Piper Sandler Cos (PIPR)
Market Price (2/16/2026): $322.44 | Market Cap: $5.4 BilSector: Financials | Industry: Investment Banking & Brokerage
Piper Sandler Cos (PIPR)
Market Price (2/16/2026): $322.44Market Cap: $5.4 BilSector: FinancialsIndustry: Investment Banking & Brokerage
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.1% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 261x |
| Low stock price volatilityVol 12M is 39% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Fintech & Digital Payments, and Investment Banking & Financial Advisory. Themes include Private Equity, Show more. | Key risksPIPR key risks include [1] a high susceptibility to economic and market volatility due to its business model's primary reliance on revenues from cyclical M&A and capital-raising activities. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.1% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Fintech & Digital Payments, and Investment Banking & Financial Advisory. Themes include Private Equity, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 261x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2% |
| Key risksPIPR key risks include [1] a high susceptibility to economic and market volatility due to its business model's primary reliance on revenues from cyclical M&A and capital-raising activities. |
Qualitative Assessment
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Piper Sandler Cos (PIPR) stock has remained largely at the same level since 10/31/2025 because of the following key factors:
1. Strong Q4 2025 Earnings Failed to Ignite Sustained Rally: Despite Piper Sandler Companies reporting record fourth-quarter and full-year 2025 financial results, including a 38% year-over-year increase in Q4 net revenues to $666.1 million and diluted EPS rising 54% to $15.82, the stock's reaction was muted. The company also declared a significant special dividend of $5.00 per share and a 4-for-1 stock split to enhance liquidity and investor access, yet the stock "remained flat at $334.54 immediately following the results" on February 6, 2026, and saw a subsequent decline in the days leading up to February 12, 2026. This suggests that while performance was strong, other market dynamics or investor sentiment factors prevented a significant upward trajectory.
2. Mixed Investment Banking Industry Outlook and Dealmaking Environment: The broader investment banking and capital markets landscape during late 2025 and early 2026 presented a mixed picture, contributing to a lack of strong directional movement for PIPR. While there was growth in financial advisory and M&A activity, partly fueled by AI-related investments and a focus on strategic growth opportunities across sectors like technology, fintech, energy, and healthcare, there was also a prevailing sense of "cautious optimism" among clients. Debt market activity was largely driven by refinancing rather than new capital deployment, and investors showed a preference for fewer, higher-conviction deals, tempering overall market enthusiasm for the sector and limiting sustained upward momentum for individual firms.
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1. Strong Q4 2025 Earnings Failed to Ignite Sustained Rally: Despite Piper Sandler Companies reporting record fourth-quarter and full-year 2025 financial results, including a 38% year-over-year increase in Q4 net revenues to $666.1 million and diluted EPS rising 54% to $15.82, the stock's reaction was muted. The company also declared a significant special dividend of $5.00 per share and a 4-for-1 stock split to enhance liquidity and investor access, yet the stock "remained flat at $334.54 immediately following the results" on February 6, 2026, and saw a subsequent decline in the days leading up to February 12, 2026. This suggests that while performance was strong, other market dynamics or investor sentiment factors prevented a significant upward trajectory.
2. Mixed Investment Banking Industry Outlook and Dealmaking Environment: The broader investment banking and capital markets landscape during late 2025 and early 2026 presented a mixed picture, contributing to a lack of strong directional movement for PIPR. While there was growth in financial advisory and M&A activity, partly fueled by AI-related investments and a focus on strategic growth opportunities across sectors like technology, fintech, energy, and healthcare, there was also a prevailing sense of "cautious optimism" among clients. Debt market activity was largely driven by refinancing rather than new capital deployment, and investors showed a preference for fewer, higher-conviction deals, tempering overall market enthusiasm for the sector and limiting sustained upward momentum for individual firms.
