Piper Sandler Companies (PIPR) Balance Sheet
PIPR balance sheet, 2025
December 31, 2025 · U.S. dollars$2.59B assets = $1.01B liabilities + $1.58B equity
Both columns are drawn to the same scale: what PIPR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PIPR financial health
Descriptive bands, not a rating. Fiscal 2025.
PIPR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.13B2016 | $2.59B2025 | +2.2%/yr | |
| Total liabilities | $1.31B2016 | $1.01B2025 | −2.8%/yr | |
| Shareholders’ equity | $759.2M2016 | $1.37B2025 | +6.8%/yr | |
| Cash & short-term investments | $41.4M2016 | $809.4M2025 | +39.2%/yr | |
| Total debt | $593.8M2016 | $116.4M2025 | −16.6%/yr | |
| Net cash (debt) | −$552.5M2016 | $693.1M2025 | +$1.2B | |
| Working capital | −$731.1M2016 | $884.3M2025 | +$1.6B | |
| Book value per share | $14.852016 | $19.272025 | +2.9%/yr | |
| Debt / equity | 0.782016 | 0.082025 | −0.70 | |
| Shares outstanding | 51.1M2016 | 71.1M2025 | +3.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PIPR assets
PIPR liabilities and equity
PIPR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PIPR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $809.4M | $482.8M | $383.1M | $365.6M | $971.0M | $507.9M | $250.0M | $50.4M | $33.8M | $41.4M |
| Cash & equivalents | $809.4M | $482.8M | $383.1M | $365.6M | $971.0M | $507.9M | $250.0M | $50.4M | $33.8M | $41.4M |
| Short-term investments | — | — | — | — | — | — | $639.8M | $627.2M | $1.38B | $159.7M |
| Receivables | $87.9M | $271.7M | $245.7M | $350.6M | $305.5M | $260.3M | $307.3M | $262.6M | $173.3M | $276.7M |
| Inventory | $0 | $351.2M | $341.8M | $282.5M | $230.4M | $270.8M | $434.1M | $479.8M | $663.3M | $464.6M |
| Other current assets | $27.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $924.9M | $834.0M | $383.1M | $734.9M | $1.30B | $782.9M | $568.0M | $50.4M | $33.8M | $41.4M |
| Property, plant & equipment (net) | $141.3M | $126.0M | $130.2M | $155.9M | $123.1M | $126.4M | $69.9M | $32.6M | $25.2M | $25.3M |
| Goodwill & intangible assets | $418.9M | $419.5M | $418.0M | $436.8M | $347.3M | $377.4M | $104.3M | $94.2M | $104.7M | $233.5M |
| Long-term investments | $757.7M | $633.1M | $721.5M | $340.0M | $349.0M | $401.6M | $639.8M | $627.2M | $1.38B | $1.06B |
| Other non-current assets | $349.8M | $243.2M | $488.2M | $513.9M | $450.5M | $309.0M | $246.7M | $540.8M | $477.6M | $766.4M |
| Total assets | $2.59B | $2.26B | $2.14B | $2.18B | $2.57B | $2.00B | $1.63B | $1.35B | $2.02B | $2.13B |
| Liabilities | ||||||||||
| Accounts payable | $22.4M | $5.9M | $979,000 | $4.6M | $13.2M | $18.6M | $7.5M | $8.7M | $19.4M | $40.8M |
| Short-term debt | $15.0M | $10.0M | $30.0M | $109.8M | $89.6M | $99.5M | $50.0M | $50.0M | $289.9M | $418.8M |
| Deferred revenue | — | — | $122.7M | $191.0M | −$76.4M | −$80.9M | — | — | — | — |
| Total current liabilities | $40.7M | $36.2M | $135.3M | $60.3M | $137.7M | $18.6M | $57.5M | $617.9M | $916.4M | $772.4M |
| Long-term debt | $0 | $0 | $40.4M | $125.0M | $125.0M | $195.0M | $175.0M | $50.0M | $125.0M | $175.0M |
| Lease obligations | $101.4M | $88.8M | $93.7M | $109.8M | $89.6M | $99.5M | $57.2M | — | — | — |
| Other long-term liabilities | $969.2M | $803.9M | $665.7M | $742.2M | $1.08B | $857.5M | $589.7M | $0 | $289.9M | $418.8M |
| Total liabilities | $1.01B | $840.2M | $841.5M | $927.5M | $1.34B | $1.07B | $822.2M | $614.9M | $1.28B | $1.31B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 |
| Retained earnings (deficit) | $728.9M | $561.7M | $454.4M | $453.3M | $450.2M | $271.0M | $258.7M | $182.6M | $176.3M | $257.2M |
| Treasury stock | — | — | — | −$441.7M | −$312.6M | −$289.4M | −$284.4M | −$300.3M | −$273.8M | −$284.5M |
| Accumulated other comprehensive income | $2.7M | −$1.2M | −$894,000 | −$2.5M | −$964,000 | −$197,000 | −$872,000 | −$1.4M | −$1.3M | −$2.6M |
