Piper Sandler Companies (PIPR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Piper Sandler Companies stock $86.30, price $65.92, upside +30.9%, quality 84 out of 100. Rating: undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $23.57 – $92.26 · fair‑value band $38.81 – $126.17 · the $65.92 price screens below the $86.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally.
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It offers investment banking services, institutional sales, and trading services for various equity and fixed income products; research services; advisory services, such as mergers and acquisitions, equity and debt financings, equity and debt private placements, debt capital markets advisory, restructuring and private capital advisory; municipal financial advisory and loan placement services; and various over-the-counter derivative products, as well as underwrites municipal issuances.
The company also provides public finance investment banking services that focus on state and local governments, special districts and development infrastructure, project finance, and cultural and social service non-profit entities, as well as the education, healthcare, hospitality, senior living, housing, and transportation sectors.
In addition, it offers equity and fixed income advisory and trade execution services for institutional investors, corporations, and government and non-profit entities.
Further, the company has alternative asset management funds in merchant banking and healthcare to invest firm capital and to manage capital from outside investors; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; alternative asset management strategies; and fixed income sales and trading solutions to banks, registered investment advisors, public entities, credit unions, asset managers, and insurance companies.
The company was formerly known as Piper Jaffray Companies and changed its name to Piper Sandler Companies in January 2020. Piper Sandler Companies was founded in 1895 and is headquartered in Minneapolis, Minnesota.
Stock analysis
Piper Sandler Companies (PIPR) currently trades at $65.92, while our model-based Fair Value estimate is $86.30, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $103.43 per share, and 6 of the 13 models we run sit above the $65.92 price.
Bear case: the Asset-Based group reads lowest at $9.03, and 7 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: $38.81 (bear) to $126.17 (bull), the price of $65.92 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 84/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Piper Sandler Companies reported revenue of $1.9B in FY2025 versus $2.0B in FY2021, a compound −1.0%/yr. Reported net income was $281M in FY2025, compounding +0.3%/yr from FY2021.
Key figures
Market cap $4.7B Mid · P/E ratio 15.5 · P/S ratio 2.26 · EPS (TTM) $4.25 · Dividend yield 1.1% · Net margin 14.6% · Return on equity 24.5% · Return on assets (EBIT) 10.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 31%, PIPR screens cheaper than that median.
Fair Value models
Bear$38.81Fair Value $86.30Bull$126.17
Price $65.92 · Upside +30.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.99 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $2.7M and none bought.
SaleDebbra L. SchonemanPresident2× since Feb 11, 2026: 44,948 shares, avg. $100.44$4.5MNov 2, 2026
SaleJonathan J DoyleHd of Financial Services Group, Director90,000 shares at $78.84$7.1MMay 5, 2026
SaleChad R AbrahamCEO and Chairman, Director7,400 shares at $337.04$2.5MNov 28, 2025
SaleKatherine Patricia CluneChief Financial Officer1,367 shares at $324.69$443,851Nov 21, 2025
SalePhilip SoranDirector598 shares at $317.05$189,596Nov 18, 2025
Plus 28 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
Start year 2020 (pandemic). Over 10 years: +10.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+35.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.3%
Dividend (yield on the price)1.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.6% vs 15.0%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 20%
2025 sits 143% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −13.6% a year for the price and +6.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate moat potential arises from solid profitability metrics and low leverage, yet limited signals of intangible advantages leave the capital markets franchise exposed amid cyclical pressures.
Main risk: Uncertainty around the Perella Weinberg acquisition's execution and fit could complicate integration and strain the existing advisory operations.
Piper Sandler is pursuing talks to acquire Perella Weinberg and scale its M&A advisory capabilities in a consolidating capital markets sector. Our models see the shares as undervalued, yet questions around the deal's execution and fit with existing operations create real uncertainty. Does the expansion ultimately strengthen its competitive position more than it complicates the core business model?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score84 · Top 25%
Fair Value upside+30.9% · Above median
Profitability
Return on equity (12 months)24.5% · Top 25%
Return on assets10.9% · Top 25%
Net margin (12 months)14.6% · Below median
Operating margin (12 months)16.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.6% · Bottom 25%
Dividend yield (12 months)1.1% · Below median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)15.5× · Pricier than median
P/B3.43× · Priciest 25%
P/S (12 months)2.26× · Cheaper than median
Price / free cash flow (fiscal year)6.7× · Cheaper than median
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Is Piper Sandler Companies (PIPR) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $86.30 versus a price of $65.92, about +31% upside (undervalued).
What is the fair value of PIPR?
Our model-based fair value for Piper Sandler Companies is $86.30 (as of Nov 8, 2026), built from audited fundamentals. The current price: $65.92.
What is the quality score of PIPR?
Piper Sandler Companies has a Quality Score of 84/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Piper Sandler Companies (PIPR)?
Our model-based price target is the fair value of $86.30 (as of Nov 8, 2026) from 13 valuation models. Cautious scenario $38.81, optimistic scenario $126.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Piper Sandler Companies stock forecast for 2026?
Our models put fair value at $86.30, about +31% upside versus a price of $65.92 (undervalued). Cautious scenario $38.81, optimistic scenario $126.17. The calculation is refreshed regularly with new filings.
