BGC Group, Inc. (BGC) vs Piper Sandler Companies (PIPR)

BGC Group, Inc. and Piper Sandler Companies are both Capital Markets companies. BGC Group, Inc. is the larger, with a market value of $5.8B against $5.0B — 1.1× the size. Piper Sandler Companies trades at the lower P/E: 15.9× against 28.9×. Piper Sandler Companies grew revenue faster over the last twelve months: 32.4% against 27.6%. Piper Sandler Companies has the higher net margin (14.5% vs 6.04%) and the higher return on invested capital (26.1% vs 10.2%). Both pay a dividend; Piper Sandler Companies yields more (3.12% vs 0.55%). Across the 23 metrics below, Piper Sandler Companies leads on 21 and BGC Group, Inc. on 2.

Valuation

Metric BGC PIPR Capital Markets median
P/E 28.88 15.88 15.78
P/S 1.71 2.32 2.32
P/B 4.42 3.12 1.89
Price to free cash flow 14.81 10.06 6.25
EV/EBITDA 10.65 8.21 8.87
EV/Sales 1.99 2.28 2.28
Earnings yield 3.46% 6.30% (3.77%)
Free cash flow yield 6.75% 9.94% (1.49%)

Profitability

Metric BGC PIPR Capital Markets median
Gross margin 97.63% 99.05% 62.80%
Operating margin 10.73% 24.96% 0.00%
Net margin 6.04% 14.53% (0.55%)
Free cash flow margin 13.38% 23.02% 0.00%
Return on equity 16.70% 20.72% 0.00%
Return on assets 3.74% 14.34% 0.00%
Return on invested capital 10.20% 26.13% 0.00%

Growth

Metric BGC PIPR Capital Markets median
Revenue growth (TTM) 27.60% 32.39% 21.02%
EPS growth (last fiscal year) 24.00% 54.49% —
Revenue growth, 5-year CAGR 7.42% 8.93% 18.16%
Net income growth, 5-year CAGR 28.02% 47.35% 0.00%

Health

Metric BGC PIPR Capital Markets median
Debt to equity 1.39 0.00 0.08
Current ratio 1.37 1.41 1.51
Net debt to EBITDA 1.60 (1.72) (0.24)

Dividend

Metric BGC PIPR Capital Markets median
Dividend yield 0.55% 3.12% 2.20%
Payout ratio 0.13 0.49 0.00

Size

Metric BGC PIPR Capital Markets median
Market cap 5.77b 5.02b 724.58m

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