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PJT Partners
(NYSE:PJT)
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Rating:69Neutral
Price Target:
$170.00
▲(6.58% Upside)
Action:Downgraded
Date:06/19/26
The score is driven primarily by strong financial performance—especially robust free cash flow and improved TTM leverage—offset by cyclicality risks in margins and historically higher leverage in prior annual periods. Technical signals are broadly neutral with limited long-term trend confirmation, and valuation is mixed due to a mid-to-higher P/E and a low dividend yield.
Positive Factors
Strong free cash flow
Consistently high operating and free cash flow with notable TTM improvement supports durable financial flexibility. Strong FCF conversion funds reinvestment, cushions cyclical revenue swings, enables opportunistic hiring or M&A, and underpins sustainable shareholder returns or buybacks.
Negative Factors
Cyclicality in margins and profitability
Persisting margin variability reflects dependence on deal mix, compensation cycles and timing of large mandates. Structurally, margins can compress when deal volumes slow or when higher compensation is required to retain talent, making earnings less predictable across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Consistently high operating and free cash flow with notable TTM improvement supports durable financial flexibility. Strong FCF conversion funds reinvestment, cushions cyclical revenue swings, enables opportunistic hiring or M&A, and underpins sustainable shareholder returns or buybacks.
Read all positive factors
PJT Partners Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks down sales by service line—such as advisory, restructuring, or asset management—so you can see which businesses drive growth and profit. Reveals how much revenue is transactional and cyclical versus more stable or recurring, helping gauge sensitivity to deal markets and the firm’s margin profile.
Breaks down sales by service line—such as advisory, restructuring, or asset management—so you can see which businesses drive growth and profit. Reveals how much revenue is transactional and cyclical versus more stable or recurring, helping gauge sensitivity to deal markets and the firm’s margin profile.
Data provided by:
The Fly
The FlyPJT Partners (PJT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.21B
Dividend Yield0.58%
Average Volume (3M)351.46K
Price to Earnings (P/E)19.1
Beta (1Y)1.11
Revenue Growth21.44%
EPS Growth17.50%
CountryUS
Employees1,224
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)8.54
Shares Outstanding25,824,598
10 Day Avg. Volume442,416
30 Day Avg. Volume351,465
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)13.95
Price to Sales (P/S)2.51
P/FCF Ratio8.95
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue2.28
Enterprise Value/Gross Profit4.75
Enterprise Value/Ebitda9.98
Forecast
1Y Price Target
$175.00Price Target Upside9.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)7.55
Revenue Forecast (FY)$1.88B
PJT Partners Business Overview & Revenue Model
Company Description
PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governm...
How the Company Makes Money
PJT Partners primarily makes money by earning advisory fees for financial advisory engagements. (1) Strategic Advisory: The firm earns success-based and retainer fees for advising clients on mergers, acquisitions, divestitures, spin-offs, defense ...
PJT Partners Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record-setting financial and operational achievements (revenues +15% YoY, record adjusted EPS, best quarters across strategic advisory, restructuring, and Park Hill), strong balance sheet and active capital return to shareholders. Management also highlighted durable demand in restructuring, an expanding private capital solutions opportunity, and ongoing talent investments. Headwinds include rising non-compensation costs, a challenged primary fundraising market, some concentration of deal activity in mega-cap transactions, and macro/AI/geopolitical uncertainties. Overall, positives substantially outweigh the noted challenges.Positive Updates
Record Financial Performance
Full year 2025 total revenues of $1.714 billion (up 15% YoY), record adjusted pretax income of $357 million, and record adjusted if-converted EPS of $6.98 (up ~34% YoY from $5.20). Fourth quarter revenues were $535 million (up 12% YoY) with adjusted EPS of $2.55 (up ~34% YoY from $1.90).
Negative Updates
Rising Non-Compensation Costs
Full year adjusted non-compensation expense rose to $207 million (up 12% YoY) driven by higher occupancy (additional space in New York and London) and travel/business-related expenses. Q4 non-comp expense was $54 million (up 16% YoY). Management expects non-comp expense to grow at a similar rate in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance
Full year 2025 total revenues of $1.714 billion (up 15% YoY), record adjusted pretax income of $357 million, and record adjusted if-converted EPS of $6.98 (up ~34% YoY from $5.20). Fourth quarter revenues were $535 million (up 12% YoY) with adjusted EPS of $2.55 (up ~34% YoY from $1.90).
