Piper Sandler Companies (PIPR) intrinsic value & 10-year financials
Piper Sandler Companies (PIPR) has a Graham intrinsic value of $525.47 per share. At $64.62 on Oct 17, 2026, the stock trades 88% below that value. Over the last 10 fiscal years revenue grew 10.1% a year to $1.8B, with an average return on invested capital of 19.7%.
- Graham intrinsic value
- $525.47
- Share price (Oct 17, 2026)
- $64.62
- Price vs Graham value
- 88% below
- Market cap
- $1.1B
- Revenue (FY2025)
- $1.8B
- Revenue growth (10-yr CAGR)
- 10.1%
- ROIC (10-yr avg)
- 19.7%
- Free cash flow (FY2025)
- —
PIPR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.8B | $281.3M | $15.82 | — | — | 42.3% |
| FY2024 | $1.5B | $181.1M | $10.24 | — | — | 24.4% |
| FY2023 | $1.3B | $85.5M | $4.96 | — | — | 11.1% |
| FY2022 | $1.4B | $110.7M | $6.52 | — | — | 21.5% |
| FY2021 | $2.0B | $278.5M | $16.43 | — | — | 76.0% |
| FY2020 | $1.3B | $40.5M | $2.72 | — | — | 6.6% |
| FY2019 | $846.3M | $111.7M | $7.69 | — | — | 16.2% |
| FY2018 | $801.0M | $57.0M | $3.72 | — | — | 7.0% |
| FY2017 | $895.2M | -$61.9M | -$5.07 | — | — | -5.9% |
| FY2016 | $769.9M | -$22.0M | -$1.73 | — | — | -1.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PIPER SANDLER COMPANIES is a consistent compounder, expanding top-line revenue at 10.1% annually over the past decade.
PIPER SANDLER COMPANIES has earned high returns on invested capital, averaging 19.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
PIPER SANDLER COMPANIES has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PIPER SANDLER COMPANIES is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $525.47 per share.