# Piper Sandler Companies (PIPR.US)

Canonical: https://gigainvestors.com/s/PIPR

Analysis as of: 2026-10-16T07:31:12.508Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $64.57 per share; close as of 2026-10-15.

Estimated value: low $40.88 per share, central $46.51 per share, high $54.02 per share. Buy at or below the central value $46.51 per share. Valuation as of 2026-10-16T07:31:12.508Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.64×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.04×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.14×

- FY2020: 0.05×

- FY2021: 0.22×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.14×

- FY2025: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 5.2%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 95.7%

- Recent gross margin (lower of latest and 3-year median): 93.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.2%

- FY2017: 5.2%

- FY2018: 9.1%

- FY2019: 14.0%

- FY2020: 12.7%

- FY2021: >100%

- FY2022: 16.3%

- FY2023: 17.5%

- FY2024: 29.6%

- FY2025: 84.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $995M

- Net income, five-year total: $937M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -9.7 pp

- Working capital / revenue, change between three-year averages: -65.9 pp

- Working capital / revenue, final three-year average: 29.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 1.00×

- FY2023: 1.32×

- FY2024: 1.06×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.2% vs 29.6%

- Per-share earnings: -1.72 to 10.24 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.1%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: $19B

- Cumulative retained earnings: $472M

- Diluted shares, 10-year annual growth: 2.1%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $11.95

- Per-share value, starting three-year median: -$1.72

- Per-share value, ending three-year median: $10.24

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $632M

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: 29.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.72

- FY2017: -$4.77

- FY2018: $4.25

- FY2019: $8.02

- FY2020: $2.72

- FY2021: $16.43

- FY2022: $6.52

- FY2023: $4.96

- FY2024: $10.24

- FY2025: $15.82

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -17.4%

- Receivables to sales index (DSRI): 0.26×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 16.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.60×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -14.5%

- FY2018: -33.7%

- FY2019: 2.7%

- FY2020: -37.0%

- FY2021: -16.7%

- FY2022: 15.4%

- FY2023: -8.9%

- FY2024: -5.9%

- FY2025: -17.4%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 81% since Sep 2025 · sales +24.3%

Story as of 2026-10-16T09:59:24.275Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

- 2025-08-01: Piper Sandler signals robust advisory pipeline and G Squared acquisition as momentum builds ([seekingalpha.com](https://seekingalpha.com/news/4476586-piper-sandler-signals-robust-advisory-pipeline-and-g-squared-acquisition-as-momentum-builds?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +24.3%; source https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm; observed 2026-02-26.

- FY2016: $770M 

- FY2017: $844M 

- FY2018: $758M 

- FY2019: $846M 

- FY2020: $1.3B 

- FY2021: $2.0B 

- FY2022: $1.4B 

- FY2023: $1.4B 

- FY2024: $1.5B 

- FY2025: $1.9B 

### Gross margin · FY2025

gross margin 93.6%; source https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm; observed 2026-02-26.

- FY2016: 96.1% 

- FY2017: 96.6% 

- FY2018: 93.4% 

- FY2019: 94.4% 

- FY2020: 94.3% 

- FY2021: 96.6% 

- FY2022: 95.7% 

- FY2023: 95.7% 

- FY2024: 96.3% 

- FY2025: 93.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm#000123024526000013 (filed 2026-02-26); FY2025: revenue 1904217000; grossProfit 1782461000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PIPR.US: 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. It offers investment banking services, institutional sales, and trading services for various equity and fixed income products; research services; advisory services, such as mergers and acquisitions, equity and debt financings, equity and debt private placements, debt capital markets advisory, restructuring and private capital advisory; municipal financial advisory and loan placement services; and various over-the-counter derivative products, as well as underwrites municipal issuances. The company also provides public finance investment banking services that focus on state and local governments, special districts and development infrastructure, project finance, and cultural and social service non-profit entities, as well as the education, healthcare, hospitality, senior living, housing, and transportation sectors. In addition, it offers equity and fixed income advisory and trade execution services for institutional investors, corporations, and government and non-profit entities. Further, the company has alternative asset management funds in merchant banking and healthcare to invest firm capital and to manage capital from outside investors; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; alternative asset management strategies; and fixed income sales and trading solutions to banks, registered investment advisors, public entities, credit unions, asset managers, and insurance companies. The company was formerly known as Piper Jaffray Companies and changed its name to Piper Sandler Companies in January 2020. Piper Sandler Companies was founded in 1895 and is headquartered in Minneapolis, Minnesota.

