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Introduction & Market Context
PJT Partners Inc (NYSE:PJT), a premier global advisory-focused investment bank, shared its corporate presentation on July 29, 2025, highlighting the firm’s strong performance and growth trajectory since its founding in 2015. The presentation comes on the heels of the company’s solid second-quarter results, with revenue reaching $407 million, up 13% year-over-year. The company’s stock has responded positively to these developments, trading at $175.50 as of October 14, 2025, up 1.02% from the previous close.
Founded just a decade ago, PJT Partners has established itself as a significant player in the advisory space, with a current market capitalization of approximately $7.2 billion. The firm’s balanced business model across Strategic Advisory, Restructuring & Special Situations, and PJT Park Hill has allowed it to thrive in various market environments.
Quarterly Performance Highlights
PJT Partners delivered strong financial results for the second quarter of 2025, demonstrating continued momentum across its business segments. Revenue increased 13% year-over-year to $407 million, while adjusted pretax income rose 22% to $80 million. Notably, adjusted earnings per share jumped 29% to $1.54, significantly outpacing revenue growth and reflecting improved operational efficiency.
As shown in the following financial overview:
The company’s performance extends beyond the quarter, with last twelve months (LTM) results as of Q2 2025 showing revenue of $1.535 billion (+18%), adjusted pretax income of $294 million (+35%), and adjusted EPS of $5.42 (+38%). These results underscore the firm’s ability to generate consistent growth while expanding profit margins.
CEO Paul Taubman emphasized the firm’s commitment to growth during the earnings call, stating, "Our firm’s commitment to investing is unshakable." He also highlighted the potential for further expansion, noting, "We see proof of concept that no matter how much white space we filled in, there’s still white space as far as the eye can see."
Long-Term Growth Trajectory
Since its founding in 2015, PJT Partners has demonstrated remarkable growth across key metrics. Revenue has increased by 278% from $406 million in 2015 to $1.535 billion in the last twelve months ending Q2 2025. Even more impressive has been the company’s profitability improvement, with adjusted pretax income growing by 601% from $42 million to $294 million over the same period.
The company’s growth trajectory is clearly illustrated in the following chart:
This growth has been fueled by significant expansion in the firm’s talent base. The number of partners has increased by 180% from 46 in 2015 to 129 in 2025, while total employee headcount has grown by 227% to 1,155. The firm has particularly focused on expanding its Strategic Advisory business, where partner count has grown from 18 in 2015 to 81 as of June 30, 2025.
The financial results of this expansion are evident in the consistent upward trend in both revenue and adjusted earnings per share:
Strategic Positioning
PJT Partners has positioned itself as a differentiated advisory firm by combining "big firm capabilities" with a "small firm feel." The company offers a comprehensive suite of services across Strategic Advisory, Restructuring & Special Situations, and PJT Park Hill, serving over 400 clients globally.
The firm’s Strategic Advisory practice encompasses M&A advisory, capital markets advisory, shareholder advisory, board advisory, activism defense, and geopolitical and policy advisory. Its client roster includes major corporations such as GE Aerospace, AbbVie, Sky, and Amgen, as demonstrated in the following overview:
In the restructuring space, PJT Partners has established itself as a leader, being recognized as the #1 U.S. and #1 Worldwide restructuring advisor by IFR awards. The firm has advised over 500 clients on restructuring and special situations, including high-profile cases such as WeWork, SVB, and J.Crew.
The company’s PJT Park Hill business has also demonstrated significant success, raising over $545 billion in capital across more than 505 primary funds. This segment maintains relationships with over 5,500 investors and has facilitated $107 billion in LP portfolio sales and $113 billion in GP-led secondary transactions.
Capital Allocation Strategy
PJT Partners has maintained a disciplined approach to capital allocation, with clear priorities: investing in the business, offsetting dilution, and maintaining a dividend. The company’s strong cash position and disciplined expense management have supported these priorities.
A key component of the firm’s capital strategy has been its active share repurchase program. In the last twelve months ending Q2 2025, the company repurchased 2.9 million shares for $438 million, representing a significant increase from previous years:
The firm’s capital allocation approach is aligned with shareholder interests, with approximately 40% employee ownership ensuring that management and staff have significant skin in the game. Senior management awards are tied directly to shareholder value creation, further strengthening this alignment.
Forward-Looking Statements
Looking ahead, PJT Partners has identified several factors that position it for continued growth. The company cites significant market share growth opportunities and further integration across its businesses as key drivers. Additionally, secular tailwinds from business disruption and dislocations are expected to increase the need for strategic advice, while demand for advisory-focused firms continues to rise.
The firm anticipates that its Strategic Advisory business will continue its strong performance, with a gradual improvement in M&A activity supported by improving business confidence and reduced regulatory uncertainty. The company remains committed to investing in its capabilities and expanding its geographic footprint, particularly in Europe and Asia.
However, potential challenges remain, including economic fluctuations that could impact M&A activity, regulatory changes in key markets, intense competition in the advisory sector, and geopolitical tensions that might affect international expansion plans.
Despite these challenges, PJT Partners’ balanced business model, strong talent base, and disciplined financial management position it well to continue its growth trajectory in the coming years. As the company approaches its tenth anniversary as a public company, it has demonstrated an impressive ability to scale while maintaining the entrepreneurial culture that has been key to its success.
Full presentation:
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