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what it is
Perella Weinberg gets paid to advise companies and investors on selling, buying, defending, funding, and restructuring big, messy deals.
how it gets paid
Last year Perella Weinberg made $751M in revenue. M&A advisory was the main engine at $300M, or 40% of sales.
why growth slowed
Revenue fell 14.5% last year. That is the good news. The quieter part is annual revenue still landed at $751M.
what just happened
Q4 2025 revenue was about $219M (down a few percent vs. prior year), while adjusted EPS was about $0.17 — a beat versus consensus even though the full year was softer.
At a glance
B+ balance sheet — decent shape, but not bulletproof
39.7x trailing p/e — you're paying up for this one
1.7% dividend yield — cash in your pocket every quarter
13.0% return on capital — nothing to write home about
$0.47 fy2025 eps est
xvary composite: 57/100 — below average
What they do
Perella Weinberg gets paid to advise companies and investors on selling, buying, defending, funding, and restructuring big, messy deals.
This business wins because clients hire people, not a logo. Perella Weinberg has 736 employees, and in advisory your rainmakers are the product. If your board needs help on a sale or a defense fight, you pay for trust, access, and judgment, not balance-sheet muscle.
How they make money
$751M
annual revenue · their business grew -14.5% last year
M&A advisory
$300M
Restructuring & liability management
$165M
Shareholder & defense advisory
$105M
Capital markets & private placement
$121M
Energy underwriting & research
$60M
The products that matter
strategic deal advice
mergers & acquisitions
core fee engine
this is the front line of the franchise. when corporate confidence slips, this work slows first and you see it in reported fees.
cycle-sensitive
distress and balance-sheet work
restructuring
counter-cycle offset
when M&A takes a break, restructuring can keep bankers busy. it does not remove the cycle, but it gives you a partial hedge inside the same firm.
internal ballast
financing and shareholder advice
capital markets & shareholder advisory
breadth, not insulation
this rounds out the platform. it does not change the bigger truth: GAAP profitability is thin on $751M of revenue — small fee shortfalls still move the multiple story.
execution watch
Key numbers
$751M
annual revenue
That is the size of the fee pool today, down 14.5% vs. prior year, which tells you this business is still living by the deal calendar.
39.7x
trailing p/e
P/E → how many years of earnings you are paying for → so what: you are paying a premium price for a very cyclical business.
9.2%
operating margin
Operating margin → profit after running the business → so what: PWP does not have a huge cushion if fees soften again.
13.0%
return on capital
Return on capital → profit earned on money put into the business → so what: decent economics, but not enough to justify any price.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PWP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 2025 revenue was $219.2M (down about 3% vs. prior year) but beat sell-side sales estimates; adjusted EPS was about $0.17.
That is the good news on execution versus expectations. The quieter part is annual revenue still landed at about $751M, down ~14%, so one quarter does not erase a fee-cycle year.
$219.2M
revenue (Q4)
$0.17
adj. EPS (Q4)
~−3%
vs. prior year revenue (Q4)
the number that mattered
The Q4 revenue beat versus expectations matters most because advisory firms live on fee timing — but vs. prior year revenue was still slightly down, which keeps the cycle story honest.
source: Perella Weinberg Q4 & FY2025 results (company release)
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What could go wrong
the main risk is simple: the recovery narrative arrives in commentary, but not in reported fees. This page is about a boutique bank with falling revenue and a premium multiple. That combination does not forgive delays.
high
deal activity stays soft
Revenue fell 14.5% to $751M. That is your cleanest proof that the advisory calendar stayed weak. If boards keep waiting, you own a cyclical fee business without the volume rebound the valuation expects.
The core earnings setup stays exposed to a quiet deal market.
med
valuation compresses before revenue recovers
The stock trades around 33x estimated earnings and 39.7x trailing earnings versus an industry level around ~22x. You do not need business deterioration for the stock to get hit. You just need recovery to arrive later than the market priced in.
A move toward peer multiples would hurt the stock even if the franchise stays intact.
med
leadership transition disrupts momentum
Peter Weinberg's resignation becomes effective june 30, 2026. At a balance-sheet-heavy bank, that is a governance note. At a relationship-driven advisory firm, it touches banker retention, mandate flow, and client comfort.
Hard to model. Very real if senior rainmakers or clients read the change badly.
low
thin profitability leaves less room for misses
Full-year GAAP earnings are thin on $751M of revenue. In plain English: small fee shortfalls matter more when the profit cushion is this narrow.
You get sharper downside sensitivity to revenue misses than the headline market cap suggests.
PWP does not need a collapse to disappoint you. It just needs the rebound to take longer than a 33x earnings multiple assumes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
revenue
does the 14.5% decline actually reverse
This is the first thing that matters. If reported revenue keeps shrinking from the $751M base, the premium multiple loses its cover story.
next earnings
pipeline conversion check
Management has talked about a strong pipeline. The next report needs to show fees, not just language. Here’s the thing: pipelines do not pay shareholders. Closed mandates do.
leadership
june 30, 2026 chairman transition
Watch retention, tone, and any sign client relationships change after Peter Weinberg steps down. In a people business, continuity is part of the asset.
valuation
does 33x drift toward the ~22x peer zone
If the operating rebound shows up, the premium can survive. If it does not, multiple compression starts doing the talking before earnings do.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for PWP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$19
current price
n/a
target midpoint · n/a from current
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