Piper Sandler

What Piper Sandler does

Piper Sandler Companies (NYSE: PIPR) is a Minneapolis-headquartered, publicly traded full-service investment bank and asset management firm founded in 1895 and operating worldwide with offices in Minneapolis, New York, Abu Dhabi (post-MENA Growth Partners close), and London (via Piper Sandler Ltd.). Following its December 2003 spin-off from U.S. Bancorp and 2020 rebranding from Piper Jaffray, the firm employs 1,001–5,000 people and operates six core divisions: Investment Banking, Public Finance, Research, Fixed Income, Alternative Asset Management, and Equities, with sector verticals spanning chemicals, consumer, education, energy/power/infrastructure, financial services, financial sponsors, government, healthcare, real estate, services & industrials, and technology.

The firm's revenue model is transaction- and fee-based across advisory mandates (M&A, sell-side, buy-side, restructuring), capital markets execution (equity and debt underwriting, IPO bookrunning, placement), public finance municipal underwriting, fixed income sales/trading, equities sales/trading and research, and merchant banking/alternative asset management. Advisory services alone comprise over half of total revenues, with the private equity sponsor channel accounting for roughly half of advisory revenue. Named clients span community bank consolidations (North Shore Bank, Isabella Bank, National Capital Bancorp), healthcare financings (Shattuck Labs, First Mutual Holding), energy transactions (C-Kore, Amber Infrastructure/Sizewell C, Razor Oiltools, Kaseum), consumer deals (Merchant Gourmet, New World Foods, Finnebrogue), and international mandates (CABB/Jayhawk, SEG Electronics, Balmoral Comtec), reflecting a sponsor-led, mid- and large-cap transaction mix.

Strategically, Piper Sandler has been in an active expansion phase: FY2026 revenue reached $2.02 billion (+30.9% YoY) with Q1 2026 revenue of $469.5–$475.15 million (+22.5% YoY), backed by sustained league-table leadership (No. 1 bank M&A advisor by deal count for 13 consecutive years, No. 1 senior underwriter of U.S. municipal negotiated transactions, No. 1 financial advisor in U.S. energy services M&A), programmatic acquisitions (Aviditi Advisors 2024; G Squared Capital Partners and MENA Growth Partners 2025), a leadership restructuring that elevates the private equity advisory effort, and a 4-for-1 forward stock split effective March 2026 to broaden retail accessibility. The firm is incorporated in Delaware with its broker-dealer subsidiary registered in Minnesota, and trades on the NYSE at a ~18x P/E multiple, above its five-year average of ~16x.

Name

Piper Sandler

Legal name

Piper Sandler Companies

Website

https://pipersandler.com

Company type

Public

Founded year

1895

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Piper Sandler is a Minneapolis-based, publicly traded full-service investment bank and asset management firm (NYSE: PIPR) serving corporate, financial sponsor, and government clients with M&A advisory, capital markets, public finance, equities, fixed income, and alternative asset management services.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)

akta.pro secondary industries

Buy-Side M&A Advisory (FSAEAGAB), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), M&A Advisory (Buy-side/Sell-side) (BPAHADAC), Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

Keywords

• Investment banking services
• Mergers and acquisitions advisory
• Public finance underwriting
• Equity research
• Fixed income trading

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking Advisory: M&A advisory, sell-side and buy-side mandates, restructuring advisory. Advisory services comprise over half of total revenues as of fiscal year ending March 2026, with the private equity business accounting for roughly half of advisory revenue.
2. Capital Markets: Equity and debt underwriting, IPO bookrunning, debt and equity placement for corporate clients.
3. Public Finance: Senior underwriter of municipal negotiated U.S. transactions; provides financing solutions for government entities.
4. Fixed Income: Fixed income trading and sales, providing liquidity and market-making in fixed income securities.
5. Equities: Equity research, sales and trading services for institutional investors.
6. Alternative Asset Management: Merchant banking and alternative asset management services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Piper Sandler is a full-service investment bank delivering M&A advisory, equity and debt capital markets underwriting, public finance, institutional equity research, fixed income and equities sales and trading, and alternative asset management. The firm serves corporate clients, private equity sponsors, and government entities across U.S. and international markets through sector-focused coverage teams. Advisory services account for over half of total revenue, with private equity-related advisory contributing roughly half of advisory revenue.

