olivLaw · US equity research
Piper Sandler Companies PIPR
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Piper Sandler Companies is an investment bank and institutional securities firm based in Minneapolis, offering M&A advisory, equity and debt capital raising, public finance and institutional brokerage. Net revenues grew 24.5% in fiscal 2025, and in the first half of 2026 the firm reported its best first-half revenues on record.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Piper Sandler Companies (PIPR) stock was 70.22 USD (+6.47% on the day), with market capitalisation 5.0 bn USD, P/E 6.0 on diluted EPS of 11.65 USD over the last 12 months, dividend yield 4.32%, beta 1.52, 52-week range 63.45–94.52 USD. Latest reported quarter (Q2 2026): revenue of 496.3 m USD (+24.5% YoY), net income of 67.8 m USD (+60.8% YoY), diluted EPS 0.95 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 62.02 – 68.74
- above the upper band · %B 1.22 · band width 10.3%
- SMA 50 / 200
- 69.46 / 76.70
- mixed trend
- MACD (12, 26, 9)
- -0.32 / -1.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.0% | −2.0% | +9.0 pp | — |
| 3 months | −7.8% | −2.2% | −5.7 pp | — |
| 6 months | −12.8% | +4.3% | −17.1 pp | — |
| Year to date | −17.3% | +10.6% | −27.9 pp | — |
| 1 year | −13.9% | +10.5% | −24.4 pp | −11.1% |
| 3 years | +93.5% | +73.7% | +19.8 pp | +54.2% |
| 5 years | +56.8% | +61.7% | −4.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 360.9 m | 485.4 m | 358.6 m | 398.6 m | 480.1 m | 667.0 m | 475.1 m | 496.3 m |
| Pre-tax income | 55.6 m | 82.1 m | 29.4 m | 48.9 m | 107.4 m | 188.8 m | 87.9 m | 100.4 m |
| Income tax | 15.2 m | 29.6 m | -7.3 m | 17.2 m | 24.9 m | 45.8 m | 19.6 m | 30.3 m |
| Net income | 34.8 m | 69.1 m | 64.9 m | 42.2 m | 60.3 m | 114.0 m | 65.2 m | 67.8 m |
| Diluted EPS | 1.96 | 3.86 | 0.91 | 0.59 | 3.38 | 6.40 | 0.92 | 0.95 |
| Operating cash flow | 80.1 m ≈ | 163.8 m | -207.2 m | 32.1 m ≈ | 31.9 m ≈ | 729.8 m | -291.7 m | 36.3 m ≈ |
| Dividends paid | 10.7 m ≈ | 12.6 m | 70.3 m | 17.1 m ≈ | 11.9 m ≈ | 14.9 m | 100.7 m | 13.8 m ≈ |
| Share repurchases | 2.4 m ≈ | 6.5 m | 80.6 m | 20.9 m ≈ | 3.7 m ≈ | 19.8 m | 69.9 m | 31.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 52 percentile of its own 31-quarter history (min 2.1, median 5.9, max 10.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 757.5 m | 846.3 m | 1.3 bn | 2.0 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.9 bn |
| Revenue YoY | −10.2% | +11.7% | +48.0% | +63.0% | −29.7% | −5.4% | +12.8% | +24.3% |
| Net income | 57.0 m | 111.7 m | 40.5 m | 278.5 m | 110.7 m | 85.5 m | 181.1 m | 281.3 m |
| Net income YoY | unavailable | +95.9% | −63.7% | +587.6% | −60.3% | −22.8% | +111.9% | +55.3% |
| Diluted EPS | 3.72 | 7.69 | 2.72 | 16.43 | 6.52 | 4.96 | 10.24 | 15.82 |
| Diluted EPS YoY | unavailable | +106.7% | −64.6% | +504.0% | −60.3% | −23.9% | +106.5% | +54.5% |
| net % | 7.5% | 13.2% | 3.2% | 13.6% | 7.7% | 6.3% | 11.8% | 14.8% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 809.4 m USD
- Financial debt
- 15.0 m USD
- Net debt
- -794.4 m USD
- Equity
- 1.6 bn USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 0.01x
- Current ratio
- unavailable
- ROE
- 18.8%
- ROA
- 11.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 2.0 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 10.7 m | 12.6 m | 15.6 m | 17.9 m | 16.8 m | 17.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 68.5 m | 441.5 m | 134.4 m | 122.6 m | 218.4 m | 374.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 19.2 m | 111.1 m | 33.2 m | 23.6 m | 61.0 m | 80.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 40.5 m | 278.5 m | 110.7 m | 85.5 m | 181.1 m | 281.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 2.72 | 16.43 | 6.52 | 4.96 | 10.24 | 15.82 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 14.9 m | 17.0 m | 17.0 m | 17.2 m | 17.7 m | 17.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 2.00 | 6.80 | 6.90 | 3.65 | 3.50 | 5.70 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 507.9 m | 971.0 m | 365.6 m | 383.1 m | 482.8 m | 809.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 43.8 m | 51.8 m | 68.2 m | 60.8 m | 59.4 m | 77.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 227.5 m | 227.5 m | 301.2 m | 301.8 m | 312.0 m | 319.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 149.9 m | 119.8 m | 135.6 m | 116.2 m | 107.5 m | 99.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.0 bn | 2.6 bn | 2.2 bn | 2.1 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 0 | — | 0 | 30.0 m | 10.0 m | 15.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 195.0 m | 125.0 m | 125.0 m | 0 | — | — | SEC (XBRL)· 26 Feb 2024verified |
