight to support better tax outcomes across capital-intensive investments and transactions.
Explore Stout's Embedded Intangibles Platform
Offering 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.
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Current State of Discount Valuations
Testified in largest trademark verdict in Northern District of Indiana in 15 years
Provided post-close platform onboarding services for PE sponsor
Performed IPO readiness services for Evommune
Private Equity Platform Onboarding: Maximize Value
To the Top
Stout’s culture is shaped by our people and reflected in the trust of our clients. Relentless Excellence® is more than a standard — it embodies the values woven into who we are.
Our Professional Impact
Our professionals are the foundation of every client relationship, treating every engagement with the highest level of care and commitment. Our expertise, responsiveness, and commitment to Relentless Excellence are reflected in the experiences our clients share below, which has contributed to our +92 Net Promoter Score. Explore our testimonial videos to hear first-hand accounts of what it’s like to work with Stout.
*On a scale from -100 to +100 since 2016.
Nisource
Intertech
Carisma
Blue Point
Aludyne
IAM Names Fifteen Stout Experts as World-Leading Patent Professionals in 2025 Rankings
Our achievements reflect both industry recognition and continued investment in leadership, highlighting the expertise and people driving Stout forward.
Recognition & Leadership
Scott Weingust Recognized as World-Leading IP Strategist by IAM
Michelle Uddin Recognized in Lexology Index Client Choice Report 2025
200+
Firmwide Promotions
13
Newly Promoted Managing Directors
Built for Collaboration
We opened our new Chicago headquarters at The Bell, a 75,000-square-foot space in the Loop designed to support collaboration, hybrid work, and colleague well-being. The new office reflects our continued investment in the people and communities that power our firm.
Through marquee, Stout-hosted events, we brought clients and industry leaders together to share insights and exchange perspectives.
Industry Connection
Our Private Company Conference connects privately owned company leaders with capital partners to explore strategies that support long-term value creation.
Private Company Conference
The 2025 Portfolio Valuation Summit convened professionals from across valuation, disputes, and investment communities to discuss evolving industry challenges and connect through thoughtful, expert-led discussions.
Portfolio Valuation Summit
Empowering Our Community
OUR CULTURE
Pro Bono Services
Since 2008, Stout professionals have contributed more than $8.1 million in pro bono services across 200+ matters, applying their expertise to support underserved communities.
Stout Women's Alliance
Stout Women's Alliance (SWA) is an all-inclusive environment to unite and empower the firm’s talented colleagues, leverage business and philanthropic opportunities, provide relevant professional development, and offer internal and external networking programs to help colleagues achieve success in the workplace and enhance their overall experience at the firm.
“SWA has provided me with new opportunities to mentor and be mentored through connecting colleagues across the organization to provide support and career guidance. I feel empowered when I am in a group of professionals that face similar obstacles and share common goals." -Managing Director, Heather Albright
Colleague Support and Involvement
"I have been fortunate to have great mentors and sponsors throughout my career. I recognize and value the importance of mentoring – it can elevate and advance colleagues at their work, help them identify and gain access to opportunities they might otherwise miss, and better prepare them for such opportunities when they come." -Managing Director, Sook Lee
"Balancing a demanding career and a family is no easy task. Being a part of Stout Women's Alliance earlier in my career gave me the opportunity to learn from fellow colleagues in leadership. This has been critical to my own success as I progressed in my career." -Managing Director, Marylee Robinson
People of Color Affinity Group
Stout’s People of Color (POC) Affinity Group was formed in 2023 with the mission to promote and ensure the long-term success of our colleagues by building on Stout’s commitment to foster an inclusive organization. It seeks to provide our professionals with the tools and resources to reach their goals.
"Being an active member of the POC affinity group has given me the opportunity to connect with talented individuals who possess diverse expertise and life experiences. The group's discussions have fostered a sense of belonging to something greater than just a practice or a local city office. While the POC group unites us as people of color, it has also highlighted the unique path each person takes." -Director, Zak Shah
"Being a part of the POC has not only helped me expand my Stout network and get to know others across the firm, but it's given me a sense of belonging I haven't experienced in many other places. I've learned so much from other people's stories and have appreciated the connections formed through our similar backgrounds." -Associate, Gabrielle Wallach
"Being a part of the POC affinity group has helped me build connections I would have otherwise not made. It's been really nice to build relationships with other people of color and talk about issues we can all relate to. I am excited to see this group continue to grow and make a positive impact on our culture." -Manager, Latrice Baker
Investing in the Next Generation
To advance our commitment to fostering a culture of inclusion and belonging, Stout introduced the 2025 First Generation Scholarship, created to support and empower students who are the first in their family to pursue higher education. Fifteen $2,500 scholarships are awarded.
Stout Pride
Stout Pride was formed in 2023 to create an open and safe space for LGBTQ+ colleagues and allies to build connections and friendship. It aims to support personal and professional development, provide opportunities to give back through philanthropic activities, and promote inclusion and belonging within the firm by highlighting and addressing unique issues facing the LGBTQ+ community.
"Stout Pride represents the opportunity to build deeper, more meaningful relationships with colleagues while forstering an inclusive and welcoming workplace. It provides a space where everyone can learn, grow, and contribute to a culture of belonging, no matter their background or identy. -Manager, Kim Previch
"Everybody deserves to work in an environment where they feel safe, respected, and understood. I am excited to work alongside my colleagues at Stout to help ensure we all have the knowledge, tools, and resources to be a community where everyone can thrive. -Senior Associate, Erin Lippert
"Stout PRide provides a dedicated space for LGBTQ+ colleagues to connect, find support, and work together to foster inclusion. It also enables allyship, visibility into LGBTQ+ issues, and demonstrates Stout's commitment to I&B - making it clear that all colleagues, regardless of their identity, can come to work as their genuine selves." -Director, Samantha Didomenico
"This scholarship enables me to continue studying and further my education. The Stout mentorship program will have a major impact on my career trajectory and my ability to reach the goals I've set for myself, academically and professionally. This scholarship has been a powerful reminder of the progress in LGBTQ+ representation and acceptance in the workplace." -Kenna McGee, Luther College
I am deeply honored to be awarded this scholarship, as it recognizes my hard work and dedication to a career in business as a woman in finance. This opportunity provides essential financial support, empowering me to pursue my academic and professional goals with greater purpose and motivation. -Avantika Sengupta, Bryant University
This scholarship is a testament to my growth and personal journey towards my career goals. I cannot express more gratitude towards my mentors and the employees at Stout who provided this opportunity to me. The ability to give back to students' academic and professional development proves true that Stout is committed to investing in young talent. -Sid Yalavarthy, University of Georgia
What Scholarship Winners Are Saying
Follow Stout's Momentum in 2026
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Our NextGen in Finance program is designed to provide insight into various functions within Stout and offers students an opportunity to gain hands-on experience while networking with Stout colleagues across the firm.
Our Future Leaders in Finance Program is for underclassmen (sophomores and juniors) who are interested in learning more about Stout and our services. Working together with students from across the country, participants gain hands-on experience and demonstrate their skills with a case study competition.
Next Generation Scholarship
NextGen in Finance Program
Future Leaders in Finance Program
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