# PJT Partners Inc. (PJT)

> Source: Nexqual · https://nexqual.com/PJT · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, PJT Partners Inc. (PJT), nexqual.com/PJT" · informational, not investment advice.

**Price:** USD 151.97 (+2.08% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 148.87 · day 151.5–156.25 · 52w 127.73–195.62 · market cap $6.47B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.89B, net income $200M (10.6% margin), free cash flow $662M (SEC filings).
- Valuation: P/E 32.4x.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $3.7M; 6 not under a Rule 10b5-1 plan ($3.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.86 on a 1–5 scale) (7 analysts), mean target USD 161.11 (range 142–180).
- Total return with dividends: 1Y -9.6% vs S&P 500 +14.4%; 5Y +94.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD 1.35, revenue estimate $383M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: USD 1 a year (yield 0.67%), paid quarterly; latest ex-dividend date 2026-09-02; annual dividends grew 0.0% a year 2022–2025.
- Short interest: 9.25% of float (as of 2026-10-15), 4.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $992M | $1.03B | $1.15B | $1.49B | $1.71B | $1.89B |
| Net income | $106M | $90.5M | $81.8M | $134M | $180M | $200M |
| Free cash flow | $118M | $239M | $438M | $528M | $480M | $662M |
| Net margin | 10.7% | 8.8% | 7.1% | 9.0% | 10.5% | 10.6% |
| Revenue growth | -5.7% | +3.5% | +12.3% | +29.5% | +14.8% | — |
| Cash + short-term investments | $200M | $173M | $356M | $484M | $539M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.4x · P/S 3.4x · P/FCF 9.8x · P/B 20.7x · FCF yield 10.22% · Earnings yield 3.08% · Dividend yield (paid, TTM) 0.39% · Buyback yield (TTM) 1.84%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-21 | Cornwell Kievdi Don | Director | 7,845 | $1.4M | 29.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Costos James | Director | 1,723 | $302K | 13.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-10 | Rafferty Emily K | Director | 1,100 | $184K | 10.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-31 | Skaugen Grace Reksten | Director | 1,283 | $215K | 72% | No | Too little history (no open-market trades in 2023) |
| 2026-05-06 | Travin David Adam | General Counsel | 3,000 | $457K | 59.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Meates Helen T | Chief Financial Officer | 8,000 | $1.2M | 12% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 7 analysts; mean target USD 161.11 (low 142, high 180).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | UBS | Target lowered | Neutral | $176 → $165 |
| 2026-10-07 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $195 → $159 |
| 2026-10-01 | Goldman Sachs | Target lowered | Buy | $203 → $182 |
| 2026-08-03 | BMO Capital | Target raised | Outperform | $183 → $194 |
| 2026-07-29 | Keefe, Bruyette & Woods | Target raised | Outperform | $185 → $195 |
| 2026-07-10 | Keefe, Bruyette & Woods | Target raised | Outperform | $175 → $185 |
| 2026-07-08 | UBS | Target raised | Neutral | $160 → $162 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -9.6% | +94.8% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -9.7% | +14.2% |
| Volatility (annualized) | 33.3% | 29.6% |
| Max drawdown | -32.5% (Jan 2026→Mar 2026) | -31.2% (Jan 2026→Mar 2026) |

## Dividends
Annual dividend rate USD 1.00 per share, yield 0.67% at the current price. Paid over the last 12 months: USD 1.00 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 2, 2026; payment date: Sep 16, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 400.0% to USD 0.25 per payment from USD 0.05, starting with the Mar 8, 2022 ex-dividend date.
Payout ratio 14% of earnings · 5-year average yield 0.70% · annual dividends grew 0.0% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-02 | USD 0.25 |
| 2026-06-03 | USD 0.25 |
| 2026-03-04 | USD 0.25 |
| 2025-12-03 | USD 0.25 |
| 2025-09-03 | USD 0.25 |
| 2025-06-04 | USD 0.25 |
| 2025-03-05 | USD 0.25 |
| 2024-12-04 | USD 0.25 |
Total by calendar year: 2022 USD 1.00 · 2023 USD 1.00 · 2024 USD 1.00 · 2025 USD 1.00.

## Short interest
1,982,477 shares sold short, 9.25% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,995,068 shares (-0.6%). Days to cover: 4.2 (short shares ÷ average daily volume).

