Perella Weinberg Partners (PWP)

Price$16.80Cached quoteAs of 2026-09-05 17:34 UTC

AI: Fair-priced

Price checkThe shares look fairly priced, balancing a demanding current valuation against a credible rebound.

Using roughly 94 million shares and partnership units, the company is valued near $1.39 billion. Trailing adjusted earnings were about $0.55 per share, putting the shares near 27 times adjusted earnings and above 50 times reported earnings. A mid-teens valuation would require adjusted earnings near $1 per share, roughly 80% higher. Management’s stronger booked revenue and backlog make recovery plausible, while $116 million of cash cushions misses. The rebound is neither guaranteed nor wholly speculative, supporting a fair-priced verdict.

Big pictureRevenue recovered in the latest quarter, but large deal closings still drive sharp swings.

Revenue fell from $878 million in 2024 to $751 million in 2025, while first-half 2026 revenue dropped another 17% to $305 million. Second-quarter revenue stabilized at $157 million, up 1% from the prior year. Reported operating income improved from a $79 million loss in 2024 to a $48 million profit in 2025, but returned to an $8 million first-half loss. Advisory fees often depend on completed transactions, so delays or cancellations make quarterly earnings and cash receipts inherently uneven.

Business strengthA debt-free balance sheet helps, while heavy share awards weaken cash returns to owners.

At June 30, the firm had $116 million of cash and no borrowed debt. Trailing operating cash flow was about $94 million and capital spending was only $6 million, leaving roughly $88 million of free cash flow, meaning cash left after running and investing in the business. However, this measure added back about $123 million of noncash employee share compensation. The firm spent $72.7 million on dividends, partner distributions and settling awards during the first half, yet its adjusted diluted share count still rose about 3% year over year.

What could change the storyNew bankers and a stronger deal pipeline must produce enough profit to justify current expectations.

The bull case is visible: booked revenue plus announced and pending work stood above the prior-year level, while ten partners and eleven managing directors joined during the first half. Converting that work while sustaining the second quarter’s 16.8% adjusted operating margin could lift earnings toward the level required by the valuation. The bear case is that hiring costs arrive before fees: second-quarter reported compensation rose 7% while revenue gained 1%. Further acquisition shares could also dilute owners unless the added UK business produces durable profit.

AI: News

Second-quarter reboundSecond-quarter sales held steady and profit exceeded forecasts, prompting a sharp positive market response.

On July 31, 2026, Perella Weinberg reported $156.5 million of revenue, up 1% year over year. Adjusted earnings, which remove selected transaction and other costs, reached $0.20 per share versus $0.09 a year earlier and a reported consensus estimate of $0.05. The shares gained 18.4% that session. The timing indicates a positive reception, although it does not prove the results alone caused the move. First-half revenue remained 17% lower, tempering the improvement.

Gleacher Shacklock dealThe planned UK acquisition expands reach, but future share issuance raises the payoff hurdle.

On April 13, 2026, Perella Weinberg agreed to acquire UK advisory firm Gleacher Shacklock, with closing expected in the second half subject to approvals. Consideration includes 1.13 million shares at closing and another 2.26 million over three anniversaries, together equal to roughly 4% of the existing shares and partnership units. Additional performance-based shares are possible. The deal adds five partners and stronger UK relationships, but it creates value only if their future fees outweigh integration costs and dilution.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

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2024

2025

Total cash / debt

CashTotal debt

2019

2020

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$750.9M	$878.0M	$648.7M	$631.5M	$801.7M	$519.0M	$533.3M
Operating expenses	$702.9M	$956.6M	$763.8M	$679.2M	$735.1M	$533.6M	$688.4M
Operating income	$48.0M	−$78.5M	−$115.1M	−$47.7M	$66.6M	−$14.6M	−$1,319
Operating margin	6.39%	−8.94%	−17.74%	−7.56%	8.31%	−2.81%	−0.00%
EBITDA	$68.8M	−$58.2M	−$100.4M	−$37.0M	$81.1M	$935,000	$15.9M
EBITDA margin	9.17%	−6.62%	−15.48%	−5.87%	10.11%	0.18%	2.97%
Net income	$35.5M	−$64.7M	−$17.2M	$17.9M	−$9.4M	−$5.1M	−$1,319
Net profit margin	4.72%	−7.37%	−2.66%	2.83%	−1.18%	−0.98%	−0.00%
Basic EPSper basic share	$0.55	-$1.22	-$0.40	$0.41	-$0.22	—	—
Diluted EPSper diluted share	$0.47	-$1.22	-$1.33	-$0.46	-$0.66	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.42%of listed shares

FMR LLC9.9M shares · Jun 30, 2026

View holders

Top 20 reported holders of PWP
Holder	% owned
FMR LLC	13.42%9.9M shares
BlackRock, Inc.	7.41%5.47M shares
WELLINGTON MANAGEMENT GROUP LLP	7.03%5.19M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	5.95%4.39M shares
Nuveen, LLC	4.88%3.6M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	4.49%3.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.11%3.03M shares
Capital World Investors	3.63%2.68M shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	3.46%2.55M shares
Boston Partners	3.45%2.54M shares
AMERIPRISE FINANCIAL INC	3.08%2.27M shares
STATE STREET CORP	2.76%2.04M shares
Weinberg Peter A	≈2.65%1.95M shares
WESTWOOD HOLDINGS GROUP INC	2.52%1.86M shares
GEODE CAPITAL MANAGEMENT, LLC	2.48%1.83M shares
First Eagle Investment Management, LLC	2.44%1.8M shares
GOLDMAN SACHS GROUP INC	2.39%1.77M shares
FRONTIER CAPITAL MANAGEMENT CO LLC	2.20%1.62M shares
BANK OF AMERICA CORP /DE/	2.05%1.52M shares
ROYCE & ASSOCIATES LP	1.89%1.39M shares

Percentages use 73.77M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)27$53.72M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4	STEEL ROBERT KDirector	SellClass A Common Stock	100.0K	$15.76	$1.58M	287.9K
May 20, 2026Form 4	Gottschalk AlexandraChief Financial Officer	SellClass A Common Stock	14.0K	$17.46	$244.8K	72.5K
May 19, 2026Form 4	Gottschalk AlexandraChief Financial Officer	SellClass A Common Stock	43.8K	$17.58	$769.8K	86.5K
May 5, 2026Form 4	Gottschalk AlexandraChief Financial Officer	SellClass A Common Stock	51.7K	$19.74	$1.02M	72.5K
Sep 11, 2025Form 4	STEEL ROBERT KDirector	SellClass A Common Stock	69.8K	$22.42	$1.57M	98.8K