Pulling SEC filings + quote and writing the call…

PIPER SANDLER COMPANIES
Next earnings Jul 30, 2026 · consensus $0.88 EPS, $449M rev
Last earnings -8.9% on 2026-05-01
Record FY2025 earnings, fortress balance sheet, and a 5.2 P/E make PIPR a cheap, capital-return-rich broker.
Sources: SEC EDGAR (CIK 0001230245, latest 10-Q filed 2026-05-07) · analysis by claude-code · as of 6/21/2026, 8:44:49 PM.
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Quality fundamentals and an attractive price line up (~674% below fair value) — the rarer case where both the business and the entry look good.
Piper Sandler just put up a record year. FY2025 revenue rose to $1.83B (+21.7%) and net income jumped to $281M (+55.3%), lifting diluted EPS to $15.82 (+54.5%). At $81.80 the stock trades at only 5.2x trailing EPS and 0.8x sales, an unusually low multiple even for a cyclical advisory and brokerage franchise. The recovery is broad-based: management's 10-K attributes the strong year to robust equity markets and a significant overall increase in investment banking activity versus 2024, the same activity that drove operating cash flow to $587M (+87.3%).
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.30B | $1.51B | $1.83B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $279M | $111M | $85.5M | $181M | $281M |
| Diluted EPS | $16.43 | $6.52 | $4.96 | $10.24 | $15.82 |
| Net margin | — | — | 6.6% | 12.0% | 15.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1046 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
| 2026-06-12 | TAYLOR SCOTT C Director | Award | 87.00 | |
| 2026-06-12 | Sterling Brian R Director | Award | 31.00 | |
| 2026-06-12 | SORAN PHILIP Director | Award | 206.00 | |
| 2026-06-12 | Mitchell Robbin Director | Award | 40.00 | |
| 2026-06-12 | HOLT VICTORIA M Director | Award | 76.00 | |
| 2026-06-12 | Gallo Ann C Director | Award | 20.00 | |
| 2026-05-20 | TAYLOR SCOTT C Director | Award | 1.88K | |
| 2026-05-20 | Sterling Brian R Director | Award | 1.88K |