Piper Sandler Companies (PIPR) Financials

$326.56 -6.22 (-1.87%)

As of 11:48 AM Eastern

Annual Income Statements for Piper Sandler Companies

This table shows Piper Sandler Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	52	-22	-62	57	112	41	279	111	85	181
Consolidated Net Income / (Loss)	58	-14	-60	56	230	49	330	101	99	157
Net Income / (Loss) Continuing Operations	58	-14	26	54	88	49	330	101	99	157
Total Pre-Tax Income	86	-31	79	72	119	69	442	134	123	218
Total Revenue	673	747	824	741	835	1,238	2,031	1,426	1,348	1,526
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	673	747	824	741	835	1,238	2,031	1,426	1,348	1,526
Investment Banking Income	500	515	657	600	652	882	1,647	1,009	954	1,097
Other Non-Interest Income	173	232	166	141	183	356	384	416	394	429
Total Non-Interest Expense	586	778	744	668	716	1,170	1,590	1,291	1,225	1,308
Salaries and Employee Benefits	422	511	590	488	516	877	1,305	984	897	1,004
Net Occupancy & Equipment Expense	52	65	62	63	68	98	101	115	117	121
Marketing Expense	30	30	29	27	29	13	21	43	38	42
Other Operating Expenses	64	58	54	82	85	125	128	123	146	127
Amortization Expense	7.66	21	10	4.86	4.30	45	30	15	19	10
Restructuring Charge	11	10	0.00	3.50	14	11	4.72	11	7.75	2.59
Income Tax Expense	28	-17	54	18	25	19	111	33	24	61
Net Income / (Loss) Attributable to Noncontrolling Interest	6.41	8.21	2.39	-1.21	6.46	8.85	52	-9.49	13	-24
Basic Earnings per Share	$3.34	($1.73)	($5.07)	$3.78	$7.90	$2.94	$19.52	$7.92	$5.72	$11.44
Weighted Average Basic Shares Outstanding	14.37M	12.67M	12.81M	13.23M	13.56M	13.78M	14.27M	13.98M	14.96M	15.84M
Diluted Earnings per Share	$3.34	($1.73)	($4.99)	$3.72	$7.69	$2.72	$16.43	$6.52	$4.96	$10.24
Weighted Average Diluted Shares Outstanding	14.39M	12.78M	12.98M	13.43M	13.94M	14.90M	16.96M	16.97M	17.22M	17.70M
Weighted Average Basic & Diluted Shares Outstanding	15.60M	12.70M	12.20M	15.10M	17.32M	18.26M	18.18M	17.89M	17.68M	17.73M
Cash Dividends to Common per Share	$0.00	$0.00	$1.25	$3.12	$2.51	$2.00	$6.80	$6.90	$3.65	$3.50

This table shows Piper Sandler Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	15	38	26	3.95	3.88	52	42	35	35	69	65
Consolidated Net Income / (Loss)	11	38	33	15	-14	65	50	15	40	53	37
Net Income / (Loss) Continuing Operations	11	38	33	15	-14	65	50	15	40	53	37
Total Pre-Tax Income	19	43	26	14	-3.45	86	52	28	56	82	29
Total Revenue	332	391	298	289	289	472	343	339	360	484	357
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	332	391	298	289	289	472	343	339	360	484	357
Investment Banking Income	239	281	196	200	195	364	245	242	252	358	249
Other Non-Interest Income	93	110	102	89	95	108	98	97	107	126	108
Total Non-Interest Expense	313	348	272	274	293	386	291	311	304	402	328
Salaries and Employee Benefits	233	263	199	189	207	301	222	235	231	316	248
Net Occupancy & Equipment Expense	29	30	30	29	29	29	29	31	30	31	33
Marketing Expense	12	10	10	11	8.67	8.08	11	11	10	9.71	13
Other Operating Expenses	29	38	28	36	43	39	26	30	29	42	31
Amortization Expense	3.77	5.29	4.90	4.90	4.83	4.80	2.36	2.36	2.57	2.99	2.08
Income Tax Expense	8.17	4.66	-7.64	-0.25	10	21	2.84	13	15	30	-7.34
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.80	-0.09	7.81	11	-18	13	7.09	-20	5.60	-17	-28
Basic Earnings per Share	$1.05	$2.81	$1.77	$0.26	$0.26	$3.43	$2.74	$2.19	$2.19	$4.32	$3.96
Weighted Average Basic Shares Outstanding	13.78M	13.98M	14.51M	15.07M	15.11M	14.96M	15.50M	15.88M	15.92M	15.84M	16.38M
Diluted Earnings per Share	$0.87	$2.27	$1.49	$0.23	$0.22	$3.02	$2.43	$1.97	$1.96	$3.88	$3.65
Weighted Average Diluted Shares Outstanding	16.73M	16.97M	17.18M	17.08M	17.26M	17.22M	17.50M	17.63M	17.77M	17.70M	17.79M
Weighted Average Basic & Diluted Shares Outstanding	17.83M	17.89M	17.74M	17.75M	17.71M	17.68M	17.70M	17.70M	17.78M	17.73M	17.76M
Cash Dividends to Common per Share	$0.60	$0.60	$1.85	$0.60	$0.60	$0.60	$1.60	$0.60	$0.65	$0.65	$3.65

