BID TerminalOpen complete report
Research library Banks

Back of Napkin

PJT Partners Inc. PJT

Three-pass checkedFresh as companies report

PJT Partners grew a record second quarter 20% with all three of its engines, strategic advisory, private capital, and restructuring, rising at once, a combination the model was explicitly designed to produce.

The setup turns on price: 22 times this year's estimate is the premium multiple of the boutique group, awarded for balance the market currently gets to observe but has not yet had to lean on.

PJT · price with moving averages

Daily · 6MWeekly · 3Y
$63$97$130$164$197 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

PJT is Paul Taubman's advisory house, spun out of Blackstone a decade ago with a deliberate three-engine design: strategic advisory for booms, the dominant restructuring franchise for busts, and PJT Park Hill raising private-capital funds through every season. Fees are the only revenue, there is no balance sheet risk, $535M of cash and no funded debt, and the product is judgment sold by a deliberately small partner group. The moat is reputational density: the restructuring franchise in particular is one of two or three names any distressed board must call, a position earned over decades and not purchasable.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with PJT

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
Piper Sandler Companies PIPRPiper Sandler just printed the best first half in its history, advisory revenue up 34% to a record, and the stock sits 22% below its February high anyway. Back of Napkin Houlihan Lokey, Inc. HLIWhile every other advisory bank was printing records this quarter, Houlihan Lokey's revenue fell 16%, and the stock has been cut 39% from its high for being the one name that zigged. Back of Napkin Stifel Financial Corp SFStifel just reported the best second quarter in its history, and it did so with 66% of segment revenue coming from wealth management, not the deal desk everyone watches. Back of Napkin BayFirst Financial Corp. BAFNBayFirst restated its 2024, 2025 and first-quarter 2026 accounts in July, then reported a $32.7M loss on a bank with a $31.3M market value. Back of Napkin