PJT Partners (PJT) Financials

$151.79 -0.13 (-0.08%)

Closing price 03:59 PM Eastern

Extended Trading

$152.12 +0.33 (+0.22%)

As of 04:10 PM Eastern

Annual Income Statements for PJT Partners

This table shows PJT Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.58	-3.03	-33	27	30	118	106	91	82	134	180
Consolidated Net Income / (Loss)	-6.18	5.11	-28	43	64	212	190	165	146	238	310
Net Income / (Loss) Continuing Operations	-6.18	5.11	-28	43	64	230	190	165	146	238	310
Total Pre-Tax Income	-5.94	15	10	42	82	248	219	201	178	271	343
Total Operating Income	-5.94	15	10	42	82	248	219	201	178	271	343
Total Gross Profit	91	118	108	156	215	369	352	356	348	461	556
Total Revenue	406	499	499	580	718	1,052	992	1,026	1,153	1,493	1,714
Operating Revenue	406	499	499	580	718	1,052	992	1,026	1,153	1,493	1,714
Total Cost of Revenue	315	381	392	424	502	683	640	669	805	1,032	1,158
Operating Cost of Revenue	315	381	392	424	502	683	640	669	805	1,032	1,158
Total Operating Expenses	97	104	98	114	133	121	132	155	170	191	213
Selling, General & Admin Expense	35	28	49	54	62	64	71	74	85	90	94
Depreciation Expense	15	14	8.14	9.97	14	15	16	15	14	13	13
Other Operating Expenses / (Income)	47	62	41	50	57	42	45	66	72	88	106
Total Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.00	18	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	0.24	9.39	38	-1.05	18	36	29	37	32	32	33
Net Income / (Loss) Attributable to Noncontrolling Interest	-14	8.14	4.23	15	34	95	84	74	64	104	130
Basic Earnings per Share	$0.00	($0.17)	($1.73)	$1.23	$1.23	$4.80	$4.25	$3.61	$3.24	$5.28	$7.00
Weighted Average Basic Shares Outstanding	0.00	18.29M	18.86M	21.88M	24.01M	24.50M	24.96M	25.08M	25.26M	25.45M	25.72M
Diluted Earnings per Share	$0.00	($0.17)	($1.73)	$1.16	$1.21	$4.40	$3.99	$3.51	$3.12	$4.92	$6.68
Weighted Average Diluted Shares Outstanding	0.00	18.29M	18.86M	24.25M	25.01M	43.13M	42.36M	26.62M	41.88M	44.11M	28.61M
Weighted Average Basic & Diluted Shares Outstanding	0.00	18.29M	18.86M	22.77M	0.00	23.83M	23.89M	24.10M	23.92M	23.30M	24.17M

This table shows PJT Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	17	25	33	28	22	51	54	33	40	53	61
Consolidated Net Income / (Loss)	31	45	53	53	41	91	74	61	75	99	89
Net Income / (Loss) Continuing Operations	31	45	53	53	41	91	74	61	75	99	89
Total Pre-Tax Income	43	52	54	64	49	103	53	76	91	123	80
Total Operating Income	43	52	54	64	49	103	53	76	91	123	80
Total Gross Profit	85	96	100	110	100	151	103	130	144	179	138
Total Revenue	278	329	329	360	326	477	325	407	447	535	418
Operating Revenue	278	329	329	360	326	477	325	407	447	535	418
Total Cost of Revenue	193	232	229	250	227	326	221	277	303	357	280
Operating Cost of Revenue	193	232	229	250	227	326	221	277	303	357	280
Total Operating Expenses	42	45	47	45	50	48	51	54	53	56	58
Selling, General & Admin Expense	22	22	22	21	26	21	23	24	24	24	25
Depreciation Expense	3.55	3.46	3.50	3.11	2.98	3.21	3.21	3.28	3.41	3.44	3.95
Other Operating Expenses / (Income)	17	19	21	21	21	24	25	26	26	29	29
Total Other Income / (Expense), net	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Income Tax Expense	11	6.20	0.53	11	8.31	12	-22	15	16	24	-8.87
Net Income / (Loss) Attributable to Noncontrolling Interest	14	21	21	25	19	40	20	29	35	46	29
Basic Earnings per Share	$0.69	$0.98	$1.27	$1.12	$0.87	$2.02	$2.12	$1.27	$1.55	$2.06	$2.31
Weighted Average Basic Shares Outstanding	25.19M	25.26M	25.69M	25.38M	25.37M	25.45M	25.52M	25.84M	25.75M	25.72M	26.23M
Diluted Earnings per Share	$0.68	$0.91	$1.22	$1.06	$0.79	$1.85	$1.99	$1.21	$1.47	$2.01	$2.21
Weighted Average Diluted Shares Outstanding	26.64M	41.88M	28.17M	43.09M	44.64M	44.11M	44.46M	43.44M	28.63M	28.61M	43.28M
Weighted Average Basic & Diluted Shares Outstanding	24.24M	23.92M	23.99M	23.79M	23.70M	23.30M	24.43M	24.31M	24.31M	24.17M	25.82M

This table details how cash moves in and out of PJT Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	44	69	-6.81	-40	110	84	-99	-27	182	128	55
Net Cash From Operating Activities	112	117	111	123	211	469	124	243	442	531	526
Net Cash From Continuing Operating Activities	112	117	111	123	211	469	124	243	442	531	526
Net Income / (Loss) Continuing Operations	-6.18	5.11	-28	43	64	212	190	165	146	238	310
Consolidated Net Income / (Loss)	-6.18	5.11	-28	43	64	212	190	165	146	238	310
Depreciation Expense	15	14	8.14	9.97	14	15	16	15	14	13	13
Amortization Expense	-	-	0.00	0.00	18	21	19	21	23	16	18
Non-Cash Adjustments To Reconcile Net Income	37	96	145	111	126	125	107	173	182	211	230
Changes in Operating Assets and Liabilities, net	66	1.57	-13	-40	-12	96	-208	-131	77	53	-44
Net Cash From Investing Activities	-24	-13	-38	-31	-1.72	-146	131	-53	-34	8.06	-29
Net Cash From Continuing Investing Activities	-24	-13	-38	-31	-1.72	-146	131	-53	-34	8.06	-29
Purchase of Property, Plant & Equipment	-35	-13	-1.06	-7.21	-8.81	-8.85	-6.47	-3.43	-3.93	-3.30	-46
Acquisitions	11	0.00	0.00	-61	-	-	-	0.00	0.00	-11	0.00
Purchase of Investments	0.00	0.00	-57	-22	-11	-278	-98	-144	-329	-370	-182
Sale and/or Maturity of Investments	0.00	0.00	20	59	11	141	235	94	298	392	200
Net Cash From Financing Activities	-44	-33	-80	-131	-101	-244	-353	-210	-228	-409	-454
Net Cash From Continuing Financing Activities	-44	-33	-80	-131	-101	-244	-353	-210	-228	-409	-454
Repayment of Debt	-0.02	-0.09	0.00	0.00	-24	-38	-15	-42	-15	0.00	0.00
Repurchase of Common Equity	0.00	0.00	-2.30	-65	-48	-49	-103	-109	-117	-235	-195
Payment of Dividends	-4.66	-3.73	-3.80	-4.32	-4.65	-4.82	-116	-25	-24	-24	-25
Issuance of Debt	-	0.00	0.00	30	15	16	15	42	15	0.00	0.00
Other Financing Activities, net	-40	-29	-74	-91	-40	-169	-134	-76	-87	-149	-234
Effect of Exchange Rate Changes	0.00	-2.50	-0.15	-0.28	1.45	4.15	-1.16	-6.72	3.20	-1.99	11
Cash Interest Paid	-	0.00	0.00	0.37	1.39	0.12	0.01	0.13	0.02	0.00	0.00
Cash Income Taxes Paid	3.52	6.81	15	0.50	3.84	36	31	29	23	36	44

