At a glance
Stifel Financial Corporation is worth $25.15B, about 11 times its fiscal 2025 earnings. Revenue grew 11.3% to $5.53B in fiscal 2025, with 12.4% kept as profit; over 5 years it has grown 8.1% a year. It pays a 2.48% dividend yield, raised every year for at least 8 years, and returned $1.11B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −12.8% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.9% in the 2020 crash (S&P 500: 33.7%) and 35.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 18 months after the lows.
The business in plain English
Stifel Financial is a St. Louis-based wealth management and investment banking firm. Its main subsidiary, Stifel, Nicolaus & Company, grew out of a partnership founded in 1890. It serves individuals, companies, municipalities and institutions in the US, the UK, Europe and Canada. It also owns two banks, two trust companies, the securities firm Keefe, Bruyette & Woods and the asset manager 1919 Investment Counsel.
Global Wealth Management produced 64% of Stifel's $5.53 billion in revenue for 2025. At December 31, 2025, it had more than 2,200 financial advisors in 402 branches across 48 states and Washington, D.C. Clients pay either commissions on each trade or fees based on their account assets. Asset management and advisory fees made up about 31% of total revenue, and commissions about 15%. Stifel's banks also earn interest on mortgages, business loans and loans backed by clients' investments. Most of that lending is funded by client cash swept from brokerage accounts into the banks.
The Institutional Group earned 34.6% of revenue. It publishes research, trades stocks and bonds for large investors, helps companies and municipalities raise money, and advises on mergers. Investment banking alone was about 23% of revenue. In June 2025 Stifel bought Bryan, Garnier & Co., an investment bank focused on European technology and healthcare companies. In February 2026 it sold Stifel Independent Advisors, its independent-contractor brokerage, to an affiliate of Equitable.
Price history
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SF -12.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Asset Management1 | $1.70B | 30.7% |
| Investment Advisory Management And Administrative Service | $1.70B | 30.7% |
| Investment Banking | $1.25B | 22.6% |
| Commissions | $813.6M | 14.7% |
| Product And Service Other | $6.3M | 0.1% |
By business segment
| Global Wealth Management | $3.54B | 64% |
| Institutional Group | $1.91B | 34.6% |
| All Other Segments | $78.1M | 1.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.45B, up 13% from a year earlier, and net income was $226.5M (+46.1%).
- For fiscal 2025, revenue was $5.53B (+11.3% year over year; +8.1% a year from FY2020 to FY2025) with a 12.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.1% good |
|---|---|
| Return on equity | 11.4% watch |
| Net income / revenue | 12.4% weak |
| Deposits | $32.26B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.75B | $503.5M | — |
| FY2021 | $4.74B | $824.9M | — |
| FY2022 | $4.39B | $662.2M | — |
| FY2023 | $4.35B | $522.5M | — |
| FY2024 | $4.97B | $731.4M | — |
| FY2025 | $5.53B | $683.8M | — |
Valuation snapshot
| Market value | $25.15B |
|---|---|
| P/E ratio | 11.4 |
| Dividend yield | 2.48% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SF price data to Oct 28, 2026 | -18.4% | -12.8% | +24.1% | +8.5% | +15.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.4% |
| 2025 | +20.1% |
| 2024 | +56.4% |
| 2023 | +21.3% |
| 2022 | -15.6% |
| 2021 | +40.8% |
| 2020 | +26.4% |
| 2019 | +48.0% |
| 2018 | -29.9% |
| 2017 | +19.7% |
| 2016 | +17.9% |
| 2015 | -17.0% |
| 2014 | +6.5% |
| 2013 | +49.9% |
| 2012 | -0.3% |
| 2011 | -22.5% |
| 2010 | +4.7% |
| 2009 | +29.2% |
| 2008 | +30.8% |
| 2007 | +34.0% |
| 2006 | +4.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 27.4% over that stretch · deepest drop along the way 41.4%, back to its old high 1.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.8% over that stretch · deepest drop along the way 51.9%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.3% over that stretch · deepest drop along the way 35.4%, back to its old high 17.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($372K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 23, 2026 | Maryam S. Brown Director | sell | $198K |
| Jul 23, 2026 | Maryam S. Brown Director | sell | $174K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 5.7% | Sep 30, 2025 |
| Vanguard Capital Management | 5.04% | Mar 31, 2026 |
| AQR Capital Management, LLC | 3.91% | Jun 30, 2026 |
ETFs with the most weight in SF
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 1.59% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.27% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 1.09% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.94% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.89% |
| PDP Invesco Dorsey Wright Momentum ETF | 0.53% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.52% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.52% |
What could go wrong
- Client cash may leave its banks. Stifel had $32.3 billion in deposits as of June 30, 2026, largely client brokerage cash swept into its banks. If clients move that cash to money market funds or bonds, Stifel's funding costs could rise.
