LCLN vs PJT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: LCLN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LCLN and PJT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LCLN and PJT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Lincoln International advises on mergers and acquisitions in the private capital markets, working mainly for private equity firms, their portfolio companies and privately held business owners rather than for large public acquirers. The firm reports two segments. Investment Banking Advisory, which covers sell-side and buy-side M&A, private funds advisory and capital markets work, produced ~$177.7M of the ~$225.7M in second-quarter 2026 revenue. Valuations and Opinions, which marks illiquid private holdings for fund managers and writes fairness opinions, contributed the other ~$47.9M and behaves more like a subscription than a deal fee. Roughly ~1,450 professionals work from more than ~30 offices across ~14 countries, and the firm counts ~162 Managing Directors. Its October 2025 purchase of MarshBerry, an advisory and consulting business focused on the insurance and wealth-management sectors, added ~$210M of goodwill and explains a visible share of the recent growth rate.

Full LCLN guide

PJT Partners is an independent, advisory-focused investment bank founded by longtime dealmaker Paul J. Taubman and carved out of Blackstone in 2015. It earns fees, not spread or trading income, across three businesses: Strategic Advisory (mergers and acquisitions, capital markets, and shareholder advisory), Restructuring and Special Situations (where it ranks as a top worldwide restructuring adviser), and PJT Park Hill (a leading placement agent and private-capital-solutions adviser to alternative asset managers). The mix is deliberately balanced so that counter-cyclical restructuring work can cushion softer M&A years.

Full PJT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LCLN drivers: Sponsor M&A is thawing; Valuations and Opinions is the ballast.
• PJT drivers: Strategic Advisory scaling; Restructuring leadership.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Advisory revenue is cyclical and lumpy, and a stall in private equity exit activity would hit the segment generating roughly four fifths of the top line. For PJT, pJT's revenue is tied to transaction activity, so a slowdown in M&A, capital markets, or credit stress can swing results sharply from year to year.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LCLN if you believe its drivers more; PJT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LCLN and PJT guides.

LCLN. At roughly ~$25.6 a share across ~102.2M total shares in all three classes, Lincoln carries a market value near ~$2.6B, or about ~3x trailing revenue. The trailing P/E near ~5.7 quoted by most data providers divides a post-IPO share count into pre-IPO partnership earnings, so it reflects an accounting structure that no longer exists. Revenue of ~$772M in fiscal 2025 and ~$572M in fiscal 2024 is the cleaner growth comparison, because the reorganization changed the expense lines while leaving the top line untouched.

PJT. PJT combines double-digit revenue growth with a premium valuation that sits well above independent advisory peers such as Evercore, Moelis, and Lazard, which trade in the mid-teens to mid-20s on earnings. The higher multiple reflects the market's expectation of continued mandate growth and margin resilience, and it makes PJT more sensitive to any shift in deal-cycle momentum.

Headline figures (approximate, August 2026): LCLN shows revenue (ttm) ~$874M, q2 2026 revenue ~$226M, up ~51% year over year, q2 2026 diluted eps, gaap vs adjusted ~$0.01 vs ~$0.26, adjusted compensation ratio (q2 2026) ~61% of revenue; PJT shows revenue (ttm) ~$1.8B, fy2025 revenue ~$1.71B (+15% YoY), q1 2026 revenue ~$418M (+29% YoY), market cap ~$6.9B.

LCLN and PJT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LCLN and PJT exposure against your real portfolio. It is not an investment adviser.