| Total liabilities | 1.1 bn | 1.3 bn | 927.5 m | 841.5 m | 840.2 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 926.1 m | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 779.8 m | 707.1 m | -224.9 m | 275.6 m | 313.3 m | 586.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -435.0 m | -20.6 m | -127.1 m | -10.1 m | -31.8 m | -43.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -87.6 m | -223.1 m | -250.1 m | -249.6 m | -180.6 m | -218.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 28.2 m | 99.4 m | 107.5 m | 84.4 m | 73.7 m | 114.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 22.0 m | 69.9 m | 187.3 m | 70.7 m | 66.4 m | 125.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 74.90 – 227.41 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E134.09 – 227.41 (Mid 173.96)17 companies used · median multiple 14.9x · quartiles 11.5x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)74.90 – 100.73 (Mid 85.92)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.5% | 62 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.9% | 82 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | 34.4% | 100 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 6.0x | 95 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.4% | 77 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality· partial62/100 · 1/3 factors with a value
- Returns· partial77/100 · 1/2 factors with a value
- Valuation· partial95/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PIPER SANDLER COMPANIES (PIPR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 24.3%; net margin 14.5%; ROE 23.6%.
The estimated value range is 104.50–164.07 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 129.94 USD, the price of 70.22 USD leaves a potential of 85.0% (value / price − 1) and a margin of safety of 46.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.9%
- EPS CAGR 3Y: 34.4%
- P/E (TTM): 6.0x
- Shareholder yield (distributions): 5.4%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 292.3 bn | 14.9 | 18.0% | — | unavailable | +10% / +135% |
| BLKBlackRock, Inc. | 179.9 bn | 28.0 | 12.3% | 24.1% | +89.3% | +11% / +55% |
| SCHWSchwab Charles Corp | 154.4 bn | 16.1 | 20.3% | 38.8% | +22.0% | −4% / +46% |
| RJFRaymond James Financial, Inc. | 31.1 bn | 14.1 | 18.5% | 13.6% | +6.6% | +3% / +54% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −14% / +93% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Corporation | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for PIPR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.33 Total return -75% · Per year -75% | 28.80 Total return -57% · Per year -57% | 43.29 Total return -36% · Per year -36% |
| 3 years | 17.61 Total return -71% · Per year -34% | 34.78 Total return -45% · Per year -18% | 57.13 Total return -11% · Per year -4% |
| 5 years | 18.99 Total return -66% · Per year -19% | 42.00 Total return -29% · Per year -7% | 75.41 Total return 22% · Per year 4% |
- Exit P/E± 8.69
- Net margin± 6.09
- Annual revenue growth± 4.75
- Annual dilution± 0.51
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
In brief
Piper Sandler Companies is an investment bank and institutional securities firm based in Minneapolis, offering M&A advisory, equity and debt capital raising, public finance and institutional brokerage. Net revenues grew 24.5% in fiscal 2025 1, and in the first half of 2026 the firm reported its best first-half revenues on record 3.
SWOT
Strengths
- Diversification across sectors and products lets the company sustain revenue when one segment weakens, as 2026 results suggest 13.
- The advisory platform posted record quarterly revenue, showing the strength of client relationships and technical offering 3.
- The balance sheet and liquidity are managed prudently, which supports returning capital to shareholders and strategic investment 13.
Weaknesses
- Revenue is tied to one-off transactions, which makes quarterly results volatile and hard to forecast 1.
- Concentration in sectors such as healthcare and financial services means performance depends heavily on a few industries 1.
- Fixed income brokerage activity is unstable and declined in some quarters 3.
Opportunities
Risks
- Dependence on transaction volumehigh
Advisory and financing revenue depends on market activity. If activity falls, results could be affected quickly 1.
