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Side-by-side financial comparison of PIPER SANDLER COMPANIES (PIPR) and Western Midstream Partners, LP (WES). Click either name above to swap in a different company.
Western Midstream Partners, LP is the larger business by last-quarter revenue ($1.0B vs $667.0M, roughly 1.5× PIPER SANDLER COMPANIES). Western Midstream Partners, LP runs the higher net margin — 18.5% vs 17.1%, a 1.4% gap on every dollar of revenue. On growth, PIPER SANDLER COMPANIES posted the faster year-over-year revenue change (37.4% vs 11.0%). Over the past eight quarters, PIPER SANDLER COMPANIES's revenue compounded faster (39.2% CAGR vs 7.8%).
Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management, and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.
Sunoco LP is an American vehicle gasoline master limited partnership company organized under Delaware state law and headquartered in Dallas, Texas. Dating back to 1886, the company has transformed from a vertically integrated energy company to a distributor of fuels and operator of energy infrastructure. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses.
PIPR vs WES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $667.0M | $1.0B |
| Net Profit | $114.0M | $190.7M |
| Gross Margin | — | — |
| Operating Margin | 28.3% | 29.7% |
| Net Margin | 17.1% | 18.5% |
| Revenue YoY | 37.4% | 11.0% |
| Net Profit YoY | 65.0% | -42.8% |
| EPS (diluted) | $6.41 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $667.0M | $1.0B | ||
| Q3 25 | $480.1M | $952.3M | ||
| Q2 25 | $398.6M | $942.1M | ||
| Q1 25 | $358.6M | $916.9M | ||
| Q4 24 | $485.4M | $928.4M | ||
| Q3 24 | $360.9M | $883.1M | ||
| Q2 24 | $340.8M | $905.4M | ||
| Q1 24 | $344.4M | $887.3M |
| Q4 25 | $114.0M | $190.7M | ||
| Q3 25 | $60.3M | $339.6M | ||
| Q2 25 | $42.2M | $341.7M | ||
| Q1 25 | $64.9M | $309.0M | ||
| Q4 24 | $69.1M | $333.6M | ||
| Q3 24 | $34.8M | $288.5M | ||
| Q2 24 | $34.8M | $378.6M | ||
| Q1 24 | $42.5M | $572.8M |
| Q4 25 | 28.3% | 29.7% | ||
| Q3 25 | 22.4% | 46.4% | ||
| Q2 25 | 12.3% | 47.2% | ||
| Q1 25 | 8.2% | 44.7% | ||
| Q4 24 | 16.9% | 45.9% | ||
| Q3 24 | 15.4% | 44.8% | ||
| Q2 24 | 8.3% | 51.9% | ||
| Q1 24 | 15.2% | 76.6% |
| Q4 25 | 17.1% | 18.5% | ||
| Q3 25 | 12.6% | 35.7% | ||
| Q2 25 | 10.6% | 36.3% | ||
| Q1 25 | 18.1% | 33.7% | ||
| Q4 24 | 14.2% | 35.9% | ||
| Q3 24 | 9.6% | 32.7% | ||
| Q2 24 | 10.2% | 41.8% | ||
| Q1 24 | 12.3% | 64.6% |
| Q4 25 | $6.41 | — | ||
| Q3 25 | $3.38 | — | ||
| Q2 25 | $2.38 | — | ||
| Q1 25 | $3.65 | — | ||
| Q4 24 | $3.88 | — | ||
| Q3 24 | $1.96 | — | ||
| Q2 24 | $1.97 | — | ||
| Q1 24 | $2.43 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $819.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $1.4B | — |
| Total Assets | $2.6B | $15.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $819.5M | ||
| Q3 25 | — | $177.3M | ||
| Q2 25 | — | $129.7M | ||
| Q1 25 | — | $448.4M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $344.1M | ||
| Q1 24 | — | $295.2M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $6.9B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.3B |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $2.6B | $15.0B | ||
| Q3 25 | $2.2B | $12.1B | ||
| Q2 25 | $2.0B | $12.2B | ||
| Q1 25 | $1.8B | $12.5B | ||
| Q4 24 | $2.3B | $13.1B | ||
| Q3 24 | $2.0B | $13.0B | ||
| Q2 24 | $1.9B | $12.2B | ||
| Q1 24 | $1.8B | $12.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $729.8M | $557.6M |
| Free Cash FlowOCF − Capex | — | $335.4M |
| FCF MarginFCF / Revenue | — | 32.6% |
| Capex IntensityCapex / Revenue | — | 21.6% |
| Cash ConversionOCF / Net Profit | 6.40× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $729.8M | $557.6M | ||
| Q3 25 | $31.9M | $570.2M | ||
| Q2 25 | $32.1M | $564.0M | ||
| Q1 25 | $-207.2M | $530.8M | ||
| Q4 24 | $163.8M | $554.4M | ||
| Q3 24 | $80.1M | $551.3M | ||
| Q2 24 | $266.5M | $631.4M | ||
| Q1 24 | $-197.2M | $399.7M |
| Q4 25 | — | $335.4M | ||
| Q3 25 | — | $385.5M | ||
| Q2 25 | — | $385.4M | ||
| Q1 25 | — | $388.4M | ||
| Q4 24 | — | $315.7M | ||
| Q3 24 | — | $361.9M | ||
| Q2 24 | — | $419.6M | ||
| Q1 24 | — | $205.9M |
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 40.5% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 34.0% | ||
| Q3 24 | — | 41.0% | ||
| Q2 24 | — | 46.3% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | — | 21.6% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 25.7% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 23.4% | ||
| Q1 24 | — | 21.8% |
| Q4 25 | 6.40× | 2.92× | ||
| Q3 25 | 0.53× | 1.68× | ||
| Q2 25 | 0.76× | 1.65× | ||
| Q1 25 | -3.19× | 1.72× | ||
| Q4 24 | 2.37× | 1.66× | ||
| Q3 24 | 2.30× | 1.91× | ||
| Q2 24 | 7.66× | 1.67× | ||
| Q1 24 | -4.64× | 0.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
WES
Segment breakdown not available.
