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Piper Sandler Companies

PIPR Financial Capital Markets

Piper Sandler Companies' revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 24.5% from fiscal 2024.

Revenue
−7.56%
EPS
−33.8%
Free cash flow
+58.8%

Quarter to September 2026, against a year earlier

67.45 0.31 +0.46%
Market cap
$4.7B
P/E
15.8×
Fwd P/E
14.2×
Dividend yield
0.86%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 11.61
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 1 — — — — — 1
Insider Ownership 3.73%

Capital & Financial Ratios $m

Size
Market Cap 4,740.00
Revenue ttm 2,079.02
Net income ttm 363.85
Free cash flow ttm 487.00
Net debt Q (304.23)
Valuation
P/E 15.81
Forward P/E 14.20
Price / sales 2.17
Forward P/S Powerpack
Price / FCF 9.28
Price / book 2.88
Financial health
Current ratio Q 1.41
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −7.56% (below 0%: shrinking)
Operating income growth Q −44.65% (below 0%: shrinking)
EPS, this year −6.65% (below 0%: weak)
EPS, next year A +16.55% (at or above 15%: strong)
Revenue, next year A +9.77%
EPS, past 5 yrs +42.21% (at or above 15%: strong)
EPS, next 5 yrs A +8.60%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 35.58%
10-year low 10-year high
P/S against its own 10 years 77.19%
10-year low 10-year high
P/B against its own 10 years 80.82%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.86%
Annual rate
0.58
Payout ratio
14.2%
Growth, 2017–25
−9.96%/yr
  1. 1.56 ’17
  2. 1.13 ’18 −28
  3. 1.50 ’19 +33
  4. 0.22 ’20 −85
  5. 0.35 ’21 +60
  6. 0.60 ’22 +71
  7. 0.45 ’23 −25
  8. 0.63 ’24 +39
  9. 0.68 ’25 +8
  10. 2.18 ’26e +223
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 383 483 809 304
Receivables 212 174 54 205
Inventory 435 426 502 558
Other — — — —
1,030 1,083 1,365 1,068
2023 2024 2025 Q'26
Payables 1 6 22 2
ST’ Debt — — — —
Other 231 172 168 182
842 840 1,010 759

