📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures. The company also provides advisory services for private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; complex investor matters; and other critical strategic, governance, and shareholder matters. In addition, it offers advisory services related to debt and equity markets, including debt financings, acquisition financings, structured product offerings, public equity raises initial public offerings, private capital raises, general partner advisory, and other capital structure related matters. Further, the company provides geopolitical and policy advisory practice that assists corporate boards and management teams with navigating changing geopolitical relationships. Additionally, it offers advisory services in the areas of liability management, and restructurings and special situations comprising bespoke financing, tort liability resolutions, distressed M&A, and chapter 11 matters, as well as to corporate clients, financial sponsors, and creditors. The company also provides private fund advisory and fundraising services for a range of investment strategies; and advisory services to general and limited partners on liquidity and other structured solutions. The company was formerly known as Blackstone Advisory Inc. and changed its name to PJT Partners Inc. in March 2015. PJT Partners Inc. was incorporated in 2014 and is headquartered in New York, New York.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding PJT

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	290.6K	$40.6M	0.05%	Mar 2026
Jim Simons Renaissance Technologies LLC	47.7K	$6.7M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Paul Taubman opened with somber reflection on a tragedy but quickly pivoted to 'record-setting results'; repeated phrases like 'market backdrop has improved appreciably' and 'our North Star remains building the best advisory firm'; gave specific figures (revenues $407M, adj. pre-tax income $80M, adj. EPS $1.54) and described strategic advisory pipeline at 'record levels'.

Q3 2025

Mixed

adjusted pre-tax income, and EPS, while repeatedly using phrases like 'tempered optimism' and acknowledging risks such as geopolitical uncertainty and tariff dislocations.

Q4 2025

Confident Specific

Management repeatedly used the word 'record' to describe revenues, adjusted pre-tax income, and adjusted EPS. Paul stated, 'We are better positioned than ever before' and gave specific growth figures for partner headcount and cash balances.

Q1 2026 latest

Confident Specific

management uses language like 'record first quarter,' 'revenues increased 29%,' 'adjusted pre-tax income increased 49%,' 'adjusted EPS increased 47%,' and 'comfortably above year-ago levels' across all businesses. They also note 'mandate count up about 15%' and 'pre-announced revenue pipeline at record levels.' Despite acknowledging uncertainty, the tone is clearly confident and backed by specific numbers.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Record Q1 results across all segments, especially Strategic Advisory, with double-digit mandate growth and record pipelines, indicate sustained momentum. The aggressive buyback ($244M in Q1 alone, new $800M authorization) signals strong confidence and balance sheet strength. The restructuring outlook remains positive, though quantification is deferred. Key risks to watch: conversion of the large pre-announced pipeline into closed deals, the pace of recruiting and partner ramp-up, and any escalation in private credit stress that could impact restructuring activity. The increased dividend and repurchase program support shareholder returns.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED PJT Partners Q1 2026: Record revenues $418M (+29%), pre-tax income $84M (+49%), EPS $1.54 (+47%)

Revenue & Profitability

Total revenues were $418 million, up 29% year-over-year. Adjusted pre-tax income was a record $84 million, up 49% from $66 million in Q1 2025. Adjusted EPS was $1.54, up 47% from $1.05. Adjusted compensation expense was accrued at 66.5% of revenues, and adjusted non-compensation expense was $56 million (13.4% of revenues). The effective tax rate was 20.5%. The firm had $388 million in cash and no debt.

Outlook

Management sees a favorable secular shift towards strategic M&A driven by companies reimagining their business models, but notes volatility from geopolitical risks, AI debates, and oil prices. Restructuring demand remains elevated due to over-levered balance sheets and challenged business models. The secondaries market is positioned for robust growth as LPs and GPs seek liquidity. Primary fundraising is expected to be challenging but consistent with high water levels.

Growth Drivers

Key growth levers include Strategic Advisory, where mandate count is up 15% and the pre-announced revenue pipeline is at record levels. Restructuring continues to benefit from a long cycle of elevated activity. PJT Park Hill's Private Capital Solutions is growing strongly, offsetting a decline in primary fundraising. International expansion (Europe, Asia, Middle East) and hiring senior professionals are additional growth drivers.

Balance Sheet & CapEx

Adjusted non-compensation expense is expected to grow approximately 12% in 2026, similar to 2025. Management highlighted investments in AI-related technologies, including licenses, data infrastructure, security, and consulting, which may create short-term cost pressure. No specific CapEx guidance was provided. Travel and business-related expenses also contributed to higher costs year-over-year.

Margins

Adjusted pre-tax margin improved to 20.1% in Q1 2026 from 17.3% in Q1 2025. The compensation ratio was 66.5%, down from 67.5% a year ago, and management kept that as the full-year estimate. Non-compensation expense as a percentage of revenue improved to 13.4% from 15.2%. Margin expansion was driven by revenue growth and cost discipline, though near-term AI investments may temper further improvement.

Key Risks

Management flagged geopolitical uncertainties (Iran conflict, oil price spikes), volatility in market sentiment, and AI debates as risks that can disrupt M&A windows. The software sector faces valuation challenges that may delay monetizations and increase liability management needs. Private credit market turbulence could slow retail flows but is not seen as systemic. The announced backlog is below year-ago levels, though improving.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Record revenues and earnings were achieved across all business segments, with strategic advisory and restructuring leading growth. Full-year revenue growth is expected to moderate, but all divisions are on track for record performance.

Q1 2026 Q1 2026 2026-04-28

Record Q1 results with revenues up 29% and adjusted EPS up 47% year-over-year, driven by strong Strategic Advisory and Restructuring performance. Mandate and revenue pipelines are at record levels, and a new $800 million share repurchase program was authorized.

Q4 2025 Q4 2025 2026-02-03

Record 2025 results with double-digit revenue and EPS growth, driven by strong performance in Strategic Advisory, Restructuring, and Park Hill. Robust pipelines and disciplined capital allocation position the firm for continued growth despite market uncertainties.

Q3 2025 Q3 2025 2025-11-04

Record quarterly and nine-month results driven by strong Strategic Advisory and Restructuring revenues, with robust operating margins and continued investment in talent. Outlook remains optimistic but cautious amid macro risks, with strong liquidity and ongoing share repurchases.

Q2 2025 Q2 2025 2025-07-29

Record Q2 and first-half results with double-digit revenue and EPS growth, led by Strategic Advisory and strong restructuring performance. Outlook remains positive with robust pipelines, ongoing investments, and improved market conditions, though fundraising and regulatory challenges persist.

📊 Analysis Methodology

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