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Piper Sandler
(NYSE:PIPR)
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Rating:76Outperform
Price Target:
$81.00
â–¼(-10.60% Downside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by strong financial performance (high profitability, strong cash generation, and very low leverage). Earnings-call takeaways are net positive but include guidance for some near-term revenue moderation. Offsetting these strengths, technical indicators point to softer price momentum, while valuation is reasonable rather than notably cheap.
Positive Factors
Conservative balance sheet and low leverage
Zero reported TTM debt, very low debt-to-equity and sizable equity (~$1.34B) support financial flexibility. This durable strength enables continued underwriting, opportunistic hiring, capital returns and resilience through capital-markets cycles without stressing liquidity or credit capacity.
Negative Factors
Multi-year revenue and cash-flow volatility
Historic swings (notably weak 2022 and variable FCF) show the firm's earnings are structurally cyclical. Because revenue drivers are transaction-timed, multi-quarter volatility can compress margins and cash returns, complicating planning and making results sensitive to market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and low leverage
Zero reported TTM debt, very low debt-to-equity and sizable equity (~$1.34B) support financial flexibility. This durable strength enables continued underwriting, opportunistic hiring, capital returns and resilience through capital-markets cycles without stressing liquidity or credit capacity.
Read all positive factors
Piper Sandler Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic attention.
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic attention.
Data provided by:
The Fly
The FlyPiper Sandler (PIPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.12B
Dividend Yield1.63%
Average Volume (3M)622.05K
Price to Earnings (P/E)17.2
Beta (1Y)1.45
Revenue Growth30.99%
EPS Growth32.50%
CountryUS
Employees1,826
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)4.18
Shares Outstanding71,043,945
10 Day Avg. Volume635,446
30 Day Avg. Volume622,049
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)4.13
Price to Sales (P/S)2.97
P/FCF Ratio8.11
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue2.62
Enterprise Value/Gross Profit2.69
Enterprise Value/Ebitda11.30
Forecast
1Y Price Target
$90.00Price Target Upside-0.66% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)4.69
Revenue Forecast (FY)$2.08B
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. I...
How the Company Makes Money
Piper Sandler primarily generates revenue through fees and commissions tied to capital markets activity and advisory work. Its key revenue streams typically include: (1) Investment banking fees: earned for advising clients on mergers, acquisitions...
Piper Sandler Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial highlights — double-digit revenue growth, record advisory and corporate banking results, margin expansion, robust capital returns, and platform/talent investments — offset by some near-term headwinds including an $8.5M litigation charge, declines in municipal financing, fixed income softness due to market volatility, and guidance that corporate financing and brokerage revenues may moderate in Q2. Management emphasized resilience, a diversified revenue base, and ongoing investment in strategic areas while cautioning that transaction timing is sensitive to market conditions.Positive Updates
Strong Overall Revenue and Profit Growth
Net (adjusted) revenues of $470M in Q1 2026, up 22% year-over-year; operating income of $94M and operating margin of 20%; net income $72M and diluted adjusted EPS of $1. This was the tenth consecutive quarter of year-over-year revenue growth.
Negative Updates
Litigation-Related Expense
Recorded an $8.5M litigation-related charge in Q1 related to the pending California lawsuit (variable rate demand notes in Municipal Finance), contributing to a 15% year-over-year increase in reported non-compensation expenses.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Overall Revenue and Profit Growth
Net (adjusted) revenues of $470M in Q1 2026, up 22% year-over-year; operating income of $94M and operating margin of 20%; net income $72M and diluted adjusted EPS of $1. This was the tenth consecutive quarter of year-over-year revenue growth.
