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PIPR

Piper Sandler Companies

PIPR

Piper Sandler Companies • NYSE
$335.90 ▲ 0.30% (+0.99)
Market Cap $5.94 B
52w High $374.77
52w Low $202.91
Dividend Yield 5.70%
P/E 25.26
Volume 55.93K
Outstanding Shares 17.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $462.371M ▲ $354.126M ▲ $60.266M ▲ 13.034% ▲ $3.61 ▲ $114.241M ▲
Q2-2025 $393.876M ▲ $343.153M ▲ $42.182M ▼ 10.709% ▼ $2.53 ▼ $55.152M ▲
Q1-2025 $347.918M ▼ $317.203M ▼ $64.915M ▼ 18.658% ▲ $3.96 ▼ $35.722M ▼
Q4-2024 $467.971M ▲ $384.565M ▲ $69.059M ▲ 14.757% ▲ $4.3 ▲ $89.257M ▲
Q3-2024 $349.725M $292.754M $34.789M 9.948% $2.19 $62.342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $113.997M ▼ $2.22B ▲ $756.658M ▲ $1.283B ▲
Q2-2025 $123.323M ▼ $1.959B ▲ $559.726M ▲ $1.23B ▲
Q1-2025 $126.082M ▼ $1.821B ▼ $442.391M ▼ $1.213B ▼
Q4-2024 $482.834M ▲ $2.256B ▲ $840.163M ▲ $1.228B ▲
Q3-2024 $350.185M $2.032B $670.045M $1.167B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $82.478M ▲ $31.908M ▼ $-14.973M ▼ $-25.234M ▼ $-9.326M ▼ $25.924M ▲
Q2-2025 $31.755M ▼ $32.144M ▲ $-14.216M ▼ $-22.665M ▲ $-2.759M ▲ $17.928M ▲
Q1-2025 $36.768M ▼ $-207.225M ▼ $-11.148M ▼ $-139.564M ▼ $-356.752M ▼ $-218.373M ▼
Q4-2024 $52.502M ▲ $163.838M ▲ $-8.472M ▲ $-19.342M ▲ $132.649M ▲ $155.468M ▲
Q3-2024 $40.39M $80.128M $-18.642M $-34.977M $29.25M $77.652M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advisory Services
Advisory Services
 $460.00M ▲$220.00M ▼$210.00M ▼$210.00M ▲
Debt Financing
Debt Financing
 $0 ▲$30.00M ▲$40.00M ▲$40.00M ▲
Equities Financing
Equities Financing
 $0 ▲$40.00M ▲$30.00M ▼$80.00M ▲
Equity Sales and Trading
Equity Sales and Trading
 $110.00M ▲$50.00M ▼$60.00M ▲$50.00M ▼
Fixed Income Sales and Trading
Fixed Income Sales and Trading
 $100.00M ▲$50.00M ▼$50.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Piper Sandler’s revenue has grown over the five‑year period but has been quite cyclical, reflecting the ups and downs of capital markets and deal activity. Profitability peaked a few years ago during a boom period, then cooled, and more recently has improved again, showing that the firm can bounce back when conditions normalize. Margins remain healthy for an advisory business, but they are clearly sensitive to the overall deal environment and client risk appetite. Overall, the trend suggests a solid underlying franchise operating in a naturally volatile industry rather than a smooth, steady grower.

Balance Sheet

Balance Sheet The balance sheet looks conservative and fairly robust for an investment bank focused on advisory work. Total assets and shareholder equity have generally trended upward, indicating that the firm has been building its capital base over time. Debt levels are modest relative to equity and have come down from earlier years, which reduces financial risk. Cash balances are healthy, though not as unusually high as they were during the height of market activity, suggesting good liquidity without excessive idle capital.

Cash Flow

Cash Flow Cash generation is generally solid, with the business producing healthy operating and free cash flow in most years. There was a notable dip into negative territory a few years ago, which likely reflects a period of weaker activity or working capital swings, but cash flow has since returned to positive and more stable levels. Capital spending needs are low, which means most cash generated is available for dividends, buybacks, compensation, or acquisitions rather than heavy reinvestment in physical assets. Overall, the cash profile fits a people‑intensive advisory firm: somewhat lumpy year to year, but attractive over a full cycle.

Competitive Edge

Competitive Edge Piper Sandler holds a strong niche in middle‑market investment banking, especially for mergers and acquisitions and capital raising in deals below the very largest size brackets. Its edge comes from deep sector specialization—particularly in technology, healthcare, financial services, and selected consumer areas—combined with long‑standing client relationships and a strong reputation. The firm’s extensive equity research coverage and presence in program and algorithmic trading further support its standing with institutional clients. Key risks to its position include intense competition from both global banks and focused boutiques, as well as the need to continually attract and retain top senior bankers, who are central to its franchise value.

Innovation and R&D

Innovation and R&D Innovation at Piper Sandler is centered on expertise and data rather than traditional lab‑style research and development. The firm invests heavily in proprietary research platforms, sector‑specific analysis (for example in biotech), and sophisticated financial and trading analytics to give clients better insights and execution. It has been expanding its banker base in high‑growth areas like artificial intelligence, enterprise software, and financial technology, and it has a history of acquisitions that bring in specialized teams and capabilities. Future innovation will likely focus on deeper data analytics, enhanced sector specialization, and selective acquisitions rather than large, standalone technology products.

Summary

Piper Sandler is a people‑ and insight‑driven investment bank with cyclical but generally healthy earnings and cash flow, supported by a conservative balance sheet. The business has shown it can perform very well in strong markets and remain profitable through more difficult periods, though its results will naturally swing with deal activity and market sentiment. Its competitive strengths lie in focused sector expertise, a strong middle‑market M&A franchise, and robust research and trading capabilities, all of which are hard to replicate quickly. The main watchpoints are the inherent cyclicality of capital markets, ongoing competition for both clients and talent, and the need to keep investing in data, analytics, and specialized teams to sustain its edge over time.

NEWS

November 24, 2025 · 9:05 AM UTC

Piper Sandler Appoints Michael Piper as Head of Fixed Income

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November 20, 2025 · 9:05 AM UTC

Piper Sandler Launches Private Markets Trading with Three Key Hires

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November 13, 2025 · 4:05 PM UTC

Piper Sandler Strengthens Financial Services Group with the Addition of Dan Bass

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October 31, 2025 · 7:00 AM UTC

Piper Sandler Companies Reports Third Quarter 2025 Results; Declares Quarterly Dividend of $0.70 Per Share

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October 23, 2025 · 8:45 AM UTC

Piper Sandler Announces Acquisition to Strengthen Presence in the Middle East

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