BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
PJT
PJT Partners Inc.
PJT has a slight edge over BLK overall, supported by stronger modeled upside and stronger valuation.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
PJT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
PJT's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like PJT.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK has the edge over PJT in the historical PE scenario, which offers more potential upside but is not a forecast.
PJT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $92.56 | -39% |
| Forward | 18x | $151 | — |
| Fair | 24x | $134 | -11% |
| Current | 27x | $151 | — |
| Expensive | 31x | $175 | +15% |
Historical ranges are pointers, not guarantees.
PJT's PE is in its fair range at 27x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
PJT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PJT, with profitability improving.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over PJT on earnings, with stronger typical year-over-year growth.
PJT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.24 | +46% |
| Q3 2026 | $5.63 | -13% |
| Q2 2026 | $5.95 | +2.2% |
| Q1 2026 | $5.50 | -3% |
| Q4 2025 | $4.15 | -15% |
| Q3 2025 | $6.50 | +9.8% |
| Q2 2025 | $5.82 | +0.2% |
| Q1 2025 | $5.67 | +1.1% |
| Q4 2024 | $4.90 | -3.2% |
PJT's earnings per share have fallen from their peak: $5.63 over the past year, against $7.89 in mid-2021.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over PJT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK has the edge over PJT on profitability, with a higher operating margin.
PJT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $385.1M | -14% |
| Q2 2026 | $486.3M | +20% |
| Q1 2026 | $418.2M | +29% |
| Q4 2025 | $535.2M | +12% |
| Q3 2025 | $447.1M | +37% |
| Q2 2025 | $406.9M | +13% |
| Q1 2025 | $324.5M | -1.5% |
| Q4 2024 | $477.3M | +45% |
PJT's revenue is growing: $385M last quarter, down 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -3.7 points |
| Q2 2026 | 22% | +1.8 points |
| Q1 2026 | 19% | +1.2 points |
| Q4 2025 | 24% | +0.7 points |
| Q3 2025 | 22% | +4.3 points |
| Q2 2025 | 20% | +1.1 points |
| Q1 2025 | 18% | 0 points |
| Q4 2024 | 23% | +4.4 points |
PJT's operating margin was 18% last quarter, down 3.7 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
PJT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $267M | +11% |
| Q2 2026 | $226.4M | +27% |
| Q1 2026 | $56M | +$133.9M |
| Q4 2025 | $138.6M | -29% |
| Q3 2025 | $240.9M | +35% |
| Q2 2025 | $178.9M | -7.3% |
| Q1 2025 | -$77.9M | -$38.7M |
| Q4 2024 | $195.3M | +58% |
PJT's free cash flow was $688M over the past year, up 28% from the year before. Free cash flow isn't a meaningful measure for financial services companies like PJT.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
PJT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -3.4M shares |
| 1 year | -12% | -3.4M shares |
| 3 years | -5.3% | -1.4M shares |
| 5 years | -40% | -16.8M shares |
| Available history | -22% | -7.3M shares |
PJT has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20.2M |
| Q2 2026 | $53.6M |
| Q1 2026 | $61.3M |
| Q4 2025 | $4.7M |
| Q3 2025 | — |
| Q2 2025 | $63.4M |
| Q1 2025 | $127.1M |
| Q4 2024 | $49.5M |
PJT spent $140M buying back its own shares over the past year, down 42% from the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
PJT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | -0.4x | Net Cash |
PJT has the edge over BLK on leverage, with a lower net debt burden relative to earnings.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
PJT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.9 | Neutral |
| Stochastic | 32.9 | Neutral |
PJT's weekly RSI is 47 (neutral) and its Stochastic is 33 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
PJT PE vs Financial Services Sector
| Metric | PJT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 13x | 106% above |
| PE % | 62 | 63 | 1 pt below |
PJT has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over PJT on trend strength, trading above more of its moving averages.
PJT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $144.4 | 4.7% above |
| 20 week MA | $159.0 | 4.9% below |
| 50 week MA | $158.2 | 4.4% below |
| 100 week MA | $160.3 | 5.6% below |
| 200 week MA | $128.9 | 17% above |
PJT's trend is mixed: it's above two of its five weekly moving averages, and 17% above its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over PJT on returns for 2026, with the stronger performance.
PJT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.8 | $77.7 | +74% |
| 2021 | $77.7 | $75.0 | -3.6% |
| 2022 | $75.0 | $76.1 | +1.5% |
| 2023 | $76.1 | $101.9 | +34% |
| 2024 | $101.9 | $159.6 | +57% |
| 2025 | $159.6 | $172.3 | +8% |
| 2026 YTD | $172.3 | $151.3 | -12% |
PJT has finished higher in five of the last six years, two of them by more than 50%. It's down 12% so far in 2026.