Reading the tape
NYSE: PIPR
Piper Sandler Companies
Financial Services · Financial - Capital Markets
Market Cap
$1.55B
52w High
$95.07
52w Low
$60.11
P/E
20.86
Volume
676.33K
Outstanding Shares
17.82M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 44.66%Revenue (TTM): 25.82%FCF (TTM): 124.83%P/FCF: 65th pct
What changed
The stock rose 44.66% over the last year. Revenue grew 25.82% over the trailing twelve months. Operating margin moved from 14.69% to 20.07%. Free cash flow grew 124.83% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (65th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 20.07% — continued expansion would be needed to justify the premium. Revenue growth of 25.82% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
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.
CEOChad R. Abraham
SectorFinancial Services
IndustryFinancial - Capital Markets
Employees1,801
IPO dateJan 2, 2004
Valuation
Forward P/E—
EV/EBITDA12.03
Enterprise value$4.97B
Price / Book1.13
Stock splits
Mar 24, 2026↑ Forward
Every 1 shares became 4
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth42.53%
Gross margin98.09%▼6.03%vs FY2024
Operating margin20.07%▲37.31%vs FY2024
ROE20.52%▲39.11%vs FY2024
Analyst consensus
RatingHold
Target price$97.58▲11.90%
2
Buy
9
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 1, 2026
Q2 FY26 · EPS est $0.91 · Revenue est $436.3M
View
Dividends
$1.94/shareQuarterlySafePIPR pays a dividend with a 2.22% dividend yield, growing at 19.92% annually, covered 6.1× by free cash flow.
Dividend Yield
2.22%
Annual Div / Share
$1.94
5yr CAGR
+19.92%
Doubles every ~3.8yr
Payout Ratio
40.57%
Safe
Dividend Growth Rate
3yr CAGR
+28.53%
5yr CAGR
+19.92%
Dividend Safety
9/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$1.94+39.6%
2024$1.39+63.2%
2023$0.85-6.8%
2022$0.91-62.2%
2021$2.41+208.8%
2020$0.78+38.9%
2019$0.56-10.4%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$22/yr
$2/mo
In 5 yrs
$39/yr+76%
$3/mo
In 10 yrs
$69/yr+211%
$6/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$22/yr $2/mo | $39/yr+76% $3/mo | $69/yr+211% $6/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 2.22% → 6.9% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 6.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 19.92% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.