This table details how cash moves in and out of Piper Sandler Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	174	-201	-37	17	200	258	463	-605	17	100
Net Cash From Operating Activities	380	-3.23	203	510	68	780	707	-225	276	313
Net Cash From Continuing Operating Activities	380	-3.23	203	510	68	780	707	-225	276	313
Net Income / (Loss) Continuing Operations	58	-14	-60	56	118	49	330	101	99	157
Consolidated Net Income / (Loss)	58	-14	-60	56	118	49	330	101	99	157
Depreciation Expense	5.06	6.41	7.25	8.36	9.36	11	13	16	18	17
Amortization Expense	14	30	22	16	14	48	40	25	30	27
Non-Cash Adjustments to Reconcile Net Income	49	139	153	43	-8.94	122	171	131	94	103
Changes in Operating Assets and Liabilities, net	253	-165	80	387	-65	550	153	-498	35	8.75
Net Cash From Investing Activities	-16	-84	-7.99	-16	27	-435	-21	-127	-10	-32
Net Cash From Continuing Investing Activities	-16	-84	-7.99	-16	27	-435	-21	-127	-10	-32
Purchase of Investment Securities	-18	-84	-7.99	-16	-26	-435	-21	-127	-10	-32
Net Cash From Financing Activities	-189	-112	-233	-477	105	-88	-223	-250	-250	-181
Net Cash From Continuing Financing Activities	-189	-112	-233	-477	105	-88	-223	-250	-250	-181
Issuance of Debt	193	-	0.00	0.00	175	-50	0.00	0.00	30	-37
Repayment of Debt	-75	-27	-179	-365	0.03	0.00	-70	0.00	-125	0.00
Repurchase of Common Equity	-133	-71	-25	-71	-51	-22	-70	-187	-71	-66
Payment of Dividends	0.00	0.00	-19	-47	-36	-28	-99	-108	-84	-74
Other Financing Activities, Net	-174	-13	-9.80	6.28	16	13	16	45	0.54	-3.12
Effect of Exchange Rate Changes	-0.37	-2.05	1.53	-0.65	0.51	0.70	-0.36	-3.27	1.48	-1.14

This table details how cash moves in and out of Piper Sandler Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	37	91	-320	21	-15	331	-313	251	29	133	-357
Net Cash From Operating Activities	65	161	-202	27	27	423	-197	266	80	164	-207
Net Cash From Continuing Operating Activities	65	161	-202	27	27	423	-197	266	80	164	-207
Net Income / (Loss) Continuing Operations	11	38	33	15	-14	65	50	15	40	53	37
Consolidated Net Income / (Loss)	11	38	33	15	-14	65	50	15	40	53	37
Depreciation Expense	4.07	4.24	4.43	4.55	4.55	4.40	4.26	4.24	4.16	4.13	4.21
Amortization Expense	6.34	7.90	7.52	7.69	7.16	7.89	7.19	4.58	5.87	9.29	7.10
Non-Cash Adjustments to Reconcile Net Income	32	39	28	14	22	31	27	24	21	32	31
Changes in Operating Assets and Liabilities, net	11	72	-275	-13	7.66	315	-285	219	9.19	66	-286
Net Cash From Investing Activities	-10	-70	-1.86	-2.84	-3.59	-1.76	-1.28	-3.38	-19	-8.47	-11
Net Cash From Continuing Investing Activities	-10	-70	-1.86	-2.84	-3.59	-1.76	-1.28	-3.38	-19	-8.47	-11
Purchase of Investment Securities	-10	-70	-1.86	-2.84	-3.59	-1.76	-1.28	-3.38	-19	-8.47	-11
Net Cash From Financing Activities	-16	-2.29	-117	-3.83	-38	-91	-114	-12	-35	-19	-140
Net Cash From Continuing Financing Activities	-16	-2.29	-117	-3.83	-38	-91	-114	-12	-35	-19	-140
Issuance of Debt	-	-	-	-	-	-	-	-	-	-10	5.00
Repurchase of Common Equity	-22	-1.53	-61	-2.89	-3.90	-3.06	-52	-5.50	-2.38	-6.46	-81
Payment of Dividends	-9.21	-8.51	-51	-13	-10	-10	-36	-15	-11	-13	-70
Other Financing Activities, Net	15	7.76	-5.05	12	-24	17	3.40	8.35	-25	9.73	6.33
Effect of Exchange Rate Changes	-1.97	2.16	0.85	0.66	-1.22	1.20	-0.32	-0.19	2.74	-3.38	1.19

This table presents Piper Sandler Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,139	2,126	2,025	1,345	1,629	1,997	2,565	2,182	2,141	2,256
Cash and Due from Banks	190	41	34	50	250	508	971	366	383	483
Trading Account Securities	137	160	-	-	-	-	349	340	435	426
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	19	25	25	32	30	44	52	68	61	59
Goodwill	218	196	82	82	88	228	228	301	302	312
Intangible Assets	31	37	23	4.28	17	150	120	136	116	108
Other Assets	1,422	1,605	1,861	1,176	1,245	1,068	846	971	845	868
Total Liabilities & Shareholders' Equity	2,139	2,126	2,025	1,345	1,629	1,997	2,565	2,182	2,141	2,256
Total Liabilities	1,306	1,309	1,283	615	822	1,071	1,338	928	842	840
Short-Term Debt	577	504	309	59	57	19	13	4.62	31	16
Other Long-Term Liabilities	302	342	449	233	289	335	1,200	798	811	824
Total Equity & Noncontrolling Interests	833	816	741	730	807	926	1,227	1,254	1,299	1,416
Total Preferred & Common Equity	784	759	693	677	731	829	1,062	1,054	1,085	1,228
Total Common Equity	784	759	693	677	731	829	1,062	1,054	1,085	1,228
Common Stock	752	789	792	797	758	848	926	1,045	988	982
Retained Earnings	279	257	176	183	259	271	450	453	454	562
Treasury Stock	-248	-284	-274	-300	-284	-289	-313	-442	-356	-315
Accumulated Other Comprehensive Income / (Loss)	-0.19	-2.60	-1.28	-1.40	-0.87	-0.20	-0.96	-2.50	-0.89	-1.18
Noncontrolling Interest	49	57	48	53	75	97	165	200	214	188

