NYSE · Financial Statements

Piper Sandler Companies (PIPR) Financial Statements

$64.63 NYSE: PIPR Market Cap $4.57B

Piper Sandler Companies most recently reported annual revenue of $1.9B, net profit of $281.0M. Revenue grew at an average annual rate of 9.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Piper Sandler Companies: Revenue rose from $762.0M in 2016 to $1.9B in 2025, a change of +149.9% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from -4.0% to 20.3%, a shift of +24.3 percentage points; the most recent year shows net profit of $281.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$762.0M$836.0M$724.0M$810.0M$1.2B$2.0B$1.4B$1.3B$1.5B$1.9B
Operating Expenses$793.0M$756.0M$652.0M$691.0M$1.1B$1.5B$1.2B$1.2B$1.3B$1.5B
Operating Profit$-31.0M$79.0M$72.0M$119.0M$69.0M$442.0M$134.0M$123.0M$218.0M$386.0M
Operating Margin-4.0%9.5%10.0%14.7%5.7%22.3%9.7%9.4%14.7%20.3%
Other Income$0$0$0$0$0$0$0$0$0$-11.0M
Interest$23.0M$20.0M$17.0M$12.0M$14.0M$11.0M$9.0M$10.0M$6.0M$5.0M
Depreciation$28.0M$23.0M$19.0M$19.0M$55.0M$43.0M$31.0M$37.0M$27.0M$27.0M
Profit Before Tax$-31.0M$79.0M$72.0M$119.0M$69.0M$442.0M$134.0M$123.0M$218.0M$375.0M
Tax$55.5M$67.8M$24.9M$20.7M$28.0M$25.2M$24.7M$19.3M$27.9M$21.5M
Net Profit$-22.0M$-62.0M$57.0M$112.0M$41.0M$279.0M$111.0M$85.0M$181.0M$281.0M
EPS$-0.43$-1.27$0.93$1.93$0.68$4.11$1.63$1.24$2.56$3.96
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$281.0M$461.0M$333.0M$336.0M$350.0M$468.0M$348.0M$394.0M$462.0M$667.0M$475.0M$496.0M
Operating Expenses$284.0M$375.0M$281.0M$308.0M$294.0M$386.0M$318.0M$345.0M$355.0M$477.0M$386.0M$395.0M
Operating Profit$-3.0M$86.0M$52.0M$28.0M$56.0M$82.0M$29.0M$49.0M$107.0M$190.0M$89.0M$101.0M
Operating Margin-1.2%18.6%15.7%8.4%15.9%17.6%8.5%12.4%23.2%28.5%18.7%20.4%
Interest$3.0M$2.0M$1.0M$2.0M$1.0M$1.0M$1.0M$2.0M$1.0M$1.0M$1.0M$1.0M
Profit Before Tax$-3.0M$86.0M$52.0M$28.0M$56.0M$82.0M$29.0M$49.0M$107.0M$189.0M$88.0M$100.0M
Tax$-296.4M$24.8M$5.4M$47.0M$27.4M$36.1M$-24.9M$35.1M$23.2M$24.3M$22.3M$30.2M
Net Profit$4.0M$52.0M$42.0M$35.0M$35.0M$69.0M$65.0M$42.0M$60.0M$114.0M$65.0M$68.0M
EPS$0.06$0.75$0.61$0.49$0.49$0.97$0.91$0.60$0.85$1.60$0.92$0.95

Over the 10 years reported for Piper Sandler Companies, borrowings decreased from $594.0M in 2016 to $116.0M in 2025, cash stood at $809.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 22.56 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.1B$2.0B$1.3B$1.6B$2.0B$2.6B$2.2B$2.1B$2.3B$2.6B
Current Assets$41.0M$34.0M$50.0M$568.0M$783.0M$1.3B$735.0M$383.0M$834.0M$925.0M
Cash$41.0M$34.0M$50.0M$250.0M$508.0M$971.0M$366.0M$383.0M$483.0M$809.0M
Inventory$465.0M$663.0M$480.0M$0$0$0$0$0$0$0
Receivables$0$0$0$307.0M$260.0M$306.0M$351.0M$246.0M$272.0M$88.0M
Fixed Assets$25.0M$25.0M$33.0M$70.0M$126.0M$123.0M$156.0M$130.0M$126.0M$141.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$633.0M$840.0M$632.0M$597.0M$460.0M$495.0M$646.0M$667.0M$679.0M$818.0M
Other Assets$196.0M$82.0M$82.0M$88.0M$228.0M$228.0M$301.0M$302.0M$312.0M$319.0M
Total Liabilities$1.3B$1.3B$615.0M$822.0M$1.1B$1.3B$928.0M$842.0M$840.0M$1.0B
Current Liabilities$772.0M$916.0M$618.0M$57.0M$19.0M$138.0M$60.0M$135.0M$36.0M$41.0M
Borrowings$594.0M$415.0M$50.0M$282.0M$294.0M$215.0M$235.0M$164.0M$99.0M$116.0M
Other Liabilities$715.0M$869.0M$565.0M$540.0M$777.0M$1.1B$693.0M$677.0M$741.0M$894.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$759.0M$693.0M$677.0M$731.0M$829.0M$1.1B$1.1B$1.1B$1.2B$1.4B

For Piper Sandler Companies, operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $698.0M; free cash flow was positive in 9 of 10 years; financing activities used $125.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$49.0M$232.0M$510.0M$68.0M$780.0M$707.0M$-225.0M$276.0M$313.0M$732.0M
Investing Cash Flow$-95.0M$-16.0M$-32.0M$20.0M$-453.0M$-41.0M$-158.0M$-20.0M$-47.0M$-213.0M
Financing Cash Flow$-84.0M$-35.0M$-65.0M$-35.0M$-9.0M$-54.0M$-143.0M$-70.0M$-70.0M$-125.0M
Net Cash Flow$-149.0M$-8.0M$17.0M$200.0M$258.0M$463.0M$-605.0M$17.0M$100.0M$327.0M
Free Cash Flow$38.0M$224.0M$494.0M$61.0M$762.0M$687.0M$-256.0M$266.0M$298.0M$698.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.36
EV / EBITDA8.39
FCF Yield13.56%
Quick Ratio1.02
Interest Coverage150.56
Return 1Y-6.11%
Return 3Y111.08%
Return 5Y144.19%

Piper Sandler Companies (PIPR) financials — frequently asked questions

What is Piper Sandler Companies's annual revenue?

Piper Sandler Companies (PIPR) reported annual revenue of $1.9B in its most recent fiscal year.

What is Piper Sandler Companies's net profit?

Piper Sandler Companies (PIPR) reported net profit of $281.0M in its most recent fiscal year.

What is PIPR EV/EBITDA?

Piper Sandler Companies's enterprise value to EBITDA (EV/EBITDA) ratio is 8.39.

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