Education
About Us
Working with TipRanks
Follow Us
PJT Partners Inc (PJT)
NYSE:PJT
Top Page
PJT Partners
(NYSE:PJT)
Rating:74Outperform
Price Target:
$175.00
▲(1.98%Upside)
PJT Partners (PJT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.97B
Dividend Yield0.58%
Average Volume (3M)199.12K
Price to Earnings (P/E)30.1
Beta (1Y)1.20
Revenue Growth16.04%
EPS Growth60.32%
CountryUS
Employees1,143
SectorFinancial
Sector Strength82
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.05
Shares Outstanding24,430,628
10 Day Avg. Volume187,507
30 Day Avg. Volume199,120
Financial Highlights & Ratios
PEG Ratio-0.82
Price to Book (P/B)9.98
Price to Sales (P/S)0.00
P/FCF Ratio7.72
Enterprise Value/Market Cap0.30
Enterprise Value/Revenue0.32
Enterprise Value/Gross Profit4.01
Enterprise Value/Ebitda1.61
Forecast
1Y Price Target
$161.00Price Target Upside-6.18% Downside
Rating ConsensusHold
Number of Analyst Covering2
PJT Partners Business Overview & Revenue Model
Company DescriptionPJT Partners Inc. is a premier global advisory-focused investment bank that provides strategic and financial advice to corporations, investors, and governments around the world. The firm operates through three primary business segments: Strategic Advisory, Restructuring and Special Situations, and PJT Park Hill. They specialize in mergers and acquisitions, capital markets advisory, restructuring and special situations, and fund placement services.
How the Company Makes MoneyPJT Partners generates revenue primarily through advisory fees and commissions. The Strategic Advisory segment earns fees from advising clients on mergers and acquisitions, divestitures, spin-offs, and other strategic transactions. The Restructuring and Special Situations segment provides financial restructuring advice to companies, creditors, and other stakeholders, generating fees based on the complexity and size of the transaction. PJT Park Hill, the fund placement segment, earns fees by helping investment managers raise capital from institutional investors. The firm benefits from strong client relationships and its reputation for delivering tailored and expert advice, which contribute significantly to its earnings. Additionally, PJT leverages its extensive network and industry expertise to maintain a robust pipeline of advisory engagements.
PJT Partners Earnings Call Summary
Earnings Call Date:Apr 29, 2025
(Q1-2025)
| % Change Since: 26.99%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a balanced outlook with record-breaking net income and EPS, an improved pre-tax margin, and strategic advisory growth prospects. However, challenges include a slight decline in total revenues, increased expenses, and subdued M&A and fundraising activities.Q1-2025 Updates
Positive Updates
Record Q1 Adjusted Net Income and EPS
PJT Partners reported record Q1 adjusted net income and record Q1 adjusted EPS, with revenues nearly equal to last year's record Q1 levels.
Improved Adjusted Pre-Tax Margin
The adjusted pre-tax margin increased to 17.3% from 16.8% in the same period last year.
Record Adjusted Converted Earnings Per Share
The adjusted converted earnings per share for Q1 was a record $1.05, compared with $0.98 per share in the first quarter last year.
Strong Strategic Advisory Revenue Outlook
Strategic advisory revenues increased in Q1, and full-year 2025 strategic advisory revenues are expected to be up strongly from 2024 levels.
Significant Buyback Activity
PJT Partners repurchased the equivalent of approximately 1.5 million shares, primarily through open market repurchases.
Negative Updates
Total Revenues Slightly Declined
Total revenues for the first quarter were $325 million, 1% below the same period last year.
Increased Non-Compensation Expenses
Adjusted non-compensation expenses rose to $49 million in Q1, up from $45 million last year, a 9% increase primarily due to travel, occupancy costs, and investment in technology.
Subdued M&A and IPO Activity
Subdued levels of IPO and M&A activity are impacting capital return in the alternative space, making primary fundraising challenging.
Challenges in Restructuring and PJT Park Hill
Revenues in restructuring and PJT Park Hill decreased modestly year-over-year.
