Piper Sandler
Advises middle-market clients and executes equity, debt and municipal market transactions.
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Profile
Advises middle-market companies and financial sponsors on M&A, restructurings and capital raising, while serving public issuers through municipal finance and institutions through equity and fixed-income brokerage and research. Fees and trading revenue flow through one reportable segment whose activity is concentrated in the United States.
Advises corporations and financial sponsors on mergers and acquisitions, restructuring, private capital, and equity and debt financing, with a focus on middle-market sectors. Public finance teams underwrite municipal issues and advise government and nonprofit borrowers.
Pairs this investment-banking platform with institutional equity and fixed-income sales, trading and research. Alternative asset funds invest firm and outside capital in merchant banking and healthcare strategies. Most revenue and long-lived assets remain in the United States, alongside offices in Europe, Hong Kong and Abu Dhabi.
Operating as one reportable segment lets sector advisory, underwriting, research and trading teams share relationships across products. Revenue depends on advisory completions, underwriting activity, client trading and asset-management fees; broker-dealer and advisory entities are subject to capital, conduct, recordkeeping and anti-money-laundering rules.
Company facts
Categories
Key statistics
Year to date −13.7% · Average volume (30d) 498.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Apr 14, 2026 | Goldman Sachs | Target | $292 | $97 | ||
| Jan 26, 2026 | Piper Sandler | Target | $140 | $385 | ||
| Jan 7, 2026 | Wolfe Research | Target | $398 | |||
| Nov 10, 2025 | Goldman Sachs | Upgrade | Neutral | Buy | ||
| Jul 10, 2025 | Wolfe Research | Upgrade | Peer Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.88 | $1.04 | +18.9% | $445.3M | $495.5M | +11.3% | +3.20% |
| May 1, 2026Q1 FY26 | $0.85 | $1.00 | +17.6% | $436.3M | $474.4M | +8.7% | −2.20% |
| Feb 6, 2026Q4 FY25 | $1.18 | $1.72 | +45.8% | $518.2M | $635.0M | +22.5% | +2.26% |
| Oct 31, 2025Q3 FY25 | $3.17 | $3.82 | +20.5% | $423.5M | $462.4M | +9.2% | +1.43% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $347.9M | $393.9M | $462.4M | $667.0M | $475.1M | $496.3M | |
| Gross profit | $346.6M | $392.1M | $461.6M | $635.2M | $456.4M | $474.1M | |
| Operating income | $29.4M | $48.9M | $107.4M | $189.8M | $88.7M | $101.2M | |
| Net income | $64.9M | $42.2M | $60.3M | $114.0M | $65.2M | $67.8M | |
| Diluted EPS | $0.91 | $0.60 | $0.85 | $1.60 | $0.92 | $0.95 | |
| Gross margin | 99.6% | 99.5% | 99.8% | 95.2% | 96.1% | 95.5% | |
| Operating margin | 8.5% | 12.4% | 23.2% | 28.5% | 18.7% | 20.4% |
Fiscal years (4-quarter sums)FY21 $1.98B · FY22 $1.38B · FY23 $1.32B · FY24 $1.49B · FY25 $1.87B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $304.2M · Total debt $175.0M · Total assets $2.33B · Shareholders' equity $1.37B
Dividends
Raised for 5 straight years — most recently to $0.20 from $0.175 split-adjusted in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 28, 2026 | Aug 28 | Sep 11 | $0.20 | |
| May 29, 2026 | May 29 | Jun 12 | $0.20 | raised from $0.175 split-adjusted |
| Mar 3, 2026 | Mar 3 | Mar 13 | $5.70 | special dividend |
| Nov 25, 2025 | Nov 25 | Dec 12 | $0.70 | |
| Aug 29, 2025 | Aug 29 | Sep 12 | $0.70 | raised from $0.65 |
| May 30, 2025 | May 30 | Jun 13 | $0.65 | |
| Mar 4, 2025 | Mar 4 | Mar 14 | $3.65 | special dividend |
| Nov 22, 2024 | Nov 22 | Dec 13 | $0.65 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 67.50M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.05M | 16.37% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.19M | 7.68% | 13F | Aug 13, 2026 |
| Vanguard Capital Management | 3.58M | 5.03% | 13G | Jul 31, 2026 |
| Invesco Ltd. | 3.14M | 4.65% | 13F | Aug 14, 2026 |
| State Street Corp | 2.92M | 4.33% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 5, 2026 | Jonathan J. Doyle | director, officer: Hd of Financial Services Group | −45,000 | $80.47 |
| May 4, 2026 | Jonathan J. Doyle | director, officer: Hd of Financial Services Group | −45,000 | $77.22 |
| Feb 11, 2026 | Debbra L. Schoneman | officer: President | −5,240 | $350.99 |
| Nov 28, 2025 | Chad R. Abraham | director, officer: CEO and Chairman | −3,000 | $336.21 |
| Nov 26, 2025 | Chad R. Abraham | director, officer: CEO and Chairman | −4,400 | $337.60 |
Peers
- Jefferies Financial Group
Broadest overlap in advisory, capital markets, equities, and fixed income
- Stifel Financial
Closest listed peer across middle-market banking and public finance
- Houlihan Lokey
Direct advisory rival in M&A, capital markets, and restructuring
- Raymond James Financial
Capital-markets peer in advisory, underwriting, research, and public finance
- Moelis & Company
Independent advisory competitor in M&A, restructuring, and private capital
- Evercore
Advisory and institutional-equities peer with larger-company skew
- Lazard
Global financial-advisory peer with private-capital overlap
- PJT Partners
Specialist advisory rival in restructuring, capital markets, and private capital
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Piper Sandler | $75.61 | +0.11% | $5.10B | 17.5 | 15.2 | 2.4 | +25.8% |
| Jefferies Financial Group | $53.09 | 0.00% | $10.80B | 14.8 | 13.3 | 0.9 | −11.5% |
| Stifel Financial | $81.29 | +0.04% | $12.32B | 9.6 | 11.6 | 1.8 | −1.4% |
| Houlihan Lokey | $133.02 | 0.00% | $9.30B | 22.4 | 17.5 | 3.7 | −15.6% |
| Raymond James Financial | $179.36 | +0.02% | $34.46B | 15.6 | 13.0 | 2.0 | +3.8% |
| Moelis & Company | $68.40 | +0.02% | $5.07B | 23.8 | 19.5 | 3.2 | +12.1% |
| Evercore | $293.00 | +1.00% | $11.22B | 16.4 | 15.1 | 2.4 | +19.2% |
| Lazard | $43.64 | −0.07% | $4.25B | 21.0 | 13.7 | 1.3 | −2.7% |
| PJT Partners | $182.80 | −0.05% | $4.67B | 30.7 | 21.8 | 2.5 | +19.5% |
| Median | 18.7 | 14.4 | 2.2 | +1.2% |