Pjt Partners Inc Financials

PJT

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Pjt Partners Inc (PJT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PJT FY2025 2026-04-30

Asset-light advisory economics let PJT turn rising fees into cash quickly, while steady shareholder payouts keep book equity thin.

From FY2023 through FY2025, operating cash flow exceeded net income every year, not just once, reaching $526.3M versus $180.1M in FY2025. With capex only $45.9M, free cash flow still held at $480.4M, pointing to an asset-light cash engine that grows without tying much capital up in fixed assets.

ROE looks spectacular at 58.4%, but part of that signal comes from a thin equity base rather than profit alone. FY2025 closed with only $308.2M of equity supporting $1.84B of assets for a business of this scale, which magnifies book-value returns and helps explain why leverage ratios can look severe even while cash remains substantial.

The cost structure appears people-heavy rather than asset-heavy: SG&A absorbed 67.6% of FY2025 revenue while capex was only 2.7%. That setup created operating leverage without heavy reinvestment, lifting net margin to 10.5% from 7.1% in FY2023 as added revenue dropped through more efficiently instead of being consumed by new capital spending.

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pjt Partners Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Pjt Partners Inc's revenue grew 14.8% year-over-year to $1.7B, a solid pace of expansion. This earns a growth score of 70/100.

Leverage

Pjt Partners Inc has elevated debt relative to equity (D/E of 4.98), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

100

Pjt Partners Inc converts 28.0% of revenue into free cash flow ($480.4M). This strong cash generation earns a score of 100/100.

Returns

100

Pjt Partners Inc earns a strong 58.4% return on equity (ROE), meaning it generates $58 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 71.9% the prior year.

Piotroski F-Score Neutral

5/9

Pjt Partners Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.92x

For every $1 of reported earnings, Pjt Partners Inc generates $2.92 in operating cash flow ($526.3M OCF vs $180.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.7B

YoY+14.8%

5Y CAGR+10.2%

10Y CAGR+15.5%

Pjt Partners Inc generated $1.7B in revenue in fiscal year 2025. This represents an increase of 14.8% from the prior year.

EBITDA

N/A

Net Income

$180.1M

YoY+34.0%

5Y CAGR+8.9%

10Y CAGR+37.3%

Pjt Partners Inc reported $180.1M in net income in fiscal year 2025. This represents an increase of 34.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$480.4M

YoY-8.9%

5Y CAGR+0.8%

10Y CAGR+20.0%

Pjt Partners Inc generated $480.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.9% from the prior year.

Cash & Debt

$538.9M

YoY+11.4%

5Y CAGR+12.5%

10Y CAGR+20.7%

Pjt Partners Inc held $538.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.5%

YoY+1.5pp

5Y CAGR-0.7pp

10Y CAGR+8.6pp

Pjt Partners Inc's net profit margin was 10.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.

Return on Equity

58.4%

YoY-13.4pp

5Y CAGR-17.8pp

10Y CAGR+34.8pp

Pjt Partners Inc's ROE was 58.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$195.2M

YoY-17.0%

5Y CAGR+32.0%

Pjt Partners Inc spent $195.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.0% from the prior year.

Capital Expenditures

$45.9M

YoY+1290.6%

5Y CAGR+39.0%

10Y CAGR+2.9%

Pjt Partners Inc invested $45.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1290.6% from the prior year.