- Concentration in a few sectorsmedium
Healthcare and financial services play a major role in results. Regulatory or sector difficulties could affect the company disproportionately 1.
- Regulation and compliancemedium
The business is subject to complex regulation in the U.S. and abroad. Regulatory changes or sanctions could add costs 1.
- Acquisition integration riskmedium
Recent acquisitions bring risks of integration, loss of key personnel and goodwill impairment 1.
- Fixed income brokerage volatilitylow
Revenue from this activity declined in some quarters because of rate volatility and client concentration in the depositories sector 23.
Investment thesis
What would need to be true (bull case)
- If M&A and financing activity stay strong, revenue growth could continue, and recent results, including the best first-half revenue on record, could become a reference point 3.
- Diversification across sectors, products and regions can reduce reliance on any single segment and stabilise results over the medium term 1.
- The policy of returning capital to shareholders through dividends and buybacks shows prudent management and attention to returns 3.
What would break the thesis
- If trade and geopolitical uncertainty intensifies, transaction activity could fall sharply and reduce advisory revenue 12.
- Quarterly financing and brokerage revenue is volatile, and a weak quarter could suggest record results are not durable 3.
- Competition from larger firms with superior technology and financial resources could pressure market share and staff costs 1.
What to watch
- Trend in advisory revenue and the number of completed M&A transactionsQ3 2026
- Compensation level relative to revenue (compensation ratio)Q3 2026
- Fixed income brokerage results after rate volatility2026
- Progress of expansion in technology and Europe, and integration of recent acquisitionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
The business
Piper Sandler Companies provides corporations, private equity groups, public entities, non-profits and institutional investors in the United States and abroad with financial advisory, equity and debt capital markets products, public finance, institutional brokerage, research and fixed income services. The company operates as one reportable segment and has extended its platform through recent acquisitions such as G Squared Capital Partners and Aviditi Capital Advisors 12. Founded in 1895, it has offices in London, Aberdeen, Munich, Paris, Zurich, Abu Dhabi and Hong Kong, and most of its revenue comes from the U.S. 1.
The business model depends on transactions: advisory fees are earned per engagement, so revenue varies from quarter to quarter. The firm earns advisory and financing fees, commissions and trading revenue in equities and fixed income, and management and performance fees from the alternative asset funds it manages 1. With 1,858 full-time employees at the end of 2025, people are the core asset, which makes the compensation ratio a key metric 1.
Stated strategy aims at revenue growth, expansion in technology and Europe, scaling of brokerage platforms and disciplined capital management 1. In the second quarter of 2026 the company declared a quarterly dividend of $0.20 per share 3.
Segments
Advisory services
Advisory covers mergers and acquisitions, restructuring and private capital advisory. Second-quarter 2026 revenue reached $274 million, a record second quarter, up 34% year over year 3.
Public finance and corporate financing
This covers equity and debt capital raising and financing for municipalities and non-profit entities. Municipal financing revenue reached $49.5 million in the second quarter of 2026, while corporate financing fell versus the first quarter on fewer completed deals 3.
Market context
The advisory and financing market depends on M&A volume, market volatility and macroeconomic conditions. In fiscal 2025 the number of completed public equity offerings rose 24.8% and initial public offerings rose 89.7% 1. In 2026 conditions are described as more constructive, but still uncertain because of trade policy and geopolitics 2.
Trends
- Recovery in M&A activitytailwind
M&A has returned as a growth driver for advisory, particularly in healthcare and middle-market depositories. If the trend holds, advisory revenue could stay elevated 2.
- Trade and geopolitical uncertaintyheadwind
Tariffs and geopolitical conflicts add volatility and inflationary pressure, which can delay transactions and financings 12.
- Monetary policy and interest ratesmixed
Rate cuts by the Federal Reserve in 2025 supported activity, but holding rates steady in 2026 limits further gains. Rate volatility especially affects fixed income brokerage 23.
- Equity capital markets and IPOstailwind
The number of IPOs and equity offerings grew strongly in 2025, supporting financing revenue. If markets stay open, this trend could continue 1.
Competitive position
Competition is intense and comes from large Wall Street banks, international firms, regional broker dealers, boutique and niche-specialty firms and alternative electronic trading systems 1. Many larger competitors have greater financial and technology resources, which may let them offer a broader set of products 1.
Competition for qualified people is equally important, since the business depends on its staff. Culture, management, work environment, locations and compensation determine where employees choose to work 1.
- Large Wall Street investment banks
Competitors with greater financial and technology resources that can offer a wider product range 1.
- International investment firms
Competitors active in several markets that compete on advisory and financing on a global scale 1.
