| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 40 | 21.4x | 17.8x | Bottom tier | |
Growth | 72 | 22.9% | 7.1% | Top tier | |
Quality | 95 | — | — | Top tier | |
Safety | 70 | — | — | Top tier | |
Capital Return | 60 | 0.53% | 2.12% | Around median | |
Momentum | 65 | -5.9% | 2.9% | Around median | |
Sentiment | 36 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
PJT Partners operates as an independent financial advisory firm, generating revenue from transaction and strategic advisory, restructuring and liability management, as well as private capital solutions and fundraising through PJT Park Hill. Its model relies on engagement and transaction completion fees, supported by geographic expansion and the recruitment of specialized bankers to deepen relationships with corporations, private equity firms, and institutional investors.
In quarter 2 of fiscal year 2026, PJT Partners reported revenue of $486.3 million, up 20% year over year, and net income according to EDGAR data of $45.8 million. Adjusted pre-tax income reached $106 million, up 32%, while its margin increased to 21.7% from 19.7%, and adjusted earnings per share reached $1.97, up 28%. The company recorded record revenue in Strategic Advisory and restructuring, while PJT Park Hill revenue increased due to growth in private capital solutions, which offset a decline in primary fundraising.
During the first half of fiscal year 2026, revenue reached $904 million, up 24%, and adjusted pre-tax income reached $189 million at a margin of 20.9% versus 18.6% in the corresponding period, while adjusted earnings per share increased 36% to $3.51. The latest trailing twelve-month period for 2026 shows revenue of $1.9 billion and net income of $199.5 million, compared with revenue of $1.7 billion and net income of $180.1 million in fiscal year 2025.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $185, within a range of $176 to $194, with the consensus rated as “Buy”; the average is below the 52-week range high of $195.62, while the highest target also remains slightly below it. The 52-week range extends from $127.73 to $195.62, and no usable price-to-earnings ratio is available, so the stock's valuation here is based on the target range and the breadth of results and engagements, while accounting for the expected slowdown in revenue growth in fiscal year 2026 and the increase in non-compensation expense growth to approximately 14%.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue reached $486.3 million, up 20% year over year, and net income according to EDGAR data was approximately $45.8 million. Adjusted pre-tax income reached $106 million, up 32%, and its margin increased to 21.7% from 19.7%. Adjusted earnings per share also rose 28% to $1.97, while Strategic Advisory and restructuring recorded record revenue.
The number of merger and acquisition engagements increased by more than 20% year over year to a record level in quarter 2 of fiscal year 2026, while the pipeline of unannounced transactions grew at an even higher rate. The restructuring business ranked first globally and in the United States in announced and completed transactions since the beginning of the fiscal year. Growth in private capital solutions and secondary transactions at PJT Park Hill also helped offset the decline in primary fundraising.
Management does not expect the same pace as in the first half, stating during the July 28, 2026 call that full fiscal year 2026 revenue growth will be lower than the first half growth rate of 24%. Nevertheless, it expects all businesses to remain on track to deliver record annual performance. If economic conditions remain close to their levels as of the call date, management believes Strategic Advisory will be the largest source of growth in absolute terms.
The business recorded record results in quarter 2 and the first half of fiscal year 2026, with PJT leading global and U.S. restructuring rankings for announced and completed transactions. Management linked demand to higher financing costs, larger debt balances, and more proactive use of liability management. It also believes that Strategic Advisory's geographic and sector expansion increases the number of relationships and opportunities that can be converted into liability management and restructuring engagements.
The company expects adjusted non-compensation expenses to grow by approximately 14% in fiscal year 2026, slightly above its previous guidance. The increase is attributable to travel, business-related expenses, professional fees, and continued investment in artificial intelligence and technology infrastructure, along with occupancy and depreciation costs related to the expansion of global offices. Management estimates the compensation ratio for fiscal year 2026 at 66.5% of revenue, compared with 67.5% in the first half of fiscal year 2025.
The company ended quarter 2 of fiscal year 2026 with liquidity, cash equivalents, and short-term investments of $535 million, and had no outstanding funded debt. It repurchased approximately 498 thousand shares and share equivalents during the quarter, bringing the first half total to approximately 2.1 million shares. The Board of Directors also approved a quarterly dividend of $0.25 per share, while the weighted average share count declined 2% year over year in the quarter to 42.6 million shares.
