Piper Sandler Companies (PIPR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, as empresas Piper Sandler surgem como uma potência de soluções financeiras estratégicas, tecendo juntos bancos inovadores de investimento, gerenciamento de patrimônio e inteligência de mercado de ponta. Ao alavancar um modelo de negócios sofisticado que abrange investidores institucionais, clientes corporativos e indivíduos de alta rede, Piper Sandler criou um ecossistema único de experiência financeira que transforma desafios complexos de mercado em oportunidades estratégicas. Sua abordagem abrangente integra serviços de consultoria especializados, recursos de pesquisa profundos e relacionamentos personalizados para clientes, posicionando-os como um participante fundamental no cenário em constante evolução de serviços financeiros e estratégias de investimento.

Piper Sandler Companies (PIPR) - Modelo de negócios: Parcerias -chave

Bancos de investimento e instituições financeiras

Piper Sandler mantém parcerias estratégicas com os seguintes bancos de investimento e instituições financeiras:

Instituição parceira	Tipo de parceria	Escopo de colaboração
Goldman Sachs	Conselho Financeiro Estratégico	Colaboração institucional de investimento
Morgan Stanley	Cooperação do mercado de capitais	Subscrição de dívida e patrimônio líquido
JPMorgan Chase	Aliança bancária corporativa	Transações financeiras complexas

Investidores institucionais e fundos de hedge

As principais parcerias de investidores institucionais incluem:

• Grupo Vanguard
• BlackRock
• Fidelity Investments
• Conselheiros Globais da State Street

Investidor	Porcentagem de propriedade	Valor de investimento
Grupo Vanguard	8.2%	US $ 124,5 milhões
BlackRock	6.7%	US $ 101,3 milhões

Clientes corporativos em vários setores

Piper Sandler atende clientes corporativos em diversos setores:

• Assistência médica
• Tecnologia
• Serviços financeiros
• Produtos de consumo
• Fabricação industrial

Provedores de serviços de tecnologia e pesquisa

Parceiro de tecnologia	Tipo de serviço	Valor anual do contrato
Terminal Bloomberg	Plataforma de dados financeiros	US $ 2,4 milhões
FACTSET PESQUISA SISTEMAS	Software de pesquisa financeira	US $ 1,8 milhão
S&P Global Market Intelligence	Serviços de pesquisa de mercado	US $ 1,5 milhão

Piper Sandler Companies (PIPR) - Modelo de negócios: atividades -chave

Serviços de consultoria bancária de investimento

A partir de 2023, Piper Sandler registrou US $ 366,4 milhões em receitas de banco de investimento. A empresa fornece serviços de consultoria em vários setores, incluindo:

• Assistência médica
• Consumidor
• Tecnologia
• Serviços financeiros
• Industriais

Setor	Total de transações de consultoria (2023)	Valor total da transação
Assistência médica	42 transações	US $ 8,3 bilhões
Consumidor	31 transações	US $ 5,7 bilhões
Tecnologia	26 transações	US $ 4,9 bilhões

Vendas de patrimônio líquido e renda fixa e negociação

Em 2023, Piper Sandler gerou US $ 235,2 milhões em vendas institucionais e receitas comerciais.

Segmento de negociação	2023 Receita
Negociação de ações	US $ 142,6 milhões
Negociação de renda fixa	US $ 92,6 milhões

Gerenciamento de patrimônio e gerenciamento de ativos

Piper Sandler gerencia US $ 89,3 bilhões em ativos do cliente a partir do quarto trimestre 2023.

Segmento de cliente	Ativos sob gestão
Cliente privado	US $ 53,7 bilhões
Clientes institucionais	US $ 35,6 bilhões

Pesquisa e análise financeira abrangentes

A empresa cobre Mais de 500 empresas de capital aberto em vários setores com equipes de pesquisa dedicadas.

Transações do mercado de capitais e subscrição

Em 2023, Piper Sandler concluiu 87 transações de mercado de capitais com um valor total de transação de US $ 12,4 bilhões.

