Piper Sandler Companies (PIPR)
NYSE:PIPR
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Piper Sandler
(NYSE:PIPR)
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Rating:71Outperform
Price Target:
$90.00
â–¼(-0.66% Downside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by strong financial performance (high margins, strong cash generation, and very low leverage), supported by a generally positive earnings-call read despite guidance for near-term revenue moderation. Offsetting these strengths, technical signals are weak-to-neutral with the stock below its short-term trend and slightly negative momentum, while valuation appears reasonable but not notably cheap.
Positive Factors
Very conservative balance sheet
Near-zero reported debt and low debt-to-equity provide durable financial flexibility, reducing insolvency risk in downturns. This enables sustained capital returns, targeted buybacks or opportunistic M&A, and supports investments in talent and platforms without stressing liquidity over the medium term.
Negative Factors
Revenue and cash flow cyclicality
Historic volatility in revenues and cash flows reflects dependence on capital markets cadence and deal cycles. This cyclicality can compress margins and earnings during slow issuance or M&A windows, complicating multi-quarter planning and making near-term cash returns and hiring decisions sensitive to market swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Very conservative balance sheet
Near-zero reported debt and low debt-to-equity provide durable financial flexibility, reducing insolvency risk in downturns. This enables sustained capital returns, targeted buybacks or opportunistic M&A, and supports investments in talent and platforms without stressing liquidity over the medium term.
Read all positive factors
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 (PIPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.63B
Dividend Yield1.63%
Average Volume (3M)648.13K
Price to Earnings (P/E)19.9
Beta (1Y)1.44
Revenue Growth30.99%
EPS Growth32.50%
CountryUS
Employees1,801
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)4.18
Shares Outstanding71,043,945
10 Day Avg. Volume637,963
30 Day Avg. Volume648,130
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 Cap0.97
Enterprise Value/Revenue2.73
Enterprise Value/Gross Profit2.80
Enterprise Value/Ebitda11.97
Forecast
1Y Price Target
$92.25Price Target Upside1.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.72
Revenue Forecast (FY)$2.09B
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 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.
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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 | 455.82M | 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
80.17
Negative
81.97
Negative
82.28
Negative
Market Momentum
-1.08
Positive
37.44
Neutral
16.21
Positive
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 82.49, above the 50-day MA of 80.17, and above the 200-day MA of 82.28, indicating a bearish trend. The MACD of -1.08 indicates Positive momentum. The RSI at 37.44 is Neutral, neither overbought nor oversold. The STOCH value of 16.21 is Positive, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $4.05B | 15.14 | 76.40% | 0.58% | 21.44% | 17.50% | |
74 Outperform | $11.36B | 7.56 | 15.14% | 1.43% | 9.07% | 45.94% | |
73 Outperform | $5.20B | 27.97 | 42.00% | 3.69% | 19.19% | 26.01% | |
71 Outperform | $5.63B | 19.90 | 21.56% | 1.63% | 30.99% | 32.50% | |
69 Neutral | $4.52B | 10.47 | 33.24% | 4.06% | 9.04% | -13.29% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $10.60B | 13.64 | 7.08% | 2.52% | 1.91% | 2.34% |
* Financial Sector Average
PIPR
Piper Sandler
80.04
18.57
30.21%
JEF
Jefferies
51.60
4.66
9.94%
LAZ
Lazard
47.20
6.02
14.63%
SF
Stifel Financial
73.07
11.15
18.01%
MC
Moelis
64.23
9.67
17.72%
PJT
PJT Partners
155.29
8.71
5.94%
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...
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.