Comprehensive Stock Comparison
Compare PJT Partners Inc. (PJT) vs Morgan Stanley (MS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | PJT | 29.5% revenue growth vs MS's 16.8% |
| Value | PJT | PEG 0.58 vs 1.66 |
| Quality / Margins | MS | 13.0% net margin vs PJT's 9.0% |
| Stability / Safety | PJT | Beta 1.00 vs MS's 1.35, lower leverage |
| Dividends | MS | 2.3% yield, 11-year raise streak, vs PJT's 0.4% |
| Momentum (1Y) | MS | +28.0% vs PJT's -6.6% |
| Efficiency (ROA) | PJT | 10.4% ROA vs MS's 1.2%, ROIC 18.6% vs 2.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
PJT Partners is a boutique investment bank that provides strategic advisory services for mergers, restructurings, and capital markets transactions. It generates revenue primarily from advisory fees — roughly 60% from strategic advisory (M&A and activism defense) and 40% from restructuring and capital markets work — with performance-based success fees on large deals. The firm's moat lies in its elite reputation for handling complex, high-stakes situations and its senior banker-led approach that attracts premium clients.
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PJT leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). MS leads in 2 (Total Returns, Analyst Outlook). 2 tied.
Financial Metrics (TTM)
MS is the larger business by revenue, generating $103.1B annually — 69.1x PJT's $1.5B. Profitability is closely matched — net margins range from 13.0% (MS) to 9.0% (PJT).
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $103.1B |
| EBITDAEarnings before interest/tax | $410M | $26.3B |
| Net IncomeAfter-tax profit | $178M | $16.2B |
| Free Cash FlowCash after capex | $537M | -$6.7B |
| Gross MarginGross profit ÷ Revenue | +30.9% | +55.6% |
| Operating MarginEBIT ÷ Revenue | +20.3% | +17.1% |
| Net MarginNet income ÷ Revenue | +9.0% | +13.0% |
| FCF MarginFCF ÷ Revenue | +35.3% | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +86.1% | +48.9% |
Valuation Metrics
At 20.9x trailing earnings, MS trades at a 30% valuation discount to PJT's 30.0x P/E. Adjusting for growth (PEG ratio), PJT offers better value at 0.93x vs MS's 2.35x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| Market CapShares × price | $19,198 | $264.9B |
| Enterprise ValueMkt cap + debt − cash | -$129M | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | 30.02x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.93x | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | 0.93x | 2.35x |
| EV / EBITDAEnterprise value multiple | -0.39x | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 0.00x | 2.57x |
| Price / BookPrice ÷ Book value/share | 7.22x | 2.54x |
| Price / FCFMarket cap ÷ FCF | 0.00x | — |
Profitability & Efficiency
PJT delivers a 19.1% return on equity — every $100 of shareholder capital generates $19 in annual profit, vs $15 for MS. PJT carries lower financial leverage with a 0.39x debt-to-equity ratio, signaling a more conservative balance sheet compared to MS's 3.42x. On the Piotroski fundamental quality scale (0–9), PJT scores 8/9 vs MS's 5/9, reflecting strong financial health.
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| ROE (TTM)Return on equity | +19.1% | +14.6% |
| ROA (TTM)Return on assets | +10.4% | +1.2% |
| ROICReturn on invested capital | +18.6% | +2.9% |
| ROCEReturn on capital employed | +20.7% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 5 |
| Debt / EquityFinancial leverage | 0.39x | 3.42x |
| Net DebtTotal debt minus cash | -$129M | $284.7B |
| Cash & Equiv.Liquid assets | $484M | $75.7B |
| Total DebtShort + long-term debt | $355M | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | — | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in MS five years ago would be worth $23,095 today (with dividends reinvested), compared to $21,454 for PJT. Over the past 12 months, MS leads with a +28.0% total return vs PJT's -6.6%. The 3-year compound annual growth rate (CAGR) favors PJT at 24.1% vs MS's 22.5% — a key indicator of consistent wealth creation.
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| YTD ReturnYear-to-date | -12.9% | -7.9% |
| 1-Year ReturnPast 12 months | -6.6% | +28.0% |
| 3-Year ReturnCumulative with dividends | +91.0% | +83.8% |
| 5-Year ReturnCumulative with dividends | +114.5% | +131.0% |
| 10-Year ReturnCumulative with dividends | +460.3% | +662.8% |
| CAGR (3Y)Annualised 3-year return | +24.1% | +22.5% |
Risk & Volatility
PJT is the less volatile stock with a 1.00 beta — it tends to amplify market swings less than MS's 1.35 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MS currently trades 86.4% from its 52-week high vs PJT's 75.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.00x | 1.35x |
| 52-Week HighHighest price in past year | $195.62 | $192.68 |
| 52-Week LowLowest price in past year | $119.76 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +75.5% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 35.3 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 244K | 5.8M |
Analyst Outlook
Wall Street rates PJT as "Hold" and MS as "Buy". Consensus price targets imply 17.7% upside for MS (target: $196) vs 15.8% for PJT (target: $171). For income investors, MS offers the higher dividend yield at 2.29% vs PJT's 0.37%.
