Piper Sandler Co`S Financials

PIPR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

Piper Sandler Co`S passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.73x

For every $1 of reported earnings, Piper Sandler Co`S generates $1.73 in operating cash flow ($313.3M OCF vs $181.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Piper Sandler Co`S (PIPR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.5B

YoY+13.2%

5Y CAGR+12.8%

10Y CAGR+8.9%

Piper Sandler Co`S generated $1.5B in revenue in fiscal year 2024. This represents an increase of 13.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$181.1M

YoY+111.9%

5Y CAGR+10.1%

10Y CAGR+11.1%

Piper Sandler Co`S reported $181.1M in net income in fiscal year 2024. This represents an increase of 111.9% from the prior year.

EPS (Diluted)

$10.24

YoY+106.5%

5Y CAGR+5.9%

10Y CAGR+10.2%

Piper Sandler Co`S earned $10.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 106.5% from the prior year.

Cash & Debt

$482.8M

YoY+26.0%

5Y CAGR+14.1%

10Y CAGR+40.7%

Piper Sandler Co`S held $482.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.50

YoY-4.1%

5Y CAGR+6.9%

Piper Sandler Co`S paid $3.50 per share in dividends in fiscal year 2024. This represents a decrease of 4.1% from the prior year.

Shares Outstanding

16M

YoY+6.0%

5Y CAGR+3.3%

10Y CAGR+0.5%

Piper Sandler Co`S had 16M shares outstanding in fiscal year 2024. This represents an increase of 6.0% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

11.9%

YoY+5.5pp

5Y CAGR-1.5pp

10Y CAGR+2.1pp

Piper Sandler Co`S's net profit margin was 11.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.5 percentage points from the prior year.

Return on Equity

14.8%

YoY+6.9pp

5Y CAGR-0.5pp

10Y CAGR+7.0pp

Piper Sandler Co`S's ROE was 14.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$66.4M

YoY-6.0%

5Y CAGR+5.6%

10Y CAGR+19.9%

Piper Sandler Co`S spent $66.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 6.0% from the prior year.

Capital Expenditures

N/A

PIPR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.5B+13.2%	$1.3B-5.4%	$1.4B-29.8%	$2.0B+64.0%	$1.2B+48.4%	$834.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$61.0M+158.2%	$23.6M-28.9%	$33.2M-70.1%	$111.1M+479.1%	$19.2M-21.9%	$24.6M
Net Income	$181.1M+111.9%	$85.5M-22.8%	$110.7M-60.3%	$278.5M+587.6%	$40.5M-63.7%	$111.7M
EPS (Diluted)	$10.24+106.5%	$4.96-23.9%	$6.52-60.3%	$16.43+504.0%	$2.72-64.6%	$7.69

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$479.3M+20.8%	$396.8M+11.1%	$357.3M-26.2%	$484.1M+34.6%	$359.6M+6.0%	$339.2M-1.1%	$343.1M-27.3%	$471.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$24.9M+45.3%	$17.2M+334.1%	-$7.3M-124.8%	$29.6M+94.6%	$15.2M+14.7%	$13.3M+366.8%	$2.8M-86.6%	$21.3M
Net Income	$60.3M+42.9%	$42.2M-35.0%	$64.9M-6.0%	$69.1M+98.5%	$34.8M0.0%	$34.8M-18.2%	$42.5M-18.3%	$52.0M
EPS (Diluted)	$3.38+42.0%	$2.38-34.8%	$3.65-5.4%	$3.86+96.9%	$1.96-0.5%	$1.97-18.9%	$2.43-19.0%	$3.00

PIPR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.3B+5.4%	$2.1B-1.9%	$2.2B-15.0%	$2.6B+28.4%	$2.0B+22.6%	$1.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$482.8M+26.0%	$383.1M+4.8%	$365.6M-62.3%	$971.0M+91.2%	$507.9M+103.2%	$250.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$312.0M+3.4%	$301.8M+0.2%	$301.2M+32.4%	$227.5M0.0%	$227.5M+159.6%	$87.6M
Total Liabilities	$840.2M-0.2%	$841.5M-9.3%	$927.5M-30.7%	$1.3B+25.0%	$1.1B+30.3%	$822.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	$0-100.0%	$125.0M0.0%	$125.0M-35.9%	$195.0M+11.4%	$175.0M
Total Equity	$1.2B+13.1%	$1.1B+3.0%	$1.1B-0.8%	$1.1B+28.1%	$829.4M+13.4%	$731.3M
Retained Earnings	$561.7M+23.6%	$454.4M+0.2%	$453.3M+0.7%	$450.2M+66.1%	$271.0M+4.8%	$258.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$2.2B+13.3%	$2.0B+7.6%	$1.8B-19.3%	$2.3B+11.0%	$2.0B+5.8%	$1.9B+5.4%	$1.8B-14.9%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$114.0M-7.6%	$123.3M-2.2%	$126.1M-73.9%	$482.8M+37.9%	$350.2M+9.1%	$320.9M+358.8%	$70.0M-81.7%	$383.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$319.4M+2.4%	$311.9M0.0%	$311.9M0.0%	$312.0M+0.5%	$310.3M+2.8%	$301.8M0.0%	$301.8M0.0%	$301.8M
Total Liabilities	$756.7M+35.2%	$559.7M+26.5%	$442.4M-47.3%	$840.2M+25.4%	$670.0M+15.7%	$579.3M+16.5%	$497.4M-40.9%	$841.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Total Equity	$1.3B+4.3%	$1.2B+1.4%	$1.2B-1.2%	$1.2B+5.2%	$1.2B+3.6%	$1.1B+2.3%	$1.1B+1.4%	$1.1B
Retained Earnings	$629.8M+8.3%	$581.5M+4.5%	$556.4M-1.0%	$561.7M+11.2%	$505.3M+5.0%	$481.2M+4.3%	$461.2M+1.5%	$454.4M