PJT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.7B+14.8%	$1.5B+29.5%	$1.2B+12.5%	$1.0B+3.4%	$991.9M-5.7%	$1.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2B+12.2%	$1.0B+28.1%	$805.4M+20.4%	$669.1M+4.5%	$640.0M-6.3%	$683.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$33.2M+3.4%	$32.1M+0.5%	$31.9M-13.0%	$36.7M+24.4%	$29.5M-17.0%	$35.5M
Net Income	$180.1M+34.0%	$134.4M+64.3%	$81.8M-9.6%	$90.5M-14.7%	$106.2M-9.7%	$117.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$418.2M-21.9%	$535.2M+19.7%	$447.1M+9.9%	$406.9M+25.4%	$324.5M-32.0%	$477.3M+46.3%	$326.3M-9.4%	$360.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$280.3M-21.4%	$356.6M+17.6%	$303.3M+9.6%	$276.8M+25.2%	$221.1M-32.2%	$326.0M+43.8%	$226.8M-9.4%	$250.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$8.9M-137.4%	$23.7M+48.3%	$16.0M+6.3%	$15.0M+169.7%	-$21.6M-281.6%	$11.9M+42.9%	$8.3M-26.9%	$11.4M
Net Income	$60.5M+13.4%	$53.4M+33.9%	$39.8M+21.1%	$32.9M-39.1%	$54.0M+5.3%	$51.3M+131.6%	$22.1M-21.8%	$28.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PJT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.8B+12.7%	$1.6B+14.0%	$1.4B+36.6%	$1.1B+6.4%	$987.6M-15.7%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$538.9M+11.4%	$483.9M+36.1%	$355.5M+105.2%	$173.2M-13.6%	$200.5M-33.1%	$299.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$404.3M+26.0%	$320.8M+21.7%	$263.5M-17.1%	$317.8M+9.8%	$289.3M+24.1%	$233.2M
Goodwill	$191.6M0.0%	$191.6M+10.9%	$172.7M0.0%	$172.7M0.0%	$172.7M0.0%	$172.7M
Total Liabilities	$1.5B+6.0%	$1.4B+21.7%	$1.2B+37.5%	$865.5M-0.2%	$867.4M-14.7%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$308.2M+64.8%	$187.0M-23.6%	$244.7M+32.2%	$185.1M+54.0%	$120.2M-22.1%	$154.3M
Retained Earnings	$384.2M+68.1%	$228.6M+93.2%	$118.3M+94.1%	$61.0M+1335.9%	-$4.9M+85.1%	-$33.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.6B-15.2%	$1.8B+7.2%	$1.7B+13.7%	$1.5B+8.2%	$1.4B-14.6%	$1.6B+4.9%	$1.6B+10.0%	$1.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$308.8M-42.7%	$538.9M+34.6%	$400.5M+86.6%	$214.6M+10.5%	$194.3M-59.9%	$483.9M+225.1%	$148.8M-9.4%	$164.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$348.9M-13.7%	$404.3M+8.9%	$371.3M+3.4%	$359.0M+6.0%	$338.6M+5.6%	$320.8M-6.6%	$343.6M0.0%	$343.7M
Goodwill	$191.6M0.0%	$191.6M0.0%	$191.6M0.0%	$191.6M0.0%	$191.6M0.0%	$191.6M+10.9%	$172.7M0.0%	$172.7M
Total Liabilities	$1.3B-15.9%	$1.5B+3.0%	$1.5B+10.9%	$1.3B+7.7%	$1.2B-13.8%	$1.4B+3.4%	$1.4B+9.1%	$1.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$272.7M-11.5%	$308.2M+34.8%	$228.6M+36.5%	$167.4M+12.5%	$148.8M-20.4%	$187.0M+17.5%	$159.1M+18.9%	$133.8M
Retained Earnings	$438.2M+14.0%	$384.2M+14.0%	$336.9M+11.1%	$303.2M+9.7%	$276.4M+20.9%	$228.6M+24.7%	$183.3M+9.7%	$167.1M

PJT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$526.3M-0.9%	$531.0M+20.3%	$441.5M+81.9%	$242.7M+95.5%	$124.2M-73.6%	$469.4M
Capital Expenditures	$45.9M+1290.6%	$3.3M-16.0%	$3.9M+14.4%	$3.4M-46.9%	$6.5M-26.9%	$8.9M
Free Cash Flow	$480.4M-8.9%	$527.7M+20.6%	$437.6M+82.9%	$239.3M+103.3%	$117.7M-74.4%	$460.6M
Investing Cash Flow	-$28.5M-454.1%	$8.1M+123.5%	-$34.3M+35.5%	-$53.2M-140.5%	$131.3M+190.1%	-$145.8M
Financing Cash Flow	-$453.8M-11.0%	-$408.7M-79.2%	-$228.1M-8.6%	-$210.0M+40.6%	-$353.4M-44.7%	-$244.3M
Dividends Paid	$24.5M+1.6%	$24.1M-1.2%	$24.4M-0.8%	$24.6M-68.4%	$78.0M+1518.1%	$4.8M
Share Buybacks	$195.2M-17.0%	$235.1M+101.4%	$116.7M+6.6%	$109.5M+5.9%	$103.3M+112.3%	$48.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$64.3M-58.7%	$155.7M-39.2%	$256.1M+34.5%	$190.4M+350.8%	-$75.9M-138.8%	$195.7M+8.5%	$180.5M-6.8%	$193.6M
Capital Expenditures	$8.3M-51.9%	$17.2M+12.8%	$15.2M+32.0%	$11.5M+481.1%	$2.0M+366.4%	$425K-77.8%	$1.9M+271.7%	$516K
Free Cash Flow	$56.0M-59.6%	$138.6M-42.5%	$240.9M+34.6%	$178.9M+329.6%	-$77.9M-139.9%	$195.3M+9.4%	$178.5M-7.5%	$193.0M
Investing Cash Flow	-$40.7M-171.4%	$57.0M+274.2%	-$32.7M+59.5%	-$80.9M-388.4%	$28.0M-88.9%	$252.5M+282.7%	-$138.2M+16.7%	-$166.0M
Financing Cash Flow	-$250.8M-233.6%	-$75.2M-91.2%	-$39.3M+58.3%	-$94.3M+61.5%	-$245.0M-130.0%	-$106.5M-68.0%	-$63.4M+21.2%	-$80.4M
Dividends Paid	$6.5M+7.2%	$6.1M0.0%	$6.1M-0.1%	$6.1M-2.7%	$6.3M+4.9%	$6.0M+0.2%	$6.0M-0.5%	$6.0M
Share Buybacks	$61.3M+1197.5%	$4.7M	$0-100.0%	$63.4M-50.2%	$127.1M+156.8%	$49.5M+114.8%	$23.0M-58.9%	$56.1M

