📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

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.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding PIPR

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	49.2K	$3.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used strong language such as 'we closed with solid momentum', 'record revenues for first half' in municipal and equity brokerage, and gave specific revenue growth figures ( advisory up 12% YoY, municipal up 66% YoY) and forward guidance like 'Q3 advisory largely consistent with Q2'.

Q3 2025

Confident Specific

Management used phrases like 'improved significantly', 'strong performance', 'consistent execution and sustained momentum', and 'one of our strongest third quarter performances on record'. They provided specific revenue figures and comparisons, but tempered with cautious forward guidance on moderation in certain segments.

Q4 2025

Confident Specific

Management uses specific record numbers ($635M revenues, 27.2% margin, $6.88 EPS) and phrases like 'strong execution', 'record year', 'nine consecutive quarters of year-over-year growth', and 'medium-term goal of $2B+ revenues'.

Q1 2026 latest

Confident Specific

Management used strong positive language like 'strong start', 'record revenues', '10th consecutive quarter of year-over-year growth', and provided specific forward guidance for Q2 (advisory similar, corporate financing down, equity brokerage down, fixed income challenging), indicating confidence backed by concrete numbers and clear expectations.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Piper Sandler delivered a record Q1 with 20% operating margin, strong advisory and corporate financing gains, and continued capital return (dividend hike, buyback). However, cautious Q2 guidance – advisory flat, capital markets declining, and equity brokerage off record levels – tempers near-term optimism. The company’s diversified model and sector strength in healthcare and financial services remain key positives. Watch Q2 results for whether advisory pipelines convert and if fixed income volatility subsides. The share repurchase and dividend increase signal management confidence in long-term earnings power.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Piper Sandler Q1 2026: adj net rev $470M, EPS $1, record IB $324M

Revenue & Profitability

Adjusted net revenues were $470 million, up 22% year-over-year. Operating income was $94 million (20% margin), up 37% YoY. Net income totaled $72 million, and diluted EPS was $1. Corporate investment banking revenues grew 30% YoY, with advisory up 16% and corporate financing up 122%. The compensation ratio improved 90 basis points to 61.6%. Non-compensation expenses were $86 million, including an $8.5 million litigation expense.

Outlook

Management noted the near-term macroeconomic environment remains uncertain. They expect second-quarter advisory revenues to be similar to the first quarter, while corporate financing revenues are expected to decline. Equity brokerage revenues are expected to decline from record first-quarter levels, and fixed income outlook remains challenging due to ongoing volatility. Deb Schoneman said volatility needs to come down. Bank M&A announcement volume is slower than anticipated, especially on larger deals.

Growth Drivers

Key growth levers include the healthcare franchise (MedTech, biopharma, healthcare IT), which set a new revenue high watermark in Q1. The financial services group also posted a strong quarter, driven by bank M&A. Private capital advisory is gaining momentum with continuation and other transactions across industry teams. Debt capital markets advisory had a strong start. The firm hired MDs in healthcare IT, European life sciences, and upstream energy to strengthen capabilities.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The operating margin for Q1 2026 was 20%. The compensation ratio was 61.6%, an improvement of 90 basis points year-over-year, driven by higher net revenues. Non-compensation expenses (excluding litigation) were 16.6% of net revenues, improving 300 basis points. Kate Clune said they are consistently at the low end of the 61.5–62.5% range and will continue to look for modest leverage, balancing investments.

Key Risks

Management flagged macro uncertainty, geopolitical events, and extreme volatility as headwinds, particularly impacting fixed income and equity brokerage. The timing of transactions may be influenced by market conditions. Bank M&A announcements have slowed, especially larger deals. Chad Abraham noted caution in the technology/software sector due to AI disruption, though Piper Sandler is less exposed. A pending California VRDN lawsuit resulted in an $8.5 million expense.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw strong revenue and profit growth, led by record results in investment banking, advisory, municipal finance, and equity brokerage, while fixed income lagged due to market headwinds. Cost discipline and capital returns remained robust, with a positive outlook for the remainder of the year.

Q1 2026 Q1 2026 2026-05-01

Q1 2026 saw strong year-over-year growth in revenues and margins, led by record results in healthcare and investment banking. Advisory and financing pipelines remain robust, but Q2 revenues are expected to be flat or down in several segments due to market volatility and macro uncertainty.

Q4 2025 Q4 2025 2026-02-06

Record 2025 results with 22% revenue growth, strong advisory and financing performance, and robust capital returns. Outlook for 2026 remains positive with healthy pipelines, continued investments, and a 4-for-1 stock split to boost liquidity.

Q3 2025 Q3 2025 2025-10-31

Q3 2025 saw strong revenue and margin growth, with robust performance in investment banking, especially in financial services and healthcare. Advisory and financing pipelines remain strong, though Q4 financing revenues are expected to moderate.

Q2 2025 Q2 2025 2025-08-01

Q2 2025 saw strong revenue growth, record municipal financing, and robust advisory activity, offset by declines in corporate financing. The company announced a strategic acquisition and raised its dividend, while maintaining disciplined expense management and a positive outlook for advisory and capital markets.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.