- Fees fall when markets fall. Asset management and advisory fees, about 31% of 2025 revenue, are calculated on the value of client assets. A market slump shrinks those balances, and the fees shrink with them, even if no clients leave.
- Deal-making and trading are cyclical. Investment banking, about 23% of 2025 revenue, depends on mergers and new stock and bond issues, which slow in weak markets. Underwriting deals and holding trading inventory also put Stifel's own capital at risk.
- Advisors can leave and take clients. Stifel depends on attracting and keeping experienced financial advisors and bankers. Rival firms compete to hire them, and when an advisor leaves, the clients they serve may follow.
- Bad loans and falling collateral. Stifel lends against clients' portfolios and makes mortgages, commercial real estate loans and venture loans. A market slump can push collateral below what borrowers owe. It set aside $40.5 million for loan losses in 2025.
- A credit downgrade could squeeze funding. A downgrade could raise borrowing costs and lead clients to pull deposits above federal (FDIC) insurance limits. A cut below investment grade (the higher-quality tier) would breach some of Stifel's credit agreements.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Stifel has raised its regular dividend for 8 straight years. Dividends per share rose from $0.45 in 2020 to $1.84 in 2025, an average of about 32.5% a year. The $1.84 paid in 2025 compared with earnings of $5.87 per share, so most profit stayed in the business. The dividend yield (yearly dividends divided by the share price) was 2.48% as of October 28, 2026. Stifel also spent about $1.11 billion on share buybacks from 2021 through 2025. Regulators can limit dividends and buybacks at bank holding companies like Stifel.
The stock has fallen hard in downturns. It dropped 41.4% from September 2008 to March 2009 but was back at its September 2008 high by May 2009. It fell 51.9% in the 2020 COVID crash and took about eight months to recover. In the 2022 bear market it fell 35.4% and took about 18 months to recover. Single stocks carry more risk than diversified funds, because no other holdings offset one company's setbacks.
Questions investors ask
How does Stifel Financial make money?
Mostly from wealth management. Its Global Wealth Management segment produced 64% of the $5.53 billion in revenue for 2025. That money came from fees on managed accounts, trading commissions and interest on bank loans to clients. The Institutional Group produced 34.6%, from investment banking, research and stock and bond trading for large investors. By type, asset management and advisory fees were about 31% of revenue, investment banking about 23% and commissions about 15%.
Does Stifel raise its dividend every year?
It has raised its regular dividend for 8 years in a row. Dividends per share climbed from $0.45 in 2020 to $1.84 in 2025, an average gain of about 32.5% a year. The yield was 2.48% as of October 28, 2026. Past increases are no promise. Stifel's annual report warns that regulators can limit a bank holding company's dividends, and that a funding squeeze could force it to reduce them.
Is Stifel a bank or a brokerage?
Both. Stifel Financial is a financial holding company built around Stifel, Nicolaus & Company, a brokerage and investment bank. It also owns Stifel Bank & Trust and Stifel Bank, and it reported $32.3 billion in deposits as of June 30, 2026. Those deposits come mainly from client cash swept out of brokerage accounts. The banks use the money to make mortgages, business loans and loans backed by investment portfolios, and to buy securities.
How much does Stifel stock fall in a market crash?
Sharply, at times. Stifel shares fell 51.9% in the 2020 COVID crash, 41.4% in the 2008 financial crisis and 35.4% in the 2022 bear market. Getting back to the prior high took about two months after the 2009 low, about eight months in 2020 and about 18 months after the 2022 low. Its worst drop in about 21 years of price history was 55.3%. As of October 28, 2026, the shares were down 18.4% year to date and 12.8% over one year.
Is Stifel's business growing?
Revenue has grown, though not every year, and profit has been uneven. Revenue rose 11.3% in 2025 to $5.53 billion and grew about 8.1% a year over the five years from 2020. Net income fell 6.5% to $684 million in 2025, below the $825 million earned in 2021. In the quarter ended June 30, 2026, revenue rose 13% and net income rose 46.1% from a year earlier. Return on equity, a measure of profit on shareholders' capital, was 11.4% in 2025.