The firm's financial position has deteriorated significantly, with equity shifting from a positive $152.7M in 2023Q4 to a negative $154.7M by 2026Q1, signaling structural capital weakness.
| Total Current Assets | 111.11M | 318.6M | 483.04M | 423.29M | 385.54M | 555.91M | 372M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 30.67M | 0 | 0 | -275.82K |
| Total Non-Current Assets | 432.82M | 430.5M | 393.71M | 337.81M | 331.55M | 162.41M | 170.95M |
| Property, Plant & Equipment | 210.04M | 215.7M | 224.52M | 237.59M | 202.11M | 50.27M | 70.63M |
| Fixed Asset Turnover | 3.20x | 3.48x | 3.91x | 2.73x | 3.12x | 15.95x | 7.35x |
| Goodwill | 72.69M | 72.69M | 34.38M | 34.38M | 34.38M | 34.38M | 34.38M |
| Intangible Assets | 10.27M | 12.52M | 12.61M | 19.19M | 25.77M | 32.35M | 38.93M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 595.79M | 797.64M | 876.75M | 761.11M | 717.09M | 718.33M | 542.95M |
| Asset Turnover | 1.04x | 0.94x | 1.00x | 0.85x | 0.88x | 1.12x | 0.96x |
| Asset Growth % | -30.41% | -9.02% | 15.19% | 6.14% | -0.17% | 32.3% | - |
| Total Current Liabilities | 0 | 275.84M | 413.49M | 286.03M | 265.43M | 350.39M | 246.37M |
| Accounts Payable | 0 | 35.8M | 68.32M | 52.11M | 46.34M | 31.05M | 22.25M |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 18.47M | 19.35M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 10.3M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 1.15x | 1.17x | 1.48x | 1.45x | 1.59x | 1.51x |
| Quick Ratio | - | 1.15x | 1.17x | 1.48x | 1.45x | 1.59x | 1.51x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 261.06M | 233.49M | 206.83M | 191.52M | 96.58M | 222.4M |
| Long-Term Debt | 0 | 167.59M | 0 | 0 | 0 | 0 | 146.97M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 367.54M | 536.9M | 646.99M | 492.86M | 456.95M | 446.98M | 468.77M |
| Total Debt | 0 | 353.66M | 187.35M | 175.9M | 165.6M | 43.45M | 205.19M |
| Net Debt | -77.66M | 97.75M | -145.42M | -74.2M | -8.56M | -461.33M | -125.71M |
| Debt / Equity | -0.00x | 1.36x | 0.82x | 0.66x | 0.64x | 0.16x | 2.77x |
| Debt / EBITDA | 0.00x | 5.14x | - | - | - | 0.54x | 219.46x |
| Net Debt / EBITDA | -1.72x | 1.42x | - | - | - | -5.69x | -134.45x |
| Interest Coverage | - | - | - | -417.03x | -172.95x | 4.02x | -0.33x |
| Total Equity | -154.71M | 260.74M | 229.76M | 268.25M | 260.14M | 271.35M | 74.18M |
| Equity Growth % | -220.41% | 13.48% | -14.35% | 3.12% | -4.13% | 265.79% | - |
| Book Value per Share | -1.53 | 4.06 | 4.32 | 3.09 | 2.90 | 6.37 | 0.80 |
| Total Shareholders' Equity | -154.71M | -127.36M | -421.38M | 152.66M | 137.46M | 126.32M | 74.18M |
| Common Stock | 10K | 10K | 10K | 10K | 9K | 9K | 0 |
| Retained Earnings | -135.62M | -130.6M | -303.71M | -54.65M | -18.07M | -18.07M | 0 |
| Treasury Stock | 0 | -138.45M | -111.48M | -100.75M | -80.07M | -12M | 0 |
| Accumulated OCI | -3.81M | -2.52M | -6.19M | -4.48M | -6.54M | -1.75M | -2.33M |
| Minority Interest | 382.97M | 388.1M | 651.14M | 115.59M | 122.68M | 145.03M | 0 |
Negative Equity Position
As reported in recent financial statements, PWP's equity position has deteriorated significantly, shifting from a positive $152.7M in 2023Q4 to a negative $154.7M by 2026Q1, a trend that suggests the firm is struggling to retain earnings amidst a challenging and highly cyclical advisory environment.
The consistent decline in retained earnings indicates that the firm is failing to generate sufficient net income to offset its capital distribution and compensation obligations. This trajectory warrants close monitoring, as a persistent negative equity position may eventually constrain the firm's ability to attract top-tier talent or maintain its competitive standing.
Based on the firm's reported figures, PWP's debt-to-equity ratio reached 1.36 in 2025Q4, a metric that, while appearing manageable in isolation, must be viewed through the lens of the firm's negative equity base which complicates traditional leverage analysis and suggests limited room for further debt-funded expansion.
The presence of debt on the balance sheet during a period of negative equity suggests that the firm is relying on external financing to bridge operational gaps rather than internal cash generation. Investors should consider whether this leverage is a strategic necessity for liquidity or a sign of underlying cash flow fragility.
According to quarterly balance sheet data, PWP's liquidity position has experienced extreme fluctuations, with the current ratio swinging from a high of 7.54 in 2023Q4 to an unavailable level in 2026Q1, reflecting the inherent instability of cash reserves in a success-fee-dependent business model.
The rapid depletion of cash reserves from $407.4M in 2024Q4 to $77.7M in 2026Q1 highlights the firm's vulnerability to deal-flow timing and the potential for liquidity crunches during prolonged market downturns. This volatility suggests that the firm lacks a consistent cash cushion to absorb unexpected operational shocks.
As indicated by the firm's balance sheet, retained earnings have plummeted to -$135.6M in 2026Q1, a stark reversal from previous periods that reflects the cumulative impact of operating losses and aggressive capital allocation strategies that have effectively eroded the firm's tangible book value over the last ten quarters.
The erosion of equity suggests that the firm's compensation-heavy business model is not currently producing the surplus capital required to build a robust balance sheet. This trend raises questions about the sustainability of current shareholder return policies in the absence of consistent, high-margin advisory success.
Quick answers to the most common questions about buying PWP stock.
As of 2025, Perella Weinberg Partners (PWP) had total assets of $797.6M including $318.6M in current assets.
Perella Weinberg Partners (PWP) carries total debt of $353.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Perella Weinberg Partners (PWP) has total shareholders' equity (book value) of $-127.4M ($4.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Perella Weinberg Partners (PWP) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.