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PJT Stock Analysis: Top Mid-Cap Hold (Score 55.1/100) | Blank Capital Research | Blank Capital Research
PJT
PJT Partners Inc.
$150.00
+0.00 (+0.00%)
Score55.1
Data as of Apr 6, 2026
PJT
PJT Partners Inc.
FinancialsTrading
$150.00
+0.00 (+0.00%)
Open ---High ---Low ---Prev $150.00Vol ---52W: $119.76 – $195.62
Hold
Composite score
01234567890123456789.0123456789
Global rank
#1,093
Percentile
Top 25%
Business quality
85th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 85.3GRADE A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
24.9%
Sector: 8.5%
Dividend Analysis audit
GROWTH
0.56%
Trailing Yield
$0.56
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
8%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
Sign up for free access to institutional-quality research tools.
Based on our 6-factor quantitative model, PJT Partners Inc. (PJT) receives a "Hold" rating with a composite score of 55.1/100, ranked #1093 out of 4446 stocks. Key factor scores: Quality 85/100, Value 73/100, Momentum 34/100. This is quantitative analysis only — not investment advice.
PJT Partners Inc. (PJT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does PJT Partners Inc. Do?
PJT Partners Inc., an investment bank, provides various strategic and capital markets advisory, restructuring and special situations, and shareholder advisory 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 advises private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; and strategic investor relations; environmental, social, and governance matters; and other investor-related matters. In addition, it provides advisory services related to debt and acquisition financings; structured product offerings; public equity raises, including initial public offering and SPAC offerings; and private capital raises for early and later stage companies, as well as other capital structure related matters. Further, the company offers advisory services in restructurings and recapitalizations; and serving a range of companies, creditors, and financial sponsors on liability management and related capital raise transactions, including exchanges, recapitalizations, reorganizations, debt repurchases, and distressed mergers and acquisitions. Additionally, it provides private fund advisory and fundraising services for a range of investment strategies; and advisory services to GPs and LPs on liquidity and other structured solutions in the secondary market. 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) is classified as a mid-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Paul J. Taubman and employs approximately 910 people, headquartered in NEW YORK, New York. With a market capitalization of $3.4B, PJT is one of the notable companies in the Financials sector.
PJT Partners Inc. (PJT) Stock Rating — Hold (April 2026)
As of April 2026, PJT Partners Inc. receives a Hold rating with a composite score of 55.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.PJT ranks #1,093 out of 4,446 stocks in our coverage universe. Within the Financials sector, PJT Partners Inc. ranks #338 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
PJT Stock Price and 52-Week Range
PJT Partners Inc. (PJT) currently trades at $150.00. The 52-week high for PJT is $195.62, which means the stock is currently trading -23.3% from its annual peak. The 52-week low is $119.76, putting the stock 25.3% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is PJT Overvalued or Undervalued? — Valuation Analysis
PJT Partners Inc. (PJT) carries a value factor score of 73/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 13.61x, compared to the Financials sector average of 14.88x — a discount of 9%. The price-to-book ratio stands at 3.39x, versus the sector average of 1.22x. The price-to-sales ratio is 2.28x, compared to 0.90x for the average Financials stock. On an enterprise value basis, PJT trades at 12.13x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, PJT Partners Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
PJT Partners Inc. Profitability — ROE, Margins, and Quality Score
PJT Partners Inc. (PJT) earns a quality factor score of 85/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 24.9%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 13.7% versus the sector average of 1.2%.
On a margin basis, PJT Partners Inc. reports gross margins of 32.0%. The operating margin is 17.6% (sector: 21.8%). Net profit margin stands at 16.8%, versus 17.7% for the average Financials stock. Revenue growth is running at 24.1% on a trailing basis, compared to 9.4% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
PJT Debt, Balance Sheet, and Financial Health
PJT Partners Inc. has a debt-to-equity ratio of 83.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.21x, indicating strong short-term liquidity. Total debt on the balance sheet is $413M. Cash and equivalents stand at $400M.
PJT has a beta of 0.99, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for PJT Partners Inc. is 65/100, reflecting average volatility within the normal range for its sector.
PJT Partners Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, PJT Partners Inc. reported revenue of $1.50B. Net income for the quarter was $252M. Gross margin was 32.0%. Operating income came in at $269M.
In FY 2025, PJT Partners Inc. reported revenue of $1.71B. Net income for the quarter was $310M. Revenue grew 14.8% year-over-year compared to FY 2024. Operating income came in at $343M.
In Q3 2025, PJT Partners Inc. reported revenue of $447M. Net income for the quarter was $75M. Revenue grew 37.0% year-over-year compared to Q3 2024. Operating income came in at $91M.
In Q2 2025, PJT Partners Inc. reported revenue of $407M. Net income for the quarter was $61M. Revenue grew 13.0% year-over-year compared to Q2 2024. Operating income came in at $76M.