- Regional broker dealers
Smaller firms with local presence that compete on brokerage and services for mid-sized clients 1.
- Boutique firms and alternative trading systems
Specialised firms and electronic platforms that compete on trade execution 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- DLA Piper appoints Arcadie Parfenie as the new head of Tax in RomaniaJuridice.ro · 03 Nov 2026 · RO
- DLA Piper îl numește pe Arcadie Parfenie la conducerea practicii de Tax din RomâniaJuridice.ro · 03 Nov 2026 · RO
- DLA Piper appoints Laura Ambrozie as the new head of Competition practice in RomaniaJuridice.ro · 02 Nov 2026 · RO
- DLA Piper o numește pe Laura Ambrozie să coordoneze practica de Dreptul Concurenței în RomâniaJuridice.ro · 02 Nov 2026 · RO
- Masahiko Ishida, DLA Piper Japan: Companiile internaţionale care reuşesc să aibă success pe piaţa din Japonia sunt cele care îşi înfiinţează propria filială acolo, angajează oameni şi îşi construiesc o prezenţă locală pe termen lungZiarul Financiar · 02 Nov 2026 · RO
- Vinul zilei: un cupaj sud-african cu Syrah în prim-plan, cu arome de mure, lavandă, afine, prune coapte și cireșe, completate de accente de piper alb, chimen și lemn dulce. Un roșu generos, cotat cu 92 de puncte JS și 91 de puncte RPProfit.ro · 01 Nov 2026 · RO
- Vinul zilei: un cupaj italian remarcabil, obținut din Cabernet Sauvignon, Merlot și Syrah, cotat cu 99 puncte Luca Maroni. Dezvăluie arome de mure, cireșe, lemn dulce, piper negru și tutuProfit.ro · 29 Oct 2026 · RO
- Franța mobilizează 70.000 de polițiști pentru un nou weekend de proteste. La Paris cresc vânzările de spray cu piper și grenade lacrimogeneSpotMedia.ro · 24 Oct 2026 · RO
- Akane Uchida, DLA Piper Japonia: Companiile internaţionale trebuie să ştie că este foarte dificil de justificat concedierea unui angajat în Japonia. Chiar şi retragerea unei oferte de angajare poate fi contestatăZiarul Financiar · 21 Oct 2026 · RO
- Vinul zilei: un cupaj de Fetească Neagră și Cabernet Sauvignon din Dealu Mare, dominat de fructe negre, vișine supracoapte, tonuri vegetale și aluzii de scorțișoară, la care se adaugă pe palat impresii de ciocolată amăruie și piperProfit.ro · 21 Oct 2026 · RO
- The Piper J-3 Cub: How A Yellow Taildragger Trained A Generation Of PilotsSimple Flying · 19 Oct 2026 · EN
- Bătaie între femei pe locurile rezervate într-un cinematograf din Argentina: „Țipete, pumni, spray cu piper și arestări. Haos!”Libertatea.ro · 17 Oct 2026 · RO
- Vans is gaining ground with teens. Its owner's stock stands to gain too, Piper Sandler saysCNBC — Top News · 13 Oct 2026 · EN
- Vinul zilei: un Primitivo cu arome de dulceață de coacăze negre, prune coapte, piper și vanilie. Un roșu intens și generos, cu taninuri fine și un final lung, condimentat, potrivit alături de fripturi la cuptor sau brânzeturi maturateProfit.ro · 13 Oct 2026 · RO
- Law Firm DLA Piper Hires Latham Team to Expand Private Credit GroupBloomberg Markets · 12 Oct 2026 · EN
- Richard Burr, principal policy advisor, DLA Piper: Piaţa americană este deschisă oricărei companii sau oricărei ţări care poate contribui cu inovaţie şi tehnologie. Acolo este viitorulZiarul Financiar · 12 Oct 2026 · RO
- Vinul zilei: un Primitivo cotat cu 99 de puncte Luca Maroni, un roșu cu arome de prune coapte, mure și gem de cireșe, completate de lemn dulce, lemn de santal, cardamom, piper și cacaoProfit.ro · 09 Oct 2026 · RO
- Piper Sandler Said to Be in Talks to Buy Perella WeinbergBloomberg Markets · 29 Sept 2026 · EN
- Cisco stock sinks 5% after Piper Sandler cuts price target on growth concernsCNBC — Top News · 22 Sept 2026 · EN
- Piper Sandler Flags Weakening Market Breadth as S&P 500 Declines 0.48%Yahoo Finance — News · 20 Sept 2026 · EN
SEC filings
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
- Current report23 Mar 2026Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Piper Sandler Companies · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Piper Sandler Companies · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Piper Sandler Companies · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.