Recent News
On October 6, 2025, PJT leadership, including Chairman and CEO Paul J. Taubman, rang the New York Stock Exchange opening bell to mark the firm’s 10th anniversary of listing.
Technical Analysis
ADX and Directional Indicators: ADX at 14.24 indicates no dominant trend, reducing conviction for sustained directional moves. Directional indicators show constructive bias: DI+ registered a dip-and-reversal, a bullish development, while DI- decreased, which also reads as bullish pressure on directional balance. Together these suggest short-term upside momentum exists but lacks a strong underlying trend.
MACD: MACD sits at -1.01 while the signal line equals -1.12; MACD has crossed above its signal line and the MACD trend is increasing. That crossover provides a bullish momentum signal even though MACD remains below zero, so momentum appears to be improving from a negative baseline.
MRO (Momentum/Regression Oscillator): MRO at 16.73 and rising indicates the current price trades above the model target and therefore carries potential for mean reversion pressure. The positive and increasing MRO tempers bullish directional signals by flagging over-target positioning.
RSI: RSI at 50.15 shows neutral absolute strength but the indicator registered a peak-and-reversal pattern; that peak-and-reversal reads as bearish, implying the prior advance may have stalled and a pullback risk exists even as other momentum signals improve.
Moving Averages, EMAs and Price Location: Price closed at $176.37, slightly above the 12-day EMA ($176.35) and the 20-day average ($175.65), and notably above the 200-day average ($161.96, roughly +8.9%), while remaining below the 50-day average ($179.29). The price sits inside the 1x Bollinger band range (lower $172.44, upper $178.86), nearer the upper band. Short-term averages suggest modest bullish bias; mid-term average resistance around the 50-day level constrains upside.
Ichimoku & Volatility: Tenkan-sen ($176.22) sits near price while Kijun-sen ($180.03) remains above, implying the short-term conversion line aligns with price but the baseline offers resistance. Volatility measures show low-to-moderate realized volatility (42-day beta 0.79, 52-week beta 1.16; 42-day volatility 2%), consistent with contained intraday moves. Lower-than-average volume relative to 10/50/200-day averages weakens conviction behind recent moves.
Fundamental Analysis
Profitability and Margins: EBIT equals $81,677,000 and operating margin stands at 20.07%, up 11.22% quarter-over-quarter and up 1.11% year-over-year. Operating margin at 20.07% sits below the industry peer mean of 51.97% and below the industry peer median of 46.11%, indicating margins land beneath peer central measures despite improvement QoQ.
Revenue and Growth: Total revenue registered $406,884,000 with revenue growth reported at 25.38% and revenue growth year-over-year at 171.49%. Quarter-over-quarter revenue growth shows a decline (-179.29% as reported), reflecting period-to-period volatility in revenue recognition for advisory businesses.
Earnings and Cash Flow: Reported EPS actual came in at $1.54 versus an estimate of $1.43, an EPS surprise of 7.69%. EBITDA equals $89,491,000 and net income equals $32,900,000. Operating cash flow reached $190,427,000 and free cash flow totaled $178,909,000, yielding a free cash flow yield of 4.19%, which sits above the industry peer mean free cash flow yield of 1.75% (industry peer mean). Cash and short-term investments total $214,615,000 and the balance sheet shows no funded debt per recent commentary; the cash conversion ratio registers at 84.39%, supporting operational cash quality.
Leverage and Liquidity: Total debt equals $414,659,000 with debt-to-assets at 27.44% and debt-to-equity at 2.48x. Current ratio equals 6.28x, well above the industry peer mean current ratio of 1.67x, indicating sizable near-term liquidity cushion. Interest coverage stands at 4.81x, consistent with ability to cover interest costs but not unusually high versus peer norms.
