PJT Partners Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PJT Partners Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	499	499	580	718	1,052	992	1,027	1,153	1,493	1,714
Pre-tax income	14.5	10.1	41.5	82.2	248	219	201	178	271	343
Income tax	9.39	38.4	-1.05	18.4	35.5	29.5	36.7	31.9	32.1	33.2
Net income to minority interests	8.14	4.23	15.4	34.2	94.9	83.8	74.2	63.9	104	130
Net income	-3.03	-32.6	27.2	29.6	118	106	90.5	81.8	134	180

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	152	146	106	216	300	200	173	356	484	539
Property, plant and equipment	38.2	33.8	34.8	37.1	38.8	37.1	30.7	25.9	22.1	61
Lease right-of-use assets				167	151	138	119	299	313	339
Goodwill	72.3	72.3	176	173	173	173	173	173	192	192
Intangible assets	14.7	12.3	49.2	39.8	32	24.4	17.9	13	13	7.45
Total assets	590	559	672	953	1,172	988	1,051	1,435	1,635	1,843
Total liabilities	177	137	184	378	484	350	291	574	734	834
Paid-in capital	9.15	30.7	211	291	349	391	503	620	689	845
Retained earnings	-17.9	-186	-170	-145	-33.1	-4.93	61	118	229	384
Treasury stock		-2.3	-67.2	-115	-164	-267	-376	-493	-729	-924
Other comprehensive income	0.06	0.16	-0.63	0.15	1.41	0.63	-2.27	-0.47	-1.66	2.83
Shareholders' equity	-8.56	-157	-26.5	31.4	154	120	185	245	187	308
Minority interests		580	514	543	534	517	574	616	715	701
Total equity	-8.56	422	488	575	688	638	760	861	902	1,009
Total liabilities and equity	590	559	672	953	1,172	988	1,051	1,435	1,635	1,843

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.11	-28.3	42.6	63.8	212	190	165	146	238	310
Depreciation and amortization	14	8.14	9.97	14.5	15.1	15.8	15.5	14	12.8	13.3
Stock-based compensation	89	116	118	112	121	109	166	179	209	234
Deferred income tax	2.29	31	-7.83	11.5	6.91	7.1	1.78	-1.93	-8.52	-3.15
Change in receivables	-64.9	41.2	-36.6	-11.1	-4.94	-61	-32.5	51.9	-55.9	-75.9
Cash from operations	117	111	123	211	469	124	243	442	531	526
Capital expenditures	-13.1	-1.06	-7.21	-8.81	-8.85	-6.47	-3.43	-3.93	-3.3	-45.9
Acquisitions			-61.5				0	0	-10.7	0
Purchases of investments		-57.2	-22	-11.3	-278	-97.6	-144	-329	-370	-182
Sales and maturities of investments		20	59.2	10.9	141	235	94.1	298	392	200
Cash from investing	-12.6	-38.2	-31.5	-1.72	-146	131	-53.2	-34.3	8.06	-28.5
Debt issued			30
Debt repaid				-8.5	-21.5
Share buybacks		-2.3	-64.9	-47.8	-48.7	-103	-109	-117	-235	-195
Dividends paid	-3.73	-3.8	-4.32	-4.65	-4.82	-78	-24.6	-24.4	-24.1	-24.5
Cash from financing	-32.5	-79.6	-131	-101	-244	-353	-210	-228	-409	-454
Exchange rate effect	-2.43	-0.15
Net change in cash	69.3	-6.81	-39.5	110	83.6	-99	-27.2	182	128	55
Free cash flow	104	110	116	202	461	118	239	438	528	480
Interest paid			0.37	1.39	0.12	0.01	0.13	0.02	0	0
Income taxes paid	6.81	15.1	0.5	3.84	36.2	30.9	28.6	23.3	36.1	44.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $151.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	21.0%	Pre-tax income / revenue.
Net margin	10.6%	Net income / revenue.
FCF margin	35.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.8%	Cash from operations / revenue.
Effective tax rate	13.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	63.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.4%	Net income / average total assets.
Stock-based pay / revenue	12.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	34.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-8.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	64.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	44.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	11.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$115.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	25.6x	Revenue / average property, plant and equipment.
FCF conversion	331.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	12.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	18.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.22B	Share price x shares outstanding.
Enterprise value	$5.99B	Market cap + total debt - cash - short-term investments.
P/E	31.2x	Market cap / net income. Only when net income is positive.
P/S	3.30x	Market cap / revenue.
P/B	19.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	53.9x	Market cap / tangible book value, when positive.
P/FCF	9.40x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.73x	Market cap / cash from operations, when positive.
EV/Sales	3.17x	Enterprise value / revenue.
EV/FCF	9.05x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was PJT Partners Inc.'s revenue in fiscal 2025?

PJT Partners Inc. reported revenue of $1.71B for fiscal 2025, 14.8% higher than the year before.

Was PJT Partners Inc. profitable in fiscal 2025?

Yes. Net income was $180.1M, a net margin of 10.5%.

How much free cash flow did PJT Partners Inc. generate in fiscal 2025?

Cash from operations of $526.3M minus capital expenditures of $45.9M left free cash flow of $480.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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