Piper Sandler Companies (PIPR): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen entwickelt sich Piper Sandler Companies zu einem Kraftpaket strategischer Finanzlösungen, das innovatives Investmentbanking, Vermögensverwaltung und modernste Marktinformationen miteinander verbindet. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das institutionelle Anleger, Firmenkunden und vermögende Privatpersonen umfasst, hat Piper Sandler ein einzigartiges Ökosystem an Finanzexpertise geschaffen, das komplexe Marktherausforderungen in strategische Chancen umwandelt. Ihr umfassender Ansatz integriert spezialisierte Beratungsdienste, umfassende Forschungskapazitäten und personalisierte Kundenbeziehungen und positioniert sie als zentralen Akteur in der sich ständig weiterentwickelnden Landschaft der Finanzdienstleistungen und Anlagestrategien.

Piper Sandler Companies (PIPR) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanken und Finanzinstitute

Piper Sandler unterhält strategische Partnerschaften mit folgenden Investmentbanken und Finanzinstituten:

Partnerinstitution	Partnerschaftstyp	Umfang der Zusammenarbeit
Goldman Sachs	Strategische Finanzberatung	Institutionelle Investitionskooperation
Morgan Stanley	Kapitalmarktkooperation	Schulden- und Eigenkapital-Underwriting
JPMorgan Chase	Corporate Banking Alliance	Komplexe Finanztransaktionen

Institutionelle Anleger und Hedgefonds

Zu den wichtigsten institutionellen Investorenpartnerschaften gehören:

• Vanguard-Gruppe
• BlackRock
• Fidelity Investments
• State Street Global Advisors

Investor	Eigentumsprozentsatz	Investitionswert
Vanguard-Gruppe	8.2%	124,5 Millionen US-Dollar
BlackRock	6.7%	101,3 Millionen US-Dollar

Firmenkunden aus mehreren Branchen

Piper Sandler betreut Firmenkunden in verschiedenen Branchen:

• Gesundheitswesen
• Technologie
• Finanzdienstleistungen
• Konsumgüter
• Industrielle Fertigung

Technologie- und Forschungsdienstleister

Technologiepartner	Servicetyp	Jährlicher Vertragswert
Bloomberg-Terminal	Finanzdatenplattform	2,4 Millionen US-Dollar
FactSet-Forschungssysteme	Finanzforschungssoftware	1,8 Millionen US-Dollar
S&P Global Market Intelligence	Marktforschungsdienste	1,5 Millionen Dollar

Piper Sandler Companies (PIPR) – Geschäftsmodell: Hauptaktivitäten

Beratungsdienstleistungen im Investmentbanking

Im Jahr 2023 meldete Piper Sandler einen Investmentbanking-Umsatz von 366,4 Millionen US-Dollar. Das Unternehmen bietet Beratungsdienstleistungen in mehreren Sektoren an, darunter:

• Gesundheitswesen
• Verbraucher
• Technologie
• Finanzdienstleistungen
• Industrie

Sektor	Gesamtzahl der Beratungstransaktionen (2023)	Gesamttransaktionswert
Gesundheitswesen	42 Transaktionen	8,3 Milliarden US-Dollar
Verbraucher	31 Transaktionen	5,7 Milliarden US-Dollar
Technologie	26 Transaktionen	4,9 Milliarden US-Dollar

Verkauf und Handel von Aktien und festverzinslichen Wertpapieren

Im Jahr 2023 erwirtschaftete Piper Sandler 235,2 Millionen US-Dollar aus institutionellen Verkaufs- und Handelserlösen.

Handelssegment	Umsatz 2023
Aktienhandel	142,6 Millionen US-Dollar
Handel mit festverzinslichen Wertpapieren	92,6 Millionen US-Dollar

Vermögensverwaltung und Vermögensverwaltung

Piper Sandler schafft es 89,3 Milliarden US-Dollar in Kundenvermögen ab Q4 2023.

Kundensegment	Verwaltetes Vermögen
Privatkunde	53,7 Milliarden US-Dollar
Institutionelle Kunden	35,6 Milliarden US-Dollar

Umfassende Finanzforschung und -analyse

Die Firma deckt ab Über 500 börsennotierte Unternehmen in verschiedenen Sektoren mit engagierten Forschungsteams.

