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PJT Partners Inc.（PJT）与ZILLOW GROUP, INC.（ZG）财务数据对比。点击上方公司名可切换其他公司
ZILLOW GROUP, INC.的季度营收约是PJT Partners Inc.的1.2倍（$654.0M vs $531.4M），PJT Partners Inc.净利率更高（10.0% vs 0.5%，领先9.6%），ZILLOW GROUP, INC.同比增速更快（18.1% vs 12.9%），PJT Partners Inc.自由现金流更多（$138.6M vs $44.0M），过去两年PJT Partners Inc.的营收复合增速更高（27.5% vs 11.2%）
PJT Partners Inc.是一家专注于顾问业务的全球投资银行，于2015年10月从黑石集团旗下拆分成立，独立运营原黑石的金融与战略咨询服务业务，为全球各类客户提供专业的投行顾问相关服务。
Zillow集团是美国头部房地产科技线上平台企业，2006年由前微软高管里奇·巴顿、劳埃德·弗林克等联合创立，业务涵盖房产信息查询、交易配套服务等，是全球房产科技领域的知名代表企业。
PJT vs ZG — 直观对比
营收规模更大
ZG
是对方的1.2倍
$531.4M
营收增速更快
ZG
高出5.1%
12.9%
净利率更高
PJT
高出9.6%
0.5%
自由现金流更多
PJT
多$94.6M
$44.0M
两年增速更快
PJT
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $531.4M | $654.0M |
| 净利润 | $53.4M | $3.0M |
| 毛利率 | — | 72.8% |
| 营业利润率 | 23.1% | -1.7% |
| 净利率 | 10.0% | 0.5% |
| 营收同比 | 12.9% | 18.1% |
| 净利润同比 | 4.0% | 105.8% |
| 每股收益（稀释后） | — | $0.01 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PJTZG
| Q4 25 | $531.4M | $654.0M | ||
| Q3 25 | $442.3M | $676.0M | ||
| Q2 25 | $401.1M | $655.0M | ||
| Q1 25 | $321.9M | $598.0M | ||
| Q4 24 | $470.5M | $554.0M | ||
| Q3 24 | $320.3M | $581.0M | ||
| Q2 24 | $358.1M | $572.0M | ||
| Q1 24 | $327.1M | $529.0M |
净利润PJTZG
| Q4 25 | $53.4M | $3.0M | ||
| Q3 25 | $39.8M | $10.0M | ||
| Q2 25 | $32.9M | $2.0M | ||
| Q1 25 | $54.0M | $8.0M | ||
| Q4 24 | $51.3M | $-52.0M | ||
| Q3 24 | $22.1M | $-20.0M | ||
| Q2 24 | $28.3M | $-17.0M | ||
| Q1 24 | $32.6M | $-23.0M |
毛利率PJTZG
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.7% |
营业利润率PJTZG
| Q4 25 | 23.1% | -1.7% | ||
| Q3 25 | 20.6% | -0.4% | ||
| Q2 25 | 19.1% | -1.7% | ||
| Q1 25 | 16.3% | -1.5% | ||
| Q4 24 | 21.9% | -12.5% | ||
| Q3 24 | 15.4% | -7.7% | ||
| Q2 24 | 18.0% | -6.6% | ||
| Q1 24 | 16.5% | -8.5% |
净利率PJTZG
| Q4 25 | 10.0% | 0.5% | ||
| Q3 25 | 9.0% | 1.5% | ||
| Q2 25 | 8.2% | 0.3% | ||
| Q1 25 | 16.8% | 1.3% | ||
| Q4 24 | 10.9% | -9.4% | ||
| Q3 24 | 6.9% | -3.4% | ||
| Q2 24 | 7.9% | -3.0% | ||
| Q1 24 | 10.0% | -4.3% |
每股收益（稀释后）PJTZG
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.04 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $-0.23 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.07 | ||
| Q1 24 | — | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $538.9M | $768.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $308.2M | $4.9B |
