Piper Sandler Companies
PIPR NYSE Security Brokers, Dealers & Flotation Companies Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.9B
24.3%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$281M
55.3%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $11.65 EPS (TTM)
What Piper Sandler Companies does
No business description yet.
- Legal name
- PIPER SANDLER COMPANIES
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001230245-26-000013
0001230245
Revenue and margins
Piper Sandler Companies had $1.9B of revenue in fiscal 2025, up 24.3% on the year before.
FY16
Revenue $770M
FY17
Revenue $844M
FY18
Revenue $758M
FY19
Revenue $846M
FY20
Revenue $1.3B
FY21
Revenue $2.0B
FY22
Revenue $1.4B
FY23
Revenue $1.4B
FY24
Revenue $1.5B
FY25
Revenue $1.9B
Q3 '23
Revenue $292M
Q4 '23
Revenue $474M
Q1 '24
Revenue $344M
Q2 '24
Revenue $341M
Q3 '24
Revenue $361M
Q4 '24
Revenue $485M
Q1 '25
Revenue $359M
Q2 '25
Revenue $399M
Q3 '25
Revenue $480M
Q4 '25
Revenue $667M
Q1 '26
Revenue $475M
Q2 '26
Revenue $496M
FY16
Gross —
Operating —
Net −2.9%
FCF —
FY17
Gross —
Operating —
Net −7.3%
FCF —
FY18
Gross —
Operating —
Net 7.5%
FCF —
FY19
Gross —
Operating —
Net 13.2%
FCF —
FY20
Gross —
Operating —
Net 3.2%
FCF —
FY21
Gross —
Operating —
Net 13.6%
FCF —
FY22
Gross —
Operating —
Net 7.7%
FCF —
FY23
Gross —
Operating —
Net 6.3%
FCF —
FY24
Gross —
Operating —
Net 11.8%
FCF —
FY25
Gross —
Operating —
Net 14.8%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 1.3%
FCF —
Q4 '23
Gross —
Operating —
Net 11.0%
FCF —
Q1 '24
Gross —
Operating —
Net 12.3%
FCF —
Q2 '24
Gross —
Operating —
Net 10.2%
FCF —
Q3 '24
Gross —
Operating —
Net 9.6%
FCF —
Q4 '24
Gross —
Operating —
Net 14.2%
FCF —
Q1 '25
Gross —
Operating —
Net 18.1%
FCF —
Q2 '25
Gross —
Operating —
Net 10.6%
FCF —
Q3 '25
Gross —
Operating —
Net 12.6%
FCF —
Q4 '25
Gross —
Operating —
Net 17.1%
FCF —
Q1 '26
Gross —
Operating —
Net 13.7%
FCF —
Q2 '26
Gross —
Operating —
Net 13.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$22.0M
FY17
Net income −$61.9M
FY18
Net income $57.0M
FY19
Net income $112M
FY20
Net income $40.5M
FY21
Net income $279M
FY22
Net income $111M
FY23
Net income $85.5M
FY24
Net income $181M
FY25
Net income $281M
Q3 '23
Net income $3.9M
Q4 '23
Net income $52.0M
Q1 '24
Net income $42.5M
Q2 '24
Net income $34.8M
Q3 '24
Net income $34.8M
Q4 '24
Net income $69.1M
Q1 '25
Net income $64.9M
Q2 '25
Net income $42.2M
Q3 '25
Net income $60.3M
Q4 '25
Net income $114M
Q1 '26
Net income $65.2M
Q2 '26
Net income $67.8M
FY16
Diluted EPS −$1.73
FY17
Diluted EPS −$4.99
FY18
Diluted EPS $3.72
FY19
Diluted EPS $7.69
FY20
Diluted EPS $2.72
FY21
Diluted EPS $16.43
FY22
Diluted EPS $6.52
FY23
Diluted EPS $4.96
FY24
Diluted EPS $10.24
FY25
Diluted EPS $15.82
Q3 '23
Diluted EPS $0.22
Q4 '23
Diluted EPS $3.00
Q1 '24
Diluted EPS $2.43
Q2 '24
Diluted EPS $1.97
Q3 '24
Diluted EPS $1.96
Q4 '24
Diluted EPS $3.86
Q1 '25
Diluted EPS $0.91
Q2 '25
Diluted EPS $0.59
Q3 '25
Diluted EPS $3.38
Q4 '25
Diluted EPS $6.40
Q1 '26
Diluted EPS $0.92
Q2 '26
Diluted EPS $0.95
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity −2.9%
Return on assets −1.0%
FY17
Return on capital —
Return on equity −8.5%
Return on assets −3.0%
FY18
Return on capital —
Return on equity 8.3%
Return on assets 3.4%
FY19
Return on capital —
Return on equity 15.9%
Return on assets 7.5%
FY20
Return on capital —
Return on equity 5.2%
Return on assets 2.2%
FY21
Return on capital —
Return on equity 29.4%
Return on assets 12.2%
FY22
Return on capital —
Return on equity 10.5%
Return on assets 4.7%
FY23
Return on capital —
Return on equity 8.0%