PJT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.5%+1.5pp	9.0%+1.9pp	7.1%-1.7pp	8.8%-1.9pp	10.7%-0.5pp	11.2%
Return on Equity	58.4%-13.4pp	71.9%+38.4pp	33.4%-15.5pp	48.9%-39.4pp	88.3%+12.1pp	76.2%
Return on Assets	9.8%+1.6pp	8.2%+2.5pp	5.7%-2.9pp	8.6%-2.1pp	10.8%+0.7pp	10.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.98-2.8	7.74+2.9	4.87+0.2	4.68-2.5	7.21+0.6	6.60
FCF Margin	28.0%-7.3pp	35.3%-2.6pp	38.0%+14.6pp	23.3%+11.5pp	11.9%-31.9pp	43.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.5%+4.5pp	10.0%+1.1pp	8.9%+0.8pp	8.1%-8.5pp	16.6%+5.9pp	10.8%+4.0pp	6.8%-1.1pp	7.9%
Return on Equity	22.2%+4.9pp	17.3%-0.1pp	17.4%-2.2pp	19.7%-16.6pp	36.3%+8.9pp	27.4%+13.5pp	13.9%-7.2pp	21.2%
Return on Assets	3.9%+1.0pp	2.9%+0.6pp	2.3%+0.1pp	2.2%-1.7pp	3.9%+0.7pp	3.1%+1.7pp	1.4%-0.6pp	2.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.73-0.2	4.98-1.5	6.52-1.5	8.03-0.4	8.38+0.6	7.74-1.1	8.80-0.8	9.60
FCF Margin	13.4%-12.5pp	25.9%-28.0pp	53.9%+9.9pp	44.0%+68.0pp	-24.0%-64.9pp	40.9%-13.8pp	54.7%+1.1pp	53.6%

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Frequently Asked Questions

What is Pjt Partners Inc's annual revenue?

Pjt Partners Inc (PJT) reported $1.7B in total revenue for fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pjt Partners Inc's revenue growing?

Pjt Partners Inc (PJT) revenue grew by 14.8% year-over-year, from $1.5B to $1.7B in fiscal year 2025.

Is Pjt Partners Inc profitable?

Yes, Pjt Partners Inc (PJT) reported a net income of $180.1M in fiscal year 2025, with a net profit margin of 10.5%.

What is Pjt Partners Inc's net profit margin?

Pjt Partners Inc (PJT) had a net profit margin of 10.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Pjt Partners Inc's return on equity (ROE)?

Pjt Partners Inc (PJT) has a return on equity of 58.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pjt Partners Inc's free cash flow?

Pjt Partners Inc (PJT) generated $480.4M in free cash flow during fiscal year 2025. This represents a -8.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pjt Partners Inc's operating cash flow?

Pjt Partners Inc (PJT) generated $526.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pjt Partners Inc's total assets?

Pjt Partners Inc (PJT) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pjt Partners Inc's capital expenditures?

Pjt Partners Inc (PJT) invested $45.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Pjt Partners Inc buy back shares?

Yes, Pjt Partners Inc (PJT) spent $195.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Pjt Partners Inc's debt-to-equity ratio?

Pjt Partners Inc (PJT) had a debt-to-equity ratio of 4.98 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pjt Partners Inc's return on assets (ROA)?

Pjt Partners Inc (PJT) had a return on assets of 9.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pjt Partners Inc's Piotroski F-Score?

Pjt Partners Inc (PJT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pjt Partners Inc's earnings high quality?

Pjt Partners Inc (PJT) has an earnings quality ratio of 2.92x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pjt Partners Inc?

Pjt Partners Inc (PJT) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.