| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | 2 | — | 1 | 3 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.00 |
—
—
—
|
| 2025 | 1.00 |
—
—
—
—
|
| 2024 | 1.00 |
—
—
—
—
|
| 2023 | 1.00 |
—
—
—
—
|
| 2022 | 1.00 |
—
—
—
—
|
| 2021 | 0.20 |
—
—
—
—
—
|
| 2020 | 0.20 |
—
—
—
—
|
| 2019 | 0.20 |
—
—
—
—
|
| 2018 | 0.20 |
—
—
—
—
|
| 2017 | 0.20 |
—
—
—
—
|
| 2016 | 0.20 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 355.54 | 483.88 | 538.86 | 235.54 |
| Receivables | 263.53 | 320.78 | 404.32 | 394.46 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 619.07 | 804.66 | 943.18 | 630.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 22.30 | 33.62 | 34.05 | 37.90 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 203.28 | 340.23 | 381.63 | 302.54 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 418.20 | 486.29 | — | — |
—
|
| ’25 | 324.53 | 406.88 | 447.09 | 535.16 |
1,713.67
|
| ’24 | 329.39 | 360.18 | 326.32 | 477.28 |
1,493.18
|
| ’23 | 199.99 | 346.28 | 278.36 | 328.55 |
1,153.18
|
| ’22 | 246.32 | 233.14 | 266.09 | 279.95 |
1,025.51
|
| ’21 | 206.70 | 240.68 | 231.30 | 313.27 |
991.95
|
| ’20 | 200.17 | 232.56 | 297.56 | 322.00 |
1,052.30
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 64.25 | 236.96 | — | — |
—
|
| ’25 | (75.94) | 190.43 | 256.10 | 155.71 |
526.30
|
| ’24 | (38.78) | 193.55 | 180.46 | 195.72 |
530.95
|
| ’23 | (22.99) | 190.60 | 150.15 | 123.77 |
441.53
|
| ’22 | (42.24) | 159.72 | 160.71 | (35.45) |
242.73
|
| ’21 | (149.76) | 102.14 | 181.23 | (9.45) |
124.16
|
| ’20 | (25.06) | 147.25 | 177.87 | 169.39 |
469.44
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 56.00 | 226.38 | — | — |
—
|
| ’25 | (77.92) | 178.91 | 240.90 | 138.55 |
480.44
|
| ’24 | (39.22) | 193.04 | 178.54 | 195.29 |
527.65
|
| ’23 | (25.13) | 189.88 | 149.60 | 123.27 |
437.61
|
| ’22 | (43.04) | 158.77 | 159.95 | (36.38) |
239.30
|
| ’21 | (149.80) | 100.33 | 178.33 | (11.17) |
117.69
|
| ’20 | (30.42) | 145.60 | 176.20 | 169.21 |
460.59
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.21 | 1.66 | — | — |
—
|
| ’25 | 1.99 | 1.21 | 1.47 | 1.97 |
6.68
|
| ’24 | 1.22 | 1.06 | 0.79 | 1.83 |
4.92
|
| ’23 | 0.67 | 0.86 | 0.68 | 0.87 |
3.12
|
| ’22 | 1.00 | 0.74 | 0.82 | 0.95 |
3.51
|
| ’21 | 1.03 | 0.89 | 0.82 | 1.32 |
3.99
|
| ’20 | 0.72 | 0.86 | 1.22 | 1.67 |
4.40
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.48 | 59.61 | 88.51 | 119.76 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 81.41 | 104.16 | 168.92 | 190.28 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 907 | 1,012 | 1,143 | 1,224 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.13 | 1.14 | 1.31 | 1.40 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,025.51 | 1,153.18 | 1,493.18 | 1,713.67 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.75% | 30.16% | 30.88% | 32.43% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 201.47 | 177.61 | 270.57 | 342.92 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.65% | 15.40% | 18.12% | 20.01% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 164.77 | 145.68 | 238.47 | 309.74 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.21 | 36.66 | 28.67 | 31.25 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.89 | 45.66 | 58.66 | 66.62 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 3.61 | 3.24 | 5.28 | 7.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.68 | 17.48 | 20.86 | 20.46 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.14) | (0.16) | (0.13) | (1.78) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.54 | 17.33 | 20.73 | 18.68 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30.29 | 34.10 | 35.42 | 39.23 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.08 | 25.26 | 25.45 | 25.72 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.99 | 31.00 | 29.89 | 23.85 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.85 | 2.20 | 2.69 | 2.51 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.50 | 2.95 | 4.46 | 4.26 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.81 | 1.99 | 2.45 | 2.26 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.76 | 5.25 | 6.92 | 8.08 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 242.73 | 441.53 | 530.95 | 526.30 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.43) | (3.93) | (3.30) | (45.86) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 239.30 | 437.61 | 527.65 | 480.44 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 378.83 | 415.80 | 464.43 | 561.55 | — | — | — |
Working Cap'
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 136.00 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (37.23) | (355.54) | (483.88) | (538.86) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 759.56 | 861.16 | 901.64 | 1,009.04 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.88% | 6.58% | 8.75% | 10.36% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.43% | 21.95% | 40.48% | 45.58% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.96% | 10.09% | 15.25% | 18.85% | ‡‡‡‡‡ | — | — |
ROE
|
PJT Partners (PJT), spun off from Blackstone in 2015, has delivered resilient revenue growth at a 14% CAGR through 2024, closely tracking M&A cycles with booms in 2020-2021 and 2024 driving peaks like $1.49B in revenue. Employee productivity remains steady at $1.1-1.4M per head amid 173% headcount expansion, while gross margins hover around 31-35%, underscoring scalable operations and pricing power in advisory services. Stock performance has mirrored this, with a 0.95+ correlation to revenue since 2018, and a fortress balance sheet—featuring a $484M cash surplus and zero debt—provides ample downside protection.
Profitability shines through surging EBT (46% CAGR to $271M), ROIC at 40%, and FCF per share up 266% to $20.73, supporting buybacks and dividends with minimal capex needs. Valuation appears reasonable at 30x trailing P/E (forward 25x), EV/FCF ~7x, and analyst targets implying 17% upside, backed by projections of 10% revenue CAGR to 2027. Yet insider selling—$4.4M with no buys—signals caution amid potential macro headwinds.
While forecasts point to EPS growth to $6.12 by 2027 and limited downside (10-15%) thanks to cash buffers, historical 25% revenue volatility and election/antitrust risks warrant vigilance. PJT’s high FCF conversion and cycle-beating track record position it as a steady performer, but monitoring Q1 2026 deal flow is key.
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