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    Piper Sandler Cos (PIPR)

    Market Price (9/19/2026): $72.48 | Market Cap: $4.9 BilSector: Financials | Industry: Investment Banking & Brokerage

    Piper Sandler Cos (PIPR)

    Market Price (9/19/2026): $72.48
    Market Cap: $4.9 Bil
    Sector: Financials
    Industry: Investment Banking & Brokerage

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 9.9%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

    Low stock price volatility
    Vol 12M is 35%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Fintech & Digital Payments, and Investment Banking & Financial Advisory. Themes include Private Equity, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -23%

    Key risks
    PIPR 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.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 9.9%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
    3 Low stock price volatility
    Vol 12M is 35%
    4 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Fintech & Digital Payments, and Investment Banking & Financial Advisory. Themes include Private Equity, Show more.
    5 Weak multi-year price returns
    2Y Excs Rtn is -23%
    6 Key risks
    PIPR 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.

    PIPR in ETFs

    Weight = PIPR's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.17%
    IJR0.27%
    VYM0.02%
    VB0.06%
    IWO0.36%
    SLYG0.33%
    +16 more covered ETFs

    Valuation & Metrics

    FYE: 12/31PIPR [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$2.1 Bil—
    FY 2026 Sales$2.1 Bil—
    FY 2027 Sales$2.3 Bil—
    FY 2026 Sales Growth0.6%—
    FY 2027 Sales Growth12.8%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$307.3 Mil—
    FY 2026 Net Income (Non-GAAP)$330.6 Mil—
    FY 2027 Net Income (Non-GAAP)$390.6 Mil—
    FY 2027 Net Income Growth18.1%18.1%
    FY 2026 EPS (Non-GAAP)$4.62—
    FY 2027 EPS (Non-GAAP)$5.50—
    FY 2027 EPS Growth18.9%—
    VALUATION
    FY 2026 P/S2.41.6
    FY 2027 P/S2.1—
    FY 2026 P/E14.87.4
    FY 2027 P/E12.6—

    [1] PIPR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    PIPRS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)2.1
    Rev Chg Q25.0%9.1%
    Rev Chg LTM32.7%8.3%
    Rev Chg 3Y Avg18.5%5.8%
    PROFITABILITYFAIR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.5
    Net Inc LTM ($ Bil)0.3
    CFO/Rev LTM24.5%21.8%
    Net Inc Mgn14.9%13.1%
    VALUATIONMODERATE
    P/S2.43.1
    P/CFO9.714.7
    P/FCF10.119.1
    P/E16.022.4

    AI Analysis | Feedback

    MetricValueDateSource
    Number of investment banking professionals750+11082025Link
    Completed M&A transactions (cumulative)1,025+11082025Link
    Number of advisory transactions completed829302025Link
    Number of corporate financings completed389302025Link
    Number of municipal negotiated transactions underwritten1339302025Link
    Number of corporate investment banking managing directors15912312022Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    Piper Sandler Cos (PIPR) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Management's cautious outlook following robust fiscal Q2 2026 earnings. Despite reporting an adjusted EPS of $1.04 and a 24.9% year-over-year revenue increase to $491.14 million for fiscal Q2 2026 (ending June 30, 2026), released on July 30, 2026, Piper Sandler's stock fell 3.55% in premarket trading. This decline was primarily driven by management's warning of slowing growth in the second half of fiscal 2026, with an expectation of flat fiscal Q3 2026 revenues year-over-year and anticipated seasonal declines in municipal finance and equity brokerage.

    2. Weak performance in the Fixed Income Services segment. During fiscal Q2 2026, Piper Sandler's fixed income services revenues decreased by 14% year-over-year to $48.6 million. This decline, coupled with a mixed outlook for the fixed income market due to ongoing interest rate volatility, contributed to investor apprehension regarding the firm's overall revenue growth prospects.

    Show more
    Updated on 9/1/2026

    Piper Sandler Cos (PIPR) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Management's cautious outlook following robust fiscal Q2 2026 earnings. Despite reporting an adjusted EPS of $1.04 and a 24.9% year-over-year revenue increase to $491.14 million for fiscal Q2 2026 (ending June 30, 2026), released on July 30, 2026, Piper Sandler's stock fell 3.55% in premarket trading. This decline was primarily driven by management's warning of slowing growth in the second half of fiscal 2026, with an expectation of flat fiscal Q3 2026 revenues year-over-year and anticipated seasonal declines in municipal finance and equity brokerage.

    2. Weak performance in the Fixed Income Services segment. During fiscal Q2 2026, Piper Sandler's fixed income services revenues decreased by 14% year-over-year to $48.6 million. This decline, coupled with a mixed outlook for the fixed income market due to ongoing interest rate volatility, contributed to investor apprehension regarding the firm's overall revenue growth prospects.

    3. Significant insider selling activity. On May 3, 2026, Jonathan J Doyle, the Head of Financial Services Group, sold 90,000 shares of Piper Sandler stock at $78.84 per share, amounting to approximately $7.1 million. This substantial insider sale occurred just before the analysis period began, potentially signaling a lack of confidence from a key executive and influencing negative investor sentiment.

