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Piper Sandler Companies (PIPR) Financials

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$78.93 -1.63 (-2.02%)
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Annual Income Statements for Piper Sandler Companies

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 52 -22 -62 57 112 41 279 111 85 181 281
Consolidated Net Income / (Loss)		 58 -14 -60 56 230 49 330 101 99 157 294
Net Income / (Loss) Continuing Operations		 58 -14 26 54 88 49 330 101 99 157 294
Total Pre-Tax Income 		86 -31 79 72 119 69 442 134 123 218 375
Total Revenue		 673 747 824 741 835 1,238 2,031 1,426 1,348 1,526 1,899
Net Interest Income / (Expense)		 0.00 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 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 0.00
Total Non-Interest Income		 673 747 824 741 835 1,238 2,031 1,426 1,348 1,526 1,899
Investment Banking Income		 500 515 657 600 652 882 1,647 1,009 954 1,097 1,434
Other Non-Interest Income		 173 232 166 141 183 356 384 416 394 429 465
Total Non-Interest Expense		 586 778 744 668 716 1,170 1,590 1,291 1,225 1,308 1,525
Salaries and Employee Benefits		 422 511 590 488 516 877 1,305 984 897 1,004 1,186
Net Occupancy & Equipment Expense		 52 65 62 63 68 98 101 115 117 121 130
Marketing Expense		 30 30 29 27 29 13 21 43 38 42 47
Other Operating Expenses		 64 58 54 82 85 125 128 123 146 127 145
Amortization Expense		 7.66 21 10 4.86 4.30 45 30 15 19 10 10.00
Restructuring Charge		 11 10 0.00 3.50 14 11 4.72 11 7.75 2.59 6.14
Income Tax Expense		 28 -17 54 18 25 19 111 33 24 61 81
Net Income / (Loss) Attributable to Noncontrolling Interest		 6.41 8.21 2.39 -1.21 6.46 8.85 52 -9.49 13 -24 13
Basic Earnings per Share		 $3.34 ($1.73) ($5.07) $3.78 $7.90 $2.94 $19.52 $7.92 $5.72 $11.44 $16.89
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 16.66M
Diluted Earnings per Share		 $3.34 ($1.73) ($4.99) $3.72 $7.69 $2.72 $16.43 $6.52 $4.96 $10.24 $15.82
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 17.79M
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 17.82M
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 $5.70

Quarterly Income Statements for Piper Sandler Companies

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 3.88 52 42 35 35 69 65 42 60 114 65
Consolidated Net Income / (Loss)		 -14 65 50 15 40 53 37 32 82 143 68
Net Income / (Loss) Continuing Operations		 -14 65 50 15 40 53 37 32 82 143 68
Total Pre-Tax Income 		-3.45 86 52 28 56 82 29 49 107 189 88
Total Revenue		 289 472 343 339 360 484 357 397 479 666 474
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		 289 472 343 339 360 484 357 397 479 666 474
Investment Banking Income		 195 364 245 242 252 358 247 278 361 545 353
Other Non-Interest Income		 95 108 98 97 107 126 111 119 118 121 122
Total Non-Interest Expense		 293 386 291 311 304 402 328 348 372 477 386
Salaries and Employee Benefits		 207 301 222 235 231 316 248 258 289 391 296
Net Occupancy & Equipment Expense		 29 29 29 31 30 31 31 32 33 32 29
Marketing Expense		 8.67 8.08 11 11 10 9.71 15 12 10 12 15
Other Operating Expenses		 43 39 26 30 29 42 32 39 36 39 45
Amortization Expense		 4.83 4.80 2.36 2.36 2.57 2.99 2.08 2.15 2.15 3.63 2.06
Income Tax Expense		 10 21 2.84 13 15 30 -7.34 17 25 46 20
Net Income / (Loss) Attributable to Noncontrolling Interest		 -18 13 7.09 -20 5.60 -17 -28 -10 22 29 3.07
Basic Earnings per Share		 $0.26 $3.43 $2.74 $2.19 $2.19 $4.32 $0.99 $2.53 $3.61 $6.79 $0.96
Weighted Average Basic Shares Outstanding		 15.11M 14.96M 15.50M 15.88M 15.92M 15.84M 65.51M 16.70M 16.72M 16.66M 67.84M
Diluted Earnings per Share		 $0.22 $3.02 $2.43 $1.97 $1.96 $3.88 $0.91 $2.38 $3.38 $6.41 $0.92
Weighted Average Diluted Shares Outstanding		 17.26M 17.22M 17.50M 17.63M 17.77M 17.70M 71.15M 17.73M 17.81M 17.79M 71.24M
Weighted Average Basic & Diluted Shares Outstanding		 17.71M 17.68M 17.70M 17.70M 17.78M 17.73M 17.76M 17.69M 17.69M 17.82M 71.04M
Cash Dividends to Common per Share		 $0.60 $0.60 $1.60 $0.60 $0.65 $0.65 $0.91 $0.65 $0.70 $0.70 $1.43