What is the revenue of Piper Sandler Companies (PIPR)?
Piper Sandler Companies reported trailing-twelve-month revenue of about $2.1B (latest available figure, as of Nov 8, 2026).
Does Piper Sandler Companies pay a dividend?
Piper Sandler Companies currently shows a dividend yield of 1.14% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Piper Sandler Companies (PIPR) and when is the ex-dividend date?
Piper Sandler Companies pays a dividend of $0.75 per share a year, a dividend yield of 1.1%. The next ex-dividend date is Nov 24, 2026, with payment on Dec 11, 2026. A dividend has been paid every year since at least 2017. The payout ratio is 15.7% of earnings (on adjusted earnings, reported 17.6%). Free cash flow covers the dividend 13.16 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Piper Sandler Companies (PIPR)?
For today's price to be fair in a discounted-cash-flow model, Piper Sandler Companies would have to grow free cash flow by -11.5 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of PIPR use?
Our models discount Piper Sandler Companies at 10.7 %: a base by market capitalisation (mid), damped by beta 1.40, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Piper Sandler Companies that is -11.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Piper Sandler Companies (PIPR) delivered so far?
Over the past 5 years revenue at Piper Sandler Companies grew +9.8 % a year. The price currently implies free-cash-flow growth of -11.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Piper Sandler Companies (PIPR) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Piper Sandler Companies (-11.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Piper Sandler Companies (PIPR)?
The free-cash-flow yield on the price is 14.85 %: that much free cash flow Piper Sandler Companies produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Piper Sandler Companies (PIPR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Piper Sandler Companies it is $86.30 per share (as of Nov 8, 2026), against a price of $65.92. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Piper Sandler Companies stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PIPR trades below its calculated fair value: price $65.92, fair value $86.30, a gap of about +31% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PIPR?
No. The price is what the market pays today ($65.92); the fair value is what the company's own numbers justify ($86.30). For Piper Sandler Companies the two are $20.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Piper Sandler Companies worth?
The market values Piper Sandler Companies at about $4.7B (market capitalisation, as of Nov 8, 2026). Per share that is $65.92; our models calculate a fair value of $86.30 per share.
What do the bullish and bearish scenarios say about PIPR?
Our models span a range for Piper Sandler Companies: cautious scenario $38.81, base $86.30, optimistic $126.17 per share (as of Nov 8, 2026, price $65.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PIPR?
Piper Sandler Companies trades at a price-to-earnings ratio of 15.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $86.30 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 14.9 (reported for FY2025: 16.7). Other multiples: PEG 1.3, P/B 3.4, P/S 2.3, EV/EBITDA 9.5.
What is the PEG ratio of PIPR?
The PEG ratio of Piper Sandler Companies is 1.26 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Piper Sandler Companies (PIPR)?
Balance-sheet figures for Piper Sandler Companies (as of Nov 8, 2026): return on equity 24.5%, debt of 0.03 per unit of equity. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
How far is PIPR from its 52-week high?
Piper Sandler Companies trades at $65.92, about 29% below its 52-week high of $92.26 and 4% above the low of $63.45 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $86.30 is for.
Which stocks are comparable to Piper Sandler Companies?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Piper Sandler Companies stock attractive at the current price?
The data as of Nov 8, 2026: price $65.92, calculated fair value $86.30 (+31%), Quality Score 84/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PIPR calculated?
We run Piper Sandler Companies through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $86.30 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Piper Sandler Companies currently trades 24% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Piper Sandler Companies (PIPR)?
The closing price on Nov 6, 2026 was $65.92. Our model-based fair value is $86.30, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Piper Sandler Companies right now?
The rarer combination: high quality (84/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide ($38.81 to $126.17). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Piper Sandler Companies (PIPR) come from?
Earnings per share at Piper Sandler Companies grew +10.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.2 %, EBIT margin +0.7 %, tax rate +1.9 %, residual (interest, one-offs) +0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Piper Sandler Companies
How large is the market capitalisation of Piper Sandler Companies (PIPR)?
The market capitalisation of Piper Sandler Companies is $4.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Piper Sandler Companies (PIPR)?
The price-to-sales ratio of Piper Sandler Companies is 2.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Piper Sandler Companies (PIPR)?
Earnings per share at Piper Sandler Companies are $4.25 (price ÷ EPS = P/E 15.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Piper Sandler Companies (PIPR)?
The dividend yield of Piper Sandler Companies is 1.1% (payout 15.7%, on adjusted earnings, reported 17.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Piper Sandler Companies (PIPR)?
The net margin of Piper Sandler Companies is 14.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Piper Sandler Companies (PIPR)?
The return on equity (ROE) of Piper Sandler Companies is 24.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Piper Sandler Companies (PIPR)?
On an EBIT basis the return on assets of Piper Sandler Companies is 10.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Piper Sandler Companies (PIPR)?
The operating margin of Piper Sandler Companies is 16.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Piper Sandler Companies (PIPR)?
Revenue at Piper Sandler Companies is growing −7.6% versus a year earlier (3y avg +11.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Piper Sandler Companies (PIPR)?
Earnings per share at Piper Sandler Companies are growing −7.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Piper Sandler Companies (PIPR) hold?
Piper Sandler Companies holds more cash than debt, $693M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026