Piper Sandler Companies (PIPR) 10-Year Financial Performance & Capital Metrics

PIPR • • Banking & Credit

Financial ServicesCapital MarketsInvestment Banking & AdvisoryBoutique Advisory Firms

AboutPiper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. The company offers investment banking and institutional sales, trading, and research services for various equity and fixed income products. It provides advisory services, such as mergers and acquisitions, equity private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and offers municipal financial advisory and loan placement services, as well as various over-the-counter derivative products. The company also offers public finance investment banking services that focus on state and local governments, and cultural and social service non-profit entities, as well as the education, healthcare, hospitality, senior living, and transportation sectors. In addition, it provides equity and fixed income advisory and trade execution services for institutional investors, and government and non-profit entities. Further, the company is involved in the alternative asset management funds merchant banking and healthcare to invest firm capital and to manage capital from outside investors, as well as trading activities. The company was formerly known as Piper Jaffray Companies and changed its name to Piper Sandler Companies in January 2020. Piper Sandler Companies was founded in 1895 and is headquartered in Minneapolis, Minnesota.Show more

Net Interest Income $27M +64.2%
Total Revenue $1.48B +13.1%
Net Income $181M +111.9%
Return on Equity 13.34% +99.2%
Net Interest Margin 1.21% +55.9%
Efficiency Ratio 84.87% -5.6%
ROA 8.24% +108.3%
Equity / Assets 62.76% +3.4%
Book Value per Share 80.01 +6.0%
Tangible BV/Share 56.30 +10.0%
Debt/Equity 0.07 -44.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓Well capitalized: 62.8% equity/assets
✓Diversified revenue: 97.8% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗Weak NIM of 1.2%
✗High cost structure: 84.9% efficiency ratio

