PJT Partners Inc (PJT) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of PJT Partners Inc $206, price $152, upside +35.5%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $52.87 – $190.79 · fair‑value band $68.69 – $306.51 · the $151.77 price screens below the $205.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide.
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PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures. The company also provides advisory services for private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; complex investor matters; and other critical strategic, governance, and shareholder matters. In addition, it offers advisory services related to debt and equity markets, including debt financings, acquisition financings, structured product offerings, public equity raises initial public offerings, private capital raises, general partner advisory, and other capital structure related matters. Further, the company provides geopolitical and policy advisory practice that assists corporate boards and management teams with navigating changing geopolitical relationships. Additionally, it offers advisory services in the areas of liability management, and restructurings and special situations comprising bespoke financing, tort liability resolutions, distressed M&A, and chapter 11 matters, as well as to corporate clients, financial sponsors, and creditors. The company also provides private fund advisory and fundraising services for a range of investment strategies; and advisory services to general and limited partners on liquidity and other structured solutions. The company was formerly known as Blackstone Advisory Inc. and changed its name to PJT Partners Inc. in March 2015. PJT Partners Inc. was incorporated in 2014 and is headquartered in New York, New York.
Stock analysis
PJT Partners Inc (PJT) currently trades at $151.77, while our model-based Fair Value estimate is $205.57, implying the stock looks roughly 26.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $203.39 per share, and 6 of the 13 models we run sit above the $151.77 price.
Bear case: the Economic Profit group reads lowest at $63.09, and 7 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: $68.69 (bear) to $306.51 (bull), the price of $151.77 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PJT Partners Inc reported revenue of $1.7B in FY2025 versus $992M in FY2021, a compound +14.6%/yr. Reported net income was $180M in FY2025, compounding +14.1%/yr from FY2021.
Key figures
Market cap $6.5B · P/E ratio 20.7 · P/S ratio 2.17 · EPS (TTM) $7.34 · Dividend yield 0.7% · Net margin 10.5% · Return on equity 37.6% · Return on assets (EBIT) 19.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 35%, PJT screens cheaper than that median.
Fair Value models
Bear $68.69Fair Value $205.57Bull $306.51
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($4.71 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2020 (pandemic). Over 10 years: +15.5% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.4%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.2% vs 34.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 21%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −10.2% a year for the price and +7.8% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 460 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+35.4% · Above median
Profitability
Return on equity (TTM)37.6% · Top 25%
Return on assets36.3% · Top 25%
Net margin (TTM)18.2% · Above median
Operating margin (TTM)21.0% · Below median
Growth and dividend
Revenue growth19.5% · Above median
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is PJT Partners Inc (PJT) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $205.57 versus a price of $151.77, about +35% upside (undervalued).
What is the fair value of PJT?
Our model-based fair value for PJT Partners Inc is $205.57 (as of Sep 27, 2026), built from audited fundamentals. The current price: $151.77.
What is the quality score of PJT?
PJT Partners Inc has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for PJT Partners Inc (PJT)?
Our model-based price target is the fair value of $205.57 (as of Sep 27, 2026) from 13 valuation models. Cautious scenario $68.69, optimistic scenario $306.51. It is a calculation from audited fundamentals, not an analyst target.
What is the PJT Partners Inc stock forecast for 2026?
Our models put fair value at $205.57, about +35% upside versus a price of $151.77 (undervalued). Cautious scenario $68.69, optimistic scenario $306.51. The calculation is refreshed regularly with new filings.
What is the revenue of PJT Partners Inc (PJT)?
PJT Partners Inc reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Sep 27, 2026).
Does PJT Partners Inc pay a dividend?
PJT Partners Inc currently shows a dividend yield of about 0.66% relative to its recent price (as of Sep 27, 2026).
What growth is priced into PJT Partners Inc (PJT)?
For today's price to be fair in a discounted-cash-flow model, PJT Partners Inc would have to grow free cash flow by -8.1 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of PJT use?