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Stock Movement Drivers
Fundamental Drivers
The 1.3% change in PIPR stock from 10/31/2025 to 2/15/2026 was primarily driven by a 7.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 318.58 | 322.71 | 1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,542 | 1,655 | 7.3% |
| Net Income Margin (%) | 13.7% | 14.3% | 4.4% |
| P/E Multiple | 25.2 | 22.8 | -9.5% |
| Shares Outstanding (Mil) | 17 | 17 | -0.1% |
| Cumulative Contribution | 1.3% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PIPR | 1.3% | |
| Market (SPY) | -0.0% | 64.0% |
| Sector (XLF) | -1.4% | 68.9% |
Fundamental Drivers
The 2.8% change in PIPR stock from 7/31/2025 to 2/15/2026 was primarily driven by a 11.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 313.99 | 322.71 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,490 | 1,655 | 11.1% |
| Net Income Margin (%) | 13.7% | 14.3% | 4.6% |
| P/E Multiple | 25.3 | 22.8 | -9.7% |
| Shares Outstanding (Mil) | 16 | 17 | -2.0% |
| Cumulative Contribution | 2.8% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PIPR | 2.8% | |
| Market (SPY) | 8.2% | 59.8% |
| Sector (XLF) | -1.1% | 70.1% |
Fundamental Drivers
The 3.8% change in PIPR stock from 1/31/2025 to 2/15/2026 was primarily driven by a 27.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 310.94 | 322.71 | 3.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,467 | 1,655 | 12.8% |
| Net Income Margin (%) | 11.2% | 14.3% | 27.7% |
| P/E Multiple | 30.2 | 22.8 | -24.4% |
| Shares Outstanding (Mil) | 16 | 17 | -4.8% |
| Cumulative Contribution | 3.8% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PIPR | 3.8% | |
| Market (SPY) | 14.3% | 74.0% |
| Sector (XLF) | 1.4% | 77.6% |
Fundamental Drivers
The 141.3% change in PIPR stock from 1/31/2023 to 2/15/2026 was primarily driven by a 130.5% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.72 | 322.71 | 141.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,631 | 1,655 | 1.5% |
| Net Income Margin (%) | 11.4% | 14.3% | 25.2% |
| P/E Multiple | 9.9 | 22.8 | 130.5% |
| Shares Outstanding (Mil) | 14 | 17 | -17.6% |
| Cumulative Contribution | 141.3% |
Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PIPR | 141.3% | |
| Market (SPY) | 74.0% | 65.1% |
| Sector (XLF) | 47.7% | 73.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PIPR Return | 85% | -23% | 38% | 74% | 16% | -5% | 272% |
| Peers Return | 47% | -14% | 38% | 63% | 5% | -4% | 186% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| PIPR Win Rate | 75% | 33% | 58% | 67% | 67% | 50% | |
| Peers Win Rate | 60% | 40% | 60% | 77% | 62% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PIPR Max Drawdown | -9% | -40% | -4% | -6% | -29% | -5% | |
| Peers Max Drawdown | -4% | -31% | -5% | -3% | -34% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JEF, HLI, LAZ, EVR, SF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)
How Low Can It Go
| Event | PIPR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.6% | -25.4% |
| % Gain to Breakeven | 83.8% | 34.1% |
| Time to Breakeven | 568 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.5% | -33.9% |
| % Gain to Breakeven | 153.4% | 51.3% |
| Time to Breakeven | 236 days | 148 days |
| 2018 Correction | ||
| % Loss | -37.9% | -19.8% |
| % Gain to Breakeven | 61.0% | 24.7% |
| Time to Breakeven | 720 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -74.3% | -56.8% |
| % Gain to Breakeven | 289.8% | 131.3% |
| Time to Breakeven | 2,824 days | 1,480 days |
Compare to JEF, HLI, LAZ, EVR, SF
In The Past
Piper Sandler Cos's stock fell -45.6% during the 2022 Inflation Shock from a high on 11/19/2021. A -45.6% loss requires a 83.8% gain to breakeven.
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About Piper Sandler Cos (PIPR)
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. The company offers investment banking and institutional sales, trading, and research services for various equity and fixed income products. It provides advisory services, such as mergers and acquisitions, equity private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and offers municipal financial advisory and loan placement services, as well as various over-the-counter derivative products. The company also offers public finance investment banking services that focus on state and local governments, and cultural and social service non-profit entities, as well as the education, healthcare, hospitality, senior living, and transportation sectors. In addition, it provides equity and fixed income advisory and trade execution services for institutional investors, and government and non-profit entities. Further, the company is involved in the alternative asset management funds merchant banking and healthcare to invest firm capital and to manage capital from outside investors, as well as trading activities. 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.
