Perella Weinberg Partners is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
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~$20
Forward price-to-earnings vs peers
Base case. Range ~$16–$31. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Perella Weinberg Partners 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.
Model value +260.5%
Revenue for the twelve months to September 2026 was $776m, up 2.5% on a year earlier, against a decline of 20.9% a quarter earlier. That puts it 20 of 21 for growth among the investment banking & brokerage companies we cover. Our model value rises from $5.24 to $18.89 a share, against a share price of $14.73.
Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation
Perella Weinberg Partners posted revenue of $776m for the twelve months to June 2026, a 2.5% rise on the year before. That marks a sharp turnaround from the 20.9% decline recorded just a quarter earlier, though growth still ranks 20th of the 21 investment banking and brokerage companies we cover. The improvement is enough to lift its fundamentals grade from E to D. Our model value has climbed accordingly, moving from $3.53 to $5.24 a share. Against a share price of $14.00, the shares remain well above our estimate of fair value, leaving little room for comfort despite the firmer trend in revenue.
Revenue for the twelve months to June 2026 was $689m, down 20.9% on a year earlier, a smaller fall than the 30.3% decline a quarter earlier. That puts it 20 of 20 for growth among the investment banking & brokerage companies we cover. Our price-to-earnings vs peers value is $3.53 a share, against a share price of $13.99.
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.
Perella Weinberg Partners's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of 13.1%. Where it lags: stock pay as % of revenue of 16.0% ranks 31 of 36 investment banking & brokerage companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.7% while net income fell 28.0%: a 65pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Perella Weinberg Partners as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 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. | ~$20 ~$16–$31 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.1 ~$0.7–$2.7 | Left out: out of range vs price (0.00x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: earnings are not positive |
| 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. | ~$20 ~$16–$31 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Perella Weinberg Partners 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.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.92 | +35% | $813m | +8% |
| Next | $1.34 | +46% | $1.0bn | +24% |
Next year's EPS estimate has moved −4.5% in 90 days, across 4 analysts.
The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 0 analysts raised Perella Weinberg Partners's forecast and 3 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.91 | $1.40 |
| 60 days ago | $1.00 | $1.46 |
| 30 days ago | $1.00 | $1.46 |
| 7 days ago | $0.92 | $1.39 |
| Now | $0.92 | $1.34 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.14 | $0.39 | +169.0% |
| Jun 2026 | $0.06 | $0.20 | +263.6% |
| Mar 2026 | $0.17 | $0.05 | −69.7% |
| Dec 2025 | $0.10 | $0.17 | +65.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −21.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $871m | $689m | −20.9% |
| Net margin | 6.6% | 3.2% | −51.0% |
| P/E multiple | 24.0x | 70.4x | +192.7% |
| Share count | 75m | 108m | −30.7% |
Biggest factor: p/e multiple.
