PJT Partners Inc. (PJT) Balance Sheet
PJT balance sheet, 2025
December 31, 2025 · U.S. dollars$1.91B assets = $898.0M liabilities + $1.01B equity
Both columns are drawn to the same scale: what PJT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PJT financial health
Descriptive bands, not a rating. Fiscal 2025.
PJT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $590.5M2016 | $1.91B2025 | +13.9%/yr | |
| Total liabilities | $599.0M2016 | $898.0M2025 | +4.6%/yr | |
| Shareholders’ equity | −$8.6M2016 | $308.2M2025 | — | |
| Cash & short-term investments | $152.4M2016 | $585.8M2025 | +16.1%/yr | |
| Total debt | $365,0002016 | $413.9M2025 | +118.5%/yr | |
| Net cash (debt) | $152.1M2016 | $171.9M2025 | +$19.8M | |
| Working capital | $286.3M2016 | $954.3M2025 | +$668.1M | |
| Book value per share | −$0.482016 | $10.772025 | — | |
| Debt / equity | 0.002017 | 1.342025 | +1.34 | |
| Shares outstanding | 18.0M2016 | 28.6M2025 | +5.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PJT assets
PJT liabilities and equity
PJT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PJT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $585.8M | $483.9M | $355.5M | $173.2M | $200.5M | $299.5M | $215.9M | $106.1M | $145.6M | $152.4M |
| Cash & equivalents | $538.9M | $483.9M | $355.5M | $173.2M | $200.5M | $299.5M | $215.9M | $106.1M | $145.6M | $152.4M |
| Short-term investments | $46.9M | — | $81.4M | $50.2M | — | $137.9M | $1.5M | $2.2M | $37.1M | $0 |
| Receivables | $404.3M | $320.8M | $263.5M | $317.8M | $289.3M | $233.2M | $227.5M | $139.9M | $112.7M | $154.5M |
| Inventory | $0 | $0 | $437.0M | $541.2M | $0 | $670.6M | $445.0M | −$676.6M | −$564.8M | −$590.5M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $676.6M | $564.8M | $590.5M |
| Total current assets | $990.1M | $804.7M | $619.1M | $491.0M | $489.7M | $532.7M | $443.5M | $246.0M | $258.3M | $306.9M |
| Property, plant & equipment (net) | $752.9M | $335.0M | $325.1M | $149.7M | $175.1M | $189.6M | $203.6M | $34.8M | $33.8M | $38.2M |
| Goodwill & intangible assets | $199.1M | $204.6M | $185.7M | $190.6M | $197.1M | $204.8M | $212.5M | $225.2M | $84.6M | $87.0M |
| Long-term investments | $46.9M | $62.9M | $81.4M | $50.2M | $0 | $137.9M | $1.5M | $2.2M | $37.1M | $0 |
| Other non-current assets | $0 | $228.1M | $223.7M | $169.1M | $125.7M | $106.7M | $91.6M | $163.7M | $145.2M | $158.4M |
| Total assets | $1.91B | $1.64B | $1.43B | $1.05B | $987.6M | $1.17B | $952.8M | $671.8M | $559.0M | $590.5M |
| Liabilities | ||||||||||
| Accounts payable | $34.0M | $33.6M | $22.3M | $24.8M | $23.8M | $25.9M | $24.8M | $24.7M | $16.9M | $17.4M |
| Short-term debt | $35.8M | $28.9M | $29.1M | $32.1M | $29.7M | $28.8M | $41.3M | $8.5M | $288,000 | $365,000 |
| Deferred revenue | $8.4M | $9.6M | $10.3M | $13.0M | $12.9M | $9.8M | $14.2M | $7.9M | $382,000 | $786,000 |
| Total current liabilities | $35.8M | $79.9M | $68.8M | $71.5M | $71.3M | $58.0M | $53.1M | $48.0M | $22.5M | $20.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $85,000 | $21.6M | $30.0M | $288,000 | $365,000 |
| Lease obligations | $413.9M | $354.5M | $330.6M | $135.6M | $157.0M | $172.3M | $182.9M | — | — | — |
| Other long-term liabilities | $862.2M | $653.8M | $505.0M | $219.5M | $278.7M | $425.7M | $303.6M | $106.1M | $113.7M | $578.0M |
| Total liabilities | $898.0M | $733.7M | $573.8M | $291.1M | $350.1M | $483.8M | $378.3M | $184.1M | $136.5M | $599.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $360,000 | $340,000 | $324,000 | $310,000 | $292,000 | $267,000 | $251,000 | $240,000 | $30.9M | $180,000 |
| Retained earnings (deficit) | $384.2M | $228.6M | $118.3M | $61.0M | −$4.9M | −$33.1M | −$144.9M | −$169.8M | −$186.0M | −$17.9M |
| Treasury stock | — | — | — | — | −$267.0M | −$163.7M | −$115.0M | −$67.2M | −$2.3M | $0 |
