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Piper Sandler Companies helps mainly middle-market companies and private equity firms buy and sell businesses and raise capital. These clients pay advisory and financing fees; investment banking generates most of its revenue, with advisory work alone contributing more than half. It also helps governments and nonprofits issue municipal bonds and arrange financing. Most revenue comes from the United States.
Its other substantial business helps institutional investors buy and sell stocks and fixed-income securities, supported by research and investment advice. It earns commissions, trading-related income and research fees, and principally trades to facilitate client activity rather than to invest for itself.
Investment-banking clients generally pay only when a transaction closes, so revenue depends on winning new assignments and completing deals. Healthcare and financial services are important contributors, alongside broader financing and trading activity. The brokerage business relies on Pershing for clearing and settlement of customer trades and most securities inventory; Pershing also provides financing at its discretion. Broker-dealer capital rules limit underwriting capacity and can restrict transfers of money to the parent company.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Houlihan Lokey competes with Piper Sandler for fees from helping middle-market clients buy or sell businesses, raise capital and restructure debt. Its Corporate Finance results offer a view of demand for deal advice; most engagements involve transactions below $1 billion.
Lincoln International explicitly names Piper Sandler as a rival for fees from advising private-capital clients on buying businesses and raising money. Watch its M&A, capital and private-funds advisory work for private-equity investors, private-credit investors and private-company owners, rather than its valuation business.
Jefferies competes with Piper Sandler for corporate advisory and securities-issuance fees, and for institutional clients buying and selling stocks and bonds. Its Investment Banking and Capital Markets results cover the closest overlap; CVRx also replaced its Piper Sandler share-sale agreement with a Jefferies agreement in January 2026.
Moelis competes with Piper Sandler for fees from advising companies and financial sponsors on buying businesses, financing, restructuring and private capital. Its advisory work in healthcare, technology and industrials speaks to overlapping client demand, without the lending or securities-trading businesses that could blur the comparison.
Evercore and Piper Sandler compete for corporate fees from advising on business sales and helping issue securities, making both sensitive to investment-banking activity. Watch Evercore's advisory and underwriting fees: Piper Sandler earned 73.8% of its net revenues from investment banking in 2025.
Stifel competes with Piper Sandler for corporate deal fees, municipal financing work and institutional clients trading stocks and bonds. Its Institutional Group is the useful comparison for those businesses, rather than its large wealth-management operation serving private clients.
Perella Weinberg Partners competes with Piper Sandler for corporate and financial-sponsor fees from advising on business sales, debt restructuring and raising capital. Its financing advice and specialized securities underwriting in energy-related industries are particularly relevant to Piper Sandler's energy, power and infrastructure clients.
Lazard competes with Piper Sandler for fees from advising corporate clients, but its substantial asset-management business makes total results a less direct comparison. Watch Financial Advisory revenue: Lazard must win and negotiate each engagement separately, with no long-term contracted revenue in that business.
PJT Partners competes with Piper Sandler for fees from advising companies and financial sponsors on business purchases, restructuring and private capital. Its PJT Park Hill fundraising work offers a specific view of private-fund demand, while its restructuring business serves companies, sponsors and creditors.
Raymond James competes with Piper Sandler for corporate M&A advice, securities-issuance fees and clients' stock and bond trades. Those lines are more useful to watch than its overall results, which also include substantial wealth management and banking for retail and corporate clients.
Oppenheimer competes with Piper Sandler for fees from helping companies sell shares and providing institutional investors with stock research and trade execution. Their shared share-sale agreement with Capricor Therapeutics puts both in the same corporate financing work; Oppenheimer's research and execution business is the other direct overlap.
Goldman Sachs competes with Piper Sandler for corporate advisory and securities-issuance fees and institutional stock and bond trading, but operates a much broader global business. Its Global Banking & Markets advisory and underwriting fees are the closer comparison, rather than asset and wealth management or its other lending activities.
Morgan Stanley's Institutional Securities business competes with Piper Sandler to advise and raise money for corporate clients and handle institutional securities trades. Its wealth and investment management businesses make group-wide results a less direct comparison than Institutional Securities.
Stifel Financial Corp. earningsSF
Stifel Financial Corp.'s Institutional Group competes with Piper Sandler for corporate deals, municipal financing and institutional stock and bond trading, showing how active those shared markets are.
Focus on Stifel Financial Corp.'s Institutional Group, particularly investment banking and institutional brokerage, rather than its wealth-management business. Strength in both would point to active corporate-financing and institutional-trading markets, giving Piper Sandler more client opportunities but also stronger competition; weakness in both would point to cooler demand or trading in those shared markets. The comparison alone cannot show whether Piper Sandler won or lost clients.
Houlihan Lokey, Inc. earningsHLI
Houlihan Lokey's Corporate Finance business serves middle-market clients and competes with Piper Sandler for fees from business sales, financing and debt restructuring, offering a read on demand for those deals.
Read Houlihan Lokey's Corporate Finance revenue alongside the deal activity it reports. Strength in both would suggest middle-market clients are completing more sales, financings or restructurings, leaving more opportunities in the market for Piper Sandler's advisory business; weakness in both would suggest fewer or delayed opportunities. Houlihan Lokey's results describe the market, not whether Piper Sandler won the same work.
Fed Interest Rate Decision
The Fed’s decision sets the benchmark policy rate, which can change Piper Sandler’s funding costs and the cost of borrowing for clients considering financings or deals.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise what Piper Sandler pays on funding tied to the federal funds rate or SOFR, while pricier client borrowing may curb financings and advisory deals, reducing related fees.
If it comes in below expectations
Lower rates can reduce Piper Sandler’s funding costs, while cheaper client borrowing may support financings and advisory deals, increasing related fees; the net effect depends on which path is stronger.
Piper Sandler Companies earningsThis company
Piper Sandler gets most of its revenue from investment banking, and this report will show whether fees from advice and financing are covering their costs.
Read investment-banking revenue, especially advisory revenue, alongside compensation expense as a share of net revenue. Stronger fee revenue with a steady or lower compensation ratio means more revenue remains after paying people; weaker revenue with a rising ratio means compensation is absorbing a larger share of fees and squeezing profit.
