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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.8B | - | $281M | $552M | 20.5% | 24.4% | 55.3% |
| 2024 | $1.5B | - | $181M | $298M | 14.8% | 13.5% | 111.9% |
| 2023 | $1.3B | - | $85M | $266M | 7.9% | -5.4% | -22.8% |
| 2022 | $1.4B | - | $111M | $-256M | 10.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,373.58 | 1,299.81 | 1,475.59 | 1,836.29 |
| Operating Revenue | - | 1,373.58 | 1,299.81 | 1,475.59 | 1,836.29 |
| Selling General And Administration | - | 1,026.37 | 934.77 | 1,046.41 | 1,233.57 |
| Interest Income | - | 20.36 | 26.72 | 32.91 | 36.90 |
| Interest Expense | - | 9.48 | 10.15 | 5.68 | 4.84 |
| Net Interest Income | - | 10.88 | 16.58 | 27.23 | 32.06 |
| Pretax Income | - | 134.37 | 122.59 | 218.41 | 374.55 |
| Tax Provision | - | 33.19 | 23.61 | 60.97 | 80.58 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.83 | -1.50 | -0.72 | -1.32 |
| Net Income Continuous Operations | - | 101.18 | 98.97 | 157.44 | 293.96 |
| Net Income From Continuing And Discontinued Operation | - | 110.67 | 85.49 | 181.11 | 281.33 |
| Net Income From Continuing Operation Net Minority Interest | - | 110.67 | 85.49 | 181.11 | 281.33 |
| Net Income | - | 110.67 | 85.49 | 181.11 | 281.33 |
| Net Income Common Stockholders | - | 110.67 | 85.49 | 181.11 | 281.33 |
| Net Income Including Noncontrolling Interests | - | 101.18 | 98.97 | 157.44 | 293.96 |
| Normalized Income | - | 119.29 | 91.74 | 182.98 | 286.15 |
| Diluted NI Availto Com Stockholders | - | 110.67 | 85.49 | 181.11 | 281.33 |
| Basic Average Shares | - | 55.93 | 59.83 | 63.35 | 66.63 |
| Diluted Average Shares | - | 67.86 | 68.90 | 70.78 | 71.14 |
| Reconciled Depreciation | - | 31.01 | 37.37 | 27.07 | 27.39 |
| Total Unusual Items | - | -11.44 | -7.75 | -2.59 | -6.14 |
| Total Unusual Items Excluding Goodwill | - | -11.44 | -7.75 | -2.59 | -6.14 |
| Minority Interests | - | 9.49 | -13.48 | 23.67 | -12.63 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Special Income Charges | - | -11.44 | -7.75 | -2.59 | -6.14 |
| Restructuring And Mergern Acquisition | - | 11.44 | 7.75 | 2.59 | 6.14 |
| Gain On Sale Of Security | - | -0.02 | 30.04 | -7.89 | 33.25 |
| Depreciation Amortization Depletion Income Statement | - | 15.38 | 19.44 | 10.29 | 10 |
| Depreciation And Amortization In Income Statement | - | 15.38 | 19.44 | 10.29 | 10 |
| General And Administrative Expense | - | 983.52 | 897.03 | 1,004.17 | 1,186.37 |
| Other Gand A | 89.95 | - | - | - | - |
| Salaries And Wages | - | 983.52 | 897.03 | 1,004.17 | 1,186.37 |
| Selling And Marketing Expense | - | 42.85 | 37.73 | 42.24 | 47.20 |
| Amortization | - | 15.38 | 19.44 | 10.29 | 10 |
| Amortization Of Intangibles Income Statement | - | 15.38 | 19.44 | 10.29 | 10 |
| Occupancy And Equipment | - | 64.25 | 64.36 | 66.53 | 73.45 |
| Other Non Interest Expense | - | 121.77 | 150.91 | 131.36 | 138.58 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Piper Sandler Companiesthis co. | PIPR | $5.2B | 18.51 | 3.80 | 20.5% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| MARA Holdings, Inc. | MARA | $5.3B |
| - |
| - |
| - |
| - |
| - |
| -4.04 |
| 1.52 |
| -37.8% |
| -15.34 |
| Moelis & Company | MC | $5.1B | 22.10 | 9.06 | 41.0% | 17.18 |
| HA Sustainable Infrastructure Capital, Inc. | HASI | $5.1B | 27.87 | 2.00 | 7.2% | - |
| BGC Group, Inc. | BGC | $5.1B | 32.65 | 5.20 | 15.9% | 14.02 |
| Axos Financial, Inc. | AX | $5.0B | 11.52 | 1.86 | 16.1% | - |
| Peer Median | - | 18.28 | 2.12 | 14.8% | 12.52 | |