Perella Weinberg Partners (PWP)
NASDAQ:PWP
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Perella Weinberg Partners
(NASDAQ:PWP)
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Rating:56Neutral
Price Target:
$18.00
▼(-16.51% Downside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by improving profitability and strong recent cash generation, but is held back by a weak capital structure (negative equity) and recent revenue softness. Technicals are neutral-to-mildly positive, while valuation is the biggest headwind due to the very high P/E. Earnings-call commentary supports a potential back-half recovery, but near-term results remain variable.
Positive Factors
Cash generation
Sustained positive operating and free cash flow, including a marked step-up in the 2026 TTM, provides durable internal funding for buybacks, dividends and strategic investments without reliance on new debt. This strengthens liquidity and cushions earnings cyclicality over the medium term.
Negative Factors
Negative equity / balance-sheet risk
Persistent negative shareholders' equity across 2024–2026 is a structural weakness: it limits conventional leverage metrics, can constrain access to credit or strategic financing, and reduces the firm’s buffer to absorb operational shocks despite a temporary no-debt position in 2026 TTM.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow, including a marked step-up in the 2026 TTM, provides durable internal funding for buybacks, dividends and strategic investments without reliance on new debt. This strengthens liquidity and cushions earnings cyclicality over the medium term.
Read all positive factors
Perella Weinberg Partners Key Performance Indicators (KPIs)
Any
Remaining Performance Obligations
Indicates the value of contracted work yet to be completed, offering insight into future revenue streams and the company's workload capacity.
Indicates the value of contracted work yet to be completed, offering insight into future revenue streams and the company's workload capacity.
Data provided by:
The Fly
The FlyPerella Weinberg Partners (PWP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend Yield1.62%
Average Volume (3M)862.80K
Price to Earnings (P/E)214.9
Beta (1Y)1.57
Revenue Growth-30.35%
EPS GrowthN/A
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.29
Shares Outstanding71,009,964
10 Day Avg. Volume834,478
30 Day Avg. Volume862,798
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)-8.72
Price to Sales (P/S)1.48
P/FCF Ratio36.45
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue2.58
Enterprise Value/Gross Profit2.26
Enterprise Value/Ebitda36.68
Forecast
1Y Price Target
$24.33Price Target Upside12.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.02
Revenue Forecast (FY)$875.09M
Perella Weinberg Partners Business Overview & Revenue Model
Company Description
Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advice services related to mission-critical strategic and financial...
How the Company Makes Money
PWP makes money primarily by earning advisory fees for executing and advising on client transactions. Its core revenue stream is transaction-based advisory revenue, typically recognized when a deal or mandate reaches key contractual milestones (mo...
Perella Weinberg Partners Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: materially lower reported revenues (down 30% YoY) and a temporarily elevated compensation ratio weigh on near-term financials, but these negatives are balanced by a stronger pipeline/backlog (8-quarter high), disciplined non-comp expense reduction (non-comp down 24% YoY), strategic acquisitions (Gleacher Shacklock, Devon Park) that expand capabilities and geography, healthy involvement in mega-cap transactions, and a clean balance sheet (no debt, $78M cash) with active shareholder returns. Management expects revenue conversion to improve and be back-half weighted, and anticipates compensation margins normalizing toward historical targets as revenues recover.Positive Updates
Strong Pipeline and Backlog
Announced and pending backlog reached an 8-quarter (2-year) high; overall pipeline and client engagement are growing with increased signed engagement letters and high levels of repeat-client dialogue, supporting management's view of future revenue conversion.
Negative Updates
Material Revenue Decline
Reported first quarter revenues of $149 million, down 30% year-over-year versus a record Q1 in the prior year; note that just over $10 million of closings that occurred in the first few days of Q2 were recorded in Q1 per accounting rules.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Pipeline and Backlog
Announced and pending backlog reached an 8-quarter (2-year) high; overall pipeline and client engagement are growing with increased signed engagement letters and high levels of repeat-client dialogue, supporting management's view of future revenue conversion.
