PIPER SANDLER COMPANIES PIPR

Financials SIC 6211 - Security Brokers, Dealers & Flotation Companies NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Securities and Commodity Contracts Intermediation and Brokerage › Investment Banking and Securities Intermediation derived NYSE

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.

Last close 64.63 2026-10-23
Market cap $4.57B 2026-06-30 share count
52-week range 61.35 - 95.06

Valuation FY2025 figures against the last close

P/S2.5x
P/E4.1x
P/FCF7.8x
EV/EBITDA—
Dividend yield2.5%
Diluted EPS15.82

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Advisory services
  • Equity brokerage
  • Corporate financing
  • Fixed income services
  • Municipal financing
Revenue by segment, 5 categories over 3 years. The same figures are in the table below. FY2025 Advisory services, FY2025: 1B (56.6%) 57% Advisory services Equity brokerage, FY2025: 230.3M (12.6%) 13% Equity brokerage Corporate financing, FY2025: 217.2M (11.8%) 12% Fixed income services, FY2025: 202.9M (11.1%) 11% Municipal financing, FY2025: 145.8M (7.9%) 8% FY2024 Advisory services, FY2024: 808.7M (53.7%) 54% Equity brokerage, FY2024: 215.3M (14.3%) 14% Corporate financing, FY2024: 173.9M (11.5%) 12% Fixed income services, FY2024: 186.2M (12.4%) 12% Municipal financing, FY2024: 122.5M (8.1%) 8% FY2023 Advisory services, FY2023: 709.3M (54.5%) 55% Equity brokerage, FY2023: 209.5M (16.1%) 16% Corporate financing, FY2023: 131.1M (10.1%) 10% Fixed income services, FY2023: 168M (12.9%) 13% Municipal financing, FY2023: 83.4M (6.4%) 6%
Segment FY2025FY2024FY2023
Advisory services $1.04B $808.7M $709.3M
Equity brokerage $230.3M $215.3M $209.5M
Corporate financing $217.2M $173.9M $131.1M
Fixed income services $202.9M $186.2M $168.0M
Municipal financing $145.8M $122.5M $83.4M

As the company reported it, from the “Business Segment and Revenues Information - Business Segment and Revenues Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 16.8911.445.727.9219.522.947.903.78-5.07-1.73
EPS, diluted 15.8210.244.966.5216.432.727.693.72-4.99-1.73
Shares, diluted (wtd. avg.) 17.8M17.7M17.2M17.0M17.0M14.9M13.9M13.4M13.0M12.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 769.9M Net income, FY2016: -22M Revenue, FY2017: 843.9M Net income, FY2017: -61.9M Revenue, FY2018: 757.5M Net income, FY2018: 57M Revenue, FY2019: 846.3M Net income, FY2019: 111.7M Revenue, FY2020: 1.3B Net income, FY2020: 40.5M Revenue, FY2021: 2B Net income, FY2021: 330.4M Revenue, FY2022: 1.4B Net income, FY2022: 101.2M Revenue, FY2023: 1.3B Net income, FY2023: 99M Revenue, FY2024: 1.5B Net income, FY2024: 181.1M Revenue, FY2025: 1.8B Net income, FY2025: 281.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $769.9M $843.9M $757.5M $846.3M $1.25B $2.04B $1.44B $1.30B $1.51B $1.83B
Gross profit — — — — — — — — — —
Net income -$22.0M -$61.9M $57.0M $111.7M $40.5M $330.4M $101.2M $99.0M $181.1M $281.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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