Return on assets 4.0%
FY24
Return on capital —
Return on equity 15.7%
Return on assets 8.2%
FY25
Return on capital —
Return on equity 21.7%
Return on assets 11.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations −$3.2M
Capital spending —
FY17
Cash from operations $203M
Capital spending —
FY18
Cash from operations $510M
Capital spending —
FY19
Cash from operations $67.8M
Capital spending —
FY20
Cash from operations $780M
Capital spending —
FY21
Cash from operations $707M
Capital spending —
FY22
Cash from operations −$225M
Capital spending —
FY23
Cash from operations $276M
Capital spending —
FY24
Cash from operations $313M
Capital spending —
FY25
Cash from operations $587M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $27.3M
Capital spending —
Q4 '23
Cash from operations $423M
Capital spending —
Q1 '24
Cash from operations −$197M
Capital spending —
Q2 '24
Cash from operations $266M
Capital spending —
Q3 '24
Cash from operations $80.1M
Capital spending —
Q4 '24
Cash from operations $164M
Capital spending —
Q1 '25
Cash from operations −$207M
Capital spending —
Q2 '25
Cash from operations $32.1M
Capital spending —
Q3 '25
Cash from operations $31.9M
Capital spending —
Q4 '25
Cash from operations $730M
Capital spending —
Q1 '26
Cash from operations −$292M
Capital spending —
Q2 '26
Cash from operations $36.3M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Piper Sandler Companies returned $239M to shareholders in fiscal 2025. The diluted share count rose 0.5%.
FY16
Dividends $0.0M
Buybacks $70.9M
FY17
Dividends $18.9M
Buybacks $25.5M
FY18
Dividends $47.2M
Buybacks $70.9M
FY19
Dividends $35.6M
Buybacks $50.6M
FY20
Dividends $28.2M
Buybacks $22.0M
FY21
Dividends $99.4M
Buybacks $69.9M
FY22
Dividends $108M
Buybacks $187M
FY23
Dividends $84.4M
Buybacks $70.7M
FY24
Dividends $73.7M
Buybacks $66.4M
FY25
Dividends $114M
Buybacks $125M
Dividends
Buybacks
Q3 '23
Dividends $10.1M
Buybacks $3.9M
Q4 '23
Dividends $10.2M
Buybacks $3.1M
Q1 '24
Dividends $35.7M
Buybacks $52.1M
Q2 '24
Dividends $14.8M
Buybacks $5.5M
Q3 '24
Dividends $10.7M
Buybacks $2.4M
Q4 '24
Dividends $12.6M
Buybacks $6.5M
Q1 '25
Dividends $70.3M
Buybacks $80.6M
Q2 '25
Dividends $17.1M
Buybacks $20.9M
Q3 '25
Dividends $11.9M
Buybacks $3.7M
Q4 '25
Dividends $14.9M
Buybacks $19.8M
Q1 '26
Dividends $101M
Buybacks $69.9M
Q2 '26
Dividends $13.8M
Buybacks $31.0M
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Piper Sandler Companies can carry it.
FY16
Cash $70.4M
Debt $419M
FY17
Cash $33.8M
Debt $290M
FY18
Cash $50.4M
Debt $50.0M
FY19
Cash $250M
Debt $225M
FY20
Cash $508M
Debt $195M
FY21
Cash $971M
Debt $125M
FY22
Cash $366M
Debt $125M
FY23
Cash $383M
Debt $30.0M
FY24
Cash $483M
Debt $10.0M
FY25
Cash $809M
Debt $15.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $971M | $366M | $383M | $483M | $809M |
| Debt incl. finance leases | $125M | $125M | $30.0M | $10.0M | $15.0M |
| Debt / equity | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Total assets | $2.6B | $2.2B | $2.1B | $2.3B | $2.6B |
| Total liabilities | $1.3B | $928M | $842M | $840M | $1.0B |
| Shareholders' equity | $1.1B | $1.1B | $1.1B | $1.2B | $1.4B |
| Net debt (− = net cash) | −$846M | −$241M | −$353M | −$473M | −$794M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 4 / 7 | 6 / 7 | 3 / 7 | 5 / 7 | 6 / 7 | 1 / 7 | 4 / 7 | 6 / 7 | 5 / 7 |
| Accruals ratio | −0.9% | −12.8% | −26.9% | 3.0% | −40.8% | −18.8% | 14.1% | −8.8% | −6.0% | −12.6% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $770M | $844M | $758M | $846M | $1.3B | $2.0B | $1.4B | $1.4B | $1.5B | $1.9B |