Annual Cash Flow Statements for Piper Sandler Companies

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 174 -201 -37 17 200 258 463 -605 17 100 327
Net Cash From Operating Activities		 380 -3.23 203 510 68 780 707 -225 276 313 587
Net Cash From Continuing Operating Activities		 380 -3.23 203 510 68 780 707 -225 276 313 587
Net Income / (Loss) Continuing Operations		 58 -14 -60 56 118 49 330 101 99 157 294
Consolidated Net Income / (Loss)		 58 -14 -60 56 118 49 330 101 99 157 294
Depreciation Expense		 5.06 6.41 7.25 8.36 9.36 11 13 16 18 17 17
Amortization Expense		 14 30 22 16 14 48 40 25 30 27 35
Non-Cash Adjustments to Reconcile Net Income		 49 139 153 43 -8.94 122 171 131 94 103 124
Changes in Operating Assets and Liabilities, net		 253 -165 80 387 -65 550 153 -498 35 8.75 116
Net Cash From Investing Activities		 -16 -84 -7.99 -16 27 -435 -21 -127 -10 -32 -44
Net Cash From Continuing Investing Activities		 -16 -84 -7.99 -16 27 -435 -21 -127 -10 -32 -44
Purchase of Investment Securities		 -18 -84 -7.99 -16 -26 -435 -21 -127 -10 -32 -44
Net Cash From Financing Activities		 -189 -112 -233 -477 105 -88 -223 -250 -250 -181 -219
Net Cash From Continuing Financing Activities		 -189 -112 -233 -477 105 -88 -223 -250 -250 -181 -219
Issuance of Debt		 193 - 0.00 0.00 175 -50 0.00 0.00 30 -37 5.00
Repayment of Debt		 -75 -27 -179 -365 0.03 0.00 -70 0.00 -125 0.00 0.00
Repurchase of Common Equity		 -133 -71 -25 -71 -51 -22 -70 -187 -71 -66 -125
Payment of Dividends		 0.00 0.00 -19 -47 -36 -28 -99 -108 -84 -74 -114
Other Financing Activities, Net		 -174 -13 -9.80 6.28 16 13 16 45 0.54 -3.12 15
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 2.34

Quarterly Cash Flow Statements for Piper Sandler Companies

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -15 331 -313 251 29 133 -357 -2.76 -9.33 695 -465
Net Cash From Operating Activities		 27 423 -197 266 80 164 -207 32 32 730 -292
Net Cash From Continuing Operating Activities		 27 423 -197 266 80 164 -207 32 32 730 -292
Net Income / (Loss) Continuing Operations		 -14 65 50 15 40 53 37 32 82 143 68
Consolidated Net Income / (Loss)		 -14 65 50 15 40 53 37 32 82 143 68
Depreciation Expense		 4.55 4.40 4.26 4.24 4.16 4.13 4.21 4.08 4.67 4.43 4.73
Amortization Expense		 7.16 7.89 7.19 4.58 5.87 9.29 7.10 7.49 9.10 12 9.40
Non-Cash Adjustments to Reconcile Net Income		 22 31 27 24 21 32 31 21 23 48 28
Changes in Operating Assets and Liabilities, net		 7.66 315 -285 219 9.19 66 -286 -32 -88 523 -402
Net Cash From Investing Activities		 -3.59 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31
Net Cash From Continuing Investing Activities		 -3.59 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31
Purchase of Investment Securities		 -3.59 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31
Net Cash From Financing Activities		 -38 -91 -114 -12 -35 -19 -140 -23 -25 -31 -169
Net Cash From Continuing Financing Activities		 -38 -91 -114 -12 -35 -19 -140 -23 -25 -31 -169
Repayment of Debt		 - -125 - - - - 5.00 - - - 0.00
Repurchase of Common Equity		 -3.90 -3.06 -52 -5.50 -2.38 -6.46 -81 -21 -3.68 -20 -70
Payment of Dividends		 -10 -10 -36 -15 -11 -13 -70 -17 -12 -15 -101
Other Financing Activities, Net		 -24 17 3.40 8.35 -25 9.73 6.33 15 -9.63 3.44 1.69
Effect of Exchange Rate Changes		 -1.22 1.20 -0.32 -0.19 2.74 -3.38 1.19 1.98 -1.03 0.21 -1.03

