PJT Partners (PJT) AI Stock Analysis

• Market Cap: $7.19B
• Dividend Yield: 0.58%
• Average Volume (3M): 330.60K
• Price to Earnings (P/E): 22.1
• Beta (1Y): 1.09
• 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: 279,196
• 30 Day Avg. Volume: 330,604
• PEG Ratio: 0.73
• Price to Book (P/B): 13.98
• Price to Sales (P/S): 2.52
• P/FCF Ratio: 8.17
• Enterprise Value/Market Cap: 0.43
• Enterprise Value/Revenue: 1.78
• Enterprise Value/Gross Profit: 3.36
• Enterprise Value/Ebitda: 7.29
• 1Y Price Target: $171.00
• Price Target Upside: 15.55% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 7.62
• Revenue Forecast (FY): $1.89B

• Rating: 71 Outperform
• Price Target: $168.00 ▲(13.52% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by strong financial performance (improving revenue/profitability, solid cash generation, and a debt-free balance sheet) and a positive earnings call highlighting record results and capital returns. These strengths are tempered by weak technical momentum (below key moving averages with negative MACD) and only moderate valuation support (P/E ~22.5 with a low dividend yield).

Positive Factors

De-risked balance sheet: zero funded debt

PJT's elimination of funded debt and materially stronger equity provides lasting financial flexibility. A debt-free balance sheet reduces solvency risk, enables sustained capital returns and targeted hiring/investment, and cushions the firm through cyclical downturns without relying on external financing.

Strong cash generation and earnings quality

High operating and free cash flow that track earnings signal durable cash conversion and earnings quality. This supports repeatable buybacks, a sustainable dividend, and reinvestment in talent and platforms, helping PJT maintain strategic initiatives through varying market cycles.

Diversified, accelerating revenues and record profitability

Consistent, broad-based revenue gains across advisory, restructuring, and private capital reduce single-business dependence. Combined with margin expansion and record adjusted pretax income, this diversification creates multiple secular growth levers (restructuring tailwinds, private capital solutions) for durable earnings.

Negative Factors

Rising non-compensation expenses

Growth in fixed and semi-fixed non-comp costs (occupancy, travel, other operating expenses) increases the firm's breakeven and reduces operating leverage. Over time higher baseline expenses require sustained revenue growth to preserve margins and constrain free cash flow expansion if revenues slow.

Deal concentration and lower mid‑market activity

Heavy reliance on a smaller set of mega-deals heightens revenue volatility and creates concentration risk. A structurally lower mid-market deal count reduces consistent fee flow, making results more binary and tied to intermittent large transactions rather than stable deal cadence.

Weak primary fundraising market

A multi-year decline in primary fundraising structurally pressures placement and fund-raising revenue streams. While secondaries and structured solutions can offset some weakness, prolonged primary-market contraction forces strategic shifts, potential margin mix changes, and increased competition for residual capital-advisory opportunities.

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 overall fundamentals: accelerating revenue and improved profitability in 2025, robust cash generation closely tracking earnings, and a sharply de-risked balance sheet with zero debt and higher equity. Main offset is margin variability and a slight year-over-year plateau in free cash flow growth.

Income Statement

Revenue has grown meaningfully from 2023 to 2025, with 2025 showing strong year-over-year acceleration. Profitability also improved in 2025 with higher operating and EBITDA margins versus prior years, supporting a stronger earnings profile. The main drawback is that net margin remains in the low-double-digits and has been somewhat variable over time, indicating earnings sensitivity to the operating environment.

Balance Sheet

The balance sheet strengthened sharply in 2025 with total debt dropping to zero and equity rising substantially, resulting in a very conservative capital structure. This reduces financial risk and improves flexibility. A watch item is that prior years showed meaningful leverage (debt-to-equity well above 1x at times), so the improvement is significant but also highlights historical variability in balance-sheet positioning.

Cash Flow

Cash generation is strong, with operating cash flow and free cash flow both high and closely tracking net income, which suggests solid earnings quality. Free cash flow remained robust in 2025, though growth was slightly negative year over year, indicating some near-term plateauing. Overall cash flow stability looks favorable, but investors should monitor the trajectory after a very strong prior-year base.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.71B	1.49B	1.15B	1.03B	991.95M
Gross Profit	908.92M	461.11M	347.80M	356.36M	351.90M
EBITDA	419.36M	331.61M	245.06M	267.35M	280.31M
Net Income	180.12M	134.39M	81.80M	90.53M	106.17M
Balance Sheet
Total Assets	1.84B	1.64B	1.43B	1.05B	987.63M
Cash, Cash Equivalents and Short-Term Investments	538.86M	483.88M	355.54M	173.24M	200.48M
Total Debt	413.92M	354.52M	330.60M	135.63M	157.01M
Total Liabilities	834.21M	733.69M	573.81M	291.09M	350.05M
Stockholders Equity	308.25M	187.01M	244.67M	185.11M	120.23M
Cash Flow
Free Cash Flow	527.65M	527.65M	437.61M	239.30M	117.69M
Operating Cash Flow	530.95M	530.95M	441.53M	242.73M	124.16M
Investing Cash Flow	8.06M	8.06M	-34.35M	-53.23M	131.35M
Financing Cash Flow	-408.68M	-408.68M	-228.08M	-210.02M	-353.38M

PJT Partners Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 147.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 147.99 is below the 20-day moving average (MA) of 155.73, below the 50-day MA of 168.58, and below the 200-day MA of 170.29, indicating a bearish trend. The MACD of -6.41 indicates Positive momentum. The RSI at 33.11 is Neutral, neither overbought nor oversold. The STOCH value of 40.69 is Neutral, 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
PJT	71 Outperform	$7.19B	22.10	72.74%	0.58%	23.16%	64.04%
MC	71 Outperform	$4.80B	20.18	46.14%	3.69%	51.19%	456.59%
EVR	70 Outperform	$12.46B	21.98	31.66%	0.95%	27.00%	63.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PIPR	62 Neutral	$5.42B	18.68	21.65%	1.63%	12.77%	36.43%
LAZ	60 Neutral	$4.77B	21.36	30.59%	4.06%	1.58%	1.93%
PWP	50 Neutral	$1.68B	39.59	―	1.62%	-12.44%	―