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Here are 1-3 brief analogies for Piper Sandler Cos (PIPR):
- Goldman Sachs for mid-sized companies.
- Morgan Stanley, but focused on middle-market businesses.
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- Investment Banking: Provides financial advisory services for mergers, acquisitions, divestitures, and capital raising through equity and debt offerings.
- Institutional Sales, Trading, & Research: Offers brokerage services, market insights, and execution for institutional clients across equity and fixed income securities.
- Asset Management: Manages investment portfolios and funds for institutional and private clients.
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Piper Sandler Cos (PIPR) is an investment bank and financial services company. As such, it primarily serves **other companies and institutional clients**, rather than individual consumers for its core investment banking activities.
Due to the confidential and transactional nature of investment banking services, Piper Sandler does not publicly disclose the names of its specific major corporate or institutional clients. Revenue is generated from fees on advisory services, underwriting, and trading, rather than from a recurring customer base that can be publicly named.
However, we can describe the categories of companies and institutions that constitute their major client base:
- Public and Private Corporations: Companies of various sizes, often in the middle-market, that engage Piper Sandler for strategic advice, mergers and acquisitions (M&A) advisory, divestitures, and capital raising services (e.g., initial public offerings (IPOs), follow-on offerings, debt placements). These clients span a diverse range of sectors, including healthcare, technology, consumer, industrials, and financial services, where Piper Sandler has strong sector expertise.
- Institutional Investors: This category includes asset managers, hedge funds, mutual funds, pension funds, endowments, and sovereign wealth funds. These institutions utilize Piper Sandler's equity and fixed income sales and trading services to execute trades, and they also subscribe to Piper Sandler's research to inform their investment decisions.
- Private Equity Firms and Other Financial Sponsors: Private equity firms, venture capital firms, and other financial sponsors often work with Piper Sandler for various services. This includes sourcing potential acquisition targets, obtaining financing for their portfolio companies (debt and equity), and advising on exit strategies for their investments (e.g., selling a portfolio company, taking it public).
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Chad Abraham, Chairman, Chief Executive Officer
Chad Abraham serves as the Chairman and Chief Executive Officer of Piper Sandler. He joined the firm in 1991 as an investment banking analyst. Abraham was promoted to managing director and head of technology investment banking in 1999, head of capital markets in 2005, and global co-head of investment banking and capital markets in 2010. He was named CEO in January 2018 and Chairman of the Board in May 2019. Under his leadership as global co-head of investment banking, the firm's investment banking division grew revenues from approximately $150 million to over $500 million. Abraham serves on the board of directors for Columbus McKinnon Corporation.
Kate Clune, Chief Financial Officer
Kate Clune became Chief Financial Officer of Piper Sandler effective January 1, 2024, having joined the firm in 2023. In this role, she leads investor relations and is responsible for the firm's financial management. Prior to joining Piper Sandler, Clune was the treasurer and head of planning and strategy at Evercore Inc. She spent 16 years at Morgan Stanley, where she held various roles across operations, sales and trading, and finance, including corporate treasury and CFO of their U.S. banks, as well as global head of financial planning and analysis.
Deb Schoneman, President
Deb Schoneman is the President of Piper Sandler, a role she assumed in January 2018. She joined Piper Jaffray, the predecessor firm to Piper Sandler, in 1990. Prior to becoming President, she held various leadership positions within the firm, including global head of equities and head of the firm's highly regarded equities research, sales and trading, and institutional sales teams. Schoneman has also served as chief administrative officer and played a key role in the integration of Piper Jaffray and Sandler O'Neill + Partners.
James Baker, Managing Director, Global Co-Head of Investment Banking and Capital Markets
James Baker has served as the Global Co-Head of Investment Banking and Capital Markets at Piper Sandler since January 2019. Before this, he was the co-head of energy investment banking from February 2016 to December 2018. Baker joined Piper Sandler Companies in February 2016 through the firm's acquisition of Simmons & Company International, where he was a managing director and leader.
