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PIPER SANDLER COMPANIES（PIPR）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是PIPER SANDLER COMPANIES的1.8倍（$1.2B vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 9.1%，领先8.0%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 5.4%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 6.3%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
PIPR vs RBA — 直观对比
营收规模更大
RBA
是对方的1.8倍
$667.0M
营收增速更快
PIPR
高出32.0%
5.4%
净利率更高
PIPR
高出8.0%
9.1%
两年增速更快
PIPR
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $1.2B |
| 净利润 | $114.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 28.3% | 14.7% |
| 净利率 | 17.1% | 9.1% |
| 营收同比 | 37.4% | 5.4% |
| 净利润同比 | 65.0% | -7.4% |
| 每股收益（稀释后） | $6.41 | $0.53 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PIPRRBA
| Q4 25 | $667.0M | $1.2B | ||
| Q3 25 | $480.1M | $1.1B | ||
| Q2 25 | $398.6M | $1.2B | ||
| Q1 25 | $358.6M | $1.1B | ||
| Q4 24 | $485.4M | $1.1B | ||
| Q3 24 | $360.9M | $981.8M | ||
| Q2 24 | $340.8M | $1.1B | ||
| Q1 24 | $344.4M | $1.1B |
净利润PIPRRBA
| Q4 25 | $114.0M | $109.7M | ||
| Q3 25 | $60.3M | $95.5M | ||
| Q2 25 | $42.2M | $109.8M | ||
| Q1 25 | $64.9M | $113.4M | ||
| Q4 24 | $69.1M | $118.5M | ||
| Q3 24 | $34.8M | $76.1M | ||
| Q2 24 | $34.8M | $111.1M | ||
| Q1 24 | $42.5M | $107.4M |
营业利润率PIPRRBA
| Q4 25 | 28.3% | 14.7% | ||
| Q3 25 | 22.4% | 14.5% | ||
| Q2 25 | 12.3% | 15.9% | ||
| Q1 25 | 8.2% | 17.1% | ||
| Q4 24 | 16.9% | 18.1% | ||
| Q3 24 | 15.4% | 15.6% | ||
| Q2 24 | 8.3% | 18.4% | ||
| Q1 24 | 15.2% | 18.7% |
净利率PIPRRBA
| Q4 25 | 17.1% | 9.1% | ||
| Q3 25 | 12.6% | 8.7% | ||
| Q2 25 | 10.6% | 9.3% | ||
| Q1 25 | 18.1% | 10.2% | ||
| Q4 24 | 14.2% | 10.4% | ||
| Q3 24 | 9.6% | 7.8% | ||
| Q2 24 | 10.2% | 10.1% | ||
| Q1 24 | 12.3% | 10.1% |
每股收益（稀释后）PIPRRBA
| Q4 25 | $6.41 | $0.53 | ||
| Q3 25 | $3.38 | $0.43 | ||
| Q2 25 | $2.38 | $0.53 | ||
| Q1 25 | $3.65 | $0.55 | ||
| Q4 24 | $3.88 | $0.58 | ||
| Q3 24 | $1.96 | $0.36 | ||
| Q2 24 | $1.97 | $0.54 | ||
| Q1 24 | $2.43 | $0.53 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.4B | $5.6B |
| 总资产 | $2.6B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资PIPRRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务PIPRRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益PIPRRBA
| Q4 25 | $1.4B | $5.6B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.2B | $5.5B | ||
| Q1 25 | $1.2B | $5.3B | ||
| Q4 24 | $1.2B | $5.2B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.1B | $5.2B | ||
| Q1 24 | $1.1B | $5.1B |
总资产PIPRRBA
| Q4 25 | $2.6B | $12.1B | ||
| Q3 25 | $2.2B | $12.2B | ||
| Q2 25 | $2.0B | $12.2B | ||
| Q1 25 | $1.8B | $11.9B | ||
| Q4 24 | $2.3B | $11.8B | ||
| Q3 24 | $2.0B | $11.9B | ||
| Q2 24 | $1.9B | $12.1B | ||
| Q1 24 | $1.8B | $12.0B |
负债/权益比PIPRRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $729.8M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 6.40× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流PIPRRBA
| Q4 25 | $729.8M | $255.2M | ||
| Q3 25 | $31.9M | $239.7M | ||
| Q2 25 | $32.1M | $326.5M | ||
| Q1 25 | $-207.2M | $156.8M | ||
| Q4 24 | $163.8M | $184.5M | ||
| Q3 24 | $80.1M | $285.4M | ||
| Q2 24 | $266.5M | $337.3M | ||
| Q1 24 | $-197.2M | $124.8M |
自由现金流PIPRRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率PIPRRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度PIPRRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率PIPRRBA
| Q4 25 | 6.40× | 2.33× | ||
| Q3 25 | 0.53× | 2.51× | ||
| Q2 25 | 0.76× | 2.97× | ||
| Q1 25 | -3.19× | 1.38× | ||
| Q4 24 | 2.37× | 1.56× | ||
| Q3 24 | 2.30× | 3.75× | ||
| Q2 24 | 7.66× | 3.04× | ||
| Q1 24 | -4.64× | 1.16× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
