olivLaw · US equity research
Stifel Financial Corp. SF
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Stifel Financial Corp. is a financial holding company based in St. Louis, active in wealth management, investment banking and commercial banking, with net revenues of $5.53 billion in 2025. In the third quarter of 2026 it reported net revenues of $1.43 billion, with asset management and net interest income supporting results, which makes its profile relevant to investors following the financial services sector.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Stifel Financial Corp. (SF) stock was 72.94 USD (+6.26% on the day), with market capitalisation 5.1 bn USD, P/E 10.3 on diluted EPS of 7.05 USD over the last 12 months, dividend yield 2.19%, beta 1.34, 52-week range 66.06–88.81 USD. Latest reported quarter (Q2 2026): revenue of 1.6 bn USD (+9.9% YoY), net income of 226.5 m USD (+46.1% YoY), diluted EPS 1.34 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)
- 61.7
- strong (55–70)
- Bollinger (20, 2)
- 64.80 – 71.59
- above the upper band · %B 1.20 · band width 10.0%
- SMA 50 / 200
- 72.70 / 75.95
- mixed trend
- MACD (12, 26, 9)
- -0.81 / -1.59
- 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 | +3.3% | −2.0% | +5.3 pp | — |
| 3 months | −13.5% | −2.2% | −11.3 pp | — |
| 6 months | −7.1% | +4.3% | −11.3 pp | — |
| Year to date | −12.6% | +10.6% | −23.2 pp | — |
| 1 year | −8.4% | +10.5% | −18.9 pp | −16.4% |
| 3 years | +79.4% | +73.7% | +5.7 pp | +54.2% |
| 5 years | +45.5% | +61.7% | −16.3 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 | 1.5 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.7 bn | 1.6 bn |
| Depreciation & amortisation | 15.1 m ≈ | 14.9 m | 15.0 m | 15.3 m ≈ | 15.5 m ≈ | 15.3 m | 15.3 m | 15.7 m ≈ |
| Interest expense | 251.2 m | 228.2 m | 213.6 m | 206.8 m | 205.2 m | 192.3 m | 187.5 m | 188.0 m |
| Pre-tax income | 216.7 m | 266.2 m | 63.4 m | 213.8 m | 286.0 m | 307.9 m | 326.1 m | 299.4 m |
| Income tax | 58.2 m | 22.2 m | 10.4 m | 58.8 m | 74.7 m | 43.5 m | 74.7 m | 73.0 m |
| Net income | 158.5 m | 244.0 m | 53.0 m | 155.1 m | 211.4 m | 264.4 m | 251.4 m | 226.5 m |
| Diluted EPS | 1.34 | 2.17 ≈ | 0.26 | 0.89 | 1.84 | 2.39 ≈ | 1.48 | 1.34 |
| Operating cash flow | 199.4 m ≈ | 423.8 m | -211.2 m | 607.5 m ≈ | 338.3 m ≈ | 382.4 m | -342.6 m | 76.1 m ≈ |
| Capex | 12.8 m ≈ | 17.4 m | 16.6 m | 14.8 m ≈ | 17.2 m ≈ | 13.5 m | 47.8 m | 14.8 m ≈ |
| Share repurchases | 20.2 m ≈ | 45.6 m | 93.2 m | 83.0 m ≈ | 31.2 m ≈ | 37.5 m | 96.4 m | 172.1 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 62 percentile of its own 39-quarter history (min 3.9, median 8.2, max 22.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.5 bn | 3.8 bn | 4.8 bn | 4.6 bn | 5.2 bn | 6.0 bn | 6.3 bn |
| Revenue YoY | +6.6% | +10.0% | +8.6% | +25.3% | −4.0% | +12.3% | +15.4% | +6.7% |
| Net income | 394.0 m | 448.4 m | 503.5 m | 824.9 m | 662.2 m | 522.5 m | 731.4 m | 683.8 m |
| Net income YoY | +115.4% | +13.8% | +12.3% | +63.8% | −19.7% | −21.1% | +40.0% | −6.5% |
| Diluted EPS | 3.15 | 3.66 | 4.16 | 6.66 | 5.32 | 4.28 | 6.25 | 5.87 |
| Diluted EPS YoY | +47.2% | +16.2% | +13.7% | +60.1% | −20.1% | −19.5% | +46.0% | −6.1% |
| net % | 12.3% | 12.8% | 13.2% | 17.2% | 14.4% | 10.1% | 12.3% | 10.8% |
| Free cash flow | 421.3 m | 469.0 m | 1.6 bn | 683.9 m | 1.1 bn | 447.4 m | 416.6 m | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- 617.4 m USD
- Net debt
- -1.6 bn USD
- Equity
- 6.0 bn USD
- Total assets
- 41.3 bn USD
- Debt / equity
- 0.10x
- Current ratio
- unavailable
- ROE
- 11.7%
- ROA
- 1.7%
- FCF margin
- 16.6%
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 | 3.8 bn | 4.8 bn | 4.6 bn | 5.2 bn | 6.0 bn | 6.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | — | — | 885.1 m | 706.7 m | 928.4 m | — | SEC (XBRL)· 26 Feb 2025verified |