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    Stock Movement Drivers

    Fundamental Drivers

    The -7.5% change in PIPR stock from 5/31/2026 to 9/18/2026 was primarily driven by a -15.4% change in the company's P/E Multiple.
    (LTM values as of)53120269182026Change
    Stock Price ($)78.2072.36-7.5%
    Change Contribution By: 
    Total Revenues ($ Mil)1,9712,0695.0%
    Net Income Margin (%)14.3%14.9%3.9%
    P/E Multiple18.815.9-15.4%
    Shares Outstanding (Mil)68680.2%
    Cumulative Contribution-7.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/18/2026
    ReturnCorrelation
    PIPR-7.5% 
    Market (SPY)0.9%43.3%
    Sector (XLF)8.3%55.5%

    Fundamental Drivers

    The 0.3% change in PIPR stock from 2/28/2026 to 9/18/2026 was primarily driven by a 11.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)22820269182026Change
    Stock Price ($)72.1372.360.3%
    Change Contribution By: 
    Total Revenues ($ Mil)1,8542,06911.6%
    Net Income Margin (%)15.2%14.9%-2.1%
    P/E Multiple17.315.9-7.7%
    Shares Outstanding (Mil)6768-0.5%
    Cumulative Contribution0.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/18/2026
    ReturnCorrelation
    PIPR0.3% 
    Market (SPY)11.6%46.0%
    Sector (XLF)9.2%58.9%

    Fundamental Drivers

    The -11.0% change in PIPR stock from 8/31/2025 to 9/18/2026 was primarily driven by a -38.1% change in the company's P/E Multiple.
    (LTM values as of)83120259182026Change
    Stock Price ($)81.2972.36-11.0%
    Change Contribution By: 
    Total Revenues ($ Mil)1,5592,06932.7%
    Net Income Margin (%)13.5%14.9%9.8%
    P/E Multiple25.715.9-38.1%
    Shares Outstanding (Mil)6768-1.3%
    Cumulative Contribution-11.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/18/2026
    ReturnCorrelation
    PIPR-11.0% 
    Market (SPY)19.4%50.5%
    Sector (XLF)4.7%65.7%

    Fundamental Drivers

    The 107.0% change in PIPR stock from 8/31/2023 to 9/18/2026 was primarily driven by a 127.3% change in the company's Net Income Margin (%).
    (LTM values as of)83120239182026Change
    Stock Price ($)34.9672.36107.0%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2582,06964.5%
    Net Income Margin (%)6.5%14.9%127.3%
    P/E Multiple25.615.9-37.8%
    Shares Outstanding (Mil)6068-11.0%
    Cumulative Contribution107.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/18/2026
    ReturnCorrelation
    PIPR107.0% 
    Market (SPY)75.6%63.9%
    Sector (XLF)69.8%73.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    PIPR Return85%-23%38%74%16%-13%242%
    Peers Return47%-14%38%63%5%-20%140%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    PIPR Win Rate75%33%58%67%67%44% 
    Peers Win Rate60%40%60%77%62%38% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    PIPR Max Drawdown-14%-42%-21%-16%-34%-25% 
    Peers Max Drawdown-17%-37%-21%-12%-38%-34% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 9/18/2026 (YTD)

    How Low Can It Go

    EventPIPRS&P 500
    2025 US Tariff Shock
      % Loss-30.4%-18.8%
      % Gain to Breakeven43.7%23.1%
      Time to Breakeven93 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-12.5%-9.5%
      % Gain to Breakeven14.2%10.5%
      Time to Breakeven21 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-21.3%-6.7%
      % Gain to Breakeven27.1%7.1%
      Time to Breakeven203 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-40.6%-24.5%
      % Gain to Breakeven68.4%32.4%
      Time to Breakeven517 days427 days
    2020 COVID-19 Crash
      % Loss-59.5%-33.7%
      % Gain to Breakeven147.2%50.9%
      Time to Breakeven218 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-18.2%-19.2%
      % Gain to Breakeven22.3%23.8%
      Time to Breakeven116 days105 days

    Compare to JEF, HLI, LAZ, EVR, SF

    In The Past

    Piper Sandler Cos's stock fell -30.4% during the 2025 US Tariff Shock. Such a loss loss requires a 43.7% 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.