Kapitalmarkttransaktionen und Underwriting

Im Jahr 2023 wurde Piper Sandler fertig 87 Kapitalmarkttransaktionen mit einem Gesamttransaktionswert von 12,4 Milliarden US-Dollar.

Transaktionstyp	Anzahl der Transaktionen	Gesamttransaktionswert
Aktienangebote	42 Transaktionen	6,2 Milliarden US-Dollar
Schuldtitel	45 Transaktionen	6,2 Milliarden US-Dollar

Piper Sandler Companies (PIPR) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzexperten und Investmentbanker

Im vierten Quartal 2023 beschäftigte Piper Sandler insgesamt 692 Mitarbeiter, davon 468 im Investment Banking sowie im institutionellen Vertrieb und Handel.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	692
Investmentbanking-Experten	468

Proprietäre Forschungs- und Market-Intelligence-Plattformen

Forschungsberichterstattung: Piper Sandler bietet mit engagierten Analystenteams Forschung in mehreren Sektoren an.

• Forschungsteam für den Gesundheitssektor
• Forschungsteam für den Technologiesektor
• Forschungsteam für den Verbrauchersektor
• Forschungsteam für den Industriesektor

Starke Kundenbeziehungen und Netzwerk

Im Jahr 2023 meldete Piper Sandler einen Gesamtumsatz von 1,6 Milliarden US-Dollar und demonstrierte damit ein starkes Kundenengagement.

Kundenmetriken	Daten für 2023
Gesamtumsatz	1,6 Milliarden US-Dollar
Institutionelle Kunden	1,200+

Fortschrittliche technologische Infrastruktur

Investition in Technologieplattformen und digitale Handelssysteme.

• Fortschrittliche Handelsausführungssysteme
• Sichere Client-Kommunikationsnetzwerke
• Datenanalyseplattformen

Finanzkapital- und Investitionsexpertise

Zum 31. Dezember 2023 umfassen die Finanzkennzahlen:

Finanzkennzahl	Betrag
Gesamteigenkapital	1,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	341,5 Millionen US-Dollar
Marktkapitalisierung	3,6 Milliarden US-Dollar

Piper Sandler Companies (PIPR) – Geschäftsmodell: Wertversprechen

Spezialisierte Finanzberatung und Anlagelösungen

Piper Sandler meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 1,92 Milliarden US-Dollar. Das Unternehmen bietet spezialisierte Investmentbanking-Dienstleistungen in mehreren Sektoren an.

Sektor	Beratungsdienste	Jährliches Transaktionsvolumen
Gesundheitswesen	M&A-Beratung	12,3 Milliarden US-Dollar
Technologie	Kapitalbeschaffung	8,7 Milliarden US-Dollar
Finanzdienstleistungen	Strategische Beratung	6,5 Milliarden US-Dollar

Umfassende Markteinblicke und Forschungsmöglichkeiten

Die Forschungsabteilung bietet detaillierte Marktanalysen für mehrere Branchen.

• Deckt über 500 börsennotierte Unternehmen ab
• Erstellt jährlich über 3.200 Forschungsberichte
• Beschäftigt über 75 Research-Analysten

Personalisierte Vermögensverwaltungsstrategien

Das Wealth-Management-Segment verwaltet im vierten Quartal 2023 Kundenvermögen in Höhe von 48,6 Milliarden US-Dollar.

Kundensegment	Verwaltetes Vermögen	Durchschnittliche Kontogröße
Vermögende Privatpersonen	32,4 Milliarden US-Dollar	5,2 Millionen US-Dollar
Institutionelle Kunden	16,2 Milliarden US-Dollar	25,6 Millionen US-Dollar

Erstklassiger Kundenservice und Fachwissen

Piper Sandler unterhält eine Kundenbindungsrate von 92 % über alle Servicelinien hinweg.

• Durchschnittliche Kundenbeziehungsdauer: 7,4 Jahre
• Kundenzufriedenheitswert: 4,6/5
• Durchschnittliche Antwortzeit: 2,3 Stunden

Maßgeschneiderte Finanzprodukte für institutionelle und private Kunden

Produktdiversifizierung über Anlagekategorien hinweg.

