PJT Partners Inc. (PJT) Stock Price & How to Invest
Short answer
PJT Partners is a pure-play independent advisory investment bank (M&A, restructuring, and fund placement) that spun out of Blackstone in 2015. You can invest by buying PJT shares directly or by holding it inside a thematic basket alongside other advisory-focused financial names.
PJT stock price
As of 2026-07-09, PJT Partners Inc. (PJT) last closed at $158.74, down 11.1% over the past year. Over the past 52 weeks it has traded between $129.05 and $191.42.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or PJT Partners Inc.'s investor relations page. Walnut is informational, not investment advice.
What does PJT Partners Inc. (PJT) do?
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.
The investment picture is a bet on a scaling advisory boutique with an unusually broad footprint for its size. Revenue grew to roughly 1.71 billion dollars in 2025 and momentum accelerated into 2026, with a record first quarter and a rising mandate count. Because PJT carries almost no debt and pays out much of its economics to bankers as compensation, the model is capital-light and cash-generative, but earnings are cyclical and the stock trades at a premium multiple to peers, pricing in continued growth.
What's driving PJT Partners Inc. (PJT)?
1. Strategic Advisory scaling
PJT has steadily added senior partners to broaden its M&A and capital-markets coverage. Higher mandate counts and record Strategic Advisory revenue in recent quarters point to a franchise still gaining share against both boutiques and bulge-bracket banks as deal activity recovers.
2. Restructuring leadership
The Restructuring and Special Situations group is consistently ranked among the top worldwide advisers by deal value. This business tends to hold up or grow when credit conditions tighten, giving PJT a counter-cyclical anchor that most pure M&A shops lack.
3. Park Hill and private capital
PJT Park Hill advises alternative asset managers on fund placement, secondaries, and GP-led liquidity solutions. As primary fundraising stays challenged, growth in private capital solutions and secondary transactions has become an increasingly important revenue engine.
4. Capital return and clean balance sheet
PJT ended early 2026 with near-record cash and authorized a new 800 million dollar buyback, reflecting a capital-light model that converts fee income into cash and returns much of it to shareholders through repurchases and dividends.
What are the risks to PJT Partners Inc. (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. The firm is highly dependent on retaining and recruiting senior bankers, and its economics are shaped by a large compensation ratio that limits margin expansion. There is meaningful key-person and reputational exposure to founder Paul Taubman and a handful of star partners. Competition for talent and mandates from Evercore, Moelis, Lazard, Centerview, and the bulge brackets is intense. Finally, the stock trades at a premium earnings multiple relative to advisory peers, which leaves less room for error if growth decelerates.
How is PJT Partners Inc. (PJT) valued? (approximate, JUNE 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see PJT Partners Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$1.8B
- FY2025 revenue: ~$1.71B (+15% YoY)
- Q1 2026 revenue: ~$418M (+29% YoY)
- Market cap: ~$6.9B
- Share price: ~$172
- P/E (TTM): ~35x
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.
Who competes with PJT Partners Inc. (PJT)?
Independent advisory boutiques
Evercore, Moelis, Lazard, Perella Weinberg, and privately held Centerview compete directly for M&A, restructuring, and shareholder-advisory mandates. These are PJT's closest public comparables and the main benchmark for its valuation.
Restructuring and special situations specialists
Houlihan Lokey and Lazard are leading rivals in bankruptcy and restructuring advisory, the counter-cyclical business where PJT holds a top global ranking by deal value.
Bulge-bracket investment banks
Goldman Sachs, Morgan Stanley, and JPMorgan compete for large-cap M&A and capital-markets work, though they also carry lending and trading operations that PJT, as a fee-only adviser, deliberately avoids.
How to invest in PJT Partners Inc. (PJT)
There are three common ways to get PJT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so PJT sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where PJT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on PJT Partners Inc. (PJT)
PJT is a high-margin, partnership-style advisory franchise whose earnings ride the deal cycle, so the story is about mandate momentum and talent retention rather than balance-sheet size.
More on PJT Partners Inc. (PJT)
Whether PJT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PJT a buy?, and where the stock could go from here in the PJT stock forecast.
For income investors, whether PJT pays a dividend and how the payout looks is covered in does PJT pay a dividend?
Build a basket around PJT with Walnut
Use PJT Partners Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does PJT Partners do?
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PJT Partners is an independent investment bank that earns advisory fees rather than trading or lending income. It operates three businesses: Strategic Advisory (M&A and capital markets), Restructuring and Special Situations, and PJT Park Hill, which advises alternative asset managers on raising and recycling capital.
Is PJT a good investment?
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That depends on your goals and risk tolerance, and Walnut is not an investment adviser. PJT offers a growing, capital-light advisory franchise, but its earnings are cyclical and it trades at a premium multiple to peers. Consider how deal-cycle exposure and talent risk fit your own strategy before deciding.
How did PJT spin out of Blackstone?
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PJT Partners was formed in 2015 when Blackstone spun off its financial and strategic advisory, restructuring, and Park Hill fund-placement businesses and combined them with PJT Capital, the boutique founded by former Morgan Stanley banker Paul J. Taubman.
How does PJT make money?
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PJT generates almost all of its revenue from advisory and transaction fees paid by clients for M&A, restructuring, capital-raising, and fund-placement work. It carries little debt and no meaningful trading or lending book, so its economics are driven by deal volume and fee rates.
Who are PJT's main competitors?
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Its closest public peers are independent advisory firms Evercore, Moelis, and Lazard, plus privately held Centerview. In restructuring it competes with Houlihan Lokey and Lazard, and in large-cap M&A it faces bulge-bracket banks like Goldman Sachs and Morgan Stanley.
Does PJT pay a dividend?
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Yes, PJT pays a quarterly cash dividend and also returns capital through share repurchases, including a new 800 million dollar buyback authorization in early 2026. The dividend is modest relative to the share price because the firm reinvests heavily in hiring senior bankers.
Why is PJT's stock valued higher than its peers?
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PJT trades at a higher earnings multiple than Evercore, Moelis, or Lazard because investors are pricing in faster mandate growth, a leading restructuring franchise, and expanding Park Hill activity. A premium multiple also means the stock is more sensitive to any slowdown in results.
What are the biggest risks to PJT?
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The main risks are the cyclicality of deal activity, dependence on retaining and recruiting star bankers, key-person exposure to founder Paul Taubman, a high compensation ratio that caps margins, and a premium valuation that leaves little cushion if growth slows.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with PJT Partners Inc.'s investor relations page or your broker before making investment decisions.