Stifel Financial (SF)
Market Price (8/6/2026): $84.35 | Market Cap: $13.0 BilSector: Financials | Industry: Investment Banking & Brokerage
Stifel Financial (SF)
Market Price (8/6/2026): $84.35Market Cap: $13.0 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 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6% Low stock price volatilityVol 12M is 27% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Equity, Private Credit, Show more. | Trading close to highsDist 52W High is -4.2%, Dist 3Y High is -4.2% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x Key risksSF key risks include [1] ongoing legal challenges that have previously resulted in significant charges impacting earnings. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6% |
| Low stock price volatilityVol 12M is 27% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Equity, Private Credit, Show more. |
| Trading close to highsDist 52W High is -4.2%, Dist 3Y High is -4.2% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x |
| Key risksSF key risks include [1] ongoing legal challenges that have previously resulted in significant charges impacting earnings. |
Qualitative Assessment
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Stifel Financial (SF) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Stifel Financial reported a strong beat in its fiscal Q2 2026 earnings, which ended in June 2026, significantly exceeding analyst expectations. The company posted earnings per share (EPS) of $1.42, surpassing the consensus estimate of $1.33 by $0.09, or 6.7%. Revenue for the quarter reached $1.45 billion, exceeding analysts' projections of $1.42 billion. This robust performance was notably driven by a 42% year-over-year increase in firm-wide investment banking revenue, with capital raising revenue surging 121% year-over-year and advisory revenue growing 24% in fiscal Q2 2026.
2. The company experienced significant growth in its Global Wealth Management division and client assets. Global Wealth Management net revenue increased 13% year-over-year to $957 million in fiscal Q2 2026. Total client assets expanded 12% year-over-year to $580 billion, while fee-based client assets rose 16% year-over-year to $240 billion. Earlier in the period, as of April 30, 2026, total client assets were up 17% year-over-year to $568,887 million, and fee-based client assets grew 22% year-over-year to $232,400 million.
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Stifel Financial (SF) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Stifel Financial reported a strong beat in its fiscal Q2 2026 earnings, which ended in June 2026, significantly exceeding analyst expectations. The company posted earnings per share (EPS) of $1.42, surpassing the consensus estimate of $1.33 by $0.09, or 6.7%. Revenue for the quarter reached $1.45 billion, exceeding analysts' projections of $1.42 billion. This robust performance was notably driven by a 42% year-over-year increase in firm-wide investment banking revenue, with capital raising revenue surging 121% year-over-year and advisory revenue growing 24% in fiscal Q2 2026.
2. The company experienced significant growth in its Global Wealth Management division and client assets. Global Wealth Management net revenue increased 13% year-over-year to $957 million in fiscal Q2 2026. Total client assets expanded 12% year-over-year to $580 billion, while fee-based client assets rose 16% year-over-year to $240 billion. Earlier in the period, as of April 30, 2026, total client assets were up 17% year-over-year to $568,887 million, and fee-based client assets grew 22% year-over-year to $232,400 million.