This table presents Piper Sandler Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,042	1,804	1,940	1,965	1,822	1,920	2,032	1,821
Cash and Due from Banks	274	46	67	52	70	321	350	126
Trading Account Securities	441	446	447	440	442	418	418	475
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	65	66	64	63	58	57	56	67
Goodwill	244	302	302	302	302	302	310	312
Intangible Assets	131	131	126	121	114	111	110	105
Other Assets	888	813	934	988	837	711	787	736
Total Liabilities & Shareholders' Equity	2,042	1,804	1,940	1,965	1,822	1,920	2,032	1,821
Total Liabilities	849	564	682	747	497	579	670	442
Short-Term Debt	27	4.02	1.27	12	3.38	22	22	16
Other Long-Term Liabilities	697	435	556	610	494	557	648	427
Total Equity & Noncontrolling Interests	1,193	1,240	1,258	1,219	1,325	1,341	1,362	1,378
Total Preferred & Common Equity	1,000	1,037	1,033	1,034	1,101	1,126	1,167	1,213
Total Common Equity	1,000	1,037	1,033	1,034	1,101	1,126	1,167	1,213
Common Stock	1,022	992	978	985	987	973	986	988
Retained Earnings	424	428	419	413	461	481	505	556
Treasury Stock	-442	-381	-363	-361	-347	-327	-325	-331
Accumulated Other Comprehensive Income / (Loss)	-3.84	-1.54	-0.77	-1.97	-0.85	-0.79	1.56	-0.04
Noncontrolling Interest	192	203	226	184	224	215	195	165

