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Side-by-side financial comparison of PJT Partners Inc. (PJT) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
PJT Partners Inc. is the larger business by last-quarter revenue ($531.4M vs $382.7M, roughly 1.4× INNOVATE Corp.). PJT Partners Inc. runs the higher net margin — 10.0% vs -1.9%, a 12.0% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 12.9%). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
PJT vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $531.4M | $382.7M |
| Net Profit | $53.4M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 23.1% | 3.7% |
| Net Margin | 10.0% | -1.9% |
| Revenue YoY | 12.9% | 61.7% |
| Net Profit YoY | 4.0% | 55.4% |
| EPS (diluted) | — | $-0.57 |
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 | $531.4M | $382.7M | ||
| Q3 25 | $442.3M | $347.1M | ||
| Q2 25 | $401.1M | $242.0M | ||
| Q1 25 | $321.9M | $274.2M | ||
| Q4 24 | $470.5M | $236.6M | ||
| Q3 24 | $320.3M | $242.2M | ||
| Q2 24 | $358.1M | $313.1M | ||
| Q1 24 | $327.1M | $315.2M |
| Q4 25 | $53.4M | $-7.4M | ||
| Q3 25 | $39.8M | $-8.9M | ||
| Q2 25 | $32.9M | $-19.8M | ||
| Q1 25 | $54.0M | $-24.5M | ||
| Q4 24 | $51.3M | $-16.6M | ||
| Q3 24 | $22.1M | $-15.0M | ||
| Q2 24 | $28.3M | $14.4M | ||
| Q1 24 | $32.6M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 23.1% | 3.7% | ||
| Q3 25 | 20.6% | 1.8% | ||
| Q2 25 | 19.1% | 2.0% | ||
| Q1 25 | 16.3% | 1.2% | ||
| Q4 24 | 21.9% | 1.1% | ||
| Q3 24 | 15.4% | 2.4% | ||
| Q2 24 | 18.0% | 9.2% | ||
| Q1 24 | 16.5% | 0.9% |
| Q4 25 | 10.0% | -1.9% | ||
| Q3 25 | 9.0% | -2.6% | ||
| Q2 25 | 8.2% | -8.2% | ||
| Q1 25 | 16.8% | -8.9% | ||
| Q4 24 | 10.9% | -7.0% | ||
| Q3 24 | 6.9% | -6.2% | ||
| Q2 24 | 7.9% | 4.6% | ||
| Q1 24 | 10.0% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $1.03 | ||
| Q1 24 | — | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $538.9M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $308.2M | $-240.1M |
| Total Assets | $1.8B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $538.9M | $112.1M | ||
| Q3 25 | $400.5M | $35.5M | ||
| Q2 25 | $214.6M | $33.4M | ||
| Q1 25 | $194.3M | $33.3M | ||
| Q4 24 | $483.9M | $48.8M | ||
| Q3 24 | $148.8M | $51.0M | ||
| Q2 24 | $164.2M | $80.2M | ||
| Q1 24 | $215.5M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $308.2M | $-240.1M | ||
| Q3 25 | $228.6M | $-233.3M | ||
| Q2 25 | $167.4M | $-224.8M | ||
| Q1 25 | $148.8M | $-204.2M | ||
| Q4 24 | $187.0M | $-180.4M | ||
| Q3 24 | $159.1M | $-163.1M | ||
| Q2 24 | $133.8M | $-149.0M | ||
| Q1 24 | $174.6M | $-184.4M |
| Q4 25 | $1.8B | $950.1M | ||
| Q3 25 | $1.7B | $913.2M | ||
| Q2 25 | $1.5B | $890.9M | ||
| Q1 25 | $1.4B | $868.0M | ||
| Q4 24 | $1.6B | $891.1M | ||
| Q3 24 | $1.6B | $897.2M | ||
| Q2 24 | $1.4B | $898.9M | ||
| Q1 24 | $1.3B | $943.5M |
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 | $155.7M | $101.1M |
| Free Cash FlowOCF − Capex | $138.6M | — |
| FCF MarginFCF / Revenue | 26.1% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $480.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $155.7M | $101.1M | ||
| Q3 25 | $256.1M | $19.2M | ||
| Q2 25 | $190.4M | $40.4M | ||
| Q1 25 | $-75.9M | $-14.1M | ||
| Q4 24 | $195.7M | $41.4M | ||
| Q3 24 | $180.5M | $-28.4M | ||
| Q2 24 | $193.6M | $21.5M | ||
| Q1 24 | $-38.8M | $-25.4M |
| Q4 25 | $138.6M | — | ||
| Q3 25 | $240.9M | $19.0M | ||
| Q2 25 | $178.9M | — | ||
| Q1 25 | $-77.9M | $-18.8M | ||
| Q4 24 | $195.3M | $34.2M | ||
| Q3 24 | $178.5M | $-31.5M | ||
| Q2 24 | $193.0M | $18.4M | ||
| Q1 24 | $-39.2M | $-31.0M |
| Q4 25 | 26.1% | — | ||
| Q3 25 | 54.5% | 5.5% | ||
| Q2 25 | 44.6% | — | ||
| Q1 25 | -24.2% | -6.9% | ||
| Q4 24 | 41.5% | 14.5% | ||
| Q3 24 | 55.7% | -13.0% | ||
| Q2 24 | 53.9% | 5.9% | ||
| Q1 24 | -12.0% | -9.8% |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 0.6% | 1.7% | ||
| Q4 24 | 0.1% | 3.0% | ||
| Q3 24 | 0.6% | 1.3% | ||
| Q2 24 | 0.1% | 1.0% | ||
| Q1 24 | 0.1% | 1.8% |
| Q4 25 | 2.92× | — | ||
| Q3 25 | 6.43× | — | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | -1.41× | — | ||
| Q4 24 | 3.81× | — | ||
| Q3 24 | 8.15× | — | ||
| Q2 24 | 6.84× | 1.49× | ||
| Q1 24 | -1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PJT
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