Over the past 8 quarters, PJT Partners Inc. has demonstrated a growth trajectory, with revenue expanding from $360M to $1.50B. Investors analyzing PJT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
PJT Dividend Yield and Income Analysis
PJT Partners Inc. (PJT) currently pays a dividend yield of 0.6%. At this yield, a $10,000 investment in PJT stock would generate approximately $$56.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning PJT yields less than the typical sector peer. With a net margin of 16.8%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
PJT Momentum and Technical Analysis Profile
PJT Partners Inc. (PJT) has a momentum factor score of 34/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 11/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
PJT vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing PJT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PJT vs S&P 500 (SPY) comparison to assess how PJT Partners Inc. stacks up against the broader market across all factor dimensions.
PJT Next Earnings Date
No upcoming earnings date has been announced for PJT Partners Inc. (PJT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy PJT? — Investment Thesis Summary
PJT Partners Inc. presents a balanced picture with arguments on both sides. The quality score of 85/100 indicates above-average profitability and business fundamentals. The value score of 73/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 34/100, a headwind for near-term performance. Low volatility (stability score 65/100) reduces downside risk.
In summary, PJT Partners Inc. (PJT) earns a Hold rating with a composite score of 55.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PJT stock.
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Institutional Research Dossier
PJT Partners Inc. (PJT) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
PJT Partners Inc. (PJT) is a leading global advisory firm that provides strategic and capital markets advice to a diverse range of clients, including corporations, financial sponsors, and governments. The BCR proprietary model has assigned PJT a Hold rating, reflecting its strong profitability and value characteristics, but lower momentum and investment scores. The key takeaway is that PJT's core advisory business appears well-positioned, but the stock may be fairly valued and lacks the growth catalysts to warrant a more bullish stance.
Business Strategy & Overview
PJT Partners operates as an independent investment bank, providing a wide range of advisory services across three main segments: Strategic Advisory, Capital Markets Advisory, and Restructuring & Special Situations. The firm's strategic advisory services include mergers and acquisitions, spin-offs, activism defense, and other complex corporate transactions. Its capital markets business offers financing solutions, public and private equity raises, and structured product offerings. Additionally, PJT advises on restructurings, recapitalizations, and liability management for distressed companies and their stakeholders.
PJT's differentiated positioning as an independent, conflict-free advisor has allowed it to compete effectively with larger investment banks and gain market share in its key focus areas. The firm has a global footprint, with a presence in North America, Europe, and Asia, and it serves a diverse client base that includes corporations, financial sponsors, and governments. PJT's deep industry expertise, transaction experience, and senior-level client engagement have been key drivers of its success.
Looking ahead, PJT is well-positioned to capitalize on continued strong demand for its advisory services, particularly in the areas of M&A, restructuring, and private capital markets. The firm's agile, entrepreneurial culture and focus on innovation have enabled it to stay ahead of industry trends and adapt to changing client needs.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
24.1%
Sector: 9.4%
+157% VS SCTR
Economic Moat Analysis
PJT Partners has established a narrow economic moat, underpinned by its differentiated positioning as an independent, conflict-free advisor and its deep industry expertise. The firm's independence from the balance sheet and trading activities of larger investment banks allows it to provide objective, unbiased advice to clients, which is a key competitive advantage in the advisory industry.
PJT's strong relationships with clients and its track record of successful transactions have also contributed to its moat. The firm's senior-level client engagement and its ability to assemble specialized teams for complex engagements have helped it to build a loyal client base and earn repeat business. Additionally, PJT's reputation for quality advice and execution has made it a trusted partner for clients navigating high-stakes transactions.
While PJT does not enjoy the same scale advantages as larger investment banks, its focus on high-value advisory services and its ability to attract and retain top talent have allowed it to maintain a competitive edge. The firm's investment in technology and data analytics capabilities has also enabled it to enhance its advisory services and improve its operational efficiency.
However, the advisory industry remains highly competitive, with both larger investment banks and specialized boutiques vying for market share. PJT's ability to sustain its narrow moat will depend on its continued ability to differentiate its offerings, attract and retain top talent, and adapt to evolving client needs and industry trends.
Financial Health & Profitability
PJT Partners has demonstrated strong financial performance, with a track record of robust revenue growth, solid profitability, and healthy cash flow generation. Over the past three fiscal years, the firm has consistently grown its top line, with revenue increasing from $1.15 billion in FY 2023 to an estimated $1.71 billion in FY 2025, representing a compound annual growth rate of over 24%.
PJT's profitability metrics are also impressive, with operating margins ranging from 14.6% to 20.3% over the same period. The firm's return on equity, a key measure of profitability, has consistently exceeded the sector average, reaching 24.9% in the most recent trailing twelve-month period. This strong profitability has enabled PJT to generate healthy free cash flow, which amounted to $9.26 million in the latest fiscal year.
