Latest Ratios: P/E Ratio 22.2x · EV/EBITDA 9.0x · ROE 18.9%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $4.8B | $7.0B | $2.7B | $2.0B | $3.1B | $3.2B | $1.1B | $940M | $860M | $565M |
| Enterprise Value | $3.7B | $4.7B | $6.8B | $2.7B | $1.9B | $3.1B | $3.1B | $1.1B | $864M | $714M | $412M |
| P/E Ratio → | 22.21 | 25.03 | 32.08 | 20.83 | 20.99 | 18.57 | 17.10 | 37.30 | 33.41 | — | — |
| P/S Ratio | 2.10 | 2.79 | 4.66 | 2.36 | 1.91 | 3.16 | 3.08 | 1.57 | 1.62 | 1.72 | 1.13 |
| P/B Ratio | 4.21 | 4.74 | 7.72 | 3.17 | 2.58 | 4.92 | 4.72 | 1.96 | 1.93 | 2.04 | — |
| P/FCF | 5.58 | 9.96 | 13.19 | 6.23 | 8.20 | 26.67 | 7.05 | 5.58 | 8.12 | 7.81 | 5.44 |
| P/OCF | 7.29 | 9.09 | 13.11 | 6.18 | 8.08 | 25.28 | 6.91 | 5.34 | 7.65 | 7.73 | 4.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.72 | 4.57 | 2.34 | 1.88 | 3.12 | 2.96 | 1.56 | 1.49 | 1.43 | 0.83 |
| EV / EBITDA | 9.01 | 11.82 | 21.45 | 11.52 | 7.20 | 11.04 | 10.03 | 7.90 | 11.98 | 19.19 | 7.73 |
| EV / EBIT | 10.23 | 12.84 | 23.57 | 13.66 | 8.32 | 12.61 | 11.36 | 10.29 | 13.90 | 24.57 | 10.49 |
| EV / FCF | — | 9.70 | 12.95 | 6.17 | 8.04 | 26.30 | 6.77 | 5.52 | 7.47 | 6.48 | 3.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.4% | 32.4% | 30.9% | 30.2% | 34.8% | 35.5% | 35.1% | 30.0% | 26.8% | 21.6% | 23.7% |
| Operating Margin | 21.2% | 21.2% | 19.4% | 17.2% | 22.5% | 24.7% | 26.1% | 15.1% | 10.7% | 5.8% | 7.9% |
| Net Profit Margin | 10.5% | 10.5% | 9.0% | 7.1% | 8.8% | 10.7% | 11.2% | 4.1% | 4.7% | -6.5% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 15.2% | 10.1% | 13.0% | 16.0% | 18.6% | 5.6% | 6.0% | -15.7% | -25.8% |
| ROA | 10.2% | 10.2% | 8.8% | 6.6% | 8.9% | 9.8% | 11.1% | 3.6% | 4.4% | -5.7% | -0.6% |
| ROIC | 20.3% | 20.3% | 17.8% | 14.2% | 20.5% | 22.2% | 25.1% | 12.6% | 9.9% | 10.5% | 250.7% |
| ROCE | 21.2% | 21.2% | 19.8% | 16.9% | 24.4% | 24.2% | 27.3% | 14.3% | 10.7% | 5.3% | 7.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.39 | 0.38 | 0.18 | 0.25 | 0.25 | 0.36 | 0.06 | — | — |
| Debt / EBITDA | 1.05 | 1.05 | 1.11 | 1.41 | 0.51 | 0.56 | 0.55 | 1.45 | 0.42 | — | — |
| Net Debt / Equity | — | -0.12 | -0.14 | -0.03 | -0.05 | -0.07 | -0.18 | -0.02 | -0.16 | -0.34 | — |
| Net Debt / EBITDA | -0.32 | -0.32 | -0.41 | -0.11 | -0.14 | -0.16 | -0.41 | -0.08 | -1.06 | -3.91 | -2.86 |
| Debt / FCF | — | -0.26 | -0.25 | -0.06 | -0.16 | -0.37 | -0.28 | -0.06 | -0.66 | -1.32 | -1.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($539M) exceeds total debt ($414M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 27.67 | 27.67 | 10.07 | 9.00 | 6.86 | 6.87 | 9.18 | 8.35 | 6.75 | 11.47 | 14.88 |
| Quick Ratio | 27.67 | 27.67 | 10.07 | 9.00 | 6.86 | 6.87 | 9.18 | 8.35 | 6.75 | 11.47 | 14.88 |
| Cash Ratio | 15.06 | 15.06 | 6.05 | 5.17 | 2.42 | 2.81 | 5.16 | 4.07 | 2.21 | 6.46 | 7.39 |
| Asset Turnover | — | 0.90 | 0.91 | 0.80 | 0.98 | 1.00 | 0.90 | 0.75 | 0.86 | 0.89 | 0.85 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.5% | 0.3% | 0.9% | 1.3% | 2.5% | 0.1% | 0.4% | 0.5% | 0.4% | 0.7% |
| Payout Ratio | 13.6% | 13.6% | 18.0% | 29.9% | 27.2% | 73.4% | 4.1% | 15.7% | 15.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.0% | 3.1% | 4.8% | 4.8% | 5.4% | 5.8% | 2.7% | 3.0% | — | — |
| FCF Yield | 17.9% | 10.0% | 7.6% | 16.0% | 12.2% | 3.8% | 14.2% | 17.9% | 12.3% | 12.8% | 18.4% |
| Buyback Yield | 5.1% | 4.1% | 3.4% | 4.3% | 5.6% | 3.3% | 1.5% | 4.2% | 6.9% | 0.3% | 0.0% |
| Total Shareholder Yield | 5.7% | 4.6% | 3.7% | 5.2% | 6.8% | 5.8% | 1.6% | 4.6% | 7.4% | 0.7% | 0.7% |
| Shares Outstanding | — | $29M | $44M | $27M | $27M | $42M | $43M | $25M | $24M | $19M | $18M |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PJT stock.
