Recent News
Jan 31, 2026 — PJT highlighted expectations for continued growth in the global secondaries market, forecasting an elevated pipeline for GP-led deals and liquidity solutions. Jan 14–27, 2026 — PJT serves as investment banker to Saks Global in its restructuring and financing activities as the company pursues a multi‑tranche financing and court-supervised restructuring process.
Technical Analysis
ADX / DI+/DI-: ADX at 53.92 signals a very strong trend; directional indicators read bullish with DI+ showing a dip-and-reverse and DI- exhibiting a peak-and-reverse, which together point to renewed upside momentum carrying force into the near term.
MACD: MACD shows a dip-and-reverse, indicating bullish momentum development, though MACD remains below the signal line today; the momentum shift suggests the stock may attempt a recovery but needs confirmation from a sustained MACD cross-above signal to extend that momentum.
MRO (Momentum/Regression Oscillator): MRO sits at -27.37, indicating price below the model target and implying upside potential toward model convergence; the negative MRO supports the case for mean reversion rather than further structural decline.
RSI: RSI at 35.2 and decreasing signals the stock sits near oversold territory, increasing the probability of a bounce if buying interest returns; continued RSI weakness would favor extended consolidation around current levels.
Price vs. Moving Averages & Bands: Last close $131.26 sits below the 12‑day EMA ($135.16) and well under the 50‑ and 200‑day averages ($158.74 and $169.44), indicating short-term weakness inside a longer-term gap to the moving‑average mean. Price near the lower Bollinger band (1x lower band $128.63) suggests proximity to the short-term trading band floor.
Volume & Volatility: Intraday volume (~723,830) exceeds the 10‑day average (~407,293) and the 200‑day average (~255,461), showing above‑average participation on recent moves; 42‑day beta 1.29 and 52‑week beta 1.06 indicate above‑market directional sensitivity.
Fundamental Analysis
Earnings & Cashflow: Reported EPS of $2.55 beat the $2.40 estimate by $0.15, a 6.25% surprise. Operating income (EBIT) $126,329,000 and EBITDA $134,359,000 accompany free cash flow $138,553,000, producing a free‑cash‑flow yield of 3.25% and a cash‑flow‑to‑earnings ratio of 260% — metrics that underscore meaningful cash conversion relative to non‑cash charges.
Profitability & Margins: EBIT (operating) margin stands at 23.61% with quarter‑over‑quarter improvement of 9.62% and year‑over‑year improvement of 3.02%; that margin trails the industry peer mean margin (41.84%) and industry peer median (39.02%), indicating lower margin capture versus the typical peer but consistent quarter improvement.
Growth Dynamics: Revenue shows sharply divergent periodic signals: revenue growth quarter‑over‑quarter reads +99.33% while year‑over‑year revenue change registers -57.42%; earnings growth carries similarly mixed readings with strong QoQ gains and negative YoY comparatives. These swings reflect lumpy advisory fee timing and deal‑dependent revenue recognition common in investment‑banking franchises.
Balance Sheet & Liquidity: Cash and short‑term investments $538,858,000 and a current ratio of 12.10 (compared with an industry peer mean current ratio of 2.22) demonstrate ample near‑term liquidity. Total debt $413,918,000 yields debt‑to‑equity 1.34, slightly below the industry peer mean of 1.40, with an interest coverage ratio ~7.44 supporting debt service capacity.
Returns & Capital Efficiency: Return on equity 17.31% exceeds the industry peer mean ROE of 5.35%; return on invested capital 33.07% indicates strong capital efficiency, even as some YoY return metrics show decline due to prior‑period comparisons.