Annual Balance Sheets for Piper Sandler Companies

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 2025
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 12/31/2025
Total Assets		 2,139 2,126 2,025 1,345 1,629 1,997 2,565 2,182 2,141 2,256 2,593
Cash and Due from Banks		 190 41 34 50 250 508 971 366 383 483 809
Trading Account Securities		 137 160 - - - - 349 340 435 426 502
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 0.00
Premises and Equipment, Net		 19 25 25 32 30 44 52 68 61 59 77
Goodwill		 218 196 82 82 88 228 228 301 302 312 319
Intangible Assets		 31 37 23 4.28 17 150 120 136 116 108 100
Other Assets		 1,422 1,605 1,861 1,176 1,245 1,068 846 971 845 868 785
Total Liabilities & Shareholders' Equity		 2,139 2,126 2,025 1,345 1,629 1,997 2,565 2,182 2,141 2,256 2,593
Total Liabilities		 1,306 1,309 1,283 615 822 1,071 1,338 928 842 840 1,010
Short-Term Debt		 577 504 309 59 57 19 13 4.62 31 16 37
Other Long-Term Liabilities		 302 342 449 233 289 335 1,200 798 811 824 972
Total Equity & Noncontrolling Interests		 833 816 741 730 807 926 1,227 1,254 1,299 1,416 1,583
Total Preferred & Common Equity		 784 759 693 677 731 829 1,062 1,054 1,085 1,228 1,371
Total Common Equity		 784 759 693 677 731 829 1,062 1,054 1,085 1,228 1,371
Common Stock		 752 789 792 797 758 848 926 1,045 988 982 958
Retained Earnings		 279 257 176 183 259 271 450 453 454 562 729
Treasury Stock		 -248 -284 -274 -300 -284 -289 -313 -442 -356 -315 -319
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 2.73
Noncontrolling Interest		 49 57 48 53 75 97 165 200 214 188 212

Quarterly Balance Sheets for Piper Sandler Companies

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,042 1,804 1,940 1,965 1,822 1,920 2,032 1,821 1,959 2,220 2,130
Cash and Due from Banks		 274 46 67 52 70 321 350 126 123 114 344
Trading Account Securities		 441 446 447 440 442 418 418 475 489 446 485
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 0.00
Premises and Equipment, Net		 65 66 64 63 58 57 56 67 77 78 75
Goodwill		 244 302 302 302 302 302 310 312 312 319 319
Intangible Assets		 131 131 126 121 114 111 110 105 103 103 99
Other Assets		 888 813 934 988 837 711 787 736 855 1,159 808
Total Liabilities & Shareholders' Equity		 2,042 1,804 1,940 1,965 1,822 1,920 2,032 1,821 1,959 2,220 2,130
Total Liabilities		 849 564 682 747 497 579 670 442 560 757 572
Short-Term Debt		 27 4.02 1.27 12 3.38 22 22 16 21 73 56
Other Long-Term Liabilities		 697 435 556 610 494 557 648 427 539 684 516
Total Equity & Noncontrolling Interests		 1,193 1,240 1,258 1,219 1,325 1,341 1,362 1,378 1,399 1,463 1,558
Total Preferred & Common Equity		 1,000 1,037 1,033 1,034 1,101 1,126 1,167 1,213 1,230 1,283 1,342
Total Common Equity		 1,000 1,037 1,033 1,034 1,101 1,126 1,167 1,213 1,230 1,283 1,342
Common Stock		 1,022 992 978 985 987 973 986 988 968 972 1,006
Retained Earnings		 424 428 419 413 461 481 505 556 581 630 681
Treasury Stock		 -442 -381 -363 -361 -347 -327 -325 -331 -323 -322 -346
Accumulated Other Comprehensive Income / (Loss)		 -3.84 -1.54 -0.77 -1.97 -0.85 -0.79 1.56 -0.04 3.52 2.42 1.76
Noncontrolling Interest		 192 203 226 184 224 215 195 165 170 180 216