This table details how cash moves in and out of PJT Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-35	239	-140	-51	-15	335	-290	20	186	138	-230
Net Cash From Operating Activities	150	124	-39	194	180	196	-76	190	256	156	64
Net Cash From Continuing Operating Activities	150	124	-39	194	180	196	-76	190	256	156	64
Net Income / (Loss) Continuing Operations	31	45	53	53	41	91	74	61	75	99	89
Consolidated Net Income / (Loss)	31	45	53	53	41	91	74	61	75	99	89
Depreciation Expense	3.55	3.46	3.50	3.11	2.98	3.21	3.21	3.28	3.41	3.44	3.95
Amortization Expense	5.65	5.10	3.94	3.96	3.94	4.02	4.33	4.53	4.46	4.59	4.73
Non-Cash Adjustments To Reconcile Net Income	37	44	76	49	47	40	90	45	46	48	83
Changes in Operating Assets and Liabilities, net	73	25	-175	85	86	58	-248	76	128	0.15	-116
Net Cash From Investing Activities	-164	157	60	-166	-138	252	28	-81	-33	57	-41
Net Cash From Continuing Investing Activities	-164	157	60	-166	-138	252	28	-81	-33	57	-41
Purchase of Property, Plant & Equipment	-0.55	-0.50	-0.44	-0.52	-1.92	-0.43	-1.98	-12	-15	-17	-8.26
Purchase of Investments	-218	-32	-20	-165	-165	-19	-13	-69	-81	-20	-59
Sale and/or Maturity of Investments	54	189	80	-	29	283	43	-	63	94	27
Net Cash From Financing Activities	-19	-44	-158	-80	-63	-107	-245	-94	-39	-75	-251
Net Cash From Continuing Financing Activities	-19	-44	-158	-80	-63	-107	-245	-94	-39	-75	-251
Repurchase of Common Equity	-1.86	-11	-106	-56	-23	-50	-127	-63	-	-4.72	-61
Payment of Dividends	-28	-27	-6.23	-5.98	-5.95	-5.97	-6.26	-6.09	-6.09	-6.09	-6.53
Other Financing Activities, net	11	-6.37	-46	-18	-34	-51	-112	-25	-33	-64	-183
Effect of Exchange Rate Changes	-2.16	3.29	-2.67	1.52	5.76	-6.60	3.31	5.06	1.77	0.88	-2.90
Cash Interest Paid	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Cash Income Taxes Paid	1.63	17	2.22	0.96	12	21	4.69	3.39	4.30	32	4.11

This table presents PJT Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	467	590	559	672	953	1,172	988	1,051	1,435	1,635	1,843
Total Current Assets	253	380	373	326	445	671	490	541	700	868	990
Cash & Equivalents	82	152	146	106	216	300	200	173	356	484	539
Short-Term Investments	-	0.00	37	2.16	1.54	138	0.00	50	81	63	47
Accounts Receivable	170	228	190	218	228	233	289	318	264	321	404
Plant, Property, & Equipment, net	31	38	34	35	37	39	37	31	26	22	61
Total Noncurrent Assets	183	172	152	311	471	462	461	479	709	746	792
Goodwill	76	72	72	176	173	173	173	173	173	192	192
Intangible Assets	24	15	12	49	40	32	24	18	13	13	7.45
Noncurrent Deferred & Refundable Income Taxes	69	71	44	59	48	53	64	69	72	85	95
Other Noncurrent Operating Assets	15	14	23	27	210	204	200	219	450	456	498
Total Liabilities & Shareholders' Equity	467	590	559	672	953	1,172	988	1,051	1,435	1,635	1,843
Total Liabilities	125	177	137	184	378	484	350	291	574	734	834
Total Current Liabilities	111	157	114	114	146	26	24	25	22	34	34
Accounts Payable	30	17	17	25	25	26	24	25	22	34	34
Total Noncurrent Liabilities	15	20	22	70	233	458	326	266	552	700	800
Capital Lease Obligations	-	-	-	0.00	183	172	-	136	331	355	414
Noncurrent Deferred Revenue	13	17	17	24	14	9.76	13	13	10	9.60	8.37
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.96	-	8.46	9.29	20	31	30	30	29	30
Noncurrent Employee Benefit Liabilities	-	-	-	-	-	253	122	84	174	299	342
Other Noncurrent Operating Liabilities	1.67	1.53	5.27	7.04	4.84	2.74	161	3.45	6.57	7.35	5.23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	32	-8.56	422	488	575	688	638	760	861	902	1,009
Total Preferred & Common Equity	32	-8.56	-157	-26	31	154	120	185	245	187	308
Total Common Equity	32	-8.56	-157	-26	31	154	120	185	245	187	308
Common Stock	43	9.33	31	211	291	350	392	503	620	689	845
Retained Earnings	-11	-18	-186	-170	-145	-33	-4.93	61	118	229	384
Treasury Stock	-	0.00	-2.30	-67	-115	-164	-267	-376	-493	-729	-924
Accumulated Other Comprehensive Income / (Loss)	-0.05	0.06	0.16	-0.63	0.15	1.41	0.63	-2.27	-0.47	-1.66	2.83
Noncontrolling Interest	-	0.00	580	514	543	534	517	574	616	715	701