Valuation Metrics: Market multiples show a price-to-earnings ratio of 106.34 and a price-to-book ratio of 25.49. P/E sits above the industry peer mean of 82.56; P/B sits substantially above the industry peer mean of 3.24. Enterprise multiple equals 49.93, which sits below the industry peer mean enterprise multiple of 64.03. Forward P/E near-term equals ~113.70. WMDST values the stock as over-valued, reflecting the premium multiples versus most peer averages despite strong cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-29 |
| NEXT REPORT DATE: | 2025-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 194.3 M |
| Operating Cash Flow | $ 190.4 M | |
| Capital Expenditures | $ -11.52 M | |
| Change In Working Capital | $ 75.7 M | |
| Dividends Paid | $ -6.09 M | |
| Cash Flow Delta | $ 20.3 M | |
| End Period Cash Flow | $ 214.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 406.9 M | |
| Forward Revenue | $ 99.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 276.8 M | |
| Depreciation | $ 7.8 M | |
| Depreciation and Amortization | $ 7.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 325.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 130.1 M | |
| EBITDA | $ 89.5 M | |
| EBIT | $ 81.7 M | |
| Operating Income | $ 81.7 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 76.5 M | |
| Tax Provision | $ 15.0 M | |
| Tax Rate | 19.667 % | |
| Net Income | $ 32.9 M | |
| Net Income From Continuing Operations | $ 61.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.43 | |
| EPS Actual | $ 1.54 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 7.692 % | |
| Forward EPS | $ 1.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.5 B | |
| Intangible Assets | $ 201.8 M | |
| Net Tangible Assets | $ -34.33 M | |
| Total Current Assets | $ 573.6 M | |
| Cash and Short-Term Investments | $ 214.6 M | |
| Cash | $ 214.6 M | |
| Net Receivables | $ 359.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 164.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 40.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 91.4 M | |
| Net Debt | — | |
| Total Debt | $ 414.7 M | |
| Total Liabilities | $ 662.8 M | |
| EQUITY | ||
| Total Equity | $ 167.4 M | |
| Retained Earnings | $ 303.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.76 | |
| Shares Outstanding | 24.303 M | |
| Revenue Per-Share | $ 16.43 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 4.5 B | |
| Enterprise Multiple | 49.934 | |
| Enterprise Multiple QoQ | -11.369 % | |
| Enterprise Multiple YoY | 61.065 % | |
| Enterprise Multiple IPRWA | high: 382.869 mean: 64.026 median: 57.97 PJT: 49.934 low: -385.981 |
|
| EV/R | 10.983 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 9.027 | |
| Asset To Liability | 2.28 | |
| Debt To Capital | 0.712 | |
| Debt To Assets | 0.274 | |
| Debt To Assets QoQ | -6.598 % | |
| Debt To Assets YoY | 2682.454 % | |
| Debt To Assets IPRWA | high: 0.84 PJT: 0.274 mean: 0.189 median: 0.188 low: 0.0 |
|
| Debt To Equity | 2.476 | |
| Debt To Equity QoQ | -10.16 % | |
| Debt To Equity YoY | 2269.611 % | |
| Debt To Equity IPRWA | high: 2.968 PJT: 2.476 mean: 0.86 median: 0.815 low: -0.953 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 25.493 | |
| Price To Book QoQ | 8.126 % | |
| Price To Book YoY | 31.888 % | |
| Price To Book IPRWA | PJT: 25.493 high: 6.103 median: 3.546 mean: 3.242 low: -0.233 |
|
| Price To Earnings (P/E) | 106.339 | |
| Price To Earnings QoQ | -21.998 % | |
| Price To Earnings YoY | 16.693 % | |
| Price To Earnings IPRWA | high: 167.136 PJT: 106.339 mean: 82.559 median: 76.585 low: -57.167 |
|
| PE/G Ratio | 2.279 | |
| Price To Sales (P/S) | 10.491 | |
| Price To Sales QoQ | -2.974 % | |
| Price To Sales YoY | 46.106 % | |
| Price To Sales IPRWA | high: 81.86 mean: 29.855 median: 26.892 PJT: 10.491 low: -43.485 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 113.7 | |
| Forward PE/G | 2.436 | |
| Forward P/S | 42.162 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.554 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.28 | |
