Piper Sandler (PIPR)
NYSE:PIPR
Top Page
Piper Sandler
(NYSE:PIPR)
Select Model
Select Model
Rating:74Outperform
Price Target:
$330.00
â–²(339.71% Upside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by a strong financial recovery and very low leverage, reinforced by an upbeat earnings outlook and shareholder-return actions. These positives are tempered by weak current technicals (below key moving averages with negative MACD) and only moderate valuation support (P/E ~20 with a ~1.9% yield).
Positive Factors
Advisory Business Strength
Advisory now drives the majority of fees with $1.0B+ in revenues and 28% YoY growth, plus a #2 rank in U.S. M&A under $1B. This durable, fee‑based franchise tilts the revenue mix toward higher‑margin, repeatable advisory mandates and builds long‑term client relationships, supporting sustained profitability and market share gains versus trading‑dependent peers.
Negative Factors
Pronounced Cyclicality
The business remains strongly cyclical, with revenue and margins swinging materially year‑to‑year. That structural cyclicality reduces predictability of earnings and free cash flow, complicates workforce and compensation planning, and increases the chance of temporary underinvestment or defensive cost cuts in weaker market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Advisory Business Strength
Advisory now drives the majority of fees with $1.0B+ in revenues and 28% YoY growth, plus a #2 rank in U.S. M&A under $1B. This durable, fee‑based franchise tilts the revenue mix toward higher‑margin, repeatable advisory mandates and builds long‑term client relationships, supporting sustained profitability and market share gains versus trading‑dependent peers.
Read all positive factors
Piper Sandler (PIPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.35B
Dividend Yield1.63%
Average Volume (3M)830.35K
Price to Earnings (P/E)12.5
Beta (1Y)1.43
Revenue Growth12.77%
EPS Growth36.43%
CountryUS
Employees1,801
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.72
Shares Outstanding71,289,740
10 Day Avg. Volume882,304
30 Day Avg. Volume830,348
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)3.87
Price to Sales (P/S)2.97
P/FCF Ratio8.11
Enterprise Value/Market Cap0.24
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit0.71
Enterprise Value/Ebitda3.23
Forecast
1Y Price Target
$95.94Price Target Upside27.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)4.53
Revenue Forecast (FY)$2.11B
Piper Sandler Business Overview & Revenue Model
Company Description
Piper 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. T...
How the Company Makes Money
Piper Sandler primarily earns revenue through fees and commissions tied to investment banking and institutional securities activities. A major portion of revenue comes from investment banking advisory and underwriting fees, including (1) M&A and o...
Piper Sandler Key Performance Indicators (KPIs)
Any
Total Advisory Services Completed Transactions
Counts the number of advisory deals closed, indicating the firm's success in securing and completing client engagements in this competitive sector.
Counts the number of advisory deals closed, indicating the firm's success in securing and completing client engagements in this competitive sector.
Data provided by:
The Fly
The FlyPiper Sandler Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
Overall the call conveyed strong performance and momentum: record quarterly and annual revenues, robust advisory growth (including non-M&A advisory and debt capital markets), record equity brokerage results, improved operating leverage, meaningful shareholder returns (including a special dividend and stock split), and strategic investments in talent and capabilities. Near-term headwinds cited include Q4 fixed income softness, equity markets volatility affecting ECM, seasonal unpredictability for Q1, and modestly higher non-compensation costs related to relocations and investments. On balance the positives materially outweigh the challenges.Positive Updates
Record Q4 and Strong Full-Year Financials
Adjusted net revenues of $635 million in Q4 (record), Q4 operating margin 27.2%, adjusted EPS $6.88; full-year adjusted net revenues $1.9 billion, full-year operating margin 21.9%, adjusted EPS $17.74.
Negative Updates
Q4 Fixed Income Softness
Fixed income revenues were $48 million in Q4, down from a strong Q3 and the year-ago period, signaling near-term softness in trading revenue despite full-year fixed income up 9% to $203 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Q4 and Strong Full-Year Financials
Adjusted net revenues of $635 million in Q4 (record), Q4 operating margin 27.2%, adjusted EPS $6.88; full-year adjusted net revenues $1.9 billion, full-year operating margin 21.9%, adjusted EPS $17.74.
