The firm maintains a conservative capital structure with a 0.07 debt-to-equity ratio and a substantial liquidity buffer reflected by a 13.40 current ratio as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Current Assets | 765.71M | 924.94M | 834.01M | 383.1M | 734.9M | 1.3B | 782.85M | 568.02M | 50.36M | 33.79M | 41.36M | 189.91M | 15.87M | 235.73M | 150.25M | 127.31M | 1.63B | 1.51B | 1.15B | 1.39B | -1.58M | 931.9M | 1.14B | 957.51M | 851.06M | 27.7M | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | -217.22M | 0 | 53.03M | -268.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.29B | 1.1B | 868.43M | 932.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 691.25M | 1.67B | 707.13M | 1.76B | 1.45B | 1.27B | 1.21B | 1.06B | 1.29B | 1.99B | 2.08B | 1.95B | 2.61B | 2.08B | 1.94B | 1.53B | 403.65M | 193.29M | 175.1M | 329.16M | 1.12B | 1.13B | 1.36B | 1.02B | 848.38M | 0 | 0 |
| Property, Plant & Equipment | 135.12M | 141.33M | 126.02M | 130.16M | 155.95M | 123.1M | 126.36M | 69.88M | 32.62M | 25.18M | 25.34M | 18.98M | 18.17M | 16.11M | 15.09M | 21.79M | 21.48M | 16.6M | 20.03M | 27.21M | 25.29M | 55.12M | 53.97M | 60.76M | 69.06M | 0 | 0 |
| Fixed Asset Turnover | 13.97x | 13.47x | 11.75x | 10.06x | 8.87x | 16.10x | 9.46x | 11.60x | 22.21x | 33.19x | 30.08x | 36.27x | 36.63x | 33.63x | 33.14x | 20.37x | 23.44x | 29.34x | 15.65x | 19.41x | 21.25x | 8.23x | 8.46x | 13.27x | 11.05x | - | - |
| Goodwill | 319.26M | 319.26M | 312.02M | 301.76M | 301.15M | 227.51M | 227.51M | 87.65M | 81.86M | 81.86M | 196.22M | 217.98M | 211.88M | 210.63M | 196.84M | 202.35M | 322.59M | 164.63M | 0 | 310.96M | 403.66M | 806.65M | 1B | 740.5M | 818.44M | 0 | 0 |
| Intangible Assets | 98.68M | 99.6M | 107.5M | 116.2M | 135.64M | 119.78M | 149.86M | 16.69M | 12.37M | 22.83M | 37.23M | 30.53M | 30.66M | 39.93M | 41.26M | 51.3M | 59.58M | 12.07M | 198.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.14B | 818.16M | 678.67M | 666.66M | 646.37M | 494.51M | 459.55M | 597.46M | 631.76M | 839.54M | 632.67M | 447.44M | 634.63M | 518.56M | 470.56M | 797.58M | 874.15M | 799.99M | 577.42M | 771.96M | 866.53M | 753.9M | 984.72M | 657.61M | 473.68M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.13B | 2.59B | 2.26B | 2.14B | 2.18B | 2.57B | 2B | 1.63B | 1.35B | 2.02B | 2.13B | 2.14B | 2.62B | 2.32B | 2.09B | 1.66B | 2.03B | 1.7B | 1.32B | 1.72B | 1.85B | 2.35B | 2.83B | 2.38B | 2.05B | 2.73B | 2.74B |
| Asset Turnover | 0.90x | 0.73x | 0.66x | 0.61x | 0.63x | 0.77x | 0.60x | 0.50x | 0.54x | 0.41x | 0.36x | 0.32x | 0.25x | 0.23x | 0.24x | 0.27x | 0.25x | 0.29x | 0.24x | 0.31x | 0.29x | 0.19x | 0.16x | 0.34x | 0.37x | 0.03x | 0.05x |
| Asset Growth % | 43.2% | 14.93% | 5.37% | -1.86% | -14.96% | 28.45% | 22.62% | 21.07% | -33.56% | -4.74% | -0.61% | -18.5% | 13.19% | 11.04% | 26.09% | -18.59% | 19.4% | 29.02% | -23.39% | -6.95% | -21.34% | -16.76% | 18.8% | 16.08% | -25% | -0.06% | - |
| Total Current Liabilities | 57.15M | 40.66M | 36.22M | 135.33M | 60.31M | 137.72M | 18.59M | 57.49M | 617.87M | 916.41M | 772.42M | 733.67M | 1.3B | 943.8M | 1.35B | 822.3M | 1.1B | 924.7M | 572.2M | 810.6M | 927.4M | 1.42B | 1.92B | 1.53B | 1.23B | 1.89B | 0 |
