Piper Sandler Companies (PIPR): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, Piper Sandler Companies emerge como una potencia de soluciones financieras estratégicas, uniendo la banca de inversión innovadora, la gestión de patrimonio e inteligencia de mercado de vanguardia. Al aprovechar un modelo de negocio sofisticado que abarca inversores institucionales, clientes corporativos e individuos de alto nivel de red, Piper Sandler ha creado un ecosistema único de experiencia financiera que transforma los desafíos complejos del mercado en oportunidades estratégicas. Su enfoque integral integra servicios de asesoramiento especializados, capacidades de investigación profundas y relaciones personalizadas de los clientes, posicionándolos como un jugador fundamental en el panorama en constante evolución de los servicios financieros y las estrategias de inversión.

Piper Sandler Companies (PIPR) - Modelo de negocio: asociaciones clave

Bancos de inversión e instituciones financieras

Piper Sandler mantiene asociaciones estratégicas con los siguientes bancos de inversión e instituciones financieras:

Institución asociada	Tipo de asociación	Alcance de colaboración
Goldman Sachs	Aviso financiero estratégico	Colaboración de inversión institucional
Morgan Stanley	Cooperación de mercados de capitales	Suscripción de deuda y capital
JPMorgan Chase	Alianza de Banca Corporativa	Transacciones financieras complejas

Inversores institucionales y fondos de cobertura

Las asociaciones clave de inversores institucionales incluyen:

• Grupo de vanguardia
• Roca negra
• Inversiones de fidelidad
• Asesores globales de State Street

Inversor	Porcentaje de propiedad	Valor de inversión
Grupo de vanguardia	8.2%	$ 124.5 millones
Roca negra	6.7%	$ 101.3 millones

Clientes corporativos en múltiples sectores

Piper Sandler sirve a clientes corporativos en diversos sectores:

• Cuidado de la salud
• Tecnología
• Servicios financieros
• Productos de consumo
• Fabricación industrial

Proveedores de servicios de tecnología e investigación

Socio tecnológico	Tipo de servicio	Valor anual del contrato
Terminal de Bloomberg	Plataforma de datos financieros	$ 2.4 millones
Sistemas de investigación de datos	Software de investigación financiera	$ 1.8 millones
S&P Global Market Intelligence	Servicios de investigación de mercado	$ 1.5 millones

Piper Sandler Companies (PIPR) - Modelo de negocio: actividades clave

Servicios de asesoramiento de banca de inversión

A partir de 2023, Piper Sandler reportó $ 366.4 millones en ingresos de banca de inversión. La firma proporciona servicios de asesoramiento en múltiples sectores, incluidos:

• Cuidado de la salud
• Consumidor
• Tecnología
• Servicios financieros
• Acciones industriales

Sector	Transacciones de asesoramiento total (2023)	Valor de transacción total
Cuidado de la salud	42 transacciones	$ 8.3 mil millones
Consumidor	31 transacciones	$ 5.7 mil millones
Tecnología	26 transacciones	$ 4.9 mil millones

Ventas y operaciones de capital e ingresos fijos

En 2023, Piper Sandler generó $ 235.2 millones a partir de los ingresos de ventas e comerciales institucionales.

Segmento comercial	2023 ingresos
Comercio de renta variable	$ 142.6 millones
Comercio de renta fija	$ 92.6 millones

Gestión de patrimonio y gestión de activos

Piper Sandler maneja $ 89.3 mil millones En los activos del cliente a partir del cuarto trimestre de 2023.

Segmento de clientes	Activos bajo administración
Cliente privado	$ 53.7 mil millones
Clientes institucionales	$ 35.6 mil millones

Investigación y análisis financieros integrales

La empresa cubre 500+ empresas que cotizan en bolsa En varios sectores con equipos de investigación dedicados.

Transacciones y suscripción de mercados de capitales

En 2023, Piper Sandler completó 87 transacciones de mercados de capitales con un valor de transacción total de $ 12.4 mil millones.

