PJT
PJT Partners Inc.
PJT's fundamentals are mixed: revenue grew 10%, but earnings per share fell 13%. At 27x earnings, it's trading above its usual 24x. Analysts expect earnings growth.
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.
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.
PJT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PJT, with profitability improving.
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.
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.
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.
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 25M diluted shares, down 12% from a year ago, with $140M in buybacks over the past year.
| 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.
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 more cash than debt. Net leverage isn't a meaningful measure for financial services companies like PJT.
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).
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.
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.
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.