| Accounts Payable | 40.91M | 22.36M | 5.86M | 979K | 4.62M | 13.25M | 18.59M | 7.51M | 8.66M | 19.39M | 40.84M | 48.13M | 25.56M | 27.72M | 60.16M | 35.44M | 70.33M | 48.18M | 34.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 15M | 15M | 10M | 30M | 0 | 0 | 0 | 49.98M | 49.95M | 289.94M | 0 | 0 | 377.77M | 0 | 477.01M | 193.7M | 193.59M | 90.08M | 9M | 0 | 0 | 0 | 0 | 159M | 250.04M | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 1.24M | 3.3M | 20.35M | 104.36M | 55.69M | 124.47M | 0 | 0 | -58.61M | -309.33M | -70.19M | -85.5M | -416.66M | -60.83M | 775.22M | 454.2M | 683.85M | 491.92M | -234.61M | -122.39M | -308.68M | -386.68M | -539.64M | 857.09M | 554.32M | 0 | 0 |
| Current Ratio | 13.40x | 22.75x | 23.03x | 2.83x | 12.19x | 9.41x | 42.11x | 9.88x | 0.08x | 0.04x | 0.05x | 0.26x | 0.01x | 0.25x | 0.11x | 0.15x | 1.49x | 1.63x | 2.00x | 1.72x | -0.00x | 0.66x | 0.59x | 0.63x | 0.69x | 0.01x | - |
| Quick Ratio | 13.40x | 22.75x | 23.03x | 2.83x | 12.19x | 9.41x | 42.11x | 9.88x | 0.08x | 0.04x | 0.05x | 0.26x | 0.01x | 0.25x | 0.11x | 0.15x | 1.49x | 1.63x | 2.00x | 1.72x | -0.00x | 0.66x | 0.59x | 0.63x | 0.69x | 0.01x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 515.05M | 969.2M | 803.95M | 706.18M | 867.22M | 1.2B | 1.05B | 764.7M | 49.95M | 414.94M | 593.83M | 621.19M | 502.77M | 639.7M | 125M | 115M | 125M | 120M | 0 | 0 | 0 | 180M | 180M | 180M | 215M | 475M | 475M |
| Long-Term Debt | 0 | 0 | 0 | 40.44M | 125M | 125M | 195M | 175M | 0 | 125M | 175M | 175M | 125M | 125M | 125M | 90M | 125M | 120M | 0 | 0 | 0 | 180M | 180M | 180M | 215M | 475M | 475M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 572.2M | 1.01B | 840.16M | 841.51M | 927.53M | 1.34B | 1.07B | 822.19M | 614.85M | 1.28B | 1.31B | 1.31B | 1.65B | 1.44B | 1.3B | 905.12M | 1.22B | 924.71M | 572.2M | 810.6M | 927.41M | 1.6B | 2.1B | 1.71B | 1.44B | 2.36B | 2.37B |
| Total Debt | 112.22M | 116.35M | 98.82M | 164.16M | 234.77M | 214.63M | 294.48M | 282.15M | 49.95M | 414.94M | 593.83M | 621.19M | 502.77M | 639.71M | 602.01M | 281.18M | 318.59M | 210.08M | 9M | 247.2M | 91.3M | 180M | 180M | 339M | 465.04M | 475M | 475M |
| Net Debt | -232.21M | -693.06M | -384.01M | -218.93M | -130.85M | -756.34M | -213.46M | 32.13M | -411K | 381.14M | 552.47M | 431.28M | 486.9M | 516.03M | 496.64M | 195.37M | 267.99M | 148.13M | -69.32M | 45.61M | 21.17M | 54.75M | 41.73M | 121.99M | 432.43M | 447.3M | 475M |
| Debt / Equity | 0.07x | 0.07x | 0.07x | 0.13x | 0.19x | 0.17x | 0.32x | 0.35x | 0.07x | 0.56x | 0.73x | 0.75x | 0.52x | 0.73x | 0.76x | 0.37x | 0.39x | 0.27x | 0.01x | 0.27x | 0.10x | 0.24x | 0.25x | 0.51x | 0.76x | 1.25x | 1.31x |
| Debt / EBITDA | 0.24x | 0.28x | 0.40x | 1.03x | 1.42x | 0.44x | 2.38x | 2.04x | 0.55x | 4.07x | - | 6.27x | 4.03x | 7.16x | 7.19x | - | 4.65x | 3.17x | - | 5.92x | 1.92x | 3.23x | 2.55x | 5.24x | 15.19x | - | 8.01x |
| Net Debt / EBITDA | -0.50x | -1.68x | -1.56x | -1.37x | -0.79x | -1.56x | -1.72x | 0.23x | -0.00x | 3.74x | - | 4.35x | 3.90x | 5.78x | 5.93x | - | 3.91x | 2.24x | - | 1.09x | 0.44x | 0.98x | 0.59x | 1.88x | 14.13x | - | 8.01x |