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.33%

5Y12.82%

3Y-9.26%

TTM-

Profit (Net Income) CAGR

10Y11.11%

5Y10.15%

3Y-13.36%

TTM44.09%

EPS CAGR

10Y10.22%

5Y5.87%

3Y-14.58%

TTM41.77%

ROCE

10Y Avg7.49%

5Y Avg9.22%

3Y Avg7.4%

Latest10.34%

Peer Comparison

Boutique Advisory Firms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MCMoelis & Company	5.75B	77.75	43.68	39.75%	11.39%	37.92%	7.22%	0.47
EVREvercore Inc.	14.82B	383.12	42.19	22.67%	12.62%	25.34%	6.47%	0.48
PJTPJT Partners Inc.	4.54B	186.67	37.94	29.48%	9%	19.14%	11.63%	0.39
PIPRPiper Sandler Companies	6.23B	374.50	36.57	13.08%	12.23%	16.16%	4.78%	0.07
HLIHoulihan Lokey, Inc.	10.35B	189.78	32.61	24.81%	16.73%	18.98%	7.82%	0.20
LAZLazard Ltd	5.1B	53.75	20.06	20.98%	9.07%	28.55%	13.67%	2.87
MDBHMDB Capital Holdings, LLC Class A common	18.63M	3.63	1.37	-47.54%	5.27%	19.16%		0.01
WAITop KingWin Ltd	3.63M	2.18	-0.22	-31.16%	-231.43%	-40.27%		0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	18.16M	10.55M	11.69M	16.2M	15.01M	-1.28M	-3.77M	10.88M	16.58M	27.23M
NII Growth %	-0.23%	-0.42%	0.11%	0.39%	-0.07%	-1.09%	-1.94%	3.89%	0.52%	0.64%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	41.56M	33.07M	31.95M	32.75M	26.74M	13.16M	6.97M	20.36M	26.72M	32.91M
Interest Expense	23.4M	22.52M	20.27M	16.55M	11.73M	14.45M	10.73M	9.48M	10.15M	5.68M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	646.97M	729.15M	803.77M	691.62M	783.55M	1.18B	1.98B	1.36B	1.28B	1.45B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	688.52M	762.22M	835.72M	724.37M	810.29M	1.2B	1.98B	1.38B	1.31B	1.48B
Revenue Growth %	0.03%	0.11%	0.1%	-0.13%	0.12%	0.48%	0.66%	-0.3%	-0.05%	0.13%
Non-Interest Expense	578.7M	770.57M	736.14M	635.33M	679.58M	1.11B	1.53B	1.24B	1.18B	1.26B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	86.42M	-30.87M	79.32M	72.49M	118.98M	68.55M	441.51M	134.37M	122.59M	218.41M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.22%	-1.36%	3.57%	-0.09%	0.64%	-0.42%	5.44%	-0.7%	-0.09%	0.78%
Pretax Income+	86.42M	-30.87M	79.32M	72.49M	118.98M	68.55M	441.51M	134.37M	122.59M	218.41M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	27.94M	-17.13M	53.81M	18.05M	24.58M	19.19M	111.14M	33.19M	23.61M	60.97M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	52.08M	-21.95M	-61.94M	57.04M	111.71M	40.5M	278.51M	110.67M	85.49M	181.11M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.18%	-1.42%	-1.82%	1.92%	0.96%	-0.64%	5.88%	-0.6%	-0.23%	1.12%
Net Income (Continuing)	58.48M	-13.75M	25.51M	54.44M	94.4M	49.36M	330.37M	101.18M	98.97M	157.44M
EPS (Diluted)+	3.34	-1.73	-5.07	3.72	7.70	2.72	16.43	6.52	4.96	10.24
EPS Growth %	-0.14%	-1.52%	-1.93%	1.73%	1.07%	-0.65%	5.04%	-0.6%	-0.24%	1.06%
EPS (Basic)	3.34	-1.73	-5.07	3.78	5.47	2.94	19.52	7.92	5.72	11.44
Diluted Shares Outstanding	14.39M	12.78M	12.81M	13.43M	13.94M	14.9M	16.95M	16.96M	17.22M	17.7M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	189.91M	41.36M	33.79M	50.36M	250.02M	507.94M	970.97M	365.62M	383.1M	482.83M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	447.44M	632.67M	839.54M	631.76M	597.46M	459.55M	494.51M	646.37M	666.66M	678.67M
Investments Growth %	-0.29%	0.41%	0.33%	-0.25%	-0.05%	-0.23%	0.08%	0.31%	0.03%	0.02%
Long-Term Investments	447.44M	632.67M	839.54M	631.76M	597.46M	459.55M	494.51M	646.37M	666.66M	678.67M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	217.98M	196.22M	81.86M	81.86M	87.65M	227.51M	227.51M	301.15M	301.76M	312.02M
Intangible Assets	30.53M	37.23M	22.83M	12.37M	16.69M	149.86M	119.78M	135.64M	116.2M	107.5M
