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. In the quarter to June 2026, revenue grew 24.9%, EPS grew 58.1% and free cash flow grew 58.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

64.70 0.13 +0.20%
Market cap
$4.6B
P/E
14.2×
Fwd P/E
16.3×
Dividend yield
0.89%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
P/E ratio
0.00 0.00 18.44 10.05 34.21 9.13 17.06 29.87 26.27 20.14
Piotroski F-Score
4 5 7 5 5 8 3 5 8 8
P/S ratio
1.23 1.33 1.18 1.30 1.12 1.25 1.32 1.90 3.11 2.98
P/FCF ratio
0.00 5.63 1.76 17.69 1.82 3.71 0.00 9.64 15.96 10.25
P/Operating CF
(19.96) (5.04) 5.83 21.85 5.63 5.22 11.72 6.05 29.00 7.75
P/B ratio
1.13 1.48 1.19 1.34 1.50 2.08 1.50 1.97 3.36 3.58
Price to Tangible BV
1.58 1.73 1.35 1.54 2.53 2.90 2.31 2.90 4.77 4.86
EV/Sales
1.16 1.44 1.28 1.34 0.95 0.92 1.28 1.84 2.99 2.71
EV/EBITDA
9.74 5.24 7.78 6.62 7.11 3.50 8.81 12.45 15.61 10.94
EV/Operating CF
(268.86) 5.86 1.86 16.46 1.51 2.65 (8.09) 8.99 14.58 8.78
EV/FCF
(60.88) 6.10 1.91 18.21 1.54 2.73 (7.12) 9.33 15.34 9.33
Quick Ratio
0.42 0.15 0.47 0.82 0.83 1.01 0.83 0.71 0.78 0.85
Current Ratio
1.35 1.35 1.51 1.81 1.29 1.30 1.25 1.22 1.29 1.35
Net Debt/EBITDA
(0.62) 0.40 (0.41) (0.44) (1.89) (1.58) (1.16) (1.93) (1.65) (1.72)
Debt/Assets
8.23% 6.17% 0.00% 10.74% 9.76% 4.87% 5.73% 0.00% 0.00% 0.00%
Debt/Equity
0.21 0.17 0.00 0.22 0.21 0.10 0.10 0.00 0.00 0.00
Asset Turnover
0.35 0.40 0.44 0.56 0.68 0.89 0.60 0.62 0.69 0.78
Operating CF/Net income
0.15 (3.13) 8.94 0.63 19.25 2.54 (2.03) 3.22 1.73 2.09
Capex/Depreciation
(0.09) (0.06) (0.66) (0.27) (0.30) (0.39) (0.76) (0.21) (0.35) (0.66)
ROE
(2.66%) (8.33%) 7.75% 13.95% 4.68% 25.87% 8.92% 6.70% 13.34% 18.76%
ROA
(1.03%) (3.13%) 3.38% 7.21% 2.23% 12.21% 4.66% 3.96% 8.24% 11.60%
ROIC
(2.49%) 6.25% 8.97% 12.37% 10.87% 79.49% 10.25% 10.28% 16.67% 33.78%
Return on Tangible Assets
(5.17%) (15.11%) 16.75% 19.30% 13.56% 67.54% 40.73% 34.34% 59.91% 65.01%
Average Days of Receivables
119.48 64.43 115.90 123.82 65.29 45.67 76.93 57.41 41.74 10.30
Research and Development Expense of Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Selling, General and Administrative Expense of Revenue
81.01% 82.16% 78.04% 73.38% 79.90% 70.26% 80.05% 78.03% 76.54% 71.77%
Intangible Assets out of Total Assets
0.11 0.05 0.06 0.06 0.19 0.14 0.20 0.20 0.19 0.16
Share Based Compensation of Revenue
7.49% 4.84% 5.98% 3.83% 9.83% 8.44% 9.20% 6.96% 6.77% 6.52%
Graham Net Nets
0.24 0.25 0.34 0.32 0.04 0.09 0.04 0.07 0.05 0.06
Graham Number