Annual Metrics And Ratios for Piper Sandler Companies

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 17,689,597.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 17,689,597.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 16.62
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $16.89
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 16.66M
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 $15.82
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 17.79M
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 $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 17.82M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Piper Sandler Companies

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 17,689,597.00 17,822,435.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 17,689,597.00 71,289,740.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 8.08 0.96
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -12.74% 20.66% 15.16% 17.47% 24.21% 2.60% 4.14% 16.98% 33.29% - 32.79%
EBITDA Growth		 -71.83% 79.06% 69.17% 39.19% 695.03% -2.63% -36.21% 63.24% 84.64% - 150.51%
EBIT Growth		 -118.25% 101.19% 103.12% 96.41% 1,712.03% -4.33% -43.85% 73.21% 93.16% - 198.75%
NOPAT Growth		 -122.50% 69.87% 48.23% 2.32% 1,772.46% -18.69% -25.84% 112.12% 104.20% - 85.79%
Net Income Growth		 -227.43% 69.87% 48.23% 2.32% 395.31% -18.69% -25.84% 112.12% 104.20% - 85.79%
EPS Growth		 -74.71% 33.04% 63.09% 756.52% 790.91% 28.48% 50.21% 20.81% 72.45% - 1.10%
Operating Cash Flow Growth		 -57.81% 163.11% 2.34% 877.07% 193.99% -61.27% -5.09% -87.94% -60.18% - -40.77%
Free Cash Flow Firm Growth		 63.39% 505.01% 274.64% 164.77% 191.18% -141.34% -131.97% -170.44% -677.63% - -428.26%
Invested Capital Growth		 0.81% -3.84% -2.94% -1.59% 2.09% 7.61% 4.93% 4.24% 11.01% - 15.78%
Revenue Q/Q Growth		 0.26% 63.00% -27.30% -1.13% 6.01% 34.63% -26.20% 11.06% 20.79% - -28.77%
EBITDA Q/Q Growth		 -68.99% 1,088.72% -34.92% -41.98% 77.13% 45.58% -57.36% 48.47% 100.35% - -50.18%
EBIT Q/Q Growth		 -123.99% 2,588.29% -38.93% -46.12% 96.90% 47.67% -64.16% 66.22% 119.58% - -53.42%
NOPAT Q/Q Growth		 -116.51% 2,773.83% -23.22% -69.81% 169.81% 29.99% -29.97% -13.63% 159.73% - -52.22%
Net Income Q/Q Growth		 -193.48% 572.13% -23.22% -69.81% 169.81% 29.99% -29.97% -13.63% 159.73% - -52.22%
EPS Q/Q Growth		 -4.35% 1,272.73% -19.54% -18.93% -0.51% 97.96% -5.93% -34.79% 42.02% - -85.65%
Operating Cash Flow Q/Q Growth		 -0.07% 1,452.03% -146.62% 235.14% -69.93% 104.47% -226.48% 115.51% -0.73% - -139.97%
Free Cash Flow Firm Q/Q Growth		 76.73% 986.90% -23.80% -58.82% -67.24% -502.06% 41.06% 9.28% -168.67% - -232.76%
Invested Capital Q/Q Growth		 -2.11% -1.85% -0.15% 2.59% 1.55% 3.45% -2.64% 1.91% 8.15% - -0.39%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 2.85% 20.80% 18.62% 10.93% 18.25% 19.74% 11.40% 15.25% 25.29% - 21.51%
EBIT Margin		 -1.19% 18.19% 15.28% 8.33% 15.47% 16.97% 8.24% 12.33% 22.41% - 18.53%
Profit (Net Income) Margin		 -4.72% 13.69% 14.45% 4.41% 11.23% 10.85% 10.29% 8.00% 17.21% - 14.40%
Tax Burden Percent		 396.43% 75.22% 94.57% 53.00% 72.62% 63.93% 124.92% 64.91% 76.78% - 77.69%
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		 0.00% 24.78% 5.43% 47.00% 27.38% 36.07% -24.92% 35.09% 23.22% - 22.31%