Our models discount PJT Partners Inc at 9.3 %: a base by market capitalisation (mid), damped by beta 0.83, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For PJT Partners Inc that is -8.1 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has PJT Partners Inc (PJT) delivered so far?
Over the past 5 years revenue at PJT Partners Inc grew +10.2 % a year. The price currently implies -8.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of PJT Partners Inc (PJT) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into PJT Partners Inc (-8.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PJT Partners Inc (PJT)?
The free-cash-flow yield on the price is 11.06 %: that much free cash flow PJT Partners Inc produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PJT Partners Inc (PJT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PJT Partners Inc it is $205.57 per share (as of Sep 27, 2026), against a price of $151.77. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is PJT Partners Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, PJT trades below its calculated fair value: price $151.77, fair value $205.57, a gap of about +35% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PJT?
No. The price is what the market pays today ($151.77); the fair value is what the company's own numbers justify ($205.57). For PJT Partners Inc the two are $53.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is PJT Partners Inc worth?
The market values PJT Partners Inc at about $6.5B (market capitalisation, as of Sep 27, 2026). Per share that is $151.77; our models calculate a fair value of $205.57 per share.
What do the bullish and bearish scenarios say about PJT?
Our models span a range for PJT Partners Inc: cautious scenario $68.69, base $205.57, optimistic $306.51 per share (as of Sep 27, 2026, price $151.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PJT?
PJT Partners Inc trades at a price-to-earnings ratio of 20.7 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $205.57 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 28.3 (reported for FY2025: 24.1). Other multiples: PEG 1.4, P/B 21.0, P/S 5.9, EV/EBITDA 26.0.
What is the PEG ratio of PJT?
The PEG ratio of PJT Partners Inc is 1.36 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of PJT Partners Inc (PJT)?
Balance-sheet figures for PJT Partners Inc (as of Sep 27, 2026): return on equity 37.6%, debt of 0.07 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is PJT from its 52-week high?
PJT Partners Inc trades at $151.77, about 20% below its 52-week high of $190.79 and 18% above the low of $128.84 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $205.57 is for.
Which stocks are comparable to PJT Partners Inc?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is PJT Partners Inc stock attractive at the current price?
The data as of Sep 27, 2026: price $151.77, calculated fair value $205.57 (+35%), Quality Score 68/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PJT calculated?
We run PJT Partners Inc through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $205.57, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. PJT Partners Inc currently trades 35 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of PJT Partners Inc (PJT)?
The closing price on Sep 25, 2026 was $151.77. Our model-based fair value is $205.57, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PJT Partners Inc right now?
The model range is unusually wide ($68.69 to $306.51). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of PJT Partners Inc (PJT) come from?
Earnings per share at PJT Partners Inc grew +29.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.4 %, EBIT margin +23.9 %, tax rate +0.2 %, residual (interest, one-offs) −2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of PJT Partners Inc
How large is the market capitalisation of PJT Partners Inc (PJT)?
The market capitalisation of PJT Partners Inc is $6.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of PJT Partners Inc (PJT)?
The price-to-sales ratio of PJT Partners Inc is 2.17 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PJT Partners Inc (PJT)?
Earnings per share at PJT Partners Inc are $7.34 (price ÷ EPS = P/E 20.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PJT Partners Inc (PJT)?
The dividend yield of PJT Partners Inc is 0.7% (payout 13.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of PJT Partners Inc (PJT)?
The net margin of PJT Partners Inc is 10.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of PJT Partners Inc (PJT)?
The return on equity (ROE) of PJT Partners Inc is 37.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of PJT Partners Inc (PJT)?
On an EBIT basis the return on assets of PJT Partners Inc is 19.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of PJT Partners Inc (PJT)?
The operating margin of PJT Partners Inc is 21.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PJT Partners Inc (PJT)?
Revenue at PJT Partners Inc is growing +19.5% versus a year earlier (3y avg +18.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at PJT Partners Inc (PJT)?
Earnings per share at PJT Partners Inc are growing +37.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PJT Partners Inc (PJT) hold?
PJT Partners Inc holds more cash than debt, $125M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 27, 2026