    EventPIPRS&P 500
    2025 US Tariff Shock
      % Loss-30.4%-18.8%
      % Gain to Breakeven43.7%23.1%
      Time to Breakeven93 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-21.3%-6.7%
      % Gain to Breakeven27.1%7.1%
      Time to Breakeven203 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-40.6%-24.5%
      % Gain to Breakeven68.4%32.4%
      Time to Breakeven517 days427 days
    2020 COVID-19 Crash
      % Loss-59.5%-33.7%
      % Gain to Breakeven147.2%50.9%
      Time to Breakeven218 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-24.1%-12.2%
      % Gain to Breakeven31.8%13.9%
      Time to Breakeven28 days62 days
    2014-2016 Oil Price Collapse
      % Loss-38.8%-6.8%
      % Gain to Breakeven63.5%7.3%
      Time to Breakeven268 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-46.7%-17.9%
      % Gain to Breakeven87.6%21.8%
      Time to Breakeven452 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-27.4%-15.4%
      % Gain to Breakeven37.7%18.2%
      Time to Breakeven188 days125 days
    2008-2009 Global Financial Crisis
      % Loss-62.2%-53.4%
      % Gain to Breakeven164.7%114.4%
      Time to Breakeven157 days1085 days

    Compare to JEF, HLI, LAZ, EVR, SF

    In The Past

    Piper Sandler Cos's stock fell -30.4% during the 2025 US Tariff Shock. Such a loss loss requires a 43.7% 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 Piper Sandler Cos (PIPR)

    ```html

    Piper Sandler Companies (PIPR) is an investment bank and institutional securities firm that provides a comprehensive range of financial services to corporations, governments, and institutional investors globally. At its core, the firm helps clients navigate complex financial transactions, raise capital, and manage their investments. They are a key player in connecting those who need capital with those who provide it, and offering expert guidance throughout the process.

    The company's primary services include investment banking advisory for mergers and acquisitions (M&A), equity private placements, and debt and restructuring. They also specialize in capital raising through underwriting equity and debt financings. Additionally, Piper Sandler offers significant expertise in public finance, providing underwriting and financial advisory services to state and local governments, as well as non-profit entities in sectors such as education, healthcare, and transportation. For institutional investors, they provide equity and fixed income advisory and trade execution services.

    Beyond its core investment banking activities, Piper Sandler also engages in alternative asset management, investing firm capital and managing funds for outside investors, particularly in merchant banking and healthcare. The firm serves a diverse client base including corporations, private equity groups, public and non-profit entities, and institutional investors. Founded in 1895 and headquartered in Minneapolis, Minnesota, Piper Sandler has a long-standing presence in the financial services industry, operating both domestically and internationally.

    ```

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    A full-service investment bank, similar to a smaller Morgan Stanley or Goldman Sachs.

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    • Investment Banking Advisory: Provides strategic advice on mergers & acquisitions, equity private placements, and debt & restructuring.
    • Capital Raising & Underwriting: Facilitates equity and debt financings and underwrites municipal issuances for various entities.
    • Public Finance Investment Banking: Offers specialized financial advisory and loan placement services for state and local governments and non-profit organizations.
    • Institutional Sales, Trading, & Research: Delivers advisory and trade execution services for institutional investors in equity and fixed income markets, supported by research.
    • Alternative Asset Management: Manages firm capital and capital from outside investors through alternative asset funds, focusing on sectors like healthcare.
    • Over-the-Counter Derivative Products: Offers various customized derivative instruments for clients.

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    Piper Sandler Companies (PIPR) primarily serves other companies and institutional entities rather than individual consumers. While specific names of its client companies are not publicly disclosed in the provided information, which is common for investment banking services, its major customer categories include:

    • Corporations
    • Private Equity Groups
    • Public Entities (such as state and local governments)
    • Non-profit Entities (including those in education, healthcare, hospitality, senior living, and transportation sectors, as well as cultural and social service organizations)
    • Institutional Investors

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    Chad Abraham, Chairman, Chief Executive Officer

    Chad Abraham serves as the chairman and chief executive officer of Piper Sandler, a position he has held since January 2018. He joined the firm in 1991 as an investment banking analyst. He 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. Abraham serves on the board of directors for Columbus McKinnon Corporation. He previously served as Chairman & Chief Executive Officer of Piper Jaffray Cos.

    Kate Clune, Chief Financial Officer

    Kate Clune was appointed Chief Financial Officer of Piper Sandler in the first quarter of 2024, succeeding Tim Carter. She joined Piper Sandler from Evercore Inc., where she was most recently treasurer and head of planning and strategy. Prior to Evercore, Ms. Clune spent 16 years at Morgan Stanley, holding various roles in 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.

    Debbra Schoneman, President

    Debbra Schoneman serves as president of Piper Sandler, a position she has held since January 2018. She joined Piper Sandler in 1990 in the accounting department. She has held several senior management positions within the firm, including global head of equities, chief financial officer (from May 2008 to December 2017), finance director of both equity and fixed income capital markets, and treasurer. Schoneman serves on the board of directors of Hormel Foods and Allina Health, and previously served on the board of directors of SIFMA.

    James Baker, Global Co-Head of Investment Banking and Capital Markets

    James P. Baker is the global co-head of investment banking and capital markets, a position he has held since January 2019. Before this role, he served as co-head of energy investment banking from February 2016 to December 2018. Mr. Baker joined Piper Sandler in February 2016 following the acquisition of Simmons & Company International, where he was a managing director and leader of its midstream/downstream investment banking group, having joined Simmons in 2001.