Return on Invested Capital (ROIC)		 -0.78% 13.59% 14.93% 4.64% 12.41% 11.98% 11.64% 9.19% 20.24% - 19.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 -8.58% 13.59% 14.93% 4.64% 12.41% 11.98% 11.64% 9.19% 20.24% - 19.31%
Return on Net Nonoperating Assets (RNNOA)		 -1.03% 0.86% 0.77% 0.26% 0.76% 0.21% 0.08% 0.14% 0.68% - 0.47%
Return on Equity (ROE)		 -1.81% 14.45% 15.70% 4.90% 13.18% 12.19% 11.73% 9.33% 20.92% - 19.78%
Cash Return on Invested Capital (CROIC)		 4.56% 11.21% 11.51% 10.00% 10.31% 4.07% 5.82% 7.45% 3.50% - 7.02%
Operating Return on Assets (OROA)		 -0.75% 11.35% 11.74% 6.23% 11.71% 11.78% 6.97% 10.16% 18.11% - 18.92%
Return on Assets (ROA)		 -2.99% 8.54% 11.10% 3.30% 8.51% 7.53% 8.70% 6.59% 13.90% - 14.70%
Return on Common Equity (ROCE)		 -1.53% 12.11% 13.09% 4.07% 11.24% 10.39% 10.04% 8.02% 18.14% - 17.22%
Return on Equity Simple (ROE_SIMPLE)		 7.00% 0.00% 10.46% 10.25% 14.52% 0.00% 11.92% 13.12% 15.86% - 24.26%
Net Operating Profit after Tax (NOPAT)		 -2.42 65 50 15 40 53 37 32 82 - 68
NOPAT Margin		 -0.83% 13.69% 14.45% 4.41% 11.23% 10.85% 10.29% 8.00% 17.21% - 14.40%
Net Nonoperating Expense Percent (NNEP)		 7.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 84.68% 71.63% 76.51% 81.79% 75.53% 73.62% 82.55% 76.04% 69.33% - 71.63%
Operating Expenses to Revenue		 101.19% 81.81% 84.72% 91.67% 84.53% 83.03% 91.76% 87.67% 77.59% - 81.47%
Earnings before Interest and Taxes (EBIT)		 -3.45 86 52 28 56 82 29 49 107 - 88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8.26 98 64 37 66 96 41 60 121 - 102
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.45 2.81 3.18 3.62 4.30 4.34 3.62 4.01 4.79 - 4.07
Price to Tangible Book Value (P/TBV)		 4.14 4.57 5.12 5.71 6.73 6.60 5.51 6.06 7.14 - 5.91
Price to Revenue (P/Rev)		 2.00 2.26 2.52 2.82 3.32 3.49 2.85 3.09 3.57 - 2.71
Price to Earnings (P/E)		 35.41 35.66 34.25 30.59 30.61 29.45 21.57 23.40 25.96 - 19.38
Dividend Yield		 1.68% 1.39% 1.21% 1.04% 0.86% 0.83% 2.24% 2.01% 1.63% - 0.00%
Earnings Yield		 2.82% 2.80% 2.92% 3.27% 3.27% 3.40% 4.64% 4.27% 3.85% - 5.16%
Enterprise Value to Invested Capital (EV/IC)		 2.07 2.19 2.76 2.93 3.53 3.53 3.19 3.52 4.09 - 3.34
Enterprise Value to Revenue (EV/Rev)		 2.21 2.16 2.63 2.76 3.23 3.31 2.89 3.13 3.66 - 2.67
Enterprise Value to EBITDA (EV/EBITDA)		 22.00 17.04 18.61 19.24 18.47 19.28 18.60 19.06 19.74 - 11.02
Enterprise Value to EBIT (EV/EBIT)		 35.30 23.74 24.55 24.46 22.01 23.14 22.75 23.15 23.43 - 12.43
Enterprise Value to NOPAT (EV/NOPAT)		 38.71 29.41 31.82 34.56 28.84 32.10 30.74 30.99 30.85 - 16.54
Enterprise Value to Operating Cash Flow (EV/OCF)		 209.31 10.56 13.07 7.68 8.54 16.13 14.66 72.62 303.79 - 10.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 45.55 19.13 23.59 29.03 34.62 89.84 56.15 48.28 122.89 - 50.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.11 0.02 0.00 0.02 0.02 0.01 0.01 0.02 0.05 - 0.04
Long-Term Debt to Equity		 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.12 0.06 0.05 0.06 0.06 0.02 0.01 0.02 0.03 - 0.02
Leverage Ratio		 1.66 1.69 1.41 1.49 1.55 1.62 1.35 1.42 1.51 - 1.35
Compound Leverage Factor		 1.66 1.69 1.41 1.49 1.55 1.62 1.35 1.42 1.51 - 1.35
Debt to Total Capital		 10.09% 2.33% 0.25% 1.61% 1.57% 1.11% 1.13% 1.49% 4.76% - 3.46%
Short-Term Debt to Total Capital		 0.87% 2.33% 0.25% 1.61% 1.57% 1.11% 1.13% 1.49% 4.76% - 3.46%
