PJT Partners (PJT) AI Stock Analysis

• Market Cap: $8.46B
• Dividend Yield: 0.58%
• Average Volume (3M): 197.36K
• Price to Earnings (P/E): 26.0
• Beta (1Y): 1.05
• Revenue Growth: 23.16%
• EPS Growth: 64.04%
• Country: US
• Employees: 1,143
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.55
• Shares Outstanding: 24,307,170
• 10 Day Avg. Volume: 227,115
• 30 Day Avg. Volume: 197,357
• PEG Ratio: 15.48
• Price to Book (P/B): 21.48
• Price to Sales (P/S): 2.69
• P/FCF Ratio: 7.61
• Enterprise Value/Market Cap: 0.46
• Enterprise Value/Revenue: 2.37
• Enterprise Value/Gross Profit: 7.41
• Enterprise Value/Ebitda: 9.56
• 1Y Price Target: $171.00
• Price Target Upside: 6.46% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: $193.00 ▲(20.16% Upside)

The score is driven primarily by strong financial performance (healthy margins and excellent cash conversion) and a constructive earnings-call backdrop with record results and meaningful capital return. Offsetting factors are weaker near-term technical momentum (price below key moving averages, subdued RSI) and a relatively high P/E alongside a modest dividend yield.

Positive Factors

Cash generation strength

Very high free cash flow conversion and double‑digit FCF growth indicate durable internal funding for buybacks, dividends, hiring and investments. Strong cash conversion limits reliance on external financing and supports capital returns through economic cycles.

High operating margins

Sustained mid‑20s operating margins reflect pricing power and efficient cost structure in advisory businesses. These margins support high returns on equity and provide buffer to absorb cyclical revenue swings while funding talent and platform investment.

Restructuring and private capital tailwinds

Elevated, multi‑year demand for restructuring advice and expanding private capital/secondaries (Park Hill) diversify revenue streams and reduce dependence on benchmark primary fundraising, creating durable growth opportunities beyond cyclical M&A cycles.

Negative Factors

Elevated leverage

A higher debt-to-equity posture increases financial sensitivity to economic stress, potentially constraining flexibility for opportunistic investments or increased share buybacks if capital markets tighten, and raises refinancing and covenant risks in downturns.

Deal concentration risk

Heavy reliance on a smaller set of mega‑cap transactions makes revenue volatile if large‑deal activity softens; lower mid‑market deal flow reduces diversification, raising the likelihood of outsized swings in advisory fees across reporting periods.

Rising non-compensation costs and limited forward guidance

Growing non‑comp expenses (occupancy, travel) coupled with limited 2026 compensation guidance compress operating leverage. If non‑comp growth persists, sustaining current margins will require either outsized revenue growth or stricter cost control measures.

PJT Partners Business Overview & Revenue Model

Company Description

PJT Partners Inc., an investment bank, provides various strategic and capital markets advisory, restructuring and special situations, and shareholder advisory services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures. The company also advises private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; and strategic investor relations; environmental, social, and governance matters; and other investor-related matters. In addition, it provides advisory services related to debt and acquisition financings; structured product offerings; public equity raises, including initial public offering and SPAC offerings; and private capital raises for early and later stage companies, as well as other capital structure related matters. Further, the company offers advisory services in restructurings and recapitalizations; and serving a range of companies, creditors, and financial sponsors on liability management and related capital raise transactions, including exchanges, recapitalizations, reorganizations, debt repurchases, and distressed mergers and acquisitions. Additionally, it provides private fund advisory and fundraising services for a range of investment strategies; and advisory services to GPs and LPs on liquidity and other structured solutions in the secondary market. The company was formerly known as Blackstone Advisory Inc. and changed its name to PJT Partners Inc. in March 2015. PJT Partners Inc. was incorporated in 2014 and is headquartered in New York, New York.

How the Company Makes Money

PJT Partners generates revenue primarily through advisory fees from its core services, which include mergers and acquisitions, financial restructuring, and special situations advisory. The company charges fees based on the size and complexity of the transactions it advises on, typically receiving a percentage of the deal value. Additionally, PJT earns revenue from private capital advisory services, which involve assisting clients in raising capital from institutional investors. The firm may also benefit from performance-related fees tied to successful outcomes in restructuring cases. Key partnerships and relationships with private equity firms, hedge funds, and institutional investors enhance its deal flow and client base, contributing significantly to its earnings.

