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US investment bank providing M&A advisory, capital markets underwriting and equity research for mid-market clients.
US investment bank providing M&A advisory, capital markets underwriting and equity research for mid-market clients.
Is paid by transaction fees for advising on deals and underwriting securities, plus commissions for trading and research, so revenue swings with deal volume. It is strongest in niche sectors: banks and other financial firms, healthcare, and public finance for states and municipalities. The 2020 purchase of Sandler O'Neill, a specialist adviser to banks, built its financial-institutions franchise.
Moat: none (brand). A respected mid-market advisory shop without the scale advantages of bulge-bracket or larger boutique banks.
Headquarters: Minneapolis, Minnesota, US · Founded: 1895 · Employees: 1,858
Size Piper Sandler Companies (PIPR) is a United States Financials company (Investment Banks/Brokers) with a market value of $4.65B, the 1231st largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.92 on 6 Nov 2026.
Performance Over six months the shares fell 18.6%, against -11.0% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +4.6%); the operating margin is 21.5% (peer median 34.3%).
Valuation It trades at 14.6× forward earnings against a peer median of 10.3× (8th most expensive of 18).
Short interest Short interest is 3.8% of the free float (15 Oct 2026).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.08B | $1.91B | $1.53B | $1.36B | $1.43B |
| Revenue growth | — | +25% | +12% | -5% | — |
| Gross profit | $1.98B | $1.76B | $1.40B | $1.23B | $1.30B |
| EBITDA | n/a | $413M | $254M | $178M | $186M |
| Net income | $302M | $281M | $181M | $85.5M | $111M |
| Free cash flow | n/a | $698M | $345M | $284M | -$163M |
| Capital expenditure | n/a | $34.7M | $15.5M | $10.1M | $30.6M |
| Total debt | n/a | $116M | $98.8M | $124M | $235M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Piper Sandler Companies PIPR | $4.65B | -19% | +20% | 21% | 14.6× | n/a |
| Raymond James Financial RJF | $31.3B | +6% | +10% | 21% | 11.4× | n/a |
| Houlihan Lokey HLI | $10.1B | -5% | 0% | 20% | 18.0× | n/a |
| Stifel Financial SF | $10.7B | -7% | +8% | 22% | 10.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PIPR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -3.5% | 3rd highest of 21 |
| 6-month return | -18.6% | -11.0% | 6th lowest of 21 |
| Distance from 52-week high | -30.7% | -29.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +20.4% | +4.6% | 5th highest of 21 |
| Operating margin | 21.5% | 34.3% | 7th lowest of 21 |
| Forward P/E | 14.6× | 10.3× | 8th most expensive of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Piper Sandler Companies PIPR | United States | $4.65B | -19% | +20% | 21% | 14.6× | n/a | n/a |
| Moelis & MC | United States | $4.62B | -13% | +14% | 18% | 16.9× | n/a | n/a |
| Sinolink Securities 600109.SS | China | $4.60B | -7% | +10% | 30% | 11.8× | n/a | n/a |
| Hongta Securities 601236.SS | China | $4.72B | -11% | -4% | 39% | 26.8× | n/a | n/a |
| China Great Wall Securities 002939.SZ | China | $4.53B | -16% | -5% | 35% | n/a | n/a | n/a |
| Guoyuan Securities 000728.SZ | China | $4.53B | -6% | -23% | 34% | 10.3× | n/a | n/a |
| SamsungSecu 016360.KS | South Korea | $4.87B | -31% | +19% | 71% | 4.0× | n/a | n/a |
| BGC BGC | United States | $4.89B | -8% | +28% | 9% | 7.1× | n/a | n/a |
| Tianfeng Securities 601162.SS | China | $4.91B | -9% | -20% | 3% | 65.0× | n/a | n/a |
| BOC International (China) 601696.SS | China | $4.37B | -16% | +6% | 35% | 24.7× | n/a | n/a |
| Nanjing Securities 601990.SS | China | $4.30B | -11% | -9% | 37% | 24.1× | n/a | n/a |
| IG Group Holdings plc IGG.L | United Kingdom | $4.23B | -38% | +16% | 40% | 8.7× | n/a | n/a |
| KIH 071050.KS | South Korea | $5.15B | -49% | +100% | 51% | 2.4× | n/a | n/a |
| Huaan Securities 600909.SS | China | $5.17B | +23% | -18% | 121% | 6.2× | n/a | n/a |
| Guangzhou Yuexiu Capital 000987.SZ | China | $5.20B | -23% | -44% | 11% | 7.6× | n/a | n/a |
| Galaxy Digital GLXY | United States | $5.31B | -55% | +430% | 1% | n/a | n/a | n/a |
| XTB Spolka Akcyjna XTB.WA | Poland | $3.98B | +22% | +63% | 48% | 9.6× | n/a | n/a |
| Southwest Securities 600369.SS | China | $3.90B | -8% | -13% | 27% | 20.6× | n/a | n/a |
| Soochow Securities 601555.SS | China | $5.64B | -5% | +3% | 36% | 10.3× | n/a | n/a |
| Western Securities 002673.SZ | China | $3.83B | -14% | -2% | 29% | n/a | n/a | n/a |
| PJT Partners PJT | United States | $3.80B | -4% | +10% | 21% | 18.0× | n/a | n/a |