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1. Company Snapshot

1.a. Company Description

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally.The company offers advice services related to mission-critical strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, capital raising, structure and restructuring, capital markets advisory, energy underwriting, and equity research.It serves public multinational corporations, mid-sized public and private companies, individual entrepreneurs, private and institutional investors, creditor committees, and government institutions in various industries comprising consumer and retail; energy; financial institutions; healthcare; industrials; and technology, media, and telecommunications.


The company was founded in 2006 and is based in New York, New York.

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1.b. Last Insights on PWP

Perella Weinberg Partners' recent performance was positively driven by a newly announced dividend, which triggered a 52-week high and a gap up in shares. The company's Q4 2025 earnings call transcript also contributed to the momentum. Additionally, the firm has been expanding its team, with Daniel Avrutsky and Benjamin Port joining as Partners. Institutional investors, such as Geode Capital Management LLC and Emerald Advisers LLC, have also been increasing their stakes in the company. These developments have likely contributed to the company's recent performance.

1.c. Company Highlights

2. Perella Weinberg Partners' 2025 Earnings: A Resilient Performance Amidst a Challenging Landscape

Perella Weinberg Partners reported a revenue of $751 million for the full year 2025, representing a 14% decline from 2024's record results. However, 2025 was still the third-highest revenue year in the firm's twenty-year history. The fourth-quarter revenues were $219 million, which included $18.5 million related to closings that occurred within the first few days of 2026. The adjusted compensation margin was 68% for the full year 2025, compared to 67% in 2024. The earnings per share (EPS) came in at $0.17, slightly below the estimated $0.1775. The revenue decline was largely attributed to the challenging market conditions, but the firm's strong performance in Europe and its restructuring practice helped mitigate the impact.

Publication Date: Mar -03

📋 Highlights
  • 2025 Full-Year Revenues:: Declined 14% to $751 million but remained the third-highest revenue year in the firm’s 20-year history.
  • Q4 Revenues:: Recorded $219 million, including $18.5 million from 2026 closings due to accounting principles.
  • Adjusted Compensation Margin:: Improved to 68% for 2025, up from 67% in 2024 despite record talent investments.
  • Restructuring Practice Revenue:: Hit record highs, gaining market share in a growing sector with strong 2026 outlook.
  • Europe Revenues:: Achieved record levels, driven by investments in talent and clients, with leading positions in Germany and France.

Segment Performance and Outlook

The firm's European business delivered record revenues, further solidifying its position as a leading advisor in the region. The restructuring practice also achieved record revenues, gaining market share in a growing market. According to Andrew Bednar, "We're optimistic heading into '26, given the trending is better, and our scale will lead to a lower incident rate than really all segments in the market." The firm's gross pipeline stands at record highs, and the announced and pending backlog is strong and building.

Valuation and Growth Prospects

Analysts estimate revenue growth of 17.3% for the next year. With a Price-to-Sales Ratio of 3.23 and an EV/EBITDA of 34.98, the market is pricing in a certain level of growth. The firm's focus on investing in future revenue and clients, as well as its efforts to reduce its share count and maintain its dividend, are expected to drive growth. The current valuation metrics suggest that the market has a relatively positive outlook on the firm's prospects.

Compensation Margin and Capital Return Priorities

The firm's adjusted compensation margin increased to 68% in 2025, largely due to heavy investment in talent. Andrew Bednar mentioned that the firm is looking at ways to drive this forward and has comp leverage that they've flexed in the past. The firm's capital return priorities include investing in future revenue and clients, reducing its share count, and maintaining its dividend. The firm is also taking advantage of buyback opportunities.

Geopolitical Tensions and Business Impact

Regarding the impact of geopolitical tensions on dialogues with US-focused clients, Andrew Bednar stated that while it creates anxiety, it does not lead to panic, and clients see more opportunities than problems once the initial shock passes. This suggests that the firm's business is relatively resilient to geopolitical tensions.