Tipo de transacción	Número de transacciones	Valor de transacción total
Ofrendas de capital	42 transacciones	$ 6.2 mil millones
Ofrenda de deuda	45 transacciones	$ 6.2 mil millones

Piper Sandler Companies (PIPR) - Modelo de negocio: recursos clave

Profesionales financieros experimentados y banqueros de inversión

A partir del cuarto trimestre de 2023, Piper Sandler empleó a 692 empleados en total, con 468 dedicados a la banca de inversión y las ventas y el comercio institucional.

Categoría de empleado	Número de empleados
Total de empleados	692
Profesionales de banca de inversión	468

Plataformas de investigación e inteligencia de mercado patentadas

Cobertura de investigación: Piper Sandler proporciona investigación en múltiples sectores con equipos de analistas dedicados.

• Equipo de investigación del sector de la salud
• Equipo de investigación del sector tecnológico
• Equipo de investigación del sector del consumidor
• Equipo de investigación del sector industrial

Relaciones y redes de clientes fuertes

En 2023, Piper Sandler reportó $ 1.6 mil millones en ingresos totales, demostrando una participación sólida del cliente.

Métricas del cliente	2023 datos
Ingresos totales	$ 1.6 mil millones
Clientes institucionales	1,200+

Infraestructura tecnológica avanzada

Inversión en plataformas tecnológicas y sistemas de comercio digital.

• Sistemas avanzados de ejecución comercial
• Asegurar redes de comunicación del cliente
• Plataformas de análisis de datos

Experiencia de capital financiero e inversión

Al 31 de diciembre de 2023, las métricas financieras incluyen:

Métrica financiera	Cantidad
Equidad total	$ 1.2 mil millones
Equivalentes de efectivo y efectivo	$ 341.5 millones
Capitalización de mercado	$ 3.6 mil millones

Piper Sandler Companies (PIPR) - Modelo de negocio: propuestas de valor

Aviso financiero especializado y soluciones de inversión

Piper Sandler reportó ingresos totales de $ 1.92 mil millones para el año fiscal 2023. La compañía ofrece servicios de banca de inversión especializados en múltiples sectores.

Sector	Servicios de asesoramiento	Volumen de transacción anual
Cuidado de la salud	Aviso de fusiones y adquisiciones	$ 12.3 mil millones
Tecnología	Recaudación de capital	$ 8.7 mil millones
Servicios financieros	Consultoría estratégica	$ 6.5 mil millones

Informes integrales del mercado y capacidades de investigación

La división de investigación proporciona un análisis de mercado en profundidad en múltiples industrias.

• Cubre más de 500 empresas que cotizan en bolsa
• Genera más de más de 3,200 informes de investigación anualmente
• Emplea a más de 75 analistas de investigación

Estrategias de gestión de patrimonio personalizadas

El segmento de gestión de patrimonio administra $ 48.6 mil millones en activos del cliente a partir del cuarto trimestre de 2023.

Segmento de clientes	Activos bajo administración	Tamaño promedio de la cuenta
Individuos de alto patrimonio	$ 32.4 mil millones	$ 5.2 millones
Clientes institucionales	$ 16.2 mil millones	$ 25.6 millones

Servicio y experiencia al cliente de alto contacto

Piper Sandler mantiene un Tasa de retención del cliente del 92% a través de sus líneas de servicio.

• Duración promedio de la relación con el cliente: 7.4 años
• Puntuación de satisfacción del cliente: 4.6/5
• Tiempo de respuesta promedio: 2.3 horas

Productos financieros personalizados para clientes institucionales e individuales

Diversificación de productos en categorías de inversión.

Categoría de productos	Ingresos anuales	Cuota de mercado
Investigación de capital	$ 276 millones	6.3%
Ingreso fijo	$ 412 millones	4.9%
Banca de inversión	$ 689 millones	3.7%

Piper Sandler Companies (PIPR) - Modelo de negocio: relaciones con los clientes

Asociaciones estratégicas a largo plazo

Piper Sandler mantiene asociaciones estratégicas con más de 1,200 inversores institucionales y clientes corporativos en varios sectores. La tasa de retención de asociación de la compañía es del 87.4% a partir de 2023.