This table presents PJT Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,067	960	1,087	1,195	1,302	1,418	1,560	1,397	1,511	1,719	1,564
Total Current Assets	576	418	559	679	561	695	821	565	677	892	737
Cash & Equivalents	190	94	151	116	216	164	149	194	215	400	309
Short-Term Investments	100	5.00	74	239	20	187	328	33	104	121	79
Accounts Receivable	286	320	333	324	325	344	344	339	359	371	349
Plant, Property, & Equipment, net	31	31	29	27	24	23	23	23	33	46	66
Total Noncurrent Assets	459	511	499	488	717	700	716	809	801	781	760
Goodwill	173	173	173	173	173	173	173	192	192	192	192
Intangible Assets	19	17	15	14	12	11	9.27	12	10	8.72	6.18
Noncurrent Deferred & Refundable Income Taxes	71	71	71	71	75	75	74	89	89	90	100
Other Noncurrent Operating Assets	196	251	240	230	458	443	460	516	510	490	462
Total Liabilities & Shareholders' Equity	1,067	960	1,087	1,195	1,302	1,418	1,560	1,397	1,511	1,719	1,564
Total Liabilities	356	222	322	383	474	570	679	572	663	789	634
Total Current Liabilities	25	25	25	26	102	26	33	34	40	30	28
Accounts Payable	25	25	25	26	24	26	33	34	40	30	28
Total Noncurrent Liabilities	331	196	297	357	372	544	646	538	623	759	606
Capital Lease Obligations	135	-	-	-	327	326	353	410	415	413	421
Noncurrent Deferred Revenue	13	13	11	11	8.31	12	14	17	11	6.86	14
Noncurrent Deferred & Payable Income Tax Liabilities	32	32	32	32	31	31	31	33	33	34	35
Noncurrent Employee Benefit Liabilities	150	17	123	187	-	170	242	73	157	297	132
Other Noncurrent Operating Liabilities	1.09	134	130	126	5.15	5.57	6.62	5.88	6.58	6.84	4.22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	710	738	765	812	828	848	881	824	849	930	930
Total Preferred & Common Equity	148	159	149	193	175	134	159	149	167	229	273
Total Common Equity	148	159	149	193	175	134	159	149	167	229	273
Common Stock	477	531	542	578	631	624	654	728	780	808	818
Retained Earnings	43	72	88	99	145	167	183	276	303	337	438
Treasury Stock	-367	-443	-481	-482	-600	-656	-679	-856	-919	-919	-985
Accumulated Other Comprehensive Income / (Loss)	-3.85	-1.50	-0.56	-2.52	-0.99	-1.00	1.01	0.10	3.53	2.80	1.86
Noncontrolling Interest	562	579	616	619	654	714	721	675	681	702	657