| 总资产 | $1.8B | $5.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PJTZG
| Q4 25 | $538.9M | $768.0M | ||
| Q3 25 | $400.5M | $874.0M | ||
| Q2 25 | $214.6M | $587.0M | ||
| Q1 25 | $194.3M | $914.0M | ||
| Q4 24 | $483.9M | $1.1B | ||
| Q3 24 | $148.8M | $1.1B | ||
| Q2 24 | $164.2M | $1.2B | ||
| Q1 24 | $215.5M | $1.4B |
股东权益PJTZG
| Q4 25 | $308.2M | $4.9B | ||
| Q3 25 | $228.6M | $5.0B | ||
| Q2 25 | $167.4M | $4.7B | ||
| Q1 25 | $148.8M | $4.8B | ||
| Q4 24 | $187.0M | $4.8B | ||
| Q3 24 | $159.1M | $4.7B | ||
| Q2 24 | $133.8M | $4.5B | ||
| Q1 24 | $174.6M | $4.7B |
总资产PJTZG
| Q4 25 | $1.8B | $5.7B | ||
| Q3 25 | $1.7B | $5.7B | ||
| Q2 25 | $1.5B | $5.4B | ||
| Q1 25 | $1.4B | $5.7B | ||
| Q4 24 | $1.6B | $5.8B | ||
| Q3 24 | $1.6B | $6.2B | ||
| Q2 24 | $1.4B | $6.6B | ||
| Q1 24 | $1.3B | $6.8B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $155.7M | $72.0M |
| 自由现金流经营现金流 - 资本支出 | $138.6M | $44.0M |
| 自由现金流率自由现金流/营收 | 26.1% | 6.7% |
| 资本支出强度资本支出/营收 | 3.2% | 4.3% |
| 现金转化率经营现金流/净利润 | 2.92× | 24.00× |
| 过去12个月自由现金流最近4个季度 | $480.4M | $235.0M |
8季度趋势，按日历期对齐
经营现金流PJTZG
| Q4 25 | $155.7M | $72.0M | ||
| Q3 25 | $256.1M | $105.0M | ||
| Q2 25 | $190.4M | $87.0M | ||
| Q1 25 | $-75.9M | $104.0M | ||
| Q4 24 | $195.7M | $122.0M | ||
| Q3 24 | $180.5M | $171.0M | ||
| Q2 24 | $193.6M | $55.0M | ||
| Q1 24 | $-38.8M | $80.0M |
自由现金流PJTZG
| Q4 25 | $138.6M | $44.0M | ||
| Q3 25 | $240.9M | $73.0M | ||
| Q2 25 | $178.9M | $50.0M | ||
| Q1 25 | $-77.9M | $68.0M | ||
| Q4 24 | $195.3M | $88.0M | ||
| Q3 24 | $178.5M | $138.0M | ||
| Q2 24 | $193.0M | $18.0M | ||
| Q1 24 | $-39.2M | $41.0M |
自由现金流率PJTZG
| Q4 25 | 26.1% | 6.7% | ||
| Q3 25 | 54.5% | 10.8% | ||
| Q2 25 | 44.6% | 7.6% | ||
| Q1 25 | -24.2% | 11.4% | ||
| Q4 24 | 41.5% | 15.9% | ||
| Q3 24 | 55.7% | 23.8% | ||
| Q2 24 | 53.9% | 3.1% | ||
| Q1 24 | -12.0% | 7.8% |
资本支出强度PJTZG
| Q4 25 | 3.2% | 4.3% | ||
| Q3 25 | 3.4% | 4.7% | ||
| Q2 25 | 2.9% | 5.6% | ||
| Q1 25 | 0.6% | 6.0% | ||
| Q4 24 | 0.1% | 6.1% | ||
| Q3 24 | 0.6% | 5.7% | ||
| Q2 24 | 0.1% | 6.5% | ||
| Q1 24 | 0.1% | 7.4% |
现金转化率PJTZG
| Q4 25 | 2.92× | 24.00× | ||
| Q3 25 | 6.43× | 10.50× | ||
| Q2 25 | 5.79× | 43.50× | ||
| Q1 25 | -1.41× | 13.00× | ||
| Q4 24 | 3.81× | — | ||
| Q3 24 | 8.15× | — | ||
| Q2 24 | 6.84× | — | ||
| Q1 24 | -1.19× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PJT
暂无分部数据
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