Tipo de transação	Número de transações	Valor total da transação
Ofertas de ações	42 transações	US $ 6,2 bilhões
Ofertas de dívida	45 transações	US $ 6,2 bilhões

Piper Sandler Companies (PIPR) - Modelo de negócios: Recursos -chave

Profissionais financeiros experientes e banqueiros de investimento

A partir do quarto trimestre 2023, Piper Sandler empregou 692 funcionários no total, com 468 dedicados ao banco de investimentos e vendas e negociações institucionais.

Categoria de funcionários	Número de funcionários
Total de funcionários	692
Profissionais bancários de investimento	468

Plataformas proprietárias de pesquisa e inteligência de mercado

Cobertura de pesquisa: Piper Sandler fornece pesquisas em vários setores com equipes de analistas dedicadas.

• Equipe de pesquisa do setor de saúde
• Equipe de pesquisa do setor de tecnologia
• Equipe de pesquisa do setor de consumo
• Equipe de pesquisa do setor industrial

Relacionamentos e rede de clientes fortes

Em 2023, Piper Sandler registrou US $ 1,6 bilhão em receita total, demonstrando um robusto envolvimento do cliente.

Métricas de clientes	2023 dados
Receita total	US $ 1,6 bilhão
Clientes institucionais	1,200+

Infraestrutura tecnológica avançada

Investimento em plataformas de tecnologia e sistemas de negociação digital.

• Sistemas avançados de execução comercial
• Redes de comunicação segura do cliente
• Plataformas de análise de dados

Capital financeiro e experiência em investimentos

Em 31 de dezembro de 2023, as métricas financeiras incluem:

Métrica financeira	Quantia
Patrimônio total	US $ 1,2 bilhão
Caixa e equivalentes de dinheiro	US $ 341,5 milhões
Capitalização de mercado	US $ 3,6 bilhões

Piper Sandler Companies (PIPR) - Modelo de negócios: proposições de valor

Soluções especializadas de consultoria financeira e investimento

Piper Sandler registrou receita total de US $ 1,92 bilhão para o ano fiscal de 2023. A empresa fornece serviços especializados em bancos de investimento em vários setores.

Setor	Serviços de consultoria	Volume anual de transações
Assistência médica	Aviso de M&A	US $ 12,3 bilhões
Tecnologia	Capital capital	US $ 8,7 bilhões
Serviços financeiros	Consultoria estratégica	US $ 6,5 bilhões

Insights abrangentes de mercado e recursos de pesquisa

A divisão de pesquisa fornece análises de mercado detalhadas em vários setores.

• Cobre mais de 500 empresas de capital aberto
• Gera mais de 3.200 relatórios de pesquisa anualmente
• Emprega mais de 75 analistas de pesquisa

Estratégias personalizadas de gerenciamento de patrimônio

O segmento de gerenciamento de patrimônio gerencia US $ 48,6 bilhões em ativos de clientes a partir do quarto trimestre 2023.

Segmento de cliente	Ativos sob gestão	Tamanho médio da conta
Indivíduos de alto patrimônio líquido	US $ 32,4 bilhões	US $ 5,2 milhões
Clientes institucionais	US $ 16,2 bilhões	US $ 25,6 milhões

Atendimento e especialização do cliente de alto toque

Piper Sandler mantém um Taxa de retenção de clientes de 92% em suas linhas de serviço.

• Duração média do relacionamento do cliente: 7,4 anos
• Pontuação de satisfação do cliente: 4,6/5
• Tempo médio de resposta: 2,3 horas

Produtos financeiros personalizados para clientes institucionais e individuais

Diversificação de produtos em categorias de investimento.

Categoria de produto	Receita anual	Quota de mercado
Pesquisa de ações	US $ 276 milhões	6.3%
Renda fixa	US $ 412 milhões	4.9%
Banco de investimento	US $ 689 milhões	3.7%

Piper Sandler Companies (PIPR) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de longo prazo

Piper Sandler mantém parcerias estratégicas com mais de 1.200 investidores institucionais e clientes corporativos em vários setores. A taxa de retenção de parceria da empresa é de 87,4% a partir de 2023.