Jonathan Doyle, Vice Chairman, Senior Managing Principal, Head of Financial Services
Jonathan Doyle is the Vice Chairman, Senior Managing Principal, and Head of Financial Services at Piper Sandler. He joined Piper Jaffray in 1997. Prior to his current role, he served as global co-head of financial services investment banking. Doyle has been instrumental in growing the firm's financial services group, particularly through the acquisition and integration of Sandler O'Neill + Partners.
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The key risks to Piper Sandler Cos (PIPR) include:
- Industry Competition: The financial services industry is intensely competitive, with Piper Sandler competing against both larger and smaller firms, many of which possess greater financial resources. This heightened competition could lead to reduced revenues and profitability for the company.
- Legal and Regulatory Risks: Piper Sandler faces ongoing legal and regulatory risks. Legislative and regulatory proposals have the potential to significantly curtail revenue from existing products or services and could otherwise materially and adversely affect the company's results of operations.
- Vulnerability to Economic Cycles and Market Conditions: Piper Sandler's business is highly susceptible to fluctuations in economic cycles and overall market conditions. The company's revenues are primarily generated from advisory and underwriting fees derived from transactions like mergers and acquisitions and capital raising activities, which are inherently volatile and can be significantly impacted by economic downturns or unstable market environments. The unpredictable nature of these earnings can also lead to significant fluctuations in the company's stock price.
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The emergence of artificial intelligence and advanced automation tools in financial analysis, market research, and due diligence poses a clear emerging threat. These technologies are increasingly capable of performing tasks traditionally handled by junior investment bankers and research analysts, leading to potential fee compression, reduced demand for human capital, and a shift in competitive advantage towards firms that can best leverage AI for efficiency and insights.
Furthermore, the ongoing evolution of capital markets, characterized by the increasing prevalence of alternative financing methods such as direct listings, the growth of robust private capital markets, and companies choosing to remain private for longer periods, presents a clear emerging threat to traditional investment banking revenue streams derived from public market underwriting and advisory services.
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Piper Sandler Cos (PIPR) operates primarily in investment banking, institutional sales & trading (encompassing equity and fixed income capital markets), public finance, and asset management. The addressable markets for its main products and services are substantial both in the U.S. and globally:
- Investment Banking: The global investment banking market was valued at USD 103.23 billion in 2024 and is projected to grow to USD 183.28 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.55%. In the U.S., the investment banking market is valued at USD 54.74 billion in 2025 and is forecasted to reach USD 66.15 billion by 2030.
- Equity Capital Markets (ECM): The global equity market capitalization increased to USD 126.7 trillion in 2024, with global equity issuance at USD 504.8 billion. Public equities accounted for USD 77 trillion of the global investable market at the end of 2023. The global Equity Capital Market size is projected to be USD 226.1 billion in 2025 and reach USD 421.7 billion by 2033. In the U.S., total equity issuance (excluding SPACs) was USD 222.9 billion in 2024. The U.S. stock market had a total value of USD 62.2 trillion in 2024.
- Fixed Income Capital Markets: The global fixed income markets outstanding increased to USD 145.1 trillion in 2024. The global bond market was valued at USD 141.34 trillion in 2024 and is expected to reach USD 166.81 trillion by 2030. Fixed income remained the dominant asset class, comprising over half of the global investable market with a valuation of USD 116 trillion at the end of 2023. In the U.S., long-term fixed income issuance increased by 26.0% year-over-year to USD 10.4 trillion in 2024. The U.S. is the largest bond market, valued at over USD 51 trillion or 40% of the total global market in 2024.
- Financial Advisory Services: The global financial advisory services market was estimated at USD 115.84 billion in 2025 and is projected to grow to USD 155.17 billion by 2030. In the U.S., the financial advisory services market is projected to reach USD 161.68 billion by 2033. North America held approximately 40.34% of the global financial advisory services market share in 2024.
- Securities Brokerage: The United States Securities Brokerage Market was valued at USD 201.07 billion in 2024 and is expected to reach USD 252.58 billion by 2030. The overall U.S. securities brokerage market is expected to be valued at approximately USD 61.71 billion in 2023, with predictions indicating a rise to around USD 80.0 billion by 2032.
