Key Takeaways
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Perella Weinberg shares jumped 11% after third-quarter revenue rose 53% to $251 million, far above the $182.8 million analysts expected.
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Evercore and Goldman Sachs grew far more slowly in the same quarter, so this looks like Perella's own hires paying off.
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Nine-month revenue is still up just 5%, and management expects some of its backlog to close in early 2027.
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The stock still trades below its five-year average forward P/E.
Perella Weinberg Partners ( PWP:NASDAQ )is up 11% today after a third quarter that blew past Wall Street's numbers. Revenue rose 53%, about 38% above S&P's consensus . Adjusted EPS of $0.39 was more than double the $0.15 expected.
A hot deal market helped. But Evercore ( EVR:NYSE )and Goldman Sachs ( GS:NYSE )have already reported, and their numbers say Perella did most of this on its own.
Perella's Best Quarter in Two Years
From the start of 2025 through June, Perella's quarterly revenue never topped $219 million:
The third quarter's $251 million was its biggest since the third quarter of 2024. The release credits more fee-paying clients and more fees above $5 million. On the call, CEO Andrew Bednar said fee-paying clients rose 50% and fee events over $5 million rose nearly 80%, while M&A revenue nearly doubled.
Profit rose faster than revenue. The adjusted compensation margin fell to 63% from 67%, and the adjusted operating margin more than doubled, to 22.8%. Part of that is timing, though. Comp ran 67% for the first nine months, and management is targeting 67% for the full year.
This One Looks Like Perella's Own Doing
Evercore's revenue rose 12% to $1.17 billion , its sixth straight quarterly record. It's up 3% today and has been riding this market all year: its nine-month revenue is up 38%, against Perella's 5%.
Goldman's investment banking fees rose 21% , led by advisory. But its banking backlog shrank from the end of June and sits slightly below where it ended 2025. Its Jan. 19 report will show whether that slowdown reaches advisory fees.
Perella's backlog went the other way. Bednar said its announced-and-pending backlog was nearly three times its year-earlier level, and that booked revenue plus that backlog was up about 30%. Perella has added 14 partners and 13 managing directors this year, and Gleacher Shacklock, the UK firm it bought on Sept. 1, was in the numbers for only one month.
TIKR Tracks 4 Analysts on Perella Weinberg Partners. How Many Say "Buy"?
See the full breakdown of Buy, Hold, and Sell ratings on Perella Weinberg Partners, along with Wall Street's revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Perella Weinberg Partners' Analyst Ratings
The Backlog Has to Close on Time
Bednar said some of that backlog "will close in the early part of 2027." Analysts already expect 2027 revenue of $1.01 billion, up 24% from the $813 million they expect for 2026:
Part of the beat was borrowed, though. The CFO said $55 million of third-quarter revenue came from deals that closed in the first days of October. Without it, revenue still beat consensus by about 7%, but that money won't show up in the fourth quarter.
And the stock isn't priced for a boom. Even after today's jump, Perella trades at about 11x forward earnings, against a five-year average of 15x, because analysts raised their estimates along with the price:
At today's price, it's about 12x.
Why Perella Weinberg Has Room to Run
The hiring spree appears to be paying off, and announced-and-pending backlog at nearly three times last year's level points to momentum beyond this quarter. At 12x, the stock still trades well below its usual multiple. The risk is timing: nine months are up only 5%, restructuring is down from a record 2025, and the deals pushed into early 2027 have to actually close. The fourth-quarter report early next year will show how much made it in, and whether comp stays near 67%.
So What Is Perella Weinberg Stock Actually Worth?
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