| Accumulated other comprehensive income | $2.8M | −$1.7M | −$467,000 | −$2.3M | $631,000 | $1.4M | $146,000 | −$627,000 | $155,000 | $61,000 |
| Minority interest | $700.8M | $714.6M | $616.5M | $574.5M | $517.3M | $533.6M | $543.1M | $574.2M | $579.7M | $0 |
| Total shareholders' equity | $308.2M | $187.0M | $244.7M | $185.1M | $120.2M | $154.3M | $31.4M | $487.7M | $422.5M | −$8.6M |
| Key figures | ||||||||||
| Total debt | $413.9M | $354.5M | $330.6M | $135.6M | $157.0M | $172.3M | $204.4M | $38.5M | $288,000 | $365,000 |
| Net cash (debt) | $171.9M | $129.4M | $24.9M | $37.6M | $43.5M | $127.2M | $11.5M | $67.6M | $145.3M | $152.1M |
| Working capital | $954.3M | $724.7M | $550.3M | $419.4M | $418.4M | $474.7M | $390.4M | $198.0M | $235.8M | $286.3M |
| Tangible book value | $109.2M | −$17.6M | $59.0M | −$5.5M | −$76.9M | −$50.5M | −$181.1M | $262.6M | $337.9M | −$95.6M |
| Book value per share | $10.77 | $4.24 | $9.14 | $6.95 | $2.84 | $3.58 | $1.25 | $12.99 | $22.79 | −$0.48 |
| Shares outstanding | 28.6M | 44.1M | 26.8M | 26.6M | 42.4M | 43.1M | 25.0M | 37.6M | 18.5M | 18.0M |
| Current ratio | 27.67 | 10.07 | 9.00 | 6.86 | 6.87 | 9.18 | 8.35 | 5.12 | 11.47 | 14.88 |
| Quick ratio | 27.67 | 10.07 | 9.00 | 6.86 | 6.87 | 9.18 | 8.35 | 5.12 | 11.47 | 14.88 |
| Debt / equity | 1.34 | 1.90 | 1.35 | 0.73 | 1.31 | 1.12 | 6.51 | 0.08 | 0.00 | — |
| Equity / assets | 16.2% | 11.4% | 17.1% | 17.6% | 12.2% | 13.2% | 3.3% | 72.6% | 75.6% | −1.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $235.5M | $308.8M | $585.8M | $400.5M | $214.6M | $194.3M | $483.9M | $148.8M | $164.2M | $215.5M | $355.5M | $116.0M |
| Cash & equivalents | $235.5M | $308.8M | $538.9M | $400.5M | $214.6M | $194.3M | $483.9M | $148.8M | $164.2M | $215.5M | $355.5M | $116.0M |
| Short-term investments | $299.3M | — | $46.9M | — | — | — | — | $328.2M | $186.6M | $20.1M | $81.4M | $239.0M |
| Receivables | $394.5M | $348.9M | $404.3M | $371.3M | $359.0M | $338.6M | $320.8M | $343.6M | $343.7M | $325.0M | $263.5M | $324.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $820.6M | $0 | $0 | $437.0M | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $630.0M | $657.7M | $990.1M | $771.8M | $573.6M | $532.9M | $804.7M | $492.4M | $507.9M | $540.5M | $619.1M | $440.2M |
| Property, plant & equipment (net) | $415.4M | $411.4M | $752.9M | $386.8M | $379.3M | $369.7M | $335.0M | $337.1M | $313.8M | $319.0M | $325.1M | $131.1M |
| Goodwill & intangible assets | $196.5M | $197.8M | $199.1M | $200.3M | $201.8M | $203.2M | $204.6M | $182.0M | $183.2M | $184.5M | $185.7M | $186.9M |
| Long-term investments | $299.3M | $79.4M | $46.9M | $120.7M | $103.8M | $32.5M | $62.9M | $328.2M | $186.6M | $20.1M | $81.4M | $239.0M |
| Other non-current assets | $214.7M | $217.6M | $0 | $239.5M | $253.0M | $258.4M | $228.1M | $219.8M | $226.2M | $237.9M | $223.7M | $197.7M |
| Total assets | $1.76B | $1.56B | $1.91B | $1.72B | $1.51B | $1.40B | $1.64B | $1.56B | $1.42B | $1.30B | $1.43B | $1.19B |
| Liabilities | ||||||||||||
| Accounts payable | $37.9M | $27.8M | $34.0M | $30.1M | $40.0M | $34.3M | $33.6M | $32.6M | $26.3M | $23.6M | $22.3M | $26.5M |
| Short-term debt | $14.5M | — | $35.8M | $0 | $16.5M | $22.6M | $28.9M | $7.8M | $14.0M | $20.9M | $29.1M | $8.1M |
| Deferred revenue | $14.7M | $14.2M | $8.4M | $6.9M | $11.4M | $16.5M | $9.6M | $13.6M | $11.8M | $8.3M | $10.3M | $11.4M |
| Total current liabilities | $93.0M | $80.8M | $35.8M | $78.2M | $91.4M | $89.6M | $79.9M | $83.5M | $74.5M | $68.3M | $68.8M | $78.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $419.4M | $421.5M | $413.9M | $413.2M | $414.7M | $410.3M | $354.5M | $353.3M | $326.0M | $327.4M | $330.6M | $118.3M |
| Other long-term liabilities | $679.7M | $553.3M | $862.2M | $710.5M | $571.4M | $482.8M | $653.8M | $595.5M | $495.5M | $405.4M | $505.0M | $305.1M |