3. Positive analyst sentiment and upward revisions in price targets further supported the stock's appreciation. Following the strong fiscal Q2 2026 results, multiple Wall Street analysts raised their price targets for Stifel Financial. The consensus analyst rating for Stifel Financial is "Moderate Buy," with an average price target of $91.90, representing an 11.15% potential upside from the stock's closing price of $82.69 as of July 31, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 7.5% change in SF stock from 4/30/2026 to 8/5/2026 was primarily driven by a 30.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.43 | 84.31 | 7.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,464 | 5,857 | 7.2% |
| Net Income Margin (%) | 12.5% | 16.3% | 30.1% |
| P/E Multiple | 17.7 | 13.6 | -22.9% |
| Shares Outstanding (Mil) | 154 | 154 | 0.0% |
| Cumulative Contribution | 7.5% |
Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| SF | 7.5% | |
| Market (SPY) | 7.1% | 37.1% |
| Sector (XLF) | 11.3% | 69.0% |
Fundamental Drivers
The 3.5% change in SF stock from 1/31/2026 to 8/5/2026 was primarily driven by a 29.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.43 | 84.31 | 3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,268 | 5,857 | 11.2% |
| Net Income Margin (%) | 12.6% | 16.3% | 29.3% |
| P/E Multiple | 19.0 | 13.6 | -28.2% |
| Shares Outstanding (Mil) | 155 | 154 | 0.3% |
| Cumulative Contribution | 3.5% |
Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| SF | 3.5% | |
| Market (SPY) | 11.5% | 44.2% |
| Sector (XLF) | 9.1% | 72.9% |
Fundamental Drivers
The 12.7% change in SF stock from 7/31/2025 to 8/5/2026 was primarily driven by a 31.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.78 | 84.31 | 12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,999 | 5,857 | 17.2% |
| Net Income Margin (%) | 12.4% | 16.3% | 31.1% |
| P/E Multiple | 18.9 | 13.6 | -28.0% |
| Shares Outstanding (Mil) | 157 | 154 | 1.9% |
| Cumulative Contribution | 12.7% |
Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| SF | 12.7% | |
| Market (SPY) | 22.8% | 51.1% |
| Sector (XLF) | 12.1% | 73.1% |
Fundamental Drivers
The 110.7% change in SF stock from 7/31/2023 to 8/5/2026 was primarily driven by a 35.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.01 | 84.31 | 110.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,325 | 5,857 | 35.4% |
| Net Income Margin (%) | 14.9% | 16.3% | 9.0% |
| P/E Multiple | 10.1 | 13.6 | 35.0% |
| Shares Outstanding (Mil) | 163 | 154 | 5.8% |
| Cumulative Contribution | 110.7% |
Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| SF | 110.7% | |
| Market (SPY) | 74.1% | 65.8% |
| Sector (XLF) | 71.5% | 77.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SF Return | 41% | -16% | 21% | 56% | 20% | 2% | 175% |
| Peers Return | 58% | -11% | 35% | 65% | 5% | -7% | 206% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SF Win Rate | 67% | 42% | 58% | 83% | 67% | 50% | |
| Peers Win Rate | 63% | 42% | 57% | 72% | 63% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SF Max Drawdown | -15% | -36% | -19% | -13% | -35% | -23% | |
| Peers Max Drawdown | -16% | -36% | -23% | -14% | -36% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RJF, JEF, EVR, PIPR, HLI. See SF Returns vs. Peers.
[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 8/5/2026 (YTD)
How Low Can It Go
| Event | SF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.0% | -9.5% |
| % Gain to Breakeven | 16.2% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.2% | -6.7% |
| % Gain to Breakeven | 22.3% | 7.1% |
| Time to Breakeven | 168 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.5% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 432 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.3% | -33.7% |
| % Gain to Breakeven | 105.2% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.6% | -19.2% |
| % Gain to Breakeven | 32.6% | 23.8% |
| Time to Breakeven | 48 days | 105 days |
In The Past
Stifel Financial's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.
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| Event | SF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.5% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 432 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.3% | -33.7% |
| % Gain to Breakeven | 105.2% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.6% | -19.2% |
| % Gain to Breakeven | 32.6% | 23.8% |
| Time to Breakeven | 48 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -49.6% | -12.2% |
| % Gain to Breakeven | 98.4% | 13.9% |
| Time to Breakeven | 345 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -39.1% | -6.8% |
| % Gain to Breakeven | 64.2% | 7.3% |
| Time to Breakeven | 278 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.6% | -17.9% |
| % Gain to Breakeven | 65.6% | 21.8% |
| Time to Breakeven | 696 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.6% | -15.4% |
| % Gain to Breakeven | 26.0% | 18.2% |
| Time to Breakeven | 131 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.9% | -53.4% |
| % Gain to Breakeven | 44.8% | 114.4% |
| Time to Breakeven | 66 days | 1085 days |
In The Past
Stifel Financial's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Stifel Financial (SF)
Stifel Financial Corp. is a diversified financial services and bank holding company that offers a comprehensive range of wealth management, investment banking, and institutional services. The company operates through three primary segments: Global Wealth Management, which serves individual investors; an Institutional Group dedicated to corporate, municipal, and institutional clients; and an "Other" segment encompassing its banking activities and other corporate functions.