This table displays calculated financial ratios and metrics derived from PJT Partners' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.21%	23.03%	-0.03%	16.22%	23.68%	46.63%	-5.74%	3.38%	12.45%	29.48%	14.77%
EBITDA Growth	-42.37%	223.28%	-36.21%	182.94%	123.36%	147.24%	-10.53%	-6.56%	-9.85%	39.65%	25.04%
EBIT Growth	-178.75%	344.27%	-30.66%	312.90%	97.99%	201.69%	-11.50%	-8.19%	-11.84%	52.34%	26.74%
NOPAT Growth	-192.50%	222.93%	-654.54%	250.24%	49.88%	233.02%	-10.58%	-13.26%	-11.59%	63.69%	29.88%
Net Income Growth	-237.47%	182.72%	-654.54%	250.24%	49.88%	233.02%	-10.58%	-13.26%	-11.59%	63.69%	29.88%
EPS Growth	0.00%	0.00%	-917.65%	167.05%	4.31%	263.64%	-9.32%	-12.03%	-11.11%	57.69%	35.77%
Operating Cash Flow Growth	127.92%	4.16%	-4.82%	10.54%	71.84%	122.21%	-73.55%	95.50%	81.90%	20.25%	-0.88%
Free Cash Flow Firm Growth	110.66%	-90.57%	-342.52%	-1,703.12%	30.68%	498.21%	-49.99%	-139.78%	189.56%	353.93%	-35.92%
Invested Capital Growth	-11.91%	0.85%	-8.15%	70.82%	37.11%	-24.71%	3.40%	53.68%	12.38%	-6.02%	18.01%
Revenue Q/Q Growth	0.00%	16.21%	3.54%	-2.55%	11.37%	7.49%	-0.87%	-3.15%	4.40%	11.06%	3.50%
EBITDA Q/Q Growth	0.00%	298.68%	9.48%	-12.52%	48.07%	19.14%	-7.09%	-5.97%	-3.83%	19.99%	5.90%
EBIT Q/Q Growth	0.00%	138.01%	20.08%	-17.80%	64.51%	22.61%	-8.27%	-6.86%	-4.46%	23.33%	6.20%
NOPAT Q/Q Growth	0.00%	119.13%	-250.94%	2,457.57%	66.66%	25.64%	-8.34%	-9.87%	-0.40%	23.58%	2.71%
Net Income Q/Q Growth	0.00%	113.25%	-250.94%	2,457.57%	66.66%	25.64%	-8.34%	-9.87%	-0.40%	23.58%	2.71%
EPS Q/Q Growth	0.00%	67.92%	-388.33%	205.45%	49.38%	26.07%	-8.06%	-7.87%	-1.27%	23.62%	2.45%
Operating Cash Flow Q/Q Growth	-38.04%	62.89%	22.21%	-22.36%	130.45%	10.64%	-59.02%	-9.68%	56.40%	15.67%	-7.06%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	74.96%	-387.65%	72.19%	28.62%	-11.98%	-156.60%	-74.51%	364.99%	-22.86%
Invested Capital Q/Q Growth	0.00%	12.11%	-14.31%	72.65%	-5.25%	-13.49%	-11.94%	20.86%	65.29%	-6.27%	1.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.35%	23.71%	21.58%	26.85%	30.03%	35.06%	35.48%	34.75%	30.16%	30.88%	32.43%
EBITDA Margin	2.17%	5.71%	3.64%	8.87%	16.02%	27.02%	25.64%	23.18%	18.58%	20.04%	21.83%
Operating Margin	-1.46%	2.90%	2.01%	7.15%	11.45%	23.56%	22.12%	19.65%	15.40%	18.12%	20.01%
EBIT Margin	-1.46%	2.90%	2.01%	7.15%	11.45%	23.56%	22.12%	19.65%	15.40%	18.12%	20.01%
Profit (Net Income) Margin	-1.52%	1.02%	-5.67%	7.33%	8.89%	20.19%	19.15%	16.07%	12.63%	15.97%	18.07%
Tax Burden Percent	104.03%	35.23%	-281.74%	102.52%	77.61%	85.67%	86.56%	81.78%	82.02%	88.14%	90.32%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	64.77%	381.74%	-2.52%	22.39%	14.33%	13.44%	18.22%	17.98%	11.86%	9.68%
Return on Invested Capital (ROIC)	-1.50%	1.97%	-11.31%	13.11%	13.14%	43.17%	44.18%	29.72%	20.42%	32.57%	40.06%
ROIC Less NNEP Spread (ROIC-NNEP)	1.82%	1.97%	-11.31%	13.11%	13.14%	43.17%	44.18%	29.72%	20.42%	32.57%	40.06%
Return on Net Nonoperating Assets (RNNOA)	-0.33%	-0.61%	4.54%	-3.76%	-1.13%	-9.51%	-15.52%	-6.13%	-2.45%	-5.52%	-7.63%
Return on Equity (ROE)	-1.83%	1.35%	-6.78%	9.35%	12.01%	33.66%	28.66%	23.59%	17.98%	27.06%	32.42%
Cash Return on Invested Capital (CROIC)	11.16%	1.12%	-2.82%	-39.19%	-18.16%	71.36%	40.85%	-12.60%	8.77%	38.78%	23.53%
Operating Return on Assets (OROA)	-1.46%	2.74%	1.75%	6.75%	10.12%	23.34%	20.33%	19.77%	14.29%	17.62%	19.72%
Return on Assets (ROA)	-1.52%	0.97%	-4.93%	6.92%	7.85%	20.00%	17.59%	16.17%	11.72%	15.53%	17.81%
Return on Common Equity (ROCE)	-0.99%	0.04%	1.34%	-1.89%	0.06%	4.95%	5.94%	5.15%	4.77%	6.63%	8.40%
Return on Equity Simple (ROE_SIMPLE)	-19.25%	-59.67%	18.01%	-160.86%	203.21%	137.71%	157.99%	89.01%	59.54%	127.52%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.16	5.11	-28	43	64	212	190	165	146	238	310
NOPAT Margin	-1.02%	1.02%	-5.67%	7.33%	8.89%	20.19%	19.15%	16.07%	12.63%	15.97%	18.07%
Net Nonoperating Expense Percent (NNEP)	-3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.41%	12.22%	18.98%	21.77%
Cost of Revenue to Revenue	77.65%	76.29%	78.42%	73.15%	69.97%	64.94%	64.52%	65.25%	69.84%	69.12%	67.57%
SG&A Expenses to Revenue	8.63%	5.57%	9.83%	9.27%	8.58%	6.11%	7.18%	7.19%	7.33%	6.03%	5.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.82%	20.81%	19.57%	19.69%	18.57%	11.49%	13.35%	15.10%	14.76%	12.76%	12.42%
Earnings before Interest and Taxes (EBIT)	-5.94	15	10	42	82	248	219	201	178	271	343
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.82	29	18	51	115	284	254	238	214	299	374
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.43	0.00	0.00	0.00	30.88	10.84	14.55	9.52	10.01	20.00	13.18
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.51	0.00	37.22
Price to Revenue (P/Rev)	1.14	1.02	1.57	1.38	1.35	1.59	1.76	1.72	2.12	2.51	2.37
Price to Earnings (P/E)	61.11	0.00	0.00	29.39	32.79	14.23	16.48	19.46	29.93	27.83	22.56
Dividend Yield	0.00%	0.71%	0.48%	0.56%	0.48%	0.28%	4.44%	1.39%	0.99%	0.63%	0.60%
Earnings Yield	1.64%	0.00%	0.00%	3.40%	3.05%	7.03%	6.07%	5.14%	3.34%	3.59%	4.43%
Enterprise Value to Invested Capital (EV/IC)	2.67	2.99	4.92	3.01	2.67	4.59	4.73	3.35	3.92	6.01	5.49
Enterprise Value to Revenue (EV/Rev)	1.70	1.56	2.36	2.13	2.09	1.84	2.08	2.19	2.57	2.85	2.68
Enterprise Value to EBITDA (EV/EBITDA)	78.16	27.33	64.80	23.98	13.04	6.83	8.12	9.46	13.81	14.25	12.28
Enterprise Value to EBIT (EV/EBIT)	0.00	53.78	117.28	29.74	18.24	7.83	9.42	11.16	16.66	15.75	13.39
Enterprise Value to NOPAT (EV/NOPAT)	0.00	152.65	0.00	29.01	23.51	9.14	10.88	13.64	20.31	17.88	14.83
Enterprise Value to Operating Cash Flow (EV/OCF)	6.15	6.67	10.60	10.04	7.10	4.13	16.64	9.26	6.70	8.03	8.73