| Minority interest | $211.8M | $187.9M | $214.0M | $200.0M | $164.6M | $96.7M | $75.2M | $53.0M | $47.9M | $57.0M |
| Total shareholders' equity | $1.37B | $1.23B | $1.09B | $1.05B | $1.06B | $829.4M | $731.3M | $730.4M | $693.3M | $759.2M |
| Key figures | ||||||||||
| Total debt | $116.4M | $98.8M | $164.2M | $234.8M | $214.6M | $294.5M | $282.1M | $50.0M | $414.9M | $593.8M |
| Net cash (debt) | $693.1M | $384.0M | $218.9M | $130.9M | $756.3M | $213.5M | −$32.1M | $411,000 | −$381.1M | −$552.5M |
| Working capital | $884.3M | $797.8M | $247.8M | $674.6M | $1.16B | $764.3M | $510.5M | −$567.5M | −$882.6M | −$731.1M |
| Tangible book value | $952.2M | $808.3M | $667.5M | $617.3M | $714.9M | $452.1M | $626.9M | $636.2M | $588.6M | $525.8M |
| Book value per share | $19.27 | $17.35 | $15.76 | $15.53 | $15.66 | $13.92 | $13.12 | — | $13.53 | $14.85 |
| Shares outstanding | 71.1M | 70.8M | 68.9M | 67.9M | 67.8M | 59.6M | 55.7M | — | 51.2M | 51.1M |
| Current ratio | 22.75 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 |
| Quick ratio | 22.07 | 20.83 | 4.65 | 11.88 | 9.27 | 41.32 | 9.69 | 0.51 | 0.23 | 0.41 |
| Debt / equity | 0.08 | 0.08 | 0.15 | 0.22 | 0.20 | 0.36 | 0.39 | 0.07 | 0.60 | 0.78 |
| Equity / assets | 52.9% | 54.4% | 50.7% | 48.3% | 41.4% | 41.5% | 44.9% | 54.3% | 34.2% | 35.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $304.2M | $344.4M | $809.4M | $114.0M | $123.3M | $126.1M | $482.8M | $350.2M | $320.9M | $70.0M | $383.1M | $51.9M |
| Cash & equivalents | $304.2M | $344.4M | $809.4M | $114.0M | $123.3M | $126.1M | $482.8M | $350.2M | $320.9M | $70.0M | $383.1M | $51.9M |
| Short-term investments | — | — | — | — | — | — | — | — | −$605.1M | — | — | −$384.0M |
| Receivables | $296.4M | $197.5M | $87.9M | $576.6M | $285.6M | $173.6M | $271.7M | $172.3M | $180.3M | $262.9M | $245.7M | $399.3M |
| Inventory | $558.1M | $421.3M | $0 | $366.7M | $0 | $400.3M | $351.2M | $320.4M | $329.2M | $118.8M | $341.8M | $384.0M |
| Other current assets | $0 | $0 | $27.7M | $0 | $17.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.09B | $765.7M | $924.9M | $711.6M | $426.1M | $318.1M | $834.0M | $548.3M | $517.1M | $350.3M | $383.1M | $473.9M |
| Property, plant & equipment (net) | $200.0M | $135.1M | $141.3M | $147.0M | $148.5M | $144.9M | $126.0M | $127.9M | $123.4M | $125.1M | $130.2M | $133.5M |
| Goodwill & intangible assets | $415.9M | $417.9M | $418.9M | $422.6M | $415.1M | $417.2M | $419.5M | $420.8M | $413.2M | $415.6M | $418.0M | $422.8M |
| Long-term investments | $770.1M | $732.4M | $757.7M | $651.4M | $692.1M | $661.9M | $633.1M | $605.2M | $595.7M | $444.2M | $721.5M | $654.3M |
| Other non-current assets | $0 | $78.9M | $349.8M | $287.2M | $277.4M | $278.3M | $243.2M | $329.9M | $270.6M | $487.3M | $488.2M | $280.9M |
| Total assets | $2.33B | $2.13B | $2.59B | $2.22B | $1.96B | $1.82B | $2.26B | $2.03B | $1.92B | $1.82B | $2.14B | $1.97B |
| Liabilities | ||||||||||||
| Accounts payable | $2.0M | $40.9M | $22.4M | $58.1M | $6.1M | $765,000 | $5.9M | $1.8M | $21.9M | $3.4M | $979,000 | $11.8M |
| Short-term debt | $15.0M | $15.0M | $15.0M | $15.0M | $15.0M | $15.0M | $10.0M | $20.0M | $90.1M | $91.5M | $30.0M | $95.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | $254.0M | — | $122.7M | −$83.4M |
| Total current liabilities | $518.9M | $57.1M | $40.7M | $101.8M | $21.1M | $59.7M | $36.2M | $65.3M | $62.8M | $110.2M | $135.3M | $11.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $64.3M | $73.8M | $47.8M | $40.4M | $125.0M |
| Lease obligations | $160.0M | $97.2M | $101.4M | $99.7M | $101.2M | $100.7M | $88.8M | $95.2M | $90.1M | $91.5M | $93.7M | $95.3M |
