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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $162.5M, roughly 1.3× Bitcoin Depot Inc.). Perella Weinberg Partners runs the higher net margin — 6.3% vs 3.4%, a 2.9% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $2.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
BTM vs PWP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $219.2M |
| Net Profit | $5.5M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 8.5% |
| Net Margin | 3.4% | 6.3% |
| Revenue YoY | 20.1% | -2.9% |
| Net Profit YoY | 690.4% | — |
| EPS (diluted) | $0.08 | $0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $219.2M | ||
| Q3 25 | $162.5M | $164.6M | ||
| Q2 25 | $172.1M | $155.3M | ||
| Q1 25 | $164.2M | $211.8M | ||
| Q4 24 | — | $225.7M | ||
| Q3 24 | $135.3M | $278.2M | ||
| Q2 24 | $163.1M | $272.0M | ||
| Q1 24 | $138.5M | $102.1M |
| Q4 25 | — | $13.8M | ||
| Q3 25 | $5.5M | $6.0M | ||
| Q2 25 | $6.1M | $2.7M | ||
| Q1 25 | $4.2M | $17.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-939.0K | $16.4M | ||
| Q2 24 | $-2.6M | $-66.0M | ||
| Q1 24 | $-1.5M | $-35.8M |
| Q4 25 | — | 8.5% | ||
| Q3 25 | 7.3% | 5.4% | ||
| Q2 25 | 9.2% | 5.8% | ||
| Q1 25 | 10.8% | 5.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.1% | 12.9% | ||
| Q2 24 | 4.7% | -30.2% | ||
| Q1 24 | 0.5% | -52.4% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 3.4% | 3.6% | ||
| Q2 25 | 3.5% | 1.8% | ||
| Q1 25 | 2.6% | 8.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.7% | 5.9% | ||
| Q2 24 | -1.6% | -24.3% | ||
| Q1 24 | -1.1% | -35.1% |
| Q4 25 | — | $0.11 | ||
| Q3 25 | $0.08 | $0.08 | ||
| Q2 25 | $0.16 | $0.04 | ||
| Q1 25 | $0.20 | $0.24 | ||
| Q4 24 | — | — | ||
| Q3 24 | $-0.05 | $0.24 | ||
| Q2 24 | $-0.13 | $-1.21 | ||
| Q1 24 | $-0.25 | $-0.91 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $59.3M | $255.9M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $-127.4M |
| Total Assets | $125.3M | $797.6M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $255.9M | ||
| Q3 25 | $59.3M | $185.5M | ||
| Q2 25 | $48.0M | $145.0M | ||
| Q1 25 | $35.0M | $111.2M | ||
| Q4 24 | — | $407.4M | ||
| Q3 24 | $32.2M | $335.1M | ||
| Q2 24 | $43.9M | $185.3M | ||
| Q1 24 | $42.2M | $156.7M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $-127.4M | ||
| Q3 25 | $21.0M | $-302.4M | ||
| Q2 25 | $4.7M | $-318.4M | ||
| Q1 25 | $-4.6M | $-323.1M | ||
| Q4 24 | — | $-421.4M | ||
| Q3 24 | $-7.9M | $-360.8M | ||
| Q2 24 | $4.4M | $-283.0M | ||
| Q1 24 | $5.0M | $161.9M |
| Q4 25 | — | $797.6M | ||
| Q3 25 | $125.3M | $650.2M | ||
| Q2 25 | $109.1M | $606.7M | ||
| Q1 25 | $89.7M | $570.5M | ||
| Q4 24 | — | $876.8M | ||
| Q3 24 | $87.4M | $810.9M | ||
| Q2 24 | $97.5M | $645.5M | ||
| Q1 24 | $90.1M | $583.6M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.6M | $34.8M |
| Free Cash FlowOCF − Capex | $2.5M | $30.5M |
| FCF MarginFCF / Revenue | 1.6% | 13.9% |
| Capex IntensityCapex / Revenue | 2.5% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.20× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $34.8M | ||
| Q3 25 | $6.6M | $59.2M | ||
| Q2 25 | $10.2M | $56.1M | ||
| Q1 25 | $16.3M | $-176.5M | ||
| Q4 24 | — | $223.4M | ||
| Q3 24 | $5.8M | $200.3M | ||
| Q2 24 | $10.1M | $90.0M | ||
| Q1 24 | $1.3M | $-206.3M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $2.5M | $57.6M | ||
| Q2 25 | $9.8M | $55.3M | ||
| Q1 25 | $15.9M | $-177.6M | ||
| Q4 24 | — | $207.0M | ||
| Q3 24 | $-1.0M | $199.3M | ||
| Q2 24 | $7.6M | $83.7M | ||
| Q1 24 | $789.0K | $-214.8M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | 1.6% | 35.0% | ||
| Q2 25 | 5.7% | 35.6% | ||
| Q1 25 | 9.7% | -83.8% | ||
| Q4 24 | — | 91.7% | ||
| Q3 24 | -0.8% | 71.6% | ||
| Q2 24 | 4.7% | 30.8% | ||
| Q1 24 | 0.6% | -210.3% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 2.5% | 0.9% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.2% | 0.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 5.0% | 0.4% | ||
| Q2 24 | 1.5% | 2.3% | ||
| Q1 24 | 0.4% | 8.3% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | 1.20× | 9.85× | ||
| Q2 25 | 1.67× | 20.50× | ||
| Q1 25 | 3.88× | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
