Piper Sandler Companies logo PIPR - Piper Sandler Companies

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 2
HOLD 9
SELL 0
STRONG
SELL
0
| PRICE TARGET: $97.58 DETAILS
HIGH: $99.50
LOW: $96.25
MEDIAN: $97.00
CONSENSUS: $97.58
UPSIDE: 20.95%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Revenue
Revenue 1,904.2 1,481.3 1,310.0 1,383.1 1,982.3 1,195.7 810.3 724.4 835.7 762.2 688.5 665.6 542.0 500.0 443.9 503.4 486.9 313.5 528.1 537.4 453.8 456.6 806.2 763.4 95.4 144.3
Cost of Revenue 121.8 5.7 10.1 9.5 10.7 14.4 11.7 16.6 20.3 22.5 23.4 25.1 25.0 19.1 20.7 34.8 18.1 18.7 23.7 32.3 32.5 22.4 19.5 34.3 79.2 128.2
Gross Profit 1,782.5 1,475.6 1,299.8 1,373.6 1,971.6 1,181.2 798.6 707.8 815.5 739.7 665.1 640.5 516.9 480.9 423.2 468.6 468.8 294.9 504.4 505.0 421.3 434.2 786.7 729.1 16.2 16.1
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 1,274.4 1,046.4 934.8 1,026.4 1,326.1 890.9 544.9 515.4 618.3 541.0 451.7 421.8 344.1 316.8 287.7 301.7 334.9 353.8 356.4 382.6 265.4 275.8 521.4 493.4 513.6 662.6
Other Expenses 122.6 210.8 242.5 212.8 204.0 221.7 134.7 119.9 117.8 229.6 127.0 108.4 97.2 95.1 215.7 113.1 77.4 164.7 117.5 89.1 119.9 109.3 223.5 229.6 (423.5) (685.6)
Operating Expenses 1,396.9 1,257.2 1,177.2 1,239.2 1,530.1 1,112.7 679.6 635.3 736.1 770.6 578.7 530.2 441.3 411.9 503.3 414.8 412.2 518.5 473.9 471.7 385.3 385.2 744.9 723.1 90.1 (23.1)
Operating Income
Operating Income 385.5 218.4 122.6 134.4 441.5 68.5 119.0 72.5 79.3 (30.9) 86.4 110.3 75.6 69.0 (80.2) 53.8 56.6 (223.6) 30.4 33.3 36.0 49.0 41.8 6.0 (73.9) 39.2
Interest Expense 4.8 5.7 10.1 9.5 10.7 14.4 11.7 16.6 20.3 22.5 23.4 25.1 25.0 19.1 20.7 34.8 18.1 18.7 23.7 32.3 32.5 22.4 19.5 34.3 79.2 128.2
Interest Income 70.2 32.9 26.7 20.4 7.0 13.2 26.7 32.7 32.0 33.1 41.6 48.7 50.4 37.8 43.4 51.7 40.7 17.0 60.9 64.1 44.9 35.7 45.3 59.7 95.4 144.3
Profitability
EBITDA 412.9 245.5 160.0 165.4 484.2 124.0 138.1 91.3 102.0 (3.2) 99.1 124.9 89.3 83.7 (64.6) 68.6 66.2 (212.0) 41.8 47.6 55.8 70.6 64.7 30.6 (73.9) 39.2
EBIT 385.5 218.4 122.6 134.4 441.5 68.5 119.0 72.5 79.3 (30.9) 86.4 110.3 75.6 69.0 (80.2) 53.8 56.6 (223.6) 30.4 33.3 36.0 49.0 41.8 6.0 (73.9) 39.2
Income Before Tax 374.5 218.4 122.6 134.4 441.5 68.5 119.0 72.5 79.3 (30.9) 86.4 110.3 75.6 69.0 (80.2) 53.8 56.6 (223.6) 30.4 33.3 36.0 49.0 41.8 6.0 (73.9) 39.2
Income Tax Expense 80.6 61.0 23.6 33.2 111.1 19.2 24.6 18.0 53.8 (17.1) 27.9 36.0 20.4 19.5 9.1 32.2 26.2 (40.1) 5.8 10.2 10.9 16.7 15.8 5.9 (23.8) 18.5
Net Income 281.3 181.1 85.5 110.7 278.5 40.5 111.7 57.0 (61.9) (22.0) 52.1 63.2 45.1 41.3 (102.0) 24.4 30.4 (183.0) 21.9 195.4 40.1 50.3 26.0 0.1 (50.1) 20.7
