# Perella Weinberg Partners (PWP)

> Source: Nexqual · https://nexqual.com/PWP · data as of 2026-10-23 18:36 UTC · cite as "Nexqual, Perella Weinberg Partners (PWP), nexqual.com/PWP" · informational, not investment advice.

**Price:** USD 12.39 (-2.90% today) · US market open, as of October 23, 2026 at 18:36 UTC; quotes may be delayed. Prev close 12.76 · day 12.29–12.67 · 52w 12.13–25.93 · market cap $1.21B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $689M, net income $22.2M (3.2% margin) (SEC filings).
- Valuation: P/E 54.3x (avg 49.2x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income $9.3M vs operating income $19.5M over the last four quarters; P/E excluding non-operating income ≈91.3x (estimate: non-operating income taxed at the company's 3% effective rate).
- 1 of 80 tracked superinvestors hold PWP (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $7.7M; 4 not under a Rule 10b5-1 plan ($7.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 21.63 (range 15.5–30).
- Total return with dividends: 1Y -35.1% vs S&P 500 +14.5%; 5Y -1.6% vs S&P 500 +77.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.15, revenue estimate $173M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $802M | $632M | $649M | $878M | $751M | $689M |
| Operating income | $66.6M | -$47.7M | -$115M | -$78.5M | $48.0M | $19.5M |
| Net income | -$9.4M | $17.9M | -$17.2M | -$64.7M | $35.5M | $22.2M |
| EPS (diluted) | -$0.66 | -$0.46 | -$1.33 | -$1.22 | $0.47 | — |
| Free cash flow | $233M | -$44.3M | $88.3M | $207M | $30.5M | $88.1M |
| Operating margin | 8.3% | -7.6% | -17.7% | -8.9% | 6.4% | 2.8% |
| Net margin | -1.2% | 2.8% | -2.7% | -7.4% | 4.7% | 3.2% |
| Revenue growth | +54.5% | -21.2% | +2.7% | +35.4% | -14.5% | — |
| Cash + short-term investments | $503M | $312M | $338M | $407M | $256M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 54.3x · P/E ex non-operating (est.) ≈91.3x · P/S 1.8x · P/FCF 13.7x · FCF yield 7.31% · Earnings yield 1.84% · Dividend yield (paid, TTM) 2.08%
P/E at fiscal year-ends: Dec 2025 49.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PWP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $14.4M | Added +46.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-05…2026-08-07 | Bednar Andrew | Chairman and CEO | 235,697 | $4.1M | 18.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-12 | Steel Robert K | Director | 100,000 | $1.6M | 25.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-19…2026-05-20 | Gottschalk Alexandra | Chief Financial Officer | 57,806 | $1.0M | 44.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Gottschalk Alexandra | Chief Financial Officer | 51,671 | $1.0M | 41.6% | No | Too little history (no open-market trades in 2023–2025) |
% 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 Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 21.63 (low 15.5, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Goldman Sachs | Target raised | Sell | $14.5 → $16 |
| 2026-08-03 | Keefe, Bruyette & Woods | Target raised | Outperform | $19 → $21 |
| 2026-07-10 | Keefe, Bruyette & Woods | Target lowered | Outperform | $23.5 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -35.1% | -1.6% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -35.1% | -0.3% |
| Volatility (annualized) | 55.7% | 43.1% |
| Max drawdown | -48.5% (Feb 2026→Oct 2026) | -57.5% (Oct 2021→Jul 2022) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 33.9 -3.12% · LAZ (Lazard, Inc.) USD 37.21 -0.24% · MC (Moelis & Company) USD 54.49 -1.04% · PIPR (Piper Sandler Companies) USD 64.65 -1.37% · RIOT (Riot Platforms, Inc.) USD 12.72 -1.36% · VIRT (Virtu Financial, Inc.) USD 56.16 -0.17%

## More
Full page: https://nexqual.com/PWP · 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 PWP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Devon Park Securities | "Perella Weinberg Partners LP, through which we (i) conduct strategic advisory and restructuring services in the United States, (ii) engage in private placements of securities and investment banking mergers and acquisitio…" |
| Partner | LP and Devon Park Securities | "As a participant in the financial services industry, we are subject to extensive regulation in the United States and internationally, including regulatory capital and other requirements imposed on our SEC-registered brok…" |
| Partner | Investor | "Our tax receivable agreement (the "TRA" or "Tax Receivable Agreement") generally provides for payment by us to Investor Limited Partners (the "ILPs" or "ILP") and certain Partners (as defined therein) (the "TRA Parties" …" |
| Partner | PWP GP | "We intend to operate such that transfers of PWP OpCo Units will not cause PWP OpCo to be treated as other than a partnership by providing for limitations on the ability of partners to exchange or otherwise transfer PWP O…" |
| Partner | Cadence Design Systems (CDNS) | "The Company has a revolving credit facility (the "Revolving Credit Facility") through a credit agreement with Cadence Bank (the "Credit Agreement"), with an available line of credit of $50.0 million and with up to $20.0 …" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $129.5M | 82.7% | +17.6% |
| United Kingdom | $19.5M | 12.5% | -45.5% |
| Other international countries | $7.5M | 4.8% | -19.7% |
| Total revenue | $156.5M | 100% | — |

## Customer concentration

Period ended 2025-03-31: 10% of revenue from unnamed direct customers (10-Q, filed 2026-05-01).

## Company outlook (8-K filed 2026-07-31)

- "Currently, we are estimating future cash payments of approximately $7.6 million related to the business realignment, which are expected to be paid by or soon after December 31, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.32 | -54.0% | $172.8M | 4 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.49 | +7.1% | $334.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.92 | $0.91 | +1.1% | $812.5M | 4 |
| Next fiscal year (ends 2027-12-31) | $1.34 | $1.40 | -4.5% | $1.01B | 4 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±16.0%; last 8 reports averaged ±8.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 74.3% | ±16.0% |
| 2027-01-15 | 84 | 59.8% | ±22.9% |
| 2027-04-16 | 175 | 68.8% | ±37.5% |