This table displays calculated financial ratios and metrics derived from Piper Sandler Companies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.82%	11.06%	10.21%	-10.04%	12.63%	48.37%	64.03%	-29.81%	-5.45%	13.20%
EBITDA Growth	-18.94%	-94.75%	1,864.01%	-11.28%	48.00%	-10.67%	287.20%	-64.62%	-2.25%	53.49%
EBIT Growth	-21.66%	-135.72%	356.90%	-8.61%	64.13%	-42.39%	544.09%	-69.57%	-8.77%	78.17%
NOPAT Growth	-21.32%	-136.95%	218.03%	113.44%	73.40%	-47.72%	569.36%	-69.37%	-2.18%	59.07%
Net Income Growth	-21.32%	-123.50%	-333.23%	193.75%	311.76%	-78.53%	569.36%	-69.37%	-2.18%	59.07%
EPS Growth	-13.70%	-151.80%	-188.44%	174.55%	106.72%	-64.63%	504.04%	-60.32%	-23.93%	106.45%
Operating Cash Flow Growth	858.00%	-100.85%	6,394.60%	151.13%	-86.70%	1,050.13%	-9.32%	-131.81%	222.55%	13.65%
Free Cash Flow Firm Growth	83.77%	-22.36%	408.71%	27.72%	-135.28%	67.03%	304.57%	-21.26%	84.16%	-63.03%
Invested Capital Growth	-1.79%	-5.65%	-21.38%	-32.88%	31.68%	9.69%	19.78%	1.36%	-3.84%	7.61%
Revenue Q/Q Growth	7.48%	3.48%	-4.38%	2.60%	9.92%	11.43%	13.55%	-15.28%	6.38%	0.81%
EBITDA Q/Q Growth	1.56%	-93.37%	261.22%	-47.81%	17.45%	26.44%	24.37%	-42.23%	34.00%	-0.98%
EBIT Q/Q Growth	1.16%	-160.67%	180.25%	-54.58%	22.82%	32.08%	28.66%	-48.43%	54.37%	-1.67%
NOPAT Q/Q Growth	2.05%	-162.13%	136.87%	-26.42%	29.35%	25.11%	29.70%	-46.39%	36.68%	-7.12%
Net Income Q/Q Growth	2.05%	-139.52%	-29.38%	698.84%	138.50%	-67.35%	29.70%	-46.39%	36.68%	-7.12%
EPS Q/Q Growth	4.70%	-191.53%	-12.90%	491.58%	19.41%	11.02%	29.27%	-40.07%	17.81%	9.17%
Operating Cash Flow Q/Q Growth	81.86%	-102.44%	-45.83%	258.01%	-59.55%	33.88%	51.54%	-321.00%	1,958.01%	-45.28%
Free Cash Flow Firm Q/Q Growth	-4.75%	157.64%	-42.69%	134.45%	-184.19%	82.00%	6.66%	-41.70%	147.23%	-60.17%
Invested Capital Q/Q Growth	1.47%	-12.78%	12.73%	-15.04%	27.19%	-0.15%	5.20%	2.90%	-1.85%	3.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	15.68%	0.74%	13.20%	13.02%	17.10%	10.30%	24.31%	12.25%	12.67%	17.18%
EBIT Margin	12.84%	-4.13%	9.63%	9.78%	14.26%	5.54%	21.74%	9.43%	9.09%	14.31%
Profit (Net Income) Margin	8.69%	-1.84%	-7.23%	7.53%	27.55%	3.99%	16.27%	7.10%	7.34%	10.32%
Tax Burden Percent	67.67%	44.52%	-75.08%	77.02%	193.21%	72.00%	74.83%	75.30%	80.74%	72.08%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	32.33%	0.00%	67.84%	24.89%	20.66%	28.00%	25.17%	24.70%	19.26%	27.92%
Return on Invested Capital (ROIC)	3.66%	-1.40%	1.91%	5.54%	10.33%	4.53%	26.38%	7.36%	7.29%	11.40%
ROIC Less NNEP Spread (ROIC-NNEP)	3.66%	-0.30%	-13.37%	6.11%	103.41%	4.53%	26.38%	7.36%	7.29%	11.40%
Return on Net Nonoperating Assets (RNNOA)	2.83%	-0.26%	-9.56%	2.05%	19.59%	1.17%	4.31%	0.79%	0.46%	0.20%
Return on Equity (ROE)	6.49%	-1.67%	-7.65%	7.59%	29.91%	5.70%	30.69%	8.16%	7.75%	11.60%
Cash Return on Invested Capital (CROIC)	5.47%	4.41%	25.86%	44.89%	-17.02%	-4.71%	8.38%	6.01%	11.21%	4.07%
Operating Return on Assets (OROA)	3.63%	-1.45%	3.82%	4.30%	8.00%	3.78%	19.35%	5.66%	5.67%	9.93%
Return on Assets (ROA)	2.46%	-0.64%	-2.87%	3.31%	15.46%	2.72%	14.48%	4.26%	4.58%	7.16%
Return on Common Equity (ROCE)	5.77%	-1.56%	-7.13%	7.07%	27.42%	5.13%	26.97%	6.96%	6.50%	9.88%
Return on Equity Simple (ROE_SIMPLE)	7.46%	-1.81%	-8.59%	8.24%	31.44%	5.95%	31.10%	9.60%	9.12%	12.82%
Net Operating Profit after Tax (NOPAT)	58	-22	26	54	94	49	330	101	99	157
NOPAT Margin	8.69%	-2.89%	3.10%	7.35%	11.31%	3.99%	16.27%	7.10%	7.34%	10.32%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1.10%	15.28%	-0.56%	-93.08%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	74.87%	81.09%	82.64%	78.04%	73.38%	79.90%	70.26%	80.05%	78.03%	76.54%
Operating Expenses to Revenue	87.16%	104.13%	90.37%	90.22%	85.74%	94.46%	78.26%	90.57%	90.91%	85.69%
Earnings before Interest and Taxes (EBIT)	86	-31	79	72	119	69	442	134	123	218
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	5.54	109	96	143	128	494	175	171	262
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.62	1.14	1.51	1.21	1.34	1.91	2.76	2.11	2.81	4.34
Price to Tangible Book Value (P/TBV)	0.91	1.65	1.78	1.38	1.56	3.50	4.10	3.61	4.57	6.60
Price to Revenue (P/Rev)	0.72	1.16	1.27	1.10	1.17	1.28	1.44	1.56	2.26	3.49
Price to Earnings (P/E)	9.31	0.00	0.00	14.31	8.77	39.01	10.52	20.13	35.66	29.45
Dividend Yield	0.00%	0.00%	1.80%	4.98%	2.20%	1.84%	2.07%	1.92%	1.39%	0.83%
Earnings Yield	10.74%	0.00%	0.00%	6.99%	11.41%	2.56%	9.51%	4.97%	2.80%	3.40%
Enterprise Value to Invested Capital (EV/IC)	0.64	1.02	1.27	1.11	1.00	1.21	1.66	1.58	2.19	3.53