    Jonathan Doyle, Vice Chairman, Senior Managing Principal and Head of Financial Services

    Jonathan J. Doyle is the vice chairman, senior managing principal, and head of the financial services group, a position he has held since January 2020.

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    The key risks to Piper Sandler Cos (PIPR) are:

    Market Volatility and Economic Uncertainty

    Piper Sandler Companies' performance is significantly influenced by the health of financial markets and the broader economy. Economic downturns, such as unexpected drops in employment or concerns over market stability, can adversely affect the demand for the company's investment banking and brokerage services. Revenue streams, particularly from mergers and acquisitions (M&A) and equity capital markets (ECM), are highly susceptible to market volatility and economic uncertainty, with capital markets activity capable of declining rapidly during such periods. This inherent cyclical risk means that substantial growth in areas like equity financing may not be sustainable or predictable over the long term.

    Intense Competition

    The company operates in a highly competitive industry where it contends with larger firms possessing greater financial and technological resources. These larger competitors often have the capacity to offer a more extensive range of products and services, undertake greater risk, and exercise more flexibility in pricing and client offerings. Piper Sandler's relatively smaller scale compared to these dominant players can hinder its ability to compete effectively, particularly in diversifying its product offerings and expanding its market reach.

    Regulatory and Compliance Risks

    As an investment bank and institutional securities firm, Piper Sandler Companies operates within a heavily regulated financial services industry. It faces ongoing scrutiny and evolving rule-making from legislators and regulators. Non-compliance with these regulations can lead to substantial legal penalties, significant financial losses, and severe reputational damage. Changes in the regulatory environment can impact how the company structures its products and services, conducts transactions, and reports financial activities, requiring constant adaptation and investment in compliance frameworks.

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    Piper Sandler Companies (PIPR) operates in several financial sectors, with addressable markets varying by service and geographic region.

    Investment Banking

    The global investment banking market, which encompasses services such as mergers and acquisitions (M&A) advisory, equity private placements, and debt and restructuring advisory, was valued at approximately USD 129.13 billion in 2025 and is projected to reach USD 301.52 billion by 2035. Another estimate places the global market at USD 110.12 billion in 2025, growing to USD 117.79 billion in 2026 and USD 214.90 billion by 2034. For the United States specifically, the investment banking market is expected to grow from USD 54.74 billion in 2025 to USD 56.68 billion in 2026, and is forecast to reach USD 67.47 billion by 2031. North America, as a broader region, held a valuation of USD 44.72 billion in 2025 and USD 47.76 billion in 2026.

    • M&A Advisory: The global M&A advisory market was valued at USD 27.95 billion in 2024 and is expected to reach USD 34.80 billion by 2033. Another source estimated the global M&A advisory market at $50 billion in 2025. Global M&A deal value reached approximately $3.2 trillion in 2023. In 2025, global M&A dealmaking reached $4.5–$5 trillion. The United States accounted for 38% of the global market share in 2023.
    • Equity Capital Markets (ECM): The global equity market capitalization increased to $126.7 trillion in 2024. In 2023, the global stock market reached $109 trillion in total market capitalization. The U.S. equity markets alone comprise over $46.2 trillion, representing 42.5% of the global equity market capitalization as of Q2 2023. Total U.S. equity issuance reached $311 billion year-to-date in 2025.
    • Debt Capital Markets (DCM): The global fixed income markets outstanding increased to $145.1 trillion in 2024. The global bond market totaled $133 trillion in 2022. Global debt issuances reached US$8.3 trillion during the first nine months of 2024. The U.S. has the largest bond market globally, valued at over $51 trillion in 2022.

    Public Finance Investment Banking

    Focusing on municipal issuances, the U.S. municipal bond market had approximately $4.2 trillion in outstanding municipal bond holdings as of the end of September 2020. More recently, municipal bonds outstanding in the U.S. were $4.4 trillion as of Q3 2025. Municipal issuance in the U.S. is expected to reach $600 billion in 2026.

    Alternative Asset Management

    The global alternative asset management industry is projected to reach $29.2 trillion in assets under management (AUM) by 2029, from $16.8 trillion at the end of 2023. It is on course to exceed $30 trillion in AUM by 2030. Private markets revenues are anticipated to reach US $432.2 billion by 2030. Global private debt assets alone hit a new high of $1.19 trillion at the end of 2024.

