Piper Sandler Companies (PIPR)

NYSEFinancialsInvestment - Banking & Investment ServicesSnapshot 2026-10-23

$64.63-1.39%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Piper Sandler Companies’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	656.44M
EPS	—	1.615
Annual ending 2026-12-31
Revenue	—	2.08B
EPS	—	4.595
Annual ending 2027-12-31
Revenue	—	2.34B
EPS	—	5.356

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain earnings per share growth	Earnings per share reached $1.00 in Q1 2026.	Broken	EPS falls below $1.00 in Q2 2026	Diluted EPS: $0.95 per share FY2026-Q2; GAAP. Published target: EPS >= $1.00 in Q2 2026. The target does not explicitly identify fiscal versus calendar quarters. Source published Aug 5, 20260.95 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f28d6e95-1a9a-42cb-bafe-896e5d56937c. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth driven by advisory business	Piper Sandler grows revenue over 20% driven by advisory services.	Broken	total revenue falls below $1.9 billion in FY26	Revenue: $496.254M FY2026-Q2; GAAP. Published target: >= $1.9 billion total revenue in FY26. Target period is not explicitly aligned with this observation. Source published Aug 5, 2026496,254,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f28d6e95-1a9a-42cb-bafe-896e5d56937c. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Advisory services revenues grew from $403 million in 2025-Q4 to $274 million in 2026-Q2, with a 34% year-over-year increase in 2026-Q2 and 44% in 2025-Q4. The trajectory shows delivering growth consistent with management's stated focus on advisory business expansion. Delivery assessment Oct 24, 2026
Maintain valuation discount to peers	A supporting condition in Piper Sandler Companies's published investment case. The stated target is PE ratio below 20.	Intact	PE ratio rises above 20 sustainably	P/E (TTM): 13.69x As of 2026-10-23; trailing twelve months. The target timing and basis require a separate assessment. Market data as of Oct 23, 202613.6928 ratio · calculatedLast status assessment Oct 24, 2026 Measurement source consolidated · TTM valuation Period ending Oct 23, 2026 Source: mart.stock_valuation_daily. Reference: PIPR:2026-10-23. Source status: canonical calculation. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