### Why customers stay

Margins ranged from 93.6% to 96.3% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 95.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 96.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 93.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,-0.021864949058946398],[2017,0.051938655337737165],[2018,0.09147347516205236],[2019,0.13969690557192388],[2020,0.1270555526952582],[2021,4.215920982108675],[2022,0.16265076703709716],[2023,0.17523424055070433],[2024,0.29605615740018165],[2025,0.8435998986909545]]; median 0.15117383630451053. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 96% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.965624364835843],[2022,0.957119205528744],[2023,0.9570676372290082]]; range within 2 percentage points.

### Where the cash goes

Reinvests 5.8% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 15859000; cash acquisitions 0; owner earnings 59995000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 6516000; cash acquisitions 19674000; owner earnings 124318000. Growth capex plus acquisitions / owner earnings = 0.1582554416898599.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 17581000; cash acquisitions 417414000; owner earnings 71562318.82648513. Growth capex plus acquisitions / owner earnings = 5.832874155630569.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 20577000; cash acquisitions 0; owner earnings 297173041.9229465. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 30600000; cash acquisitions 96504000; owner earnings 111088000. Growth capex plus acquisitions / owner earnings = 0.868716693072159.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 10051000; cash acquisitions 0; owner earnings 112812000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 15498000; cash acquisitions 16268000; owner earnings 192687000. Growth capex plus acquisitions / owner earnings = 0.08442707603522812.

- Source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm (filed 2026-02-26); FY2025: growth capex 7278000; upkeep 27387000; cash acquisitions 8989000; owner earnings 281331000. Growth capex plus acquisitions / owner earnings = 0.05782156961017449.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,18947000],[2017,18947000],[2018,47157000],[2019,35594000],[2020,28172000],[2021,99350000],[2022,107528000],[2023,84444000],[2024,73726000],[2025,114146000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 125043000 USD.

### Are managers owners

Insiders own 3.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PIPR.US SharesStats.PercentInsiders = 3.7769999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.05872504591650263. Price 64.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.0920842310098 → FY2025 15.818442507731234. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $56.55 per share