Tipo de parceria	Número de clientes	Impacto anual da receita
Investidores institucionais	825	US $ 412,6 milhões
Clientes corporativos	375	US $ 267,3 milhões

Equipes de gerenciamento de relacionamento dedicadas

Piper Sandler emprega 237 profissionais de gerenciamento de relacionamento dedicados em várias áreas de prática.

• Portfólio médio de clientes por gerente de relacionamento: 18
• Duração média do relacionamento do cliente: 7,3 anos
• Classificação de satisfação do cliente: 91,2%

Consulta de investimento personalizado

A empresa fornece Serviços de consultoria de investimento personalizados em 12 áreas de prática especializadas, com um valor médio de consulta de US $ 157.000 por envolvimento do cliente.

Área de prática	Número de consultores especializados
Assistência médica	42
Tecnologia	36
Serviços financeiros	29

Atualizações regulares de mercado e relatórios de pesquisa

Piper Sandler produz 1.874 relatórios de pesquisa anualmente, distribuídos a 1.562 clientes institucionais.

• Relatório de pesquisa Frequência: semanal e mensal
• Canais de distribuição digital: 3
• Relatório de pesquisa média Leitores: 76,5%

Canais de comunicação digital e pessoal

A empresa utiliza 5 plataformas de comunicação primárias com taxa de engajamento digital de 98,3%.

Canal de comunicação	Usuários ativos mensais
Portal de cliente seguro	1,423
Videoconferência	1,276
Boletins por e -mail	2,104

Piper Sandler Companies (PIPR) - Modelo de Negócios: Canais

Força de vendas diretas e gerentes de relacionamento

A partir de 2024, Piper Sandler mantém uma força de vendas dedicada de aproximadamente 350 profissionais de vendas institucionais em vários setores financeiros.

Categoria de vendas	Número de profissionais	Mercado -alvo
Vendas de ações institucionais	142	Fundos de hedge, gerentes de ativos
Vendas de renda fixa	98	Investidores institucionais
Vendas de finanças públicas	66	Governos municipais, agências estaduais
Vendas de assistência médica	44	Instituições de investimento em saúde

Plataformas de negociação e investimento online

Piper Sandler utiliza plataformas digitais sofisticadas com as seguintes especificações:

• Base de usuário da plataforma digital: 12.500 clientes institucionais
• Transações digitais diárias médias: 3.750
• Acesso à pesquisa em tempo real para clientes premium

Conferências de investimento e eventos de rede

Estatísticas anuais de conferência e networking:

Tipo de evento	Contagem anual	Participantes médios
Conferências de Saúde	8	1,200
Fóruns de investidores de tecnologia	5	850
Cúpulas de finanças públicas	6	650

Ferramentas de pesquisa e comunicação digital

Recursos de plataforma de pesquisa digital:

• Relatórios de pesquisa publicados anualmente: 2.400
• Assinantes de pesquisa digital: 9.800
• Downloads médios de pesquisa digital mensal: 18.500

Equipes de vendas institucionais

Equipe institucional da equipe de vendas por setor:

Setor	Tamanho da equipe	Região de cobertura
Banco corporativo/de investimento	87	América do Norte
Mercados globais	62	Estados Unidos, Europa
Indústrias especializadas	45	Em todo o país

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

Investidores institucionais

A partir de 2023, Piper Sandler atende a aproximadamente 1.200 clientes de investimento institucional. O segmento de investidores institucionais da empresa inclui:

• Fundos mútuos que gerenciam US $ 7,3 trilhões em ativos
• Fundos de pensão com mais de US $ 5,2 trilhões em ativos totais
• Fundos de hedge com aproximadamente US $ 3,8 trilhões sob administração

Tipo de investidor	Número de clientes	Total de ativos gerenciados
Fundos mútuos	450	US $ 7,3 trilhões
Fundos de pensão	250	US $ 5,2 trilhões
Fundos de hedge	200	US $ 3,8 trilhões

Clientes corporativos

Piper Sandler atende 650 clientes corporativos em vários setores, com foco em:

