Piper Sandler Companies (PIPR) Key Metrics
PIPR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.57B
- Enterprise value
- $3.85B
- P/E (TTM)
- 15.0 10-yr median 21.5
- Forward P/E
- 10.1
- PEG ratio
- 1.26
- Price / sales
- 2.2 10-yr median 1.5
- Price / book
- 3.7 10-yr median 2.1
- EV / EBITDA
- — 10-yr median 12.8
- Dividend yield
- 1.24% $0.80 a year
- Beta
- 1.44
PIPR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPIPR valuation Price multiples at each fiscal year-end price.
PIPR returns How much profit the business earns on the capital it uses.
PIPR per-share figures Results divided by the shares outstanding at year-end.
PIPR financial health Debt, liquidity and how easily interest is covered.
PIPR efficiency & capital use Working capital cycle and where the cash goes.
PIPR valuation history
PIPR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PIPR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PIPR cash returned to shareholders
PIPR price vs earnings per share
PIPR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.04B | $5.31B | $3.01B | $2.21B | $3.03B | $1.50B | $1.11B | — | $1.10B | $926.5M |
| Enterprise value | $5.35B | $4.92B | $2.79B | $2.08B | $2.27B | $1.29B | $1.15B | — | $1.49B | $1.48B |
| P/E ratio | 21.5 | 29.3 | 35.2 | 20.0 | 10.9 | 37.1 | 10.0 | — | — | — |
| Price / sales | 3.2 | 3.6 | 2.3 | 1.6 | 1.5 | 1.3 | 1.4 | — | 1.3 | 1.2 |
| Price / book | 4.4 | 4.3 | 2.8 | 2.1 | 2.8 | 1.8 | 1.5 | — | 1.6 | 1.2 |
| Price / free cash flow | 8.7 | 17.8 | 11.3 | — | 4.4 | 2.0 | 18.2 | — | 4.9 | 24.5 |
| Price / operating cash flow | 8.3 | 16.9 | 10.9 | — | 4.3 | 1.9 | 16.4 | — | 4.8 | 19.0 |
| EV / sales | 2.8 | 3.3 | 2.1 | 1.5 | 1.1 | 1.1 | 1.4 | — | 1.8 | 1.9 |
| EV / EBITDA | 13.0 | 20.1 | 17.5 | 12.6 | 4.7 | 10.4 | 8.3 | — | 14.6 | — |
| EV / free cash flow | 7.7 | 16.5 | 10.5 | — | 3.3 | 1.7 | 18.7 | — | 6.6 | 39.2 |
| Earnings yield | 4.7% | 3.4% | 2.8% | 5.0% | 9.2% | 2.7% | 10.0% | — | −5.6% | −2.4% |
| Free cash flow yield | 11.5% | 5.6% | 8.8% | −11.6% | 22.7% | 50.7% | 5.5% | — | 20.3% | 4.1% |
| Dividend yield | 1.9% | 1.4% | 2.8% | 4.9% | 3.3% | 1.9% | 3.2% | — | 1.7% | 2.0% |
| Shareholder yield (dividends + buybacks) | 4.0% | 2.6% | 5.2% | 13.4% | 5.6% | 3.3% | 7.7% | — | 4.0% | 9.7% |
| Share price at fiscal year-end | $84.93 | $74.99 | $43.72 | $32.55 | $44.63 | $25.23 | $19.98 | $16.46 | $21.56 | $18.12 |
| Per share | ||||||||||
| Revenue per share | $26.77 | $20.93 | $19.01 | $20.38 | $29.23 | $20.06 | $14.53 | — | $16.31 | $14.91 |
| Earnings per share | $3.95 | $2.56 | $1.24 | $1.63 | $4.11 | $0.68 | $2.00 | — | −$1.21 | −$0.43 |
| Operating cash flow per share | $10.29 | $4.43 | $4.00 | −$3.31 | $10.43 | $13.08 | $1.22 | — | $4.53 | $0.95 |
| Free cash flow per share | $9.81 | $4.21 | $3.85 | −$3.77 | $10.12 | $12.79 | $1.10 | — | $4.37 | $0.74 |
| Cash per share | $11.38 | $6.82 | $5.56 | $5.39 | $14.32 | $8.52 | $4.48 | — | $0.66 | $0.81 |
| Book value per share | $19.27 | $17.35 | $15.76 | $15.53 | $15.66 | $13.92 | $13.12 | — | $13.53 | $14.85 |
| Tangible book value per share | $13.38 | $11.42 | $9.69 | $9.10 | $10.54 | $7.58 | $11.25 | — | $11.49 | $10.29 |
| Dividends per share | $1.60 | $1.04 | $1.23 | $1.58 | $1.46 | $0.47 | $0.64 | — | $0.37 | $0.37 |
| Capex per share | $0.49 | $0.22 | $0.15 | $0.45 | $0.30 | $0.29 | $0.12 | — | $0.16 | $0.22 |
| Debt per share | $1.64 | $1.40 | $2.38 | $3.46 | $3.16 | $4.94 | $5.06 | — | $8.10 | $11.62 |
| Shares outstanding | 71.1M | 70.8M | 68.9M | 67.9M | 67.8M | 59.6M | 55.7M | — | 51.2M | 51.1M |
