PJT
Financial ServicesPJT Partners Inc. · Financial - Capital Markets · $4B
What is PJT Partners Inc.?
PJT Partners is an independent investment bank headquartered in New York City, focused exclusively on advisory services. Founded in 2015, the firm serves corporations, financial sponsors, institutional investors, and governments across the globe.
PJT Partners generates revenue entirely through advisory fees — it holds no balance sheet risk the way traditional banks do. The firm advises clients on mergers and acquisitions, restructurings, shareholder engagement, and capital markets transactions. It also provides private fund advisory and fundraising services. Because it earns fees rather than trading profits, revenue is closely tied to deal activity and client relationships rather than market spreads or lending cycles.
PJT Partners was founded in 2015 and is headquartered in New York City, US.
- Mergers, acquisitions, spin-offs, and divestiture advisory
- Restructuring and special situations advisory
- Shareholder engagement and activism defense
- Capital markets advisory including equity and debt raises
- Private fund advisory and fundraising services
Is PJT a Good Stock to Buy?
UQS Score rates PJT as Good overall, reflecting a balanced profile across the five quality pillars.
The Quality and Growth pillars both register as Good, suggesting the firm generates earnings in a reasonably consistent manner and has demonstrated meaningful expansion relative to its advisory-focused peer group. The Valuation pillar also reads as Good, indicating the market is not pricing PJT at a significant premium relative to its fundamentals.
The Moat pillar is rated Weak — a common characteristic among independent advisory boutiques, where client relationships are portable and barriers to entry are largely human capital rather than structural.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does PJT pay dividends?
Yes — PJT Partners Inc. pays a dividend.
PJT Partners pays a regular dividend, which is somewhat uncommon among boutique advisory firms of its size. The dividend reflects management's confidence in recurring fee generation. Investors seeking income alongside advisory-sector exposure may find this noteworthy, though dividend sustainability depends on deal flow and overall advisory market conditions.
When does PJT report earnings?
PJT Partners reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Advisory revenue at boutique banks tends to be lumpy, driven by the timing of deal closings and restructuring mandates. PJT's Growth pillar rating of Good suggests the firm has expanded its revenue base over time despite this inherent variability.
For the most recent quarter's results and guidance commentary, visit PJT Partners' investor relations page directly.
PJT Price History
+135.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in PJT Partners Inc.?
Based on PJT Partners Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
PJT Long-term Outlook
PJT's Good Growth pillar points to continued expansion potential, supported by secular demand for independent advisory voices in complex transactions. The Neutral Risk pillar suggests the firm carries a moderate risk profile — deal-flow cyclicality and talent retention remain the primary variables. The Good Valuation pillar indicates the current market price does not appear to embed excessive optimism, leaving room for the growth thesis to play out without requiring a perfect environment.
Growth drivers
- Rising demand for independent M&A and restructuring advice amid complex market cycles
- Expansion of private fund advisory as alternative asset managers grow globally
- Deepening shareholder engagement and ESG advisory mandates for public company boards
Key risks
- Deal-flow cyclicality — advisory revenue falls sharply in low-activity M&A environments
- Talent concentration risk — senior banker departures can directly impact client relationships
- Competitive pressure from larger banks and other boutiques pursuing the same mandates
PJT vs Peers
PJT Partners operates in a competitive advisory landscape alongside firms with distinct business models and market focuses.
Marex operates as a diversified financial services and commodities broker, contrasting with PJT's pure advisory model.
MIAX focuses on exchange and trading infrastructure, a structurally different revenue model from fee-based advisory.
Marathon Digital operates in digital asset mining, representing a high-risk, asset-intensive business far removed from PJT's advisory focus.
Frequently Asked Questions
What does PJT Partners do?
PJT Partners is an independent investment bank that provides advisory services across mergers and acquisitions, restructurings, shareholder engagement, and capital markets transactions. The firm earns fees for advice rather than taking balance sheet risk, serving corporations, financial sponsors, institutional investors, and governments worldwide.
Does PJT pay dividends?
Yes, PJT Partners pays a regular dividend. This is relatively uncommon among boutique advisory firms of its size. The dividend reflects the firm's fee-based revenue model, though the level of dividend sustainability is linked to deal activity and broader advisory market conditions.
When does PJT report earnings?