| Noninterest expense | $778M | $744M | $668M | $716M | $1.2B | $1.6B | $1.3B | $1.2B | $1.3B | $1.5B |
| Pretax income | −$30.9M | $79.3M | $72.5M | $119M | $68.5M | $442M | $134M | $123M | $218M | $375M |
| Income tax | −$17.1M | $53.8M | $18.0M | $24.6M | $19.2M | $111M | $33.2M | $23.6M | $61.0M | $80.6M |
| Net income | −$22.0M | −$61.9M | $57.0M | $112M | $40.5M | $279M | $111M | $85.5M | $181M | $281M |
| Diluted EPS | −$1.73 | −$4.99 | $3.72 | $7.69 | $2.72 | $16.43 | $6.52 | $4.96 | $10.24 | $15.82 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | −$3.2M | $203M | $510M | $67.8M | $780M | $707M | −$225M | $276M | $313M | $587M |
| Depreciation and amortization | $6.4M | $7.0M | $8.1M | $9.3M | $10.7M | $12.6M | $15.6M | $17.9M | $16.8M | $17.4M |
| Stock-based compensation | $56.0M | $39.8M | $44.3M | $32.0M | $122M | $171M | $131M | $93.8M | $103M | $124M |
| Acquisitions | $72.7M | $0.0M | $0.0M | $19.7M | $417M | $0.0M | $96.5M | $0.0M | $16.3M | $9.0M |
| Share buybacks | $70.9M | $25.5M | $70.9M | $50.6M | $22.0M | $69.9M | $187M | $70.7M | $66.4M | $125M |
| Dividends paid | $0.0M | $18.9M | $47.2M | $35.6M | $28.2M | $99.4M | $108M | $84.4M | $73.7M | $114M |
| Dividends and buybacks | $70.9M | $44.4M | $118M | $86.2M | $50.1M | $169M | $295M | $155M | $140M | $239M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $70.4M | $33.8M | $50.4M | $250M | $508M | $971M | $366M | $383M | $483M | $809M |
| Total debt | $419M | $290M | $50.0M | $225M | $195M | $125M | $125M | $30.0M | $10.0M | $15.0M |
| Property and equipment, net | $25.3M | $25.2M | $32.3M | $29.9M | $43.8M | $51.8M | $68.2M | $60.8M | $59.4M | $77.3M |
| Goodwill | $196M | $81.9M | $81.9M | $87.6M | $228M | $228M | $301M | $302M | $312M | $319M |
| Intangible assets | $37.2M | $9.1M | $4.3M | $16.7M | $150M | $120M | $136M | $116M | $108M | $99.6M |
| Total assets | $2.1B | $2.0B | $1.3B | $1.6B | $2.0B | $2.6B | $2.2B | $2.1B | $2.3B | $2.6B |
| Total liabilities | $1.3B | $1.3B | $615M | $822M | $1.1B | $1.3B | $928M | $842M | $840M | $1.0B |
| Shareholders' equity | $759M | $693M | $677M | $731M | $829M | $1.1B | $1.1B | $1.1B | $1.2B | $1.4B |
| Margins | ||||||||||
| Net margin | −2.9% | −7.3% | 7.5% | 13.2% | 3.2% | 13.6% | 7.7% | 6.3% | 11.8% | 14.8% |
| Efficiency ratio | 101.1% | 88.2% | 88.2% | 84.6% | 93.4% | 77.9% | 90.0% | 90.2% | 85.4% | 80.1% |
| Returns | ||||||||||
| Return on equity | −2.9% | −8.5% | 8.3% | 15.9% | 5.2% | 29.4% | 10.5% | 8.0% | 15.7% | 21.7% |
| Return on assets | −1.0% | −3.0% | 3.4% | 7.5% | 2.2% | 12.2% | 4.7% | 4.0% | 8.2% | 11.6% |
| Return on tangible equity | −4.2% | −10.3% | 9.6% | 17.8% | 9.0% | 39.0% | 17.9% | 12.8% | 22.4% | 29.5% |
| Growth | ||||||||||
| Revenue growth | — | 9.6% | −10.2% | 11.7% | 48.0% | 63.0% | −29.7% | −5.4% | 12.8% | 24.3% |
| Net income growth | — | — | — | 95.9% | −63.7% | 587.6% | −60.3% | −22.8% | 111.9% | 55.3% |
| EPS growth | — | — | — | 106.7% | −64.6% | 504.0% | −60.3% | −23.9% | 106.5% | 54.5% |
| Share count change | — | 1.6% | 3.4% | 3.8% | 6.9% | 13.8% | 0.1% | 1.5% | 2.7% | 0.5% |
| Financial health | ||||||||||
| Debt / equity | 0.6x | 0.4x | 0.1x | 0.3x | 0.2x | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 7.3% | 4.7% | 5.8% | 3.8% | 9.7% | 8.4% | 9.1% | 6.9% | 6.7% | 6.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 6.0 | 3.0 | 5.0 | 6.0 | 1.0 | 4.0 | 6.0 | 5.0 |
| Accruals ratio | −0.9% | −12.8% | −26.9% | 3.0% | −40.8% | −18.8% | 14.1% | −8.8% | −6.0% | −12.6% |
Source: SEC EDGAR XBRL filings (CIK 0001230245). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.