PIPER SANDLER COMPANIES financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PIPER SANDLER COMPANIES files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	770	844	758	846	1,253	2,042	1,435	1,358	1,532	1,904
Pre-tax income	-30.9	79.3	72.5	119	68.5	442	134	123	218	375
Income tax	-17.1	53.8	18	24.6	19.2	111	33.2	23.6	61	80.6
Income from continuing operations		23.1	55.6	87.9	40.5	279
Net income to minority interests	8.21	2.39	-1.21	6.46	8.85	51.9	-9.49	13.5	-23.7	12.6
Net income	-22	-61.9	57	112	40.5	279	111	85.5	181	281
EPS, basic	-1.73	-5.07	3.78	7.90	2.94	19.52	7.92	5.72	11.44	16.89
EPS, diluted	-1.73	-4.99	3.72	7.69	2.72	16.43	6.52	4.96	10.24	15.82
Shares, basic (weighted)	12.7	12.8	13.2	13.6	13.8	14.3	14	15	15.8	16.7
Shares, diluted (weighted)	12.8	13	13.4	13.9	14.9	17	17	17.2	17.7	17.8
Dividend per share	0.00	1.25	3.12	2.51	2.00	6.80	6.90	3.65	3.50	5.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70.4	33.8	50.4	250	508	971	366	383	483	809
Property, plant and equipment	25.3	25.2	32.3	29.9	43.8	51.8	68.2	60.8	59.4	77.3
Lease right-of-use assets			0	40	82.5	71.3	87.7	69.4	66.6	64
Goodwill	196	81.9	81.9	87.6	228	228	301	302	312	319
Intangible assets	37.2	9.14	4.28	16.7	150	120	136	116	108	99.6
Total assets	2,126	2,025	1,345	1,629	1,997	2,565	2,182	2,141	2,256	2,593
Short-term debt	419	290	50	50	0		0	30	10	15
Total liabilities	1,309	1,283	615	822	1,071	1,338	928	842	840	1,010
Total debt				175	195	125	125	0
Paid-in capital	789	792	796	758	848	925	1,045	988	982	957
Retained earnings	257	176	183	259	271	450	453	454	562	729
Treasury stock	-284	-274	-300	-284	-289	-313	-442	-356	-315	-319
Other comprehensive income	-2.6	-1.28	-1.4	-0.87	-0.2	-0.96	-2.5	-0.89	-1.18	2.73
Shareholders' equity	759	693	677	731	829	1,062	1,054	1,085	1,228	1,371
Minority interests	57	47.9	53	75.2	96.7	165	200	214	188	212
Total equity	816	741	730	807	926	1,227	1,254	1,299	1,416	1,583
Total liabilities and equity	2,126	2,025	1,345	1,629	1,997	2,565	2,182	2,141	2,256	2,593
Shares outstanding	12.4	12.9	13	13.7	13.8	14.1	13.7	15.2	16.1	67.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.7	-59.6	55.8	118	49.4	330	101	99	157	294
Depreciation and amortization	6.4	7	8.1	9.3	10.7	12.6	15.6	17.9	16.8	17.4
Stock-based compensation	56	39.8	44.3	32	122	171	131	93.8	103	124
Deferred income tax	-30.6	17.6	-3.37	24.8	-39	-53.9	-33.2	13.6	17.1	5.46
Cash from operations	-3.23	203	510	67.8	780	707	-225	276	313	587
Acquisitions	-72.7	0	0	-19.7	-417	0	-96.5	0	-16.3	-8.99
Cash from investing	-83.7	-7.99	-15.8	26.7	-435	-20.6	-127	-10.1	-31.8	-43.7
Debt issued	0	0	0	175	0	0
Debt repaid	0	-50	-125	0	0	-70	0	-125	0	0
Stock issued	4.56	1.7	0	0			0	0	0.79	4.25
Share buybacks	-70.9	-25.5	-70.9	-50.6	-22	-69.9	-187	-70.7	-66.4	-125
Dividends paid	0	-18.9	-47.2	-35.6	-28.2	-99.4	-108	-84.4	-73.7	-114
Cash from financing	-112	-233	-477	105	-87.6	-223	-250	-250	-181	-219
Exchange rate effect	-2.05	1.53	-0.65	0.51	0.7	-0.36	-3.27
Net change in cash	-149	-7.57	16.6	200	258	463	-605	17.5	99.7	327
Interest paid	23.2	19.9	17.1	12	14.5	10.8	9.48	10.2	5.69	4.91
Income taxes paid	27.3	31.9	17.1	9.58	28.9	166	85.4	19.4	10.9	41.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $72.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	22.9%	Pre-tax income / revenue.
Net margin	14.5%	Net income / revenue.
Operating cash flow margin	23.9%	Cash from operations / revenue.
Effective tax rate	24.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.2%	Net income / average total assets.
Stock-based pay / revenue	6.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	55.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	36.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	47.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	54.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	42.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	87.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	62.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-6.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	23.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	32.6%	Total liabilities / total assets.
Goodwill and intangibles / assets	17.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$956.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	27.3x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.74	Revenue / diluted weighted shares.
Operating cash flow per share	$7.11	Cash from operations / diluted weighted shares.
Book value per share	$20.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.17	Tangible book value / shares outstanding.
Cash per share	$4.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	46.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.11B	Share price x shares outstanding.
Enterprise value	$4.81B	Market cap + total debt - cash - short-term investments.
P/E	16.6x	Market cap / net income. Only when net income is positive.
P/S	2.41x	Market cap / revenue.
P/B	3.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.34x	Market cap / tangible book value, when positive.
P/OCF	10.1x	Market cap / cash from operations, when positive.
EV/Sales	2.27x	Enterprise value / revenue.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.48x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PIPER SANDLER COMPANIES's revenue in fiscal 2025?

PIPER SANDLER COMPANIES reported revenue of $1.90B for fiscal 2025, 24.3% higher than the year before.

Was PIPER SANDLER COMPANIES profitable in fiscal 2025?

Yes. Net income was $281.3M, a net margin of 14.8%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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