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Friday 6 November 2026
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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
66.84
0.30
−0.45%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
20.14 | 26.27 | 29.87 | 17.06 | 9.13 | 34.21 | 10.05 | 18.44 | 0.00 | 0.00 |
Piotroski F-Score |
8 | 8 | 5 | 3 | 8 | 5 | 5 | 7 | 5 | 4 |
P/S ratio |
2.98 | 3.11 | 1.90 | 1.32 | 1.25 | 1.12 | 1.30 | 1.18 | 1.33 | 1.23 |
P/FCF ratio |
10.25 | 15.96 | 9.64 | 0.00 | 3.71 | 1.82 | 17.69 | 1.76 | 5.63 | 0.00 |
P/Operating CF |
7.75 | 29.00 | 6.05 | 11.72 | 5.22 | 5.63 | 21.85 | 5.83 | (5.04) | (19.96) |
P/B ratio |
3.58 | 3.36 | 1.97 | 1.50 | 2.08 | 1.50 | 1.34 | 1.19 | 1.48 | 1.13 |
Price to Tangible BV |
4.86 | 4.77 | 2.90 | 2.31 | 2.90 | 2.53 | 1.54 | 1.35 | 1.73 | 1.58 |
EV/Sales |
2.71 | 2.99 | 1.84 | 1.28 | 0.92 | 0.95 | 1.34 | 1.28 | 1.44 | 1.16 |
EV/EBITDA |
10.94 | 15.61 | 12.45 | 8.81 | 3.50 | 7.11 | 6.62 | 7.78 | 5.24 | 9.74 |
EV/Operating CF |
8.78 | 14.58 | 8.99 | (8.09) | 2.65 | 1.51 | 16.46 | 1.86 | 5.86 | (268.86) |
EV/FCF |
9.33 | 15.34 | 9.33 | (7.12) | 2.73 | 1.54 | 18.21 | 1.91 | 6.10 | (60.88) |
Quick Ratio |
0.85 | 0.78 | 0.71 | 0.83 | 1.01 | 0.83 | 0.82 | 0.47 | 0.15 | 0.42 |
Current Ratio |
1.35 | 1.29 | 1.22 | 1.25 | 1.30 | 1.29 | 1.81 | 1.51 | 1.35 | 1.35 |
Net Debt/EBITDA |
(1.72) | (1.65) | (1.93) | (1.16) | (1.58) | (1.89) | (0.44) | (0.41) | 0.40 | (0.62) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 5.73% | 4.87% | 9.76% | 10.74% | 0.00% | 6.17% | 8.23% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.10 | 0.10 | 0.21 | 0.22 | 0.00 | 0.17 | 0.21 |
Asset Turnover |
0.78 | 0.69 | 0.62 | 0.60 | 0.89 | 0.68 | 0.56 | 0.44 | 0.40 | 0.35 |
Operating CF/Net income |
2.09 | 1.73 | 3.22 | (2.03) | 2.54 | 19.25 | 0.63 | 8.94 | (3.13) | 0.15 |
Capex/Depreciation |
(0.66) | (0.35) | (0.21) | (0.76) | (0.39) | (0.30) | (0.27) | (0.66) | (0.06) | (0.09) |
| 18.76% | 13.34% | 6.70% | 8.92% | 25.87% | 4.68% | 13.95% | 7.75% | (8.33%) | (2.66%) | |
| 11.60% | 8.24% | 3.96% | 4.66% | 12.21% | 2.23% | 7.21% | 3.38% | (3.13%) | (1.03%) | |
ROIC |
33.78% | 16.67% | 10.28% | 10.25% | 79.49% | 10.87% | 12.37% | 8.97% | 6.25% | (2.49%) |
Return on Tangible Assets |
65.01% | 59.91% | 34.34% | 40.73% | 67.54% | 13.56% | 19.30% | 16.75% | (15.11%) | (5.17%) |
Average Days of Receivables |
10.30 | 41.74 | 57.41 | 76.93 | 45.67 | 65.29 | 123.82 | 115.90 | 64.43 | 119.48 |
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 |
71.77% | 76.54% | 78.03% | 80.05% | 70.26% | 79.90% | 73.38% | 78.04% | 82.16% | 81.01% |
Intangible Assets out of Total Assets |
0.16 | 0.19 | 0.20 | 0.20 | 0.14 | 0.19 | 0.06 | 0.06 | 0.05 | 0.11 |
Share Based Compensation of Revenue |
6.52% | 6.77% | 6.96% | 9.20% | 8.44% | 9.83% | 3.83% | 5.98% | 4.84% | 7.49% |
Graham Net Nets |
0.06 | 0.05 | 0.07 | 0.04 | 0.09 | 0.04 | 0.32 | 0.34 | 0.25 | 0.24 |
Graham Number |
47.48 | 37.89 | 26.46 | 31.57 | 48.64 | 16.70 | 25.81 | 16.65 | 0.00 | 0.00 |
Earnings Yield |
