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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $219.2M, roughly 1.6× Perella Weinberg Partners). On growth, Perella Weinberg Partners posted the faster year-over-year revenue change (-2.9% vs -12.4%). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
PWP vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $340.0M |
| Net Profit | $13.8M | — |
| Gross Margin | — | — |
| Operating Margin | 8.5% | 24.4% |
| Net Margin | 6.3% | — |
| Revenue YoY | -2.9% | -12.4% |
| Net Profit YoY | — | — |
| EPS (diluted) | $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 | — | $340.0M | ||
| Q4 25 | $219.2M | $789.0M | ||
| Q3 25 | $164.6M | $783.0M | ||
| Q2 25 | $155.3M | $776.0M | ||
| Q1 25 | $211.8M | $705.0M | ||
| Q4 24 | $225.7M | $739.0M | ||
| Q3 24 | $278.2M | $731.0M | ||
| Q2 24 | $272.0M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $13.8M | $67.0M | ||
| Q3 25 | $6.0M | $100.0M | ||
| Q2 25 | $2.7M | $91.0M | ||
| Q1 25 | $17.3M | $67.0M | ||
| Q4 24 | — | $81.0M | ||
| Q3 24 | $16.4M | $88.0M | ||
| Q2 24 | $-66.0M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 8.5% | 15.0% | ||
| Q3 25 | 5.4% | 19.9% | ||
| Q2 25 | 5.8% | 17.9% | ||
| Q1 25 | 5.5% | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | 12.9% | 17.8% | ||
| Q2 24 | -30.2% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | 8.5% | ||
| Q3 25 | 3.6% | 12.8% | ||
| Q2 25 | 1.8% | 11.7% | ||
| Q1 25 | 8.2% | 9.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | 5.9% | 12.0% | ||
| Q2 24 | -24.3% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.11 | $0.33 | ||
| Q3 25 | $0.08 | $0.49 | ||
| Q2 25 | $0.04 | $0.45 | ||
| Q1 25 | $0.24 | $0.33 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $0.24 | $0.44 | ||
| Q2 24 | $-1.21 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $255.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.4M | — |
| Total Assets | $797.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $255.9M | $295.0M | ||
| Q3 25 | $185.5M | $255.0M | ||
| Q2 25 | $145.0M | $272.0M | ||
| Q1 25 | $111.2M | $267.0M | ||
| Q4 24 | $407.4M | $298.0M | ||
| Q3 24 | $335.1M | $327.0M | ||
| Q2 24 | $185.3M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-127.4M | $1.3B | ||
| Q3 25 | $-302.4M | $1.2B | ||
| Q2 25 | $-318.4M | $1.1B | ||
| Q1 25 | $-323.1M | $970.0M | ||
| Q4 24 | $-421.4M | $904.0M | ||
| Q3 24 | $-360.8M | $872.0M | ||
| Q2 24 | $-283.0M | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $797.6M | $2.9B | ||
| Q3 25 | $650.2M | $2.9B | ||
| Q2 25 | $606.7M | $2.9B | ||
| Q1 25 | $570.5M | $2.9B | ||
| Q4 24 | $876.8M | $2.8B | ||
| Q3 24 | $810.9M | $2.9B | ||
| Q2 24 | $645.5M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | $34.8M | $144.0M | ||
| Q3 25 | $59.2M | $155.0M | ||
| Q2 25 | $56.1M | $147.0M | ||
| Q1 25 | $-176.5M | $154.0M | ||
| Q4 24 | $223.4M | $130.0M | ||
| Q3 24 | $200.3M | $150.0M | ||
| Q2 24 | $90.0M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $30.5M | $86.0M | ||
| Q3 25 | $57.6M | $109.0M | ||
| Q2 25 | $55.3M | $105.0M | ||
| Q1 25 | $-177.6M | $103.0M | ||
| Q4 24 | $207.0M | $72.0M | ||
| Q3 24 | $199.3M | $84.0M | ||
| Q2 24 | $83.7M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 10.9% | ||
| Q3 25 | 35.0% | 13.9% | ||
| Q2 25 | 35.6% | 13.5% | ||
| Q1 25 | -83.8% | 14.6% | ||
| Q4 24 | 91.7% | 9.7% | ||
| Q3 24 | 71.6% | 11.5% | ||
| Q2 24 | 30.8% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 7.4% | ||
| Q3 25 | 0.9% | 5.9% | ||
| Q2 25 | 0.5% | 5.4% | ||
| Q1 25 | 0.5% | 7.2% | ||
| Q4 24 | 7.3% | 7.8% | ||
| Q3 24 | 0.4% | 9.0% | ||
| Q2 24 | 2.3% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.52× | 2.15× | ||
| Q3 25 | 9.85× | 1.55× | ||
| Q2 25 | 20.50× | 1.62× | ||
| Q1 25 | -10.18× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 12.23× | 1.70× | ||
| Q2 24 | — | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