0.00 0.00 16.65 25.81 16.70 48.64 31.57 26.46 37.89 47.48
Earnings Yield
(2.78%) (6.20%) 5.42% 9.95% 2.92% 10.96% 5.86% 3.35% 3.81% 4.97%
Free Cash Flow Yield
(1.54%) 17.75% 56.69% 5.65% 54.80% 26.96% (13.56%) 10.37% 6.27% 9.75%
Revenue per Share
14.74 16.08 14.00 15.39 22.46 35.60 25.49 22.53 24.09 28.51
Operating CF per Share
(0.06) 3.96 9.63 1.25 14.15 12.39 (4.02) 4.61 4.94 8.80
Capex per Share
(0.22) (0.16) (0.30) (0.12) (0.32) (0.36) (0.55) (0.17) (0.24) (0.52)
Free Cash Flow per Share
(0.28) 3.81 9.33 1.13 13.83 12.03 (4.57) 4.44 4.70 8.28
Cash per Share
4.54 0.66 0.95 4.61 9.21 17.02 6.54 6.40 7.62 12.15
Shareholders Equity per Share
16.10 14.47 13.80 14.88 16.80 21.50 22.42 21.72 22.35 23.75
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
16.10 14.47 13.80 14.88 16.80 21.50 22.42 21.72 22.35 23.75
Free Cash Flow
(14.24) 195.01 493.99 61.28 762.18 686.51 (255.51) 265.58 297.76 551.96
Working Capital
399.45 404.12 308.22 525.70 254.92 360.62 203.54 188.15 242.89 355.44
Capital Expenditures
(11.02) (7.99) (15.80) (6.52) (17.58) (20.58) (30.60) (10.05) (15.50) (34.66)
Net Current Asset Value
224.45 279.12 298.01 350.70 59.92 235.62 78.54 188.15 242.89 355.44
EV/EBIT
0.00 14.30 9.69 7.71 11.04 3.87 10.94 16.43 18.35 12.32
Capex to Sales
0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.02
Price to Operating Income
0.00 13.20 8.93 7.49 13.04 5.26 11.34 16.98 19.09 13.54
Other line items
Depreciation/Fixed assets
4.71 5.71 0.74 0.80 1.35 1.01 0.59 0.79 0.74 0.68
Cash ROIC
(1.17%) 21.67% 63.27% 4.98% 46.79% 29.56% (14.65%) 15.78% 15.68% 23.07%
Accounts Receivable Turnover
3.45 4.22 3.89 3.22 4.91 8.54 5.14 5.26 7.90 16.65
Accounts Payable Turnover
0.10 0.18 0.57 1.26 1.45 1.04 2.26 7.13 5.80 1.39
Inventory Turnover
0.01 0.01 0.01 0.02 0.04 0.04 0.06 0.05 0.05 0.04
Average Days of Payables
3,348.69 866.77 394.29 269.25 358.39 292.45 83.58 17.89 107.87 416.38
Days of Inventory on Hand
50,519.46 61,833.53 28,567.01 22,924.91 7,740.91 7,704.32 6,147.75 7,941.78 7,833.77 9,353.97
Average Receivables
216.88 195.02 190.34 259.19 252.30 237.81 277.30 256.23 193.25 114.05
Average Payables
77.84 44.79 14.02 8.09 13.05 15.92 8.93 2.80 3.42 14.11
Average Inventory
1,024.95 1,221.17 1,005.30 633.49 520.66 375.26 344.48 387.27 430.14 464.00
Average Assets
2,132.01 2,075.09 1,684.98 1,486.99 1,812.93 2,281.22 2,373.43 2,161.27 2,198.46 2,424.29
Average Common Equity
824.54 778.75 735.83 768.47 866.30 1,076.47 1,240.44 1,276.75 1,357.62 1,499.28

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