For individual investors, Stifel provides private client services such as securities brokerage, financial planning, and retail banking products like personal lending and deposit accounts. Its Institutional Group delivers equity and fixed income sales, trading, and research, along with municipal finance services. Stifel’s investment banking division specializes in advisory services for mergers and acquisitions, manages public offerings and private placements, and participates in and manages underwriting for corporate and public finance. The company also offers commercial banking services, including business lending and deposit solutions.
Stifel primarily caters to a broad clientele that includes individual investors, corporations, municipalities, and various institutions. The company maintains a significant operational footprint not only across the United States but also extends its financial services to clients in the United Kingdom, other regions of Europe, and Canada, reflecting its international market presence.
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1. Like a smaller, diversified Morgan Stanley, offering both wealth management and investment banking services.
2. Imagine Raymond James, but with an integrated retail and commercial bank.
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- Wealth Management: Provides financial planning, securities transaction services, and advisory for individual investors.
- Institutional Sales & Trading: Offers institutional equity and fixed income sales, trading, and research services.
- Investment Banking: Delivers advisory for mergers & acquisitions, public offerings, private placements, and corporate and public finance.
- Retail & Commercial Banking: Manages personal and commercial lending programs and deposit accounts.
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Stifel Financial (SF) serves a diverse client base, including both individuals and various organizational entities. Due to the nature of its financial services business, it does not typically have "major customers" in the sense of a few large companies that account for a significant portion of its revenue, nor does it publicly disclose the names of its corporate or institutional clients. Instead, its customer base is segmented across a wide range of individuals and organizations.
Based on the company description, Stifel Financial serves the following major customer categories:
- Individual Investors (Wealth Management Clients): These clients are served through Stifel's Global Wealth Management segment, receiving private client services such as securities transactions, financial planning, and wealth management advice.
- Corporate Clients: This category includes various corporations and businesses that utilize Stifel's investment banking services (e.g., mergers and acquisitions advisory, public offerings, private placements) and commercial banking services (e.g., lending programs, deposit accounts).
- Institutional and Municipal Clients: This segment comprises a range of institutional entities (e.g., asset managers, pension funds for institutional equity and fixed income sales, trading, and research) and municipalities (local and state government entities for municipal finance services and public finance underwriting).
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Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
Mr. Kruszewski joined Stifel as Chief Executive Officer in September 1997 and was named Chairman in 2001. Prior to joining Stifel, he was a Certified Public Accountant and an audit supervisor for KPMG. He also served as Chief Financial Officer for Robert W. Baird & Co. Earlier in his career, he was Senior Vice President and Chief Financial Officer for Illinois Company Investment, which was subsequently sold to Household Finance. He graduated from Indiana University with an accounting and finance degree. Under his leadership, Stifel has experienced significant growth, including through strategic acquisitions.
James M. Marischen
Chief Financial Officer
Mr. Marischen has served as Chief Financial Officer of Stifel Financial Corp. since August 2018. His previous roles at Stifel include Chief Accounting Officer and Chief Risk Officer from 2015 to 2018, and CFO/EVP of Stifel Bank & Trust from 2008 to 2015. He began his career in public accounting at KPMG.
James M. Zemlyak
Co-President and Head of Global Wealth Management
Mr. Zemlyak has been Co-President of Stifel Financial Corp. since June 2014 and is currently the head of Global Wealth Management. He previously served as Stifel's Chief Financial Officer from February 1999 through August 2018. Before joining Stifel in 1999, Mr. Zemlyak was Managing Director and Chief Financial Officer of Baird Financial Corporation from 1997 to 1999, and Senior Vice President and Chief Financial Officer of Robert W. Baird & Co. Incorporated from 1994 to 1999.
Thomas B. Michaud
KBW CEO & Global Co-Head of Institutional Equities and Advisory
Mr. Michaud serves as the CEO of KBW (Keefe, Bruyette & Woods) and Global Co-Head of Institutional Equities and Advisory at Stifel. KBW was acquired by Stifel, indicating he managed KBW prior to its acquisition.
