Latest Ratios: P/E Ratio 19.0x · EV/EBITDA 11.3x · ROE 18.8%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.3B | $6.0B | $5.3B | $3.0B | $2.2B | $3.0B | $1.5B | $1.1B | $884M | $1.1B | $927M |
| Enterprise Value | $4.7B | $5.3B | $4.9B | $2.8B | $2.1B | $2.3B | $1.3B | $1.1B | $883M | $1.5B | $1.5B |
| P/E Ratio → | 18.96 | 21.45 | 29.29 | 35.26 | 19.97 | 10.87 | 37.10 | 10.38 | 17.70 | — | — |
| P/S Ratio | 2.81 | 3.17 | 3.58 | 2.30 | 1.60 | 1.53 | 1.26 | 1.38 | 1.22 | 1.32 | 1.22 |
| P/B Ratio | 3.37 | 3.82 | 3.75 | 2.32 | 1.76 | 2.47 | 1.62 | 1.38 | 1.21 | 1.49 | 1.14 |
| P/FCF | 7.67 | 8.66 | 17.83 | 11.34 | — | 4.41 | 1.97 | 18.18 | 1.79 | 4.93 | 24.54 |
| P/OCF | 7.30 | 8.25 | 16.94 | 10.93 | — | 4.28 | 1.93 | 16.44 | 1.73 | 4.76 | 19.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.81 | 3.32 | 2.13 | 1.50 | 1.15 | 1.08 | 1.41 | 1.22 | 1.78 | 1.94 |
| EV / EBITDA | 11.27 | 12.95 | 20.06 | 17.46 | 12.56 | 4.69 | 10.41 | 8.30 | 9.68 | 14.57 | — |
| EV / EBIT | 12.07 | 13.87 | 22.54 | 22.79 | 15.46 | 5.14 | 18.82 | 9.64 | 12.19 | 18.73 | — |
| EV / FCF | — | 7.67 | 16.54 | 10.52 | — | 3.31 | 1.69 | 18.71 | 1.79 | 6.63 | 39.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.6% | 93.6% | 99.6% | 99.2% | 99.3% | 99.5% | 98.8% | 98.6% | 97.7% | 97.6% | 97.0% |
| Operating Margin | 20.2% | 20.2% | 14.7% | 9.4% | 9.7% | 22.3% | 5.7% | 14.7% | 10.0% | 9.5% | -4.1% |
| Net Profit Margin | 14.8% | 14.8% | 12.2% | 6.5% | 8.0% | 14.0% | 3.4% | 13.8% | 7.9% | -7.4% | -2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.8% | 18.8% | 13.3% | 6.7% | 8.9% | 25.9% | 4.7% | 14.5% | 7.8% | -8.0% | -2.7% |
| ROA | 11.6% | 11.6% | 8.2% | 4.0% | 4.7% | 12.2% | 2.2% | 7.5% | 3.4% | -3.0% | -1.0% |
| ROIC | 18.0% | 18.0% | 11.0% | 6.2% | 6.9% | 24.9% | 4.5% | 9.5% | 5.6% | 4.6% | -1.6% |
| ROCE | 16.2% | 16.2% | 10.3% | 5.9% | 5.9% | 20.0% | 3.9% | 10.4% | 7.9% | 6.4% | -2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.07 | 0.13 | 0.19 | 0.17 | 0.32 | 0.35 | 0.07 | 0.56 | 0.73 |
| Debt / EBITDA | 0.28 | 0.28 | 0.40 | 1.03 | 1.42 | 0.44 | 2.38 | 2.04 | 0.55 | 4.07 | — |
| Net Debt / Equity | — | -0.44 | -0.27 | -0.17 | -0.10 | -0.62 | -0.23 | 0.04 | -0.00 | 0.51 | 0.68 |
| Net Debt / EBITDA | -1.68 | -1.68 | -1.56 | -1.37 | -0.79 | -1.56 | -1.72 | 0.23 | -0.00 | 3.74 | — |
| Debt / FCF | — | -0.99 | -1.29 | -0.82 | — | -1.10 | -0.28 | 0.52 | -0.00 | 1.70 | 14.63 |
| Interest Coverage | 79.64 | 79.64 | 38.45 | 12.08 | 14.17 | 41.13 | 4.75 | 10.14 | 4.38 | 3.91 | -1.37 |
Net cash position: cash ($809M) exceeds total debt ($116M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.75 | 22.75 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 |
| Quick Ratio | 22.75 | 22.75 | 23.03 | 2.83 | 12.19 | 9.41 | 42.11 | 9.88 | 0.08 | 0.04 | 0.05 |
| Cash Ratio | 19.91 | 19.91 | 13.33 | 2.83 | 6.06 | 7.05 | 27.32 | 4.35 | 0.08 | 0.04 | 0.05 |
| Asset Turnover | — | 0.73 | 0.66 | 0.61 | 0.63 | 0.77 | 0.60 | 0.50 | 0.54 | 0.41 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.9% | 1.4% | 2.8% | 4.9% | 3.3% | 1.9% | 3.2% | 5.3% | 1.7% | — |
| Payout Ratio | 40.6% | 40.6% | 40.7% | 98.8% | 97.2% | 35.7% | 69.6% | 31.9% | 82.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 4.7% | 3.4% | 2.8% | 5.0% | 9.2% | 2.7% | 9.6% | 5.7% | — | — |
| FCF Yield | 13.0% | 11.5% | 5.6% | 8.8% | — | 22.7% | 50.7% | 5.5% | 55.9% | 20.3% | 4.1% |
| Buyback Yield | 2.3% | 2.1% | 1.3% | 2.3% | 8.5% | 2.3% | 1.5% | 4.5% | 8.0% | 2.3% | 7.6% |
| Total Shareholder Yield | 4.5% | 4.0% | 2.6% | 5.1% | 13.3% | 5.6% | 3.3% | 7.7% | 13.4% | 4.0% | 7.6% |
| Shares Outstanding | — | $71M | $71M | $69M | $68M | $68M | $60M | $56M | $54M | $51M | $51M |
Cyclical M&A deal flow