| Metric | PJTPJT Partners Inc. | MSMorgan Stanley |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $171.00 | $196.00 |
| # AnalystsCovering analysts | 12 | 50 |
| Dividend YieldAnnual dividend ÷ price | +0.4% | +2.3% |
| Dividend StreakConsecutive years of raises | 0 | 11 |
| Dividend / ShareAnnual DPS | $0.55 | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | +100.0% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| PJT Partners Inc. (PJT) | 100 | 375.97 | +276.0% |
| Morgan Stanley (MS) | 100 | 398.24 | +298.2% |
Morgan Stanley (MS) returned +131% over 5 years vs PJT Partners Inc. (PJT)'s +115%. A $10,000 investment in MS 5 years ago would be worth $23,095 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PJT Partners Inc. (PJT) | $406M | $1.5B | +267.8% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.5% |
PJT Partners Inc.'s revenue grew from $406M (2015) to $1.5B (2024) — a 15.6% CAGR. Morgan Stanley's revenue grew from $36.0B (2015) to $103.1B (2024) — a 12.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PJT Partners Inc. (PJT) | 1.9% | 9.0% | +382.3% |
| Morgan Stanley (MS) | 17.0% | 13.0% | -23.7% |
PJT Partners Inc.'s net margin went from 2% (2015) to 9% (2024). Morgan Stanley's net margin went from 17% (2015) to 13% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| PJT Partners Inc. (PJT) | 33.4 | 32.1 | -3.9% |
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
PJT Partners Inc. has traded in a 17x–37x P/E range over 7 years; current trailing P/E is ~30x. Morgan Stanley has traded in a 8x–18x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PJT Partners Inc. (PJT) | 0.41 | 4.92 | +1100.0% |
| Morgan Stanley (MS) | 2.91 | 7.95 | +173.2% |
PJT Partners Inc.'s EPS grew from $0.41 (2015) to $4.92 (2024) — a 32% CAGR. Morgan Stanley's EPS grew from $2.91 (2015) to $7.95 (2024) — a 12% CAGR.
Chart 6Free Cash Flow — 5 Years
PJT Partners Inc. generated $528M FCF in 2024 (+348% vs 2021). Morgan Stanley generated $-2B FCF in 2024 (-107% vs 2021).
PJT vs MS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PJT or MS a better buy right now?
Morgan Stanley (MS) offers the better valuation at 20.9x trailing P/E (14.8x forward), making it the more compelling value choice. Analysts rate Morgan Stanley (MS) a "Buy" — based on 50 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — PJT or MS?
On trailing P/E, Morgan Stanley (MS) is the cheapest at 20.9x versus PJT Partners Inc. at 30.0x. On forward P/E, Morgan Stanley is actually cheaper at 14.8x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: PJT Partners Inc. wins at 0.58x versus Morgan Stanley's 1.66x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — PJT or MS?
Over the past 5 years, Morgan Stanley (MS) delivered a total return of +131.0%, compared to +114.5% for PJT Partners Inc. (PJT). A $10,000 investment in MS five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% versus PJT's +460.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — PJT or MS?
By beta (market sensitivity over 5 years), PJT Partners Inc. (PJT) is the lower-risk stock at 1.00β versus Morgan Stanley's 1.35β — meaning MS is approximately 36% more volatile than PJT relative to the S&P 500. On balance sheet safety, PJT Partners Inc. (PJT) carries a lower debt/equity ratio of 39% versus 3% for Morgan Stanley — giving it more financial flexibility in a downturn.
05Which has better profit margins — PJT or MS?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus 9.0% for PJT Partners Inc. — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PJT leads at 20.3% versus 17.1% for MS. At the gross margin level — before operating expenses — MS leads at 55.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is PJT or MS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, PJT Partners Inc. (PJT) is the more undervalued stock at a PEG of 0.58x versus Morgan Stanley's 1.66x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Morgan Stanley (MS) trades at 14.8x forward P/E versus 18.9x for PJT Partners Inc. — 4.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MS: 17.7% to $196.00.
07Which pays a better dividend — PJT or MS?
All stocks in this comparison pay dividends. Morgan Stanley (MS) offers the highest yield at 2.3%, versus 0.4% for PJT Partners Inc. (PJT).
08Is PJT or MS better for a retirement portfolio?
For long-horizon retirement investors, Morgan Stanley (MS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (2.3% yield, +662.8% 10Y return). Both have compounded well over 10 years (MS: +662.8%, PJT: +460.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between PJT and MS?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. MS pays a dividend while PJT does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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