Produktkategorie	Jahresumsatz	Marktanteil
Aktienanalyse	276 Millionen Dollar	6.3%
Festverzinsliche Wertpapiere	412 Millionen Dollar	4.9%
Investmentbanking	689 Millionen US-Dollar	3.7%

Piper Sandler Companies (PIPR) – Geschäftsmodell: Kundenbeziehungen

Langfristige strategische Partnerschaften

Piper Sandler pflegt strategische Partnerschaften mit über 1.200 institutionellen Anlegern und Firmenkunden aus verschiedenen Branchen. Die Partnerschaftsbindungsrate des Unternehmens beträgt ab 2023 87,4 %.

Partnerschaftstyp	Anzahl der Kunden	Auswirkungen auf den Jahresumsatz
Institutionelle Anleger	825	412,6 Millionen US-Dollar
Firmenkunden	375	267,3 Millionen US-Dollar

Dedizierte Relationship-Management-Teams

Piper Sandler beschäftigt 237 engagierte Relationship-Management-Experten in verschiedenen Tätigkeitsbereichen.

• Durchschnittliches Kundenportfolio pro Kundenbetreuer: 18
• Durchschnittliche Kundenbeziehungsdauer: 7,3 Jahre
• Kundenzufriedenheit: 91,2 %

Persönliche Anlageberatung

Das Unternehmen bietet maßgeschneiderte Anlageberatungsdienstleistungen in 12 spezialisierten Tätigkeitsbereichen mit einem durchschnittlichen Beratungswert von 157.000 US-Dollar pro Kundenauftrag.

Übungsbereich	Anzahl spezialisierter Berater
Gesundheitswesen	42
Technologie	36
Finanzdienstleistungen	29

Regelmäßige Marktaktualisierungen und Forschungsberichte

Piper Sandler erstellt jährlich 1.874 Forschungsberichte, die an 1.562 institutionelle Kunden verteilt werden.

• Häufigkeit der Forschungsberichte: Wöchentlich und monatlich
• Digitale Vertriebskanäle: 3
• Durchschnittliche Leserschaft des Forschungsberichts: 76,5 %

Digitale und persönliche Kommunikationskanäle

Das Unternehmen nutzt fünf primäre Kommunikationsplattformen mit einer digitalen Engagement-Rate von 98,3 %.

Kommunikationskanal	Monatlich aktive Benutzer
Sicheres Kundenportal	1,423
Videokonferenz	1,276
E-Mail-Newsletter	2,104

Piper Sandler Companies (PIPR) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter und Kundenbetreuer

Ab 2024 verfügt Piper Sandler über ein engagiertes Vertriebsteam von etwa 350 institutionellen Vertriebsprofis aus verschiedenen Finanzsektoren.

Verkaufskategorie	Anzahl der Fachkräfte	Zielmarkt
Institutionelle Aktienverkäufe	142	Hedgefonds, Vermögensverwalter
Verkäufe festverzinslicher Wertpapiere	98	Institutionelle Anleger
Verkauf öffentlicher Finanzen	66	Kommunalverwaltungen, staatliche Behörden
Vertrieb im Gesundheitswesen	44	Investmentinstitute im Gesundheitswesen

Online-Handels- und Investmentplattformen

Piper Sandler nutzt hochentwickelte digitale Plattformen mit folgenden Spezifikationen:

• Nutzerbasis der digitalen Plattform: 12.500 institutionelle Kunden
• Durchschnittliche tägliche digitale Transaktionen: 3.750
• Echtzeit-Recherchezugriff für Premium-Kunden

Investmentkonferenzen und Networking-Events

Jährliche Konferenz- und Networking-Statistiken:

Ereignistyp	Jährliche Zählung	Durchschnittliche Teilnehmerzahl
Gesundheitskonferenzen	8	1,200
Technologie-Investorenforen	5	850
Gipfeltreffen zu öffentlichen Finanzen	6	650

Digitale Forschungs- und Kommunikationstools

Funktionen der digitalen Forschungsplattform:

• Jährlich veröffentlichte Forschungsberichte: 2.400
• Abonnenten digitaler Forschung: 9.800
• Durchschnittliche monatliche Downloads digitaler Forschungsergebnisse: 18.500

