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PJT Partners
(NYSE:PJT)
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Rating:72Outperform
Price Target:
$186.00
â–²(10.01% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by strong financial performance—especially consistently high cash generation and improving scale/profitability—supported by constructive price trend signals. The earnings call adds strength via record results and margin expansion, partially offset by guidance for slower back-half growth and higher non-comp expense growth. Valuation is a modest headwind given a mid-20s P/E with a low dividend yield, while corporate events are largely routine.
Positive Factors
Cash Generation
PJT delivers persistently strong operating and free cash flow with ~91%–99% cash conversion, giving durable internal funding for buybacks, dividends, reinvestment and working-capital needs. This cash convertibility supports resilience through advisory cycle volatility and funds strategic investments without relying on external debt.
Negative Factors
Deal-cycle Sensitivity
PJT’s fee-based revenue model is inherently tied to M&A, restructuring and fundraising activity, which creates durable revenue and margin cyclicality. Even with strong recent results, slower deal flow or delays in large mandates can materially compress revenue, margins and bonus-related cash timing over a multi-quarter horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
PJT delivers persistently strong operating and free cash flow with ~91%–99% cash conversion, giving durable internal funding for buybacks, dividends, reinvestment and working-capital needs. This cash convertibility supports resilience through advisory cycle volatility and funds strategic investments without relying on external debt.
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
$4.33B
Dividend Yield0.57%
Average Volume (3M)496.60K
Price to Earnings (P/E)19.5
Beta (1Y)1.10
Revenue Growth22.91%
EPS Growth21.48%
CountryUS
Employees1,224
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)8.98
Shares Outstanding25,564,817
10 Day Avg. Volume420,692
30 Day Avg. Volume496,604
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$191.25Price Target Upside13.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)7.94
Revenue Forecast (FY)$1.95B
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:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance with multiple record metrics (revenues, adjusted pretax income, adjusted EPS) and market leadership in Strategic Advisory and Restructuring. Management reported margin expansion, balance sheet strength, ongoing share repurchases, and momentum in private capital/secondaries. At the same time, executives warned of elevated non-compensation expense growth (now expected near ~14% YoY), the likelihood of slower revenue growth in the back half of 2026, and continued macro/AI/geopolitical volatility that could moderate near-term deal activity and shift restructuring mix. On balance, the favorable record results and durable market positions were presented as outweighing the cost and cyclical headwinds.Positive Updates
Record Revenue and Profitability
Second quarter revenues of $486 million, up 20% year-over-year; adjusted pretax income of $106 million, up 32% YoY; adjusted EPS of $1.97, up 28% YoY. First half revenues of $904 million, up 24% YoY; first half adjusted pretax income of $189 million, up 39% YoY; first half adjusted EPS of $3.51, up 36% YoY — all reported as records.
Negative Updates
Rising Non-Compensation Expenses
Adjusted non-compensation expense was $57 million in Q2 (up 10% YoY) and $114 million for the first half (up 12% YoY). Management now expects full-year non-comp expense growth closer to ~14% YoY, slightly higher than prior guidance, driven by occupancy, depreciation, travel, professional fees, and investments in AI/technology.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Profitability
Second quarter revenues of $486 million, up 20% year-over-year; adjusted pretax income of $106 million, up 32% YoY; adjusted EPS of $1.97, up 28% YoY. First half revenues of $904 million, up 24% YoY; first half adjusted pretax income of $189 million, up 39% YoY; first half adjusted EPS of $3.51, up 36% YoY — all reported as records.
