Piper Sandler Companies (PIPR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.2%

$40.89

vs $67.28 price

Levered DCF

$63.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.83

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.13×	26.22×	30.57×	16.44×	9.15×	34.33×	14.62×	17.42×
P/B	4.13×	3.87×	2.41×	1.73×	2.4×	1.68×	1.48×	1.29×
P/S	2.97×	3.21×	2×	1.32×	1.28×	1.16×	1.34×	1.2×
EV / EBITDA	12.03×	17.79×	14.98×	10.22×	3.7×	9.5×	8.08×	9.54×
Gross margin	93.6%	99.6%	99.2%	99.3%	99.5%	98.8%	98.6%	97.7%
Operating margin	20.2%	14.7%	9.4%	9.7%	22.3%	5.7%	14.7%	10.0%
Net margin	14.8%	12.2%	6.5%	8.0%	14.0%	3.4%	13.8%	7.9%
Current ratio	22.75×	23.03×	2.83×	12.19×	9.41×	42.11×	9.88×	0.08×
Debt / equity	0.08×	0.08×	0.15×	0.22×	0.2×	0.36×	0.39×	0.07×
Interest coverage	79.64×	38.45×	12.08×	14.17×	41.13×	4.75×	10.14×	4.38×
Dividend yield	2.0%	1.6%	3.2%	5.9%	3.9%	2.0%	3.3%	5.4%
Payout ratio	40.6%	40.7%	98.8%	97.2%	35.7%	69.6%	31.9%	82.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.5%	14.8%	7.9%	10.5%	26.2%	4.9%	15.3%	8.4%
Return on invested capital	11.8%	10.4%	4.9%	4.8%	13.6%	2.5%	5.8%	7.0%
Return on assets	10.9%	8.0%	4.0%	5.1%	10.9%	2.0%	6.9%	4.2%
Free cash flow yield	12.3%	6.3%	10.2%	-14.0%	27.0%	54.8%	5.7%	56.7%
Earnings yield	5.0%	3.8%	3.3%	6.1%	10.9%	2.9%	10.3%	6.5%
Enterprise value	$5B	$4.4B	$2.4B	$1.7B	$1.8B	$1.2B	$1.1B	$870.9M
Net debt / EBITDA	-1.68×	-1.56×	-1.37×	-0.79×	-1.56×	-1.72×	0.23×	-0×
Cash conversion cycle (days)	-50	-310	33	-85	-394	-390	-95	10,390