Enterprise Value to Free Cash Flow (EV/FCFF)	22.36	268.04	0.00	0.00	0.00	5.53	11.77	0.00	47.30	15.01	25.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.06	0.36	0.25	0.00	0.18	0.38	0.39	0.41
Long-Term Debt to Equity	0.00	0.00	0.00	0.06	0.36	0.25	0.00	0.18	0.38	0.39	0.41
Financial Leverage	-0.18	-0.31	-0.40	-0.29	-0.09	-0.22	-0.35	-0.21	-0.12	-0.17	-0.19
Leverage Ratio	1.21	1.40	1.38	1.35	1.53	1.68	1.63	1.46	1.53	1.74	1.82
Compound Leverage Factor	1.21	1.40	1.38	1.35	1.53	1.68	1.63	1.46	1.53	1.74	1.82
Debt to Total Capital	0.00%	0.00%	0.00%	5.79%	26.24%	20.03%	0.00%	15.15%	27.74%	28.22%	29.09%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	5.79%	26.24%	20.03%	0.00%	15.15%	27.74%	28.22%	29.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	90.62%	102.07%	137.23%	99.32%	69.73%	62.04%	81.14%	64.17%	51.73%	56.89%	49.25%
Common Equity to Total Capital	9.38%	-2.07%	-37.23%	-5.11%	4.03%	17.93%	18.86%	20.68%	20.53%	14.89%	21.66%
Debt to EBITDA	0.00	0.00	0.00	0.58	1.78	0.61	0.00	0.57	1.54	1.18	1.11
Net Debt to EBITDA	0.00	0.00	0.00	-1.52	-0.11	-0.93	0.00	-0.37	-0.50	-0.64	-0.46
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.58	1.78	0.61	0.00	0.57	1.54	1.18	1.11
Debt to NOPAT	0.00	0.00	0.00	0.70	3.20	0.81	0.00	0.82	2.27	1.49	1.34
Net Debt to NOPAT	0.00	0.00	0.00	-1.84	-0.20	-1.25	0.00	-0.53	-0.73	-0.81	-0.55
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.70	3.20	0.81	0.00	0.82	2.27	1.49	1.34
Altman Z-Score	3.37	3.07	4.48	3.70	2.74	4.29	5.30	5.91	4.46	5.33	5.38
Noncontrolling Interest Sharing Ratio	45.96%	96.89%	119.84%	120.19%	99.54%	85.29%	79.29%	78.15%	73.48%	75.51%	74.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.28	2.41	3.27	2.85	3.06	25.85	20.62	21.84	31.41	25.80	29.08
Quick Ratio	2.27	2.41	3.27	2.85	3.06	25.85	20.62	21.84	31.41	25.80	29.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	31	2.91	-7.06	-127	-88	351	176	-70	63	284	182
Operating Cash Flow to CapEx	328.74%	892.81%	10,472.22%	1,706.08%	2,397.68%	5,302.03%	1,918.43%	7,068.46%	11,243.54%	16,099.15%	1,147.59%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.00	0.94	0.87	0.94	0.88	0.99	0.92	1.01	0.93	0.97	0.99
Accounts Receivable Turnover	2.44	2.52	2.39	2.84	3.22	4.57	3.80	3.38	3.97	5.11	4.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.18	14.34	13.88	16.92	19.95	27.73	26.13	30.23	40.75	62.17	41.20
Accounts Payable Turnover	18.35	16.25	22.88	20.44	20.32	26.95	25.76	27.57	34.21	36.91	34.22
Days Sales Outstanding (DSO)	149.49	145.13	152.77	128.37	113.24	79.90	96.12	108.03	91.99	71.42	77.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	19.89	22.46	15.95	17.86	17.96	13.54	14.17	13.24	10.67	9.89	10.67
Cash Conversion Cycle (CCC)	129.60	122.67	136.82	110.52	95.28	66.35	81.95	94.79	81.32	61.53	66.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	259	261	240	409	561	423	437	672	755	709	837
Invested Capital Turnover	1.47	1.92	1.99	1.79	1.48	2.14	2.31	1.85	1.62	2.04	2.22
Increase / (Decrease) in Invested Capital	-35	2.20	-21	170	152	-139	14	235	83	-45	128
Enterprise Value (EV)	690	780	1,179	1,235	1,499	1,941	2,067	2,248	2,959	4,263	4,593
Market Capitalization	463	510	782	799	969	1,672	1,750	1,761	2,449	3,740	4,064
Book Value per Share	$1.79	($0.48)	($8.46)	($1.19)	$1.36	$6.48	$4.95	$7.58	$10.09	$7.89	$12.68
Tangible Book Value per Share	($3.75)	($5.31)	($13.01)	($11.31)	($7.85)	($2.12)	($3.17)	($0.23)	$2.43	($0.74)	$4.49
Total Capital	342	413	422	518	779	860	638	895	1,192	1,256	1,423
Total Debt	0.00	0.00	0.00	30	204	172	0.00	136	331	355	414
Total Long-Term Debt	0.00	0.00	0.00	30	204	172	0.00	136	331	355	414
Net Debt	-83	-152	-183	-78	-13	-265	-200	-88	-106	-192	-172
Capital Expenditures (CapEx)	34	13	1.06	7.21	8.81	8.85	6.47	3.43	3.93	3.30	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	59	70	76	103	82	207	266	293	241	287	370
Debt-free Net Working Capital (DFNWC)	142	223	259	212	299	645	466	516	678	834	956
Net Working Capital (NWC)	142	223	259	212	299	645	466	516	678	834	956
Net Nonoperating Expense (NNE)	2.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	-83	-152	-183	-78	-13	-265	-200	-88	-106	-192	-172
Total Depreciation and Amortization (D&A)	15	14	8.14	9.97	33	36	35	36	37	29	31
Debt-free, Cash-free Net Working Capital to Revenue	14.49%	14.04%	15.26%	17.83%	11.43%	19.69%	26.77%	28.57%	20.92%	19.23%	21.61%
Debt-free Net Working Capital to Revenue	34.98%	44.56%	51.86%	36.49%	41.73%	61.26%	46.98%	50.36%	58.81%	55.85%	55.79%
Net Working Capital to Revenue	34.98%	44.56%	51.86%	36.49%	41.73%	61.26%	46.98%	50.36%	58.81%	55.85%	55.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.17)	($1.73)	$1.23	$1.23	$4.80	$4.25	$3.61	$3.24	$5.28	$7.00
Adjusted Weighted Average Basic Shares Outstanding	17.97M	18.52M	18.86M	21.88M	24.01M	24.50M	24.96M	25.08M	25.26M	25.45M	25.72M
Adjusted Diluted Earnings per Share	$0.00	($0.17)	($1.73)	$1.16	$1.21	$4.40	$3.99	$3.51	$3.12	$4.92	$6.68
Adjusted Weighted Average Diluted Shares Outstanding	17.97M	18.52M	18.86M	24.25M	25.01M	43.13M	42.36M	26.62M	41.88M	44.11M	28.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.17)	($1.73)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	18.29M	18.86M	22.77M	22.85M	23.83M	23.89M	24.10M	23.92M	23.30M	24.17M
Normalized Net Operating Profit after Tax (NOPAT)	-4.16	10	7.04	29	64	212	190	165	146	238	310
Normalized NOPAT Margin	-1.02%	2.03%	1.41%	5.01%	8.89%	20.19%	19.15%	16.07%	12.63%	15.97%	18.07%
Pre Tax Income Margin	-1.46%	2.90%	2.01%	7.15%	11.45%	23.56%	22.12%	19.65%	15.40%	18.12%	20.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-75.51%	72.98%	-13.40%	10.15%	7.28%	2.27%	60.96%	14.95%	46.23%	10.12%	7.92%
Augmented Payout Ratio	-75.51%	72.98%	-21.53%	162.58%	82.24%	25.18%	115.37%	81.39%	126.36%	108.71%	70.95%