Last 3 years +46.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $625m | $689m | +10.2% |
| P/S multiple | 1.4x | 2.3x | +64.3% |
| Share count | 87m | 108m | −19.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PWP | +15% | −21% | +28% | +98% | −27% | −15% |
| Industry peers (median) | +31% | −18% | +16% | +43% | +10% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PWP | 67% | 50% | 50% | 75% | 42% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PWP | −19% | −56% | −37% | −14% | −41% | −49% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 24, 2020: 60% from September 2, 2021 to July 11, 2022. Getting back needed a 153% gain, reached on February 28, 2024, 597 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +13.8% | −2.1% | — | — |
| July 31, 2026 | +15.2% | +2.2% | +17.4% | +12.0% |
| May 1, 2026 | −14.9% | −0.1% | −19.2% | −28.6% |
| February 6, 2026 | +13.1% | +2.4% | −0.2% | −21.2% |
| November 7, 2025 | +0.8% | +1.7% | −0.8% | −3.3% |
| August 1, 2025 | +9.6% | −0.1% | +11.2% | +9.8% |
| May 2, 2025 | −1.8% | +0.9% | +2.5% | +2.3% |
| February 7, 2025 | −7.3% | −0.2% | −8.9% | −27.1% |
| November 8, 2024 | +6.7% | +0.5% | +5.7% | +3.2% |
| August 2, 2024 | −5.7% | −4.7% | −3.0% | +1.5% |
| May 3, 2024 | −2.7% | +2.3% | +1.2% | −1.5% |
| February 8, 2024 | +8.9% | +0.6% | +13.2% | +13.9% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $648.7M |
| FY24 Q1 | $619.4M |
| FY24 Q2 | $725.8M |
| FY24 Q3 | $865M |
| FY24 Q4 | $878M |
| FY25 Q1 | $987.7M |
| FY25 Q2 | $871M |
| FY25 Q3 | $757.4M |
| FY25 Q4 | $750.9M |
| FY26 Q1 | $688M |
| FY26 Q2 | $689.2M |
| FY26 Q3 | $776M |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 2.7% |
| FY24 Q1 | 1.4% |
| FY24 Q2 | 16.0% |
| FY24 Q3 | 39.7% |
| FY24 Q4 | 35.4% |
| FY25 Q1 | 59.5% |
| FY25 Q2 | 20.0% |
| FY25 Q3 | -12.4% |
| FY25 Q4 | -14.5% |
| FY26 Q1 | -30.3% |
| FY26 Q2 | -20.9% |
| FY26 Q3 | 2.5% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -17.7% |
| FY24 Q1 | -23.6% |
| FY24 Q2 | -28.4% |
| FY24 Q3 | -16.6% |
| FY24 Q4 | -8.9% |
| FY25 Q1 | -1.3% |
| FY25 Q2 | 8.9% |
| FY25 Q3 | 6.7% |
| FY25 Q4 | 6.4% |
| FY26 Q1 | 3.4% |
| FY26 Q2 | 2.8% |
| FY26 Q3 | 5.9% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 13.6% |
| FY24 Q1 | 3.8% |
| FY24 Q2 | 5.8% |
| FY24 Q3 | 24.8% |
| FY24 Q4 | 23.6% |
| FY25 Q1 | 24.7% |
| FY25 Q2 | 24.8% |
| FY25 Q3 | 9.8% |
| FY25 Q4 | 4.1% |
| FY26 Q1 | 14.0% |
| FY26 Q2 | 12.8% |
| FY26 Q3 | 13.1% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 533 | 519 | 802 | 632 | 649 | 878 | 751 | 776 |
| EBITDA | −139 | 1 | 81 | −37 | −100 | −58 | 69 | 70 |
| Operating income | −155 | −15 | 67 | −48 | −115 | −79 | 48 | 46 |
| Net income | −0 | −5 | −9 | 18 | −17 | −65 | 35 | 34 |
| Diluted EPS | — | — | −$0.33 | −$0.23 | −$0.67 | −$0.61 | $0.47 | $0.31 |
| Growth (year on year) | ||||||||
| Revenue | — | −2.7% | +54.5% | −21.2% | +2.7% | +35.4% | −14.5% | +2.5% |
| EBITDA | — | — | — | −145.7% | — | — | — | −1.9% |
| Operating income | — | — | — | −171.7% | — | — | — | −10.3% |
| Net income | — | — | — | — | −196.3% | — | — | −28.0% |