3. NewsRoom

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Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Down – Here’s What Happened

Feb -22

Source: defenseworld.net

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Perella Weinberg Partners (NASDAQ:PWP) Sets New 1-Year High Following Dividend Announcement

Feb -10

Source: defenseworld.net

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Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up After Dividend Announcement

Feb -08

Source: defenseworld.net

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Perella Weinberg Partners (PWP) Q4 2025 Earnings Call Transcript

Feb -06

Source: seekingalpha.com

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SpaceX-xAI merger is necessary because of huge xAI investments needed: Perella Weinberg's Isaacson

Feb -03

Source: youtube.com

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Daniel Avrutsky Joins Perella Weinberg as Partner

Feb -03

Source: globenewswire.com

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Perella Weinberg to Announce Full Year and Fourth Quarter 2025 Financial Results and to Host Conference Call on February 6, 2026

Jan -28

Source: globenewswire.com

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Benjamin Port Joins Perella Weinberg as Partner

Jan -23

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.00%)

6. Segments

Advisory Services

Expected Growth: 13%

Perella Weinberg Partners' 13% growth in Advisory Services is driven by increasing demand for strategic M&A advice, expansion into new markets, and growth in activism defense. Additionally, the firm's expertise in complex cross-border transactions, strong relationships with corporate clients, and ability to provide independent advice have contributed to its growth.

7. Detailed Products

Advisory Services

Perella Weinberg Partners provides strategic advisory services to clients on mergers and acquisitions, divestitures, and other strategic transactions.

Restructuring and Recapitalization

The firm provides restructuring and recapitalization services to companies facing financial distress or seeking to optimize their capital structure.

Capital Markets Advisory

Perella Weinberg Partners advises clients on capital markets transactions, including equity and debt offerings, and provides guidance on capital structure optimization.

Risk Management and Hedging

The firm provides risk management and hedging solutions to clients seeking to mitigate financial risks, including interest rate, foreign exchange, and commodity risks.

Equity and Debt Capital Raising

Perella Weinberg Partners advises clients on equity and debt capital raising transactions, including private placements, public offerings, and high-yield debt issuances.

8. Perella Weinberg Partners's Porter Forces

Forces Ranking

Threat Of Substitutes

Perella Weinberg Partners operates in a niche market, providing advisory services to clients. The threat of substitutes is medium, as clients may opt for in-house advisory services or seek alternative advisory firms.

Bargaining Power Of Customers

Perella Weinberg Partners' clients are typically large corporations and financial institutions, which have limited bargaining power due to the specialized nature of the services provided.

Bargaining Power Of Suppliers

Perella Weinberg Partners has a strong reputation and is a leading advisory firm, giving it significant bargaining power over its suppliers.

Threat Of New Entrants

The investment banking and advisory services industry has high barriers to entry, including regulatory requirements and the need for specialized expertise, making it difficult for new entrants to compete with established firms like Perella Weinberg Partners.

Intensity Of Rivalry

The investment banking and advisory services industry is highly competitive, with many established firms competing for clients and deals. Perella Weinberg Partners must differentiate itself through its expertise and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.54%
Debt Cost 3.95%
Equity Weight 46.46%
Equity Cost 11.52%
WACC 7.46%
Leverage 115.23%

11. Quality Control: Perella Weinberg Partners passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Oppenheimer

A-Score: 5.9/10

Value: 7.0

Growth: 4.0

Quality: 5.6

Yield: 4.0

Momentum: 7.0

Volatility: 8.0

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A-Mark Precious Metals

A-Score: 4.9/10

Value: 6.4

Growth: 5.1

Quality: 3.7

Yield: 6.0

Momentum: 3.0

Volatility: 5.0

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Siebert Financial

A-Score: 4.4/10

Value: 5.7

Growth: 6.9

Quality: 6.9

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

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Perella Weinberg

A-Score: 4.1/10

Value: 5.1

Growth: 2.8

Quality: 5.7

Yield: 4.0

Momentum: 2.5

Volatility: 4.7

1-Year Total Return ->

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Donnelley Financial Solutions

A-Score: 3.5/10

Value: 4.3

Growth: 4.6

Quality: 5.3

Yield: 0.0

Momentum: 2.5

Volatility: 4.7

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Bitcoin Depot

A-Score: 3.4/10

Value: 8.2

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.71$

Current Price

18.71$

Potential

-0.00%

Expected Cash-Flows