PJTPJT Partners Inc.

Investment Advice

Revenue: $1.7B; 15% YoY
Operating margin: —
EBITDA: —
Market cap: $3.7B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 1.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
292% of net income
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
42% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$986M	$1.0B	$1.1B	$1.5B	$1.7B	15%
Net income	$106M	$91M	$82M	$134M	$180M	34%
Operating cash flow	$124M	$243M	$442M	$531M	$526M	0.9%
Capex	$6M	$3M	$4M	$3M	$46M	1291%
Stock-based comp	$109M	$166M	$179M	$209M	$234M	12%
Buybacks	$103M	$109M	$117M	$235M	$195M	17%
Dividends	$78M	$25M	$24M	$24M	$25M	1.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 8
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$1M	$8M	241	203
FY2024	$1M	$43M	379	173
FY2023	$1M	$38M	243	133
FY2022	$40M	$54M	173	118
FY2021	$1M	−$32M	172	132