Institutionelle Vertriebsteams

Aufteilung des institutionellen Vertriebsteams nach Sektoren:

Sektor	Teamgröße	Abdeckungsregion
Unternehmens-/Investmentbanking	87	Nordamerika
Globale Märkte	62	Vereinigte Staaten, Europa
Spezialisierte Branchen	45	Bundesweit

Piper Sandler Companies (PIPR) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im Jahr 2023 betreut Piper Sandler rund 1.200 institutionelle Investmentkunden. Das institutionelle Anlegersegment des Unternehmens umfasst:

• Investmentfonds verwalten ein Vermögen von 7,3 Billionen US-Dollar
• Pensionsfonds mit einem Gesamtvermögen von über 5,2 Billionen US-Dollar
• Hedgefonds mit einem verwalteten Vermögen von rund 3,8 Billionen US-Dollar

Anlegertyp	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
Investmentfonds	450	7,3 Billionen Dollar
Pensionskassen	250	5,2 Billionen Dollar
Hedgefonds	200	3,8 Billionen Dollar

Firmenkunden

Piper Sandler betreut 650 Firmenkunden aus verschiedenen Branchen mit Schwerpunkt auf:

• Technologieunternehmen
• Gesundheitsorganisationen
• Finanzdienstleistungsunternehmen

Industriesektor	Anzahl Firmenkunden
Technologie	225
Gesundheitswesen	180
Finanzdienstleistungen	145

Vermögende Privatpersonen

Details zum Kundensegment:

• Gesamtzahl der vermögenden Kunden: 5.200
• Durchschnittlicher Wert des Kundenportfolios: 18,5 Millionen US-Dollar
• Insgesamt verwaltetes Vermögen für dieses Segment: 96,3 Milliarden US-Dollar

Mittelständische Unternehmen

Piper Sandler konzentriert sich auf mittelständische Unternehmen mit:

• Jahresumsatz zwischen 50 Millionen und 1 Milliarde US-Dollar
• Gesamte Mittelstandskunden: 380 Unternehmen
• Kumulierter Jahresumsatz der betreuten Unternehmen: 127,6 Milliarden US-Dollar

Aufstrebende Wachstumsunternehmen

Spezialisiertes Segment-Targeting:

• Startups und junge Unternehmen
• Gesamtzahl der aufstrebenden Wachstumskunden: 420
• Gesamtfinanzierung: 3,7 Milliarden US-Dollar

Geschäftsphase	Anzahl der Kunden	Gesamtfinanzierung eingesammelt
Samenstadium	180	620 Millionen Dollar
Serie A	140	1,5 Milliarden US-Dollar
Serie B	100	1,6 Milliarden US-Dollar

Piper Sandler Companies (PIPR) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2022 meldete Piper Sandler einen Gesamtaufwand für Vergütung und Sozialleistungen in Höhe von 595,1 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Gesamtvergütung	595.1
Gehälter	421.3
Boni	173.8

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2022 auf insgesamt 87,6 Millionen US-Dollar.

• Ausgaben für IT-Infrastruktur: 52,4 Millionen US-Dollar
• Investitionen in Cybersicherheit: 18,2 Millionen US-Dollar
• Kosten für Cloud Computing: 17,0 Millionen US-Dollar

Forschungs- und Entwicklungskosten

Die F&E-Ausgaben für 2022 beliefen sich auf 42,3 Millionen US-Dollar.

F&E-Schwerpunktbereiche	Investition (Millionen US-Dollar)
Finanztechnologieforschung	24.5
Marktanalysetools	17.8

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf 65,7 Millionen US-Dollar.

• Digitales Marketing: 28,3 Millionen US-Dollar
• Sponsoring von Kundenveranstaltungen: 19,4 Millionen US-Dollar
• Werbung und Verkaufsförderung: 18,0 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Betriebskosten

Die Compliance- und Betriebskosten für 2022 beliefen sich auf 93,2 Millionen US-Dollar.