David D. Sliney
Chief Operating Officer
Mr. Sliney holds the position of Chief Operating Officer at Stifel Financial Corp.
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The key risks to Stifel Financial (SF) primarily revolve around regulatory and legal challenges, intense market competition and talent retention, and susceptibility to market volatility and broader economic conditions.
- Regulatory and Legal Risks: Stifel Financial operates within a highly regulated financial services industry, exposing it to substantial regulatory and legal risks. The company's operations can be adversely affected by new regulations or changes in the enforcement of existing laws. This includes the potential for increased financial liability and damage to its reputation stemming from adverse regulatory actions, litigation, and investigations. Notably, Stifel has faced significant regulatory scrutiny, including a nearly $2.3 million settlement for failing to adequately supervise the sales of complex exchange-traded products (ETPs) and a history of repeat compliance failures. Furthermore, an ongoing ERISA class action lawsuit filed in February 2026 alleges mismanagement of the firm's 401(k) plan, potentially resulting in up to $134 million in losses for plan participants. Adherence to regulatory changes also leads to increased compliance costs and potential limitations on business opportunities.
- Market Competition and Talent Retention: Stifel Financial faces intense competition from other securities firms and financial institutions, some of which possess greater resources and operating efficiencies. A critical aspect of its ability to compete effectively, particularly in its wealth management division which generates a significant portion of its revenue, is the capacity to attract and retain qualified personnel, especially financial advisors. The recruiting market for financial advisors is described as "very competitive," posing a challenge for Stifel to maintain and expand its network of advisors in an environment characterized by fee pressure, regulatory requirements, and the rise of digital alternatives.
- Market Volatility and Economic Conditions: The company's business is highly susceptible to volatility in client activity, market sentiment, and overall capital markets conditions. Stifel's investment banking services, including mergers and acquisitions, public offerings, and private placements, are inherently cyclical and vulnerable to downturns in deal activity. Additionally, market risks encompass interest rate fluctuations, which can impact the value of the firm's securities portfolio and net interest income. Broader global economic shifts, including geopolitical uncertainties, can also significantly affect transactional volumes and overall profitability.
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The clear emerging threat to Stifel Financial is the rise of technology-driven financial platforms, including robo-advisors, commission-free trading apps, and challenger banks. These platforms offer lower-cost, automated, and highly accessible investment, financial planning, and banking services, directly challenging Stifel's traditional human-advisor model in wealth management and its retail banking segment. This trend commoditizes services like securities transactions and basic financial planning, potentially eroding revenue and market share among individual investors and smaller businesses.
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Stifel Financial (symbol: SF) operates in several financial services sectors, each with substantial addressable markets in various regions.
Global Wealth Management
- The global wealth management market is projected to grow by USD 469.1 billion from 2025 to 2030, with a compound annual growth rate (CAGR) of 8.1%.
- The total pool of global investable wealth is expected to exceed US$481 trillion by 2030.
- The global wealth management platform market size was valued at USD 3.73 billion in 2025 and is projected to reach USD 9.99 billion by 2034.
- In North America, the wealth management platform market was valued at USD 1.26 billion in 2025 and is estimated to reach USD 1.4 billion in 2026.
- The U.S. wealth management platform market is projected to reach USD 0.6 billion by 2026.
Investment Banking Services
- The global investment banking market size was valued at USD 110.12 billion in 2025 and is projected to grow to USD 214.90 billion by 2034, exhibiting a CAGR of 7.80%.
- The North American investment banking market was valued at USD 44.72 billion in 2025 and USD 47.76 billion in 2026.
- The U.S. investment banking market is valued at USD 54.74 billion in 2025 and is projected to reach USD 66.15 billion by 2030, with a CAGR of 3.86%.
- Mergers and acquisitions constituted 38.35% of the investment banking market share in 2025.
- Equity capital markets are forecasted to grow at a 5.54% CAGR through 2031.
- Announced U.S. merger and acquisition (M&A) deal value totaled $1.6 trillion in 2024.
