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.
PJT Partners Inc. (PJT) reported trailing twelve months revenue of $1.81B as of March 2026, a 21.4% increase year-over-year. Quarterly revenue reached $418.20M, reflecting continued top-line momentum.
PJT Partners Inc. generated $186.60M in TTM net income, with quarterly EBITDA of $84.33M. The operating margin expanded from 16.2% to 19.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.2%) and net margin (14.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 16.6% a year ago, reflecting increased costs or interest expense.
PJT trades at a P/E of 21.8x (in line with broad market averages) and a P/S of 2.2x. The price-to-book ratio of 14.9x indicates a significant premium over book value.
The company generated $55.99M in free cash flow over the trailing twelve months, a 171.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.56B in total assets with no in long-term debt against $272.73M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~19.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 77.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~39.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.3% — no sign of cost or pricing stress.
FCF covers net income by 4.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 3.4% — mild dilution. Compare to earnings growth to assess net per-share impact.