JPM
JPMorgan Chase & Co.
JPM has the edge over PJT overall, supported by stronger fundamentals and lower modeled downside.
PJT
PJT Partners Inc.
PJT offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
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.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM 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.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
PJT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
PJT has the edge over JPM on the outlook, with more favorable valuation expectations.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM has the edge over PJT on earnings, with more consistent year-over-year improvement.
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.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM 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.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
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 has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has 2.7B diluted shares, down 3.1% from a year ago, with $24.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
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 JPM 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.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
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 JPM on leverage, with a lower net debt burden relative to earnings.
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (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).
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM has the edge over PJT on valuation relative to its sector.
PJT PE vs Financial Services Sector
| Metric | PJT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 13x | 106% above |
| PE % | 62 | 63 | 1 pt below |
PJT is trading at 27x earnings, a 106% premium to the Financial Services sector's median of 13x.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM 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.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM 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.