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PIPER SANDLER COMPANIES（PIPR）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
PIPER SANDLER COMPANIES的季度营收约是RAYONIER ADVANCED MATERIALS INC.的1.6倍（$667.0M vs $417.5M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -5.0%，领先22.1%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -1.2%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
PIPR vs RYAM — 直观对比
营收规模更大
PIPR
是对方的1.6倍
$417.5M
营收增速更快
PIPR
高出38.6%
-1.2%
净利率更高
PIPR
高出22.1%
-5.0%
两年增速更快
PIPR
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $417.5M |
| 净利润 | $114.0M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | 28.3% | 2.6% |
| 净利率 | 17.1% | -5.0% |
| 营收同比 | 37.4% | -1.2% |
| 净利润同比 | 65.0% | -31.9% |
| 每股收益（稀释后） | $6.41 | $-0.33 |
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PIPRRYAM
| Q4 25 | $667.0M | $417.5M | ||
| Q3 25 | $480.1M | $352.8M | ||
| Q2 25 | $398.6M | $340.0M | ||
| Q1 25 | $358.6M | $356.0M | ||
| Q4 24 | $485.4M | $422.5M | ||
| Q3 24 | $360.9M | $401.1M | ||
| Q2 24 | $340.8M | $419.0M | ||
| Q1 24 | $344.4M | $387.7M |
净利润PIPRRYAM
| Q4 25 | $114.0M | $-21.1M | ||
| Q3 25 | $60.3M | $-4.5M | ||
| Q2 25 | $42.2M | $-363.2M | ||
| Q1 25 | $64.9M | $-32.0M | ||
| Q4 24 | $69.1M | $-16.0M | ||
| Q3 24 | $34.8M | $-32.6M | ||
| Q2 24 | $34.8M | $11.4M | ||
| Q1 24 | $42.5M | $-1.6M |
毛利率PIPRRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率PIPRRYAM
| Q4 25 | 28.3% | 2.6% | ||
| Q3 25 | 22.4% | 2.8% | ||
| Q2 25 | 12.3% | -0.4% | ||
| Q1 25 | 8.2% | -4.2% | ||
| Q4 24 | 16.9% | 2.6% | ||
| Q3 24 | 15.4% | -4.2% | ||
| Q2 24 | 8.3% | 6.7% | ||
| Q1 24 | 15.2% | 4.4% |
净利率PIPRRYAM
| Q4 25 | 17.1% | -5.0% | ||
| Q3 25 | 12.6% | -1.3% | ||
| Q2 25 | 10.6% | -106.8% | ||
| Q1 25 | 18.1% | -9.0% | ||
| Q4 24 | 14.2% | -3.8% | ||
| Q3 24 | 9.6% | -8.1% | ||
| Q2 24 | 10.2% | 2.7% | ||
| Q1 24 | 12.3% | -0.4% |
每股收益（稀释后）PIPRRYAM
| Q4 25 | $6.41 | $-0.33 | ||
| Q3 25 | $3.38 | $-0.07 | ||
| Q2 25 | $2.38 | $-5.44 | ||
| Q1 25 | $3.65 | $-0.49 | ||
| Q4 24 | $3.88 | $-0.25 | ||
| Q3 24 | $1.96 | $-0.49 | ||
| Q2 24 | $1.97 | $0.17 | ||
| Q1 24 | $2.43 | $-0.02 |
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 | — | $75.4M |
| 总债务越低越好 | — | $758.1M |
| 股东权益账面价值 | $1.4B | $316.6M |
| 总资产 | $2.6B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资PIPRRYAM
| Q4 25 | — | $75.4M | ||
| Q3 25 | — | $77.0M | ||
| Q2 25 | — | $70.7M | ||
| Q1 25 | — | $129.9M | ||
| Q4 24 | — | $125.2M | ||
| Q3 24 | — | $136.1M | ||
| Q2 24 | — | $114.1M | ||
| Q1 24 | — | $54.6M |
总债务PIPRRYAM
| Q4 25 | — | $758.1M | ||
| Q3 25 | — | $763.5M | ||
| Q2 25 | — | $720.4M | ||
| Q1 25 | — | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | — | $747.7M | ||
| Q2 24 | — | $752.8M | ||
| Q1 24 | — | $755.6M |
股东权益PIPRRYAM
| Q4 25 | $1.4B | $316.6M | ||
| Q3 25 | $1.3B | $338.2M | ||
| Q2 25 | $1.2B | $342.3M | ||
| Q1 25 | $1.2B | $688.1M | ||
| Q4 24 | $1.2B | $713.9M | ||
| Q3 24 | $1.2B | $732.7M | ||
| Q2 24 | $1.1B | $755.1M | ||
| Q1 24 | $1.1B | $741.8M |
总资产PIPRRYAM
| Q4 25 | $2.6B | $1.8B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.0B | $1.8B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B | ||
| Q1 24 | $1.8B | $2.1B |
负债/权益比PIPRRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 6.40× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PIPRRYAM
| Q4 25 | $729.8M | $32.3M | ||
| Q3 25 | $31.9M | $-17.8M | ||
| Q2 25 | $32.1M | $-30.2M | ||
| Q1 25 | $-207.2M | $39.6M | ||
| Q4 24 | $163.8M | $54.9M | ||
| Q3 24 | $80.1M | $49.8M | ||
| Q2 24 | $266.5M | $87.6M | ||
| Q1 24 | $-197.2M | $11.3M |
现金转化率PIPRRYAM
| Q4 25 | 6.40× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | -3.19× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 7.66× | 7.69× | ||
| Q1 24 | -4.64× | — |
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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
