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PIPER SANDLER COMPANIES（PIPR）与BOSTON BEER CO INC（SAM）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BOSTON BEER CO INC的1.7倍（$667.0M vs $385.7M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -5.8%，领先22.9%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -4.1%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs -4.9%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
PIPR vs SAM — 直观对比
营收规模更大
PIPR
是对方的1.7倍
$385.7M
营收增速更快
PIPR
高出41.5%
-4.1%
净利率更高
PIPR
高出22.9%
-5.8%
两年增速更快
PIPR
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $385.7M |
| 净利润 | $114.0M | $-22.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 28.3% | -8.6% |
| 净利率 | 17.1% | -5.8% |
| 营收同比 | 37.4% | -4.1% |
| 净利润同比 | 65.0% | 41.9% |
| 每股收益（稀释后） | $6.41 | $-1.97 |
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PIPRSAM
| Q4 25 | $667.0M | $385.7M | ||
| Q3 25 | $480.1M | $537.5M | ||
| Q2 25 | $398.6M | $587.9M | ||
| Q1 25 | $358.6M | $453.9M | ||
| Q4 24 | $485.4M | $402.3M | ||
| Q3 24 | $360.9M | $605.5M | ||
| Q2 24 | $340.8M | $579.1M | ||
| Q1 24 | $344.4M | $426.1M |
净利润PIPRSAM
| Q4 25 | $114.0M | $-22.5M | ||
| Q3 25 | $60.3M | $46.2M | ||
| Q2 25 | $42.2M | $60.4M | ||
| Q1 25 | $64.9M | $24.4M | ||
| Q4 24 | $69.1M | $-38.8M | ||
| Q3 24 | $34.8M | $33.5M | ||
| Q2 24 | $34.8M | $52.3M | ||
| Q1 24 | $42.5M | $12.6M |
毛利率PIPRSAM
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% | ||
| Q1 24 | — | 43.7% |
营业利润率PIPRSAM
| Q4 25 | 28.3% | -8.6% | ||
| Q3 25 | 22.4% | 11.5% | ||
| Q2 25 | 12.3% | 14.0% | ||
| Q1 25 | 8.2% | 7.4% | ||
| Q4 24 | 16.9% | -13.9% | ||
| Q3 24 | 15.4% | 7.6% | ||
| Q2 24 | 8.3% | 12.2% | ||
| Q1 24 | 15.2% | 3.6% |
净利率PIPRSAM
| Q4 25 | 17.1% | -5.8% | ||
| Q3 25 | 12.6% | 8.6% | ||
| Q2 25 | 10.6% | 10.3% | ||
| Q1 25 | 18.1% | 5.4% | ||
| Q4 24 | 14.2% | -9.6% | ||
| Q3 24 | 9.6% | 5.5% | ||
| Q2 24 | 10.2% | 9.0% | ||
| Q1 24 | 12.3% | 3.0% |
每股收益（稀释后）PIPRSAM
| Q4 25 | $6.41 | $-1.97 | ||
| Q3 25 | $3.38 | $4.25 | ||
| Q2 25 | $2.38 | $5.45 | ||
| Q1 25 | $3.65 | $2.16 | ||
| Q4 24 | $3.88 | $-3.23 | ||
| Q3 24 | $1.96 | $2.86 | ||
| Q2 24 | $1.97 | $4.39 | ||
| Q1 24 | $2.43 | $1.04 |
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 | — | $223.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $846.3M |
| 总资产 | $2.6B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PIPRSAM
| Q4 25 | — | $223.4M | ||
| Q3 25 | — | $250.5M | ||
| Q2 25 | — | $212.4M | ||
| Q1 25 | — | $152.5M | ||
| Q4 24 | — | $211.8M | ||
| Q3 24 | — | $255.6M | ||
| Q2 24 | — | $219.3M | ||
| Q1 24 | — | $205.4M |
股东权益PIPRSAM
| Q4 25 | $1.4B | $846.3M | ||
| Q3 25 | $1.3B | $911.0M | ||
| Q2 25 | $1.2B | $912.3M | ||
| Q1 25 | $1.2B | $897.0M | ||
| Q4 24 | $1.2B | $916.2M | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.1B | $1.0B | ||
| Q1 24 | $1.1B | $1.0B |
总资产PIPRSAM
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $1.8B | $1.4B |
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 | $39.9M |
| 自由现金流经营现金流 - 资本支出 | — | $22.1M |
| 自由现金流率自由现金流/营收 | — | 5.7% |
| 资本支出强度资本支出/营收 | — | 4.6% |
| 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 | — | $215.6M |
8季度趋势，按日历期对齐
经营现金流PIPRSAM
| Q4 25 | $729.8M | $39.9M | ||
| Q3 25 | $31.9M | $101.8M | ||
| Q2 25 | $32.1M | $126.5M | ||
| Q1 25 | $-207.2M | $1.9M | ||
| Q4 24 | $163.8M | $41.9M | ||
| Q3 24 | $80.1M | $115.9M | ||
| Q2 24 | $266.5M | $96.0M | ||
| Q1 24 | $-197.2M | $-4.9M |
自由现金流PIPRSAM
| Q4 25 | — | $22.1M | ||
| Q3 25 | — | $89.2M | ||
| Q2 25 | — | $112.2M | ||
| Q1 25 | — | $-8.0M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | — | $99.2M | ||
| Q2 24 | — | $75.6M | ||
| Q1 24 | — | $-20.6M |
自由现金流率PIPRSAM
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | -4.8% |
资本支出强度PIPRSAM
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 3.7% |
现金转化率PIPRSAM
| Q4 25 | 6.40× | — | ||
| Q3 25 | 0.53× | 2.21× | ||
| Q2 25 | 0.76× | 2.09× | ||
| Q1 25 | -3.19× | 0.08× | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | 3.46× | ||
| Q2 24 | 7.66× | 1.83× | ||
| Q1 24 | -4.64× | -0.39× |
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% |
SAM
暂无分部数据
