At a glance
Piper Sandler Companies is worth $4.73B, about 17 times its fiscal 2025 earnings. Revenue grew 24.5% to $1.90B in fiscal 2025, with 14.8% kept as profit; over 5 years it has grown 8.9% a year. It pays a 9.37% dividend yield, and returned $998.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −16.1% over the past year with dividends reinvested and +16.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.5% in the 2020 crash (S&P 500: 33.7%) and 41.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 17 months after the lows.
The business in plain English
Piper Sandler is an investment bank and institutional securities firm founded in 1895 and based in Minneapolis. Its clients are institutions: corporations, private equity groups, state and local governments, non-profit organizations, and investors such as banks, insurers, credit unions and asset managers. It is paid for advising on deals, helping clients raise money and handling trades, so its revenue rises and falls with market activity.
In investment banking, it advises mostly middle-market (mid-sized) companies and private equity owners on mergers and acquisitions, stock and bond offerings and restructurings. Its focus sectors are healthcare, financial services, services and industrials, energy, power and infrastructure, consumer, technology and chemicals. Its public finance team underwrites municipal bonds, meaning it buys new bonds from governments and non-profits and resells them to investors. It had 187 corporate investment banking managing directors at December 31, 2025.
It also trades stocks and bonds for institutional investors, supported by analysts who research about 840 companies, and runs alternative investment funds in merchant banking and healthcare that invest firm and outside money. It reports as a single business segment, so there is no segment revenue split, but the substantial majority of revenue comes from the U.S. Revenue was $1.90 billion in fiscal 2025, the year ended December 31, 2025.
Price history
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PIPR -16.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $495.5M, up 24.9% from a year earlier, and net income was $67.8M (+60.8%).
- For fiscal 2025, revenue was $1.90B (+24.5% year over year; +8.9% a year from FY2020 to FY2025) with a 14.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.9% good |
|---|---|
| Return on equity | 20.5% good |
| Net income / revenue | 14.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.24B | $40.5M | — |
| FY2021 | $2.03B | $278.5M | — |
| FY2022 | $1.43B | $110.7M | — |
| FY2023 | $1.35B | $85.5M | — |
| FY2024 | $1.53B | $181.1M | — |
| FY2025 | $1.90B | $281.3M | — |
Valuation snapshot
| Market value | $4.73B |
|---|---|
| P/E ratio | 16.9 |
| Dividend yield | 9.37% |
Rank among 1514 US companies
Market value at each year end
Piper Sandler Companies’s market value went from $1.10B at the end of 2016 to $4.73B on Oct 28, 2026, about 4.3 times as much; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.73B | -21.3% |
| 2025 | $6.01B | +12.7% |
| 2024 | $5.33B | +72.2% |
| 2023 | $3.10B | +33.4% |
| 2022 | $2.32B | -27.3% |
| 2021 | $3.19B | +77.0% |
| 2020 | $1.80B | +57.1% |
| 2019 | $1.15B | +17.6% |
| 2018 | $976.2M | -25.1% |
| 2017 | $1.30B | +18.8% |
| 2016 | $1.10B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PIPR price data to Oct 28, 2026 | -14.7% | -16.1% | +30.8% | +16.2% | +21.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.7% |
| 2025 | +15.6% |
| 2024 | +74.2% |
| 2023 | +37.8% |
| 2022 | -23.4% |
| 2021 | +85.5% |
| 2020 | +29.7% |
| 2019 | +23.9% |
| 2018 | -20.7% |
| 2017 | +21.2% |
| 2016 | +79.5% |
| 2015 | -30.4% |
| 2014 | +46.9% |
| 2013 | +23.1% |
| 2012 | +59.1% |
| 2011 | -42.3% |
| 2010 | -30.8% |
| 2009 | +27.3% |
| 2008 | -14.2% |
| 2007 | -28.9% |
| 2006 | +61.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.6% over that stretch · deepest drop along the way 67.6%, back to its old high 68 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.5% over that stretch · deepest drop along the way 59.5%, back to its old high 7.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.9% over that stretch · deepest drop along the way 41.5%, back to its old high 17 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.28% | Mar 31, 2026 |
| Vanguard Capital Management | 5.03% | Jun 30, 2026 |
ETFs with the most weight in PIPR
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.48% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.29% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.19% |
| OASC OneAscent Small Cap Core ETF | 0.82% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.68% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 0.62% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.43% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.41% |
What could go wrong
- Revenue rises and falls with deals. Advisory and financing fees come from one-off deals without built-in repeat work. Revenue fell from $2.03 billion in fiscal 2021 to $1.35 billion in fiscal 2023, and tariff uncertainty slowed activity at times in 2025.