Compliance-Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Einhaltung gesetzlicher und behördlicher Vorschriften	47.6
Audit und Risikomanagement	35.1
Regulatorische Berichterstattung	10.5

Piper Sandler Companies (PIPR) – Geschäftsmodell: Einnahmequellen

Beratungsgebühren im Investment Banking

Für das Geschäftsjahr 2023 berichtete Piper Sandler 455,7 Millionen US-Dollar bei den Erträgen aus dem Investmentbanking.

Umsatzkategorie	Betrag (2023)
Fusionen & Akquisitionsberatung	203,4 Millionen US-Dollar
Aktien-Underwriting	126,5 Millionen US-Dollar
Schuldenübernahme	125,8 Millionen US-Dollar

Verkaufs- und Handelsprovisionen

Die Verkaufs- und Handelserlöse für 2023 summierten sich 316,2 Millionen US-Dollar.

• Institutioneller Aktienverkauf und -handel: 214,3 Millionen US-Dollar
• Vertrieb und Handel mit festverzinslichen Wertpapieren: 101,9 Millionen US-Dollar

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren im Jahr 2023 betrugen 87,6 Millionen US-Dollar.

Segment Asset Management	Gebühreneinnahmen
Öffentliche Vermögensverwaltung	62,4 Millionen US-Dollar
Private Vermögensverwaltung	25,2 Millionen US-Dollar

Abonnements für Forschungs- und Beratungsdienste

Umsatzerlöse aus Forschungsdienstleistungen erreicht 42,5 Millionen US-Dollar im Jahr 2023.

Erträge aus Kapitalmarkttransaktionen

Die Erlöse aus Kapitalmarkttransaktionen beliefen sich auf 178,3 Millionen US-Dollar im Jahr 2023.

Transaktionstyp	Einnahmen
Eigenkapitalmärkte	98,6 Millionen US-Dollar
Schuldenkapitalmärkte	79,7 Millionen US-Dollar

Piper Sandler Companies (PIPR) - Canvas Business Model: Value Propositions

You're looking at what makes Piper Sandler Companies stand out in the market, which really comes down to deep specialization and comprehensive service delivery. It's not just about being big; it's about being the right partner in specific, complex areas.

Deep sector expertise in Financial Services, Healthcare, and Technology M&A.

Piper Sandler Companies shows this expertise through consistent deal flow in your core focus areas. As of November 2025, the firm has facilitated 379 M&A deals overall since the start of the year. To be fair, the data shows activity across many sectors, but the focus is clear in their recent successes. For instance, in Q3 2025, the healthcare group led bookrunner roles on all 13 healthcare equity deals. This deep bench allows them to advise on complex transactions where industry nuance matters more than general banking knowledge.

Full-service capital markets access for mid-cap companies.

The firm provides access across the capital structure, which is key for mid-cap companies needing growth capital or restructuring advice. Their equity capital markets activity saw a sharp rebound in Q3 2025, with corporate financing revenue surging to $79.7M, which was up 345% Year-over-Year (YoY). That quarter alone saw 38 financings raising a total of $14B. Also, municipal financing was robust in Q2 2025, bringing in $42 million in revenues, their best quarter since 2021.

Candid, independent, and high-touch strategic advisory for complex transactions.

The value here is in the execution and the advice quality, not just the volume. In Q3 2025, advisory revenue hit $212.4M, representing a 13% YoY increase, executed across 82 total advisory transactions. They are a leader in bank M&A, advising on six of the ten largest U.S. bank M&A closings during that same quarter. That's concrete proof of high-touch advisory in a critical sector. For context on their long-term advisory strength, they advised on more than 1,030 M&A transactions worth over $545 billion between January 1, 2020, and December 31, 2024.

Top-tier institutional research and liquidity provision in SMID-cap equities.

This is where Piper Sandler Companies really shines for public market clients. Their equities trading team was voted No. 1 SMID cap liquidity provider by all buy-side institutions in the 2025 Extel Research Survey. They are a market maker and transact in 2,500 securities. Furthermore, their 50+ publishing analysts produce proprietary research covering 900+ small-, mid- and large-cap companies. Their analysts also received recognition in Extel's 2025 All-American Research Survey.

Diversified product offering across advisory, capital raising, and trading.