Read all positive updates
Company Guidance
Management guided that 2026 revenues will be meaningfully back‑half weighted, noting Q1 revenue of $149 million (down 30% YoY) included just over $10 million of closings that occurred in early Q2; they gave no quarter‑specific revenue guidance but said announced and pending backlog sat at a two‑year (eight‑quarter) high and closing risk is low while timing to convert remains the key issue. They expect the adjusted compensation margin to moderate from Q1’s 79% (impacted by a lower revenue denominator, higher non‑bonus cash pay and concentrated RSU vesting) toward their ~67% historical target by year‑end, and reaffirmed prior guidance that full‑year adjusted non‑compensation expense should be down a single‑digit percent versus 2025 (Q1 adjusted non‑comp was $37 million, down 24% YoY). On capital, the firm returned nearly $64 million to equity holders in Q1, declared a $0.07 quarterly dividend, finished the quarter with $78 million of cash and no debt, and had 71 million Class A shares and 22 million partnership units outstanding. They also highlighted strategic investments — adding Gleacher Shacklock (five partners, two ramping), other hires (23 partners still ramping), involvement in 2 of 12 deals ≥$15 billion this quarter, and an expectation of more variable quarterly results as they scale while remaining confident in the pipeline.Perella Weinberg Partners Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
28
Negative
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 687.99M | 750.90M | 878.04M | 648.65M | 631.51M | 801.66M |
| Gross Profit | 784.33M | 730.07M | 352.10M | 222.08M | 240.17M | 297.30M |
| EBITDA | 48.36M | 72.35M | -58.15M | -100.42M | -37.04M | 45.05M |
| Net Income | 19.63M | 35.48M | -64.73M | -17.22M | 17.88M | -9.42M |
Balance Sheet | ||||||
| Total Assets | 595.79M | 797.64M | 876.75M | 761.11M | 717.09M | 718.33M |
| Cash, Cash Equivalents and Short-Term Investments | 77.66M | 255.91M | 408.60M | 341.28M | 314.28M | 504.77M |
| Total Debt | 182.06M | 353.66M | 187.35M | 175.90M | 165.60M | 43.45M |
| Total Liabilities | 367.54M | 536.90M | 646.99M | 492.86M | 456.95M | 446.98M |
| Stockholders Equity | -154.71M | -127.36M | -421.38M | 152.66M | 137.46M | 126.32M |
Cash Flow | ||||||
| Free Cash Flow | 96.27M | 30.48M | 206.98M | 88.28M | -44.33M | 233.45M |
| Operating Cash Flow | 101.60M | 34.79M | 223.36M | 145.88M | -17.77M | 234.91M |
| Investing Cash Flow | -24.19M | 51.74M | -98.00K | -5.82M | -166.23M | -2.44M |
| Financing Cash Flow | -111.57M | -168.57M | -137.25M | -67.02M | -136.77M | -55.02M |
Perella Weinberg Partners Technical Analysis
Negative
21.56
Price Trends
18.98
Negative
19.59
Negative
19.75
Negative
Market Momentum
-0.62
Positive
37.32
Neutral
20.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PWP, the sentiment is Negative. The current price of 21.56 is above the 20-day moving average (MA) of 19.50, above the 50-day MA of 18.98, and above the 200-day MA of 19.75, indicating a bearish trend. The MACD of -0.62 indicates Positive momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PWP.
Perella Weinberg Partners Risk Analysis
Perella Weinberg Partners disclosed 40 risk factors in its most recent earnings report. Perella Weinberg 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 1 New Risks
1.
Repurchases of Equity Securities Q1, 2026
Perella Weinberg Partners Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $13.06B | 9.65 | 41.05% | 0.95% | 47.30% | 68.64% | |
75 Outperform | $4.01B | 15.14 | 76.40% | 0.58% | 21.44% | 17.50% | |
73 Outperform | $5.23B | 27.97 | 42.00% | 3.69% | 19.19% | 26.01% | |
71 Outperform | $5.69B | 19.90 | 21.56% | 1.63% | 30.99% | 32.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $22.70B | 16.91 | 17.04% | 0.32% | 38.08% | -22.75% | |
56 Neutral | $1.65B | 214.94 | -8.69% | 1.62% | -30.35% | ― |
* Financial Sector Average
PWP
Perella Weinberg Partners
17.71
0.24
1.37%
EVR
Evercore Partners
337.55
116.02
52.37%
LPLA
LPL Financial
283.83
-92.85
-24.65%
PIPR
Piper Sandler
80.04
18.57
30.21%
MC
Moelis
64.23
9.67
17.72%
PJT
PJT Partners
155.29
8.71
5.94%
Perella Weinberg Partners Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Perella Weinberg Continues Partner Unit-to-Equity Conversions
Neutral
May 21, 2026
On May 18, 2026, Perella Weinberg Partners issued 1,908,084 shares of its Class A common stock in exchange for 1,906,191 Class A partnership units of PWP Holdings LP and an equal number of Class B common shares held by certain PWP OpCo limited par...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial DisclosuresM&A Transactions
Perella Weinberg Names New COO Amid Mixed Q1 Results
Neutral
May 1, 2026
Perella Weinberg Partners reported first-quarter 2026 revenue of $148.9 million, down 30% from a record quarter a year earlier, resulting in a GAAP pre-tax loss of $11 million and an adjusted pre-tax loss of $3 million, while GAAP diluted EPS came...
M&A TransactionsPrivate Placements and Financing
Perella Weinberg to Acquire UK Partnership Using Stock
Positive
Apr 13, 2026
On April 13, 2026, Perella Weinberg Partners agreed to acquire 100% of the membership interests of a limited liability partnership organized under the laws of England and Wales, with closing expected in the second half of the year subject to custo...
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.