At a glance
PJT Partners Inc is worth $4.24B, about 24 times its fiscal 2025 earnings. Revenue grew 14.8% to $1.71B in fiscal 2025, with 10.5% kept as profit; over 5 years it has grown 10.2% a year. It pays no dividend; it spent $759.9M buying back its shares over FY2021–FY2025. The stock returned −17.7% over the past year with dividends reinvested and +13.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.5% in the 2020 crash (S&P 500: 33.7%) and 27.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
PJT Partners is an investment bank that focuses on giving advice. Its teams advise companies, boards, private equity firms and creditors on deals, debt and fundraising, and it earns fees for that work. As of December 31, 2025, it employed 1,224 people, including 133 partners.
It has three businesses. Strategic Advisory works on mergers and acquisitions, spin-offs (turning a division into its own company), raising money in debt and stock markets, and defense against activist investors pushing for change. Restructuring and Special Situations helps troubled companies and their creditors rework debts, including in Chapter 11 bankruptcy, a court-supervised reorganization. LSEG Refinitiv ranked it first in global and US announced restructurings in three of the last four years, according to the 10-K filed February 26, 2026. PJT Park Hill helps private equity, credit, hedge fund and real estate managers raise money.
Advisory fees made up 87.6% of the $1.71 billion in revenue for the year ended December 31, 2025. Placement fees, earned for helping clients raise money, added 10.6%, and interest and other income made up the rest. About 85% of revenue came from the US and 12% from the UK. In 2025, 255 clients each paid at least $1 million in fees, up from 230 in 2024.
Price history
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PJT -17.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Advisory Fees | $1.50B | 87.6% |
| Placement Fees | $181.6M | 10.6% |
| Interest Income And Other | $31.7M | 1.9% |
| Interest Income From Placement Fees And Other | $14.7M | 0.9% |
By geography
| US | $1.45B | 84.6% |
| GB | $205.2M | 12% |
| Non Us | $42.3M | 2.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $486.3M, up 19.5% from a year earlier, and net income was $45.8M (+39.3%).
- For fiscal 2025, revenue was $1.71B (+14.8% year over year; +10.2% a year from FY2020 to FY2025) with a 10.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.2% good |
|---|---|
| Free cash flow margin | 28% good |
| Return on equity (FY2025) | 58.4% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 9.8% good |
| Cash and investments | $235.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.05B | $117.5M | $460.6M |
| FY2021 | $991.9M | $106.2M | $117.7M |
| FY2022 | $1.03B | $90.5M | $239.3M |
| FY2023 | $1.15B | $81.8M | $437.6M |
| FY2024 | $1.49B | $134.4M | $527.7M |
| FY2025 | $1.71B | $180.1M | $480.4M |
Valuation snapshot
| Market value | $4.24B |
|---|---|
| P/E ratio | 23.6 |
| Dividend yield | 0.67% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PJT price data to Oct 28, 2026 | -10.5% | -17.7% | +28.1% | +13.8% | +19.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.6% |
| 2025 | +6.6% |
| 2024 | +56.2% |
| 2023 | +40.0% |
| 2022 | +0.9% |
| 2021 | +2.5% |
| 2020 | +67.3% |
| 2019 | +17.0% |
| 2018 | -14.7% |
| 2017 | +48.4% |
| 2016 | +10.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.4% over that stretch · deepest drop along the way 52.5%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5% over that stretch · deepest drop along the way 27.7%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($2.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Kievdi Don Cornwell Director | sell | $1.2M |
| Aug 21, 2026 | James Costos Director | sell | $302K |
| Jul 31, 2026 | Grace Reksten Skaugen Director | sell | $215K |
| Aug 10, 2026 | Emily K Rafferty Director | sell | $184K |
| Aug 21, 2026 | Kievdi Don Cornwell Director | sell | $149K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Jun 30, 2025 |
| Wasatch Advisors LP | 5.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.32% | Mar 31, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
ETFs with the most weight in PJT
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 2.49% |
| XSHQ Invesco S&P SmallCap Quality ETF | 2.11% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.51% |
| PSCF Invesco S&P SmallCap Financials ETF | 1% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.88% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.71% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.6% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.56% |
What could go wrong
- Good times shrink restructuring; bad times shrink deals. Mergers and capital raises slow in weak economies, while debt restructurings slow in strong ones. PJT's 10-K warns merger activity takes time to recover after a downturn, and fixed costs are hard to cut quickly.