Read all positive updates
Company Guidance
Management guided Q2 Advisory revenues to be similar to Q1’s record $251 million, but said Q2 Corporate Financing revenues should decline from the strong Q1 level of $73 million; Municipal Financing (Q1 $24 million) is expected to improve modestly, while Equity Brokerage (record Q1 $60 million) and Fixed Income (Q1 $50 million) are expected to weaken as volatility and client caution persist. They reiterated capital and margin priorities after Q1 results of $470 million in adjusted net revenues (up 22% YoY), $94 million operating income (20% operating margin), $72 million net income and $1 adjusted EPS, and noted $171 million returned to shareholders in Q1 (dividends $101 million, $1.45 per share; repurchases ~884,000 shares for $70 million) plus a Board-approved quarterly dividend of $0.20 (up 14%) payable June 12. Management expects to remain at the low end of its 61.5%–62.5% compensation ratio target (Q1 was 61.6%), highlighted non‑comp expenses of $86 million (including an $8.5 million litigation charge) and an effective tax rate of 23.4% (30.8% excluding stock‑award tax benefits).Piper Sandler Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.00B | 1.90B | 1.48B | 1.31B | 1.38B | 1.98B |
| Gross Profit | 1.95B | 1.78B | 1.48B | 1.30B | 1.37B | 1.97B |
| EBITDA | 462.61M | 412.92M | 245.48M | 159.96M | 165.38M | 484.22M |
| Net Income | 281.66M | 281.33M | 181.11M | 85.49M | 110.67M | 278.51M |
Balance Sheet | ||||||
| Total Assets | 2.13B | 2.59B | 2.26B | 2.14B | 2.18B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 344.43M | 809.41M | 482.83M | 383.10M | 365.62M | 970.97M |
| Total Debt | 112.22M | 116.35M | 98.82M | 164.16M | 234.77M | 214.63M |
| Total Liabilities | 572.20M | 1.01B | 840.16M | 841.51M | 927.53M | 1.34B |
| Stockholders Equity | 1.34B | 1.37B | 1.23B | 1.09B | 1.05B | 1.06B |
Cash Flow | ||||||
| Free Cash Flow | 570.95M | 697.53M | 297.76M | 265.58M | -255.51M | 686.51M |
| Operating Cash Flow | 596.63M | 732.19M | 313.25M | 275.63M | -224.91M | 707.09M |
| Investing Cash Flow | -126.67M | -178.01M | -31.77M | -10.05M | -127.10M | -20.58M |
| Financing Cash Flow | -251.72M | -229.94M | -180.61M | -249.59M | -250.06M | -223.12M |
Piper Sandler Technical Analysis
Negative
90.60
Price Trends
78.18
Negative
78.40
Negative
81.27
Negative
Market Momentum
-1.90
Positive
40.21
Neutral
26.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PIPR, the sentiment is Negative. The current price of 90.6 is above the 20-day moving average (MA) of 76.37, above the 50-day MA of 78.18, and above the 200-day MA of 81.27, indicating a bearish trend. The MACD of -1.90 indicates Positive momentum. The RSI at 40.21 is Neutral, neither overbought nor oversold. The STOCH value of 26.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.12B | 17.23 | 21.56% | 1.63% | 30.99% | 32.50% | |
71 Outperform | $11.54B | 9.06 | 15.14% | 1.43% | 9.07% | 45.94% | |
71 Outperform | $5.19B | 21.68 | 42.00% | 3.69% | 19.19% | 26.01% | |
69 Neutral | $4.05B | 18.37 | 76.40% | 0.58% | 21.44% | 17.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.08B | 14.79 | 33.24% | 4.06% | 9.04% | -13.29% | |
60 Neutral | $10.09B | 13.64 | 7.08% | 2.52% | 29.74% | 35.56% |
* Financial Sector Average
PIPR
Piper Sandler
72.10
-2.35
-3.16%
JEF
Jefferies
52.09
-2.16
-3.98%
LAZ
Lazard
41.41
-9.73
-19.03%
SF
Stifel Financial
75.20
2.93
4.05%
MC
Moelis
63.75
-4.23
-6.22%
PJT
PJT Partners
156.92
-22.27
-12.43%
Piper Sandler Corporate Events
Executive/Board ChangesShareholder Meetings
Piper Sandler Shareholders Back Board, Pay and Auditor
Positive
May 21, 2026
Piper Sandler held its annual meeting of shareholders on May 20, 2026, with approximately 84 percent of outstanding common shares represented in person or by proxy. Shareholders elected ten directors, including CEO Chad R. Abraham and other incumb...
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.