PJT Financial ServicesBeta data

PJT Partners Inc.

$146.59-4.55%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: United States
Market cap: 6.2B USD
Full-time employees: 1,224

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #227 of 791 banks & insurance companies (top 29%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $622M vs $547M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years PJT Partners recorded $622M of stock-based pay expense and spent $547M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years PJT Partners recorded $622M of stock-based pay expense and spent $547M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.
PJT Partners paid employees $234M in stock in 2025, 14% of its $1.7B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Fast revenue growth. Revenue grew 23% in the 12 months to June 2026 vs the 12 months before, faster than 81% of peers.
Revenue grew 23% in the 12 months to June 2026 vs the 12 months before, faster than 81% of its peers.

StockQuotient Score

60/ 100▼ 1 since Oct 27 close

Oct 5 61 → Nov 4 60 (-1)

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

9/100

Weak▼ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 10 → 9

Share price +2.6%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield8.3%

Yahoo FinanceOutlier capped at sector 5th/95th percentile40% base weight · Z-score -2.06Sector median: 0.7950 · MAD: 0.2843

Earnings yield5.0%

Yahoo Finance · trailing 12 monthsReported value60% base weight · Z-score -1.14Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield10.6%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

74/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.4%

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth35.8%

Yahoo Finance · fiscal year to Dec 2025Reported value100% base weight · Z-score 1.11Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth20.0%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth22.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

98/100

Strong

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets11.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score 9.65Sector median: 0.0117 · MAD: 0.0062

Return on equity37.6%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentile50% base weight · Z-score 4.29Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating margin21.2%

Yahoo Finance · fiscal year to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about PJT Partners

Is PJT Partners getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is 60/100, down 1 since Oct 28, 2026.
How is PJT Partners valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 950 banks & insurance peers. Book yield 8.3% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 8.3% vs peers 79.5% (weaker than 100% of peers).
Is PJT Partners growing?: Yes, faster than most of its peers. Growth scores 74/100 against 950 banks & insurance peers. Earnings per share growth 35.8% vs a peer median of 16.0% (stronger than 74% of peers).Earnings per share growth 35.8% vs peers 16.0% (stronger than 74% of peers).
How profitable is PJT Partners?: More profitable than most of its peers. Profitability scores 98/100 against 950 banks & insurance peers. Return on assets 11.4% vs a peer median of 1.2% (stronger than 95% of peers).Return on assets 11.4% vs peers 1.2% (stronger than 95% of peers).
How risky is PJT Partners?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.8B USD	1.9B USD	+4.4%
Net income (12 months)	186.6M USD	199.5M USD	+6.9%
Free cash flow (12 months)	614.4M USD	661.8M USD	+7.7%
Cash	308.8M USD	235.5M USD	−23.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Capital Markets · 24 companies

Valuations in Capital Markets are above their usual range since Nov 2016.

62% of months since Nov 2016 were valued lower than now.
56% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +34% and earnings +87% (medians): earnings grew faster than prices.
Median price-to-book is +21% vs the whole market, against a usual +28%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	10.7%	8.8%	7.1%	9.0%	10.5%	▲ 1.5 pts
Return on assets (ROA)	10.7%	8.6%	5.7%	8.2%	9.8%	▲ 1.6 pts
Return on equity (ROE)	88.3%	48.9%	33.4%	71.9%	58.4%	▼ 13 pts

PJT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #227 of 791 banks & insurance companies (top 29%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $622M vs $547M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years PJT Partners recorded $622M of stock-based pay expense and spent $547M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years PJT Partners recorded $622M of stock-based pay expense and spent $547M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.

PJT Partners paid employees $234M in stock in 2025, 14% of its $1.7B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Fast revenue growth. Revenue grew 23% in the 12 months to June 2026 vs the 12 months before, faster than 81% of peers.

Revenue grew 23% in the 12 months to June 2026 vs the 12 months before, faster than 81% of its peers.

Questions investors ask about PJT Partners

Is PJT Partners getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is 60/100, down 1 since Oct 28, 2026.

How is PJT Partners valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 950 banks & insurance peers. Book yield 8.3% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 8.3% vs peers 79.5% (weaker than 100% of peers).

Is PJT Partners growing?

Yes, faster than most of its peers. Growth scores 74/100 against 950 banks & insurance peers. Earnings per share growth 35.8% vs a peer median of 16.0% (stronger than 74% of peers).Earnings per share growth 35.8% vs peers 16.0% (stronger than 74% of peers).

How profitable is PJT Partners?

More profitable than most of its peers. Profitability scores 98/100 against 950 banks & insurance peers. Return on assets 11.4% vs a peer median of 1.2% (stronger than 95% of peers).Return on assets 11.4% vs peers 1.2% (stronger than 95% of peers).

How risky is PJT Partners?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.8B USD

1.9B USD

+4.4%

Net income (12 months)

186.6M USD

199.5M USD

+6.9%

Free cash flow (12 months)

614.4M USD

661.8M USD

+7.7%

Cash

308.8M USD

235.5M USD

−23.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

10.7%

8.8%

7.1%

9.0%

10.5%

▲ 1.5 pts

Return on assets (ROA)

10.7%

8.6%

5.7%

8.2%

9.8%

▲ 1.6 pts

Return on equity (ROE)

88.3%

48.9%

33.4%

71.9%

58.4%

▼ 13 pts