- Total equity issuance in the U.S. (excluding SPACs) was $222.9 billion in 2024.
Institutional Equity and Fixed Income
- The global fixed income market size is estimated at USD 153.39 trillion in 2025 and is expected to reach USD 198.58 trillion by 2030, growing at a CAGR of 5.30%.
- North America holds the largest market share in the global fixed income market in 2025.
- The U.S. is the largest bond market, valued at over $51 trillion in 2024, representing 40% of the total global market.
- Global equity market capitalization increased to $126.7 trillion in 2024.
- The global stock market was valued at USD 124 trillion based on a five-year historical analysis, with North America dominating with nearly half of the global market capitalization.
- The average daily trading volume for equities in the U.S. in 2024 was 12.2 billion shares.
Municipal Finance Services
- The U.S. municipal bond market had $4.4 trillion outstanding as of Q3 2025.
- U.S. municipal bond issuance reached a record of $582 billion in 2025.
- For 2026, U.S. municipal bond volume is predicted to range from $570 billion to $590 billion.
- In 2024, municipal bond issuance in the U.S. was $513.6 billion.
Retail and Commercial Banking Services
- The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, reflecting a 4.56% CAGR.
- The U.S. retail banking market stands at USD 0.87 trillion (USD 870 billion) in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a CAGR of 4.22%.
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Stifel Financial (symbol: SF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Continued Growth in Global Wealth Management (GWM): Stifel's Global Wealth Management segment has been a consistent driver of growth, with significant expansion in revenue and assets under management over the last decade. The company actively recruits financial advisors, including experienced professionals, which directly contributes to increased client assets and fee-based revenue. Stifel aims to grow total client assets and transition to more stable, recurring revenue streams within this segment.
- Increased Investment Banking Activity: Stifel anticipates sustained strength in its Institutional Group, particularly in investment banking services such as mergers and acquisitions (M&A) advisory, equity capital raising, and fixed income underwriting. The company reported strong performance in these areas in late 2025, with management expecting a favorable M&A backdrop and increasing activity in sectors like healthcare to continue boosting revenue.
- Balance Sheet Expansion and Net Interest Income (NII) Growth: Stifel has provided guidance for aggressive balance sheet expansion, projecting approximately $4 billion in growth for 2026. This expansion is expected to translate into a substantial increase in net interest income, with forecasts ranging from $1.1 billion to $1.2 billion for 2026.
- Strategic Acquisitions and Advisor Recruitment: Stifel has a successful track record of integrating acquisitions and is focused on the continued selective growth of high-quality talent. The successful recruitment of a significant number of financial advisors in 2025, including those from strategic integrations like the B. Riley acquisition, is expected to enhance platform productivity and expand the firm's client-serving capabilities, leading to revenue growth.
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Share Repurchases
- Stifel Financial's annual share repurchases were $244.991 million in 2025 and $144.097 million in 2024.
- As of December 31, 2024, the company maintained a share repurchase program with 10.1 million shares authorized for repurchase.
- In October 2023, the company increased its equity buyback authorization by 10,000,000 shares, bringing the remaining authorization to 14,200,000 shares.
Share Issuance
- Stifel Financial declared a three-for-two stock split in the form of a 50% stock dividend, distributed on February 26, 2026, to shareholders of record as of February 12, 2026.
- This stock split increased the number of outstanding shares from approximately 103 million to about 155 million.
Outbound Investments
- Stifel has pursued an active acquisition strategy to enhance its market position, including the planned acquisition of Bryan, Garnier & Co. in January 2025, a full-service boutique investment bank.
- In March 2024, Stifel acquired CB Resource and Finance 500, aiming to enhance its brokerage, investment services, and advisory capabilities.
- Other recent acquisitions include Torreya in December 2022, ACXIT Capital Partners in June 2022, and Vining Sparks in September 2021.
Capital Expenditures
- Stifel Financial's capital expenditures were $16.6 million for the quarter ending March 31, 2025, $14.8 million for the quarter ending June 30, 2025, and $17.2 million for the quarter ending September 30, 2025.