Enterprise Value to Revenue (EV/Rev)	1.51	2.05	1.82	1.18	1.24	1.12	1.11	1.54	2.16	3.31
Enterprise Value to EBITDA (EV/EBITDA)	9.62	276.86	13.78	9.10	7.27	10.84	4.58	12.55	17.04	19.28
Enterprise Value to EBIT (EV/EBIT)	11.74	0.00	18.88	12.11	8.72	20.17	5.12	16.31	23.74	23.14
Enterprise Value to NOPAT (EV/NOPAT)	17.36	0.00	58.71	16.12	10.99	28.01	6.85	21.67	29.41	32.10
Enterprise Value to Operating Cash Flow (EV/OCF)	2.67	0.00	7.38	1.72	15.30	1.77	3.20	0.00	10.56	16.13
Enterprise Value to Free Cash Flow (EV/FCFF)	11.61	22.58	4.34	1.99	0.00	0.00	21.55	26.53	19.13	89.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.83	0.59	0.08	0.29	0.23	0.11	0.10	0.02	0.01
Long-Term Debt to Equity	0.21	0.21	0.17	0.00	0.22	0.21	0.10	0.10	0.00	0.00
Financial Leverage	0.77	0.87	0.71	0.34	0.19	0.26	0.16	0.11	0.06	0.02
Leverage Ratio	2.64	2.59	2.66	2.29	1.94	2.09	2.12	1.91	1.69	1.62
Compound Leverage Factor	2.64	2.59	2.66	2.29	1.94	2.09	2.12	1.91	1.69	1.62
Debt to Total Capital	47.45%	45.41%	36.95%	7.43%	22.38%	18.74%	10.13%	9.37%	2.33%	1.11%
Short-Term Debt to Total Capital	36.41%	33.71%	26.31%	7.43%	5.53%	1.63%	0.97%	0.33%	2.33%	1.11%
Long-Term Debt to Total Capital	11.04%	11.70%	10.63%	0.00%	16.84%	17.11%	9.16%	9.03%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.10%	3.81%	4.07%	6.71%	7.24%	8.48%	12.06%	14.45%	16.08%	13.13%
Common Equity to Total Capital	49.45%	50.77%	58.98%	85.86%	70.38%	72.78%	77.81%	76.18%	81.59%	85.76%
Debt to EBITDA	7.13	122.69	4.00	0.61	1.63	1.68	0.28	0.74	0.18	0.06
Net Debt to EBITDA	4.56	109.97	3.68	0.09	-0.12	-2.31	-1.69	-1.35	-2.06	-1.78
Long-Term Debt to EBITDA	1.66	31.62	1.15	0.00	1.23	1.53	0.25	0.72	0.00	0.00
Debt to NOPAT	12.86	-31.42	17.03	1.08	2.46	4.33	0.42	1.28	0.31	0.10
Net Debt to NOPAT	8.23	-28.17	15.70	0.15	-0.19	-5.96	-2.52	-2.33	-3.56	-2.97
Long-Term Debt to NOPAT	2.99	-8.10	4.90	0.00	1.85	3.95	0.38	1.24	0.00	0.00
Noncontrolling Interest Sharing Ratio	11.03%	6.44%	6.74%	6.85%	8.34%	9.92%	12.14%	14.70%	16.21%	14.80%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	87	68	345	441	-156	-51	105	83	152	56
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.35	0.40	0.44	0.56	0.68	0.89	0.60	0.62	0.69
Fixed Asset Turnover	36.22	33.72	32.60	25.78	26.86	33.62	42.50	23.76	20.90	25.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,585	1,495	1,176	789	1,039	1,140	1,365	1,384	1,330	1,432
Invested Capital Turnover	0.42	0.49	0.62	0.75	0.91	1.14	1.62	1.04	0.99	1.10
Increase / (Decrease) in Invested Capital	-29	-89	-320	-387	250	101	225	19	-53	101
Enterprise Value (EV)	1,015	1,532	1,498	878	1,037	1,382	2,262	2,192	2,911	5,054
Market Capitalization	485	867	1,049	816	979	1,580	2,930	2,228	3,049	5,333
Book Value per Share	$51.60	$50.18	$45.89	$45.69	$50.93	$46.42	$59.41	$59.11	$61.29	$69.06
Tangible Book Value per Share	$35.24	$34.75	$38.96	$39.88	$43.67	$25.30	$39.99	$34.61	$37.69	$45.46
Total Capital	1,585	1,495	1,176	789	1,039	1,140	1,365	1,384	1,330	1,432
Total Debt	752	679	434	59	232	214	138	130	31	16
Total Long-Term Debt	175	175	125	0.00	175	195	125	125	0.00	0.00
Net Debt	481	609	401	8.25	-18	-294	-833	-236	-352	-467
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	-7.87	85	-1.39	-135	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	752	679	434	59	232	214	138	130	31	16
Total Depreciation and Amortization (D&A)	19	36	29	24	24	59	52	40	48	44
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.34	($1.73)	($5.07)	$3.78	$7.90	$2.94	$19.52	$0.00	$5.72	$11.44
Adjusted Weighted Average Basic Shares Outstanding	14.37M	12.67M	12.81M	13.23M	13.56M	13.78M	14.27M	0.00	14.96M	15.84M
Adjusted Diluted Earnings per Share	$3.34	($1.73)	($5.07)	$3.72	$7.69	$2.72	$16.43	$0.00	$4.96	$10.24
Adjusted Weighted Average Diluted Shares Outstanding	14.39M	12.78M	12.98M	13.43M	13.94M	14.90M	16.96M	0.00	17.22M	17.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$7.90	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.93M	15.16M	15.20M	14.64M	17.32M	18.26M	18.18M	0.00	17.68M	17.73M
Normalized Net Operating Profit after Tax (NOPAT)	66	44	56	57	106	57	334	110	105	159
Normalized NOPAT Margin	9.76%	5.83%	6.74%	7.70%	12.67%	4.61%	16.44%	7.70%	7.81%	10.44%
Pre Tax Income Margin	12.84%	-4.13%	9.63%	9.78%	14.26%	5.54%	21.74%	9.43%	9.09%	14.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-31.82%	84.47%	15.48%	57.08%	30.07%	106.27%	85.32%	46.83%
Augmented Payout Ratio	227.29%	-515.49%	-74.60%	211.46%	37.49%	101.58%	51.23%	291.42%	156.73%	89.02%