The diversification is what helps them perform well across different market cycles, as seen in their recent financial results. For the first nine months of 2025, net revenues totaled $1.2 billion. The firm's Q3 2025 adjusted net revenues were $455.3M, a 29% YoY increase. This performance was broad-based, with advisory, corporate financing, and fixed income all contributing significantly.

Here's a quick look at how the revenue mix contributed to their strong Q3 2025 performance:

Product Area	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Advisory	$212.4	+13%
Corporate Financing	$79.7	+345%
Fixed Income Services	$55.7	+15%

The adjusted diluted EPS for that same quarter was $3.82. This shows the tangible financial result of their diversified product suite.

You can see the breadth of their focus areas in their investment banking transaction coverage:

• Defense & Government
• EV/Mobility
• FinTech
• Hardware
• Internet & Digital Media
• Security
• Software
• Technology Services

Finance: draft 13-week cash view by Friday.

Piper Sandler Companies (PIPR) - Canvas Business Model: Customer Relationships

You're looking at how Piper Sandler Companies (PIPR) keeps its clients locked in. It's not just about the deal that closes; it's about the ongoing relationship that sets up the next one. That high-touch model requires serious resources dedicated to each client relationship.

Dedicated, high-touch advisory model with senior banker coverage.

The firm staffs up to ensure senior eyes are on your situation. They finished the second quarter of 2025 with 182 Managing Directors, which was up 7% from the year prior. This investment in senior talent directly supports the advisory model. You see this commitment in the results; advisory revenues hit $206 million in Q2 2025 alone, a 12% jump year-over-year.

Long-term, relationship-driven engagement, not just transactional.

The goal is to be there through the cycle, not just for a single capital raise. For the first half of 2025, total advisory revenues reached $423 million, showing 24% growth compared to the year-ago period. This growth wasn't just from M&A; non-M&A advisory revenues, like debt and private capital advisory, grew at a rate that exceeded overall advisory revenues, showing deepening engagement across product lines. They completed 71 transactions in Q2 2025, which shows activity, but the revenue growth suggests the average fee or the complexity of the engagement is increasing, which points to deeper relationships.

Exclusive access to proprietary research and market insights.

Your access to their thinking is a key part of the relationship. As of Q3 CY2025, their research analysts cover approximately 1,000 companies. Back in 2024, the firm published over 12,700+ research reports across more than 900+ small-, mid- and large-cap stocks. For a specific, unique insight into consumer behavior, they conduct a semi-annual survey of more than 14,500 U.S. teens. This proprietary data is a major draw for institutional clients.

Continuous engagement through institutional sales and trading desks.

The relationship continues after the advisory work is done through the flow business. Piper Sandler Companies acts as a market maker and transacts in 2,500 securities. They have the No. 4 largest domestic account base and the No. 8 largest global account base, according to some 2025 metrics, which shows the breadth of their continuous touchpoints with investors.

Here's a quick look at the scale of their client-facing activity:

Metric	Value/Amount	Context/Period
Managing Directors	182	End of Q2 2025
Total Companies Under Coverage (Research)	Approx. 1,000	As of Q3 CY2025
Securities Traded (Market Maker)	2,500	As of late 2025
Equity Brokerage Revenues	$215 million	Full Year 2024 Record
Advisory Revenues	$423 million	First Half of 2025

Client-centric approach, aiming to 'Realize the Power of Partnership®.'

The firm's stated purpose is to help clients Realize the Power of Partnership®. This isn't just marketing fluff; it's supported by strategic hires to deepen coverage. For instance, they added new managing directors in Q1 2025 to strengthen groups like energy, power & infrastructure, and healthcare investment banking, ensuring the expertise matches the client base. They also hired MDs in Q2 2025 to enhance secondary capital advisory and debt advisory capabilities, directly responding to client needs outside of traditional M&A.

The client relationship is built on this structure:

• Deep expertise across key verticals like Healthcare and Technology.
• Access to specialized platforms like BioInsights for therapeutic analysis.
• Continuous engagement via institutional sales and trading desks.
• Focus on non-M&A advisory, which grew faster than overall advisory revenues.

Finance: draft 13-week cash view by Friday.