- The company's investing cash flow has remained negative, indicating ongoing capital deployment.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.25 |
| Mkt Cap | 12.1 |
| Rev LTM | 5,283 |
| Op Inc LTM | 2,755 |
| FCF LTM | 964 |
| FCF 3Y Avg | 530 |
| CFO LTM | 1,073 |
| CFO 3Y Avg | 588 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.7% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 17.2% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | 3.6% |
| Op Inc Chg 3Y Avg | 19.2% |
| Op Mgn LTM | 32.3% |
| Op Mgn 3Y Avg | 33.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 16.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Wealth Management | 3,537 | 3,284 | 3,050 | 2,826 | 2,599 |
| Institutional Group | 1,915 | 1,593 | 1,226 | 1,536 | 2,152 |
| Other | 78 | 94 | 73 | 30 | -14 |
| Total | 5,530 | 4,970 | 4,349 | 4,391 | 4,737 |
| $ Mil | 2015 | 2008 | 2004 | 2003 | 2001 |
|---|---|---|---|---|---|
| Global Wealth Management | 382 | ||||
| Institutional Group | 141 | ||||
| Other | -382 | -98 | -26 | -24 | -20 |
| Equity Capital Markets | 29 | ||||
| Fixed Income Capital Markets | 62 | 3 | 3 | ||
| Private Client Group | 97 | ||||
| Stifel Bank | 1 | ||||
| Equity Capital markets | 13 | 11 | |||
| Private client | 47 | 36 | 16 | ||
| Capital markets | 8 | ||||
| Total | 142 | 92 | 37 | 25 | 3 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Wealth Management | 36,086 | 34,895 | 32,774 | 32,449 | 28,220 |
| Institutional Group | 4,997 | 4,789 | 4,564 | 4,285 | 5,152 |
| Other | 188 | 212 | 390 | 461 | 678 |
| Total | 41,271 | 39,896 | 37,727 | 37,196 | 34,050 |
Price Behavior
| Market Price | $84.31 | |
| Market Cap ($ Bil) | 13.1 | |
| First Trading Date | 07/19/1983 | |
| Distance from 52W High | -4.2% | |
| 50 Days | 200 Days | |
| DMA Price | $74.97 | $77.80 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 12.5% | 8.4% |
| 3M | 1YR | |
| Volatility | 25.7% | 26.6% |
| Downside Capture | 68.34 | 125.01 |
| Upside Capture | 86.93 | 110.58 |
| Correlation (SPY) | 37.4% | 50.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.27 | 0.74 | 0.72 | 0.93 | 1.06 | 1.24 |
| Up Beta | -0.49 | -0.24 | 0.34 | 0.80 | 0.86 | 1.27 |
| Down Beta | 2.63 | 1.23 | 0.81 | 0.89 | 0.94 | 1.38 |
| Up Capture | 283% | 152% | 84% | 89% | 119% | 165% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 25 | 32 | 67 | 134 | 415 |
| Down Capture | 1% | 30% | 76% | 105% | 116% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 6 | 17 | 30 | 58 | 117 | 336 |
[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 SF | |
|---|---|---|---|---|
| SF | 14.7% | 26.5% | 0.49 | - |
| Sector ETF (XLF) | 13.1% | 14.6% | 0.62 | 72.7% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | 50.5% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | 13.3% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | -10.9% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | 27.9% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 28.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SF | |
|---|---|---|---|---|
| SF | 15.8% | 31.1% | 0.51 | - |
| Sector ETF (XLF) | 11.6% | 18.4% | 0.49 | 81.5% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 69.1% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | -0.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 14.1% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 49.3% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | 31.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SF | |
|---|---|---|---|---|