- 2016-11: $72.95 per share

- 2016-12: $72.50 per share

- 2017-01: $70.50 per share

- 2017-02: $70.75 per share

- 2017-03: $63.85 per share

- 2017-04: $62.60 per share

- 2017-05: $58.65 per share

- 2017-06: $59.95 per share

- 2017-07: $62.40 per share

- 2017-08: $55.45 per share

- 2017-09: $59.35 per share

- 2017-10: $73.10 per share

- 2017-11: $78.55 per share

- 2017-12: $86.25 per share

- 2018-01: $92.30 per share

- 2018-02: $83.50 per share

- 2018-03: $83.05 per share

- 2018-04: $70.05 per share

- 2018-05: $74.80 per share

- 2018-06: $76.85 per share

- 2018-07: $77.35 per share

- 2018-08: $77.00 per share

- 2018-09: $76.35 per share

- 2018-10: $69.38 per share

- 2018-11: $71.37 per share

- 2018-12: $65.84 per share

- 2019-01: $69.03 per share

- 2019-02: $69.96 per share

- 2019-03: $72.83 per share

- 2019-04: $80.60 per share

- 2019-05: $70.82 per share

- 2019-06: $74.27 per share

- 2019-07: $77.30 per share

- 2019-08: $72.76 per share

- 2019-09: $75.48 per share

- 2019-10: $78.54 per share

- 2019-11: $80.88 per share

- 2019-12: $79.94 per share

- 2020-01: $82.43 per share

- 2020-02: $70.08 per share

- 2020-03: $50.57 per share

- 2020-04: $53.91 per share

- 2020-05: $59.64 per share

- 2020-06: $59.16 per share

- 2020-07: $61.91 per share

- 2020-08: $75.45 per share

- 2020-09: $73.00 per share

- 2020-10: $83.45 per share

- 2020-11: $92.17 per share

- 2020-12: $100.90 per share

- 2021-01: $91.33 per share

- 2021-02: $106.32 per share

- 2021-03: $109.65 per share

- 2021-04: $115.99 per share

- 2021-05: $127.46 per share

- 2021-06: $129.56 per share

- 2021-07: $122.69 per share

- 2021-08: $142.92 per share

- 2021-09: $138.46 per share

- 2021-10: $164.69 per share

- 2021-11: $165.75 per share

- 2021-12: $178.51 per share

- 2022-01: $154.22 per share

- 2022-02: $148.01 per share

- 2022-03: $131.25 per share

- 2022-04: $114.98 per share

- 2022-05: $131.79 per share

- 2022-06: $113.36 per share

- 2022-07: $126.20 per share

- 2022-08: $114.57 per share

- 2022-09: $104.74 per share

- 2022-10: $127.97 per share

- 2022-11: $143.66 per share

- 2022-12: $130.19 per share

- 2023-01: $142.10 per share

- 2023-02: $150.99 per share

- 2023-03: $138.61 per share

- 2023-04: $135.44 per share

- 2023-05: $127.37 per share

- 2023-06: $129.26 per share

- 2023-07: $146.36 per share

- 2023-08: $148.98 per share

- 2023-09: $145.31 per share

- 2023-10: $139.85 per share

- 2023-11: $154.73 per share

- 2023-12: $174.87 per share

- 2024-01: $173.49 per share

- 2024-02: $188.27 per share

- 2024-03: $198.49 per share

- 2024-04: $195.79 per share

- 2024-05: $211.78 per share

- 2024-06: $230.17 per share

- 2024-07: $273.28 per share

- 2024-08: $272.70 per share

- 2024-09: $283.81 per share

- 2024-10: $283.64 per share

- 2024-11: $342.99 per share

- 2024-12: $299.95 per share

- 2025-01: $317.14 per share

- 2025-02: $289.62 per share

- 2025-03: $247.66 per share

- 2025-04: $241.12 per share

- 2025-05: $251.45 per share

- 2025-06: $277.94 per share

- 2025-07: $315.32 per share

- 2025-08: $333.79 per share

- 2025-09: $346.99 per share

- 2025-10: $319.26 per share

- 2025-11: $335.90 per share

- 2025-12: $339.71 per share

- 2026-01: $346.35 per share

- 2026-02: $295.55 per share

- 2026-03: $76.55 per share

- 2026-04: $87.20 per share

- 2026-05: $78.41 per share

- 2026-06: $72.34 per share

- 2026-07: $75.80 per share

- 2026-08: $75.06 per share

- 2026-09: $65.97 per share

- 2026-10: $64.57 per share

## Annual estimated value (USD per share)

- FY2016: low $63.81 per share, central $72.61 per share, high $84.32 per share

- FY2017: low $74.75 per share, central $106.79 per share, high $125.44 per share

- FY2018: low $60.75 per share, central $86.79 per share, high $101.95 per share

- FY2019: low $52.57 per share, central $59.82 per share, high $69.46 per share

- FY2020: low $52.49 per share, central $59.73 per share, high $69.37 per share

- FY2021: low $104.25 per share, central $118.62 per share, high $137.76 per share

- FY2022: low $73.23 per share, central $83.33 per share, high $96.77 per share

- FY2023: low $71.59 per share, central $81.46 per share, high $94.60 per share

- FY2024: low $78.59 per share, central $89.42 per share, high $103.84 per share

- FY2025: low $147.23 per share, central $167.53 per share, high $194.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies

Piper Sandler Companies

PIPR · US

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price
$64.57
Buy up to
$46.51
Expected / yr
8.0% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 63.9% around their average (limit 35%).