| Asset Turnover Ratio QoQ | 30.719 % | |
| Asset Turnover Ratio YoY | 5.644 % | |
| Asset Turnover Ratio IPRWA | PJT: 0.28 high: 0.255 mean: 0.041 median: 0.017 low: -0.117 |
|
| Receivables Turnover | 1.167 | |
| Receivables Turnover Ratio QoQ | 18.516 % | |
| Receivables Turnover Ratio YoY | 8.289 % | |
| Receivables Turnover Ratio IPRWA | high: 10.527 mean: 2.083 PJT: 1.167 median: 0.175 low: 0.035 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 78.222 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.844 | |
| CapEx To Revenue | -0.028 | |
| CapEx To Depreciation | -1.474 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 167.4 M | |
| Net Invested Capital | $ 167.4 M | |
| Invested Capital | $ 167.4 M | |
| Net Tangible Assets | $ -34.33 M | |
| Net Working Capital | $ 482.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.348 | |
| Current Ratio | 6.276 | |
| Current Ratio QoQ | 5.465 % | |
| Current Ratio YoY | -7.985 % | |
| Current Ratio IPRWA | high: 7.864 PJT: 6.276 mean: 1.669 median: 1.547 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.634 | |
| Cost Of Debt | 3.306 % | |
| Interest Coverage Ratio | 4.812 | |
| Interest Coverage Ratio QoQ | 39.44 % | |
| Interest Coverage Ratio YoY | 14.226 % | |
| Interest Coverage Ratio IPRWA | high: 98.692 mean: 19.22 median: 13.204 PJT: 4.812 low: -58.51 |
|
| Operating Cash Flow Ratio | 0.285 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 15.332 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.401 | |
| Dividend Payout Ratio | 0.185 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.212 % | |
| Revenue Growth | 25.376 % | |
| Revenue Growth QoQ | -179.29 % | |
| Revenue Growth YoY | 171.488 % | |
| Revenue Growth IPRWA | high: 108.319 % PJT: 25.376 % mean: 7.8 % median: 3.987 % low: -129.816 % |
|
| Earnings Growth | 46.667 % | |
| Earnings Growth QoQ | -204.314 % | |
| Earnings Growth YoY | 117.775 % | |
| Earnings Growth IPRWA | high: 70.0 % PJT: 46.667 % median: -4.167 % mean: -4.955 % low: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 31.962 % | |
| Gross Margin QoQ | 0.326 % | |
| Gross Margin YoY | 4.793 % | |
| Gross Margin IPRWA | high: 99.211 % median: 71.532 % mean: 65.047 % PJT: 31.962 % low: 0.618 % |
|
| EBIT Margin | 20.074 % | |
| EBIT Margin QoQ | 11.219 % | |
| EBIT Margin YoY | 1.113 % | |
| EBIT Margin IPRWA | high: 123.183 % mean: 51.972 % median: 46.113 % PJT: 20.074 % low: -61.06 % |
|
| Return On Sales (ROS) | 20.074 % | |
| Return On Sales QoQ | 11.219 % | |
| Return On Sales YoY | 1.113 % | |
| Return On Sales IPRWA | high: 66.743 % median: 38.96 % mean: 34.939 % PJT: 20.074 % low: -44.966 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 178.9 M | |
| Free Cash Flow Yield | 4.191 % | |
| Free Cash Flow Yield QoQ | -288.699 % | |
| Free Cash Flow Yield YoY | -43.85 % | |
| Free Cash Flow Yield IPRWA | high: 17.702 % PJT: 4.191 % mean: 1.749 % median: 1.577 % low: -16.617 % |
|
| Free Cash Growth | -329.603 % | |
| Free Cash Growth QoQ | 135.599 % | |
| Free Cash Growth YoY | -44.344 % | |
| Free Cash Growth IPRWA | high: 579.954 % median: -51.153 % mean: -70.863 % PJT: -329.603 % low: -602.593 % |
|
| Free Cash To Net Income | 5.438 | |
| Cash Flow Margin | 6.401 % | |
| Cash Flow To Earnings | 0.792 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.263 % | |
| Return On Assets QoQ | -36.486 % | |
| Return On Assets YoY | 8.694 % | |
| Return On Assets IPRWA | high: 6.322 % PJT: 2.263 % mean: 1.283 % median: 0.531 % low: -5.111 % |
|
| Return On Capital Employed (ROCE) | 5.752 % | |
| Return On Equity (ROE) | 0.196 | |
| Return On Equity QoQ | -45.862 % | |
| Return On Equity YoY | -7.154 % | |
| Return On Equity IPRWA | PJT: 0.196 high: 0.177 mean: 0.058 median: 0.038 low: -0.151 |
|
| DuPont ROE | 20.806 % | |
| Return On Invested Capital (ROIC) | 39.187 % | |
| Return On Invested Capital QoQ | 65.941 % | |
| Return On Invested Capital YoY | -200.031 % | |
| Return On Invested Capital IPRWA | PJT: 39.187 % high: 16.804 % median: 5.813 % mean: 4.949 % low: -11.843 % |
|