Read all positive updates
Company Guidance
Management guided to a constructive 2026 outlook, saying the advisory pipeline is building and they expect another strong year of advisory revenue (after advisory produced ~$1.0B in 2025, 55% of net revenues, and grew 28% year‑over‑year), with corporate IB aiming to grow annual revenues to $2.0B+ over the medium term; January ECM and financing activity are healthy and public finance issuance should be similar to 2025 (municipal financings generated $146M for the year, 555 negotiated transactions raising $19B par) with a return to normalized seasonality. They expect equity brokerage revenues to be roughly flat with 2025 (record $230M, ~1,700 unique clients, 11B shares traded), see more client activity ahead as rates are anticipated to fall (driving additional DCM/PCA and M&A work), and reiterated capital/expense guidance: 2026 compensation ratio to be similar to 2025 (~60.1% Q4 / 61.4% FY), a modest increase in non‑compensation costs (notably a New York office relocation) with full‑year non‑comp expense ratio broadly in line with 2025, an effective tax rate around 30% excluding the $30M RS vesting benefit, and ongoing shareholder returns (Board approved a $5.00 special dividend plus a $0.70 quarterly dividend, a 4‑for‑1 split effective March 24, 2026, and potential to lean into buybacks).Piper Sandler Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.90B | 1.48B | 1.31B | 1.38B | 1.98B |
| Gross Profit | 1.78B | 1.48B | 1.30B | 1.37B | 1.97B |
| EBITDA | 412.92M | 245.48M | 159.96M | 165.38M | 484.22M |
| Net Income | 281.33M | 181.11M | 85.49M | 110.67M | 278.51M |
Balance Sheet | |||||
| Total Assets | 0.00 | 2.26B | 2.14B | 2.18B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 482.83M | 383.10M | 365.62M | 970.97M |
| Total Debt | 0.00 | 98.82M | 164.16M | 234.77M | 214.63M |
| Total Liabilities | -1.46B | 840.16M | 841.51M | 927.53M | 1.34B |
| Stockholders Equity | 1.46B | 1.23B | 1.09B | 1.05B | 1.06B |
Cash Flow | |||||
| Free Cash Flow | 697.53M | 297.76M | 265.58M | -255.51M | 686.51M |
| Operating Cash Flow | 732.19M | 313.25M | 275.63M | -224.91M | 707.09M |
| Investing Cash Flow | -178.01M | -31.77M | -10.05M | -127.10M | -20.58M |
| Financing Cash Flow | -229.94M | -180.61M | -249.59M | -250.06M | -223.12M |
Piper Sandler Technical Analysis
Neutral
75.05
Price Trends
80.12
Negative
81.94
Negative
80.11
Negative
Market Momentum
-1.38
Negative
48.25
Neutral
59.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PIPR, the sentiment is Neutral. The current price of 75.05 is above the 20-day moving average (MA) of 73.54, below the 50-day MA of 80.12, and below the 200-day MA of 80.11, indicating a neutral trend. The MACD of -1.38 indicates Negative momentum. The RSI at 48.25 is Neutral, neither overbought nor oversold. The STOCH value of 59.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PIPR.
Piper Sandler Risk Analysis
Piper Sandler disclosed 32 risk factors in its most recent earnings report. Piper Sandler reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Piper Sandler Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $5.35B | 12.54 | 21.69% | 1.63% | 12.77% | 36.43% | |
71 Outperform | $4.43B | 22.13 | 44.30% | 3.69% | 51.19% | 456.59% | |
71 Outperform | $3.37B | 23.88 | 84.45% | 0.58% | 23.16% | 64.04% | |
70 Outperform | $11.18B | 12.55 | 11.96% | 1.43% | 7.54% | 2.73% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $3.87B | 19.99 | 30.96% | 4.06% | 1.58% | 1.93% | |
56 Neutral | $8.32B | 15.35 | 9.22% | 2.52% | -5.41% | 25.28% |
* Financial Sector Average
PIPR
Piper Sandler
75.05
14.75
24.45%
JEF
Jefferies
40.28
-10.45
-20.59%
LAZ
Lazard
41.25
-0.17
-0.42%
SF
Stifel Financial
72.24
10.73
17.45%
MC
Moelis
55.44
-0.11
-0.20%
PJT
PJT Partners
139.20
4.08
3.02%
Piper Sandler Corporate Events
Regulatory Filings and ComplianceStock Split
Piper Sandler Completes Four-for-One Forward Stock Split
Positive
Mar 23, 2026
On March 23, 2026, Piper Sandler Companies implemented a previously announced four-for-one forward stock split of its common stock, maintaining the $0.01 par value while increasing authorized shares from 100 million to 400 million. The amendment t...
Stock Split
Piper Sandler Announces Four-for-One Forward Stock Split
Positive
Feb 6, 2026
On February 6, 2026, Piper Sandler announced that its board of directors approved a four-for-one forward stock split of the company’s common stock, to be implemented by increasing the number of authorized shares through an amendment to its c...
Executive/Board Changes
Piper Sandler Expands Board, Appoints New Independent Director
Positive
Feb 4, 2026
Effective February 4, 2026, Piper Sandler Companies expanded its board of directors from nine to ten members and elected Stuart M. Essig as a director for an initial term ending at the firm’s 2026 annual meeting of shareholders, also appoint...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.