This table displays calculated financial ratios and metrics derived from Piper Sandler Companies' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.54%	-39.68%	-15.04%	-18.02%	-12.74%	20.66%	15.16%	17.47%	24.21%	2.60%	4.14%
EBITDA Growth	-67.61%	-69.97%	-14.69%	-42.54%	-71.83%	79.06%	69.17%	39.19%	695.03%	-2.63%	-36.21%
EBIT Growth	-75.03%	-74.73%	-27.58%	-61.30%	-118.25%	101.19%	103.12%	96.41%	1,712.03%	-4.33%	-43.85%
NOPAT Growth	-79.44%	-69.73%	35.64%	-47.32%	-122.50%	69.87%	48.23%	2.32%	1,772.46%	-18.69%	-25.84%
Net Income Growth	-79.44%	-69.73%	35.64%	-47.32%	-227.43%	69.87%	48.23%	2.32%	395.31%	-18.69%	-25.84%
EPS Growth	-67.54%	-65.76%	-29.72%	-81.75%	-74.71%	33.04%	63.09%	756.52%	790.91%	28.48%	50.21%
Operating Cash Flow Growth	-69.00%	-67.02%	58.30%	-19.71%	-57.81%	163.11%	2.34%	877.07%	193.99%	-61.27%	-5.09%
Free Cash Flow Firm Growth	65.17%	119.50%	31.21%	-149.18%	63.39%	505.01%	274.64%	164.77%	191.18%	-141.34%	-131.97%
Invested Capital Growth	3.62%	1.36%	6.61%	5.46%	0.81%	-3.84%	-2.94%	-1.59%	2.09%	7.61%	4.93%
Revenue Q/Q Growth	-5.80%	17.87%	-23.82%	-3.08%	0.26%	63.00%	-27.30%	-1.13%	6.01%	34.63%	-26.20%
EBITDA Q/Q Growth	-36.74%	86.99%	-31.12%	-29.48%	-68.99%	1,088.72%	-34.92%	-41.98%	77.13%	45.58%	-57.36%
EBIT Q/Q Growth	-49.13%	125.74%	-39.51%	-44.28%	-123.99%	2,588.29%	-38.93%	-46.12%	96.90%	47.67%	-64.16%
NOPAT Q/Q Growth	-61.36%	254.18%	-12.02%	-56.25%	-116.51%	2,773.83%	-23.22%	-69.81%	169.81%	29.99%	-29.97%
Net Income Q/Q Growth	-61.36%	254.18%	-12.02%	-56.25%	-193.48%	572.13%	-23.22%	-69.81%	169.81%	29.99%	-29.97%
EPS Q/Q Growth	-30.95%	160.92%	-34.36%	-84.56%	-4.35%	1,272.73%	-19.54%	-18.93%	-0.51%	97.96%	-5.93%
Operating Cash Flow Q/Q Growth	90.18%	148.88%	-225.59%	113.51%	-0.07%	1,452.03%	-146.62%	235.14%	-69.93%	104.47%	-226.48%
Free Cash Flow Firm Q/Q Growth	-58.41%	153.66%	-364.00%	-11.03%	76.73%	986.90%	-23.80%	-58.82%	-67.24%	-502.06%	41.06%
Invested Capital Q/Q Growth	2.41%	2.90%	-1.09%	1.18%	-2.11%	-1.85%	-0.15%	2.59%	1.55%	3.45%	-2.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	8.83%	14.02%	12.67%	9.22%	2.85%	20.80%	18.62%	10.93%	18.25%	19.74%	11.40%
EBIT Margin	5.70%	10.91%	8.66%	4.98%	-1.19%	18.19%	15.28%	8.33%	15.47%	16.97%	8.24%
Profit (Net Income) Margin	3.24%	9.72%	11.23%	5.07%	-4.72%	13.69%	14.45%	4.41%	11.23%	10.85%	10.29%
Tax Burden Percent	56.78%	89.09%	129.59%	101.74%	396.43%	75.22%	94.57%	53.00%	72.62%	63.93%	124.92%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	43.22%	10.91%	-29.59%	-1.74%	0.00%	24.78%	5.43%	47.00%	27.38%	36.07%	-24.92%
Return on Invested Capital (ROIC)	4.12%	10.08%	11.62%	4.92%	-0.78%	13.59%	14.93%	4.64%	12.41%	11.98%	11.64%
ROIC Less NNEP Spread (ROIC-NNEP)	4.12%	10.08%	11.62%	4.92%	-8.58%	13.59%	14.93%	4.64%	12.41%	11.98%	11.64%
Return on Net Nonoperating Assets (RNNOA)	0.60%	1.09%	1.24%	0.53%	-1.03%	0.86%	0.77%	0.26%	0.76%	0.21%	0.08%
Return on Equity (ROE)	4.72%	11.17%	12.87%	5.45%	-1.81%	14.45%	15.70%	4.90%	13.18%	12.19%	11.73%
Cash Return on Invested Capital (CROIC)	10.73%	6.01%	1.90%	1.86%	4.56%	11.21%	11.51%	10.00%	10.31%	4.07%	5.82%
Operating Return on Assets (OROA)	4.53%	6.55%	6.45%	3.35%	-0.75%	11.35%	11.74%	6.23%	11.71%	11.78%	6.97%
Return on Assets (ROA)	2.57%	5.84%	8.36%	3.41%	-2.99%	8.54%	11.10%	3.30%	8.51%	7.53%	8.70%
Return on Common Equity (ROCE)	4.05%	9.53%	11.03%	4.54%	-1.53%	12.11%	13.09%	4.07%	11.24%	10.39%	10.04%
Return on Equity Simple (ROE_SIMPLE)	18.87%	0.00%	10.61%	9.38%	7.00%	0.00%	10.46%	10.25%	14.52%	0.00%	11.92%
Net Operating Profit after Tax (NOPAT)	11	38	33	15	-2.42	65	50	15	40	53	37
NOPAT Margin	3.24%	9.72%	11.23%	5.07%	-0.83%	13.69%	14.45%	4.41%	11.23%	10.85%	10.29%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	7.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	82.56%	77.45%	80.39%	79.38%	84.68%	71.63%	76.51%	81.79%	75.53%	73.62%	82.55%
Operating Expenses to Revenue	94.30%	89.09%	91.34%	95.02%	101.19%	81.81%	84.72%	91.67%	84.53%	83.03%	91.76%
Earnings before Interest and Taxes (EBIT)	19	43	26	14	-3.45	86	52	28	56	82	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	55	38	27	8.26	98	64	37	66	96	41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.75	2.11	2.33	2.18	2.45	2.81	3.18	3.62	4.30	4.34	3.62
Price to Tangible Book Value (P/TBV)	2.80	3.61	4.00	3.72	4.14	4.57	5.12	5.71	6.73	6.60	5.51
Price to Revenue (P/Rev)	1.04	1.56	1.76	1.72	2.00	2.26	2.52	2.82	3.32	3.49	2.85
Price to Earnings (P/E)	9.42	20.13	24.28	27.35	35.41	35.66	34.25	30.59	30.61	29.45	21.57
Dividend Yield	2.34%	1.92%	1.77%	1.89%	1.68%	1.39%	1.21%	1.04%	0.86%	0.83%	2.24%
Earnings Yield	10.62%	4.97%	4.12%	3.66%	2.82%	2.80%	2.92%	3.27%	3.27%	3.40%	4.64%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.58	1.98	1.83	2.07	2.19	2.76	2.93	3.53	3.53	3.19