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Piper Sandler Cos (PIPR) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
- Growth in Advisory Services: The firm expects continued strong performance in its advisory services, encompassing mergers and acquisitions (M&A), debt advisory, private capital advisory, and restructuring. Advisory services achieved record first-quarter revenues in Q1 2025. Analysts specifically highlight mid-cap M&A as a significant growth area for Piper Sandler, contributing to projected above-average revenue growth compared to peers.
- Strategic Expansion in Technology Investment Banking: Piper Sandler is strategically bolstering its technology investment banking capabilities through acquisitions. The acquisition of G Squared Capital Partners in August 2025 is expected to further enhance the firm's expertise in the technology sector, particularly in government and cybersecurity, providing a clear avenue for revenue expansion.
- Geographic Expansion into the Middle East: The planned acquisition of MENA Growth Partners, expected to close in Q1 2026, marks a strategic move to establish an investment banking hub in the Gulf Cooperation Council (GCC) region. This expansion is designed to leverage regional relationships and Piper Sandler's existing domain expertise across various sectors to access new client bases and grow revenue in a flourishing market.
- Market Share Gains in Key Sectors: Piper Sandler is focused on capturing increased market share, particularly in financials capital markets activity and municipal financing. The company's diversified business model, quality research, and strong trade execution are cited as factors enabling these gains, with municipal financing revenues showing year-over-year growth and a robust pipeline in Q3 2025.
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Share Repurchases
- Piper Sandler authorized a $150.0 million common share repurchase program effective January 1, 2020, through December 31, 2021, under which it repurchased $13.1 million in shares in 2020. An additional $8.8 million was used to purchase common stock from restricted stock award recipients to meet employment tax obligations in 2020.
- In 2021, the company repurchased $52.3 million in common stock. A new $150.0 million share repurchase authorization became effective on January 1, 2022, expiring December 31, 2023.
- During 2022, Piper Sandler repurchased $161.8 million in common stock under existing authorizations and an additional $25.5 million from restricted stock award recipients for tax obligations. In May 2022, the board authorized another $150 million share repurchase program, effective immediately and expiring on December 31, 2024.
- In 2024, Piper Sandler purchased $66.4 million in common stock from restricted stock award recipients. A new $150.0 million share repurchase authorization was made effective February 5, 2025, through December 31, 2026.
Share Issuance
- In 2020, 309,089 common shares were issued from treasury stock due to employee restricted share vesting and exercise transactions.
- Also in 2020, 34,205 common shares were issued from treasury stock as part of the consideration for the Sandler O'Neill acquisition.
- As of September 30, 2024, 21,835 common shares were issued from treasury stock as equity consideration related to the acquisition of Aviditi Advisors.
Outbound Investments
- In 2020, Piper Sandler completed the acquisition of Sandler O'Neill for $485.0 million. The firm also acquired Valence and TRS Advisors in 2020, contributing to $417.4 million used for acquisitions that year.
- During 2022, Piper Sandler completed three acquisitions: Cornerstone Macro, Stamford Partners (which expanded the firm's presence in Europe and added $7.3 million in goodwill), and DBO Partners (which accelerated growth in technology investment banking).
- More recently, Piper Sandler acquired Aviditi Advisors in August 2024, enhancing its private capital advisory capabilities, and G Squared Capital Partners in August 2025, further strengthening its technology investment banking group with expertise in government services and defense technology.
Capital Expenditures
- In 2020, $17.6 million was used for the purchase of fixed assets.
