Ionic Digital Inc. (IOND) vs PJT Partners Inc. (PJT)

Ionic Digital Inc. and PJT Partners Inc. are both Capital Markets companies. PJT Partners Inc. is the larger, with a market value of $3.9B against $2.5B — 1.6× the size. Ionic Digital Inc. has negative trailing earnings, so its P/E is not meaningful; PJT Partners Inc. trades at 18.7×. PJT Partners Inc. has the higher net margin (10.5% vs −24.9%) and the higher return on invested capital (0.00% vs −3.52%). Across the 11 metrics below, PJT Partners Inc. leads on 8 and Ionic Digital Inc. on 3.

Valuation

Metric IOND PJT Capital Markets median
P/E n/m 18.74 14.35
P/S 11.53 2.25 2.07
P/B 4.03 4.17 1.36
Price to free cash flow n/m 6.19 9.28
EV/EBITDA 102.91 — —
EV/Sales 10.83 — —
Earnings yield (2.15%) 5.34% (8.28%)
Free cash flow yield (5.18%) 16.15% (1.12%)

Profitability

Metric IOND PJT Capital Markets median
Gross margin 68.15% 33.09% 68.15%
Operating margin (14.07%) 20.51% 0.00%
Net margin (24.90%) 10.50% (0.34%)
Free cash flow margin (59.70%) 0.00% 0.00%
Return on equity 0.00% 0.00% 0.00%
Return on assets 0.00% 0.00% 0.00%
Return on invested capital (3.52%) 0.00% 0.00%

Growth

Metric IOND PJT Capital Markets median
Revenue growth (TTM) — 10.21% 19.72%
EPS growth (last fiscal year) — 35.77% 16.79%
Revenue growth, 5-year CAGR — 10.24% 17.41%
Net income growth, 5-year CAGR — 8.92% 0.00%

Health

Metric IOND PJT Capital Markets median
Debt to equity 0.00 0.00 0.07
Current ratio 24.39 2.08 1.51
Net debt to EBITDA 0.00 (1.44) (0.03)

Dividend

Metric IOND PJT Capital Markets median
Dividend yield — 0.65% 1.58%
Payout ratio — 0.14 0.19

Size

Metric IOND PJT Capital Markets median
Market cap 2.46b 3.92b 527.01m

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