PIPRPIPER SANDLER COMPANIES
Security Brokers, Dealers & Flotation Companies
- Revenue
- $1.8B
- 22% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.3B
- Employees
- 1,858
- $987K revenue each
- Net debt / EBITDA
- —
- −$971M net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo209% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo41% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$987K · 46th pctBottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 31st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$13M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.0B | $1.4B | $1.3B | $1.5B | $1.8B | 22% |
| Net income | $330M | $101M | $99M | $181M | $281M | 55% |
| Operating cash flow | $707M | −$225M | $276M | $313M | $587M | 87% |
| Stock-based comp | $171M | $131M | $94M | $103M | $124M | 20% |
| Buybacks | $70M | $187M | $71M | $66M | $125M | 88% |
| Dividends | $99M | $108M | $84M | $74M | $114M | 55% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $13M · 19
- Net
- −$13M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | $16M | 394 | 197 |
| FY2024 | $8M | $27M | 341 | 179 |
| FY2023 | $11M | $15M | 196 | 139 |
| FY2022 | $11M | $4M | 142 | 121 |
| FY2021 | $9M | $20M | 185 | 136 |