This table displays calculated financial ratios and metrics derived from PJT Partners' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	24,174,499.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	24,174,499.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.61%	17.36%	64.71%	4.02%	17.23%	45.27%	-1.48%	12.97%	37.01%	12.13%	28.86%
EBITDA Growth	-8.13%	-12.42%	60.15%	11.72%	8.83%	82.75%	-1.99%	17.94%	75.47%	18.92%	48.14%
EBIT Growth	-10.68%	-13.83%	84.64%	18.89%	16.06%	99.02%	-2.46%	18.76%	84.16%	19.47%	52.89%
NOPAT Growth	-20.20%	-1.26%	90.71%	29.18%	31.84%	100.03%	38.95%	15.85%	82.50%	8.99%	20.35%
Net Income Growth	-20.20%	-1.26%	90.71%	29.18%	31.84%	100.03%	38.95%	15.85%	82.50%	8.99%	20.35%
EPS Growth	-17.07%	-4.21%	82.09%	23.26%	16.18%	103.30%	63.11%	14.15%	86.08%	8.65%	11.06%
Operating Cash Flow Growth	-6.57%	449.12%	-68.69%	1.55%	20.19%	58.12%	-95.83%	-1.62%	41.92%	-20.44%	184.61%
Free Cash Flow Firm Growth	738.97%	80.04%	-285.08%	-262.77%	-298.86%	462.55%	94.03%	73.72%	103.57%	-120.96%	1,088.46%
Invested Capital Growth	-17.83%	12.38%	43.84%	52.52%	65.72%	-6.02%	9.53%	14.82%	8.68%	18.01%	-4.43%
Revenue Q/Q Growth	-19.61%	18.03%	0.26%	9.35%	-9.40%	46.26%	-32.00%	25.38%	9.88%	19.70%	-21.85%
EBITDA Q/Q Growth	-19.11%	16.43%	1.81%	16.51%	-21.20%	95.52%	-45.40%	40.21%	17.23%	32.51%	-31.98%
EBIT Q/Q Growth	-21.44%	21.48%	4.28%	19.47%	-23.31%	108.31%	-48.89%	45.46%	18.93%	35.13%	-34.60%
NOPAT Q/Q Growth	-24.11%	46.02%	17.32%	-0.64%	-22.55%	121.55%	-18.50%	-17.16%	22.00%	32.32%	-10.01%
Net Income Q/Q Growth	-24.11%	46.02%	17.32%	-0.64%	-22.55%	121.55%	-18.50%	-17.16%	22.00%	32.32%	-10.01%
EPS Q/Q Growth	-20.93%	33.82%	34.07%	-13.11%	-25.47%	134.18%	7.57%	-39.20%	21.49%	36.73%	9.95%
Operating Cash Flow Q/Q Growth	-21.23%	-17.56%	-131.33%	599.12%	-6.77%	8.45%	-138.80%	350.76%	34.49%	-39.20%	-58.74%
Free Cash Flow Firm Q/Q Growth	-7.94%	-128.89%	-503.25%	-1.44%	-12.46%	152.68%	-109.93%	-346.74%	115.29%	-409.05%	568.09%
Invested Capital Q/Q Growth	-15.36%	65.29%	21.89%	-10.56%	-8.04%	-6.27%	42.06%	-6.24%	-12.95%	1.78%	15.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.50%	29.31%	30.50%	30.50%	30.50%	31.69%	31.86%	31.96%	32.16%	33.36%	32.98%
EBITDA Margin	18.59%	18.34%	18.62%	19.84%	17.26%	23.07%	18.53%	20.72%	22.10%	24.47%	21.30%
Operating Margin	15.29%	15.73%	16.36%	17.88%	15.13%	21.56%	16.20%	18.80%	20.34%	22.97%	19.22%
EBIT Margin	15.29%	15.73%	16.36%	17.88%	15.13%	21.56%	16.20%	18.80%	20.34%	22.97%	19.22%
Profit (Net Income) Margin	11.19%	13.85%	16.20%	14.72%	12.59%	19.07%	22.85%	15.10%	16.77%	18.53%	21.34%
Tax Burden Percent	73.21%	88.00%	99.01%	82.35%	83.17%	88.45%	141.05%	80.33%	82.41%	80.69%	111.03%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	26.79%	12.00%	0.99%	17.65%	16.83%	11.55%	-41.05%	19.67%	17.59%	19.31%	-11.03%
Return on Invested Capital (ROIC)	24.42%	22.39%	26.65%	28.02%	27.89%	38.89%	35.29%	26.22%	35.16%	41.07%	39.14%
ROIC Less NNEP Spread (ROIC-NNEP)	24.42%	22.39%	26.65%	28.02%	27.89%	38.89%	35.29%	26.22%	35.16%	41.07%	39.14%
Return on Net Nonoperating Assets (RNNOA)	-8.18%	-2.68%	-0.11%	-4.35%	-7.89%	-6.59%	5.88%	1.10%	-4.50%	-7.83%	4.84%
Return on Equity (ROE)	16.24%	19.70%	26.54%	23.67%	20.00%	32.30%	41.16%	27.33%	30.66%	33.24%	43.98%
Cash Return on Invested Capital (CROIC)	48.47%	8.77%	-14.02%	-14.73%	-17.66%	38.78%	17.80%	16.48%	29.87%	23.53%	37.50%
Operating Return on Assets (OROA)	14.93%	14.60%	18.56%	18.51%	14.77%	20.97%	17.87%	19.70%	20.55%	22.63%	23.47%
Return on Assets (ROA)	10.93%	12.85%	18.38%	15.24%	12.29%	18.54%	25.21%	15.83%	16.93%	18.26%	26.06%
Return on Common Equity (ROCE)	3.64%	5.22%	5.65%	4.15%	4.16%	7.91%	8.06%	4.85%	6.56%	8.62%	10.57%
Return on Equity Simple (ROE_SIMPLE)	75.81%	0.00%	97.97%	136.81%	121.28%	0.00%	174.20%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	31	45	53	53	41	91	74	61	75	99	89
NOPAT Margin	11.19%	13.85%	16.20%	14.72%	12.59%	19.07%	22.85%	15.10%	16.77%	18.53%	21.34%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	3.82%	-	-	-	7.24%	6.01%	4.86%	5.58%	6.97%	6.61%
Cost of Revenue to Revenue	69.50%	70.69%	69.50%	69.50%	69.50%	68.31%	68.14%	68.04%	67.84%	66.64%	67.02%
SG&A Expenses to Revenue	7.85%	6.60%	6.62%	5.88%	7.93%	4.44%	6.94%	5.89%	5.28%	4.42%	5.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.21%	13.57%	14.14%	12.62%	15.37%	10.14%	15.66%	13.17%	11.81%	10.39%	13.76%
Earnings before Interest and Taxes (EBIT)	43	52	54	64	49	103	53	76	91	123	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	60	61	71	56	110	60	84	99	131	89
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.88	10.01	12.91	19.34	19.94	20.00	21.58	24.08	18.90	13.18	12.38
Price to Tangible Book Value (P/TBV)	333.89	41.51	0.00	0.00	0.00	0.00	0.00	0.00	152.90	37.22	45.08
Price to Revenue (P/Rev)	1.72	2.12	1.76	2.00	2.36	2.51	2.16	2.63	2.61	2.37	1.87
Price to Earnings (P/E)	23.37	29.93	23.22	25.07	29.38	27.83	20.62	25.14	24.26	22.56	18.10
Dividend Yield	1.27%	0.99%	1.06%	0.93%	0.75%	0.63%	0.73%	0.61%	0.56%	0.60%	0.72%
Earnings Yield	4.28%	3.34%	4.31%	3.99%	3.40%	3.59%	4.85%	3.98%	4.12%	4.43%	5.52%
Enterprise Value to Invested Capital (EV/IC)	4.75	3.92	3.26	3.98	4.98	6.01	4.04	5.09	5.97	5.49	4.22
Enterprise Value to Revenue (EV/Rev)	1.96	2.57	2.34	2.53	2.80	2.85	2.74	3.13	2.97	2.68	2.25
Enterprise Value to EBITDA (EV/EBITDA)	9.73	13.81	12.64	13.39	15.12	14.25	13.66	15.47	13.91	12.28	10.09
Enterprise Value to EBIT (EV/EBIT)	11.66	16.66	14.83	15.42	17.19	15.75	15.12	17.09	15.22	13.39	10.97
Enterprise Value to NOPAT (EV/NOPAT)	14.82	20.31	17.54	17.90	19.54	17.88	15.70	17.97	16.29	14.83	12.52
Enterprise Value to Operating Cash Flow (EV/OCF)	7.68	6.70	7.05	7.65	8.21	8.03	8.24	9.80	8.68	8.73	6.10
