PIPER SANDLER COMPANIES PIPR
Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States ("U.S.") and internationally. Founded in 1895, Piper Sandler Companies provides a broad set of products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. Our headquarters are located in Minneapolis, Minnesota and we have offices across the U.S. and international locations in London, Aberdeen, Munich, Paris, Zurich, Abu Dhabi Global Markets ("ADGM") and Hong Kong.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.83B | $1.51B | $1.30B | $1.44B | $2.04B | $1.25B | $846.3M | $757.5M | $843.9M | $769.9M |
| Pre-tax income | $374.5M | $218.4M | $122.6M | $134.4M | $441.5M | $68.5M | $119.0M | $72.5M | $79.3M | -$30.9M |
| Income tax | $80.6M | $61.0M | $23.6M | $33.2M | $111.1M | $19.2M | $24.6M | $18.0M | $53.8M | $17.1M |
| Net income | $281.3M | $181.1M | $99.0M | $101.2M | $330.4M | $40.5M | $111.7M | $57.0M | -$61.9M | -$22.0M |
| EPS, basic | 16.89 | 11.44 | 5.72 | 7.92 | 19.52 | 2.94 | 7.90 | 3.78 | -5.07 | -1.73 |
| EPS, diluted | 15.82 | 10.24 | 4.96 | 6.52 | 16.43 | 2.72 | 7.69 | 3.72 | -4.99 | -1.73 |
| Shares, diluted (wtd. avg.) | $17.8M | $17.7M | $17.2M | $17.0M | $17.0M | $14.9M | $13.9M | $13.4M | $13.0M | $12.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $809.4M | $482.8M | $383.1M | $365.6M | $971.0M | $507.9M | $250.0M | $50.4M | $33.8M | $70.4M |
| Property, plant and equipment | $77.3M | $59.4M | $60.8M | $68.2M | $51.8M | $43.8M | $29.9M | $32.3M | $25.2M | $25.3M |
| Goodwill | $319.3M | $312.0M | $301.8M | $301.2M | $227.5M | $227.5M | $87.6M | $81.9M | $81.9M | $196.2M |
| Other intangibles | $99.6M | $107.5M | $116.2M | $135.6M | $119.8M | $149.9M | $16.7M | $4.3M | $9.1M | $37.2M |
| Total assets | $2.59B | $2.26B | $2.14B | $2.18B | $2.57B | $2.00B | $1.63B | $1.35B | $2.02B | $2.13B |
| Short-term debt | $15.0M | $10.0M | $30.0M | $0 | — | $0 | $50.0M | $50.0M | $289.9M | $418.8M |
| Long-term debt | — | — | $0 | $125.0M | $125.0M | $195.0M | $175.0M | — | — | — |
| Total liabilities | $1.01B | $840.2M | $841.5M | $927.5M | $1.34B | $1.07B | $822.2M | $614.9M | $1.28B | $1.31B |
| Retained earnings | $728.9M | $561.7M | $454.4M | $453.3M | $450.2M | $271.0M | $258.7M | $182.6M | $176.3M | $257.2M |
| Total equity | $1.37B | $1.23B | $1.30B | $1.25B | $1.23B | $926.1M | $806.5M | $730.4M | $741.2M | $816.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $586.6M | $313.3M | $275.6M | -$224.9M | $707.1M | $779.8M | $67.8M | $509.8M | $203.0M | -$3.2M |
| Depreciation and amortisation | $17.4M | $16.8M | $17.9M | $15.6M | $12.6M | $10.7M | $9.3M | $8.1M | $7.0M | $6.4M |
| Stock-based compensation | $123.9M | $103.4M | $93.8M | $131.2M | $171.4M | $121.7M | $32.0M | $44.3M | $39.8M | $56.0M |
| Investing cash flow | -$43.7M | -$31.8M | -$10.1M | -$127.1M | -$20.6M | -$435.0M | $26.7M | -$15.8M | -$8.0M | -$83.7M |
| Financing cash flow | -$218.7M | -$180.6M | -$249.6M | -$250.1M | -$223.1M | -$87.6M | $104.7M | -$476.8M | -$233.1M | -$111.6M |
| Dividends paid | $114.1M | $73.7M | $84.4M | $107.5M | $99.3M | $28.2M | $35.6M | $47.2M | $18.9M | $0 |
| Buybacks | $125.0M | $66.4M | $70.7M | $187.3M | $69.9M | $22.0M | $50.6M | $70.9M | $25.5M | $70.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041101.
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