Piper Sandler Companies (PIPR) vs Hyperliquid Strategies Inc (PURR)

Piper Sandler Companies and Hyperliquid Strategies Inc are both Capital Markets companies. Piper Sandler Companies is the larger, with a market value of $5.0B against $3.3B — 1.5× the size. Hyperliquid Strategies Inc has negative trailing earnings, so its P/E is not meaningful; Piper Sandler Companies trades at 15.9×. Hyperliquid Strategies Inc grew revenue faster over the last twelve months: 2,702.3% against 32.4%. Piper Sandler Companies has the higher net margin (14.5% vs −4,544.1%) and the higher return on invested capital (26.1% vs −10.2%). Across the 18 metrics below, Piper Sandler Companies leads on 12 and Hyperliquid Strategies Inc on 6.

Valuation

Metric PIPR PURR Capital Markets median
P/E 15.88 n/m 15.78
P/S 2.32 384.57 2.32
P/B 3.12 2.14 1.89
Price to free cash flow 10.06 n/m 6.25
EV/EBITDA 8.21 n/m 8.87
EV/Sales 2.28 357.34 2.28
Earnings yield 6.30% (61.39%) (3.77%)
Free cash flow yield 9.94% (1.50%) (1.49%)

Profitability

Metric PIPR PURR Capital Markets median
Gross margin 99.05% 100.00% 62.80%
Operating margin 24.96% (2,473.03%) 0.00%
Net margin 14.53% (4,544.08%) (0.55%)
Free cash flow margin 23.02% (549.07%) 0.00%
Return on equity 20.72% (50.62%) 0.00%
Return on assets 14.34% 0.00% 0.00%
Return on invested capital 26.13% (10.16%) 0.00%

Growth

Metric PIPR PURR Capital Markets median
Revenue growth (TTM) 32.39% 2,702.30% 21.02%
EPS growth (last fiscal year) 54.49% 197.59% —
Revenue growth, 5-year CAGR 8.93% 93.37% 18.16%
Net income growth, 5-year CAGR 47.35% 0.00% 0.00%

Health

Metric PIPR PURR Capital Markets median
Debt to equity 0.00 0.00 0.08
Current ratio 1.41 18.22 1.51
Net debt to EBITDA (1.72) (0.28) (0.24)

Dividend

Metric PIPR PURR Capital Markets median
Dividend yield 3.12% — 2.20%
Payout ratio 0.49 0.00 0.00

Size

Metric PIPR PURR Capital Markets median
Market cap 5.02b 3.31b 724.58m

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