- Depends on keeping key dealmakers. Piper Sandler calls itself a human capital business. Rivals compete hard for talent, and losing senior dealmakers could cost it clients. Keeping staff from acquired firms is a further challenge.
- Larger rivals with deeper pockets. It competes with big Wall Street and international firms that have more money and technology, can take more risk and offer more products. Its brokerage business also faces pricing pressure.
- Losses on underwriting, trading and funds. When it underwrites securities, holds trading positions or invests firm money in its own funds, it can lose money if prices fall or it cannot sell positions quickly. Concentrated positions can magnify those losses.
- Conflicts of interest and reputation. Because it advises companies, underwrites their securities, publishes research and trades for investors, conflicts can arise. Mishandling real or perceived conflicts, or other damage to its reputation, could drive clients away or bring lawsuits.
- Capital rules can restrict dividends. Its U.S. brokerage arm must meet minimum capital rules. If it falls short, regulators can block expansion or cash dividends. The company also says its dividend policy may change at any time.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Bylaws or fiscal year changed; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Piper Sandler pays a dividend, but it has not grown steadily. Adjusted for the 4-for-1 stock split around May 2026, dividends per share fell from $1.725 in fiscal 2022 to $0.875 in fiscal 2024, then rose to $1.425 in fiscal 2025, a one-year streak of increases. Dividends paid equaled 40.6% of fiscal 2025 earnings. From fiscal 2021 to 2025 the company also spent $519 million buying back its own shares, more than the $479 million paid in dividends, and the share count fell 2.1% in the five years to July 29, 2026.
The shares have fallen hard in downturns: 67.6% in the 2008 financial crisis, taking 68 months to recover; 59.5% in the 2020 COVID crash, recovering in about seven months; and 41.5% in the 2022 bear market, taking 17 months to recover. It may suit investors who can live with both a variable payout and large price swings. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Piper Sandler make money?
Piper Sandler makes money by advising on deals, helping clients raise money and trading securities for institutional investors. It advises mostly mid-sized companies and private equity groups on mergers, acquisitions and stock and bond offerings, and underwrites municipal bonds for governments and non-profits. Its brokerage team trades stocks and bonds, backed by research on about 840 companies. It reports one business segment, and the substantial majority of revenue comes from the U.S. Revenue was $1.90 billion and net income $281 million in fiscal 2025.
Does Piper Sandler raise its dividend every year?
No. Piper Sandler pays a dividend, but the amount has gone up and down. Adjusted for the 4-for-1 stock split around May 2026, dividends per share were $1.70 in fiscal 2021, $1.725 in fiscal 2022, $0.91 in fiscal 2023, $0.875 in fiscal 2024 and $1.425 in fiscal 2025, a one-year streak of increases. The company says it may change its dividend policy at any time, and capital rules can restrict cash dividends from its brokerage arm.
Did Piper Sandler stock split?
Yes. Piper Sandler split its stock 4-for-1 around May 7, 2026, so each existing share became four. A split does not change what the company is worth; it lowers the price of each share and raises the number of shares. Adjusted for the split, fiscal 2025 diluted earnings were $3.96 per share and dividends were $1.425 per share. About 70.7 million shares were outstanding on July 29, 2026.
Is Piper Sandler growing?
Yes, though unevenly. Revenue rose 24.5% to $1.90 billion in fiscal 2025, and net income rose 55.3% to $281 million. In the quarter ended June 30, 2026, revenue grew 24.9% and net income 60.8% from a year earlier. The longer record is bumpier: revenue fell from $2.03 billion in fiscal 2021 to $1.35 billion in fiscal 2023, and grew 8.9% a year from fiscal 2020 to 2025. As of October 28, 2026, the stock traded at 16.9 times fiscal 2025 earnings per share, its price-to-earnings (P/E) ratio.
How has Piper Sandler stock performed?
Strongly over 10 years, with deep drops along the way. As of October 28, 2026, the stock returned 21.3% a year over 10 years and 16.2% a year over five years, but it was down 16.1% over one year. It fell 67.6% in the 2008 financial crisis, 59.5% in the 2020 COVID crash and 41.5% in the 2022 bear market. Its one-year beta, a gauge of sensitivity to market moves, was 1.28, so it tended to swing more than the overall market.