PJT Partners follows a standard quarterly earnings cadence for US-listed companies. Because advisory revenue can be lumpy, individual quarters may vary meaningfully. For exact dates and the most recent results, check PJT Partners' official investor relations page.
Is PJT a good stock to buy?
UQS Score rates PJT as Good overall. The Quality, Growth, and Valuation pillars all register positively, while the Moat pillar is rated Weak — reflecting the portable nature of client relationships in boutique banking. The full pillar breakdown is available to UQS Pro members.
Is PJT overvalued?
The UQS Valuation pillar for PJT is rated Good, suggesting the stock does not appear significantly overpriced relative to its fundamentals at the time of scoring. Valuation assessments can shift with deal-flow cycles and market sentiment, so reviewing the full analysis regularly is worthwhile.
How does PJT compare to its competitors?
PJT Partners is a pure-play advisory boutique, which distinguishes it from peers like Marex, which operates in commodities brokerage, and MIAX, which focuses on exchange infrastructure. Marathon Digital operates in digital asset mining — a fundamentally different risk and revenue profile from advisory banking.
What is PJT's market cap bracket?
PJT Partners is classified as a mid-cap company. This places it in a range where institutional coverage exists but the firm retains meaningful growth potential relative to larger, more established financial services firms.
Who founded PJT Partners?
PJT Partners was founded in 2015 by Paul J. Taubman, a veteran investment banker who previously led global mergers and acquisitions at Morgan Stanley. The firm was established as a standalone independent advisory bank following a spin-off from The Blackstone Group.
Is PJT a long-term quality investment?
As a long-term quality indicator, PJT's Good overall UQS Score reflects reasonable fundamentals across Quality, Growth, and Valuation pillars. The Weak Moat rating is worth monitoring — boutique advisory firms depend heavily on retaining senior talent, which can affect long-term competitive positioning.
What is the main competitive advantage of PJT Partners?
PJT's primary competitive advantage lies in its independent positioning and senior banker relationships. As a conflict-free advisor with no lending or trading operations, it can offer unbiased counsel — a meaningful differentiator in complex, high-stakes transactions where clients want advice untainted by other business interests.
What sector does PJT belong to?
PJT Partners operates in the Financial Services sector, specifically within the investment banking and advisory sub-segment. Unlike diversified banks, PJT earns revenue exclusively through advisory fees, making its financials more directly tied to deal volume and client activity than to interest rates or trading results.
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Pro Analysis
PJT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 60.0 | 73.6 | 35.0 | 69.8 | 46.0 | 79.8 | +0.2 |
| May 15, 2026 | 59.8 | 73.6 | 35.0 | 69.8 | 46.0 | 78.3 | -1.1 |
| May 7, 2026 | 60.9 | 73.7 | 35.0 | 69.8 | 50.5 | 81.2 | +0.1 |
| May 3, 2026 | 60.8 | 73.7 | 35.0 | 69.8 | 50.5 | 80.5 | 0.0 |
| May 1, 2026 | 60.8 | 73.7 | 35.0 | 69.8 | 50.5 | 80.8 | +0.5 |
| Apr 26, 2026 | 60.3 | 73.7 | 35.0 | 67.7 | 50.5 | 80.0 | +0.2 |
| Apr 19, 2026 | 60.1 | 73.7 | 35.0 | 67.7 | 50.5 | 79.0 | -0.1 |
| Apr 18, 2026 | 60.2 | 73.7 | 35.0 | 67.7 | 50.5 | 79.6 | -0.1 |
| Apr 15, 2026 | 60.3 | 73.7 | 35.0 | 67.7 | 50.5 | 80.2 | -0.7 |
| Apr 14, 2026 | 61.0 | 73.7 | 35.0 | 69.9 | 50.5 | 81.5 | -0.1 |
PJT — Pillar Breakdown
Quality
— 73.6/100 (25%)PJT Partners Inc. shows solid profitability with healthy returns on capital and reasonable margins.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 69.8/100 (20%)PJT Partners Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 46.0/100 (15%)PJT Partners Inc. has some risk factors including moderate leverage or solvency concerns.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 79.6/100 (15%)PJT Partners Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 35/100 (25%)PJT Partners Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for PJT.
Score Composition
Financial Data
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How is the PJT UQS Score Calculated?
The UQS (Unified Quality Score) for PJT Partners Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses PJT Partners Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether PJT Partners Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.