Long-Term Debt to Total Capital		 9.22% 0.00% 0.00% 0.00% 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%
Noncontrolling Interests to Total Capital		 13.60% 16.08% 16.90% 15.74% 14.07% 13.13% 11.81% 11.93% 11.74% - 13.39%
Common Equity to Total Capital		 76.31% 81.59% 82.85% 82.65% 84.35% 85.76% 87.06% 86.58% 83.50% - 83.15%
Debt to EBITDA		 1.07 0.18 0.02 0.11 0.08 0.06 0.07 0.08 0.23 - 0.11
Net Debt to EBITDA		 0.67 -2.06 -0.34 -1.44 -1.24 -1.78 -0.46 -0.39 -0.13 - -0.59
Long-Term Debt to EBITDA		 0.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 1.89 0.31 0.03 0.19 0.13 0.10 0.11 0.13 0.36 - 0.17
Net Debt to NOPAT		 1.17 -3.56 -0.58 -2.59 -1.94 -2.97 -0.76 -0.63 -0.20 - -0.89
Long-Term Debt to NOPAT		 1.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 15.62% 16.21% 16.66% 16.94% 14.69% 14.80% 14.39% 14.02% 13.28% - 12.97%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -13 118 90 37 12 -49 -29 -26 -70 - -152
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		 0.63 0.62 0.77 0.75 0.76 0.69 0.85 0.82 0.81 - 1.02
Fixed Asset Turnover		 19.85 20.90 22.54 23.81 25.49 25.40 24.78 23.85 25.62 - 28.57
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,356 1,330 1,328 1,363 1,384 1,432 1,394 1,421 1,536 - 1,614
Invested Capital Turnover		 0.94 0.99 1.03 1.05 1.11 1.10 1.13 1.15 1.18 - 1.34
Increase / (Decrease) in Invested Capital		 11 -53 -40 -22 28 101 65 58 152 - 220
Enterprise Value (EV)		 2,803 2,911 3,663 3,989 4,889 5,054 4,445 5,003 6,278 - 5,385
Market Capitalization		 2,534 3,049 3,505 4,074 5,023 5,333 4,391 4,935 6,138 - 5,457
Book Value per Share		 $58.28 $61.29 $71.01 $63.63 $65.96 $69.06 $68.44 $69.26 $72.52 - $75.29
Tangible Book Value per Share		 $34.46 $37.69 $44.20 $40.29 $42.18 $45.46 $44.91 $45.89 $48.63 - $51.84
Total Capital		 1,356 1,330 1,328 1,363 1,384 1,432 1,394 1,421 1,536 - 1,614
Total Debt		 137 31 3.38 22 22 16 16 21 73 - 56
Total Long-Term Debt		 125 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 85 -352 -67 -299 -328 -467 -110 -102 -41 - -289
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)		 11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 137 31 3.38 22 22 16 16 21 73 - 56
Total Depreciation and Amortization (D&A)		 12 12 11 8.81 10 13 11 12 14 - 14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.26 $3.43 $2.74 $2.19 $2.19 $4.32 $3.96 $2.53 $3.61 $6.79 $0.96
Adjusted Weighted Average Basic Shares Outstanding		 15.11M 14.96M 15.50M 15.88M 15.92M 15.84M 16.38M 16.70M 16.72M 16.66M 67.84M
Adjusted Diluted Earnings per Share		 $0.22 $3.02 $2.43 $1.97 $1.96 $3.88 $3.65 $2.38 $3.38 $6.41 $0.92
Adjusted Weighted Average Diluted Shares Outstanding		 17.26M 17.22M 17.50M 17.63M 17.77M 17.70M 17.79M 17.73M 17.81M 17.79M 71.24M
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		 17.71M 17.68M 17.70M 17.70M 17.78M 17.73M 17.76M 17.69M 17.69M 17.82M 71.04M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.42 65 50 15 41 53 21 35 83 - 68
Normalized NOPAT Margin		 -0.83% 13.69% 14.45% 4.57% 11.39% 10.85% 5.77% 8.82% 17.38% - 14.40%
Pre Tax Income Margin		 -1.19% 18.19% 15.28% 8.33% 15.47% 16.97% 8.24% 12.33% 22.41% - 18.53%
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		 114.23% 85.32% 60.16% 61.29% 42.09% 46.83% 74.90% 68.54% 54.98% - 44.42%
Augmented Payout Ratio		 209.73% 156.73% 113.97% 117.21% 79.28% 89.02% 140.56% 136.90% 109.85% - 79.54%