Market Multiples & Valuation: P/E 68.84 sits below the industry peer mean P/E of 82.46, while price‑to‑book 13.85 remains above the industry peer mean (3.05); price‑to‑sales 7.97 and enterprise multiple ~30.83 reflect premium valuation on revenue and book measures. WMDST values the stock as under‑valued, reconciling strong liquidity, cash conversion, and partner economics against a lumpy revenue profile and elevated book‑value multiple.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 400.5 M |
| Operating Cash Flow | $ 155.7 M | |
| Capital Expenditures | $ -17.15 M | |
| Change In Working Capital | $ 3.3 M | |
| Dividends Paid | $ -6.09 M | |
| Cash Flow Delta | $ 138.4 M | |
| End Period Cash Flow | $ 538.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 535.2 M | |
| Forward Revenue | $ 130.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 356.6 M | |
| Depreciation | $ 8.0 M | |
| Depreciation and Amortization | $ 8.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 408.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 178.5 M | |
| EBITDA | $ 134.4 M | |
| EBIT | $ 126.3 M | |
| Operating Income | $ 126.3 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 122.9 M | |
| Tax Provision | $ 23.7 M | |
| Tax Rate | 19.306 % | |
| Net Income | $ 53.4 M | |
| Net Income From Continuing Operations | $ 99.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.40 | |
| EPS Actual | $ 2.55 | |
| EPS Difference | $ 0.15 | |
| EPS Surprise | 6.25 % | |
| Forward EPS | $ 2.15 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | $ 199.1 M | |
| Net Tangible Assets | $ 109.2 M | |
| Total Current Assets | $ 943.2 M | |
| Cash and Short-Term Investments | $ 538.9 M | |
| Cash | $ 538.9 M | |
| Net Receivables | $ 404.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 159.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 34.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 77.9 M | |
| Net Debt | — | |
| Total Debt | $ 413.9 M | |
| Total Liabilities | $ 834.2 M | |
| EQUITY | ||
| Total Equity | $ 308.2 M | |
| Retained Earnings | $ 384.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.68 | |
| Shares Outstanding | 24.314 M | |
| Revenue Per-Share | $ 22.01 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 4.1 B | |
| Enterprise Multiple | 30.835 | |
| Enterprise Multiple QoQ | -24.988 % | |
| Enterprise Multiple YoY | 0.789 % | |
| Enterprise Multiple IPRWA | high: 149.949 median: 51.325 mean: 36.522 PJT: 30.835 low: -74.741 |
|
| EV/R | 7.741 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.98 | |
| Asset To Liability | 2.21 | |
| Debt To Capital | 0.573 | |
| Debt To Assets | 0.225 | |
| Debt To Assets QoQ | -6.573 % | |
| Debt To Assets YoY | 3.584 % | |
| Debt To Assets IPRWA | high: 0.663 PJT: 0.225 mean: 0.215 median: 0.213 low: 0.0 |
|
| Debt To Equity | 1.343 | |
| Debt To Equity QoQ | -25.715 % | |
| Debt To Equity YoY | -29.165 % | |
| Debt To Equity IPRWA | high: 3.516 mean: 1.395 PJT: 1.343 median: 0.895 low: -0.995 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.846 | |
| Price To Book QoQ | -25.846 % | |
| Price To Book YoY | -29.948 % | |
| Price To Book IPRWA | PJT: 13.846 high: 5.976 mean: 3.052 median: 2.673 low: -0.39 |
|
| Price To Earnings (P/E) | 68.836 | |
| Price To Earnings QoQ | -27.487 % | |
| Price To Earnings YoY | -16.133 % | |
| Price To Earnings IPRWA | high: 155.319 mean: 82.461 PJT: 68.836 median: 64.188 low: -56.417 |
|
| PE/G Ratio | 1.819 | |
| Price To Sales (P/S) | 7.975 | |
| Price To Sales QoQ | -16.46 % | |
| Price To Sales YoY | 2.976 % | |
| Price To Sales IPRWA | high: 71.015 mean: 26.107 median: 19.609 PJT: 7.975 low: -61.155 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 78.879 | |
| Forward PE/G | 2.085 | |
| Forward P/S | 32.27 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.585 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.3 | |
| Asset Turnover Ratio QoQ | 8.548 % | |
| Asset Turnover Ratio YoY | 0.559 % | |
