Start here if you're new
what it is
PJT advises companies, creditors, and investors on deals, bankruptcies, and private funds.
how it gets paid
Last year Pjt Partners made $1.7B in revenue. Strategic advisory was the main engine at $0.85B, or 50% of sales.
why it's growing
Revenue grew 14.9% last year. The 163.0% revenue jump matters because it says the fee pool got much bigger.
what just happened
PJT posted $1.47 a share last quarter, and revenue reached $1.2B.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
35/100 earnings predictability — expect surprises
31.0x trailing p/e — you're paying up for this one
0.8% dividend yield — cash in your pocket every quarter
71.9% return on capital — a money-printing machine
xvary composite: 59/100 — below average
What they do
PJT advises companies, creditors, and investors on deals, bankruptcies, and private funds.
You are buying a people business with absurd math. PJT pulled in $1.7B of annual revenue with 1,143 employees, or about $1.5M per person. Operating margin → profit left after costs → 22.2% means your fee dollar does not just pay salaries.
How they make money
$1.7B
annual revenue · their business grew +14.9% last year
Strategic advisory
$0.85B
+12.0%
Restructuring and special situations
$0.40B
+18.0%
Private fund advisory
$0.25B
+5.0%
Placement services
$0.20B
+8.0%
The products that matter
mergers and strategic advice
Strategic Advisory
$1.0B · 58.8% of segment revenue shown
This is the core franchise. At $1.0B, it is more than half the revenue shown on this page, which means your results still swing with corporate deal appetite.
core driver
distressed and liability advisory
Restructuring & Special Situations
$0.4B · +25%
This $0.4B segment grew 25%. In plain English: when financing conditions get uglier, this part can offset some of the pain elsewhere.
counter-cycle hedge
private capital placement advice
Private Fund Advisory & Other
$0.3B · 17.7%
At $0.3B, this is the smallest major bucket here, but it matters because it diversifies the revenue base beyond straight M&A fees.
diversifier
Key numbers
31.0x
trailing p/e
You are paying 31 times trailing earnings, so the stock needs profit to keep compounding.
$1.7B
annual revenue
That is the scale of the fee machine. It is small versus bulge-bracket banks, but huge for 1,143 employees.
22.2%
operating margin
For every $1 of revenue, PJT keeps 22 cents before interest and taxes.
71.9%
return on capital
That means the business earns $71.90 for every $100 tied up in capital.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $404M (7% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PJT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
PJT posted $1.47 a share last quarter, and revenue reached $1.2B.
The firm had a much busier quarter than a year ago. Revenue jumped 163.0% vs. prior year, which is what happens when advisory demand surges.
$425M
revenue
$1.47
eps
163.0%
revenue growth
revenue growth
The 163.0% revenue jump matters because it says the fee pool got much bigger.
source: EDGAR and Yahoo Finance
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What could go wrong
Your #1 risk is a premium multiple meeting softer advisory revenue.
high
Revenue misses matter more here than they do for an average stock
The stock fell roughly 25% after a slight revenue miss. That's the warning label. At 31.0x earnings, you are not paying for "good enough." You are paying for clean execution.
A softer fee quarter can compress both earnings expectations and the multiple at the same time.
med
Deal volume is cyclical, and the core franchise still depends on it
Strategic Advisory is $1.0B of the $1.7B segment revenue shown here. If boardrooms stop transacting, the biggest engine slows first.
That exposes more than half of the revenue shown on this page to a weaker M&A tape.
med
This is a people business, so talent costs can eat the margin
The adjusted compensation ratio is 69.5%. That's fine today, but if rainmakers get more expensive or activity slows, the expense base does not wait politely.
Higher compensation with weaker fees is how an elite advisory model starts looking ordinary.
med
There is no wide moat protecting mandates
PJT has a quality brand, but the page does not support a fortress-moat claim. Each deal can still be contested by bulge-bracket banks and boutique rivals.
That keeps revenue visibility lower than the valuation suggests.
A premium-priced advisory firm with 35/100 earnings predictability needs the fee pipeline to stay healthy. If advisory revenue weakens and the multiple stays rich, you feel both at once.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Advisory revenue versus the last miss
The market already told you what it cares about. Another soft revenue print matters more than a polished headline EPS number.
risk
Adjusted compensation ratio
Currently 69.5%. If that drifts higher while fee growth slows, the margin story gets worse fast.
trend
M&A activity and boardroom confidence
Strategic Advisory is still the biggest business here. When corporate deal appetite stalls, PJT feels it.
calendar
Next earnings release
You want to see whether record profit can be matched by cleaner top-line execution. That is the fastest way this page gets less conflicted.
Analyst rankings
earnings predictability
35 / 100
Earnings predictability measures how steady reported results tend to be. In human-speak, analysts do not see this as a smooth quarter-after-quarter compounding story.
risk rank
3
A 3 risk rank means it sits around the middle on safety. Safer than some cyclicals, but not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for PJT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$178
current price
n/a
target midpoint · n/a from current
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