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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $219.2M, roughly 1.5× Perella Weinberg Partners). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 6.3%, a 32.3% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs -2.9%). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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.
FRT vs PWP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $219.2M |
| Net Profit | $129.7M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | 8.5% |
| Net Margin | 38.6% | 6.3% |
| Revenue YoY | 8.7% | -2.9% |
| Net Profit YoY | 103.5% | — |
| EPS (diluted) | $1.49 | $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.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $219.2M | ||
| Q3 25 | $322.3M | $164.6M | ||
| Q2 25 | $311.5M | $155.3M | ||
| Q1 25 | $309.2M | $211.8M | ||
| Q4 24 | $311.4M | $225.7M | ||
| Q3 24 | $303.6M | $278.2M | ||
| Q2 24 | $296.1M | $272.0M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $13.8M | ||
| Q3 25 | $61.6M | $6.0M | ||
| Q2 25 | $155.9M | $2.7M | ||
| Q1 25 | $63.8M | $17.3M | ||
| Q4 24 | $65.5M | — | ||
| Q3 24 | $61.0M | $16.4M | ||
| Q2 24 | $112.0M | $-66.0M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 8.5% | ||
| Q3 25 | 34.3% | 5.4% | ||
| Q2 25 | 65.1% | 5.8% | ||
| Q1 25 | 35.0% | 5.5% | ||
| Q4 24 | 35.1% | — | ||
| Q3 24 | 34.9% | 12.9% | ||
| Q2 24 | 53.0% | -30.2% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 6.3% | ||
| Q3 25 | 19.1% | 3.6% | ||
| Q2 25 | 50.0% | 1.8% | ||
| Q1 25 | 20.6% | 8.2% | ||
| Q4 24 | 21.0% | — | ||
| Q3 24 | 20.1% | 5.9% | ||
| Q2 24 | 37.8% | -24.3% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $0.11 | ||
| Q3 25 | $0.69 | $0.08 | ||
| Q2 25 | $1.78 | $0.04 | ||
| Q1 25 | $0.72 | $0.24 | ||
| Q4 24 | $0.74 | — | ||
| Q3 24 | $0.70 | $0.24 | ||
| Q2 24 | $1.32 | $-1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $255.9M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $-127.4M |
| Total Assets | $9.1B | $797.6M |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $255.9M | ||
| Q3 25 | $111.3M | $185.5M | ||
| Q2 25 | $177.0M | $145.0M | ||
| Q1 25 | $109.2M | $111.2M | ||
| Q4 24 | $123.4M | $407.4M | ||
| Q3 24 | $97.0M | $335.1M | ||
| Q2 24 | $103.2M | $185.3M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $-127.4M | ||
| Q3 25 | $3.2B | $-302.4M | ||
| Q2 25 | $3.2B | $-318.4M | ||
| Q1 25 | $3.2B | $-323.1M | ||
| Q4 24 | $3.2B | $-421.4M | ||
| Q3 24 | $3.1B | $-360.8M | ||
| Q2 24 | $3.0B | $-283.0M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $797.6M | ||
| Q3 25 | $8.9B | $650.2M | ||
| Q2 25 | $8.6B | $606.7M | ||
| Q1 25 | $8.6B | $570.5M | ||
| Q4 24 | $8.5B | $876.8M | ||
| Q3 24 | $8.5B | $810.9M | ||
| Q2 24 | $8.4B | $645.5M |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $34.8M |
| Free Cash FlowOCF − Capex | — | $30.5M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $34.8M | ||
| Q3 25 | $147.8M | $59.2M | ||
| Q2 25 | $150.7M | $56.1M | ||
| Q1 25 | $179.0M | $-176.5M | ||
| Q4 24 | $574.6M | $223.4M | ||
| Q3 24 | $144.1M | $200.3M | ||
| Q2 24 | $169.7M | $90.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $57.6M | ||
| Q2 25 | — | $55.3M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $207.0M | ||
| Q3 24 | — | $199.3M | ||
| Q2 24 | — | $83.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 35.0% | ||
| Q2 25 | — | 35.6% | ||
| Q1 25 | — | -83.8% | ||
| Q4 24 | — | 91.7% | ||
| Q3 24 | — | 71.6% | ||
| Q2 24 | — | 30.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | 2.52× | ||
| Q3 25 | 2.40× | 9.85× | ||
| Q2 25 | 0.97× | 20.50× | ||
| Q1 25 | 2.81× | -10.18× | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | 12.23× | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