| Asset Turnover Ratio IPRWA | PJT: 0.3 high: 0.27 mean: 0.042 median: 0.014 low: -0.067 |
|
| Receivables Turnover | 1.38 | |
| Receivables Turnover Ratio QoQ | 12.697 % | |
| Receivables Turnover Ratio YoY | -3.961 % | |
| Receivables Turnover Ratio IPRWA | high: 10.536 mean: 2.294 PJT: 1.38 median: 0.332 low: 0.063 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 66.127 | |
| 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 | 0.619 | |
| CapEx To Revenue | -0.032 | |
| CapEx To Depreciation | -2.136 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 308.2 M | |
| Net Invested Capital | $ 308.2 M | |
| Invested Capital | $ 308.2 M | |
| Net Tangible Assets | $ 109.2 M | |
| Net Working Capital | $ 865.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 6.914 | |
| Current Ratio | 12.102 | |
| Current Ratio QoQ | 22.558 % | |
| Current Ratio YoY | 20.191 % | |
| Current Ratio IPRWA | PJT: 12.102 high: 5.476 mean: 2.223 median: 1.74 low: 0.024 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.081 | |
| Cost Of Debt | 3.379 % | |
| Interest Coverage Ratio | 7.443 | |
| Interest Coverage Ratio QoQ | 31.213 % | |
| Interest Coverage Ratio YoY | 15.516 % | |
| Interest Coverage Ratio IPRWA | high: 98.413 median: 14.74 mean: 11.308 PJT: 7.443 low: -57.496 |
|
| Operating Cash Flow Ratio | 0.414 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.654 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 8.768 | |
| Dividend Payout Ratio | 0.114 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.22 % | |
| Revenue Growth | 19.698 % | |
| Revenue Growth QoQ | 99.332 % | |
| Revenue Growth YoY | -57.42 % | |
| Revenue Growth IPRWA | high: 84.981 % PJT: 19.698 % median: 4.854 % mean: 3.918 % low: -133.911 % |
|
| Earnings Growth | 37.838 % | |
| Earnings Growth QoQ | 87.968 % | |
| Earnings Growth YoY | -63.722 % | |
| Earnings Growth IPRWA | high: 84.404 % PJT: 37.838 % median: 6.275 % mean: 0.328 % low: -101.351 % |
|
| MARGINS | ||
| Gross Margin | 33.357 % | |
| Gross Margin QoQ | 3.738 % | |
| Gross Margin YoY | 5.254 % | |
| Gross Margin IPRWA | high: 96.325 % median: 73.22 % mean: 62.184 % PJT: 33.357 % low: 13.011 % |
|
| EBIT Margin | 23.606 % | |
| EBIT Margin QoQ | 9.622 % | |
| EBIT Margin YoY | 3.024 % | |
| EBIT Margin IPRWA | high: 98.387 % mean: 41.842 % median: 39.015 % PJT: 23.606 % low: -48.493 % |
|
| Return On Sales (ROS) | 23.606 % | |
| Return On Sales QoQ | 9.622 % | |
| Return On Sales YoY | 3.024 % | |
| Return On Sales IPRWA | high: 76.618 % mean: 33.876 % median: 30.65 % PJT: 23.606 % low: -37.724 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 138.6 M | |
| Free Cash Flow Yield | 3.246 % | |
| Free Cash Flow Yield QoQ | -42.488 % | |
| Free Cash Flow Yield YoY | -38.569 % | |
| Free Cash Flow Yield IPRWA | high: 21.601 % PJT: 3.246 % mean: -0.449 % median: -0.536 % low: -22.099 % |
|
| Free Cash Growth | -42.484 % | |
| Free Cash Growth QoQ | -222.62 % | |
| Free Cash Growth YoY | -552.825 % | |
| Free Cash Growth IPRWA | high: 297.862 % median: -22.892 % PJT: -42.484 % mean: -96.492 % low: -490.706 % |
|
| Free Cash To Net Income | 2.597 | |
| Cash Flow Margin | 6.036 % | |
| Cash Flow To Earnings | 0.605 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.996 % | |
| Return On Assets QoQ | 21.492 % | |
| Return On Assets YoY | -6.725 % | |
| Return On Assets IPRWA | high: 6.764 % PJT: 2.996 % mean: 0.943 % median: 0.514 % low: -5.776 % |
|
| Return On Capital Employed (ROCE) | 7.156 % | |
| Return On Equity (ROE) | 0.173 | |
| Return On Equity QoQ | -0.671 % | |
| Return On Equity YoY | -36.897 % | |
| Return On Equity IPRWA | PJT: 0.173 high: 0.159 mean: 0.053 median: 0.043 low: -0.111 |
|
| DuPont ROE | 19.88 % | |
| Return On Invested Capital (ROIC) | 33.071 % | |
| Return On Invested Capital QoQ | -4.725 % | |
| Return On Invested Capital YoY | -144.226 % | |
| Return On Invested Capital IPRWA | PJT: 33.071 % high: 19.071 % mean: 3.874 % median: 3.589 % low: -5.125 % |
|