| Margins | ||||||||
| EBITDA margin | −26.1% | 0.2% | 10.1% | −5.9% | −15.5% | −6.6% | 9.2% | 9.0% |
| Operating margin | −29.1% | −2.8% | 8.3% | −7.6% | −17.7% | −8.9% | 6.4% | 5.9% |
| Net margin | −0.0% | −1.0% | −1.2% | 2.8% | −2.7% | −7.4% | 4.7% | 4.3% |
| Free-cash-flow margin | −21.3% | 15.5% | 29.1% | −7.0% | 13.6% | 23.6% | 4.1% | 13.1% |
| Cash flow | ||||||||
| Cash from operations | −106 | 86 | 235 | −18 | 146 | 223 | 35 | 108 |
| Capital spending | 7 | 6 | 1 | 27 | 58 | 16 | 4 | 7 |
| Free cash flow | −114 | 80 | 233 | −44 | 88 | 207 | 30 | 101 |
| Stock-based pay | 193 | 25 | 97 | 156 | 184 | 189 | 110 | 124 |
| Free cash flow after stock pay | −307 | 56 | 136 | −201 | −96 | 18 | −80 | −23 |
| Balance sheet | ||||||||
| Cash | 0 | 329 | 503 | 172 | 247 | 332 | 256 | 150 |
| Total debt | 0 | 178 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −0 | −151 | −503 | −172 | −247 | −332 | −256 | −150 |
| Diluted shares | — | — | 185m | 180m | 174m | 106m | 101m | 109m |
| Returned to shareholders | ||||||||
| Dividends | 0 | 0 | 6 | 13 | 13 | 20 | 23 | 27 |
| Buybacks | 0 | 0 | 12 | 68 | 22 | 15 | 34 | 2 |
| Total returned | 0 | 0 | 18 | 81 | 36 | 35 | 57 | 29 |
| Quarter | 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 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 226 | 212 | 155 | 165 | 219 | 149 | 157 | 251 |
| EBITDA | 26 | 17 | 14 | 14 | 24 | −7 | 11 | 42 |
| Operating income | 21 | 12 | 9 | 9 | 19 | −13 | 5 | 35 |
| Net income | 21 | 17 | 3 | 6 | 9 | 1 | 5 | 18 |
| Diluted EPS | $0.39 | $0.24 | $0.04 | $0.08 | $0.10 | $0.02 | $0.06 | $0.21 |
| Growth (year on year) | ||||||||
| Revenue | +6.1% | +107.4% | −42.9% | −40.8% | −2.9% | −29.7% | +0.8% | +52.7% |
| EBITDA | — | — | — | −66.1% | −8.1% | −142.4% | −22.3% | +199.3% |
| Operating income | — | — | — | −75.3% | −13.3% | −210.6% | −43.5% | +294.1% |
| Net income | — | — | — | −63.3% | −54.8% | −91.4% | — | +192.5% |
| Diluted EPS | — | — | — | −66.7% | −74.4% | −91.7% | — | +162.5% |
| Margins | ||||||||
| EBITDA margin | 11.7% | 7.9% | 9.0% | 8.4% | 11.1% | −4.7% | 7.0% | 16.5% |
| Operating margin | 9.5% | 5.5% | 5.8% | 5.4% | 8.5% | −8.7% | 3.2% | 13.9% |
| Net margin | 9.2% | 8.2% | 1.8% | 3.6% | 4.3% | 1.0% | 3.4% | 7.0% |
| Free-cash-flow margin | 61.5% | −83.8% | 35.6% | 35.0% | 43.4% | −75.1% | 30.1% | 28.2% |
| Cash flow | ||||||||
| Cash from operations | 139 | −177 | 56 | 59 | 96 | −110 | 49 | 73 |
| Capital spending | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 2 |
| Free cash flow | 139 | −178 | 55 | 58 | 95 | −112 | 47 | 71 |
| Stock-based pay | 23 | 26 | 28 | 28 | 28 | 31 | 36 | 29 |
| Free cash flow after stock pay | 116 | −204 | 27 | 30 | 67 | −143 | 11 | 42 |
| Last 12 months unless stated | PWP | TIGR | BULL | XP | OPY | PJT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $776m | $612m | $571m | $1.4bn | $1.8bn | $1.9bn | $2.0bn |
| Revenue growth, last 12 months | 2.5% | 56.3% | 46.3% | 3.1% | 13.9% | 22.9% | 20.7% |
| Revenue growth, 3-year average | 7.8% | — | — | — | 11.8% | 20.0% | 16.2% |