Company Guidance
During the PJT Partners First Quarter 2025 Earnings Conference Call, the company reported first quarter revenues of $325 million, which were slightly below the previous year's record Q1 levels. Adjusted pre-tax income was $56 million, and adjusted earnings per share (EPS) were $1.05, with the adjusted pre-tax margin increasing to 17.3% from 16.8% last year. The company accrued compensation expenses at 67.5% of revenues, down from 69.5% in the first quarter of 2024. Adjusted non-compensation expenses rose by 9% year-over-year to $49 million, and the effective tax rate was 16.5%. The weighted average share count was 44.46 million shares, reflecting a 2% increase from the previous year. PJT Partners repurchased approximately 1.5 million shares and committed a record dollar amount to share buybacks during the quarter. The board approved a dividend of $0.25 per share, payable on June 18, 2025. Despite a challenging economic environment and subdued M&A activity, the firm's full-year outlook remains unchanged, with expectations for strong growth in strategic advisory revenues compared to 2024 levels.PJT Partners Financial Statement Overview
Summary
PJT Partners presents a strong financial profile with impressive revenue growth and profitability. The company benefits from zero debt, enhancing its financial stability, although there is a slight decline in equity ratio. Cash flows are particularly strong, suggesting effective management of operations and investments.Income Statement
PJT Partners has demonstrated strong revenue growth with a 29.5% increase in 2024 compared to 2023. The company shows robust profitability with a consistent gross profit margin around 30.9% and an improving net profit margin at 9.0% in 2024. The EBIT and EBITDA margins are solid, indicating efficient operations and good earnings before and after interest, tax, depreciation, and amortization.82
Very Positive
Balance Sheet
The balance sheet reflects a solid equity position with an equity ratio of 11.4% in 2024, though it represents a decrease from previous years. The company has no total debt in 2024, which reduces financial risk, but the lower return on equity of 71.9% shows a decline, indicating potential challenges in generating returns from shareholders' equity.76
Positive
Cash Flow
Cash flow analysis shows strong free cash flow generation with consistent growth, as seen with a 82.8% increase in operating cash flow in 2024. The operating cash flow to net income ratio is robust, and free cash flow to net income is significantly high, indicating effective cash management and strong liquidity.88
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.49B | 1.49B | 1.15B | 1.03B | 991.95M | 1.05B |
| Gross Profit | 451.07M | 461.11M | 347.80M | 356.36M | 351.90M | 368.91M |
| EBITDA | 310.27M | 299.24M | 214.27M | 251.82M | 262.88M | 289.60M |
| Net Income | 155.79M | 134.39M | 81.80M | 164.77M | 189.96M | 212.43M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.64B | 1.43B | 1.05B | 987.63M | 1.17B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 483.88M | 355.54M | 173.24M | 200.48M | 299.51M |
| Total Debt | 0.00 | 354.52M | 330.60M | 135.63M | 157.01M | 172.29M |
| Total Liabilities | 572.39M | 733.69M | 573.81M | 291.09M | 350.05M | 483.76M |
| Stockholders Equity | 148.83M | 187.01M | 244.67M | 185.11M | 120.23M | 154.26M |
Cash Flow | ||||||
| Free Cash Flow | 566.87M | 527.65M | 437.61M | 239.30M | 117.69M | 460.73M |
| Operating Cash Flow | 493.79M | 530.95M | 441.53M | 242.73M | 124.16M | 469.59M |
| Investing Cash Flow | -51.72M | 8.06M | -34.35M | -53.23M | 131.35M | -145.75M |
| Financing Cash Flow | -250.33M | -408.68M | -228.08M | -210.02M | -353.38M | -244.42M |
PJT Partners Technical Analysis
Positive
171.60
Price Trends
152.24
Positive
148.55
Positive
150.87
Positive
Market Momentum
5.36
Negative
74.99
Negative
92.69
Negative
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 171.6 is above the 20-day moving average (MA) of 160.66, above the 50-day MA of 152.24, and above the 200-day MA of 150.87, indicating a bullish trend. The MACD of 5.36 indicates Negative momentum. The RSI at 74.99 is Negative, neither overbought nor oversold. The STOCH value of 92.69 is Negative, 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
Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $12.94B | 31.85 | 19.93% | 1.29% | 24.88% | 39.55% | |
74 Outperform | $5.97B | 30.07 | 96.33% | 0.58% | 16.04% | 60.32% | |
72 Outperform | $10.97B | 27.18 | 29.73% | 1.18% | 26.88% | 68.65% | |
71 Outperform | $4.69B | 17.37 | 59.68% | 4.02% | 9.54% | ― | |
70 Outperform | $8.32B | 38.54 | 16.25% | 1.40% | 7.22% | -15.53% | |
68 Neutral | $5.29B | 30.04 | 39.98% | 3.96% | 45.14% | ― | |
67 Neutral | $16.89B | 11.80 | 9.79% | 3.77% | 12.07% | -8.35% |
* Financial Sector Average
Performance Comparison
PJT
PJT Partners
171.60
62.11
56.73%
EVR
Evercore Partners
285.50
67.28
30.83%
LAZ
Lazard
50.06
11.79
30.81%
MKTX
Marketaxess Holdings
216.82
12.62
6.18%
MC
Moelis
66.20
9.62
17.00%
HLI
Houlihan Lokey
184.64
49.00
36.13%
PJT Partners Corporate Events
Shareholder MeetingsBusiness Operations and Strategy
PJT Partners Holds Annual Stockholders Meeting
Neutral
Jun 18, 2025
On June 18, 2025, PJT Partners Inc. held its Annual Meeting of Stockholders where three proposals were considered. The stockholders elected directors to the board, approved executive compensation on an advisory basis, and ratified Deloitte & Touche LLP as the independent public accounting firm for 2025. These decisions reflect the company’s ongoing governance and operational strategies, potentially impacting its market positioning and stakeholder relations.
The most recent analyst rating on (PJT) stock is a Hold with a $175.00 price target. To see the full list of analyst forecasts on PJT Partners stock, see the PJT Stock Forecast page.
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.