Piper Sandler Companies (PIPR) - Canvas Business Model: Channels

You're looking at how Piper Sandler Companies gets its services to clients, which is a mix of high-touch personal interaction and broad digital reach. The physical footprint remains key for deal origination and client service.

Piper Sandler Companies maintains a physical presence with more than 60 offices spanning across five countries as of late 2025. The firm's headquarters is in Minneapolis, MN, with other key locations including New York, London, and Hong Kong. The total professional staff supporting these channels is reported at 1,748 individuals.

The direct sales force and senior investment banking teams are the primary conduit for advisory services. For institutional brokerage and trading, the firm deploys a national team of 230+ sales, trading, and analytics professionals dedicated to fixed income solutions.

The performance of the institutional brokerage channel shows solid client activity through the third quarter of 2025:

Metric	Q2 2025 Amount	Q3 2025 Amount	YoY Growth (Q3 vs Q3 2024)
Institutional Brokerage Revenues (Total)	$112 million	Not explicitly stated separately	N/A
Equity Brokerage Revenues	$58 million	N/A	Up 12% YoY (Q2 2025)
Fixed Income Revenues	$54 million	$56 million	Up 37% YoY (Q2 2025)

The firm uses regulated international subsidiaries to facilitate cross-border business. These entities include:

• Piper Sandler Ltd. in the U.K., authorized and regulated by the U.K. Financial Conduct Authority.
• Aviditi Capital Advisors Europe GmbH in the EU, authorized and regulated by BaFin as a tied agent of AHP Capital Management GmbH.
• Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission.

For research distribution, the online portal is a key channel. Piper Sandler's 60+ senior analysts produce industry-leading research covering more than 1,000 stocks.

Finance: draft 13-week cash view by Friday.

Piper Sandler Companies (PIPR) - Canvas Business Model: Customer Segments

You're looking at the specific groups Piper Sandler Companies (PIPR) serves, which directly ties into how they generate their reported revenues. Here's the breakdown based on their latest reported activity.

Mid-cap and large-cap corporations seeking M&A and capital raising are primary recipients of their Investment Banking services. Advisory services, which cover M&A, equity, and debt financings, are a major driver of the firm's top line.

For the third quarter of 2025, advisory services generated $212 million in revenues, showing a 13% year-over-year increase. Corporate financing revenues specifically reached $80 million in Q3 2025, the highest level seen since 2021. The firm focuses its corporate advisory efforts across sectors including healthcare, financial services, energy and power, consumer, services and industrials, technology, and chemicals.

Private Equity firms and financial sponsors for portfolio company transactions are served through the same advisory platform, with a specific emphasis on private capital advisory. Revenues from private equity clients grew over 20% for the full year 2024. Non-M&A advisory revenues, which include private capital advisory, showed significant growth compared to overall advisory revenues in Q2 2025.

Public entities and municipalities requiring municipal finance and advisory services are a core segment for their Public Finance investment banking capabilities. Municipal financing activity was robust in Q2 2025, generating $42 million in revenues. In Q3 2025, municipal financing revenues were not explicitly broken out separately but were part of the overall business segments contributing to total net revenues of $479 million. These services target state and local governments, cultural and social service non-profit entities, and sectors like education, healthcare, and transportation.

Institutional investors (asset managers, hedge funds) for sales, trading, and research utilize the Equity and Fixed Income Institutional Brokerage segment. For the second quarter of 2025, institutional brokerage revenues were $112 million, up 22% from Q2 2024. Equity brokerage specifically generated $54 million in Q2 2025. The firm supports these clients with fundamental equity research covering approximately 950 companies.

Non-profit entities and alternative asset managers are served across multiple platforms. Non-profit entities are explicitly mentioned as clients for public finance investment banking. Alternative asset management advisory services are offered through separately registered advisory affiliates. Fixed income services are provided to asset managers, registered investment advisors, banks, credit unions, and insurance companies.

Here's a look at the revenue contribution from key client-facing service lines for the most recently reported quarter, Q3 2025, where total net revenues were $479 million.

Client-Facing Service Line	Q3 2025 Revenue (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Advisory Services	$212 million	13%
Corporate Financing	$80 million	Highest since 2021
Fixed Income Services	$56 million	15%

The total net revenues for the first nine months of 2025 reached $1.2 billion. You can see the diversity in their client base by looking at the specific revenue drivers in the second quarter of 2025:

• Advisory services revenues: $206 million.
• Municipal financing revenues: $42 million.
• Equity brokerage revenues: $54 million.
• Institutional brokerage revenues: $112 million.