Enterprise Value to Free Cash Flow (EV/FCFF)	8.83	47.30	0.00	0.00	0.00	15.01	23.73	33.00	20.83	25.24	11.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.38	0.40	0.38	0.40	0.39	0.50	0.49	0.44	0.41	0.45
Long-Term Debt to Equity	0.00	0.38	0.40	0.38	0.40	0.39	0.50	0.49	0.44	0.41	0.45
Financial Leverage	-0.33	-0.12	0.00	-0.16	-0.28	-0.17	0.17	0.04	-0.13	-0.19	0.12
Leverage Ratio	1.49	1.53	1.44	1.55	1.63	1.74	1.63	1.73	1.81	1.82	1.69
Compound Leverage Factor	1.49	1.53	1.44	1.55	1.63	1.74	1.63	1.73	1.81	1.82	1.69
Debt to Total Capital	0.00%	27.74%	28.33%	27.77%	28.64%	28.22%	33.23%	32.82%	30.75%	29.09%	31.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	27.74%	28.33%	27.77%	28.64%	28.22%	33.23%	32.82%	30.75%	29.09%	31.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	76.23%	51.73%	56.56%	60.83%	58.47%	56.89%	54.71%	53.92%	52.23%	49.25%	48.62%
Common Equity to Total Capital	23.73%	20.53%	15.11%	11.40%	12.90%	14.89%	12.06%	13.25%	17.01%	21.66%	20.18%
Debt to EBITDA	0.00	1.54	1.38	1.33	1.42	1.18	1.38	1.33	1.17	1.11	1.05
Net Debt to EBITDA	0.00	-0.50	0.39	-0.10	-0.50	-0.64	0.62	0.31	-0.31	-0.46	0.08
Long-Term Debt to EBITDA	0.00	1.54	1.38	1.33	1.42	1.18	1.38	1.33	1.17	1.11	1.05
Debt to NOPAT	0.00	2.27	1.91	1.78	1.83	1.49	1.58	1.55	1.37	1.34	1.30
Net Debt to NOPAT	0.00	-0.73	0.54	-0.14	-0.64	-0.81	0.71	0.36	-0.36	-0.55	0.10
Long-Term Debt to NOPAT	0.00	2.27	1.91	1.78	1.83	1.49	1.58	1.55	1.37	1.34	1.30
Altman Z-Score	4.80	4.17	4.56	4.52	4.54	4.99	5.29	5.62	5.30	4.99	5.46
Noncontrolling Interest Sharing Ratio	77.61%	73.48%	78.70%	82.48%	79.22%	75.51%	80.43%	82.24%	78.59%	74.08%	75.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	25.65	31.41	5.52	26.43	25.13	25.80	16.47	16.94	29.62	29.08	26.53
Quick Ratio	25.65	31.41	5.52	26.43	25.13	25.80	16.47	16.94	29.62	29.08	26.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	130	-38	-227	-230	-259	136	-14	-61	9.26	-29	134
Operating Cash Flow to CapEx	27,348.82%	24,558.33%	-8,833.49%	37,510.47%	9,408.71%	46,050.82%	-3,831.43%	1,653.30%	1,684.11%	907.70%	778.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	0.93	1.13	1.04	0.98	0.97	1.10	1.05	1.01	0.99	1.22
Accounts Receivable Turnover	3.62	3.97	3.98	3.83	4.03	5.11	4.49	4.37	4.63	4.73	5.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	37.71	40.75	46.80	49.77	53.17	62.17	63.87	55.02	47.82	41.20	40.64
Accounts Payable Turnover	29.40	34.21	36.82	35.18	31.74	36.91	35.38	31.72	35.91	34.22	39.19
Days Sales Outstanding (DSO)	100.88	91.99	91.71	95.27	90.64	71.42	81.37	83.54	78.79	77.22	69.43
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	12.42	10.67	9.91	10.38	11.50	9.89	10.32	11.51	10.16	10.67	9.31
Cash Conversion Cycle (CCC)	88.46	81.32	81.79	84.89	79.14	61.53	71.05	72.03	68.63	66.56	60.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	457	755	920	823	757	709	1,008	945	822	837	963
Invested Capital Turnover	2.18	1.62	1.64	1.90	2.22	2.04	1.54	1.74	2.10	2.22	1.83
Increase / (Decrease) in Invested Capital	-99	83	280	283	300	-45	88	122	66	128	-45
Enterprise Value (EV)	2,168	2,959	3,000	3,277	3,770	4,263	4,071	4,809	4,914	4,593	4,068
Market Capitalization	1,904	2,449	2,254	2,588	3,173	3,740	3,212	4,031	4,320	4,064	3,378
Book Value per Share	$7.96	$10.09	$7.30	$5.58	$6.69	$7.89	$6.39	$6.85	$9.40	$12.68	$11.28
Tangible Book Value per Share	$0.24	$2.43	($0.41)	($2.06)	($0.96)	($0.74)	($2.33)	($1.41)	$1.16	$4.49	$3.10
Total Capital	812	1,192	1,156	1,174	1,234	1,256	1,235	1,263	1,344	1,423	1,351
Total Debt	0.00	331	327	326	353	355	410	415	413	414	421
Total Long-Term Debt	0.00	331	327	326	353	355	410	415	413	414	421
Net Debt	-355	-106	92	-25	-124	-192	183	96	-108	-172	33
Capital Expenditures (CapEx)	0.55	0.50	0.44	0.52	1.92	0.43	1.98	12	15	17	8.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	298	241	223	317	311	287	304	319	341	370	321
Debt-free Net Working Capital (DFNWC)	653	678	459	668	788	834	531	637	862	956	709
Net Working Capital (NWC)	653	678	459	668	788	834	531	637	862	956	709
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	-355	-106	92	-25	-124	-192	183	96	-108	-172	33
Total Depreciation and Amortization (D&A)	9.19	8.56	7.44	7.07	6.93	7.23	7.54	7.81	7.86	8.03	8.68
Debt-free, Cash-free Net Working Capital to Revenue	26.95%	20.92%	17.42%	24.49%	23.13%	19.23%	20.45%	20.78%	20.61%	21.61%	17.77%
Debt-free Net Working Capital to Revenue	59.09%	58.81%	35.79%	51.55%	58.61%	55.85%	35.69%	41.52%	52.08%	55.79%	39.24%
Net Working Capital to Revenue	59.09%	58.81%	35.79%	51.55%	58.61%	55.85%	35.69%	41.52%	52.08%	55.79%	39.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.69	$0.98	$1.27	$1.12	$0.87	$2.02	$2.12	$1.27	$1.55	$2.06	$2.31
Adjusted Weighted Average Basic Shares Outstanding	25.19M	25.26M	25.69M	25.38M	25.37M	25.45M	25.52M	25.84M	25.75M	25.72M	26.23M
Adjusted Diluted Earnings per Share	$0.68	$0.91	$1.22	$1.06	$0.79	$1.85	$1.99	$1.21	$1.47	$2.01	$2.21
Adjusted Weighted Average Diluted Shares Outstanding	26.64M	41.88M	28.17M	43.09M	44.64M	44.11M	44.46M	43.44M	28.63M	28.61M	43.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.24M	23.92M	23.99M	23.79M	23.70M	23.30M	24.43M	24.31M	24.31M	24.17M	25.82M
Normalized Net Operating Profit after Tax (NOPAT)	31	45	53	53	41	91	37	61	75	99	56
Normalized NOPAT Margin	11.19%	13.85%	16.20%	14.72%	12.59%	19.07%	11.34%	15.10%	16.77%	18.53%	13.46%
Pre Tax Income Margin	15.29%	15.73%	16.36%	17.88%	15.13%	21.56%	16.20%	18.80%	20.34%	22.97%	19.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	57.99%	46.23%	14.28%	13.30%	1.17%	10.12%	9.32%	9.07%	0.42%	7.92%	7.63%
Augmented Payout Ratio	136.76%	126.36%	106.05%	109.02%	102.95%	108.71%	107.99%	107.35%	80.01%	70.95%	47.46%