• Empresas de tecnologia
• Organizações de saúde
• Empresas de serviços financeiros

Setor da indústria	Número de clientes corporativos
Tecnologia	225
Assistência médica	180
Serviços financeiros	145

Indivíduos de alta rede

Detalhes do segmento de clientes:

• Total de clientes de alta rede: 5.200
• Valor médio do portfólio de clientes: US $ 18,5 milhões
• Total de ativos sob gestão para este segmento: US $ 96,3 bilhões

Empresas do mercado intermediário

Piper Sandler se concentra em empresas de mercado intermediário com:

• Receita anual entre US $ 50 milhões e US $ 1 bilhão
• Total de clientes do mercado intermediário: 380 empresas
• Receita anual cumulativa de empresas servidas: US $ 127,6 bilhões

Empresas de crescimento emergentes

Segmentação de segmento especializado:

• Startups e empresas em estágio inicial
• Clientes em crescimento emergentes totais: 420
• Financiamento agregado levantado: US $ 3,7 bilhões

Estágio comercial	Número de clientes	Financiamento total arrecadado
Estágio de semente	180	US $ 620 milhões
Série A.	140	US $ 1,5 bilhão
Série B.	100	US $ 1,6 bilhão

Piper Sandler Companies (PIPR) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Para o ano fiscal de 2022, Piper Sandler registrou despesas totais de remuneração e benefícios de US $ 595,1 milhões.

Categoria de despesa	Valor (US $ milhões)
Compensação total	595.1
Salários	421.3
Bônus	173.8

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2022 totalizaram US $ 87,6 milhões.

• Gastos de infraestrutura de TI: US $ 52,4 milhões
• Investimentos de segurança cibernética: US $ 18,2 milhões
• Despesas de computação em nuvem: US $ 17,0 milhões

Despesas de pesquisa e desenvolvimento

As despesas de P&D em 2022 foram de US $ 42,3 milhões.

Áreas de foco em P&D	Investimento (US $ milhões)
Pesquisa em tecnologia financeira	24.5
Ferramentas de análise de mercado	17.8

Custos de marketing e aquisição de clientes

As despesas de marketing de 2022 totalizaram US $ 65,7 milhões.

• Marketing Digital: US $ 28,3 milhões
• Patrocínio de eventos do cliente: US $ 19,4 milhões
• Publicidade e promoções: US $ 18,0 milhões

Conformidade regulatória e despesas operacionais

Os custos operacionais e de conformidade para 2022 foram de US $ 93,2 milhões.

Categoria de despesa de conformidade	Valor (US $ milhões)
Conformidade legal e regulatória	47.6
Auditoria e gerenciamento de riscos	35.1
Relatórios regulatórios	10.5

Piper Sandler Companies (PIPR) - Modelo de negócios: fluxos de receita

Taxas de consultoria em banco de investimento

Para o ano fiscal de 2023, Piper Sandler relatou US $ 455,7 milhões nas receitas bancárias de investimento.

Categoria de receita	Valor (2023)
Fusões & Aquisições Advisory	US $ 203,4 milhões
Subscrição de ações	US $ 126,5 milhões
Subscrição da dívida	US $ 125,8 milhões

Comissões de vendas e negociação

As receitas de vendas e negociações para 2023 totalizaram US $ 316,2 milhões.

• Vendas e negociações de ações institucionais: US $ 214,3 milhões
• Vendas e negociações de renda fixa: US $ 101,9 milhões

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos em 2023 foram US $ 87,6 milhões.

Segmento de gerenciamento de ativos	Receita de taxas
Gerenciamento de ativos públicos	US $ 62,4 milhões
Gerenciamento de ativos privados	US $ 25,2 milhões

Assinaturas de serviços de pesquisa e consultoria

Receitas de serviço de pesquisa alcançadas US $ 42,5 milhões em 2023.

Receitas de transação do mercado de capitais

As receitas de transação do mercado de capitais foram US $ 178,3 milhões em 2023.

Tipo de transação	Receita
Mercados de capital de ações	US $ 98,6 milhões
Mercado de capital de dívida	US $ 79,7 milhões

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