| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 55 | 17.6x | 17.8x | Around median | |
Growth | 86 | 32.1% | 7.1% | Top tier | |
Quality | 94 | — | — | Top tier | |
Safety | 80 | — | — | Top tier | |
Capital Return | 74 | 8.19% | 2.12% | Top tier | |
Momentum | 40 | -11.8% | 2.9% | Bottom tier | |
Sentiment | 64 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Piper Sandler Companies (PIPR) operates as an investment bank and financial services firm that generates revenue from advisory services, particularly mergers and acquisitions, corporate financing, municipal financing underwriting, equity brokerage, and fixed income. Corporate investment banking represented 55% of net revenues in the first half of fiscal 2026, with financial services and healthcare as the two largest sector franchises, while the company added income streams from Insurance, Asset Management, and Private Capital Advisory.
In fiscal Q2 2026, the company reported revenue of $496.3 million, net income of $67.8 million, and earnings per share of $0.95 according to EDGAR. On the adjusted basis presented by management, net revenues were $491 million, operating income was $107 million, net income was $74 million, and diluted earnings per share were $1.04, with an operating margin of 21.8%. Adjusted net revenues increased 21% year over year and 5% sequentially, marking the eleventh consecutive quarter of year-over-year revenue growth.
Advisory activity led the results mix in fiscal Q2 2026; corporate investment banking revenue reached $312 million, up 31% year over year, including $274 million from advisory services and $38 million from corporate financing. Municipal financing generated $50 million, equity brokerage $63 million, and fixed income $49 million. In the first half of fiscal 2026, net revenues were $961 million, operating income was $201 million, and net income was $146 million, with an operating margin of 20.9%.
Automated analysis for informational purposes only — not investment advice.
The consensus analyst target is $97, slightly above the 52-week range high of $95.065, compared with a low of $68.6975. However, the consensus rating is neutral, and the highest and lowest targets are identical at $97, meaning the published valuation does not provide a diverse range of analyst views. The available data did not provide a valid earnings multiple that could be used as an additional valuation anchor, while the expected slowdown in growth during the second half of fiscal 2026 remains a counterbalance to the strong first-half figures.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Advisory activity is leading growth, with revenue rising 34% year over year to $274 million in fiscal Q2 2026. The company completed 83 advisory transactions, up 17%, with a greater contribution from higher-fee deals. In the first half of fiscal 2026, corporate investment banking revenue increased 30% to $636 million, supported by Financial Services and Healthcare.
Piper Sandler stated that it ranked first in U.S. bank merger and acquisition advisory by both the number and value of announced transactions in the first half of fiscal 2026. Financial services led advisory performance in fiscal Q2 2026, despite continued weakness in large transactions and improved middle-market activity. This makes the competitive position important for growth, but it ties part of the results to the pace at which financial institution transactions close.
The adjusted operating margin was 21.8% in fiscal Q2 2026, with operating income of $107 million on net revenues of $491 million. In the first half of fiscal 2026, the margin was 20.9%, and operating income grew 42% compared with revenue growth of 22%. A compensation ratio of 61.5% and a 230-basis-point improvement in the non-compensation expense ratio helped produce this operating leverage.
Management expects fiscal Q3 2026 net revenues to be similar to their fiscal Q3 2025 level. It also expects seasonal declines in municipal financing and equity brokerage compared with fiscal Q2 2026 and fixed income revenue to remain near the $49 million level. Advisory enters the period with an active pipeline, but management linked actual results to the closing rates of higher-fee transactions.
The company returned $215 million to shareholders in the first half of fiscal 2026. This included $115 million in cash dividends, or $1.625 per share according to the call transcript, and the repurchase of approximately 1.3 million shares for $101 million. On July 30, 2026, the board of directors approved a quarterly dividend of $0.20 per share, payable on September 11, 2026, to shareholders of record on August 28, 2026.
Results depend heavily on corporate investment banking, which represented 55% of net revenues in the first half of fiscal 2026, and on Financial Services and Healthcare as the two largest sectors. Some Consumer and Industrials markets also face weaker activity, while the pipeline of higher-fee transactions depends on announcement and closing rates in fiscal Q4 2026. Additional pressures include data contracts, AI investments, and dual-occupancy costs in New York that are expected to extend into fiscal 2027.