| SF | 20.2% | 34.9% | 0.62 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.57 | 84.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 70.8% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | -4.1% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 24.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 53.6% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 2.2% | 9.1% | |
| 4/22/2026 | -6.0% | -5.0% | -11.2% |
| 1/28/2026 | -0.1% | -1.6% | -6.8% |
| 10/22/2025 | 3.8% | 4.6% | 5.6% |
| 7/30/2025 | 3.6% | 1.9% | 5.7% |
| 4/23/2025 | -3.8% | 0.2% | 9.8% |
| 1/29/2025 | 2.0% | -2.6% | -9.7% |
| 10/23/2024 | 0.7% | 4.2% | 12.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 16 |
| # Negative | 11 | 9 | 8 |
| Median Positive | 2.6% | 4.4% | 7.1% |
| Median Negative | -2.4% | -1.9% | -3.2% |
| Max Positive | 6.4% | 16.5% | 23.1% |
| Max Negative | -6.3% | -5.0% | -11.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 2.2% | 9.1% | |
| 4/22/2026 | -6.0% | -5.0% | -11.2% |
| 1/28/2026 | -0.1% | -1.6% | -6.8% |
| 10/22/2025 | 3.8% | 4.6% | 5.6% |
| 7/30/2025 | 3.6% | 1.9% | 5.7% |
| 4/23/2025 | -3.8% | 0.2% | 9.8% |
| 1/29/2025 | 2.0% | -2.6% | -9.7% |
| 10/23/2024 | 0.7% | 4.2% | 12.9% |
| 7/24/2024 | 2.7% | 6.6% | 3.9% |
| 4/24/2024 | 0.5% | 2.6% | 5.3% |
| 1/24/2024 | 3.8% | 5.5% | 8.3% |
| 10/25/2023 | -5.2% | -2.5% | 5.7% |
| 7/26/2023 | -2.4% | -1.9% | -2.6% |
| 4/26/2023 | -1.9% | -1.8% | -3.5% |
| 1/25/2023 | 4.5% | 7.1% | 4.8% |
| 10/26/2022 | 2.6% | 15.3% | 17.6% |
| 7/27/2022 | -1.1% | -1.4% | 4.2% |
| 4/27/2022 | 2.4% | 1.9% | -1.0% |
| 1/26/2022 | 6.4% | 16.5% | 7.2% |
| 10/27/2021 | -6.3% | -3.3% | -1.2% |
| 7/28/2021 | 2.5% | 1.2% | 6.9% |
| 4/27/2021 | -2.2% | 1.1% | -2.9% |
| 1/29/2021 | -0.6% | 3.8% | 23.1% |
| 10/27/2020 | -4.0% | -0.9% | 18.1% |
| 7/29/2020 | 5.7% | 4.9% | 8.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 16 |
| # Negative | 11 | 9 | 8 |
| Median Positive | 2.6% | 4.4% | 7.1% |
| Median Negative | -2.4% | -1.9% | -3.2% |
| Max Positive | 6.4% | 16.5% | 23.1% |
| Max Negative | -6.3% | -5.0% | -11.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Insider Activity
Updated 7/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Maryam S | Direct | Sell | 7272026 | 79.20 | 4,700 | 372,233 | 453,728 | Form | |
| 2 | Rubulotta, David | Direct | Sell | 2042026 | 124.31 | 400 | 49,724 | 123,316 | Form | |
| 3 | Zemlyak, James M | President | Son | Sell | 2022026 | 123.90 | 9 | 1,115 | 876,221 | Form |
| 4 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 116.00 | 2 | 232 | 816,292 | Form |
| 5 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 114.16 | 2 | 228 | 803,116 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Maryam S | Direct | Sell | 7272026 | 79.20 | 4,700 | 372,233 | 453,728 | Form | |
| 2 | Rubulotta, David | Direct | Sell | 2042026 | 124.31 | 400 | 49,724 | 123,316 | Form | |
| 3 | Zemlyak, James M | President | Son | Sell | 2022026 | 123.90 | 9 | 1,115 | 876,221 | Form |
| 4 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 116.00 | 2 | 232 | 816,292 | Form |
| 5 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 114.16 | 2 | 228 | 803,116 | Form |
| 6 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 111.76 | 1 | 112 | 786,008 | Form |
| 7 | Zemlyak, James M | Co-President | by Son | Buy | 8212025 | 110.17 | 4 | 441 | 774,715 | Form |
Investor Activity (13F)
Updated Aug 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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