PJT Partners Inc.
- Open
- 161.17
- Day high
- 162.42
- Day low
- 156.15
- Prev close
- 158.74
- Volume
- 285K
- Mkt cap
- $4.1B
- P/E (TTM)
- 18.4
- EPS (TTM)
- $8.54
- P/B
- 14.9
- P/S
- 2.2
- Yield
- 0.64%
- Per share
- $1.00
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
PJT Partners Inc. (PJT) is a Financial Services company listed on NYSE. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
PJT Partners Inc. (PJT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PJT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.51 | $1.54 | +2.0% | $418M | +2.2% |
| Feb 3, 2026 | $2.41 | $2.55 | +5.8% | $535M | +38.6% |
| Nov 4, 2025 | $1.24 | $1.85 | +49.2% | $447M | -14.1% |
| Jul 29, 2025 | $1.36 | $1.54 | +13.2% | $407M | -0.7% |
| Apr 29, 2025 | $0.94 | $1.05 | +11.7% | $325M | -11.5% |
| Feb 4, 2025 | $1.19 | $1.90 | +59.7% | $477M | +36.4% |
| May 2, 2024 | $0.45 | $0.98 | +117.8% | $329M | +43.7% |
| Feb 6, 2024 | $0.76 | $0.96 | +26.3% | $329M | +8.0% |
| Oct 31, 2023 | $0.46 | $0.78 | +69.6% | $278M | +20.0% |
| Jul 25, 2023 | $0.61 | $0.99 | +62.3% | $346M | +44.1% |
| May 2, 2023 | $0.65 | $0.54 | -16.9% | $200M | -6.6% |
| Feb 7, 2023 | $1.23 | $1.08 | -12.2% | $280M | -5.8% |
PJT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Skaugen Grace Rekstendirector | Grant | 8 | — |
| Jun 18, 2026 | Whitney Kenneth Cdirector | Grant | 8 | — |
| Jun 18, 2026 | Rafferty Emily Kdirector | Grant | 8 | — |
| Jun 18, 2026 | Lee Ji-Yeunofficer: Managing Partner | Grant | 30 | — |
| Jun 18, 2026 | Costos Jamesdirector | Grant | 14 | — |
| Jun 18, 2026 | RYAN THOMAS Mdirector | Grant | 17 | — |
| Jun 18, 2026 | Cornwell Kievdi Dondirector | Grant | 30 | — |
| Jun 18, 2026 | Travin David Adamofficer: General Counsel | Grant | 11 | — |
| Jun 18, 2026 | Meates Helen Tofficer: Chief Financial Officer | Grant | 21 | — |
| Jun 18, 2026 | CURRIE PETER L Sdirector | Grant | 3 | — |
| May 8, 2026 | Travin David Adamofficer: General Counsel | Sell | 252 | $152.92 |
| May 8, 2026 | Travin David Adamofficer: General Counsel | Sell | 2,748 | $152.38 |
| May 1, 2026 | Meates Helen Tofficer: Chief Financial Officer | Sell | 8,000 | $153.19 |
| May 1, 2026 | Taubman Paul Jdirector, officer: Chairman and CEO | Option | 36,000 | — |
| Mar 20, 2026 | Lee Ji-Yeunofficer: Managing Partner | Grant | 35 | — |
Source: PJT SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full PJT insider & 13F page →PJT Partners Inc. company profile
Overview
PJT Partners Inc. (NYSE:PJT) is a premier independent investment bank founded in 2015 following its spin-off from Blackstone Advisory Inc. The firm was established by Paul J. Taubman, a former Morgan Stanley investment banking veteran, and has rapidly grown to become one of the leading boutique advisory firms on Wall Street. Headquartered in New York, PJT Partners provides strategic and financial advisory services to corporations, financial sponsors, institutional investors, and governments worldwide across three main business segments: Strategic Advisory, Restructuring and Special Situations, and PJT Park Hill (private capital advisory).
Business
PJT Partners operates in the investment banking industry, specifically focusing on providing high-level financial advisory services rather than traditional capital markets activities like underwriting or trading. The firm operates through three distinct business segments that collectively generated $1.49 billion in revenue in 2024. Strategic Advisory represents the firm's largest business segment, providing advice on complex corporate transactions including mergers and acquisitions (M&A), spin-offs, joint ventures, divestitures, and activism defense. This practice also encompasses shareholder advisory services, helping public company boards navigate investor relations, environmental, social, and governance (ESG) matters, and contested situations. The Strategic Advisory business has been the primary revenue driver, particularly benefiting from large-scale M&A transactions when market conditions are favorable. Restructuring and Special Situations focuses on advising distressed companies, creditors, and financial sponsors on debt restructurings, recapitalizations, liability management transactions, and distressed M&A. This countercyclical business becomes particularly active during periods of economic stress, high interest rates, or market volatility. PJT has established itself as a global leader in this space, consistently ranking #1 in announced restructurings globally. PJT Park Hill serves as the firm's private capital advisory arm, providing fundraising services for private equity, credit, real estate, and infrastructure funds. This segment also includes Private Capital Solutions, which focuses on secondary market transactions such as LP stake sales and GP-led continuation vehicles. The business helps general partners raise capital from institutional investors and provides liquidity solutions in the secondary markets. The revenue mix varies based on market conditions, but Strategic Advisory typically represents the largest portion during strong M&A markets, while Restructuring becomes more prominent during economic downturns.