Per Share Data
EPS (Basic) 4.22 2.86 1.43 1.98 4.88 0.73 1.37 0.94 -1.27 -0.43 0.83 0.97 0.68 0.56 -1.63 0.31 0.39 -2.89 0.33 2.71 0.53 0.65 0.34 0.00 -0.65 0.27
EPS (Diluted) 3.96 2.56 1.24 1.63 4.11 0.68 1.93 0.93 -1.27 -0.43 0.83 0.97 0.68 0.56 -1.63 0.31 0.39 -2.89 0.30 2.52 0.53 0.65 0.34 0.00 -0.65 0.27
Shares Outstanding 66.6 63.4 59.8 55.9 57.1 55.1 54.2 52.9 51.2 50.7 57.5 59.9 60.2 62.5 62.7 61.4 63.8 63.3 65.9 72.0 75.3 77.3 76.9 76.6 77.1 76.2
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000
Current Assets
Cash & Cash Equivalents 809.4 482.8 383.1 365.6 971.0 507.9 250.0 50.4 33.8 41.4 62.0 78.3 138.3 217.0 32.6 27.7 0
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 87.9 271.7 245.7 350.6 305.5 260.3 307.3 0 0 0 349.8 198.3 1,001.7 740.5 818.4 0 0
Inventory 0 0 0 0 0 0 0 479.8 663.3 464.6 662.6 0 0 0 0 0 0
Other Current Assets 0 53.0 (268.1) 0 0 0 0 0 0 0 1,098.3 868.4 0 0 0 0 0
Total Current Assets 924.9 834.0 383.1 734.9 1,295.5 782.9 568.0 50.4 33.8 41.4 1,510.0 1,145.1 1,140.0 957.5 851.1 27.7 0
Non-Current Assets
Property, Plant & Equipment 141.3 126.0 130.2 155.9 123.1 126.4 69.9 32.6 25.2 25.3 16.6 20.0 54.0 60.8 69.1 0 0
Goodwill 319.3 312.0 301.8 301.2 227.5 227.5 87.6 81.9 81.9 196.2 164.6 0 1,001.7 740.5 818.4 0 0
Intangible Assets 99.6 107.5 116.2 135.6 119.8 149.9 16.7 12.4 22.8 37.2 12.1 198.3 0 0 0 0 0
Long-Term Investments 818.2 678.7 666.7 646.4 494.5 459.6 597.5 631.8 839.5 632.7 800.0 577.4 984.7 657.6 473.7 0 0
Other Non-Current Assets 133.2 (702.7) 333.6 16.5 146.7 146.8 221.0 434.4 920.3 1,218.0 (783.4) (402.3) (1,360.5) (1,024.0) (848.4) 0 0
Total Non-Current Assets 1,667.7 707.1 1,757.9 1,446.7 1,269.8 1,214.3 1,060.7 1,294.9 1,990.9 2,084.1 193.3 175.1 1,360.5 1,024.0 848.4 0 0
Total Assets 2,592.6 2,255.9 2,141.0 2,181.6 2,565.3 1,997.1 1,628.7 1,345.3 2,024.7 2,125.5 1,703.3 1,320.2 2,828.3 2,380.6 2,050.8 2,734.4 2,735.9
Current Liabilities
Account Payables 22.4 5.9 1.0 4.6 13.2 18.6 7.5 8.7 19.4 40.8 48.2 34.2 0 0 0 0 0
Short-Term Debt 15 10 30 0 0 0 50.0 50.0 289.9 0 90.1 9 0 159 250.0 0 0
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 3.3 20.4 104.4 55.7 124.5 0 0 (58.6) (309.3) (70.2) 491.9 (234.6) (539.6) 857.1 554.3 0 0
Total Current Liabilities 40.7 36.2 135.3 60.3 137.7 18.6 57.5 617.9 916.4 772.4 924.7 572.2 1,922.8 1,530.9 1,226 1,891.8 0
Non-Current Liabilities
Long-Term Debt 0 0 40.4 125 125 195 175 0 125 175 120 0 180 180 215 475 475
Deferred Tax Liabilities 0 0 0 0 0 0 0 7.8 8.6 9.3 0 0 0 0 0 0 0
