PJT Partners Inc. (PJT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1.1%

$154.93

vs $153.17 price

Levered DCF

$462.17

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.56

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.89×	29.89×	19.67×	20.41×	10.94×	9.71×	35.54×	30.05×
P/B	13.95×	21.48×	10.52×	9.98×	15.38×	11.95×	34.52×	-32.06×
P/S	2.51×	2.69×	2.23×	1.8×	1.86×	1.75×	1.51×	1.46×
EV / EBITDA	10.6×	12.21×	10.87×	6.77×	6.44×	5.52×	7.58×	10.7×
Gross margin	32.4%	30.9%	30.2%	34.8%	35.5%	35.1%	30.0%	26.8%
Operating margin	21.2%	19.4%	17.2%	22.5%	24.7%	26.1%	15.1%	10.7%
Net margin	10.5%	9.0%	7.1%	8.8%	10.7%	11.2%	4.1%	4.7%
Current ratio	27.67×	10.07×	9×	6.86×	6.87×	9.18×	8.35×	6.75×
Debt / equity	1.34×	1.9×	1.35×	0.73×	1.31×	1.12×	6.51×	-1.13×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.6%	0.6%	0.9%	1.3%	4.2%	0.3%	0.4%	0.5%
Payout ratio	13.6%	18.0%	29.9%	27.2%	73.4%	4.1%	15.7%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	58.4%	71.9%	33.4%	48.9%	88.3%	76.2%	94.2%	-102.7%
Return on invested capital	17.2%	16.4%	11.9%	19.3%	23.2%	21.1%	9.4%	10.0%
Return on assets	9.4%	8.2%	5.7%	8.6%	10.7%	10.0%	3.1%	4.0%
Free cash flow yield	11.2%	13.1%	17.0%	12.9%	6.4%	25.0%	18.7%	13.6%
Earnings yield	4.2%	3.3%	3.2%	4.9%	5.7%	6.4%	2.7%	3.2%
Enterprise value	$4.2B	$3.9B	$2.5B	$1.8B	$1.8B	$1.7B	$1.1B	$771.9M
Net debt / EBITDA	-0.32×	-0.41×	-0.11×	-0.14×	-0.16×	-0.41×	-0.08×	-1.06×
Cash conversion cycle (days)	86	67	73	100	93	67	98	116