25 years of historical data (2000–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Piper Sandler Companies trades at 28.9x earnings, 9% above its 5-year average of 26.5x, sitting at the 67th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 110%. On a free-cash-flow basis, the stock trades at 16.6x P/FCF, 87% above the 5-year average of 8.9x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $5.3B | $3.0B | $2.2B | $3.0B | $1.5B | $1.1B | $884M | $1.1B | $926M | $581M |
| Enterprise Value | $4.6B | $4.9B | $2.8B | $2.1B | $2.3B | $1.3B | $1.1B | $883M | $1.5B | $1.5B | $1.0B |
| P/E Ratio → | 28.86 | 29.29 | 35.26 | 19.97 | 10.86 | 37.10 | 10.38 | 17.70 | — | — | 12.10 |
| P/S Ratio | 3.34 | 3.58 | 2.30 | 1.60 | 1.53 | 1.26 | 1.37 | 1.22 | 1.32 | 1.22 | 0.84 |
| P/B Ratio | 3.69 | 3.75 | 2.32 | 1.76 | 2.47 | 1.62 | 1.38 | 1.21 | 1.49 | 1.14 | 0.70 |
| P/FCF | 16.61 | 17.83 | 11.34 | — | 4.41 | 1.97 | 18.18 | 1.79 | 4.93 | 24.53 | 1.56 |
| P/OCF | 15.78 | 16.94 | 10.93 | — | 4.28 | 1.93 | 16.43 | 1.73 | 4.76 | 18.99 | 1.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Piper Sandler Companies's enterprise value stands at 18.6x EBITDA, 43% above its 5-year average of 13.0x. The Financial Services sector median is 11.1x, placing the stock at a 67% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.32 | 2.13 | 1.50 | 1.15 | 1.08 | 1.41 | 1.22 | 1.78 | 1.94 | 1.47 |
| EV / EBITDA | 18.58 | 20.06 | 17.46 | 12.56 | 4.69 | 10.41 | 8.30 | 9.68 | 14.57 | — | 10.21 |
| EV / EBIT | 20.88 | 22.54 | 22.78 | 15.46 | 5.14 | 18.82 | 9.63 | 12.19 | 18.73 | — | 11.72 |
| EV / FCF | — | 16.54 | 10.52 | — | 3.31 | 1.69 | 18.70 | 1.79 | 6.63 | 39.16 | 2.71 |
Margins and return-on-capital ratios measuring operating efficiency
Piper Sandler Companies earns an operating margin of 14.7%, below the Financial Services sector average of 21.9%. Operating margins have expanded from 9.7% to 14.7% over the past 3 years, signaling improving operational efficiency. ROE of 13.3% is modest. ROIC of 11.0% represents solid returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.6% | 99.6% | 99.2% | 99.3% | 99.5% | 98.8% | 98.6% | 97.7% | 97.6% | 97.0% | 96.6% |
| Operating Margin | 14.7% | 14.7% | 9.4% | 9.7% | 22.3% | 5.7% | 14.7% | 10.0% | 9.5% | -4.1% | 12.6% |
| Net Profit Margin | 12.2% | 12.2% | 6.5% | 8.0% | 14.0% | 3.4% | 13.8% | 7.9% | -7.4% | -2.9% | 7.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 6.7% | 8.9% | 25.9% | 4.7% | 14.5% | 7.8% | -8.0% | -2.7% | 5.8% |
| ROA | 8.2% | 8.2% | 4.0% | 4.7% | 12.2% | 2.2% | 7.5% | 3.4% | -3.0% | -1.0% | 2.2% |
| ROIC | 11.0% | 11.0% | 6.2% | 6.9% | 24.9% | 4.5% | 9.5% | 5.6% | 4.6% | -1.6% | 4.4% |
| ROCE | 10.3% | 10.3% | 5.9% | 5.9% | 20.0% | 3.9% | 10.4% | 7.9% | 6.4% | -2.2% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
Piper Sandler Companies carries a Debt/EBITDA ratio of 0.4x, which is very conservative (90% below the sector average of 4.1x). The company holds a net cash position — cash of $483M exceeds total debt of $99M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 38.4x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.13 | 0.19 | 0.17 | 0.32 | 0.35 | 0.07 | 0.56 | 0.73 | 0.75 |
| Debt / EBITDA | 0.40 | 0.40 | 1.03 | 1.42 | 0.44 | 2.38 | 2.04 | 0.55 | 4.07 | — | 6.27 |
| Net Debt / Equity | — | -0.27 | -0.17 | -0.10 | -0.62 | -0.23 | 0.04 | -0.00 | 0.51 | 0.68 | 0.52 |
| Net Debt / EBITDA | -1.56 | -1.56 | -1.37 | -0.79 | -1.56 | -1.72 | 0.23 | -0.00 | 3.74 | — | 4.35 |
