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PWP

Perella Weinberg Partners

PWP

Perella Weinberg Partners • NASDAQ
$18.26 ▲ 1.00% (+0.18)
Market Cap $1.70 B
52w High $27.03
52w Low $14.12
Dividend Yield 0.35%
P/E 24.03
Volume 272.30K
Outstanding Shares 65.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $164.645M ▲ $67.03M ▲ $6.004M ▲ 3.647% ▲ $0.088 ▲ $13.891M ▼
Q2-2025 $155.267M ▼ $66.039M ▼ $2.738M ▼ 1.763% ▼ $0.043 ▼ $14M ▼
Q1-2025 $211.831M ▼ $77.164M ▲ $17.339M ▼ 8.185% ▼ $0.279 ▼ $16.669M ▼
Q4-2024 $225.672M ▼ $71.005M ▲ $20.774M ▲ 9.205% ▲ $0.358 ▲ $26.43M ▼
Q3-2024 $278.242M $68.268M $16.37M 5.883% $0.295 $41.024M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185.535M ▲ $650.238M ▲ $449.718M ▲ $-302.402M ▲
Q2-2025 $145.037M ▲ $606.702M ▲ $430.606M ▲ $-318.422M ▲
Q1-2025 $111.247M ▼ $570.468M ▼ $408.762M ▼ $-323.128M ▲
Q4-2024 $407.388M ▲ $876.751M ▲ $646.986M ▲ $-421.375M ▼
Q3-2024 $335.148M $810.917M $569.189M $-360.775M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.565M ▲ $59.158M ▲ $-1.519M ▼ $-17.921M ▲ $40.486M ▲ $57.639M ▲
Q2-2025 $4.268M ▼ $56.127M ▲ $-787K ▼ $-23.929M ▲ $33.684M ▲ $55.34M ▲
Q1-2025 $21.373M ▼ $-176.521M ▼ $73.867M ▲ $-120.79M ▼ $-220.265M ▼ $-177.565M ▼
Q4-2024 $32.658M ▲ $139.43M ▼ $-658K ▲ $-62.885M ▼ $71.274M ▼ $138.772M ▼
Q3-2024 $28.843M $200.265M $-75.904M $-51.41M $74.986M $199.272M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over time and recently reached a new high after a softer period, which suggests the franchise is gaining traction again. However, profitability remains the main weak spot. Operating results have been negative in most recent years, indicating that compensation and other costs are still absorbing more than the firm earns in fees. Net income has hovered around breakeven with small losses in several years, and earnings per share have been consistently negative. Overall, the top line is moving in the right direction, but the income statement shows an advisory business that has not yet translated that activity into steady, durable profits.

Balance Sheet

Balance Sheet The balance sheet shows a reasonably sized asset base for an advisory firm and a solid cash position, though cash is lower than the post‑SPAC peak a few years ago. Debt levels are moderate but have crept up compared with earlier years, which slightly increases financial risk but does not look extreme in absolute terms. The most notable concern is that reported equity has recently turned negative after several years of being modestly positive. Negative equity often reflects accumulated losses, complex partnership structures, or significant payouts to owners. It does not automatically imply liquidity stress, but it does signal a thin capital cushion and a capital structure that deserves careful attention.

Cash Flow

Cash Flow Cash generation looks healthier than the headline earnings figures. Operating cash flow has generally been positive and has improved in the most recent period, suggesting that the core advisory activities are bringing in cash even when accounting profit is weak. Free cash flow has also been positive in most years, helped by very light capital spending needs, which is typical for a people‑driven advisory business. This pattern—weak reported earnings but solid cash flow—often reflects high non‑cash expenses, timing of bonuses, and working capital swings. From a cash perspective, the firm appears reasonably resilient, as long as deal activity and fee collection remain steady.

Competitive Edge

Competitive Edge Perella Weinberg operates as an independent advisory firm, emphasizing conflict‑free, high‑touch advice rather than balance‑sheet banking. Its edge comes from senior‑level attention, sector specialization, and the absence of lending or trading conflicts that can exist at large universal banks. The acquisition of Tudor, Pickering, Holt strengthened its standing in energy, and recent expansion in technology, healthcare, and private funds advisory broadens its footprint into attractive, fee‑rich areas. At the same time, the firm competes in a crowded field that includes both global investment banks and other elite boutiques, all vying for the same high‑stakes mandates. Its business is also naturally exposed to cycles in M&A, capital markets, and restructuring volumes, and it relies heavily on the reputation and retention of key senior bankers.

Innovation and R&D

Innovation and R&D The firm’s “innovation” is more about how it delivers advice than about traditional R&D. It leans on experienced bankers, sector depth, and a client‑first model, supported by proprietary analytical tools and third‑party platforms to improve deal execution and insight. Recent strategic moves—such as acquiring a specialist in private fund secondaries and building advisory teams focused on technology, artificial intelligence, fintech, and healthcare—show a deliberate push into fast‑growing and sometimes less cyclical niches. Investments in data and analytics aim to make advice more tailored and timely, even if the firm is not positioning itself as a fintech disruptor. The main risk is execution: integrating acquisitions, scaling new practices, and continually updating tools without diluting the high‑touch culture.

Summary

Perella Weinberg is a specialized advisory firm with growing revenue, improving cash generation, and a clear strategic focus on independent, conflict‑free advice. It has carved out strong positions in energy, restructuring, and increasingly in technology, healthcare, and private funds advisory, which can provide both growth and some diversification across different market cycles. The key financial challenges are inconsistent profitability and a cost base that has kept operating income in the red, despite rising fees. The shift to negative equity also points to a thin capital cushion and a complex capital structure that investors should understand clearly. On the positive side, cash flow from operations and free cash flow are generally solid, supported by the low capital intensity of the advisory model. Overall, PWP combines a differentiated competitive position and strategic expansion into high‑growth areas with financials that still need to show more consistent, sustainable profitability and a stronger balance‑sheet profile.

NEWS

November 7, 2025 · 6:58 AM UTC

Perella Weinberg Reports Third Quarter 2025 Results

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October 24, 2025 · 7:20 AM UTC

Perella Weinberg to Announce Third Quarter 2025 Financial Results and to Host Conference Call on November 7, 2025

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September 23, 2025 · 7:12 AM UTC

Hanadi Al Hamoui Joins Perella Weinberg as Partner

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September 23, 2025 · 7:10 AM UTC

Barry Blake Joins Perella Weinberg as Partner

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September 2, 2025 · 7:09 AM UTC

David Wyles Joins Perella Weinberg as Partner

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