PJT Partners Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$96
Valuation models combined (4)
Base case. Range ~$72–$130. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 34% below it.
Price used: $146.06, November 3, 2026
PJT Partners Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $1.89bn, up 22.9% on a year earlier, faster than the 21.4% growth a quarter earlier.
Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
PJT Partners Inc.'s trailing-twelve-month revenue grew 22.9% year on year, with a free-cash-flow margin of 35.1%. Where it lags: stock pay as % of revenue of 12.5% ranks 30 of 36 investment banking & brokerage companies we cover.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 26% in the quarter to 2026-06-30, the 4th beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value PJT Partners Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$130 ~$98–$200 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$72 ~$54–$99 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$76 ~$66–$90 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.2 ~$13–$54 | Left out: out of range vs price (0.01x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$78 ~$66–$96 | Included |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$96 ~$72–$130 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PJT Partners Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, before the open. Analysts expect revenue of $383m and EPS of $1.35 (range $0.77 to $1.70) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.42 | +6% | $1.8bn | +8% |
| Next | $8.69 | +17% | $2.1bn | +14% |
Next year's EPS estimate has moved +1.2% in 90 days, across 7 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.57 | $1.97 | +25.6% |
| Mar 2026 | $1.53 | $1.54 | +0.7% |
| Dec 2025 | $2.40 | $2.55 | +6.4% |
| Sept 2025 | $1.40 | $1.85 | +32.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PJT | +3% | +1% | +40% | +56% | +7% | −8% |
| Industry peers (median) | +31% | −20% | +16% | +43% | +10% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PJT | 50% | 42% | 50% | 67% | 58% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PJT | −21% | −28% | −24% | −14% | −29% | −33% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 58% from August 14, 2018 to March 18, 2020. Getting back needed a 141% gain, reached on August 25, 2020, 160 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 28, 2026 | −2.2% | −1.3% | +1.4% | +3.5% |
| April 28, 2026 | −2.4% | −0.5% | −2.5% | −0.1% |
| February 3, 2026 | −6.3% | −1.3% | −7.3% | −16.0% |
| November 4, 2025 | +3.0% | −0.8% | +3.7% | +5.3% |
| July 29, 2025 | −2.4% | −0.4% | −0.4% | −0.3% |
| April 29, 2025 | +4.7% | +0.7% | +5.4% | +11.5% |
| February 4, 2025 | +7.0% | +1.1% | +4.2% | −10.2% |
| October 29, 2024 | −2.3% | −0.1% | +0.1% | +17.1% |
| July 30, 2024 | +5.7% | +1.1% | −4.1% | −2.1% |
| May 2, 2024 | +6.4% | +2.2% | +7.2% | +15.9% |
| February 6, 2024 | −4.9% | +1.1% | −1.0% | +1.4% |
How PJT Partners Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.1B |
| FY23 Q4 | $1.2B |
| FY24 Q1 | $1.3B |
| FY24 Q2 | $1.3B |
| FY24 Q3 | $1.3B |
| FY24 Q4 | $1.5B |
| FY25 Q1 | $1.5B |
| FY25 Q2 | $1.5B |
| FY25 Q3 | $1.7B |
| FY25 Q4 | $1.7B |
| FY26 Q1 | $1.8B |
| FY26 Q2 | $1.9B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 4.3% |