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    Expected Drivers of Future Revenue Growth for Piper Sandler Companies (PIPR)

    Over the next 2-3 years, Piper Sandler Companies (PIPR) is expected to drive future revenue growth through several key initiatives and market trends:

    1. Sustained Growth and Robust Pipeline in Advisory Services: Piper Sandler anticipates continued strong performance from its advisory services, encompassing both mergers and acquisitions (M&A) and non-M&A advisory. The company has reported record advisory revenues and a robust pipeline of engagement mandates, indicating sustained momentum in this core business segment.
    2. Strategic Expansion of Investment Banking Talent and Specialized Capabilities: The firm is focused on expanding its human capital by increasing its Investment Banking Managing Director headcount and enhancing productivity per banker. Furthermore, strategic acquisitions, such as G2 Capital Partners to bolster its technology investment banking practice, and targeted hires in areas like healthcare and life sciences, are aimed at deepening expertise and diversifying revenue streams.
    3. Targeted Growth in Key Industry Verticals: Piper Sandler is actively concentrating its efforts and expanding its presence within specific high-growth industry sectors. These include healthcare (with a particular emphasis on life sciences), technology, and financial services, where the company identifies significant opportunities for future fee generation and client engagement.
    4. Favorable Capital Markets Environment: A general improvement and stability in the broader capital markets environment, particularly concerning equity and debt financings, is anticipated to contribute positively to Piper Sandler's revenue growth across its various business lines.

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    Share Repurchases

    • Piper Sandler authorized a new share repurchase program of up to $150 million on February 6, 2025, effective immediately and expiring on December 31, 2026, which replaced a previous authorization that expired on December 31, 2024.
    • An additional $150 million share repurchase authorization was made on May 6, 2022, set to expire on December 31, 2024, while $43.0 million remained under a prior authorization.
    • The company returned $155 million to shareholders through share repurchases and dividends in 2023, and $140 million in 2024.

    Share Issuance

    • Piper Sandler's shares outstanding have shown a net increase from 14.11 million in 2021 to 16.71 million in 2025.
    • Share repurchase programs are primarily used to offset the dilutive effect of employee equity-based compensation.
    • Executives received substantial performance share unit awards that vested at 163% overall based on adjusted return on equity and relative total shareholder return from January 2023 through December 2025.

    Outbound Investments

    • Piper Sandler acquired Cornerstone Macro on October 14, 2021, to enhance its macro research and derivatives trading capabilities.
    • On October 10, 2022, the company acquired DBO Partners, expanding its technology investment banking services.
    • Piper Sandler acquired Aviditi Advisors on August 23, 2024, which added private capital advisory capabilities to its platform.
    • The company acquired M&A advisory firm G Squared Capital Partners on September 12, 2025.

    Capital Expenditures

    • No specific dollar values for capital expenditures or future expected capital expenditures were readily available in the provided information.
    • Piper Sandler describes its business model as "capital light".

    Peer Outperformance in Investment Banking & Brokerage

    PIPR has outperformed 67% of its 12 Investment Banking & Brokerage peers over 5Y. Among the peers that beat it is IBKR. Investment Banking & Brokerage ranks 2nd of 18 industries in Financials by median 5Y return. That makes it one of the strongest corners of the sector.
    Share of Investment Banking & Brokerage constituents that PIPR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    23%
    of 13 industry peers · -19.6% return
    3Y
    54%
    of 13 industry peers · 105.2% return
    5Y
    67%
    of 12 industry peers · 149.4% return
    Investment Banking & Brokerage peers with revenue growth within 4pp of PIPR's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    PIPR Piper Sandler Cos 18.5% 15.9x -19.6%105.2%149.4% —
    IBKR Interactive Brokers 21.3% 35.9x 40.3%311.4%505.3% +356pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Investment Banking & Brokerage is PIPR's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 23.6%68.8%129.8% SPNT 166% · RGA 145% · RNR 136%
    Investment Banking & Brokerage ← 13 -0.4%99.9%114.4% IBKR 505% · SNEX 246% · HOOD 183%
    Diversified Banks 12 27.9%126.2%112.2% CM 154% · JPM 151% · RY 143%
    Life & Health Insurance 20 10.2%54.1%102.9% JXN 562% · UNM 356% · FG 207%
    Multi-Sector Holdings 4 7.1%48.2%82.5% JONE 361% · BRK-B 84% · VOYA 81%
    Property & Casualty Insurance 42 9.6%65.5%65.4% ASIC 2760900% · HRTG 471% · UVE 319%
    Regional Banks 265 22.5%89.7%65.0% ESQ 369% · VBNK 335% · GCBC 329%
    Multi-line Insurance 9 11.0%68.1%61.6% GNW 186% · L 106% · SLF 98%
    Financial Exchanges & Data 15 -2.0%12.3%32.5% VIRT 184% · CBOE 136% · CME 80%
    Diversified Financial Services 4 -8.8%18.9%28.3% FRHC 167% · EQH 110% · TMS -54%
    Consumer Finance 30 -0.1%84.0%25.8% ENVA 445% · EZPW 333% · FCFS 163%
    Insurance Brokers 16 -15.4%-7.0%19.8% LIFE 249% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.7%29.9%10.9% FNMA 448% · FMCC 420% · ACT 204%
    Asset Management & Custody Banks 84 -12.4%13.6%10.0% WT 318% · SII 278% · VCTR 255%
    Specialized Finance 3 14.7%35.5%-3.0% EFC 27% · CACC -3% · HASI -18%
    Mortgage REITs 33 -13.9%3.4%-17.0% NREF 51% · RITM 41% · DX 34%
    Transaction & Payment Processing Services 15 -1.4%-9.4%-44.8% V 72% · MA 70% · CPAY 54%
    Diversified Capital Markets 20 -34.9%16.8%-55.4% OPY 190% · LPLA 129% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
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    2Piper Sandler Cos Stock 13-Day Winning Spree: Stock Climbs 22%04/17/2026
    3Piper Sandler Cos Stock Rockets 21% With 12-Day Winning Streak04/16/2026
    4With Piper Sandler Cos Stock Surging, Have You Considered The Downside?10/17/2025
    5Why Piper Sandler Cos Stock Moved: PIPR Stock Has Gained 183% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)08/08/2025
    6Piper Sandler Cos (PIPR) Valuation Ratios Comparison08/08/2025
    7PIPR Dip Buy Analysis07/10/2025
    8Piper Sandler Cos Total Shareholder Return (TSR): 75.6% in 2024 and 26.0% 3-yr compounded annual returns (above peer average)03/07/2025
    9Time To Buy Piper Sandler Cos Stock?02/28/2025
    10Piper Sandler Cos (PIPR) Operating Cash Flow Comparison02/17/2025
    11ARTICLES 
    12Piper Sandler Cos Stock Rockets 25% With 16-Day Winning Streak04/22/2026