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 142.42 |
| Mkt Cap | 11.3 |
| Rev LTM | 3,298 |
| Op Inc LTM | 635 |
| FCF LTM | 589 |
| FCF 3Y Avg | 483 |
| CFO LTM | 626 |
| CFO 3Y Avg | 528 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 15.0% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Mgn LTM | 24.0% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | -1.0% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 16.6% |
| FCF/Rev LTM | 17.6% |
| FCF/Rev 3Y Avg | 15.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.3 |
| P/S | 2.8 |
| P/EBIT | 11.7 |
| P/E | 20.8 |
| P/CFO | 10.8 |
| Total Yield | 6.3% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.5% |
| 3M Rtn | -1.3% |
| 6M Rtn | -0.9% |
| 12M Rtn | 3.1% |
| 3Y Rtn | 84.4% |
| 1M Excs Rtn | -8.6% |
| 3M Excs Rtn | -4.3% |
| 6M Excs Rtn | -8.6% |
| 12M Excs Rtn | -7.2% |
| 3Y Excs Rtn | 17.0% |
Price Behavior
Price Behavior
| Market Price | $322.71 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 01/02/2004 | |
| Distance from 52W High | -14.6% | |
| 50 Days | 200 Days | |
| DMA Price | $353.38 | $319.42 |
| DMA Trend | up | up |
| Distance from DMA | -8.7% | 1.0% |
| 3M | 1YR | |
| Volatility | 39.9% | 39.5% |
| Downside Capture | 238.52 | 175.49 |
| Upside Capture | 211.82 | 162.10 |
| Correlation (SPY) | 64.0% | 74.4% |
PIPR Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.24 | 1.60 | 1.52 | 1.55 | 1.44 | 1.44 |
| Up Beta | 2.17 | 1.31 | 1.17 | 2.45 | 1.41 | 1.53 |
| Down Beta | 1.06 | 1.46 | 1.32 | 1.10 | 1.36 | 1.35 |
| Up Capture | 116% | 192% | 204% | 152% | 194% | 360% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 22 | 35 | 65 | 127 | 395 |
| Down Capture | 108% | 156% | 147% | 145% | 129% | 107% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 19 | 26 | 60 | 124 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PIPR | |
|---|---|---|---|---|
| PIPR | 9.8% | 39.3% | 0.33 | - |
| Sector ETF (XLF) | 1.6% | 19.3% | -0.04 | 78.0% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 74.3% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | 3.8% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 23.2% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 56.1% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 41.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PIPR | |
|---|---|---|---|---|
| PIPR | 29.4% | 35.0% | 0.81 | - |
| Sector ETF (XLF) | 12.4% | 18.7% | 0.54 | 71.7% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 64.8% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 4.0% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 13.3% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 47.6% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 29.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PIPR | |
|---|---|---|---|---|
| PIPR | 27.0% | 36.9% | 0.76 | - |
| Sector ETF (XLF) | 13.8% | 22.2% | 0.57 | 71.8% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 65.1% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | -2.5% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 23.1% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 48.8% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/6/2026 | 9.9% | ||
| 10/31/2025 | -2.4% | 0.5% | -0.7% |
| 8/1/2025 | -1.2% | 1.9% | 6.1% |
| 5/2/2025 | 3.7% | 5.5% | 3.5% |
| 1/31/2025 | 2.3% | 3.0% | -8.7% |
| 10/25/2024 | -3.1% | -2.0% | 17.9% |
| 8/2/2024 | -6.7% | -2.7% | 4.3% |
| 4/26/2024 | 2.7% | 5.8% | 11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 17 | 17 |
| # Negative | 13 | 7 | 7 |
| Median Positive | 3.8% | 4.9% | 11.4% |
| Median Negative | -2.9% | -2.0% | -5.8% |
| Max Positive | 9.9% | 14.0% | 17.9% |
| Max Negative | -6.7% | -6.3% | -16.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abraham, Chad R | CEO and Chairman | Direct | Sell | 12012025 | 337.60 | 4,400 | 1,485,441 | 18,081,199 | Form |
| 2 | Abraham, Chad R | CEO and Chairman | Direct | Sell | 12012025 | 336.21 | 3,000 | 1,008,633 | 18,006,794 | Form |
| 3 | Clune, Katherine Patricia | Chief Financial Officer | Direct | Sell | 11212025 | 324.69 | 1,367 | 443,851 | 3,384,893 | Form |
| 4 | Soran, Philip | Direct | Sell | 11192025 | 317.05 | 598 | 189,596 | 6,092,750 | Form | |
| 5 | Schoneman, Debbra L | President | Direct | Sell | 11052025 | 330.33 | 2,500 | 825,825 | 956,636 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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