Other Non-Current Liabilities 867.8 715.1 572.0 632.5 986.1 758.0 532.5 0 (125) (175) (120) 0 (180) (180) (215) (475) (475)
Total Non-Current Liabilities 969.2 803.9 706.2 867.2 1,200.7 1,052.5 764.7 50.0 414.9 593.8 120 0 180 180 215 475 475
Total Liabilities 1,009.9 840.2 841.5 927.5 1,338.5 1,071.1 822.2 614.9 1,283.4 1,309.2 924.7 572.2 2,102.8 1,710.9 1,441.0 2,355.6 2,373.6
Stockholders' Equity
Common Stock 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0 0 0
Retained Earnings 728.9 561.7 454.4 453.3 450.2 271.0 258.7 182.6 176.3 257.2 155.2 124.8 50.3 0 0 0 0
Accumulated Other Comprehensive Income 2.7 (1.2) (0.9) (2.5) (1.0) (0.2) (0.9) (1.4) (1.3) (2.6) 1.1 (1.5) (3.9) 0 609.9 0 0
Total Stockholders' Equity 1,371.0 1,227.8 1,085.5 1,054.1 1,062.2 829.4 731.3 677.4 693.3 759.2 778.6 748.0 725.4 669.8 609.9 378.7 362.3
Total Liabilities & Equity 2,592.6 2,255.9 2,141.0 2,181.6 2,565.3 1,997.1 1,628.7 1,345.3 2,024.7 2,125.5 1,703.3 1,320.2 2,828.3 2,380.6 2,050.8 2,734.4 2,735.9
Debt Metrics
Total Debt 116.4 98.8 164.2 234.8 214.6 294.5 282.1 50.0 414.9 593.8 210.1 9 180 339 465.0 475 475
Net Debt (693.1) (384.0) (218.9) (130.9) (756.3) (213.5) 32.1 (0.4) 381.1 552.5 148.1 (69.3) 41.7 122.0 432.4 447.3 475
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000
Operating Activities
Net Income 281.3 157.4 99.0 101.2 330.4 49.4 118.2 55.8 (59.6) (13.7) 40.1 50.3 26.0 0.1 (50.1) 20.7
Depreciation & Amortization 27.4 27.1 37.4 31.0 42.7 55.4 19.1 18.8 22.7 27.6 19.7 21.5 22.9 24.6 20.4 20.1
Stock-Based Compensation 0 103.4 93.8 131.2 171.4 121.7 32.0 44.3 39.8 56.0 0 0.3 0 0 0 0
Change in Working Capital 256.1 (8.9) 23.3 (464.8) 207.0 585.9 (84.4) 386.4 82.3 (133.7) 16.3 (88.9) 112.3 283.9 (1,891.8) 181.8
Other Non-Cash Items 167.4 16.6 10.8 9.3 9.5 3.5 (28.4) 5.1 121.1 91.7 19.6 7.3 4.4 0.1 1,932.3 30.2
Operating Cash Flow 732.2 313.3 275.6 (224.9) 707.1 779.8 67.8 509.9 232.1 48.8 99.7 (2.1) 159.0 297.3 11.6 232.8
Investing Activities
Capital Expenditure (34.7) (15.5) (10.1) (30.6) (20.6) (17.6) (6.5) (15.9) (8.1) (11.0) (19.7) (14.7) (15.1) (5.8) (41) (42.8)
Acquisitions (9.0) (16.3) 0 (96.5) 0 (417.4) 33.2 0 0 (72.7) 0 (16.6) 0 0 0 0
Purchases of Investments (145.6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 11.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investing Cash Flow (178.0) (31.8) (10.1) (127.1) (20.6) (435.0) 26.7 (15.8) (8.0) (83.7) (15.3) (30.2) (15.1) (5.8) (41) (42.8)
Financing Activities
Net Debt Issuance 5 (37.3) (95) 0 (70) (50.0) 175.0 (365.0) (178.9) (27.4) (43.7) 16.4 (126.0) (517.7) 0 0