Product overview

Piper Sandler is a leading investment bank offering a comprehensive suite of financial services organized around six core divisions: Investment Banking (M&A advisory and capital markets), Public Finance (municipal underwriting), Research (equity research and analyst coverage), Fixed Income (trading and sales), Alternative Asset Management (merchant banking and private equity advisory), and Equities (ECM and institutional trading). The firm provides advisory services across sector verticals including Chemicals, Consumer, Education, Energy/Power/Infrastructure, Financial Services, Financial Sponsors, Government, Healthcare, Real Estate, Services & Industrials, and Technology. Piper Sandler operates as a relationship-driven investment bank rather than a software product company, facilitating transactions such as M&A deals, IPOs, capital raises, and strategic advisory mandates for corporate and government clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking

Quantifiable outcome

• 30.9% annual revenue growth to $2.02 billion for fiscal year ending March 2026
• +1 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• Agilent TechnologiesminorOthers · 12 June 2026Agilent announced strategic collaboration with OpenAI and Boston Consulting Group to integrate AI across business operations. Piper Sandler initiated coverage on Agilent with Neutral rating and $150 price target.
• Goldman SachsminorChannel Partner/ Reseller/ Distributor · 11 June 2026Goldman Sachs served as joint lead bookrunner for Forbright IPO alongside Piper Sandler, J.P. Morgan, Barclays, Wells Fargo Securities, TD Securities, and Santander.
• J.P. MorganminorChannel Partner/ Reseller/ Distributor · 11 June 2026J.P. Morgan served as joint lead bookrunner for Forbright IPO alongside Piper Sandler, Goldman Sachs, Barclays, Wells Fargo Securities, TD Securities, and Santander.
• Leerink PartnersminorChannel Partner/ Reseller/ Distributor · 9 June 2026Leerink Partners, J.P. Morgan, Piper Sandler, and Cantor acted as joint bookrunning managers for Shattuck Labs public offering.
• MENA Growth PartnerscoreStrategic or Co-development Partner · 23 October 2025Piper Sandler announced acquisition of MENA Growth Partners, an Abu Dhabi-based merchant bank, to establish a strategic investment banking hub in the GCC region. The deal aims to leverage regional relationships and facilitate growth for clients in sectors like energy, healthcare, and technology. Nabeel Siddiqui will relocate to Abu Dhabi to lead regional investment banking activities post-transaction. Closing expected in Q1 2026.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Jefferies Financial Group: Jefferies is a closely comparable middle-market-focused investment bank with strong sector M&A advisory, capital markets, and equities/fixed income trading. Operates as a direct competitor in the same mid-market segments as Piper Sandler, particularly in healthcare, energy, and technology M&A.
• Stifel Financial: Stifel is a full-service middle-market investment bank with comparable business mix including investment banking, institutional brokerage, public finance, and wealth management. Directly competes with Piper Sandler in middle-market M&A, equity capital markets, and municipal underwriting.
• Houlihan Lokey: Houlihan Lokey is a leading middle-market investment bank with a globally recognized M&A advisory franchise, including strong restructuring capabilities. Direct competitor in mid-market M&A and financial sponsor advisory, overlapping in healthcare, technology, and business services sectors.
• Evercore: Evercore is a leading independent investment banking advisory firm focused on M&A advisory, restructuring, and private capital markets. Competes with Piper Sandler in higher-end M&A mandates and financial sponsor advisory, particularly in healthcare and technology.
• Moelis & Company: Moelis is a global independent investment bank specializing in M&A, restructuring, and capital markets advisory. Directly competes with Piper Sandler for mid-market M&A mandates and financial sponsor advisory work, with a similar sector-specialist coverage model.
• Robert W. Baird: Robert W. Baird is a privately held employee-owned investment bank and wealth manager with comparable middle-market investment banking, equity research, and institutional brokerage. Direct competitor in middle-market M&A and equity capital markets.
• Raymond James Financial: Raymond James is a diversified financial services firm with investment banking, capital markets, public finance, and wealth management. Competes with Piper Sandler in middle-market M&A, healthcare, energy, and municipal underwriting, with overlapping client profiles.
• Lazard: Lazard is a global financial advisory and asset management firm with strong M&A advisory and capital markets capabilities. Competes with Piper Sandler in mid-to-large cap M&A, financial sponsor advisory, and sector-specific mandates, particularly in healthcare, energy, and technology.
• Oppenheimer & Co. Oppenheimer is a leading middle-market investment bank and full-service broker-dealer offering M&A, equity capital markets, fixed income, and research. Direct competitor in middle-market M&A, healthcare/biotech financing, and institutional brokerage.
• Cantor Fitzgerald: Cantor Fitzgerald is a financial services firm with investment banking, capital markets, and fixed income/equities businesses. Competes with Piper Sandler in middle-market M&A, SPACs/capital markets, and institutional brokerage, with particular overlap in financial services and real estate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/piperjaffrayco
• LinkedInlinkedin.com/company/piper-jaffray
• Facebookfacebook.com/piperjaffraycompanies

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments58 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Piper Sandler