| Depreciation & amortisation | 40.9 m | 45.6 m | 50.6 m | 60.5 m | 62.4 m | 61.1 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | — | — | 935.7 m ≈ | 767.2 m ≈ | 990.8 m ≈ | — | SEC (XBRL)· 26 Feb 2025derived |
| Interest expense | 65.8 m | 46.0 m | 201.4 m | 810.3 m | 981.4 m | 817.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 651.2 m | 1.1 bn | 885.1 m | 706.7 m | 928.4 m | 871.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 147.7 m | 242.2 m | 223.0 m | 184.2 m | 197.1 m | 187.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 503.5 m | 824.9 m | 662.2 m | 522.5 m | 731.4 m | 683.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.16 | 6.66 | 5.32 | 4.28 | 6.25 | 5.87 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 114.6 m | 118.5 m | 117.5 m | 113.5 m | 111.0 m | 110.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.45 | 0.60 | 1.20 | 1.44 | 1.68 | 1.84 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.3 bn | 2.0 bn | 2.2 bn | 3.4 bn | 2.6 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 167.9 m | 168.2 m | 200.0 m | 191.5 m | 193.2 m | 197.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 141.0 m | 148.2 m | 130.6 m | 133.3 m | 113.6 m | 108.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 26.6 bn | 34.0 bn | 37.2 bn | 37.7 bn | 39.9 bn | 41.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 616.6 m | 617.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 22.4 bn | 29.0 bn | 31.9 bn | 32.4 bn | 34.2 bn | 35.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 4.2 bn | 5.0 bn | 5.3 bn | 5.3 bn | 5.7 bn | 6.0 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 872.1 m | 1.2 bn | 499.3 m | 490.4 m | 1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 73.4 m | 188.2 m | 82.3 m | 52.0 m | 73.8 m | 62.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 1.6 bn ≈ | 683.9 m ≈ | 1.1 bn ≈ | 447.4 m ≈ | 416.6 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -1.7 bn | -7.0 bn | -4.3 bn | 1.0 bn | -2.3 bn | -1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 1.2 bn | 5.8 bn | 3.2 bn | -254.6 m | 980.1 m | 91.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 58.3 m | 172.7 m | 105.8 m | 443.9 m | 144.1 m | 245.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn USD
Key indicators
Coverage and freshness
Score by group
54% · 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: 81.18 – 378.63 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)248.14 – 378.63 (Mid 297.94)WACC 8.8% · starting FCFF 965.4 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E81.18 – 137.69 (Mid 105.32)17 companies used · median multiple 14.9x · quartiles 11.5x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, TIGR, VIRT, WT
- Dividend discount (DDM)outside the aggregate24.18 – 32.52 (Mid 27.74)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.3% | 58 (vs peers) | 12% |
| FCF conversion · Quality | 37.9% | 11 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 11.4% | 95 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | 3.3% | 22 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.3x | 84 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.1% | 89 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 6.6% | 95 (on a fixed band) | 12% |
| 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
- Growth59/100 · 2/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial95/100 · 1/2 factors with a value
- Valuation86/100 · 2/3 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
STIFEL FINANCIAL CORP (SF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.3 bn USD in 2025; YoY growth 6.7%; net margin 14.3%; ROE 16.4%.