| Debt / FCF | — | -1.29 | -0.82 | — | -1.10 | -0.28 | 0.52 | -0.00 | 1.70 | 14.63 | 1.15 |
| Interest Coverage | 38.45 | 38.45 | 12.08 | 14.17 | 41.13 | 4.75 | 10.14 | 4.38 | 3.91 | -1.37 | 3.69 |
Net cash position: cash ($483M) exceeds total debt ($99M)
Short-term solvency ratios and asset-utilisation metrics
Piper Sandler Companies's current ratio of 23.03x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 12.19x to 23.03x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 23.03 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 | 0.26 |
| Quick Ratio | 23.03 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 | 0.26 |
| Cash Ratio | 13.33 | 13.33 | 2.83 | 6.06 | 7.05 | 27.32 | 4.35 | 0.08 | 0.04 | 0.05 | 0.26 |
| Asset Turnover | — | 0.66 | 0.61 | 0.63 | 0.77 | 0.60 | 0.50 | 0.54 | 0.41 | 0.36 | 0.32 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Piper Sandler Companies returns 2.8% to shareholders annually — split between a 1.4% dividend yield and 1.3% buyback yield. A payout ratio of 40.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.4% | 2.8% | 4.9% | 3.3% | 1.9% | 3.2% | 5.3% | 1.7% | — | — |
| Payout Ratio | 40.7% | 40.7% | 98.8% | 97.2% | 35.7% | 69.6% | 31.9% | 82.7% | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.4% | 2.8% | 5.0% | 9.2% | 2.7% | 9.6% | 5.7% | — | — | 8.3% |
| FCF Yield | 6.0% | 5.6% | 8.8% | — | 22.7% | 50.7% | 5.5% | 55.9% | 20.3% | 4.1% | 64.3% |
| Buyback Yield | 1.3% | 1.3% | 2.3% | 8.5% | 2.3% | 1.5% | 4.5% | 8.0% | 2.3% | 7.6% | 22.9% |
| Total Shareholder Yield | 2.8% | 2.6% | 5.2% | 13.4% | 5.6% | 3.3% | 7.7% | 13.4% | 4.0% | 7.6% | 22.9% |
| Shares Outstanding | — | $18M | $17M | $17M | $17M | $15M | $14M | $13M | $13M | $13M | $14M |
Compare PIPR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| PIPRYou | $5B | 28.9 | 18.6 | 16.6 | 99.6% | 14.7% | 13.3% | 11.0% | 0.4 |
| GS | $267B | 21.2 | 33.8 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| MS | $265B | 20.9 | 24.2 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| EVR | $27B | 34.0 | 50.5 | 28.1 | 99.4% | 17.8% | 20.3% | 14.6% | 1.7 |
| NMR | $27B | 12.7 | 56.2 | — | 36.9% | 10.5% | 9.7% | 1.0% | 58.7 |
| JEF | $9B | 15.7 | -3.5 | 27.5 | 59.7% | 6.3% | 6.8% | 2.4% | 2.0 |
| LAZ | $5B | 18.9 | 13.3 | 6.8 | 35.1% | 12.5% | 41.9% | 10.2% | 5.2 |
| MC | $4B | 33.3 | 22.9 | 10.6 | 100.0% | 14.5% | 32.3% | 20.3% | 1.2 |
| HLI | $3B | 28.1 | 3.7 | 3.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| PWP | $434M | -15.2 | — | 2.1 | 40.1% | -8.9% | -26.0% | -13.7% | — |
| MDBH | $16M | 1.2 | — | — | -803.2% | -1289.4% | 21.8% | -38.9% | — |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 25 years · Updated daily
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Start ComparisonPiper Sandler Companies's current P/E ratio is 28.9x. The historical average is 21.7x. This places it at the 67th percentile of its historical range.
Piper Sandler Companies's current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Piper Sandler Companies's return on equity (ROE) is 13.3%. The historical average is 4.0%.
Based on historical data, Piper Sandler Companies is trading at a P/E of 28.9x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Piper Sandler Companies's current dividend yield is 1.41% with a payout ratio of 40.7%.
Piper Sandler Companies has 99.6% gross margin and 14.7% operating margin. Operating margin between 10-20% is typical for established companies.
Piper Sandler Companies's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.