PJT

PJT Partners is a premier independent advisory firm spanning strategic (M&A) advisory, shareholder and capital-markets advisory, restructuring and special situations, and private-capital solutions (fund placement, GP/LP liquidity). FY2025 was excellent: revenue grew 14.9% to $1.70B and net income jumped 34.0% to $180M, extending a powerful multi-year ramp from $986M of revenue in FY2021. The business is exceptionally capital-light and high-return, with return on equity of 58.4% and net margin of 10.6%, generating $526M of operating cash flow.

What makes PJT structurally attractive is the balance between two large advisory engines that tend to perform in different parts of the cycle. The restructuring and special-situations franchise stayed elevated in 2025 on liability-management, balance-sheet restructuring and rising bankruptcy activity — a multi-year distress cycle that cushions the firm when M&A slows. Meanwhile the M&A backdrop is improving: management notes worldwide announced M&A volumes rose 49% in 2025 and expects the second-half-2025 momentum to carry into 2026, even though transaction counts hit a five-year low. Private-capital solutions (GP-led secondaries, liquidity vehicles) add a third growth vector with favorable intermediate-term demand.