The estimated value range is 164.66–258.16 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 201.63 USD, the price of 72.94 USD leaves a potential of 176.4% (value / price − 1) and a margin of safety of 63.8% (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 (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.4%
- P/E (TTM): 10.3x
- FCF yield: 7.1%
- Shareholder yield (distributions): 6.6%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 37.9%
- EPS CAGR 3Y: 3.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, 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% | −8% / +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% | −16% / +82% |
| 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 |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| OPYOppenheimer Holdings Inc. | — | 12.4 | 9.1% | 4.9% | +14.4% | +35% / +131% |
1- and 3-year price returns: for SF 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 | 89.57 Total return 26% · Per year 26% | 157.86 Total return 121% · Per year 121% | 237.11 Total return 231% · Per year 231% |
| 3 years | 99.38 Total return 48% · Per year 14% | 195.86 Total return 184% · Per year 42% | 321.20 Total return 360% · Per year 66% |
| 5 years | 110.27 Total return 71% · Per year 11% | 243.02 Total return 263% · Per year 29% | 435.10 Total return 536% · Per year 45% |
- Exit P/E± 48.97
- Net margin± 34.28
- Annual revenue growth± 26.39
- Annual dilution± 2.88
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 21 Oct 2026; since then the company filed 10-Q (04 Nov 2026).
In brief
Stifel Financial Corp. is a financial holding company based in St. Louis, active in wealth management, investment banking and commercial banking, with net revenues of $5.53 billion in 2025 1. In the third quarter of 2026 it reported net revenues of $1.43 billion 3, with asset management and net interest income supporting results, which makes its profile relevant to investors following the financial services sector.
SWOT
Strengths
- Diversification across wealth management, investment banking and commercial banking gives a balanced revenue model 1.
- Recurring revenue from asset management and interest income supports stability in quarterly results 13.
- Sweep deposits provide a relatively low-cost funding source for banking operations 1.
Weaknesses
- Compensation expense is a large share of costs, which makes profitability sensitive to revenue levels 1.
- Fixed income transactional revenues declined in the third quarter of 2026, showing vulnerability in the institutional segment 3.
- Reliance on financial advisors and their retention could become a weakness if recruiting slows 1.
Opportunities
- Recruiting advisors with established client books and asset acquisitions could expand the client base 12.
- Growth in investment banking activity in Europe after the Bryan, Garnier acquisition could open new mandates 1.
- Growth in bank balances and loans could support interest income if financing conditions remain favorable 3.
Risks
- Liquidity and fundingmedium
Access to funding and capital markets could be affected by difficult market conditions, which could limit operations 1.
- Credit ratinghigh
A credit rating downgrade could raise borrowing costs and could prompt clients to withdraw deposits above FDIC insurance limits 1.
- Interest rate riskmedium
Changes in interest rates affect the value of available-for-sale securities and the net interest margin 1.
- Credit riskmedium
Deterioration in borrower or counterparty credit quality could lead to losses and additional provisions 1.
- Litigation and regulationmedium
Legal proceedings and regulatory sanctions could affect results and reputation, as seen in 2025 1.
Investment thesis
What would need to be true (bull case)
- Recurring asset management revenues could keep growing, supported by advisor recruiting and cash redeployment into markets 13.