PJT Partners Financial Statement Overview

Summary

Strong operating and cash generation profile: Income Statement (85) shows solid TTM revenue growth (+7.87%) with robust profitability (EBIT margin 23.17%, EBITDA margin 24.74%). Cash Flow (90) is a key strength with strong free cash flow growth (+13.13%) and high earnings-to-cash conversion (FCF to net income 94.86%). Balance Sheet (70) is the main offset due to higher leverage signals (debt-to-equity 1.81) and a low equity ratio, despite very strong ROE (97.32%).

Income Statement

PJT Partners demonstrates strong revenue growth with a 7.87% increase in TTM, supported by healthy gross and net profit margins of 31.92% and 10.75%, respectively. The EBIT and EBITDA margins are robust at 23.17% and 24.74%, indicating efficient operational management. However, the slight decline in gross profit margin from previous years suggests potential cost pressures.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 1.81, reflecting a balanced approach to leveraging. Return on equity is impressive at 97.32%, showcasing effective utilization of shareholder funds. However, the equity ratio is relatively low, indicating a higher reliance on debt financing, which could pose risks in volatile markets.

Cash Flow

Cash flow analysis reveals strong free cash flow growth of 13.13% in TTM, with a high operating cash flow to net income ratio of 41.35, indicating excellent cash generation capabilities. The free cash flow to net income ratio is also strong at 94.86%, underscoring the company's ability to convert earnings into cash effectively.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.66B	1.49B	1.15B	1.03B	991.95M	1.05B
Gross Profit	528.46M	461.11M	347.80M	356.36M	351.90M	368.91M
EBITDA	409.59M	331.61M	245.06M	267.35M	280.31M	310.90M
Net Income	178.06M	134.39M	81.80M	90.53M	106.17M	117.55M
Balance Sheet
Total Assets	1.72B	1.64B	1.43B	1.05B	987.63M	1.17B
Cash, Cash Equivalents and Short-Term Investments	400.45M	483.88M	355.54M	173.24M	200.48M	299.51M
Total Debt	413.21M	354.52M	330.60M	135.63M	157.01M	172.29M
Total Liabilities	788.70M	733.69M	573.81M	291.09M	350.05M	483.76M
Stockholders Equity	228.59M	187.01M	244.67M	185.11M	120.23M	154.26M
Cash Flow
Free Cash Flow	537.17M	527.65M	437.61M	239.30M	117.69M	460.59M
Operating Cash Flow	566.31M	530.95M	441.53M	242.73M	124.16M	469.44M
Investing Cash Flow	166.91M	8.06M	-34.35M	-53.23M	131.35M	-145.75M
Financing Cash Flow	-485.14M	-408.68M	-228.08M	-210.02M	-353.38M	-244.28M

PJT Partners Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 160.62
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PJT, the sentiment is Negative. The current price of 160.62 is below the 20-day moving average (MA) of 180.08, below the 50-day MA of 174.12, and below the 200-day MA of 168.88, indicating a bearish trend. The MACD of -1.02 indicates Positive momentum. The RSI at 32.16 is Neutral, neither overbought nor oversold. The STOCH value of 9.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PJT.

PJT Partners Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MC	78 Outperform	$5.77B	23.98	51.98%	3.69%	51.19%	456.59%
EVR	76 Outperform	$13.72B	28.29	31.39%	0.95%	27.00%	63.47%
PJT	72 Outperform	$8.46B	26.05	91.85%	0.58%	23.16%	64.04%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PIPR	67 Neutral	$6.12B	26.07	19.30%	1.63%	12.77%	36.43%
LAZ	66 Neutral	$5.10B	22.14	30.80%	4.06%	1.58%	1.93%
PWP	53 Neutral	$1.99B	34.15	―	1.62%	-12.44%	―

PJT Partners Corporate Events

PJT Partners CEO Plans Quarterly Unit Exchange

Paul J. Taubman, Chairman and CEO of PJT Partners, has elected to exchange 36,000 Partnership Units during the current quarterly exchange, with settlement expected after the company’s fourth quarter 2025 earnings release in February 2026. He also plans to exchange up to 36,000 Units in each of the next three quarterly windows, which could represent about 2.5% of his total economic ownership in the company.

The most recent analyst rating on (PJT) stock is a Buy with a $176.00 price target. To see the full list of analyst forecasts on PJT Partners stock, see the PJT Stock Forecast page.