What is Piper Sandler's free cash flow margin?

Piper Sandler (PIPR) reported free cash flow margin of 18% in Q1 2025.

What is the long-term trend for Piper Sandler's free cash flow margin?

Over 2 years (2020 to 2024), Piper Sandler's free cash flow margin has grown at a -43.7% compound annual growth rate (CAGR), from 61.6% to 19.5%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Piper Sandler PIPR Free cash flow margin

Free cash flow margin at other companies

Stifel FinancialSF

15.5%-0.5pp

Goldman Sachs GroupGS

-108.3%—

Morgan StanleyMS

-54.3%-8.4pp

EvercoreEVR

33.4%+11.8pp

T Rowe Price GroupTROW

24%—

Raymond James FinancialRJF

16.2%+1.7pp

Other financials

Income statement

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Revenue$474.4M+32.8%

Net income$65.2M+0.5%

EPS (diluted)$0.92+1.1%

Balance sheet

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Cash & equivalents$344.4M+173%

Total debt$112.2M-3.0%

Total equity$1.3B+10.6%

Total assets$2.1B+17.0%

Cash flow

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Operating cash flow-$291.7M-40.8%

CapEx$2.2M-80.7%

Free cash flow-$293.9M-34.6%

Valuation

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Market cap$5.53B+24.3%

Enterprise value$5.3B+19.3%

P/E19.6×-2.2×

P/S2.7×-0.1×

Profitability

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Net margin14%+0.8pp

Returns & leverage

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Return on equity22%+4.5pp

Debt / equity0.1×0.0×

Where this comes from

Calculated from Piper Sandler’s reported figures.

free cash flow/total revenue=18%

Based on trailing twelve months.

The official record: Piper Sandler’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Piper Sandler's free cash flow margin?: Piper Sandler (PIPR) reported free cash flow margin of 18% in Q1 2025.
What is the long-term trend for Piper Sandler's free cash flow margin?: Over 2 years (2020 to 2024), Piper Sandler's free cash flow margin has grown at a -43.7% compound annual growth rate (CAGR), from 61.6% to 19.5%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.