PJT Partners, Inc.
S&P 600
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Financing Cash Flow | Investing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $49.99M | $-41.12M | — | — |
| FY2015 | $112.18M | $-44.21M | $-24.19M | $34.58M |
| FY2016 | $116.85M | $-32.52M | $-12.55M | $13.09M |
| FY2017 | $111.22M | $-79.64M | $-38.24M | $1.06M |
| FY2018 | $122.94M | $-130.68M | $-31.49M | $7.21M |
| FY2019 | $211.26M | $-101.15M | $-1.72M | $8.81M |
| FY2020 | $469.44M | $-244.28M | $-145.75M | $8.85M |
| FY2021 | $124.16M | $-353.38M | $131.35M | $6.47M |
| FY2022 | $242.73M | $-210.02M | $-53.24M | $3.43M |
| FY2023 | $441.53M | $-228.08M | $-34.35M | $3.93M |
| FY2024 | $530.95M | $-408.68M | $8.06M | $3.30M |
| FY2025 | $526.30M | $-453.79M | $-28.55M | $45.86M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.