PJT Partners Inc.'s current P/E ratio is 22.2x. The historical average is 30.5x. This places it at the 44th percentile of its historical range.
PJT Partners Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
PJT Partners Inc.'s return on equity (ROE) is 18.9%. The historical average is 4.7%.
Based on historical data, PJT Partners Inc. is trading at a P/E of 22.2x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PJT Partners Inc.'s current dividend yield is 0.58% with a payout ratio of 13.6%.
PJT Partners Inc. has 32.4% gross margin and 21.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PJT Partners Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue timing and comp accrual volatility
Metrics are mathematically derived from official filings.
Premium Multiple Rests on Fading Momentum
Based on reported figures, PJT trades at 4.21x book and roughly 22x trailing earnings, a premium that depends on sustaining the record first-half profitability after diluted EPS fell from $3.34 in 2026Q1 to $1.15 in 2026Q3.
The P/B of 4.21 sits well above Lazard at 4.12 and Perella Weinberg at 3.37, but below Moelis at 6.63 and Evercore at 5.45, suggesting the market treats PJT as a premium advisory franchise rather than a commodity boutique. Because tangible book value per share has risen to roughly $30 while ROE has compressed to 3.1% in the latest quarter, the multiple implies the market expects a return to mid-single-digit or higher returns on equity. Investors should monitor whether the valuation premium can be justified if the second-half earnings trajectory fails to recover.
ROE Swings Driven by Fee Timing
As reported in financial statements, PJT's ROE ranged from 2.6% to 6.3% across the last ten quarters, with fee income accounting for effectively 100% of revenue, indicating that returns track success-fee timing rather than a spread-based earnings engine.
Because PJT carries no lending book, the conventional bank DuPont framework collapses to asset turnover and leverage, with the equity-to-assets ratio stable near 0.53 to 0.60 and therefore contributing little variation. The swing in ROE is therefore almost entirely a function of net income volatility driven by advisory revenue lumpiness and compensation accruals. This makes trailing ROE a poor guide to normalized earning power, and investors would be better served by examining multi-quarter averages.
Equity Cushion Adequate but Not Excessive
Based on PJT's reported figures, equity-to-assets held between 0.53 and 0.60 over the period, a capital cushion that appears sufficient for an advisory model but offers limited protection against an abrupt revenue air pocket.
Regulatory capital ratios such as CET1 are not the binding constraint for a non-lending advisory firm, so the equity-to-assets ratio serves as the relevant proxy for balance sheet resilience. The stability of this ratio suggests management has not materially levered the balance sheet to support buybacks. Investors should note that buyback capacity appears to be a function of cash generation rather than surplus capital, which warrants monitoring given the volatility in operating cash flow.
Premium Valuation Versus Lower Returns
According to peer data, PJT's P/B of 4.21 exceeds Lazard and Perella Weinberg, yet its latest ROE of 3.1% trails Evercore's 68.6% and Moelis's 35.6%, suggesting the premium is priced on franchise quality rather than current returns.
PJT's ratio profile diverges from peers in that its book multiple is high while its trailing ROE is comparatively low, a gap that appears structural to its timing-driven fee model rather than purely cyclical. Evercore and Moelis achieve substantially higher returns on equity, which may reflect more leveraged or more concentrated fee capture. Investors should monitor whether PJT can narrow this return gap without sacrificing the counter-cyclical restructuring hedge that underpins its premium.
Trailing P/E Overstates Earning Durability
Based on the reported quarterly series, the 22.25x trailing P/E is computed on earnings that peaked in 2026Q1, so the multiple may look more reasonable than the underlying run-rate supports if third-quarter EPS of $1.15 persists.
The most commonly misapplied metric here is trailing P/E, because provision-line and compensation accrual swings can move reported earnings sharply from one quarter to the next without reflecting change in underlying franchise economics. Price-to-tangible-book or a normalized multi-year average earnings base would obscure less of the timing noise. Investors should prefer a through-the-cycle earnings estimate over the headline P/E when assessing whether the current price is justified.