| Total liabilities | $772.6M | $634.1M | $898.0M | $788.7M | $662.8M | $572.4M | $733.7M | $679.0M | $570.0M | $473.6M | $573.8M | $383.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $380,000 | $380,000 | $360,000 | $359,000 | $359,000 | $359,000 | $340,000 | $338,000 | $337,000 | $336,000 | $324,000 | $323,000 |
| Retained earnings (deficit) | $477.6M | $438.2M | $384.2M | $336.9M | $303.2M | $276.4M | $228.6M | $183.3M | $167.1M | $144.7M | $118.3M | $99.5M |
| Accumulated other comprehensive income | $1.3M | $1.9M | $2.8M | $2.8M | $3.5M | $98,000 | −$1.7M | $1.0M | −$996,000 | −$991,000 | −$467,000 | −$2.5M |
| Minority interest | $671.1M | $657.0M | $700.8M | $701.9M | $681.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $312.1M | $272.7M | $308.2M | $228.6M | $167.4M | $148.8M | $187.0M | $159.1M | $133.8M | $174.6M | $244.7M | $192.9M |
| Key figures | ||||||||||||
| Total debt | $419.4M | $421.5M | $413.9M | $413.2M | $414.7M | $410.3M | $354.5M | $353.3M | $326.0M | $327.4M | $330.6M | $118.3M |
| Net cash (debt) | −$183.8M | −$112.7M | $171.9M | −$12.8M | −$200.0M | −$216.0M | $129.4M | −$204.5M | −$161.8M | −$111.9M | $24.9M | −$2.2M |
| Working capital | $537.0M | $576.9M | $954.3M | $693.6M | $482.2M | $443.3M | $724.7M | $408.9M | $433.5M | $472.2M | $550.3M | $362.1M |
| Tangible book value | $115.5M | $74.9M | $109.2M | $28.3M | −$34.3M | −$54.4M | −$17.6M | −$22.9M | −$49.4M | −$9.8M | $59.0M | $6.0M |
| Book value per share | $10.90 | $9.53 | $10.71 | $7.98 | $3.85 | $3.35 | $4.16 | $3.56 | $3.10 | $6.20 | $9.65 | $7.24 |
| Shares outstanding | 28.6M | 28.6M | 28.8M | 28.6M | 43.4M | 44.5M | 44.9M | 44.6M | 43.1M | 28.2M | 25.4M | 26.6M |
| Current ratio | 6.78 | 8.14 | 27.67 | 9.87 | 6.28 | 5.95 | 10.07 | 5.89 | 6.82 | 7.92 | 9.00 | 5.64 |
| Quick ratio | 6.78 | 8.14 | 27.67 | 9.87 | 6.28 | 5.95 | 10.07 | 5.89 | 6.82 | 7.92 | 9.00 | 5.64 |
| Debt / equity | 1.34 | 1.55 | 1.34 | 1.81 | 2.48 | 2.76 | 1.90 | 2.22 | 2.44 | 1.88 | 1.35 | 0.61 |
| Equity / assets | 17.8% | 17.4% | 16.2% | 13.3% | 11.1% | 10.7% | 11.4% | 10.2% | 9.4% | 13.4% | 17.1% | 16.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PJT financial position
At the end of fiscal 2025 (December 31, 2025), PJT Partners had total assets of $1.9 billion (up 16.6% from a year earlier), total liabilities of $898.0 million and shareholders' equity of $308.2 million. It held $585.8 million in cash and short-term investments against $413.9 million of debt, a net cash position of $171.9 million. Its current ratio was 27.67. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $312.1 million.
Related: PJT income statement, PJT cash flow statement, PJT key metrics. See the PJT stock overview for the latest quote and news.
PJT balance sheet FAQ
What are PJT Partners's total assets?
PJT Partners reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.6 billion a year earlier.
How much debt does PJT Partners have?
PJT Partners had $413.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.34.
How much cash does PJT Partners have?
PJT Partners held $585.8 million in cash and short-term investments at the end of fiscal 2025; with $413.9 million of debt that is net cash of $171.9 million.
What is PJT Partners's book value?
PJT Partners's shareholders' equity (book value) was $308.2 million at the end of fiscal 2025, or $10.77 per share.
What is PJT Partners's current ratio?
PJT Partners had current assets of $990.1 million and current liabilities of $35.8 million, a current ratio of 27.67 (it can cover its short-term obligations).
How much goodwill does PJT Partners have?
PJT Partners carried $199.1 million of goodwill and intangible assets, 10.4% of total assets, at the end of fiscal 2025.