Read all positive updates
Company Guidance
PJT provided limited forward guidance and will give more detailed 2026 estimates at its Q1 report, but offered several directional metrics: it expects 2026 total non‑compensation expense to grow at a rate similar to 2025 (2025 adjusted non‑comp expense $207M, +12% YoY; Q4 $54M, +16% YoY; non‑comp as a % of revenue 12.1% FY and 10.1% Q4); its current estimate for the 2026 effective tax rate is in the high‑teens (2025 rate 14.1%, below a prior 15.5% estimate); it will provide a 2026 compensation ratio in Q1 (2025 adjusted comp expense $1.15B, comp ratio 67.1% FY and 66.2% Q4); capital priorities remain investing in the firm while returning capital — PJT ended 2025 with $586M cash, $632M net working capital, no funded debt, repurchased ~2.4M shares and spent $384M on buybacks, intends to exchange up to 850k partnership units for cash (subject to Board approval), and the Board approved a $0.25 quarterly dividend — and the company will report revenues as a single line going forward (2025 adjusted pretax income $357M, 20.8% margin; Q4 $127M, 23.7%; adjusted if‑converted EPS $6.98 FY and $2.55 Q4).PJT Partners Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.81B | 1.71B | 1.49B | 1.15B | 1.03B | 991.95M |
| Gross Profit | 866.59M | 555.72M | 461.11M | 347.80M | 356.36M | 351.90M |
| EBITDA | 412.32M | 394.11M | 318.52M | 234.46M | 267.35M | 280.31M |
| Net Income | 186.60M | 180.12M | 134.39M | 81.80M | 90.53M | 106.17M |
Balance Sheet | ||||||
| Total Assets | 1.56B | 1.91B | 1.64B | 1.43B | 1.05B | 987.63M |
| Cash, Cash Equivalents and Short-Term Investments | 308.78M | 585.80M | 483.88M | 355.54M | 173.24M | 200.48M |
| Total Debt | 421.50M | 413.92M | 354.52M | 330.60M | 135.63M | 157.01M |
| Total Liabilities | 634.06M | 897.97M | 733.69M | 573.81M | 291.09M | 350.05M |
| Stockholders Equity | 272.73M | 308.25M | 187.01M | 244.67M | 185.11M | 120.23M |
Cash Flow | ||||||
| Free Cash Flow | 614.35M | 480.44M | 527.65M | 437.61M | 239.30M | 117.69M |
| Operating Cash Flow | 666.49M | 526.30M | 530.95M | 441.53M | 242.73M | 124.16M |
| Investing Cash Flow | -97.25M | -28.55M | 8.06M | -34.35M | -53.23M | 131.35M |
| Financing Cash Flow | -459.54M | -453.79M | -408.68M | -228.08M | -210.02M | -353.38M |
PJT Partners Technical Analysis
Positive
159.51
Price Trends
154.73
Positive
150.21
Positive
161.72
Positive
Market Momentum
-0.02
Negative
60.34
Neutral
74.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PJT, the sentiment is Positive. The current price of 159.51 is above the 20-day moving average (MA) of 155.40, above the 50-day MA of 154.73, and below the 200-day MA of 161.72, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 60.34 is Neutral, neither overbought nor oversold. The STOCH value of 74.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PJT.
PJT Partners Risk Analysis
PJT Partners disclosed 33 risk factors in its most recent earnings report. PJT Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PJT Partners Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $14.38B | 19.39 | 41.05% | 0.95% | 47.30% | 68.64% | |
76 Outperform | $5.05B | 16.99 | 21.56% | 1.63% | 30.99% | 32.50% | |
71 Outperform | $5.47B | 22.91 | 42.00% | 3.69% | 19.19% | 26.01% | |
69 Neutral | $4.21B | 19.09 | 76.40% | 0.58% | 21.44% | 17.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $4.09B | 14.84 | 33.24% | 4.06% | 9.04% | -13.29% | |
56 Neutral | $1.56B | 55.23 | -8.69% | 1.62% | -30.35% | ― |
* Financial Sector Average
PJT
PJT Partners
162.99
-6.81
-4.01%
EVR
Evercore Partners
342.64
61.78
22.00%
LAZ
Lazard
41.54
-6.33
-13.22%
PIPR
Piper Sandler
71.09
0.72
1.02%
MC
Moelis
68.55
5.52
8.76%
PWP
Perella Weinberg Partners
16.47
-3.45
-17.34%
PJT Partners Corporate Events
Executive/Board ChangesShareholder Meetings
PJT Partners Shareholders Approve Directors and Governance Matters
Positive
Jun 18, 2026
PJT Partners Inc. held its 2026 Annual Meeting of Stockholders on June 18, 2026, where shareholders voted on director elections, executive compensation and the appointment of the independent auditor. Stockholders elected K. Don Cornwell, Peter L.S...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.