Finance: draft 13-week cash view by Friday.

Piper Sandler Companies (PIPR) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Piper Sandler Companies as of late 2025, focusing on the major outflows that keep the firm running. Honestly, for a service business like this, people costs dominate everything.

The dominant cost is compensation and benefits, which ran at a 62% ratio for the first nine months of 2025. That number tells you that for every dollar of net revenue the firm brought in over those nine months, nearly 62 cents went straight to paying and supporting the employees who generated that revenue. This is typical for an investment bank where human capital is the primary asset.

Beyond personnel, you see significant, less variable expenses. There are high fixed costs for occupancy and technology infrastructure. For instance, non-compensation costs were specifically noted as being driven by higher occupancy costs due to relocating the Minneapolis headquarters office. To give you a sense of scale, non-compensation expenses, excluding reimbursed deal costs, were $65 million in Q3 2025. For the first nine months of 2025, those same non-compensation expenses totaled $204 million, which was a 9% increase year-over-year.

Here's a quick look at some of those key expense metrics we have data for:

Expense Metric	Period	Amount/Ratio
Compensation Ratio	First Nine Months of 2025	62%
Non-Compensation Expenses (Excl. Deal Costs)	Q3 2025	$65 million
Non-Compensation Expenses (Excl. Deal Costs)	First Nine Months of 2025	$204 million
Non-Compensation Expenses (Total)	Q2 2025	$89.6 million

The firm also has substantial, though less frequently itemized, costs related to operating across borders. This includes significant spending on regulatory compliance and legal expenses across multiple global jurisdictions. Piper Sandler Companies maintains regulated entities in the U.S., the U.K. through Piper Sandler Ltd., the EU through Aviditi Capital Advisors Europe GmbH, and Hong Kong through Piper Sandler Hong Kong Ltd. Keeping all those operations compliant requires a dedicated, and costly, infrastructure.

Finally, strategic growth initiatives introduce variable costs. You see costs associated with strategic acquisitions like G Squared Capital Partners, which was completed in the third quarter of 2025. While the deal expanded the technology investment banking platform by adding dedicated coverage of government services and defense technology, the specific financial terms of the acquisition were not publicly disclosed in the completion announcement.

You should keep an eye on how compensation scales relative to revenue, as that ratio is the single biggest lever in their cost structure. Finance: draft 13-week cash view by Friday.

Piper Sandler Companies (PIPR) - Canvas Business Model: Revenue Streams

You're looking at how Piper Sandler Companies brings in the cash flow, which is defintely key for any valuation model you're building. The revenue streams are heavily weighted toward advisory and capital markets activity, which means performance is tied closely to deal flow and market sentiment. For the third quarter of 2025, we see clear contributions from the core business segments.

Here's the quick math on the major fee components we saw in Q3 2025:

Revenue Source	Q3 2025 Amount (USD)
Advisory Fees (M&A, Restructuring, Private Capital)	$212 million
Underwriting Fees (Corporate Financing - Equity & Debt)	$80 million
Institutional Brokerage & Trading (Fixed Income)	$56 million
Municipal Finance Revenues (Underwriting & Advisory)	$39 million

The advisory piece is the biggest single bucket, reflecting success in deal execution. This stream comes from several areas you should track closely:

• Mergers and Acquisitions (M&A) advisory services.
• Restructuring advisory engagements.
• Private capital raising activities.

Also, the underwriting fees from Corporate Financing, covering both equity and debt capital markets, clocked in at $80 million for the quarter. On the trading side, Institutional Brokerage and Trading revenues, specifically from fixed income, added $56 million. Don't forget the Municipal Finance segment, which contributed $39 million through its underwriting and advisory work.

When you aggregate this activity, the picture for the year-to-date looks solid. Total net revenues for the first nine months of 2025 reached $1.2 billion. That total gives you the baseline for assessing the run rate of the Q3 figures we just reviewed.

Finance: draft 13-week cash view by Friday