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    Financials

    PIPRJEFHLILAZEVRSFMedian
    NamePiper Sa.Jefferie.Houlihan.Lazard Evercore Stifel F. 
    Mkt Price72.3647.90130.5535.75262.6075.7974.08
    Mkt Cap4.910.18.73.610.111.79.4
    Rev LTM2,06911,8462,5233,2774,7095,8573,993
    Op Inc LTM-4,928582365--582
    FCF LTM4871,7794856591,626361573
    FCF 3Y Avg343-9935205071,027541514
    CFO LTM5062,0065006711,668454589
    CFO 3Y Avg365-7935605401,069616550

    Growth & Margins

    PIPRJEFHLILAZEVRSFMedian
    NamePiper Sa.Jefferie.Houlihan.Lazard Evercore Stifel F. 
    Rev Chg LTM32.7%13.8%1.7%6.3%45.4%15.7%14.7%
    Rev Chg 3Y Avg18.5%18.9%12.1%7.3%24.9%11.2%15.3%
    Rev Chg Q25.0%25.0%-15.5%1.9%18.8%13.3%16.0%
    QoQ Delta Rev Chg LTM5.0%5.6%-3.6%0.5%3.4%3.0%3.2%
    Op Inc Chg LTM-6.0%1.2%-19.4%--1.2%
    Op Inc Chg 3Y Avg-21.6%16.8%59.2%--21.6%
    Op Mgn LTM-41.6%23.1%11.1%--23.1%
    Op Mgn 3Y Avg-44.0%22.5%11.3%--22.5%
    QoQ Delta Op Mgn LTM--0.3%-0.6%-1.7%---0.6%
    CFO/Rev LTM24.5%16.9%19.8%20.5%35.4%7.8%20.2%
    CFO/Rev 3Y Avg22.0%-9.2%23.7%17.6%29.4%12.1%19.8%
    FCF/Rev LTM23.5%15.0%19.2%20.1%34.5%6.2%19.7%
    FCF/Rev 3Y Avg20.7%-11.2%21.9%16.5%28.2%10.6%18.6%

    Valuation

    PIPRJEFHLILAZEVRSFMedian
    NamePiper Sa.Jefferie.Houlihan.Lazard Evercore Stifel F. 
    Mkt Cap4.910.18.73.610.111.79.4
    P/S2.40.93.41.12.22.02.1
    P/Op Inc-2.014.99.9--9.9
    P/EBIT-2.214.99.1--9.1
    P/E15.911.221.416.013.612.314.8
    P/CFO9.75.017.45.46.125.77.9
    Total Yield9.2%12.6%6.8%11.5%8.8%10.0%9.6%
    Dividend Yield2.9%3.7%2.1%5.3%1.5%1.9%2.5%
    FCF Yield 3Y Avg8.2%-8.3%5.2%12.3%9.4%5.3%6.7%
    D/E0.02.60.10.60.10.20.1
    Net D/E-0.01.2-0.00.2-0.0-0.1-0.0