PP&E (Net)	18.98M	25.34M	25.18M	32.62M	69.88M	126.36M	123.1M	155.95M	130.16M	126.02M
Other Assets	1.25B	1.22B	920.27M	434.44M	220.99M	146.79M	146.72M	16.55M	333.58M	-702.74M
Total Current Assets	189.91M	41.36M	33.79M	50.36M	568.02M	782.85M	1.3B	734.9M	383.1M	834.01M
Total Non-Current Assets	1.95B	2.08B	1.99B	1.29B	1.06B	1.21B	1.27B	1.45B	1.76B	707.13M
Total Assets+	2.14B	2.13B	2.02B	1.35B	1.63B	2B	2.57B	2.18B	2.14B	2.26B
Asset Growth %	-0.18%	-0.01%	-0.05%	-0.34%	0.21%	0.23%	0.28%	-0.15%	-0.02%	0.05%
Return on Assets (ROA)	0.02%	-0.01%	-0.03%	0.03%	0.08%	0.02%	0.12%	0.05%	0.04%	0.08%
Accounts Payable	48.13M	40.84M	19.39M	8.66M	7.51M	18.59M	13.25M	4.62M	979K	5.86M
Total Debt+	621.19M	593.83M	414.94M	49.95M	282.15M	294.48M	214.63M	234.77M	164.16M	98.82M
Net Debt	431.28M	552.47M	381.14M	-411K	32.13M	-213.46M	-756.34M	-130.85M	-218.93M	-384.01M
Long-Term Debt	175M	175M	125M	0	175M	195M	125M	125M	40.44M	0
Short-Term Debt	0	0	289.94M	49.95M	49.98M	0	0	0	30M	10M
Other Liabilities	-175M	-175M	-125M	0	532.53M	757.99M	986.11M	632.45M	572.01M	715.13M
Total Current Liabilities	733.67M	772.42M	916.41M	617.87M	57.49M	18.59M	137.72M	60.31M	135.33M	36.22M
Total Non-Current Liabilities	621.19M	593.83M	414.94M	49.95M	764.7M	1.05B	1.2B	867.22M	706.18M	803.95M
Total Liabilities	1.31B	1.31B	1.28B	614.85M	822.19M	1.07B	1.34B	927.53M	841.51M	840.16M
Total Equity+	832.82M	816.27M	741.24M	730.42M	806.53M	926.08M	1.23B	1.25B	1.3B	1.42B
Equity Growth %	-0.14%	-0.02%	-0.09%	-0.01%	0.1%	0.15%	0.32%	0.02%	0.04%	0.09%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.06%	-0.03%	-0.08%	0.08%	0.15%	0.05%	0.26%	0.09%	0.07%	0.13%
Book Value per Share	57.88	63.88	57.88	54.41	57.87	62.15	72.36	73.92	75.45	80.01
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	195K	195K	195K	195K	195K	195K	195K	195K	195K	195K
Additional Paid-in Capital	752.07M	788.93M	791.97M	796.36M	757.67M	847.78M	925.39M	1.04B	988.14M	981.72M
Retained Earnings	279.14M	257.19M	176.27M	182.55M	258.67M	271M	450.17M	453.31M	454.36M	561.75M
Accumulated OCI	-189K	-2.6M	-1.28M	-1.4M	-872K	-197K	-964K	-2.5M	-894K	-1.18M
Treasury Stock	-247.55M	-284.46M	-273.82M	-300.27M	-284.38M	-289.36M	-312.57M	-441.65M	-356.3M	-314.66M
Preferred Stock	0	257.19M	279K	398K	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	379.52M	48.78M	232.12M	509.85M	67.8M	779.76M	707.09M	-224.91M	275.63M	313.25M
Operating CF Growth %	8.58%	-0.87%	3.76%	1.2%	-0.87%	10.5%	-0.09%	-1.32%	2.23%	0.14%
Net Income	58.48M	-13.75M	-59.55M	55.83M	118.17M	49.36M	330.37M	101.18M	98.97M	157.44M
Depreciation & Amortization	12.72M	27.62M	22.65M	18.82M	19.12M	55.43M	42.71M	31.01M	37.37M	27.07M
Deferred Taxes	-20.96M	-31.02M	-3.37M	-652K	11.32M	-36.18M	-53.98M	-32.8M	11.43M	17.62M
Other Non-Cash Items	6.38M	91.69M	121.1M	5.14M	-28.39M	3.54M	9.51M	9.32M	10.82M	16.64M
Working Capital Changes	274.15M	-133.74M	82.34M	386.38M	-84.44M	585.94M	207.04M	-464.82M	23.27M	-8.88M
Cash from Investing+	-16.15M	-83.73M	-7.99M	-15.8M	26.69M	-435M	-20.58M	-127.1M	-10.05M	-31.77M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-11.74M	-72.71M	0	0	33.21M	-417.41M	0	-96.5M	0	-16.27M
Other Investing	1.5M	0	0	0	0	0	0	0	0	0
Cash from Financing+	-188.96M	-111.56M	-233.12M	-476.77M	104.66M	-87.56M	-223.12M	-250.06M	-249.59M	-180.61M
Dividends Paid	0	0	-18.95M	-47.16M	-35.59M	-28.17M	-99.35M	-107.53M	-84.44M	-73.73M
Share Repurchases	-132.93M	-70.86M	-25.48M	-70.9M	-50.58M	-21.96M	-69.9M	-187.33M	-70.68M	-66.43M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	0	-1000K	-1000K