PJT's balance sheet is also in good shape, with a current ratio of 2.21 and a relatively low debt-to-equity ratio of 83.0%, which is significantly lower than the sector average of 115.0%. This financial flexibility and strong liquidity position allow PJT to invest in growth initiatives, pursue strategic acquisitions, and weather potential market downturns.
Overall, PJT's financial performance and health metrics suggest a well-managed, profitable business that is well-positioned to capitalize on future growth opportunities in the advisory industry.
Valuation Assessment
Based on the available financial data, PJT Partners appears to be reasonably valued, trading at a P/E ratio of 12.6x and an EV/EBITDA multiple of 2.2x, both of which are below the sector averages of 15.5x and 3.5x, respectively. This suggests that the stock may be undervalued relative to its peers.
However, PJT's valuation multiples should be considered in the context of its growth prospects and profitability. The firm's revenue growth rate of 24.1% in the most recent fiscal year is significantly higher than the sector average of 9.3%, and its return on equity of 24.9% is nearly three times the sector average of 8.5%. This indicates that PJT may be deserving of a premium valuation compared to its peers.
Additionally, PJT's free cash flow yield of approximately 0.3% is relatively low, suggesting that the stock may not be an exceptional value from a cash flow perspective. Nonetheless, the firm's strong profitability, healthy balance sheet, and growth potential could justify the current valuation levels, particularly if PJT can sustain its impressive financial performance.
Overall, the valuation assessment suggests that PJT Partners is reasonably priced, with the potential for upside if the firm can continue to deliver on its growth and profitability targets. However, investors should closely monitor the firm's execution and industry dynamics to assess whether the current valuation is justified.
Risk & Uncertainty
PJT Partners faces several key risks and uncertainties that could impact its business and financial performance. One of the primary risks is the firm's reliance on a small number of high-profile transactions and engagements, which can lead to revenue and earnings volatility. The advisory industry is highly competitive, and the loss of a significant client or the failure to secure new, large-scale mandates could have a material impact on PJT's financial results.
Additionally, PJT's business model is sensitive to broader economic and market conditions, as changes in M&A activity, corporate restructurings, and capital markets transactions can directly affect the firm's revenue and profitability. A prolonged economic downturn or market volatility could adversely impact PJT's ability to generate new business and maintain its current client relationships.
Another risk factor is the firm's reliance on its ability to attract and retain top talent, particularly experienced advisory professionals. The competition for skilled talent in the investment banking industry is intense, and PJT's success is closely tied to its ability to recruit and retain the best people. Failure to do so could hinder the firm's growth and its ability to deliver high-quality advisory services.
Bulls Say / Bears Say
The Bull Case
BULL VIEWPJT Partners has established itself as a premier independent advisory firm, with a differentiated business model and a strong track record of delivering value-creating transactions for its clients. The firm's focus on high-growth, high-margin advisory services, combined with its reputation for objectivity and expertise, positions it well to capitalize on continued robust demand in the M&A, restructuring, and private capital markets.
BULL VIEWThe company's robust financial performance, with consistent revenue growth, strong profitability, and healthy cash flow generation, demonstrates the strength and resilience of its business model. PJT's strong balance sheet and low leverage provide the flexibility to invest in growth initiatives and weather potential market downturns, further enhancing its long-term competitive position.
BULL VIEWPJT's valuation, trading at a discount to its peers on both P/E and EV/EBITDA metrics, presents an attractive entry point for investors, particularly given the firm's impressive growth profile and industry-leading profitability. As PJT continues to execute on its strategic initiatives and capitalize on favorable industry trends, the stock could see significant upside potential.
The Bear Case
BEAR VIEWPJT Partners' reliance on a small number of high-profile transactions and engagements creates significant revenue and earnings volatility, which could make the firm's financial performance difficult to predict and model. The loss of a major client or the inability to secure new large-scale mandates could have an outsized impact on the company's results.
BEAR VIEWThe advisory industry is highly competitive, and PJT faces intense rivalry from larger investment banks, as well as specialized boutique firms. The firm's ability to maintain its differentiated positioning and continue to gain market share is not guaranteed, and increased competition could put pressure on its profitability and growth prospects.
BEAR VIEWDespite its strong financial performance, PJT's valuation may not be as compelling as it appears at first glance. The firm's low free cash flow yield and the potential for multiple compression as interest rates rise could limit the upside potential for the stock, leading to a more muted long-term return profile for investors.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score PJT and 4,400+ other equities.
PJT Partners Inc. exhibits a 149% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
13.7%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
32.0%
Sector: 0.0%
Operating Margin
Core business profitability
17.6%
Sector: 21.8%
Net Margin
Bottom-line profitability
16.8%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-77%
Income Projection audit
A $10,000 investment would generate approximately $56 annually in dividends at the current trailing rate.