| FY23 Q4 | 12.5% |
| FY24 Q1 | 31.0% |
| FY24 Q2 | 18.7% |
| FY24 Q3 | 21.7% |
| FY24 Q4 | 29.5% |
| FY25 Q1 | 16.0% |
| FY25 Q2 | 18.4% |
| FY25 Q3 | 23.2% |
| FY25 Q4 | 14.8% |
| FY26 Q1 | 21.4% |
| FY26 Q2 | 22.9% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 25.2% |
| FY23 Q4 | 37.9% |
| FY24 Q1 | 33.0% |
| FY24 Q2 | 32.9% |
| FY24 Q3 | 33.9% |
| FY24 Q4 | 35.3% |
| FY25 Q1 | 32.9% |
| FY25 Q2 | 30.9% |
| FY25 Q3 | 32.4% |
| FY25 Q4 | 28.0% |
| FY26 Q1 | 34.0% |
| FY26 Q2 | 35.1% |
| Fiscal year | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||
| Revenue | 397 | 401 | 406 | 499 | 499 | 580 | 718 | 1,052 | 992 | 1,026 | 1,153 | 1,493 | 1,714 | 1,887 |
| Net income | −17 | 4 | 8 | −3 | −33 | 27 | 30 | 118 | 106 | 91 | 82 | 134 | 180 | 200 |
| Growth (year on year) | ||||||||||||||
| Revenue | — | +1.0% | +1.2% | +23.0% | −0.0% | +16.2% | +23.7% | +46.6% | −5.7% | +3.4% | +12.5% | +29.5% | +14.8% | +22.9% |
| Net income | — | — | — | — | — | — | +8.8% | +297.6% | −9.7% | −14.7% | −9.6% | +64.3% | +34.0% | +24.4% |
| Margins | ||||||||||||||
| Net margin | −4.3% | 1.1% | 1.9% | −0.6% | −6.5% | 4.7% | 4.1% | 11.2% | 10.7% | 8.8% | 7.1% | 9.0% | 10.5% | 10.6% |
| Free-cash-flow margin | — | — | 19.1% | 20.8% | 22.1% | 19.9% | 28.2% | 43.8% | 11.9% | 23.3% | 37.9% | 35.3% | 28.0% | 35.1% |
| Cash flow | ||||||||||||||
| Cash from operations | 50 | 50 | 112 | 117 | 111 | 123 | 211 | 469 | 124 | 243 | 442 | 531 | 526 | 713 |
| Capital spending | — | — | 35 | 13 | 1 | 7 | 9 | 9 | 6 | 3 | 4 | 3 | 46 | 51 |
| Free cash flow | — | — | 78 | 104 | 110 | 116 | 202 | 461 | 118 | 239 | 438 | 528 | 480 | 662 |
| Stock-based pay | 79 | 66 | 39 | 89 | 116 | 118 | 112 | 121 | 109 | 166 | 179 | 209 | 234 | 237 |
| Free cash flow after stock pay | — | — | 39 | 15 | −6 | −2 | 91 | 340 | 9 | 74 | 259 | 318 | 246 | 425 |
| Balance sheet | ||||||||||||||
| Cash | 30 | 39 | 82 | 152 | 146 | 106 | 216 | 300 | 200 | 173 | 356 | 484 | 539 | 236 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −30 | −39 | −82 | −152 | −146 | −106 | −216 | −300 | −200 | −173 | −356 | −484 | −539 | −236 |
| Returned to shareholders | ||||||||||||||
| Dividends | — | — | — | 4 | 4 | 4 | 5 | 5 | 78 | 25 | 24 | 24 | 25 | 25 |
| Buybacks | — | — | — | — | 2 | 65 | 48 | 49 | 103 | 109 | 117 | 235 | 195 | 119 |
| Total returned | — | — | — | 4 | 6 | 69 | 52 | 53 | 181 | 134 | 141 | 259 | 220 | 144 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 326 | 477 | 325 | 407 | 447 | 535 | 418 | 486 |
| Net income | 22 | 51 | 54 | 33 | 40 | 53 | 61 | 46 |
| Growth (year on year) | ||||||||
| Revenue | +17.2% | +45.3% | −1.5% | +13.0% | +37.0% | +12.1% | +28.9% | +19.5% |
| Net income | +27.2% | +105.9% | +65.6% | +16.2% | +79.9% | +4.0% | +12.0% | +39.3% |
| Margins | ||||||||
| Net margin | 6.8% | 10.7% | 16.6% | 8.1% | 8.9% | 10.0% | 14.5% | 9.4% |
| Free-cash-flow margin | 54.7% | 40.9% | −24.0% | 44.0% | 53.9% | 25.9% | 13.4% | 46.6% |
| Cash flow | ||||||||
| Cash from operations | 180 | 196 | −76 | 190 | 256 | 156 | 64 | 237 |
| Capital spending | 2 | 0 | 2 | 12 | 15 | 17 | 8 | 11 |
| Free cash flow | 179 | 195 | −78 | 179 | 241 | 139 | 56 | 226 |
| Stock-based pay | 51 | 39 | 89 | 49 | 48 | 49 | 85 | 55 |
| Free cash flow after stock pay | 128 | 156 | −167 | 129 | 193 | 90 | −29 | 171 |