Revenue model
PJT Partners operates on a classic investment banking fee-for-service model, earning revenue primarily through advisory fees charged to clients for completed transactions and ongoing advisory relationships. The firm does not engage in principal investing or trading activities, making it a pure-play advisory business. Revenue Generation: The company earns fees based on transaction values, complexity, and the scope of advisory services provided. For M&A transactions, fees are typically calculated as a percentage of deal value, while restructuring and fundraising assignments may involve monthly retainer fees plus success fees upon completion. The firm's high-touch, senior-level service model allows it to command premium fees compared to larger, more commoditized investment banks. Client Base: PJT's clients include Fortune 500 corporations, private equity sponsors, hedge funds, sovereign wealth funds, pension funds, and government entities. The firm's reputation and senior-level relationships enable it to work on the most complex and high-profile transactions in the market. Margin Drivers: Several factors influence PJT's profitability. Positive drivers include increased M&A activity (which generates higher-margin Strategic Advisory fees), elevated restructuring activity during economic stress, strong private capital fundraising markets, and the firm's ability to attract top-tier talent that can command premium fees. The firm also benefits from operating leverage as senior bankers become more productive over time through network effects and reputation building. Margin Pressures include intense competition for talent (leading to high compensation costs), cyclical downturns in M&A activity, challenging fundraising environments that impact PJT Park Hill, and the need for continuous investment in talent acquisition to maintain market position. The firm's compensation structure, where employee costs typically represent 65-70% of revenues, creates natural variability in margins based on performance.
Competitive moat
PJT Partners possesses a moderate but growing competitive moat built primarily around talent, relationships, and reputation rather than traditional economic moats like network effects or switching costs. The firm's competitive advantages center on its ability to attract and retain senior-level investment bankers with deep industry expertise and extensive client relationships. Key Moat Elements: The firm benefits from the personal relationships and reputations of its senior partners, many of whom are recognized industry leaders in their respective sectors. PJT's boutique structure allows for more senior-level attention to client matters compared to larger investment banks, creating a differentiated service proposition. The firm's track record of executing complex, high-profile transactions enhances its brand recognition and ability to win competitive mandates. Moat Strength: While meaningful, PJT's moat is not insurmountable. The investment banking industry is highly relationship-driven and talent-dependent, making the firm vulnerable to key personnel departures. However, PJT's partnership culture, equity participation model, and focus on building institutional rather than individual-dependent relationships help mitigate this risk. Competitive Threats: The firm faces competition from both larger investment banks (which have broader capabilities and global reach) and other boutique advisory firms (which offer similar high-touch service models). The increasing consolidation among financial sponsors and corporations could potentially reduce demand for specialized advisory services. Additionally, the rise of in-house corporate development teams and direct relationships between companies and investors could bypass traditional advisory intermediaries in some transactions. The firm's moat is strengthening over time as it builds its institutional reputation, expands its geographic and industry coverage, and develops more diversified revenue streams across its three business segments.
Risks & safety
PJT Partners maintains a strong financial position with significant margin of safety, though the business model creates inherent earnings volatility. • Liquidity and Solvency: Exceptional cash position of $484 million as of Q4 2024, with minimal debt and strong free cash flow generation ($528 million in 2024). Current ratio of 10.1x indicates very strong short-term liquidity. • Debt Profile: Debt-to-equity ratio of 1.90x appears elevated but primarily reflects deferred compensation liabilities rather than traditional borrowings, posing minimal solvency risk. • Valuation Metrics: Trading at 21.5x P/E ratio and 13.0x EV/EBITDA based on 2024 results, representing reasonable valuations for a high-quality advisory firm during a strong earnings year. • Business Model Risk: Revenue concentration in large transactions creates lumpiness, but diversification across three business segments and countercyclical nature of restructuring business provides some stability. • Other Considerations: High compensation ratio (typically 65-70% of revenues) creates natural cost flexibility during downturns, and strong balance sheet provides ability to invest countercyclically in talent acquisition.
Recent development
Over the past several years, PJT Partners has pursued an aggressive growth strategy focused on talent acquisition and geographic expansion. The firm has increased its partner count by 50% over the past five years, with particularly strong growth in Strategic Advisory, where partner headcount has grown significantly to capitalize on expected M&A market recovery. Strategic Initiatives: The company completed the acquisition of deNovo Partners in October 2024, expanding its presence in the Gulf region and adding specialized capabilities in the Middle East. This acquisition aligns with PJT's strategy of selective, culturally-aligned acquisitions that enhance its global reach. Business Segment Evolution: PJT Park Hill has evolved beyond traditional fundraising to become a comprehensive private capital solutions provider, with significant growth in secondary market transactions including GP-led continuation vehicles and LP stake sales. This evolution has helped diversify revenue streams within the private capital advisory business. Market Positioning: The firm has strengthened its position in restructuring, achieving #1 global rankings in announced restructurings and building capabilities to handle the multi-year cycle of elevated restructuring activity driven by high debt levels and economic uncertainty. Technology and Capabilities: While maintaining its relationship-driven model, PJT has invested in expanding its shareholder advisory and ESG capabilities, responding to increased corporate focus on stakeholder engagement and governance matters.
PJT company profile · for informational purposes only — not investment advice.
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