| Interest Coverage | 101.22x | 79.64x | 38.45x | 12.08x | 14.17x | 41.13x | 4.75x | 10.14x | 4.38x | 3.91x | -1.37x | 3.69x | 4.40x | 3.02x | 3.61x | -3.87x | 1.55x | 3.13x | -11.99x | 1.28x | 1.03x | 1.11x | 2.19x | 2.14x | 0.17x | -0.93x | 0.31x |
| Total Equity | 1.56B | 1.58B | 1.42B | 1.3B | 1.25B | 1.23B | 926.08M | 806.53M | 730.42M | 741.24M | 816.27M | 832.82M | 969.46M | 882.07M | 790.17M | 750.6M | 813.31M | 778.62M | 747.98M | 912.59M | 924.44M | 754.83M | 725.43M | 669.79M | 609.86M | 378.72M | 362.33M |
| Equity Growth % | 36.63% | 11.8% | 8.95% | 3.62% | 2.21% | 32.48% | 14.82% | 10.42% | -1.46% | -9.19% | -1.99% | -14.09% | 9.91% | 11.63% | 5.27% | -7.71% | 4.46% | 4.1% | -18.04% | -1.28% | 22.47% | 4.05% | 8.31% | 9.83% | 61.03% | 4.52% | - |
| Book Value per Share | 21.87 | 22.25 | 20.00 | 18.86 | 18.48 | 18.09 | 15.54 | 14.47 | 13.60 | 14.47 | 15.97 | 14.47 | 16.13 | 14.64 | 12.65 | 11.97 | 13.22 | 12.16 | 11.81 | 12.59 | 12.18 | 9.89 | 9.35 | 8.70 | 7.96 | 4.91 | 4.75 |
| Total Shareholders' Equity | 1.34B | 1.37B | 1.23B | 1.09B | 1.05B | 1.06B | 829.42M | 731.28M | 677.44M | 693.33M | 759.25M | 783.66M | 819.91M | 734.68M | 733.29M | 718.39M | 813.31M | 778.62M | 747.98M | 912.59M | 924.44M | 754.83M | 725.43M | 669.79M | 609.86M | 378.72M | 362.33M |
| Common Stock | 779K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 195K | 193K | 193K | 0 | 0 | 0 |
| Retained Earnings | 680.54M | 728.93M | 561.75M | 454.36M | 453.31M | 450.17M | 271M | 258.67M | 182.55M | 176.27M | 257.19M | 279.14M | 227.06M | 163.89M | 118.8M | 77.53M | 179.56M | 155.19M | 124.82M | 367.9M | 325.68M | 90.43M | 50.35M | 0 | 0 | 0 | 0 |
| Treasury Stock | -346.12M | -318.58M | -314.66M | -356.3M | -441.65M | -312.57M | -289.36M | -284.38M | -300.27M | -273.82M | -284.46M | -247.55M | -143.14M | -170.63M | -140.94M | -151.11M | -203.32M | -181.44M | -183.94M | -194.46M | -126.03M | -35.42M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.76M | 2.73M | -1.18M | -894K | -2.5M | -964K | -197K | -872K | -1.4M | -1.28M | -2.6M | -189K | 377K | 896K | 667K | 605K | 727K | 1.12M | -1.46M | 1.22M | 658K | -4.38M | -3.87M | 0 | 609.86M | 0 | 0 |
| Minority Interest | 216.02M | 211.79M | 187.94M | 213.97M | 199.96M | 164.65M | 96.66M | 75.25M | 52.97M | 47.9M | 57.02M | 49.16M | 149.55M | 147.4M | 56.88M | 32.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical M&A deal flow
According to recent balance sheet data, Piper Sandler has maintained a consistent equity base of approximately $1.3 billion as of 2026Q1, signaling a stable financial foundation that supports the firm's ability to navigate the inherent volatility of its transaction-heavy investment banking business model.
The stability in equity levels suggests that management is successfully balancing capital returns to shareholders with the need to retain earnings for operational resilience. This trajectory indicates a disciplined approach to capital management, ensuring the firm remains well-positioned to absorb potential market-driven shocks without compromising its long-term solvency.