Enterprise Value to Revenue (EV/Rev)	1.08	1.54	1.97	1.93	2.21	2.16	2.63	2.76	3.23	3.31	2.89
Enterprise Value to EBITDA (EV/EBITDA)	6.03	12.55	16.09	17.06	22.00	17.04	18.61	19.24	18.47	19.28	18.60
Enterprise Value to EBIT (EV/EBIT)	7.00	16.31	21.72	24.90	35.30	23.74	24.55	24.46	22.01	23.14	22.75
Enterprise Value to NOPAT (EV/NOPAT)	9.66	21.67	24.60	26.17	38.71	29.41	31.82	34.56	28.84	32.10	30.74
Enterprise Value to Operating Cash Flow (EV/OCF)	17.91	0.00	47.11	49.94	209.31	10.56	13.07	7.68	8.54	16.13	14.66
Enterprise Value to Free Cash Flow (EV/FCFF)	12.86	26.53	107.66	100.81	45.55	19.13	23.59	29.03	34.62	89.84	56.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.10	0.10	0.10	0.11	0.02	0.00	0.02	0.02	0.01	0.01
Long-Term Debt to Equity	0.10	0.10	0.10	0.10	0.10	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.15	0.11	0.11	0.11	0.12	0.06	0.05	0.06	0.06	0.02	0.01
Leverage Ratio	1.84	1.91	1.54	1.60	1.66	1.69	1.41	1.49	1.55	1.62	1.35
Compound Leverage Factor	1.84	1.91	1.54	1.60	1.66	1.69	1.41	1.49	1.55	1.62	1.35
Debt to Total Capital	11.30%	9.37%	9.43%	9.12%	10.09%	2.33%	0.25%	1.61%	1.57%	1.11%	1.13%
Short-Term Debt to Total Capital	2.00%	0.33%	0.29%	0.09%	0.87%	2.33%	0.25%	1.61%	1.57%	1.11%	1.13%
Long-Term Debt to Total Capital	9.30%	9.03%	9.13%	9.03%	9.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.30%	14.45%	14.81%	16.30%	13.60%	16.08%	16.90%	15.74%	14.07%	13.13%	11.81%
Common Equity to Total Capital	74.40%	76.18%	75.76%	74.58%	76.31%	81.59%	82.85%	82.65%	84.35%	85.76%	87.06%
Debt to EBITDA	0.50	0.74	0.77	0.85	1.07	0.18	0.02	0.11	0.08	0.06	0.07
Net Debt to EBITDA	-0.41	-1.35	0.49	0.40	0.67	-2.06	-0.34	-1.44	-1.24	-1.78	-0.46
Long-Term Debt to EBITDA	0.41	0.72	0.74	0.84	0.98	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.80	1.28	1.17	1.30	1.89	0.31	0.03	0.19	0.13	0.10	0.11
Net Debt to NOPAT	-0.65	-2.33	0.76	0.61	1.17	-3.56	-0.58	-2.59	-1.94	-2.97	-0.76
Long-Term Debt to NOPAT	0.66	1.24	1.14	1.29	1.73	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	14.14%	14.70%	14.27%	16.70%	15.62%	16.21%	16.66%	16.94%	14.69%	14.80%	14.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-36	19	-51	-57	-13	118	90	37	12	-49	-29
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.60	0.74	0.67	0.63	0.62	0.77	0.75	0.76	0.69	0.85
Fixed Asset Turnover	29.23	23.76	23.07	21.24	19.85	20.90	22.54	23.81	25.49	25.40	24.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,345	1,384	1,369	1,385	1,356	1,330	1,328	1,363	1,384	1,432	1,394
Invested Capital Turnover	1.27	1.04	1.04	0.97	0.94	0.99	1.03	1.05	1.11	1.10	1.13
Increase / (Decrease) in Invested Capital	47	19	85	72	11	-53	-40	-22	28	101	65
Enterprise Value (EV)	1,823	2,192	2,706	2,534	2,803	2,911	3,663	3,989	4,889	5,054	4,445
Market Capitalization	1,753	2,228	2,420	2,249	2,534	3,049	3,505	4,074	5,023	5,333	4,391
Book Value per Share	$57.38	$59.11	$57.97	$58.21	$58.28	$61.29	$71.01	$63.63	$65.96	$69.06	$68.44
Tangible Book Value per Share	$35.90	$34.61	$33.79	$34.11	$34.46	$37.69	$44.20	$40.29	$42.18	$45.46	$44.91
Total Capital	1,345	1,384	1,369	1,385	1,356	1,330	1,328	1,363	1,384	1,432	1,394
Total Debt	152	130	129	126	137	31	3.38	22	22	16	16
Total Long-Term Debt	125	125	125	125	125	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-123	-236	83	59	85	-352	-67	-299	-328	-467	-110
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	11	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	152	130	129	126	137	31	3.38	22	22	16	16
Total Depreciation and Amortization (D&A)	10	12	12	12	12	12	11	8.81	10	13	11
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$2.81	$1.77	$0.26	$0.26	$3.43	$2.74	$2.19	$2.19	$4.32	$3.96
Adjusted Weighted Average Basic Shares Outstanding	13.78M	13.98M	14.51M	15.07M	15.11M	14.96M	15.50M	15.88M	15.92M	15.84M	16.38M
Adjusted Diluted Earnings per Share	$0.87	$2.27	$1.49	$0.23	$0.22	$3.02	$2.43	$1.97	$1.96	$3.88	$3.65
Adjusted Weighted Average Diluted Shares Outstanding	16.73M	16.97M	17.18M	17.08M	17.26M	17.22M	17.50M	17.63M	17.77M	17.70M	17.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.83M	17.89M	17.74M	17.75M	17.71M	17.68M	17.70M	17.70M	17.78M	17.73M	17.76M
Normalized Net Operating Profit after Tax (NOPAT)	14	40	18	13	-2.42	65	50	15	41	53	21
Normalized NOPAT Margin	4.34%	10.20%	6.06%	4.43%	-0.83%	13.69%	14.45%	4.57%	11.39%	10.85%	5.77%
Pre Tax Income Margin	5.70%	10.91%	8.66%	4.98%	-1.19%	18.19%	15.28%	8.33%	15.47%	16.97%	8.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	79.08%	106.27%	70.02%	84.55%	114.23%	85.32%	60.16%	61.29%	42.09%	46.83%	74.90%
Augmented Payout Ratio	178.33%	291.42%	192.14%	174.25%	209.73%	156.73%	113.97%	117.21%	79.28%	89.02%	140.56%