Stock Repurchased (125.0) (66.4) (70.7) (187.3) (69.9) (22.0) (50.6) (70.9) (25.5) (70.9) (42.6) 0 0 0 0 0
Dividends Paid (114.1) (73.7) (84.4) (107.5) (99.3) (28.2) (35.6) (47.2) (18.9) 0 0 (2.4) 0 0 0 0
Other Financing Activities 0 (3.1) 0.5 44.8 16.1 12.6 15.8 6.3 (9.8) (13.3) 11.8 41.7 33.9 231.0 (20.6) (159.2)
Financing Cash Flow (229.9) (180.6) (249.6) (250.1) (223.1) (87.6) 104.7 (476.8) (233.1) (111.6) (86.3) 16.4 (92.1) (286.6) (20.6) (159.2)
Cash Position
Net Change in Cash 326.6 99.7 17.5 (605.3) 463.0 257.9 199.7 16.6 (7.6) (148.6) (6.5) (17.0) 51.8 4.9 (50) 30.8
Cash at Beginning 482.8 383.1 365.6 971.0 507.9 250.0 50.4 33.8 41.4 189.9 67.4 84.4 32.6 27.7 0 50.4
Cash at End 809.4 482.8 383.1 365.6 971.0 507.9 250.0 50.4 33.8 41.4 60.9 67.4 84.4 32.6 (50) 81.2
Free Cash Flow 697.5 297.8 265.6 (255.5) 686.5 762.2 61.3 494.0 224.0 37.8 79.9 (16.8) 143.9 291.5 (29.4) 190
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Income Statement
Revenue 1,904.2 1,481.3 1,310.0 1,383.1 1,982.3 1,195.7 810.3 724.4 835.7 762.2 688.5 665.6 542.0 500.0 443.9 503.4 486.9 313.5 528.1 537.4 453.8 456.6 806.2 763.4 95.4 144.3
Gross Profit 1,782.5 1,475.6 1,299.8 1,373.6 1,971.6 1,181.2 798.6 707.8 815.5 739.7 665.1 640.5 516.9 480.9 423.2 468.6 468.8 294.9 504.4 505.0 421.3 434.2 786.7 729.1 16.2 16.1
Operating Income 385.5 218.4 122.6 134.4 441.5 68.5 119.0 72.5 79.3 (30.9) 86.4 110.3 75.6 69.0 (80.2) 53.8 56.6 (223.6) 30.4 33.3 36.0 49.0 41.8 6.0 (73.9) 39.2
Net Income 281.3 181.1 85.5 110.7 278.5 40.5 111.7 57.0 (61.9) (22.0) 52.1 63.2 45.1 41.3 (102.0) 24.4 30.4 (183.0) 21.9 195.4 40.1 50.3 26.0 0.1 (50.1) 20.7
EPS (Diluted) 3.96 2.56 1.24 1.63 4.11 0.68 1.93 0.93 -1.27 -0.43 0.83 0.97 0.68 0.56 -1.63 0.31 0.39 -2.89 0.30 2.52 0.53 0.65 0.34 0.00 -0.65 0.27
Balance Sheet
Cash & Equivalents 809.4 482.8 383.1 365.6 971.0 507.9 250.0 50.4 33.8 41.4 62.0 78.3 138.3 217.0 32.6 27.7 0
Total Assets 2,592.6 2,255.9 2,141.0 2,181.6 2,565.3 1,997.1 1,628.7 1,345.3 2,024.7 2,125.5 1,703.3 1,320.2 2,828.3 2,380.6 2,050.8 2,734.4 2,735.9
Total Debt 116.4 98.8 164.2 234.8 214.6 294.5 282.1 50.0 414.9 593.8 210.1 9 180 339 465.0 475 475
Stockholders' Equity 1,371.0 1,227.8 1,085.5 1,054.1 1,062.2 829.4 731.3 677.4 693.3 759.2 778.6 748.0 725.4 669.8 609.9 378.7 362.3
Cash Flow
Operating Cash Flow 732.2 313.3 275.6 (224.9) 707.1 779.8 67.8 509.9 232.1 48.8 99.7 (2.1) 159.0 297.3 11.6 232.8
Capital Expenditure (34.7) (15.5) (10.1) (30.6) (20.6) (17.6) (6.5) (15.9) (8.1) (11.0) (19.7) (14.7) (15.1) (5.8) (41) (42.8)
Free Cash Flow 697.5 297.8 265.6 (255.5) 686.5 762.2 61.3 494.0 224.0 37.8 79.9 (16.8) 143.9 291.5 (29.4) 190