| Last 12 months unless stated | PJT | MRX | OPY | PIPR | XP | HLI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.9bn | $2.0bn | $1.8bn | $2.1bn | $1.4bn | $2.6bn | $2.0bn |
| Revenue growth, last 12 months | 22.9% | 26.9% | 13.9% | 32.1% | 3.1% | −0.4% | 20.7% |
| Revenue growth, 3-year average | 20.0% | — | 11.8% | 17.1% | — | 12.7% | 16.2% |
| Revenue growth, latest quarter | 19.5% | — | −10.0% | 24.5% | — | 4.8% | 17.4% |
| Operating margin | — | — | 7.2% | — | — | 20.3% | −2.3% |
| Operating margin, 3-year average | — | — | 7.7% | — | — | 20.3% | 9.4% |
| Net margin | 10.6% | 14.5% | 4.9% | 14.5% | 64.9% | 15.8% | 5.8% |
| Cash from operations / revenue | 37.8% | 33.0% | 3.7% | 23.9% | 151.2% | 16.7% | 7.7% |
| Free-cash-flow margin | 35.1% | 32.3% | 3.3% | 23.0% | 148.6% | 15.7% | 5.2% |
| Free-cash-flow margin, 3-year average | 33.0% | — | −0.2% | 20.3% | 33.2% | 23.3% | 16.8% |
| Stock pay / revenue | 12.5% | — | 4.8% | 6.0% | 4.9% | 7.8% | 4.7% |
| Change in share count | — | 1.1% | −1.0% | 0.1% | −3.0% | −1.6% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 22.9% | 20.8% | 16 of 40 |
| Change in growth rate Growth | +1.5pp | -0.3pp | 17 of 40 |
| Net margin Profitability | 10.6% | 6.0% | 17 of 40 |
| Stock pay as % of revenue Cash generation | 12.5% | 4.8% | 30 of 36 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Advisory Fees | $1.5B | 86.8% | ▲ 14.2% |
| Placement Fees | $182M | 10.5% | ▲ 24.1% |
| Interest Income and Other | $31.7M | 1.8% | ▼ 3.6% |
| Interest Income From Placement Fees and Other | $14.7M | 0.9% | ▼ 6.8% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.4B | 85.4% | ▲ 14.9% |
| United Kingdom | $205M | 12.1% | ▲ 28.9% |
| Outside the US | $42.3M | 2.5% | ▼ 24.4% |
From PJT Partners Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $615M | 4.1M | 17.9% | ▲ 10.4% |
| Wasatch Advisors LP | $223M | 1.5M | 6.5% | ▲ 79.3% |
| Vanguard Portfolio Management LLC | $207M | 1.4M | 6.0% | ▲ 8.2% |
| Vanguard Capital Management LLC | $169M | 1.1M | 4.9% | ▲ 6.7% |
| FMR LLC | $160M | 1.1M | 4.7% | ▲ 50.4% |
| State Street Corp | $159M | 1.1M | 4.6% | ▲ 9.1% |
| Geode Capital Management, LLC | $120M | 792K | 3.5% | ▲ 5.5% |
| Alliancebernstein L.P. | $118M | 842K | 3.4% | ▲ 537.3% |
| Congress Asset Management Co | $109M | 723K | 3.2% | ▲ 19.7% |
| Morgan Stanley | $92.8M | 615K | 2.7% | ▼ 2.6% |
| Raymond James Financial Inc | $61.9M | 410K | 1.8% | ▼ 3.1% |
| Dimensional Fund Advisors LP | $61.3M | 406K | 1.8% | ▲ 10.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PJT Partners Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Costos James Director | August 21, 2026 | Sell | 1,723 | $175.00 | $301,525 |
| Cornwell Kievdi Don Director | August 21, 2026 | Sell | 858 | $174.04 | $149,326 |
| Cornwell Kievdi Don Director | August 21, 2026 | Sell | 6,987 | $173.41 | $1.2M |
| Rafferty Emily K Director | August 10, 2026 | Sell | 1,100 | $167.35 | $184,085 |
| Skaugen Grace Reksten Director | July 31, 2026 | Sell | 1,283 | $167.67 | $215,121 |
| Travin David Adam General Counsel | May 6, 2026 | Sell | 252 | $152.92 | $38,536 |
| Travin David Adam General Counsel | May 6, 2026 | Sell | 2,748 | $152.38 | $418,740 |
| Meates Helen T Chief Financial Officer | May 1, 2026 | Sell | 8,000 | $153.20 | $1.2M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