Financials Breakdown Chart

Key Financial Trends

Piper Sandler Companies (NYSE: PIPR) has shown mixed financial performance over the past four years through Q1 2025, with notable trends in revenue, expenses, income, and cash flows.

Revenue and Income Trends:

Total revenue remains heavily dependent on non-interest income, especially investment banking income, which has fluctuated from $194.6M in Q3 2023 to $249.3M in Q1 2025, showing recovery and growth signs after a dip in 2023.
Consolidated net income increased to $36.8M in Q1 2025 from a low of $3.9M in Q3 2023, indicating an improved profitability trajectory.
Net income attributed to noncontrolling interests shows significant volatility, with a large negative contribution of -$28.1M in Q1 2025 compared to positive or smaller negatives in prior quarters, which affects net income available to common shareholders.
Basic and diluted earnings per share (EPS) in Q1 2025 stand at $3.96 and $3.65 respectively, slightly below the strong Q4 2024 EPS of $4.32 / $3.88 but improved from the volatile 2023 period.

Expense and Cost Management:

Total non-interest expense remains a large portion of the cost structure, with Q1 2025 recording $327.8M, slightly down from $401.9M in Q4 2024 but still significantly impacting profitability.
Salaries and employee benefits represent the largest expense segment, reaching $248.5M in Q1 2025 compared to $316.0M in Q4 2024, showing some cost reduction but still a high fixed cost base.
Amortization and restructuring charges fluctuate but remain fairly consistent contributors to expenses, indicating ongoing investments in intangible assets and occasional restructuring costs.

Cash Flow Dynamics:

Piper Sandler experienced negative net cash from operating activities in Q1 2025 (-$207.2M), a significant reversal from positive operating cash flow in prior quarters of 2023 and 2024, driven mainly by a large negative change in operating assets and liabilities (-$286.5M).
Negative cash flow from continuing financing activities (-$139.6M in Q1 2025) reflects substantial repurchases of common equity (-$80.6M) and dividend payments (-$70.3M), continuing a trend of aggressive shareholder returns but putting pressure on liquidity.
Overall, total cash and equivalents dropped to $126M at the end of Q1 2025, down from $350M in Q3 2024, indicating a tightening cash position.

Balance Sheet Highlights:

Total common equity was $1.21 billion as of Q1 2025, up from $1.03 billion in Q3 2023, reflecting retained earnings growth and capital inflows from earnings.
Total liabilities decreased to $442M in Q1 2025 from $670M in Q3 2024, reflecting liability management but also potential lower leverage usage.
Trading account securities holdings have increased from $418M in mid-2023 to $475M in Q1 2025, showing increased investment positions or market-making assets.

Summary: Piper Sandler's recent quarterly results show improving net income and disciplined cost management after a volatile 2023. However, the company faces challenges in operating cash flow management and liquidity due to heavy shareholder returns and working capital changes. Equity base remains strong, supporting solvency, but watch for cash flow volatility moving forward. Investors should assess the trade-off between growth in revenue/income and the company's cash generation and financing activities before making investment decisions.

10/10/25 11:48 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Piper Sandler Companies' Financials

When does Piper Sandler Companies' financial year end?

According to the most recent income statement we have on file, Piper Sandler Companies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Piper Sandler Companies' net income changed over the last 9 years?

Piper Sandler Companies' net income appears to be on an upward trend, with a most recent value of $157.44 million in 2024, rising from $58.48 million in 2015. The previous period was $98.97 million in 2023. Check out Piper Sandler Companies' forecast to explore projected trends and price targets.

How has Piper Sandler Companies' revenue changed over the last 9 years?

Over the last 9 years, Piper Sandler Companies' total revenue changed from $672.92 million in 2015 to $1.53 billion in 2024, a change of 126.8%.

How much debt does Piper Sandler Companies have?

Piper Sandler Companies' total liabilities were at $840.16 million at the end of 2024, a 0.2% decrease from 2023, and a 35.7% decrease since 2015.

How much cash does Piper Sandler Companies have?

In the past 9 years, Piper Sandler Companies' cash and equivalents has ranged from $33.79 million in 2017 to $970.97 million in 2021, and is currently $482.83 million as of their latest financial filing in 2024.

How has Piper Sandler Companies' book value per share changed over the last 9 years?

Over the last 9 years, Piper Sandler Companies' book value per share changed from 51.60 in 2015 to 69.06 in 2024, a change of 33.8%.

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This page (NYSE:PIPR) was last updated on 10/10/2025 by MarketBeat.com Staff

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Piper Sandler Companies (PIPR) Financials

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Piper Sandler Companies (PIPR) Financials

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