10y median
9.5%
Worst year
-4.0%
Latest · 2025
20.2%

The second-worst year 5.2% (minimum 10%).

10y median
15.1%
Worst year
-2.2%
Latest · 2025
84.4%

Each $1 of profit left $1.06 for owners over five years (minimum $0.80).

Five-year totals
1.06×
Annual median
1.06×
Latest · 2025
1.00×

Share growth was 2.1% over ten years and 3.6% over five (either must be at most 1% a year).

10y median
$5.74
Worst year
-$4.77
Latest · 2025
$15.82

Special charges appeared in 5 years (limit 2), and stock pay took 16.9% of cash flow (limit 15%).

10y median
-11.7%
Worst year
15.4%
Latest · 2025
-17.4%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 11.09 USD.

2. Is the price low enough?

Price & return math
Value range$40.88 – $54.02
Buy at or belowCentral value $46.51
Discount to value1 − 64.57 / 46.51 = -38.8%
Return / yearAbout 8.0% a year at today's price (required return 10.0%)
Cash-flow inputsOwner cash USD 3.74/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 0.00/share today.
Required return10.0% / year, earned by construction at the central value
Revenue$1.9B
$2.0B$020162025
FY2016 · Revenue: $770M; FY2017 · Revenue: $844M; FY2018 · Revenue: $758M; FY2019 · Revenue: $846M; FY2020 · Revenue: $1.3B; FY2021 · Revenue: $2.0B; FY2022 · Revenue: $1.4B; FY2023 · Revenue: $1.4B; FY2024 · Revenue: $1.5B; FY2025 · Revenue: $1.9B
Revenue
Owner earnings$281M
$297M-$47M20162025
FY2016 · Owner earnings: -$5.3M; FY2017 · Owner earnings: -$47M; FY2018 · Owner earnings: $60M; FY2019 · Owner earnings: $124M; FY2020 · Owner earnings: $72M; FY2021 · Owner earnings: $297M; FY2022 · Owner earnings: $111M; FY2023 · Owner earnings: $113M; FY2024 · Owner earnings: $193M; FY2025 · Owner earnings: $281M
Owner earnings
Operating margin20.2%
21.6%-4.0%20162025
FY2016 · Operating margin: -4.0%; FY2017 · Operating margin: 9.4%; FY2018 · Operating margin: 9.6%; FY2019 · Operating margin: 14.1%; FY2020 · Operating margin: 5.5%; FY2021 · Operating margin: 21.6%; FY2022 · Operating margin: 9.4%; FY2023 · Operating margin: 9.0%; FY2024 · Operating margin: 14.3%; FY2025 · Operating margin: 20.2%
Operating margin
Net cash / debt$693M
$756M-$552M20162025
FY2016 · Net cash / debt: -$552M; FY2017 · Net cash / debt: -$381M; FY2018 · Net cash / debt: $411K; FY2019 · Net cash / debt: -$32M; FY2020 · Net cash / debt: $213M; FY2021 · Net cash / debt: $756M; FY2022 · Net cash / debt: $131M; FY2023 · Net cash / debt: $219M; FY2024 · Net cash / debt: $384M; FY2025 · Net cash / debt: $693M
Net cash / debt
Diluted shares18M
18M020162025
FY2016 · Diluted shares: 13M; FY2017 · Diluted shares: 13M; FY2018 · Diluted shares: 13M; FY2019 · Diluted shares: 14M; FY2020 · Diluted shares: 15M; FY2021 · Diluted shares: 17M; FY2022 · Diluted shares: 17M; FY2023 · Diluted shares: 17M; FY2024 · Diluted shares: 18M; FY2025 · Diluted shares: 18M
Diluted shares
Prices 15 Oct 2026 · FY2025Original filing ↗ ·