Financials Breakdown Chart

Key Financial Trends

Piper Sandler (NYSE: PIPR) has shown notable momentum in 2025, driven largely by a stronger investment banking revenue mix and expanding operating cash flow. Below are the key trends drawn from the last four years of quarterly statements, focused on revenue growth, earnings, cash generation, and balance-sheet dynamics. Items are listed with positive, neutral, then negative impact, and the most impactful points first.

  • Strong year‑over‑year revenue growth in Q4 2025: Total revenue of 666,050,000 in Q4 2025 compares with 484,107,000 in Q4 2024, signaling a meaningful rebound and higher activity levels.
  • Investment Banking Income expanded sharply in Q4 2025: IB income reached 545,294,000, up from 357,960,000 in Q4 2024, indicating a stronger IB operating environment and higher deal flow.
  • Earnings quietly improved on a per‑share basis in Q4 2025: Net income attributable to common shareholders was 113,968,000 and diluted EPS was 6.41, up from 69,059,000 and 3.88 in the year‑ago quarter, respectively.
  • Robust quarterly cash generation from operations in Q4 2025: Net cash from continuing operating activities was 729,800,000, a substantial improvement versus 163,838,000 in Q4 2024, driving strong annual liquidity potential.
  • Shareholder returns continued, with a higher dividend per share: Cash dividends per common share rose to 0.70 in Q4 2025 from 0.60 in Q4 2024, supporting ongoing value delivery to investors.
  • Balance sheet shows a stronger asset and equity base in Q4 2025: Total assets rose to about 2.22B and Total equity & noncontrolling interests reached roughly 1.46B, reflecting a larger capital base to support growth and potential opportunities.
  • Q4 2025 results underscore favorable long‑term trend in equity financing backed by rising equity base: The increase in Total Equity (and related measures) signals a strengthened balance sheet that may improve flexibility for future ventures and returns.
  • Seasonality and quarterly mix remain evident: Q4 2025 revenue (666.1M) is substantially higher than Q3 2025 (479.3M), consistent with typical year‑end activity in advisory/underwriting services.
  • Financing activities show ongoing cash outflows from buybacks and dividends: Net cash from continuing financing activities was negative in Q4 2025, reflecting ongoing share repurchases and dividend payments, which reduces cash on hand but can be beneficial if the stock is attractively valued.
  • Liability load increased in Q4 2025: Total liabilities rose to about 756.7M in Q4 2025, up from prior quarters and year‑ago levels, indicating higher leverage that warrants monitoring.
05/15/26 12:56 PM ETAI Generated. May Contain Errors.

Piper Sandler Companies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Piper Sandler Companies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Piper Sandler Companies' net income appears to be on an upward trend, with a most recent value of $293.97 million in 2025, rising from $58.48 million in 2015. The previous period was $157.44 million in 2024. Check out Piper Sandler Companies' forecast to explore projected trends and price targets.

Over the last 10 years, Piper Sandler Companies' total revenue changed from $672.92 million in 2015 to $1.90 billion in 2025, a change of 182.3%.

Piper Sandler Companies' total liabilities were at $1.01 billion at the end of 2025, a 20.2% increase from 2024, and a 22.7% decrease since 2015.

In the past 10 years, Piper Sandler Companies' cash and equivalents has ranged from $33.79 million in 2017 to $970.97 million in 2021, and is currently $809.42 million as of their latest financial filing in 2025.


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Financial statements for NYSE:PIPR last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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