| Change in shares outstanding | +0.5% | +2.7% | +1.5% | +0.1% | +13.8% | +6.9% | — | — | +0.2% | −11.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.7% | 15.7% | 8.0% | 10.5% | 29.4% | 5.2% | 15.3% | 8.0% | −8.5% | −2.8% |
| Return on invested capital (ROIC) | 39.8% | 18.4% | 11.1% | 16.5% | 71.7% | 7.2% | 12.6% | 6.0% | 3.3% | −1.9% |
| Return on assets (ROA) | 11.6% | 8.2% | 4.0% | 4.7% | 12.2% | 2.2% | 7.5% | 3.4% | −3.0% | −1.0% |
| Return on tangible assets | 12.9% | 9.9% | 5.0% | 6.3% | 12.6% | 2.5% | 7.3% | 4.6% | −3.2% | −1.2% |
| Free cash flow margin | 36.6% | 20.1% | 20.3% | −18.5% | 34.6% | 63.7% | 7.6% | 68.2% | 26.8% | 5.0% |
| Income quality (OCF / net income) | 2.60 | 1.73 | 3.22 | −2.03 | 2.54 | 19.25 | 0.61 | 8.94 | — | — |
| Financial health | ||||||||||
| Total debt | $116.4M | $98.8M | $164.2M | $234.8M | $214.6M | $294.5M | $282.1M | $50.0M | $414.9M | $593.8M |
| Cash & short-term investments | $809.4M | $482.8M | $383.1M | $365.6M | $971.0M | $507.9M | $250.0M | $50.4M | $33.8M | $41.4M |
| Net debt | −$693.1M | −$384.0M | −$218.9M | −$130.9M | −$756.3M | −$213.5M | $32.1M | −$411,000 | $381.1M | $552.5M |
| Debt / equity | 0.08 | 0.08 | 0.15 | 0.22 | 0.20 | 0.36 | 0.39 | 0.07 | 0.60 | 0.78 |
| Debt / assets | 0.04 | 0.04 | 0.08 | 0.11 | 0.08 | 0.15 | 0.17 | 0.04 | 0.20 | 0.28 |
| Net debt / EBITDA | −1.68 | −1.56 | −1.37 | −0.79 | −1.56 | −1.72 | 0.23 | −0.00 | 3.74 | — |
| Current ratio | 22.75 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 |
| Quick ratio | 22.75 | 13.33 | 0.31 | 7.50 | 7.73 | 27.54 | 2.33 | −0.70 | −0.69 | −0.55 |
| Interest coverage | 79.6 | 38.4 | 12.1 | 14.2 | 41.1 | 4.7 | 10.1 | 4.4 | 3.9 | -1.4 |
| Working capital | $884.3M | $797.8M | $247.8M | $674.6M | $1.16B | $764.3M | $510.5M | −$567.5M | −$882.6M | −$731.1M |
| Invested capital | $677.9M | $843.8M | $866.6M | $923.2M | $305.9M | $616.0M | $763.4M | $730.0M | $1.07B | $1.31B |
| Tangible asset value | $1.16B | $996.2M | $881.5M | $817.2M | $879.6M | $548.7M | $702.2M | $636.2M | $636.5M | $582.8M |
| Net current asset value | −$84.9M | −$6.2M | −$458.4M | −$192.6M | −$43.0M | −$288.2M | −$254.2M | −$564.5M | −$1.25B | −$1.27B |
| Graham number | $41.41 | $31.60 | $20.97 | $23.87 | $38.04 | $14.59 | $24.32 | — | — | — |
| Graham net-net per share | −$1.89 | $0.31 | −$1.50 | −$2.32 | −$0.34 | −$3.90 | −$2.24 | — | −$15.38 | −$16.20 |
| Capital allocation | ||||||||||
| Dividends paid | $114.1M | $73.7M | $84.4M | $107.5M | $99.3M | $28.2M | $35.6M | $47.2M | $18.9M | $18.9M |
| Share buybacks (net) | $125.0M | $66.4M | $70.7M | $187.3M | $69.9M | $22.0M | $50.6M | $70.9M | $25.5M | $70.9M |
| Dividend payout ratio | 40.6% | 40.7% | 98.8% | 97.2% | 35.7% | 69.6% | 31.9% | 82.7% | — | — |
| Dividends + buybacks / free cash flow | 34.3% | 47.1% | 58.4% | — | 24.7% | 6.6% | 140.6% | 23.9% | 19.8% | 237.8% |
| Capex / revenue | 1.8% | 1.0% | 0.8% | 2.2% | 1.0% | 1.5% | 0.8% | 2.2% | 1.0% | 1.4% |
| Capex / operating cash flow | 4.7% | 4.9% | 3.6% | — | 2.9% | 2.3% | 9.6% | 3.1% | 3.5% | 22.6% |
| Capex / depreciation | 1.27 | 0.57 | 0.27 | 0.99 | 0.48 | 0.32 | 0.34 | 0.84 | 0.36 | 0.40 |
| Stock-based compensation / revenue | 6.5% | 7.0% | 7.2% | 9.5% | 8.6% | 10.2% | 3.9% | 6.1% | 4.8% | 7.3% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 66.9% | 70.6% | 71.4% | 74.2% | 66.9% | 74.5% | 67.2% | 71.2% | 74.0% | 71.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 34.5 | 63.7 | 83.1 | 86.6 | 52.1 | 86.6 | 128.4 | 109.8 | 98.3 | 117.4 |