Other Financing	-174.46M	-13.34M	-9.8M	6.28M	15.81M	12.56M	16.13M	44.8M	538K	-3.12M
Net Change in Cash+	174.04M	-148.55M	-7.57M	16.57M	199.65M	257.92M	463.03M	-605.34M	17.47M	99.74M
Exchange Rate Effect	-369K	-1000K	1000K	-651K	508K	702K	-363K	-1000K	1000K	-1000K
Cash at Beginning	15.87M	189.91M	41.36M	33.79M	50.36M	250.02M	507.94M	970.97M	365.62M	383.1M
Cash at End	189.91M	41.36M	33.79M	50.36M	250.02M	507.94M	970.97M	365.62M	383.1M	482.83M
Interest Paid	24.67M	23.17M	19.92M	17.13M	12.04M	14.48M	10.78M	9.48M	10.16M	5.69M
Income Taxes Paid	31.95M	27.3M	31.89M	17.13M	9.58M	28.89M	165.91M	85.43M	19.45M	10.91M
Free Cash Flow+	373.61M	37.77M	224.02M	493.99M	61.28M	762.18M	686.51M	-255.51M	265.58M	297.76M
FCF Growth %	7.5%	-0.9%	4.93%	1.21%	-0.88%	11.44%	-0.1%	-1.37%	2.04%	0.12%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.78%	-2.66%	-7.95%	7.75%	14.54%	4.68%	25.87%	8.92%	6.7%	13.34%
Return on Assets (ROA)	2.19%	-1.03%	-2.98%	3.38%	7.51%	2.23%	12.21%	4.66%	3.96%	8.24%
Net Interest Margin	0.85%	0.5%	0.58%	1.2%	0.92%	-0.06%	-0.15%	0.5%	0.77%	1.21%
Efficiency Ratio	84.05%	101.1%	88.08%	87.71%	83.87%	93.06%	77.19%	89.6%	89.87%	84.87%
Equity / Assets	38.94%	38.4%	36.61%	54.3%	49.52%	46.37%	47.82%	57.48%	60.7%	62.76%
Book Value / Share	57.88	63.88	57.88	54.41	57.87	62.15	72.36	73.92	75.45	80.01
NII Growth	-23.2%	-41.9%	10.78%	38.61%	-7.35%	-108.54%	-194.07%	388.96%	52.29%	64.25%
Dividend Payout	-	-	-	82.68%	31.86%	69.55%	35.67%	97.16%	98.78%	40.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Advisory Services	-	-	-	-	-	443.33M	1.03B	776.43M	709.32M	808.75M
Advisory Services Growth	-	-	-	-	-	-	131.46%	-24.33%	-8.64%	14.02%
Equity Sales and Trading	-	-	-	-	-	161.44M	154.07M	210.31M	209.51M	215.28M
Equity Sales and Trading Growth	-	-	-	-	-	-	-4.57%	36.51%	-0.38%	2.75%
Fixed Income Sales and Trading	-	-	-	-	-	196.31M	233.51M	194.95M	168.03M	186.17M
Fixed Income Sales and Trading Growth	-	-	-	-	-	-	18.95%	-16.51%	-13.81%	10.80%
Corporate Financing	-	-	-	-	-	295.33M	362.8M	125.34M	131.08M	173.88M
Corporate Financing Growth	-	-	-	-	-	-	22.84%	-65.45%	4.58%	32.65%
Municipal Financing	-	-	-	-	-	119.82M	164.28M	107.74M	83.42M	122.51M
Municipal Financing Growth	-	-	-	-	-	-	37.11%	-34.42%	-22.57%	46.86%
Capital Markets	-	-	-	741.42M	834.57M	-	-	-	-	-
Capital Markets Growth	-	-	-	-	12.56%	-	-	-	-	-
Asset Mgmt	63.59M	55.05M	52.49M	43.02M	-	-	-	-	-	-
Asset Mgmt Growth	-	-13.43%	-4.65%	-18.04%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Valuation & Price

Piper Sandler Companies (PIPR) has a price-to-earnings (P/E) ratio of 36.6x. This suggests investors expect higher future growth.

Growth & Financials

Piper Sandler Companies (PIPR) grew revenue by 13.1% over the past year. This is steady growth.

Yes, Piper Sandler Companies (PIPR) is profitable, generating $236.4M in net income for fiscal year 2024 (12.2% net margin).

Dividend & Returns

Yes, Piper Sandler Companies (PIPR) pays a dividend with a yield of 1.11%. This makes it attractive for income-focused investors.

Piper Sandler Companies (PIPR) has a return on equity (ROE) of 13.3%. This is reasonable for most industries.

Industry Metrics

Piper Sandler Companies (PIPR) has a net interest margin (NIM) of 1.2%. NIM has been under pressure due to interest rate environment.

Piper Sandler Companies (PIPR) has an efficiency ratio of 84.9%. This is higher than peers, suggesting room for cost optimization.

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