Latest Ratios: P/E Ratio 25.2x · EV/EBITDA 10.0x · 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 | $4.1B | $4.8B | $7.0B | $2.7B | $2.0B | $3.1B | $3.2B | $1.1B | $940M | $860M | $565M |
| Enterprise Value | $3.9B | $4.7B | $6.8B | $2.7B | $1.9B | $3.1B | $3.1B | $1.1B | $864M | $714M | $412M |
| P/E Ratio → | 25.23 | 25.03 | 32.08 | 20.83 | 20.99 | 18.57 | 17.10 | 37.30 | 33.41 | — | — |
| P/S Ratio | 2.38 | 2.79 | 4.66 | 2.36 | 1.91 | 3.16 | 3.08 | 1.57 | 1.62 | 1.72 | 1.13 |
| P/B Ratio | 4.78 | 4.74 | 7.72 | 3.17 | 2.58 | 4.92 | 4.72 | 1.96 | 1.93 | 2.04 | — |
| P/FCF | 8.48 | 9.96 | 13.19 | 6.23 | 8.20 | 26.67 | 7.05 | 5.58 | 8.12 | 7.81 | 5.44 |
| P/OCF | 7.74 | 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 | 10.02 | 11.82 | 21.45 | 11.52 | 7.20 | 11.04 | 10.03 | 7.90 | 11.98 | 19.19 | 7.73 |
| EV / EBIT | 10.89 | 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 | 0.5% | — | — | — | — | — | — | — | — | — | — |
| 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 | 4.0% | 4.0% | 3.1% | 4.8% | 4.8% | 5.4% | 5.8% | 2.7% | 3.0% | — | — |
| FCF Yield | 11.8% | 10.0% | 7.6% | 16.0% | 12.2% | 3.8% | 14.2% | 17.9% | 12.3% | 12.8% | 18.4% |
| Buyback Yield | 4.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.3% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $29M | $44M | $27M | $27M | $42M | $43M | $25M | $24M | $19M | $18M |
Success fee timing volatility
Based on current market data, PJT trades at a forward P/E of 20.09, which suggests investors are pricing in a premium for its restructuring-led business model compared to peers with higher M&A concentration, despite the inherent lumpiness of its success-fee-driven revenue streams and quarterly earnings volatility.
The firm's valuation multiples appear to reflect a market consensus that PJT’s restructuring franchise provides a superior defensive hedge against credit market downturns. Investors should monitor whether this premium remains sustainable if the anticipated M&A recovery fails to materialize, as the current PEG ratio of 2.61 indicates that growth expectations are already quite elevated.
As reported in recent financial statements, PJT's ROIC has fluctuated between 3.5% and 6.8% over the last ten quarters, a trend that indicates the firm is struggling to consistently compound returns on invested capital due to the heavy reliance on human capital and associated stock-based compensation.
The variability in ROIC highlights the challenge of scaling an advisory boutique where the primary asset is talent rather than physical capital. While the firm maintains a strong competitive position, the dilutionary impact of equity-based incentives appears to be a structural drag on the return metrics that shareholders should carefully evaluate.
According to quarterly filings, PJT's DSO has shown significant variance, peaking at 91 days in 2025Q1, which underscores the firm's vulnerability to client payment timing and the inherent difficulty in managing working capital within a project-based advisory business model that lacks recurring revenue streams.
The lack of a stable cash conversion cycle suggests that liquidity management is highly dependent on the successful closing and collection of large-scale mandates. This operational reality necessitates a larger cash buffer than might be required by firms with more predictable, subscription-based revenue models.
The P/E ratio is frequently misapplied to PJT because it fails to account for the massive, non-cash stock-based compensation charges that are essential to the firm's talent-retention strategy, thereby obscuring the true cash-generating capacity of the business and leading to an inaccurate assessment of its valuation.
Analysts should instead focus on adjusted earnings metrics or free cash flow, which strip out the non-cash compensation expenses that distort GAAP profitability. Relying on standard P/E multiples risks underestimating the firm's underlying earning power and misinterpreting the impact of its aggressive hiring strategy on shareholder value.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying PJT stock.
PJT Partners Inc.'s current P/E ratio is 25.2x. The historical average is 30.5x. This places it at the 56th percentile of its historical range.
PJT Partners Inc.'s current EV/EBITDA is 10.0x. 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 25.2x. This is at the 56th 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 0.51% 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.