Piper Sandler Companies (PIPR) vs PJT Partners Inc. (PJT)

Piper Sandler Companies and PJT Partners Inc. are both Capital Markets companies. Piper Sandler Companies is the larger, with a market value of $5.0B against $3.8B — 1.3× the size. Piper Sandler Companies trades at the lower P/E: 15.9× against 19.9×. Piper Sandler Companies grew revenue faster over the last twelve months: 32.4% against 22.9%. Piper Sandler Companies has the higher net margin (14.5% vs 10.6%) and the lower return on invested capital (26.1% vs 33.1%). Both pay a dividend; Piper Sandler Companies yields more (3.12% vs 1.38%). Across the 22 metrics below, Piper Sandler Companies leads on 13 and PJT Partners Inc. on 9.

Valuation

Metric PIPR PJT Capital Markets median
P/E 15.88 19.87 15.78
P/S 2.32 2.16 2.32
P/B 3.12 4.14 1.89
Price to free cash flow 10.06 6.15 6.25
EV/EBITDA 8.21 9.20 8.87
EV/Sales 2.28 2.10 2.28
Earnings yield 6.30% 5.03% (3.77%)
Free cash flow yield 9.94% 16.25% (1.49%)

Profitability

Metric PIPR PJT Capital Markets median
Gross margin 99.05% 32.91% 62.80%
Operating margin 24.96% 21.01% 0.00%
Net margin 14.53% 10.58% (0.55%)
Free cash flow margin 23.02% 35.08% 0.00%
Return on equity 20.72% 21.79% 0.00%
Return on assets 14.34% 12.21% 0.00%
Return on invested capital 26.13% 33.13% 0.00%

Growth

Metric PIPR PJT Capital Markets median
Revenue growth (TTM) 32.39% 22.91% 21.02%
EPS growth (last fiscal year) 54.49% 35.77% —
Revenue growth, 5-year CAGR 8.93% 10.24% 18.16%
Net income growth, 5-year CAGR 47.35% 8.92% 0.00%

Health

Metric PIPR PJT Capital Markets median
Debt to equity 0.00 0.00 0.08
Current ratio 1.41 2.08 1.51
Net debt to EBITDA (1.72) (1.44) (0.24)

Dividend

Metric PIPR PJT Capital Markets median
Dividend yield 3.12% 1.38% 2.20%
Payout ratio 0.49 0.30 0.00

Size

Metric PIPR PJT Capital Markets median
Market cap 5.02b 3.81b 724.58m

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