PIPR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$313.3M+13.7%	$275.6M+222.6%	-$224.9M-131.8%	$707.1M-9.3%	$779.8M+1050.1%	$67.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$31.8M-216.0%	-$10.1M+92.1%	-$127.1M-517.7%	-$20.6M+95.3%	-$435.0M-1729.7%	$26.7M
Financing Cash Flow	-$180.6M+27.6%	-$249.6M+0.2%	-$250.1M-12.1%	-$223.1M-154.8%	-$87.6M-183.7%	$104.7M
Dividends Paid	$73.7M-12.7%	$84.4M-21.5%	$107.5M+8.2%	$99.3M+252.7%	$28.2M-20.9%	$35.6M
Share Buybacks	$66.4M-6.0%	$70.7M-62.3%	$187.3M+168.0%	$69.9M+218.2%	$22.0M-56.6%	$50.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$31.9M-0.7%	$32.1M+115.5%	-$207.2M-226.5%	$163.8M+104.5%	$80.1M-69.9%	$266.5M+235.1%	-$197.2M-146.6%	$423.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$15.0M-5.3%	-$14.2M-27.5%	-$11.1M-31.6%	-$8.5M+54.6%	-$18.6M-452.0%	-$3.4M-164.9%	-$1.3M+27.7%	-$1.8M
Financing Cash Flow	-$25.2M-11.3%	-$22.7M+83.8%	-$139.6M-621.6%	-$19.3M+44.7%	-$35.0M-193.1%	-$11.9M+89.6%	-$114.4M-25.4%	-$91.2M
Dividends Paid	$11.9M-30.2%	$17.1M-75.7%	$70.3M+457.1%	$12.6M+18.2%	$10.7M-27.9%	$14.8M-58.5%	$35.7M+248.4%	$10.2M
Share Buybacks	$3.7M-82.4%	$20.9M-74.1%	$80.6M+1148.9%	$6.5M+170.9%	$2.4M-56.6%	$5.5M-89.4%	$52.1M+1602.3%	$3.1M

PIPR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	11.9%+5.5pp	6.3%-1.4pp	7.8%-5.9pp	13.7%+10.4pp	3.3%-10.1pp	13.4%
Return on Equity	14.8%+6.9pp	7.9%-2.6pp	10.5%-15.7pp	26.2%+21.3pp	4.9%-10.4pp	15.3%
Return on Assets	8.0%+4.0pp	4.0%-1.1pp	5.1%-5.8pp	10.9%+8.8pp	2.0%-4.8pp	6.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.68+0.7	0.00-0.1	0.120.0	0.12-0.1	0.240.0	0.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.6%+1.9pp	10.6%-7.5pp	18.2%+3.9pp	14.3%+4.6pp	9.7%-0.6pp	10.3%-2.1pp	12.4%+1.4pp	11.0%
Return on Equity	4.7%+1.3pp	3.4%-1.9pp	5.3%-0.3pp	5.6%+2.6pp	3.0%-0.1pp	3.1%-0.8pp	3.9%-0.9pp	4.8%
Return on Assets	2.7%+0.6pp	2.1%-1.4pp	3.6%+0.5pp	3.1%+1.3pp	1.7%-0.1pp	1.8%-0.5pp	2.3%-0.1pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.59+0.1	0.46+0.1	0.36-0.3	0.68+0.1	0.57+0.1	0.51+0.1	0.45+0.5	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Piper Sandler Co`S's annual revenue?

Piper Sandler Co`S (PIPR) reported $1.5B in total revenue for fiscal year 2024. This represents a 13.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Piper Sandler Co`S's revenue growing?

Piper Sandler Co`S (PIPR) revenue grew by 13.2% year-over-year, from $1.3B to $1.5B in fiscal year 2024.

Is Piper Sandler Co`S profitable?

Yes, Piper Sandler Co`S (PIPR) reported a net income of $181.1M in fiscal year 2024, with a net profit margin of 11.9%.

What is Piper Sandler Co`S's earnings per share (EPS)?

Piper Sandler Co`S (PIPR) reported diluted earnings per share of $10.24 for fiscal year 2024. This represents a 106.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Piper Sandler Co`S's net profit margin?

Piper Sandler Co`S (PIPR) had a net profit margin of 11.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Piper Sandler Co`S pay dividends?

Yes, Piper Sandler Co`S (PIPR) paid $3.50 per share in dividends during fiscal year 2024.

What is Piper Sandler Co`S's return on equity (ROE)?

Piper Sandler Co`S (PIPR) has a return on equity of 14.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Piper Sandler Co`S's operating cash flow?

Piper Sandler Co`S (PIPR) generated $313.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Piper Sandler Co`S's total assets?

Piper Sandler Co`S (PIPR) had $2.3B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Piper Sandler Co`S buy back shares?

Yes, Piper Sandler Co`S (PIPR) spent $66.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Piper Sandler Co`S have outstanding?

Piper Sandler Co`S (PIPR) had 16M shares outstanding as of fiscal year 2024.

What is Piper Sandler Co`S's debt-to-equity ratio?

Piper Sandler Co`S (PIPR) had a debt-to-equity ratio of 0.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Piper Sandler Co`S's return on assets (ROA)?

Piper Sandler Co`S (PIPR) had a return on assets of 8.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Piper Sandler Co`S's Piotroski F-Score?

Piper Sandler Co`S (PIPR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Piper Sandler Co`S's earnings high quality?

Piper Sandler Co`S (PIPR) has an earnings quality ratio of 1.73x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.