Announced global M&A volumes and deal completion rates, particularly in PJT's core sectors (energy, healthcare, financial institutions, technology)
Restructuring activity driven by credit stress, bankruptcy filings, and distressed debt levels in corporate and sovereign markets
Private equity fundraising volumes and secondary market transaction activity affecting Park Hill Group revenues
Senior banker hiring announcements and team lift-outs from competitors, which signal franchise expansion and future revenue potential
high - Advisory revenues are highly correlated with CEO confidence, corporate risk appetite, and capital markets accessibility. M&A activity typically peaks in mid-to-late cycle periods when valuations are elevated, financing is available, and boards pursue transformational deals. Restructuring revenues are counter-cyclical, rising during economic downturns and credit stress periods. The 14.8% revenue growth in recent periods likely reflects robust M&A activity and elevated restructuring mandates as interest rate increases stressed leveraged balance sheets. Economic slowdowns reduce strategic advisory fees but can be partially offset by restructuring work.
Rising interest rates have mixed effects: (1) Negative for M&A advisory as higher financing costs reduce deal economics and buyer appetite, compressing valuation multiples and transaction volumes. (2) Positive for restructuring as higher rates stress leveraged companies, increasing bankruptcy filings and liability management mandates. (3) Negative for Park Hill as higher rates reduce LP appetite for illiquid alternative investments and compress private equity fundraising. The net effect depends on the balance between strategic advisory and restructuring revenues. Current 23% operating margins suggest the firm has navigated the 2022-2025 rate environment effectively, likely benefiting from restructuring tailwinds.
Secular pressure on advisory fees as corporate clients increasingly negotiate fixed-fee or capped-fee structures rather than traditional percentage-of-deal-value arrangements, particularly for mega-cap transactions exceeding $10B
Regulatory scrutiny of M&A transactions (antitrust enforcement, CFIUS reviews, ESG-related deal conditions) extending timelines and reducing completion rates, which delays or eliminates success-based fee recognition
Talent retention risk inherent to partnership-model advisory firms, where senior bankers can depart to competitors or launch independent boutiques, taking client relationships and revenue streams
value - The stock attracts value-oriented investors focused on FCF generation, capital return, and cyclical recovery potential. With 13.9% FCF yield, 98.4% ROE, and minimal capex requirements, PJT appeals to investors seeking high cash conversion businesses trading at reasonable valuations (2.2x P/S, 9.1x EV/EBITDA). The recent 12-month decline of -12.0% despite 34% net income growth suggests valuation compression from macro concerns, creating potential entry points for contrarian value investors. The partnership model and variable compensation structure provide downside protection in weak markets while offering operating leverage in recovery scenarios.
Trend
+6.8% vs SMA 50 · -5.8% vs SMA 200
Momentum
Accumulation pattern present — more buying days than selling over the past 20 sessions. Volume conditions support gradual price improvement.
Based on volume distribution analysis. Direct short interest data (short float %, days to cover) is not available in current data sources.
ANALYST ESTIMATES
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2024 | $1.4B $1.4B–$1.4B | — | $4.23 | — | ±3% | Moderate3 |
FY2025 | $1.7B $1.7B–$1.8B | ▲ +23.1% | $6.76 | ▲ +59.9% | ±3% | Moderate4 |
FY2026(current) | $1.9B $1.8B–$1.9B | ▲ +9.8% | $7.53 | ▲ +11.3% | ±3% | Moderate4 |
Dividend per payment — last 8 periods
INSTITUTIONAL OWNERSHIP
PJT News
About
pjt partners (nyse:pjt) is a leading independent investment bank. for every challenge, from the straightforward to the complex, our team of veteran practitioners brings together proven experience and fresh thinking to drive the highest-quality outcomes. across our three divisions, pjt partners delivers a comprehensive range of advisory and capital raising solutions to achieve our clients’ strategic objectives. strategic advisory: we consistently deliver innovative solutions to highly complex challenges across m&a, spin-offs, private placements, structured products and other transactions. restructuring & special situations: we are a leading advisor to companies and creditors in restructurings and bankruptcies around the world. with vast expertise in highly complex capital structure challenges, our services include debtor advisory, creditor advisory, out-of-court solutions, distressed mergers & acquisitions and expert witness testimony. park hill: our team provides global alternative ass
| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
PJT◀ | $156.53 | -1.93% | $4.0B | 22.0 | +1476.7% | 1051.0% | 1500 |
| $297.81 | -0.70% | $798.0B | 14.1 | +330.7% | 2039.3% | 1503 | |
| $325.75 | +1.00% | $624.4B | 28.0 | +1134.0% | 5014.5% | 1500 | |
| $494.20 | +0.87% | $436.7B | 28.3 | +1641.6% | 4564.7% | 1490 | |
| $49.77 | -0.16% | $353.2B | 11.4 | -45.1% | 1592.6% | 1495 | |
| $192.51 | -1.04% | $303.6B | 16.6 | +1147.7% | 1466.4% | 1526 | |
| $948.47 | -2.11% | $279.8B | 15.9 | -138.4% | 1373.0% | 1526 | |
| Sector avg | — | -0.58% | — | 19.5 | +792.5% | 2443.1% | 1506 |