| Revenue growth, latest quarter | 52.7% | — | — | — | −10.0% | 19.5% | 17.4% |
| Operating margin | 5.9% | — | — | — | 7.2% | — | −2.3% |
| Operating margin, 3-year average | −1.3% | — | — | — | 7.7% | — | 9.4% |
| Net margin | 4.3% | 27.9% | 4.3% | 64.9% | 4.9% | 10.6% | 5.8% |
| Cash from operations / revenue | 13.9% | 215.1% | 99.2% | 151.2% | 3.7% | 37.8% | 7.7% |
| Free-cash-flow margin | 13.1% | 214.2% | 98.3% | 148.6% | 3.3% | 35.1% | 5.2% |
| Free-cash-flow margin, 3-year average | 15.9% | 105.0% | — | 33.2% | −0.2% | 33.0% | 16.8% |
| Stock pay / revenue | 16.0% | 2.6% | 7.7% | 4.9% | 4.8% | 12.5% | 4.7% |
| Change in share count | −12.9% | 10.8% | 186.0% | −3.0% | −1.0% | — | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 2.5% | 20.8% | 33 of 40 |
| Change in growth rate Growth | +23.3pp | -0.3pp | 10 of 40 |
| Operating margin Profitability | 5.9% | -2.3% | 6 of 17 |
| Net margin Profitability | 4.3% | 6.0% | 24 of 40 |
| Stock pay as % of revenue Cash generation | 16.0% | 4.8% | 31 of 36 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $563M | 75.0% | ▼ 25.3% |
| United Kingdom | $101M | 13.4% | ▲ 106.7% |
| Other International Countries | $86.8M | 11.6% | ▲ 14.6% |
From Perella Weinberg Partners's 10-K filed February 27, 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 |
|---|---|---|---|---|
| FMR LLC | $158M | 9.9M | 12.4% | ▼ 1.5% |
| Blackrock, Inc. | $87.2M | 5.5M | 6.8% | ▲ 14.4% |
| Wellington Management Group LLP | $82.8M | 5.2M | 6.5% | ▲ 32.2% |
| William Blair Investment Management, LLC | $70.1M | 4.4M | 5.5% | ▲ 7.7% |
| Nuveen, LLC | $57.5M | 3.6M | 4.5% | ▲ 21.0% |
| Adage Capital Partners Gp, L.L.C. | $52.9M | 3.3M | 4.1% | ▲ 26.8% |
| Vanguard Capital Management LLC | $48.4M | 3.0M | 3.8% | ▲ 9.8% |
| Capital World Investors | $42.7M | 2.7M | 3.4% | ▲ 2.8% |
| Nomura Asset Management International Inc. | $40.7M | 2.5M | 3.2% | ▲ 104.1% |
| Boston Partners | $40.6M | 2.5M | 3.2% | ▲ 28.2% |
| Ameriprise Financial Inc | $36.2M | 2.3M | 2.8% | ▲ 15.3% |
| State Street Corp | $32.5M | 2.0M | 2.6% | ▲ 14.9% |
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 Perella Weinberg Partners's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bednar Andrew Chairman and CEO | August 7, 2026 | Sell | 77,753 | $17.41 | $1.4M |
| Bednar Andrew Chairman and CEO | August 6, 2026 | Sell | 80,045 | $17.17 | $1.4M |
| Bednar Andrew Chairman and CEO | August 5, 2026 | Sell | 77,899 | $17.36 | $1.4M |
| Steel Robert K Director | June 12, 2026 | Sell | 100,000 | $15.76 | $1.6M |
| Gottschalk Alexandra Chief Financial Officer | May 20, 2026 | Sell | 14,018 | $17.46 | $244,754 |
| Gottschalk Alexandra Chief Financial Officer | May 19, 2026 | Sell | 43,788 | $17.58 | $769,793 |
| Gottschalk Alexandra Chief Financial Officer | May 5, 2026 | Sell | 51,671 | $19.74 | $1M |
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.
In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Perella Weinberg Partners shares.
Next expected around February 5, 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 |
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