Compound Annual Growth %

10y 5y 3y
Sales 10.93% 8.93% 10.04%
Cash Flow 4.45% (5.53%) 0.00%
Earnings 19.33% 47.35% 36.48%
Book Value 6.63% 11.32% 8.07%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.93 Actual 0.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.18 1.72 Beat by 0.54
Q1 FY26 0.85 1.00 Beat by 0.15
Q2 FY26 0.85 1.04 Beat by 0.19
Q3 FY26 0.93 0.87 Miss by 0.06
Q4 FY26 1.22 — Reports 5 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.92 0.95 0.57 — —
’25 0.91 0.60 0.85 1.60 3.96
’24 0.61 0.49 0.49 0.97 2.56
’23 0.37 0.06 0.06 0.75 1.24
’22 0.53 0.32 0.22 0.56 1.63
’21 0.75 1.03 0.67 1.64 4.11
’20 (0.27) 0.03 0.20 0.67 0.68
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 474 496 443 — —
’25 357 397 479 666 1,899
’24 343 339 360 484 1,526
’23 298 289 289 472 1,348
’22 351 352 332 391 1,426
’21 429 509 446 648 2,031
’20 236 292 304 406 1,238
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (292) 36 — — —
’25 (207) 32 32 730 587
’24 (197) 266 80 164 313
’23 (202) 27 27 423 276
’22 (484) 34 65 161 (225)
’21 (264) 275 208 487 707
’20 238 137 158 247 780
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (294) 28 — — —
’25 (218) 18 26 726 552
’24 (198) 263 78 155 298
’23 (204) 24 24 421 266
’22 (489) 24 54 155 (256)
’21 (273) 269 207 483 687
’20 235 132 155 240 762
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 747 824 741 835 1,238 2,031 1,426 1,348 1,526 1,899 2,079 +10.9% 2,085 2,343 2,534 +10.1%
Gross margin, % 98.98 99.01 98.92 98.78 98.47 99.19 98.58 98.52 98.70 98.97 98.96 0.0 pt
EBT (31) 79 72 119 69 442 134 123 218 375 444 n/m
EBT margin, % (4.13) 9.63 9.78 14.26 5.54 21.74 9.43 9.09 14.31 19.72 21.34 +23.8 pt
Net income (14) (60) 56 118 49 330 101 99 157 294 364 n/m
Per share, $
Per share, $ Revenue 14.74 16.08 14.00 15.39 22.46 35.60 25.49 22.53 24.09 28.51 30.91 +7.6%
Earnings (0.43) (1.27) 0.95 1.98 0.74 4.88 1.98 1.43 2.86 4.22 4.25 n/m
Cash flow (0.06) 3.96 9.63 1.25 14.15 12.39 (4.02) 4.61 4.94 8.80 0.00 n/m
Capex (0.22) (0.16) (0.30) (0.12) (0.32) (0.36) (0.55) (0.17) (0.24) (0.52) 0.00 +10.2%
Free cash flow (0.28) 3.81 9.33 1.13 13.83 12.03 (4.57) 4.44 4.70 8.28 0.00 n/m
Book value 16.10 14.47 13.80 14.88 16.80 21.50 22.42 21.72 22.35 23.75 0.00 +4.4%
Shares, m 51 51 53 54 55 57 56 60 63 67 67 +3.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 18.44 10.05 34.21 9.13 17.06 29.87 26.27 20.14 15.81 16.5
P/S 1.23 1.33 1.18 1.30 1.12 1.25 1.32 1.90 3.11 2.98 2.17 1.7
P/B 1.13 1.48 1.19 1.34 1.50 2.08 1.50 1.97 3.36 3.58 2.88 1.9
EV/Sales 1.16 1.44 1.28 1.34 0.95 0.92 1.28 1.84 2.99 2.71 — 1.6
EV/FCF (60.88) 6.10 1.91 18.21 1.54 2.73 (7.12) 9.33 15.34 9.33 — (0.4)
Cash, $m
Cash, $m Operating cash flow (3) 203 510 68 780 707 (225) 276 313 587 506 n/m
Capex (11) (8) (16) (7) (18) (21) (31) (10) (15) (35) (19) +13.6%
Free cash flow (14) 195 494 61 762 687 (256) 266 298 552 487 n/m
Balance, $m
Balance, $m Working capital 399 404 308 526 255 361 204 188 243 355 308 (1.3%)
Net debt (55) 91 (50) (75) (313) (846) (241) (383) (483) (809) (304) +34.8%
Shareholders’ equity 816 741 730 807 926 1,227 1,254 1,299 1,416 1,583 1,567 +7.6%
Returns, %
Returns, % ROA (1.03) (3.13) 3.38 7.21 2.23 12.21 4.66 3.96 8.24 11.60 0.00 +12.6 pt
ROIC (2.49) 6.25 8.97 12.37 10.87 79.49 10.25 10.28 16.67 33.78 0.00 +36.3 pt
ROE (2.66) (8.33) 7.75 13.95 4.68 25.87 8.92 6.70 13.34 18.76 0.00 +21.4 pt
People
People Employees 1,315 1,301 1,262 1,565 1,511 1,665 1,790 1,725 1,805 1,858 — +3.9%
Revenue/emp, $m 0.57 0.63 0.59 0.53 0.82 1.22 0.80 0.78 0.85 1.02 — +6.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Piper Sandler Companies vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MKTX MarketAxess Holdings Inc. $5.8B 19.5× 21.3× −0.48% (below 0%: shrinking) +1.05% (above 0%: growing) −83.73% (below 0%: shrinking) 100.00% 41.15% Compare
RIOT Riot Platforms, Inc. $5.5B — (loss-making) — (loss-making) +0.66% (above 0%: growing) −96.67% (below 0%: shrinking) −276.72% (below 0%: shrinking) 0.00% 0.67% Compare
GLXY Galaxy Digital Inc. $5.0B — (loss-making) 205× −0.99% (below 0%: shrinking) n/m +80.14% (above 0%: growing) 0.86% (1.21%) Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%) Compare
BGC BGC Group, Inc. $4.9B 25.7× 7.4× +7.85% (above 0%: growing) +36.36% (above 0%: growing) +164.18% (above 0%: growing) 97.58% 12.38% Compare
PIPR Piper Sandler Companies $4.7B 15.8× 14.2× −7.56% (below 0%: shrinking) −33.84% (below 0%: shrinking) +58.77% (above 0%: growing) 98.61% 15.04%
MC Moelis & Company $4.7B 19.3× 21.1× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
FIGR Figure Technology Solutions, Inc. $4.7B 19.6× 20.3× +112.66% (above 0%: growing) +254.55% (above 0%: growing) −119.20% (below 0%: shrinking) 87.18% 34.46% Compare
MRX Marex Group PLC $4.7B 15.3× 10.4× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
Median of peers $5.0B 19.5× 20.7× +4.26% +26.36% −37.74% 92.38% 15.08%

All 97 Capital Markets stocks →

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.03m 16.34m 393.64
2024 8.43m 27.22m 340.77
2023 11.19m 15.46m 195.57
2022 11.11m 4.45m 141.95
2021 9.14m 19.56m 185.33
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Piper Sandler Companies (PIPR) Latest News

2 Nov

Impact 3 · · StockStory
Impact 3 · · StockStory

1 Nov

Impact 3 · · GuruFocus.com transcript

31 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

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Impact 3 · · MarketBeat transcript
Impact 3 · · StockStory

29 Oct

Impact 3 · · StockStory

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Impact 3 · · Zacks

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Impact 3 · · Barchart

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Impact 3 · · TIKR

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Impact 4 · · Investing.com

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Impact 4 · · Business Wire
Impact 3 · · Simply Wall St.

30 Sep

Impact 4 · · Simply Wall St.

29 Sep

Impact 4 · · StockStory
Impact 4 · · The Motley Fool
Impact 4 · · StockStory
Impact 4 · · Bloomberg

22 Sep

Impact 3 · · Business Wire

20 Sep

Impact 3 ·

10 Sep

Impact 4 ·

12 Aug

Impact 3 ·

6 Aug

Impact 4 ·

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 · transcript
Impact 3 ·
Impact 3 ·

PIPR metrics, ten years each

stockrow.com/PIPR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com