- Park Hill needs investors to fund private assets. PJT Park Hill earns fees helping managers raise money for private equity, credit and real estate funds that lock up cash. If investors pull back, or some pension plans bar paid fundraisers, fees can fall.
- Class B holders control much of the vote. Public investors own Class A shares in a holding company whose main asset is a stake in PJT Partners Holdings LP. Class B holders hold significant voting power, and their interests may differ.
- Tax agreement and new shares can cost holders. A tax receivable agreement passes most of certain tax savings to others; in a takeover, payments could speed up and exceed the savings. New shares for staff pay can also shrink each holder's stake.
- Relies on key bankers and its CEO. An advisory firm's value lies in its bankers and their relationships. The 10-K flags reliance on the CEO and other key people, and growth depends on recruiting talent while competing with larger, better-resourced rivals.
- Lumpy fees make results swing quarter to quarter. Revenue depends on how many clients pay fees in each period, so results can jump or slump from one quarter to the next. The 10-K warns these swings can push the share price down.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
PJT pays only a small dividend, so it offers little for investors who need steady income. The yield, or yearly dividends as a percentage of the stock price, was 0.67% as of October 28, 2026. Dividends paid totaled about $24 million a year from fiscal 2022 through 2025, with no streak of yearly increases. In fiscal 2025 they used 13.6% of earnings and 5.1% of free cash flow, the cash left after running and investing in the business. PJT has favored share repurchases: $759.9 million from fiscal 2021 through 2025, against $175.7 million in dividends.
The stock has fallen hard in market slumps. In the 2020 COVID crash it dropped 52.5% in a month, though it regained its peak by April 29, 2020. In early 2022 it fell 27.7% but recovered by June 2, 2022. As of October 28, 2026, it was down 17.7% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does PJT Partners make money?
PJT Partners makes most of its money from advisory fees. In the year ended December 31, 2025, those fees made up 87.6% of its $1.71 billion in revenue, which grew 14.8% from 2024. Clients pay for advice on mergers, restructurings, defense against activist investors and raising money in debt and stock markets. Placement fees, earned for helping clients raise money from investors, added 10.6%. Interest and other income made up the rest. About 85% of revenue came from the US and 12% from the UK.
Does PJT Partners pay a dividend?
Yes, but it is small. The dividend yield, yearly dividends as a percentage of the share price, was 0.67% as of October 28, 2026. PJT paid $24.5 million in dividends in fiscal 2025, or 13.6% of earnings. It has returned far more cash through share repurchases: $759.9 million from fiscal 2021 through 2025, versus $175.7 million in dividends. Total dividend payments have not risen every year. It may suit investors more focused on growth than income.
Does PJT Partners do well in a recession?
Partly. Its restructuring group advises troubled companies and their creditors, and the 10-K notes that this work slows when defaults and bankruptcies decline, so it tends to be busier in hard times. Mergers and capital raising, however, tend to shrink in weak economies and take time to recover. The stock was no shelter: it fell 52.5% in the 2020 COVID crash and 27.7% in early 2022, though it regained its earlier peak in 1.4 and 2.8 months, respectively.
How has PJT Partners stock performed?
Well over five and 10 years, poorly over one. As of October 28, 2026, the price-based return averaged 19.7% a year over 10 years and 13.8% a year over five years, but the stock was down 17.7% over one year and 10.5% year to date. Its largest fall from a peak since listing in 2015 was 58.4%. Calendar years swing widely, from a 67.3% gain in 2020 to a 14.7% loss in 2018. On that date, the shares traded at 23.6 times fiscal 2025 earnings.
Does PJT Partners have debt?
It appears not. PJT's filings showed no borrowings as of June 30, 2026, when it held $235.5 million in cash and investments. It generated $480.4 million of free cash flow in fiscal 2025. PJT does have a revolving credit facility, a credit line it can draw on and repay, and the 10-K warns that its terms could limit some business choices. The company may also owe payments under a tax receivable agreement, which could speed up after a takeover.