## Peers (Capital Markets)
SNEX (StoneX Group Inc.) USD 54.92 -2.00% · WULF (TeraWulf Inc.) USD 12.75 -4.99% · MKTX (MarketAxess Holdings, Inc.) USD 164.92 +0.06% · XP (XP Inc.) USD 15.05 -6.46% · BGC (BGC Group, Inc.) USD 11.42 -0.17% · HUT (Hut 8 Corp.) USD 66.44 -4.35%

## More
Full page: https://nexqual.com/PJT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PJT's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1626115/000119312526076969/pjt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Blackstone Inc. (BX) | "PJT Partners Inc. was formed in connection with certain merger and spin-off transactions whereby the financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group busin…" |
| Partner | Amended and Restated PJT Partners | "Since October 1, 2015, the Company has authorized 33 million shares of PJT Partners Inc. Class A common stock for issuance of new awards under our Second Amended and Restated PJT Partners Inc. 2015 Omnibus Incentive Plan…" |
| Partner | Any PJT Partners | "Any PJT Partners Inc. Class A common stock that we issue, including under our Second Amended and Restated PJT Partners Inc. 2015 Omnibus Incentive Plan or other equity incentive plans that we may adopt in the future, wou…" |
| Partner | Because PJT Partners | "Because PJT Partners Inc. must pay taxes and make payments under the tax receivable agreement, amounts ultimately distributed as dividends to holders of our Class A common stock are expected to be less than the amounts d…" |

Other companies that name PJT in their own reports (relationship from PJT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Moelis & Co (MC) | 10-K 2026-02-26 | "We consider the global independent investment banks to be our publicly traded peers, Evercore Partners Inc., Houlihan Lokey, Inc., Lazard Ltd, Perella Weinberg Partners, PJT Partners, Inc., and us." |
| partner | Blackstone Secured Lending Fund (BXSL) | 10-K 2026-02-25 | "In addition, one or more investment vehicles controlled by Blackstone could be established to facilitate participation in Blackstone's side-by-side investment program by employees and/or partners of P…" |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advisory Fees | $389.8M | 88.1% | +37.4% |
| Placement Fees | $49.2M | 11.1% | +51.4% |
| Interest Income & Other | $8.1M | 1.8% | -19.2% |
| Interest Income From Placement Fees & Other | $3.3M | 0.7% | -19.2% |
| Total revenue | $442.3M | 100% | — |
The lines above cover 101.8% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $379.1M | 78.0% | +11.4% |
| United Kingdom | $87.5M | 18.0% | +89.2% |
| Non Us | $16.1M | 3.3% | +11.1% |
| Total revenue | $486.3M | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "(7) Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company's Class A common stock."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.35 | $1.80 | -25.1% | $383.5M | 7 |
| Next quarter (ends 2026-12-31) | $2.47 | $2.47 | -0.2% | $559.1M | 6 |
| Current fiscal year (ends 2026-12-31) | $7.42 | $7.47 | -0.7% | $1.85B | 7 |
| Next fiscal year (ends 2027-12-31) | $8.69 | $8.59 | +1.2% | $2.11B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±8.6%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 42.7% | ±8.6% |
| 2026-12-18 | 50 | 38.9% | ±11.6% |
| 2027-03-19 | 141 | 35.6% | ±17.6% |
| 2027-06-17 | 231 | 36.2% | ±22.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 28, 2026 | Quarter ended Jun 30, 2026 | $1.97 | $1.57 | Beat +25.5% | -2.2% |
| Apr 28, 2026 | Quarter ended Mar 31, 2026 | $1.54 | $1.53 | Beat +0.7% | -2.4% |
| Feb 3, 2026 | Quarter ended Dec 31, 2025 | $2.55 | $2.40 | Beat +6.3% | -6.3% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $1.85 | $1.40 | Beat +32.1% | +3.0% |
| Jul 29, 2025 | — | — | — | — | -2.4% |
| Apr 29, 2025 | — | — | — | — | +4.7% |
| Feb 4, 2025 | — | — | — | — | +7.0% |
| Oct 29, 2024 | — | — | — | — | -2.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1626115/000119312526326245/0001193125-26-326245-index.htm |
| 2026-07-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1626115/000119312526318829/0001193125-26-318829-index.htm |
| 2026-07-17 | Schedule 13G | Wasatch Advisors LP: 5.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1626115/000081413326000095/0000814133-26-000095-index.htm |
| 2026-07-16 | 8-K | Director or executive officer change, or pay arrangement — “Helen Meates, Chief Financial Officer of PJT Partners Inc. (the "Company"), has informed the Company of her intention to step down from her role as Chief Financial Officer as of October 1, 2026 (the "Effective Date"). Following the Effective Date, Ms. Meates will remain at the Company in a non-executive officer role to assist with the transition of her responsibilities and retire from the Company following the conclusion of the transition period. Ms. Meates will continue to receive her base salary at its current…” | https://www.sec.gov/Archives/edgar/data/1626115/000119312526305383/0001193125-26-305383-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.