Independent Valuation Experts – Since 1989
We are an independent valuation firm appraising businesses, business assets, and intangible property for accounting, tax, transactions, financing, insurance, and litigation. No auditing. No investment banking. Just the analysis, done right.
Firm at a glance
Valuation Is All We Do · Since 1989
Business and asset valuations for tax, financial reporting, transactions, and litigation, free from audit or banking conflicts.
Concluded Value
$48.6M
Trusted by counsel, boards, and finance teams, such as
Why Pure Play Matters
Appraisal Economics doesn’t file tax returns, audit, or prepare financial statements. We also don’t buy, sell, or broker anything. Valuation is all we do, so no other line of business can pull on our conclusions. For attorneys, CPAs, and finance leaders, that independence means a report you can put in front of an auditor, the IRS, or a court without having to explain away a conflict of interest.
What We Do
We value business interests, complex securities, intangible assets, goodwill, real estate, and machinery and equipment, built around the purpose the number has to serve.
Purchase price allocations, goodwill impairment testing, and equity compensation valuation for financial reporting.
Learn moreEstate and gift tax appraisals, S corporation conversions, and well-supported reports for closely held interests.
Learn moreFairness opinions, solvency opinions, and M&A support for boards and deal teams under scrutiny.
Learn moreCollateral and asset valuation to support lending decisions and structured financing arrangements.
Learn moreReplacement cost and business interruption valuations for carriers and policyholders alike.
Learn moreExpert witness testimony in federal, state, and tax courts, at arbitration hearings, and before the FCC.
Learn moreAssets we value
Inside the Model
Income, market, and asset approaches are tested against one another and reconciled into a single supportable value. The figures on this page are illustrative, not from a client engagement.
Valuation Summary
IllustrativeDiscounted cash flowDCFIncome
Guideline public companiesPublic compsMarket
Precedent transactionsTransactionsMarket
Monte Carlo, P10–P90Monte CarloIncome
Adjusted net assetsNet assetsAsset
Market Approach · EV / EBITDA
IllustrativeBlack–Scholes–Merton
Hover over a symbol to see what it measures.
Discounted Cash Flow
Hover over a symbol to see what it measures.
Beta & Covariance
Hover over a symbol to see what it measures.
Fun fact: our phone number is prime, so by Fermat’s two-square theorem it splits into two perfect squares exactly one way.
Our Track Record
Founded in 1989 by Big 4 alumni, our appraisers, analysts, accountants, economists, and engineers have valued businesses and assets across virtually every industry, for clients ranging from startups to multi-billion-dollar public companies.
36+
Years of independent valuation
5,000+
Appraisals completed
100+
Literary and music copyrights valued
$3B+
Manhattan tower in which we valued a profits interest
0
Services that conflict with or distract from valuation
7
Pro sports teams valued across the NFL, MLB, NBA, NHL, and European soccer
50+
Expert witness testimonies
10+
Countries our tax work reaches
12
Government agencies that have hired us
25
Accounting firms that have reviewed our work
Depth of Experience
Our engagements span publicly traded companies preparing for IPOs, major and minor league sports teams, utility pipelines, and pharmaceutical companies with promising early-stage drugs. We have appraised power plants, paper mills, and chemical plants worldwide, a complex profits interest in one of Manhattan’s tallest buildings, and even the rights to satellite orbit paths in outer space.
Our team holds designations from the American Society of Appraisers, the American Institute of CPAs, the CFA Institute, and real estate licensing boards. Our staff have passed extensive federal government background checks that enable us to perform work others can’t. We also have extensive experience testifying in federal, state, and tax courts, at arbitration hearings, and at FCC hearings.
Litigation Support
Anyone can testify to what they saw. Only a qualified expert may offer an opinion, and in federal court the judge decides whether that opinion is reliable enough for the jury to hear.
Fact witness
Testifies to what they personally saw, heard, or did. Generally may not offer opinions that call for specialized knowledge.
Expert witness
Qualified by knowledge, skill, experience, training, or education to give opinions that help the court understand the evidence or decide a disputed fact.
Since Daubert v. Merrell Dow Pharmaceuticals (1993) and Kumho Tire Co. v. Carmichael (1999), federal judges screen all expert testimony, including financial and valuation opinions, for relevance and reliability before a jury hears it. Many state courts follow the same approach; others still apply the older Frye “general acceptance” test.
Federal Rule of Evidence 702
Under the rule as amended in December 2023, the party offering an expert must show the court it is more likely than not that:
A federal expert report must disclose
Fed. R. Civ. P. 26(a)(2)(B)
Appraisal Economics professionals have extensive experience testifying in federal, state, and tax courts, at arbitration hearings, and at FCC hearings, and they prepare every report with cross-examination in mind.
Learn About Litigation SupportGeneral information, not legal advice. Rules differ by court and jurisdiction.
Assets & Industries
From early-stage companies to multi-billion-dollar public companies and government agencies, we bring the specialists each asset calls for.
Pipelines, power generation, and infrastructure assets valued for regulatory, tax, and transaction purposes.
Early-stage pharmaceutical IP and pipeline assets, appraised through the lens of clinical and commercial risk.
Major and minor league franchises, plus hundreds of literary and music copyright appraisals.
Complex profits interests and commercial property valued for financing and tax positions.
Paper mills, chemical plants, and machinery and equipment valued around the world.
Satellite orbit rights and other specialized assets, backed by testimony experience at FCC hearings.
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When you need a valuation, work with the firm that has built a national reputation over more than three decades, with nothing but its independence to protect.