    Returns

    PIPRJEFHLILAZEVRSFMedian
    NamePiper Sa.Jefferie.Houlihan.Lazard Evercore Stifel F. 
    1M Rtn-3.0%-10.6%0.9%-20.9%-11.7%-8.0%-9.3%
    3M Rtn-11.3%-22.3%-6.8%-18.3%-29.1%3.5%-14.8%
    6M Rtn-1.1%27.5%-5.5%-6.9%-3.9%8.1%-2.5%
    12M Rtn-19.6%-29.9%-36.3%-34.9%-26.8%0.1%-28.3%
    3Y Rtn105.2%36.2%25.6%11.4%89.5%83.1%59.6%
    1M Excs Rtn-2.3%-9.8%1.6%-20.2%-11.0%-7.2%-8.5%
    3M Excs Rtn-13.3%-24.3%-8.8%-20.3%-31.1%1.5%-16.8%
    6M Excs Rtn-17.4%11.5%-20.9%-24.0%-19.7%-7.0%-18.6%
    12M Excs Rtn-32.1%-41.7%-50.9%-48.9%-39.7%-14.4%-40.7%
    3Y Excs Rtn37.3%-31.3%-44.2%-59.8%22.9%14.0%-8.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/7/20262/26/202611/4/20258/6/20255/8/20252/27/202511/7/20248/6/20245/7/20242/26/202411/3/2023
    Key Financials Quarterly            
    Total Revenue490469648462392352467348329332458278
    Net Income686511460426569353542524
    EPS1.000.961.690.900.630.991.070.550.550.690.860.07
    Key Financials TTM            
    Total Revenue TTM2,0691,9711,8541,6721,5591,4961,4761,4671,3971,3451,3001,217
    Net Income TTM3072822812362112041811641331028572
    Growth Rates Quarterly            
    Total Revenue Growth25.0%33.3%38.8%32.5%19.3%6.1%1.8%25.3%18.9%15.6%22.0%-12.7%
    Net Income Growth60.8%0.5%65.0%73.2%21.3%52.8%32.7%797.1%779.4%65.8%36.5%-73.3%
    Margins Quarterly            
    Net Income Margin13.8%13.9%17.6%13.1%10.8%18.4%14.8%10.0%10.6%12.8%11.3%1.4%
    Cash & Debt            
    Total Cash3043448091141231264833503217038352
    Total Debt175112116115116116991159091124220
    Net Debt / (Cash)-129-232-6931-7-10-384-235-23122-259168
    Cash Flows Quarterly            
    FCF from Operations36-2927303232-20716480266-19742327
    Cash Flows TTM            
    FCF from Operations TTM506502587216930331357252028027613
    Returns to Shareholders Quarterly            
    Dividends1410115121770131115361010
    Share Repurchases317020421816255234
    Return on Invested Capital (ROIC) Quarterly            
    ROIC207.8%329.4%-99.4%39.9%37.3%-159.0%68.9%63.2%1669.4%-3.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM269.6%392.3%-61.3%50.7%45.8%-166.8%132.9%36.7%639.7%16.9%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single segment1,8361,4761,3001,3741,972
    Total1,8361,4761,3001,3741,972


    Operating Income by Segment
    $ Mil200420032002
    Capital Markets747866
    Private Client Services482830
    Corporate Support and Other-38-37-42
    Total847054


    Assets by Segment
    $ Mil2018201720162015
    Capital Markets1,2731,9331,9351,870
    Asset Management7292191 
    Asset management   268
    Total1,3452,0252,1262,139


    Price Behavior

    Price Behavior
    Market Price$72.36 
    Market Cap ($ Bil)4.9 
    First Trading Date01/02/2004 
    Distance from 52W High-21.6% 
       50 Days200 Days
    DMA Price$75.20$79.49
    DMA Trendindeterminatedown
    Distance from DMA-3.8%-9.0%
     3M1YR
    Volatility32.3%34.9%
    Downside Capture213.24175.56
    Upside Capture127.83119.60
    Correlation (SPY)45.0%50.4%
    PIPR Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.041.590.931.011.371.45
    Up Beta0.140.650.070.801.391.51
    Down Beta1.991.410.800.831.061.35
    Up Capture111%210%117%106%144%366%
    Bmk +ve Days10213268138427
    Stock +ve Days10202968133397
    Down Capture205%199%138%121%140%108%
    Bmk -ve Days11213259113324
    Stock -ve Days11223559118354

    [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-16.2%35.1%-0.45-
    Sector ETF (XLF)4.5%14.6%0.0865.5%
    Equity (SPY)16.9%12.9%0.9450.4%
    Gold (GLD)19.1%29.3%0.6015.3%
    Commodities (DBC)46.9%20.6%1.76-9.8%
    Real Estate (VNQ)4.9%13.6%0.1034.9%
    Bitcoin (BTCUSD)-34.5%43.9%-0.8435.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with PIPR
    PIPR20.1%35.3%0.59-
    Sector ETF (XLF)10.1%18.4%0.4170.9%
    Equity (SPY)12.9%17.2%0.5763.8%
    Gold (GLD)19.1%18.8%0.835.0%
    Commodities (DBC)11.3%19.5%0.458.0%
    Real Estate (VNQ)1.1%18.8%-0.0547.2%
    Bitcoin (BTCUSD)11.2%52.5%0.3931.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with PIPR
    PIPR23.7%36.6%0.69-
    Sector ETF (XLF)12.9%22.1%0.5372.0%
    Equity (SPY)15.1%18.0%0.7264.8%
    Gold (GLD)12.1%16.4%0.611.5%
    Commodities (DBC)8.3%18.1%0.3719.9%
    Real Estate (VNQ)4.4%20.7%0.1849.6%
    Bitcoin (BTCUSD)61.7%66.1%1.0220.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity2.5 Mil
    Short Interest: % Change Since 8152026-10.8%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest5.3 days
    Basic Shares Quantity67.7 Mil
    Short % of Basic Shares3.6%