$5.61 → Unavailable · observed estimates

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.61	Unavailable	5 / 4
2026-07-25	$5.61	Unavailable	5 / 4
2026-07-26	$5.61	Unavailable	5 / 4
2026-07-27	$5.61	Unavailable	5 / 4
2026-07-28	$5.61	Unavailable	5 / 4
2026-07-29	$5.61	Unavailable	5 / 4
2026-07-30	$5.61	Unavailable	5 / 4
2026-07-31	Unavailable	Unavailable	2 / 3
2026-08-01	Unavailable	Unavailable	2 / 3
2026-08-02	Unavailable	Unavailable	2 / 3
2026-08-03	Unavailable	Unavailable	2 / 3
2026-08-04	$5.53	Unavailable	5 / 4
2026-08-05	$5.53	Unavailable	5 / 4
2026-08-06	$5.53	Unavailable	5 / 4
2026-08-07	Unavailable	Unavailable	2 / 3
2026-08-08	Unavailable	Unavailable	2 / 3
2026-08-09	$5.53	Unavailable	5 / 4
2026-08-10	$5.53	Unavailable	5 / 4
2026-08-12	$5.53	Unavailable	5 / 4
2026-08-13	Unavailable	Unavailable	2 / 3
2026-08-14	Unavailable	Unavailable	2 / 3
2026-08-15	Unavailable	Unavailable	2 / 3
2026-08-16	Unavailable	Unavailable	2 / 3
2026-08-17	Unavailable	Unavailable	2 / 3
2026-08-18	Unavailable	Unavailable	2 / 3
2026-08-19	Unavailable	Unavailable	2 / 3
2026-08-20	Unavailable	Unavailable	2 / 3
2026-08-21	Unavailable	Unavailable	2 / 3
2026-08-22	Unavailable	Unavailable	2 / 3
2026-08-23	Unavailable	Unavailable	2 / 3
2026-08-24	Unavailable	Unavailable	2 / 3
2026-08-25	Unavailable	Unavailable	2 / 3
2026-08-26	Unavailable	Unavailable	2 / 3
2026-08-27	Unavailable	Unavailable	2 / 3
2026-08-28	Unavailable	Unavailable	2 / 3
2026-08-29	Unavailable	Unavailable	2 / 3
2026-08-30	Unavailable	Unavailable	2 / 3
2026-08-31	Unavailable	Unavailable	2 / 3
2026-09-01	Unavailable	Unavailable	2 / 3
2026-09-02	Unavailable	Unavailable	2 / 3
2026-09-03	Unavailable	Unavailable	2 / 3
2026-09-04	Unavailable	Unavailable	2 / 3
2026-09-05	Unavailable	Unavailable	2 / 3
2026-09-06	Unavailable	Unavailable	2 / 3
2026-09-07	Unavailable	Unavailable	2 / 3
2026-09-08	Unavailable	Unavailable	2 / 3
2026-09-09	Unavailable	Unavailable	2 / 3
2026-09-10	Unavailable	Unavailable	2 / 3
2026-09-11	Unavailable	Unavailable	2 / 3
2026-09-12	Unavailable	Unavailable	2 / 3
2026-09-13	Unavailable	Unavailable	2 / 3
2026-09-14	Unavailable	Unavailable	2 / 3
2026-09-15	Unavailable	Unavailable	2 / 3
2026-09-16	Unavailable	Unavailable	2 / 3
2026-09-17	Unavailable	Unavailable	2 / 3
2026-09-18	Unavailable	Unavailable	2 / 3
2026-09-19	Unavailable	Unavailable	2 / 3
2026-09-20	Unavailable	Unavailable	2 / 3
2026-09-21	Unavailable	Unavailable	2 / 3
2026-09-22	Unavailable	Unavailable	2 / 3
2026-09-23	Unavailable	Unavailable	2 / 3
2026-09-24	Unavailable	Unavailable	2 / 3
2026-09-25	Unavailable	Unavailable	2 / 3
2026-09-26	Unavailable	Unavailable	2 / 3
2026-09-27	Unavailable	Unavailable	2 / 3
2026-09-28	Unavailable	Unavailable	2 / 3
2026-09-29	Unavailable	Unavailable	2 / 3
2026-09-30	Unavailable	Unavailable	2 / 3
2026-10-01	Unavailable	Unavailable	2 / 3
2026-10-02	Unavailable	Unavailable	2 / 3
2026-10-03	Unavailable	Unavailable	2 / 3
2026-10-04	Unavailable	Unavailable	2 / 3
2026-10-05	Unavailable	Unavailable	2 / 3
2026-10-06	Unavailable	Unavailable	2 / 3
2026-10-07	Unavailable	Unavailable	2 / 3
2026-10-08	Unavailable	Unavailable	2 / 3
2026-10-09	Unavailable	Unavailable	2 / 3
2026-10-10	Unavailable	Unavailable	2 / 3
2026-10-11	Unavailable	Unavailable	2 / 3
2026-10-12	Unavailable	Unavailable	2 / 3
2026-10-13	Unavailable	Unavailable	2 / 3
2026-10-14	Unavailable	Unavailable	2 / 3
2026-10-15	Unavailable	Unavailable	2 / 3
2026-10-16	Unavailable	Unavailable	2 / 3
2026-10-17	Unavailable	Unavailable	2 / 3
2026-10-18	Unavailable	Unavailable	2 / 3
2026-10-19	Unavailable	Unavailable	2 / 3
2026-10-20	Unavailable	Unavailable	2 / 3
2026-10-21	Unavailable	Unavailable	2 / 3
2026-10-22	Unavailable	Unavailable	2 / 3
2026-10-23	Unavailable	Unavailable	2 / 3
2026-10-24	Unavailable	Unavailable	2 / 3

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	3	1	1
2026-06-01	3	1	1
2026-07-01	3	1	1
2026-08-01	3	1	1
2026-09-01	3	1	1
2026-10-01	3	1	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 1 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Goldman SachsOct 1 · prior Apr 14

$97.00 → $80.00-17.5%

$0$53.35$106.70

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain earnings per share growthPublished status: Broken
Revenue growth driven by advisory businessPublished status: Broken
Maintain valuation discount to peersP/E (TTM): 13.69x

Next proof point

Oct 30, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.1%Typical daily move · historical

Downside history

-31.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Piper Sandler Companies outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

PIPR is a financial-services growth business with a meaningful advisory-growth component, rather than a low-risk compounder. Its multi-year view is intact, with management execution and recent financial performance supporting the thesis, but earnings quality is fragile and overall risk is elevated.

What's priced into Piper Sandler Companies

The valuation evidence describes PIPR as cheap versus peers, and the priced-in assessment says expectations are justified rather than unusually fragile. The expectations gap is modestly negative, but confidence in that reading is medium, so it does not remove the risks tied to execution and the sector backdrop.

What the fundamentals likely do

Near term, recent performance is strong: advisory revenue grew year over year, adjusted earnings per share rose, and the company has reported recent earnings beats. Management's stated priorities are on track, though a CFO transition and a history of a deep miss, alongside a downward trend in earnings surprises, warrant attention.

What Piper Sandler Companies hinges on

Over the next few quarters, the thesis depends on advisory growth and earnings progress continuing without a guidance cut. The sector backdrop is a headwind if rate cuts begin, while continued strong results from sector bellwethers could support momentum across financial firms.