| Days of inventory on hand | — | 22,261.0 | 11,229.2 | 9,874.3 | 8,522.7 | 8,906.3 | 14,214.9 | 12,604.7 | 10,156.4 | 6,061.9 |
| Days payables outstanding | 42.3 | 219.8 | 100.7 | 344.0 | 541.3 | 329.8 | 251.5 | 309.3 | 542.4 | 720.9 |
| Cash conversion cycle (days) | -7.8 | 22,105.0 | 11,211.5 | 9,616.9 | 8,033.4 | 8,663.1 | 14,091.8 | 12,405.2 | 9,712.3 | 5,458.4 |
| Receivables turnover | 10.59 | 5.73 | 4.39 | 4.22 | 7.01 | 4.21 | 2.84 | 3.32 | 3.71 | 3.11 |
| Payables turnover | 8.63 | 1.66 | 3.62 | 1.06 | 0.67 | 1.11 | 1.45 | 1.18 | 0.67 | 0.51 |
| Inventory turnover | — | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.06 |
| Asset turnover | 0.79 | 0.67 | 0.61 | 0.58 | 0.87 | 0.66 | 0.54 | 0.43 | 0.40 | 0.36 |
| Average receivables | $179.8M | $258.7M | $298.2M | $328.1M | $282.9M | $283.8M | $285.0M | $217.9M | $225.0M | $245.2M |
| Average payables | $14.1M | $3.4M | $2.8M | $8.9M | $15.9M | $13.1M | $8.1M | $14.0M | $30.1M | $44.5M |
| Average inventory | — | $346.5M | $312.1M | $256.5M | $250.6M | $352.5M | $456.9M | $571.6M | $564.0M | $374.1M |
| Intangibles / total assets | 16.2% | 18.6% | 19.5% | 20.0% | 13.5% | 18.9% | 6.4% | 7.0% | 5.2% | 11.0% |
Computed from PIPR's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PIPR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Piper Sandler traded at 21.5 times earnings, against a 10-year median of 21.5. Based on the latest twelve months, the trailing P/E is 15.0 and the forward P/E is 10.1. Piper Sandler earned a return on equity of 21.7% and a return on invested capital of 39.8% in fiscal 2025. It ended the year with $116.4 million of debt and $809.4 million in cash and short-term investments, a net cash position of $693.1 million. It returned $239.2 million to shareholders: $114.1 million in dividends and $125.0 million in share buybacks, 34% of free cash flow. The share count rose 39.2% from 51.1M to 71.1M over 9 years.
See the PIPR income statement, the PIPR chart for price history, or the PIPR stock overview for the latest quote and news.
PIPR key metrics FAQ
What is Piper Sandler's P/E ratio?
Piper Sandler's trailing P/E ratio is 15.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.1. At the end of fiscal 2025 it was 21.5, compared with a 10-year median of 21.5.
What is Piper Sandler's EV/EBITDA?
Piper Sandler's enterprise value was 13.0 times EBITDA at the end of fiscal 2025 (enterprise value $5.3 billion, EBITDA $412.9 million).
What is Piper Sandler's return on equity?
Piper Sandler's return on equity (ROE) was 21.7% in fiscal 2025: net income of $281.3 million on average shareholders' equity of $1.3 billion.
What is Piper Sandler's ROIC?
Piper Sandler's return on invested capital was 39.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Piper Sandler have?
Piper Sandler had total debt of $116.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.08 and more cash than debt.
What is Piper Sandler's dividend yield?
Piper Sandler's forward dividend yield is 1.24%. Piper Sandler paid $114.1 million in dividends in fiscal 2025 ($1.60 per share), a payout ratio of 40.6%.
Does Piper Sandler buy back its shares?
Yes. Piper Sandler spent $125.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 71.1M..
What is Piper Sandler's free cash flow yield?
Piper Sandler generated $697.5 million of free cash flow in fiscal 2025, a free cash flow yield of 11.5% on its market value at year-end ($6.0 billion).
What is Piper Sandler's current ratio?
Piper Sandler's current ratio was 22.75 at the end of fiscal 2025: current assets were 22.75 times current liabilities.