Tipo de asociación	Número de clientes	Impacto anual de ingresos
Inversores institucionales	825	$ 412.6 millones
Clientes corporativos	375	$ 267.3 millones

Equipos dedicados de gestión de relaciones

Piper Sandler emplea a 237 profesionales dedicados de gestión de relaciones en múltiples áreas de práctica.

• Portafolio de cliente promedio por gerente de relaciones: 18
• Duración promedio de la relación con el cliente: 7.3 años
• Calificación de satisfacción del cliente: 91.2%

Consulta de inversión personalizada

La empresa proporciona Servicios de asesoramiento de inversiones personalizados En 12 áreas de práctica especializada con un valor de consulta promedio de $ 157,000 por compromiso del cliente.

Área de práctica	Número de consultores especializados
Cuidado de la salud	42
Tecnología	36
Servicios financieros	29

Actualizaciones regulares del mercado e informes de investigación

Piper Sandler produce 1.874 informes de investigación anualmente, distribuidos a 1.562 clientes institucionales.

• Frecuencia del informe de investigación: semanal y mensual
• Canales de distribución digital: 3
• Lectores de informes de investigación promedio: 76.5%

Canales de comunicación digital y en persona

La compañía utiliza 5 plataformas de comunicación primaria con una tasa de participación digital del 98.3%.

Canal de comunicación	Usuarios activos mensuales
Portal de cliente seguro	1,423
Videoconferencia	1,276
Boletines por correo electrónico	2,104

Piper Sandler Companies (PIPR) - Modelo de negocio: canales

Fuerza de ventas directas y gerentes de relaciones

A partir de 2024, Piper Sandler mantiene una fuerza de ventas dedicada de aproximadamente 350 profesionales de ventas institucionales en múltiples sectores financieros.

Categoría de ventas	Número de profesionales	Mercado objetivo
Venta de capital institucional	142	Fondos de cobertura, gerentes de activos
Ventas de renta fija	98	Inversores institucionales
Ventas de finanzas públicas	66	Gobiernos municipales, agencias estatales
Ventas de atención médica	44	Instituciones de inversión en salud

Plataformas de comercio e inversión en línea

Piper Sandler utiliza plataformas digitales sofisticadas con las siguientes especificaciones:

• Base de usuarios de plataforma digital: 12,500 clientes institucionales
• Transacciones digitales diarias promedio: 3,750
• Acceso de investigación en tiempo real para clientes premium

Conferencias de inversión y eventos de redes

Conferencia anual y estadísticas de redes:

Tipo de evento	Recuento anual	Asistentes promedio
Conferencias de atención médica	8	1,200
Foros de inversores de tecnología	5	850
Cumbres de finanzas públicas	6	650

Investigación digital y herramientas de comunicación

Capacidades de la plataforma de investigación digital:

• Informes de investigación publicados anualmente: 2.400
• Suscriptores de investigación digital: 9.800
• Descargas promedio de investigación digital mensual: 18,500

Equipos de ventas institucionales

Desglose del equipo de ventas institucional por sector:

Sector	Tamaño del equipo	Región de cobertura
Banca corporativa/de inversión	87	América del norte
Mercados globales	62	Estados Unidos, Europa
Industrias especializadas	45	A escala nacional

Piper Sandler Companies (PIPR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2023, Piper Sandler atiende a aproximadamente 1,200 clientes de inversión institucional. El segmento de inversores institucionales de la firma incluye:

• Fondos mutuos que administran $ 7.3 billones en activos
• Fondos de pensiones con más de $ 5.2 billones en activos totales
• Fondos de cobertura con aproximadamente $ 3.8 billones bajo administración

Tipo de inversor	Número de clientes	Activos totales gestionados
Fondos mutuos	450	$ 7.3 billones
Fondos de pensiones	250	$ 5.2 billones
Fondos de cobertura	200	$ 3.8 billones

Clientes corporativos

Piper Sandler atiende a 650 clientes corporativos en varios sectores, con un enfoque en:

