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PJT

PJT Partners Inc.

PJT

PJT Partners Inc. • NYSE
$168.01 ▲ 0.02% (+0.03)
Market Cap $4.08 B
52w High $190.28
52w Low $119.76
Dividend Yield 1.00%
P/E 25.69
Volume 90.66K
Outstanding Shares 24.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $447.093M ▲ $9.775M ▼ $39.839M ▲ 8.911% ▲ $1.55 ▲ $137.395M ▲
Q2-2025 $406.884M ▲ $48.373M ▲ $32.9M ▼ 8.086% ▼ $1.27 ▼ $89.491M ▲
Q1-2025 $324.531M ▼ $44.814M ▲ $54.016M ▲ 16.644% ▲ $3.47 ▲ $66.117M ▼
Q4-2024 $477.281M ▲ $41.898M ▲ $51.304M ▲ 10.749% ▲ $3.24 ▲ $116.59M ▲
Q3-2024 $326.322M $40.031M $22.15M 6.788% $1.4 $66.425M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $400.452M ▲ $1.719B ▲ $788.695M ▲ $228.588M ▲
Q2-2025 $214.615M ▲ $1.511B ▲ $662.796M ▲ $167.439M ▲
Q1-2025 $194.271M ▼ $1.397B ▼ $572.388M ▼ $148.828M ▼
Q4-2024 $483.877M ▲ $1.635B ▲ $733.691M ▲ $187.013M ▲
Q3-2024 $148.836M $1.56B $678.997M $159.113M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $74.957M ▲ $256.103M ▲ $-32.718M ▲ $-39.315M ▲ $185.837M ▲ $240.896M ▲
Q2-2025 $61.438M ▼ $190.427M ▲ $-80.852M ▼ $-94.294M ▲ $20.344M ▲ $178.909M ▲
Q1-2025 $74.163M ▼ $-75.939M ▼ $28.03M ▼ $-245.006M ▼ $-289.606M ▼ $-77.921M ▼
Q4-2024 $90.997M ▲ $195.716M ▲ $252.452M ▲ $-106.526M ▼ $335.041M ▲ $195.291M ▲
Q3-2024 $41.073M $180.459M $-138.197M $-63.39M $-15.367M $178.541M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advisory Fees
Advisory Fees
 $430.00M ▲$280.00M ▼$350.00M ▲$390.00M ▲
Interest Income and Other
Interest Income and Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Placement Fees
Placement Fees
 $30.00M ▲$40.00M ▲$40.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement PJT’s income statement shows a firm that has scaled up meaningfully while preserving healthy profitability. Revenue has climbed steadily over the past several years, with a clear step-up in the most recent period, suggesting strong deal activity and good traction across its advisory franchises. Margins have held up well despite this growth, which is notable in a people-heavy business where compensation can easily erode profitability. Net income and earnings per share have generally trended higher over time, though there is the usual year‑to‑year fluctuation you’d expect in advisory work that depends on transaction timing. Overall, the income statement reflects a mature boutique that is both growing and disciplined on costs, but still exposed to swings in capital markets and restructuring cycles.

Balance Sheet

Balance Sheet The balance sheet is characteristic of an asset-light advisory firm: relatively modest tangible assets, a sizable cash position, and manageable levels of debt. Cash has increased over time, giving the firm more financial flexibility for hiring, bonuses, and potential strategic initiatives. Debt has also crept higher, but it remains moderate relative to the size of the business and is offset by strong cash holdings. Equity has improved from earlier years, though it’s still not large compared with total assets, which is typical for a partnership-style advisory model where significant profits are paid out to employees. In simple terms, PJT’s balance sheet looks lean but solid, with good liquidity and no obvious signs of financial strain, while still relying heavily on continued earnings power rather than a thick capital cushion.

Cash Flow

Cash Flow Cash flow is a standout strength. Operating cash generation has grown along with earnings, and free cash flow closely tracks operating cash flow because capital spending needs are very low. This reflects an advisory business that doesn’t require heavy investment in physical assets to grow. Most cash outflows are related to people and compensation rather than buildings or equipment. The pattern suggests that, as long as revenues hold up, PJT converts a large portion of its accounting profits into actual cash, giving it ample room to fund bonuses, buybacks or dividends, and potential strategic hires without stretching the balance sheet.

Competitive Edge

Competitive Edge PJT occupies a strong niche as a high-end, advisory-focused boutique rather than a full-service investment bank. Its brand is especially powerful in restructuring and special situations, where it is widely regarded as one of the market leaders, giving it resilience in both good and bad economic environments. The firm’s advantage is built on reputation, relationships, and the caliber of senior bankers rather than on scale. Its independent, conflict-free model can be attractive to clients wary of the balance-sheet and trading conflicts at larger banks. The Park Hill franchise adds a differentiated fund advisory and secondary market capability that many rivals lack. Key risks to this position are concentration in key rainmakers, the cyclical nature of M&A and financing markets, and intense competition from both global banks and other elite boutiques. Nonetheless, PJT’s established brand in complex situations provides a meaningful, if people-dependent, moat.

Innovation and R&D

Innovation and R&D Innovation at PJT is primarily about how it organizes people and services, not about building proprietary technology platforms. The firm’s core “innovation engine” is its talent model and the integrated way it delivers strategic advisory, restructuring, and fund advisory as a cohesive offering. On the technology side, PJT leans on best-in-class third‑party tools and partnerships rather than building large in‑house systems. Its collaboration with technology providers and platforms like Nasdaq Private Market helps enhance execution and efficiency without heavy internal R&D spending. Looking forward, the main areas to watch are continued investment in senior talent, expansion into new geographies and sectors, and selective use of data, AI, and cloud tools to support bankers. Innovation here is incremental and service-driven, focused on deepening expertise and improving client service rather than disruptive tech bets.

Summary

PJT Partners looks like a well‑positioned advisory boutique that has grown revenues and profits over time while maintaining healthy margins and strong cash generation. Its financial profile is asset-light, cash-rich, and only modestly leveraged, which is attractive for a people-based business but also means long-term value is tied closely to ongoing performance and retention of key talent. The firm’s competitive edge rests on its reputation in complex restructuring work, its integrated advisory model, and the Park Hill fund advisory platform. These create a diversified mix of fee streams that can perform across different parts of the cycle, though earnings will still ebb and flow with deal activity and macro conditions. Innovation at PJT is subtle and service-centric: building elite teams, deep sector and governance expertise, and partnering on technology rather than trying to out‑engineer larger banks. The main opportunities lie in further global expansion and continued recruitment of top bankers, while the main risks remain market cyclicality and dependence on human capital. Overall, the data portrays a disciplined, growing advisory franchise with solid financial underpinnings and a reputation-led moat.

NEWS

November 4, 2025 · 6:50 AM UTC

PJT Partners Inc. Reports Record Third Quarter and Nine Months 2025 Results

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October 21, 2025 · 7:02 PM UTC

PJT Partners Inc. to Report Third Quarter and Nine Months 2025 Financial Results and Host a Conference Call on November 4, 2025

Read more