Read all positive updates
Company Guidance
Management guided that all businesses remain on track for record full‑year performance but that full‑year revenue growth will be lower than the first‑half pace (1H revenues $904M, +24% Y/Y; Q2 revenues $486M, +20% Y/Y). Key financial metrics and forward assumptions: Q2 adjusted pretax income $106M (+32%) and 1H adj. pretax $189M (+39%) with adjusted pretax margins of 21.7% in Q2 (vs. 19.7% LY) and 20.9% YTD (vs. 18.6% LY); adjusted converted EPS $1.97 in Q2 (+28%) and $3.51 YTD (+36%); weighted average shares 42.6M (‑2% Y/Y); share repurchases ~498k in Q2 and ~2.1M YTD; Board approved $0.25 quarterly dividend; balance sheet cash, cash equivalents and short‑term investments $535M with no funded debt; management’s current full‑year estimates include a 66.5% compensation accrual as a percentage of revenues (vs. 67.5% LY), an effective tax rate of ~20.5%, and non‑comp expense growth expected to be slightly higher than prior guidance at ~14% Y/Y (Q2 non‑comp $57M, 11.8% of revenues; 1H non‑comp $114M, 12.6%).PJT Partners Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.89B | 1.71B | 1.49B | 1.15B | 1.03B | 991.95M |
| Gross Profit | 1.22B | 555.72M | 461.11M | 347.80M | 356.36M | 351.90M |
| EBITDA | 429.26M | 394.11M | 318.52M | 234.46M | 267.35M | 280.31M |
| Net Income | 199.53M | 180.12M | 134.39M | 81.80M | 90.53M | 106.17M |
Balance Sheet | ||||||
| Total Assets | 1.76B | 1.91B | 1.64B | 1.43B | 1.05B | 987.63M |
| Cash, Cash Equivalents and Short-Term Investments | 235.54M | 585.80M | 483.88M | 355.54M | 173.24M | 200.48M |
| Total Debt | 419.35M | 413.92M | 354.52M | 330.60M | 135.63M | 157.01M |
| Total Liabilities | 772.64M | 897.97M | 733.69M | 573.81M | 291.09M | 350.05M |
| Stockholders Equity | 312.06M | 308.25M | 187.01M | 244.67M | 185.11M | 120.23M |
Cash Flow | ||||||
| Free Cash Flow | 661.83M | 480.44M | 527.65M | 437.61M | 239.30M | 117.69M |
| Operating Cash Flow | 713.02M | 526.30M | 530.95M | 441.53M | 242.73M | 124.16M |
| Investing Cash Flow | -244.40M | -28.55M | 8.06M | -34.35M | -53.23M | 131.35M |
| Financing Cash Flow | -447.89M | -453.79M | -408.68M | -228.08M | -210.02M | -353.38M |
PJT Partners Technical Analysis
Positive
169.07
Price Trends
161.76
Positive
155.93
Positive
160.28
Positive
Market Momentum
3.24
Negative
60.81
Neutral
73.13
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 169.07 is above the 20-day moving average (MA) of 168.93, above the 50-day MA of 161.76, and above the 200-day MA of 160.28, indicating a bullish trend. The MACD of 3.24 indicates Negative momentum. The RSI at 60.81 is Neutral, neither overbought nor oversold. The STOCH value of 73.13 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.17B | 21.98 | 43.55% | 3.88% | 13.69% | 12.33% | |
72 Outperform | $4.33B | 19.51 | 71.16% | 0.59% | 22.91% | 21.48% | |
72 Outperform | $5.29B | 16.63 | 22.90% | 2.59% | 32.10% | 40.51% | |
71 Outperform | $11.46B | 15.78 | 53.00% | 1.00% | 45.68% | 59.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $4.16B | 19.02 | 25.84% | 4.51% | 5.74% | -30.53% | |
54 Neutral | $1.60B | 54.43 | -8.69% | 1.79% | -20.87% | -66.62% |
* Financial Sector Average
PJT
PJT Partners
175.21
-6.53
-3.59%
EVR
Evercore Partners
303.06
-1.64
-0.54%
LAZ
Lazard
43.51
-8.28
-15.98%
PIPR
Piper Sandler
75.71
-6.38
-7.77%
MC
Moelis
66.60
-4.12
-5.82%
PWP
Perella Weinberg Partners
17.76
-4.48
-20.15%
PJT Partners Corporate Events
Executive/Board Changes
PJT Partners Announces Planned Chief Financial Officer Transition
Neutral
Jul 17, 2026
On July 16, 2026, PJT Partners Inc. announced that Chief Financial Officer Helen Meates will step down from her role effective October 1, 2026, after more than a decade in the position. She will remain with the firm through year-end 2026 in a non-...
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.