- Investment banking activity and recent acquisitions could add long-term revenue if capital markets remain active 12.
- Disciplined capital management, including share repurchases, could support shareholder value 3.
What would break the thesis
What to watch
- Trend in fixed income trading and investment banking revenues in the institutional segmentQ4 2026
- Pace of financial advisor recruiting and growth in client assets under administration2027
- Effect of Federal Reserve rate decisions on interest revenues and cash sweep balances2027
- Risk and litigation disclosures in the next annual reportnext 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 21 Oct 2026; since then the company filed 10-Q (04 Nov 2026).
The business
Stifel Financial Corp. is a Delaware holding company based in St. Louis whose principal subsidiary, Stifel, Nicolaus & Company, Incorporated, is a full-service wealth management and investment banking firm 1. The company operates through the Global Wealth Management, Institutional Group and Other segments, serving private clients, institutional investors and investment banking clients across the United States, Europe and Canada 1. Growth has come from acquisitions integrated in 2024 and 2025, including Finance 500 and CB Resource, part of the wealth management business of B. Riley Financial and Bryan, Garnier & Co. 1.
Clients are individuals, corporations, municipalities and institutions, and no single client is a material percentage of any segment 1. Compensation and benefits are the largest expense component, which makes attracting and retaining financial advisors a central driver of performance 1.
Segments
Institutional Group
The segment includes research, equity and fixed income institutional sales and trading, investment banking and public finance 1. In the third quarter of 2026 net revenues were $430.3 million, lower than a year earlier, as fixed income transactional revenues declined 3.
Other
The Other segment covers stock borrow interest income, unallocated interest expense, investment gains and losses, and unallocated overhead costs such as compliance and processing 1.
Market context
The company's results are highly correlated with general economic conditions and the direction of U.S. equity and fixed income markets 12. For 2026, management indicated that wealth management revenues could grow as investors redeploy cash into markets, while institutional revenues could benefit from more active investment banking 1.
Federal Reserve policy affects interest-based revenues and fees from third-party banks, and further reductions in the federal funds rate could lower interest revenues, though this could be partly offset by higher cash sweep balances 1.
Trends
- Redeployment of cash into marketstailwind
Clients could reinvest cash balances into equity assets, which could support wealth management revenues and commissions if trading activity stays elevated 1.
- Investment banking activitytailwind
The company noted a strong investment banking pipeline entering 2026, which could support advisory and capital raising revenues 1.
- Lower interest ratesheadwind
Reductions in the federal funds rate could lower interest revenues and cash sweep fees, though balance growth could partly offset this 1.
- Volatility and credit conditionsmixed
Market volatility and credit conditions could affect both trading activity and provisions for credit losses, with mixed effects on profitability 13.
Competitive position
The company operates in a competitive financial services sector where investment banks and wealth management firms compete for advisors, clients and financing mandates 1. Management has stated that its strategy includes consolidation opportunities and recruiting advisors with established client relationships 2.
- Raymond James FinancialRJF
U.S. wealth management and investment banking firm cited as a peer in the financial services sector.
- Piper Sandler CompaniesPIPR
U.S. investment bank active in advisory and financing, in the same category of financial services firms.
- Jefferies Financial GroupJEF
Investment bank and trading firm active in capital markets and fixed income.
- LazardLAZ
Advisory firm focused on mergers and acquisitions, competing for investment banking mandates.
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.
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News & filings
In the press
- Microsoft will get a boost from Azure and Copilot, Stifel saysCNBC — Top News · 23 Sept 2026 · EN
- Energy Transfer’s (ET) Strong 2026 Run Gets a Fresh Vote from StifelYahoo Finance — News · 16 Sept 2026 · EN
- Why Stifel Just Revamped Its Price Target for Microsoft StockYahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report24 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jun 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report28 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Stifel Financial Corp. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Stifel Financial Corp. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Stifel Financial Corp. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.