Financials Breakdown Chart

Key Financial Trends

PJT Partners (PJT) has shown a meaningful topline expansion and improving profitability across the last four years, with healthier margins and a solid balance sheet in 2025. Below are the key trends drawn from quarterly statements (Q1–Q4 2025, plus select prior years for context). Bullets highlight the points most relevant to retail investors evaluating growth, profitability, and capital structure.

Four-year revenue growth: Operating revenue rose from about $280 million in 2022 to approximately $535 million in Q4 2025, signaling sustained top‑line expansion.
Net income to common shareholders improved in 2025: Q4 2025 net income attributable to common shareholders was about $53.36 million, roughly doubling some 2024 levels, reflecting stronger profitability on the bottom line.
Operating margin improvement: Q4 2025 marching margin metrics show total operating income of about $122.91 million on $535.16 million revenue (roughly a 23% operating margin), higher than many earlier periods and indicating better operating efficiency.
Earnings per share uptick: Basic earnings per share for Q4 2025 was $2.06, up modestly from Q4 2024 (~$2.02), with diluted EPS at $2.01—suggesting favorable profitability per share despite shares outstanding dynamics.
Solid balance sheet capitalization: As of Q3 2025, Total Assets were about $1.72 billion, and Total Equity was roughly $930 million, with Total Liabilities around $789 million, implying a healthy equity cushion relative to liabilities.
Consistently positive operating cash flow across the year: Net cash from continuing operating activities was positive in multiple quarters (e.g., Q3 2025 ≈ $256 million; Q4 2025 ≈ $156 million), indicating cash generation from core operations.
Reasonable liquidity in mid‑2025: Cash and cash equivalents stood around $400 million in Q3 2025, providing a solid liquidity buffer to fund operations and selective investments or share activity.
Leverage via long‑term commitments: Capital lease obligations were high (e.g., ~$413 million in Q3 2025), contributing to liabilities but represent non-cash or long‑dated financing that is common in professional services firms with real estate or lease-heavy structures. This is a neutral factor for now, given the strong equity base and cash flow.
Ongoing financing outflows in 2025: Net cash from financing activities were negative across several 2025 quarters (e.g., Q1–Q4 2025), driven by share repurchases, dividends, and other financing outflows, which can dampen near‑term cash accumulation.

05/06/26 10:20 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About PJT Partners' Financials

When does PJT Partners' fiscal year end?

According to the most recent income statement we have on file, PJT Partners' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has PJT Partners' net income changed over the last 10 years?

PJT Partners' net income appears to be on an upward trend, with a most recent value of $309.74 million in 2025, falling from -$6.18 million in 2015. The previous period was $238.47 million in 2024. Find out what analysts predict for PJT Partners in the coming months.

What is PJT Partners' operating income?

PJT Partners' total operating income in 2025 was $342.92 million, based on the following breakdown:

Total Gross Profit: $555.72 million
Total Operating Expenses: $212.80 million

How has PJT Partners' revenue changed over the last 10 years?

Over the last 10 years, PJT Partners' total revenue changed from $405.94 million in 2015 to $1.71 billion in 2025, a change of 322.2%.

How much debt does PJT Partners have?

PJT Partners' total liabilities were at $834.21 million at the end of 2025, a 13.7% increase from 2024, and a 565.7% increase since 2015.

How much cash does PJT Partners have?

In the past 10 years, PJT Partners' cash and equivalents has ranged from $82.32 million in 2015 to $538.86 million in 2025, and is currently $538.86 million as of their latest financial filing in 2025.

How has PJT Partners' book value per share changed over the last 10 years?

Over the last 10 years, PJT Partners' book value per share changed from 1.79 in 2015 to 12.68 in 2025, a change of 610.2%.

Related Companies

Financial statements for NYSE:PJT last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PJT Partners (PJT) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About PJT Partners' Financials

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PJT Partners (PJT) Financials

Annual Income Statements for PJT Partners

Quarterly Income Statements for PJT Partners

Annual Cash Flow Statements for PJT Partners

Quarterly Cash Flow Statements for PJT Partners

Annual Balance Sheets for PJT Partners

Quarterly Balance Sheets for PJT Partners

Annual Metrics And Ratios for PJT Partners

Quarterly Metrics And Ratios for PJT Partners

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