4.97% | 3.81% | 3.35% | 5.86% | 10.96% | 2.92% | 9.95% | 5.42% | (6.20%) | (2.78%) |
Free Cash Flow Yield |
9.75% | 6.27% | 10.37% | (13.56%) | 26.96% | 54.80% | 5.65% | 56.69% | 17.75% | (1.54%) |
Revenue per Share |
28.51 | 24.09 | 22.53 | 25.49 | 35.60 | 22.46 | 15.39 | 14.00 | 16.08 | 14.74 |
Operating CF per Share |
8.80 | 4.94 | 4.61 | (4.02) | 12.39 | 14.15 | 1.25 | 9.63 | 3.96 | (0.06) |
Capex per Share |
(0.52) | (0.24) | (0.17) | (0.55) | (0.36) | (0.32) | (0.12) | (0.30) | (0.16) | (0.22) |
Free Cash Flow per Share |
8.28 | 4.70 | 4.44 | (4.57) | 12.03 | 13.83 | 1.13 | 9.33 | 3.81 | (0.28) |
Cash per Share |
12.15 | 7.62 | 6.40 | 6.54 | 17.02 | 9.21 | 4.61 | 0.95 | 0.66 | 4.54 |
Shareholders Equity per Share |
23.75 | 22.35 | 21.72 | 22.42 | 21.50 | 16.80 | 14.88 | 13.80 | 14.47 | 16.10 |
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 |
23.75 | 22.35 | 21.72 | 22.42 | 21.50 | 16.80 | 14.88 | 13.80 | 14.47 | 16.10 |
Free Cash Flow |
551.96 | 297.76 | 265.58 | (255.51) | 686.51 | 762.18 | 61.28 | 493.99 | 195.01 | (14.24) |
Working Capital |
355.44 | 242.89 | 188.15 | 203.54 | 360.62 | 254.92 | 525.70 | 308.22 | 404.12 | 399.45 |
Capital Expenditures |
(34.66) | (15.50) | (10.05) | (30.60) | (20.58) | (17.58) | (6.52) | (15.80) | (7.99) | (11.02) |
Net Current Asset Value |
355.44 | 242.89 | 188.15 | 78.54 | 235.62 | 59.92 | 350.70 | 298.01 | 279.12 | 224.45 |
EV/EBIT |
12.32 | 18.35 | 16.43 | 10.94 | 3.87 | 11.04 | 7.71 | 9.69 | 14.30 | 0.00 |
Capex to Sales |
0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
Price to Operating Income |
13.54 | 19.09 | 16.98 | 11.34 | 5.26 | 13.04 | 7.49 | 8.93 | 13.20 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.68 | 0.74 | 0.79 | 0.59 | 1.01 | 1.35 | 0.80 | 0.74 | 5.71 | 4.71 |
Cash ROIC |
23.07% | 15.68% | 15.78% | (14.65%) | 29.56% | 46.79% | 4.98% | 63.27% | 21.67% | (1.17%) |
Accounts Receivable Turnover |
16.65 | 7.90 | 5.26 | 5.14 | 8.54 | 4.91 | 3.22 | 3.89 | 4.22 | 3.45 |
Accounts Payable Turnover |
1.39 | 5.80 | 7.13 | 2.26 | 1.04 | 1.45 | 1.26 | 0.57 | 0.18 | 0.10 |
Inventory Turnover |
0.04 | 0.05 | 0.05 | 0.06 | 0.04 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 |
Average Days of Payables |
416.38 | 107.87 | 17.89 | 83.58 | 292.45 | 358.39 | 269.25 | 394.29 | 866.77 | 3,348.69 |
Days of Inventory on Hand |
9,353.97 | 7,833.77 | 7,941.78 | 6,147.75 | 7,704.32 | 7,740.91 | 22,924.91 | 28,567.01 | 61,833.53 | 50,519.46 |
Average Receivables |
114.05 | 193.25 | 256.23 | 277.30 | 237.81 | 252.30 | 259.19 | 190.34 | 195.02 | 216.88 |
Average Payables |
14.11 | 3.42 | 2.80 | 8.93 | 15.92 | 13.05 | 8.09 | 14.02 | 44.79 | 77.84 |
Average Inventory |
464.00 | 430.14 | 387.27 | 344.48 | 375.26 | 520.66 | 633.49 | 1,005.30 | 1,221.17 | 1,024.95 |
Average Assets |
2,424.29 | 2,198.46 | 2,161.27 | 2,373.43 | 2,281.22 | 1,812.93 | 1,486.99 | 1,684.98 | 2,075.09 | 2,132.01 |
Average Common Equity |
1,499.28 | 1,357.62 | 1,276.75 | 1,240.44 | 1,076.47 | 866.30 | 768.47 | 735.83 | 778.75 | 824.54 |
Columns are period end dates · fundamentals updated 2 Nov 2026