| Other long-term liabilities | $160.0M | $515.1M | $969.2M | $654.9M | $538.6M | $382.7M | $803.9M | $540.5M | $442.7M | $339.4M | $665.7M | $609.8M |
| Total liabilities | $759.4M | $572.2M | $1.01B | $756.7M | $559.7M | $442.4M | $840.2M | $670.0M | $579.3M | $497.4M | $841.5M | $746.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $779,000 | $779,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 |
| Retained earnings (deficit) | $734.0M | $680.5M | $728.9M | $629.8M | $581.5M | $556.4M | $561.7M | $505.3M | $481.2M | $461.2M | $454.4M | $412.6M |
| Accumulated other comprehensive income | $1.7M | $1.8M | $2.7M | $2.4M | $3.5M | −$43,000 | −$1.2M | $1.6M | −$792,000 | −$850,000 | −$894,000 | −$2.0M |
| Minority interest | $194.7M | $216.0M | $211.8M | $180.3M | $169.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.37B | $1.34B | $1.37B | $1.28B | $1.23B | $1.21B | $1.23B | $1.17B | $1.13B | $1.10B | $1.09B | $1.03B |
| Key figures | ||||||||||||
| Total debt | $175.0M | $112.2M | $116.4M | $114.7M | $116.2M | $115.7M | $98.8M | $179.5M | $163.9M | $139.3M | $164.2M | $220.3M |
| Net cash (debt) | $129.2M | $232.2M | $693.1M | −$660,000 | $7.1M | $10.4M | $384.0M | $170.7M | $157.1M | −$69.4M | $218.9M | −$168.4M |
| Working capital | $567.7M | $708.6M | $884.3M | $609.8M | $405.0M | $258.4M | $797.8M | $483.0M | $454.3M | $240.1M | $247.8M | $462.1M |
| Tangible book value | $956.9M | $923.9M | $952.2M | $860.2M | $814.8M | $796.2M | $808.3M | $746.5M | $713.0M | $685.0M | $667.5M | $611.6M |
| Book value per share | $19.27 | $18.84 | $19.24 | $18.01 | $17.35 | $16.89 | $17.18 | $16.42 | $15.97 | $15.72 | $15.63 | $14.99 |
| Shares outstanding | 71.2M | 71.2M | 71.3M | 71.2M | 70.9M | 71.8M | 71.5M | 71.1M | 70.5M | 70.0M | 69.5M | 69.0M |
| Current ratio | 2.09 | 13.40 | 22.75 | 6.99 | 20.16 | 5.33 | 23.03 | 8.40 | 8.24 | 3.18 | 2.83 | 40.07 |
| Quick ratio | 1.16 | 9.48 | 22.07 | 6.79 | 19.35 | 5.02 | 20.83 | 8.00 | 7.98 | 3.02 | 4.65 | 38.14 |
| Debt / equity | 0.13 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.08 | 0.15 | 0.15 | 0.13 | 0.15 | 0.21 |
| Equity / assets | 59.0% | 63.0% | 52.9% | 57.8% | 62.8% | 66.7% | 54.4% | 57.4% | 58.7% | 60.4% | 50.7% | 52.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PIPR financial position
At the end of fiscal 2025 (December 31, 2025), Piper Sandler had total assets of $2.6 billion (up 14.9% from a year earlier), total liabilities of $1.0 billion and shareholders' equity of $1.4 billion. It held $809.4 million in cash and short-term investments against $116.4 million of debt, a net cash position of $693.1 million. Its current ratio was 22.75. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity $1.4 billion.
Related: PIPR income statement, PIPR cash flow statement, PIPR key metrics. See the PIPR stock overview for the latest quote and news.
PIPR balance sheet FAQ
What are Piper Sandler's total assets?
Piper Sandler reported total assets of $2.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.3 billion a year earlier.
How much debt does Piper Sandler have?
Piper Sandler had $116.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does Piper Sandler have?
Piper Sandler held $809.4 million in cash and short-term investments at the end of fiscal 2025; with $116.4 million of debt that is net cash of $693.1 million.
What is Piper Sandler's book value?
Piper Sandler's shareholders' equity (book value) was $1.4 billion at the end of fiscal 2025, or $19.27 per share.
What is Piper Sandler's current ratio?
Piper Sandler had current assets of $924.9 million and current liabilities of $40.7 million, a current ratio of 22.75 (it can cover its short-term obligations).
How much goodwill does Piper Sandler have?
Piper Sandler carried $418.9 million of goodwill and intangible assets, 16.2% of total assets, at the end of fiscal 2025.