According to current market data, PIPR trades at a forward P/E of 16.14, which appears to discount the firm relative to pure-play advisory peers like Evercore, suggesting investors remain cautious about the sustainability of current deal-making volumes in the mid-market financial services sector.
The firm's PEG ratio of 0.46 indicates that the market may be underpricing the growth potential relative to its current earnings trajectory. This valuation gap warrants further investigation into whether the market is correctly identifying a structural shift in the firm's earnings quality or merely applying a cyclical discount common to broker-dealers.
Based on reported figures, PIPR's ROIC has fluctuated significantly, reaching a peak of 8.7% in 2025Q4 before moderating to 3.9% in 2026Q1, which highlights the inherent difficulty in compounding returns within a business model heavily reliant on lumpy, success-fee-driven advisory revenue streams.
The inconsistency in ROIC suggests that the firm's capital deployment is highly sensitive to the timing of transaction closures rather than steady operational efficiency. Investors should monitor whether management can improve these returns through more consistent fee-based revenue growth in its nascent asset management segment.
As reported in recent financial statements, the firm's asset turnover remains low at 0.20x in 2026Q1, reflecting the capital-light nature of the advisory business while simultaneously underscoring the impact of working capital volatility on the firm's ability to convert advisory activity into realized cash.
The fluctuation in DSO, which ranged from 7 to 29 days over the last ten quarters, indicates that client settlement timing remains a primary driver of operational efficiency. This variability suggests that the firm's working capital management is less about internal process optimization and more about the external timing of large-scale financial transactions.
Based on the latest quarterly filings, PIPR maintains a negligible debt-to-equity ratio of 0.07%, a position that stands in stark contrast to more leveraged peers and provides the firm with significant dry powder to pursue opportunistic talent acquisitions during periods of market dislocation.
The firm's interest coverage ratio, which reached 120.47x in 2026Q1, confirms that debt service is not a material risk to the firm's ongoing operations. This conservative capital structure appears to be a deliberate strategic choice, allowing the firm to prioritize stability and opportunistic growth over financial leverage.
The price-to-book ratio is frequently misapplied to PIPR, as it obscures the firm's true value by ignoring the significant intangible value of its human capital and specialized FIG advisory relationships that do not appear on the balance sheet as traditional tangible assets.
Investors should instead focus on earnings-based multiples or fee-based revenue growth, as the book value is heavily influenced by accounting conventions that fail to capture the firm's competitive moat. Relying on P/B may lead to an undervaluation of the firm's ability to generate high-margin advisory fees through its specialized Managing Director network.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying PIPR stock.
Piper Sandler Companies's current P/E ratio is 19.0x. The historical average is 21.7x. This places it at the 47th percentile of its historical range.
Piper Sandler Companies's current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Piper Sandler Companies's return on equity (ROE) is 18.8%. The historical average is 4.6%.
Based on historical data, Piper Sandler Companies is trading at a P/E of 19.0x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Piper Sandler Companies's current dividend yield is 2.14% with a payout ratio of 40.6%.
Piper Sandler Companies has 93.6% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Piper Sandler Companies's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.