    Returns Analyses

    Earnings Returns History

    Updated 9/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20263.2%3.2%1.1%
    5/1/2026-8.9%-7.7%-11.2%
    2/6/20269.9%-3.1%-11.4%
    10/31/2025-2.4%0.5%-0.7%
    8/1/2025-1.2%1.9%6.1%
    5/2/20253.7%5.5%3.5%
    1/31/20252.3%3.0%-8.7%
    10/25/2024-3.1%-2.0%17.9%
    ...
    SUMMARY STATS   
    # Positive131616
    # Negative1188
    Median Positive3.7%5.0%10.7%
    Median Negative-2.9%-2.3%-7.3%
    Max Positive9.9%14.0%17.9%
    Max Negative-8.9%-7.7%-16.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20263.2%3.2%1.1%
    5/1/2026-8.9%-7.7%-11.2%
    2/6/20269.9%-3.1%-11.4%
    10/31/2025-2.4%0.5%-0.7%
    8/1/2025-1.2%1.9%6.1%
    5/2/20253.7%5.5%3.5%
    1/31/20252.3%3.0%-8.7%
    10/25/2024-3.1%-2.0%17.9%
    8/2/2024-6.7%-2.7%4.3%
    4/26/20242.7%5.8%11.4%
    2/2/20247.6%3.7%8.5%
    10/27/20231.9%8.0%17.2%
    7/28/20230.2%-0.4%-5.8%
    5/2/2023-1.1%-3.3%-2.7%
    2/3/20236.9%5.2%-1.4%
    10/28/20222.8%8.4%16.2%
    7/29/20223.8%3.2%0.6%
    4/29/2022-3.8%4.9%10.5%
    2/10/2022-3.6%-0.6%-16.6%
    10/29/20215.5%14.0%13.8%
    7/30/2021-1.3%8.8%17.7%
    4/30/2021-2.9%-0.0%7.1%
    2/4/20213.9%7.2%16.6%
    10/30/2020-0.0%2.9%10.9%
    SUMMARY STATS   
    # Positive131616
    # Negative1188
    Median Positive3.7%5.0%10.7%
    Median Negative-2.9%-2.3%-7.3%
    Max Positive9.9%14.0%17.9%
    Max Negative-8.9%-7.7%-16.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/01/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/25/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/25/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 7/1/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Doyle, Jonathan JHd of Financial Services GroupDirectSell506202680.4745,0003,621,16438,439,380Form
    2Doyle, Jonathan JHd of Financial Services GroupDirectSell506202677.2245,0003,474,84840,361,055Form
    3Schoneman, Debbra LPresidentDirectSell2132026350.995,2401,839,2131,016,481Form
    4Abraham, Chad RCEO and ChairmanDirectSell12012025336.213,0001,008,63318,006,794Form
    5Abraham, Chad RCEO and ChairmanDirectSell12012025337.604,4001,485,44118,081,199Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Doyle, Jonathan JHd of Financial Services GroupDirectSell506202680.4745,0003,621,16438,439,380Form
    2Doyle, Jonathan JHd of Financial Services GroupDirectSell506202677.2245,0003,474,84840,361,055Form
    3Schoneman, Debbra LPresidentDirectSell2132026350.995,2401,839,2131,016,481Form
    4Abraham, Chad RCEO and ChairmanDirectSell12012025336.213,0001,008,63318,006,794Form
    5Abraham, Chad RCEO and ChairmanDirectSell12012025337.604,4001,485,44118,081,199Form
    6Clune, Katherine PatriciaChief Financial OfficerDirectSell11212025324.691,367443,8513,384,893Form
    7Soran, PhilipDirectSell11192025317.05598189,5966,092,750Form
    8Schoneman, Debbra LPresidentDirectSell11052025330.332,500825,825956,636Form
    9Geelan, John WGeneral CounselDirectSell8112025322.692,000645,3714,080,358Form
    10Abraham, Chad RCEO and ChairmanDirectSell8072025323.718,0002,589,69817,337,384Form
    11Abraham, Chad RCEO and ChairmanDirectSell8072025319.3310,0003,193,32417,102,806Form
    12Taylor, Scott CDirectSell8072025319.862,600831,6365,219,795Form
    13Doyle, Jonathan JHd of Financial Services GroupDirectSell8042025316.843,5361,120,34842,111,255Form

    Investor Activity (13F)

    Updated Sep 19, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Cander Asset Management LP$8.2 Mil1.5%43ADD +362.8%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Cander Asset Management LP$8.2 Mil1.5%43ADD +362.8%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Cander Asset Management LP$8.2 Mil1.5%43ADD +362.8%13F

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    Core Cache Last Updated: 9/18/2026