• Empresas tecnológicas
• Organizaciones de atención médica
• Empresas de servicios financieros

Sector industrial	Número de clientes corporativos
Tecnología	225
Cuidado de la salud	180
Servicios financieros	145

Individuos de alto nivel de red

Detalles del segmento del cliente:

• Total de clientes de alto nivel de red: 5.200
• Valor promedio de la cartera del cliente: $ 18.5 millones
• Activos totales bajo administración para este segmento: $ 96.3 mil millones

Compañías del mercado medio

Piper Sandler se centra en las empresas del mercado medio con:

• Ingresos anuales entre $ 50 millones y $ 1 mil millones
• Clientes totales del mercado medio: 380 empresas
• Ingresos anuales acumulados de empresas atendidas: $ 127.6 mil millones

Negocios de crecimiento emergente

Dirección de segmento especializado:

• Startups y compañías en etapa inicial
• CLIENTES TOTALES DE CRECIMIENTO EMERGADO: 420
• Financiación agregada recaudada: $ 3.7 mil millones

Etapa comercial	Número de clientes	Financiación total recaudada
Etapa de semilla	180	$ 620 millones
Serie A	140	$ 1.5 mil millones
Serie B	100	$ 1.6 mil millones

Piper Sandler Companies (PIPR) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

Para el año fiscal 2022, Piper Sandler informó gastos de compensación total y beneficios de $ 595.1 millones.

Categoría de gastos	Cantidad ($ millones)
Compensación total	595.1
Salarios	421.3
Bonificaciones	173.8

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura para 2022 totalizaron $ 87.6 millones.

• Gasto de infraestructura de TI: $ 52.4 millones
• Inversiones de ciberseguridad: $ 18.2 millones
• Gastos de computación en la nube: $ 17.0 millones

Gastos de investigación y desarrollo

Los gastos de I + D para 2022 fueron de $ 42.3 millones.

Áreas de enfoque de I + D	Inversión ($ millones)
Investigación de tecnología financiera	24.5
Herramientas de análisis de mercado	17.8

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2022 ascendieron a $ 65.7 millones.

• Marketing digital: $ 28.3 millones
• Patrocinios de eventos del cliente: $ 19.4 millones
• Publicidad y promociones: $ 18.0 millones

Cumplimiento regulatorio y gastos operativos

El cumplimiento y los costos operativos para 2022 fueron de $ 93.2 millones.

Categoría de gastos de cumplimiento	Cantidad ($ millones)
Cumplimiento legal y regulatorio	47.6
Auditoría y gestión de riesgos	35.1
Informes regulatorios	10.5

Piper Sandler Companies (PIPR) - Modelo de negocio: flujos de ingresos

Tarifas de asesoramiento de banca de inversión

Para el año fiscal 2023, Piper Sandler informó $ 455.7 millones en ingresos de banca de inversión.

Categoría de ingresos	Cantidad (2023)
Fusiones & Aviso de adquisiciones	$ 203.4 millones
Suscripción de capital	$ 126.5 millones
Suscripción de deuda	$ 125.8 millones

Comisiones de ventas y comerciales

Los ingresos de ventas y comerciales para 2023 totalizaron $ 316.2 millones.

• Ventas y negociación de capital institucional: $ 214.3 millones
• Ventas y negociación de ingresos fijos: $ 101.9 millones

Tarifas de gestión de activos

Las tarifas de gestión de activos en 2023 fueron $ 87.6 millones.

Segmento de gestión de activos	Ingresos por tarifas
Gestión de activos públicos	$ 62.4 millones
Gestión de activos privados	$ 25.2 millones

Suscripciones de investigación y servicios de asesoramiento

Los ingresos del servicio de investigación alcanzados $ 42.5 millones en 2023.

Ingresos de la transacción de los mercados de capitales

Los ingresos por transacciones de los mercados de capitales ascendieron a $ 178.3 millones en 2023.

Tipo de transacción	Ganancia
Mercados de capital de renta variable	$ 98.6 millones
Mercados de capital de deuda	$ 79.7 millones

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