As reported in financial statements, PIPR maintains an exceptionally low debt-to-equity ratio of 0.07% as of 2026Q1, which provides the firm with significant balance sheet capacity to pursue opportunistic acquisitions or talent recruitment during periods of market dislocation.
The minimal reliance on debt financing underscores a conservative capital structure that prioritizes financial flexibility over aggressive leverage. This positioning appears strategic, as it allows the firm to maintain a fortress-like balance sheet that is largely insulated from interest rate volatility and credit market tightening.
Based on the latest quarterly filings, the firm reported a current ratio of 13.40 in 2026Q1, reflecting a substantial liquidity buffer that appears designed to offset the lumpy, success-fee-dependent nature of its advisory revenue streams and the associated working capital swings.
While the high current ratio suggests a strong ability to meet short-term obligations, investors should monitor how this liquidity is deployed, as excessive cash holdings may drag on overall return on equity. The fluctuation in cash levels between quarters warrants further investigation into the firm's internal cash management policies regarding deal-related settlements.
As indicated by historical balance sheet figures, retained earnings have grown from $454.4 million in 2023Q4 to $680.5 million in 2026Q1, demonstrating the firm's ability to internally fund its operations and growth initiatives through profitable advisory and brokerage activities.
The steady accumulation of retained earnings suggests that the firm's core business model is generating sufficient economic value to support both reinvestment and shareholder distributions. This trend serves as a positive indicator of long-term value creation, provided that the firm continues to maintain its competitive edge in the FIG and healthcare verticals.
Based on reported figures, goodwill remains a significant component of the asset base at $319.3 million as of 2026Q1, which represents a potential risk factor should the performance of past acquisitions, such as the Sandler O'Neill merger, fail to meet long-term expectations.
While goodwill is a standard feature of an acquisition-led growth strategy, its persistence on the balance sheet necessitates ongoing scrutiny regarding potential impairment risks. Investors should consider whether the carrying value of these intangible assets accurately reflects the current market environment for mid-market financial advisory services.
Quick answers to the most common questions about buying PIPR stock.
As of 2025, Piper Sandler Companies (PIPR) had total assets of $2.59B including $924.9M in current assets.
Piper Sandler Companies (PIPR) carries total debt of $116.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Piper Sandler Companies (PIPR) has total shareholders' equity (book value) of $1.37B ($22.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Piper Sandler Companies (PIPR) reported a current ratio of 22.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.