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PIPER SANDLER COMPANIES（PIPR）与STEPAN CO（SCL）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STEPAN CO的1.1倍（$667.0M vs $604.5M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 3.3%，领先13.8%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 1.9%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 4.2%）
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。
斯特潘公司是一家美国特种化学品制造商，总部位于伊利诺伊州诺斯布鲁克，1932年由小阿尔弗雷德·C·斯特潘创立，现有约2000名员工，目前由创始人的孙子小F·奎因·斯特潘执掌。该公司是全球最大的阴离子表面活性剂商品生产商，产品用于提升洗涤剂、洗发水、牙膏及化妆品的起泡与清洁能力。
PIPR vs SCL — 直观对比
营收规模更大
PIPR
是对方的1.1倍
$604.5M
营收增速更快
PIPR
高出35.5%
1.9%
净利率更高
PIPR
高出13.8%
3.3%
两年增速更快
PIPR
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $604.5M |
| 净利润 | $114.0M | $19.7M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 28.3% | 4.7% |
| 净利率 | 17.1% | 3.3% |
| 营收同比 | 37.4% | 1.9% |
| 净利润同比 | 65.0% | — |
| 每股收益（稀释后） | $6.41 | $0.86 |
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PIPRSCL
| Q1 26 | — | $604.5M | ||
| Q4 25 | $667.0M | $553.9M | ||
| Q3 25 | $480.1M | $590.3M | ||
| Q2 25 | $398.6M | $594.7M | ||
| Q1 25 | $358.6M | $593.3M | ||
| Q4 24 | $485.4M | $525.6M | ||
| Q3 24 | $360.9M | $546.8M | ||
| Q2 24 | $340.8M | $556.4M |
净利润PIPRSCL
| Q1 26 | — | $19.7M | ||
| Q4 25 | $114.0M | $5.0M | ||
| Q3 25 | $60.3M | $10.8M | ||
| Q2 25 | $42.2M | $11.3M | ||
| Q1 25 | $64.9M | $19.7M | ||
| Q4 24 | $69.1M | $3.4M | ||
| Q3 24 | $34.8M | $23.6M | ||
| Q2 24 | $34.8M | $9.5M |
毛利率PIPRSCL
| Q1 26 | — | 10.7% | ||
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 12.1% | ||
| Q1 25 | — | 12.7% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 12.5% |
营业利润率PIPRSCL
| Q1 26 | — | 4.7% | ||
| Q4 25 | 28.3% | 1.9% | ||
| Q3 25 | 22.4% | 3.7% | ||
| Q2 25 | 12.3% | 3.0% | ||
| Q1 25 | 8.2% | 4.8% | ||
| Q4 24 | 16.9% | 1.5% | ||
| Q3 24 | 15.4% | 4.4% | ||
| Q2 24 | 8.3% | 3.4% |
净利率PIPRSCL
| Q1 26 | — | 3.3% | ||
| Q4 25 | 17.1% | 0.9% | ||
| Q3 25 | 12.6% | 1.8% | ||
| Q2 25 | 10.6% | 1.9% | ||
| Q1 25 | 18.1% | 3.3% | ||
| Q4 24 | 14.2% | 0.6% | ||
| Q3 24 | 9.6% | 4.3% | ||
| Q2 24 | 10.2% | 1.7% |
每股收益（稀释后）PIPRSCL
| Q1 26 | — | $0.86 | ||
| Q4 25 | $6.41 | $0.22 | ||
| Q3 25 | $3.38 | $0.47 | ||
| Q2 25 | $2.38 | $0.50 | ||
| Q1 25 | $3.65 | $0.86 | ||
| Q4 24 | $3.88 | $0.14 | ||
| Q3 24 | $1.96 | $1.03 | ||
| Q2 24 | $1.97 | $0.42 |
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 | — | — |
| 总债务越低越好 | — | $328.4M |
| 股东权益账面价值 | $1.4B | $1.2B |
| 总资产 | $2.6B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | — | $132.7M | ||
| Q3 25 | — | $118.5M | ||
| Q2 25 | — | $88.9M | ||
| Q1 25 | — | $107.5M | ||
| Q4 24 | — | $99.7M | ||
| Q3 24 | — | $147.3M | ||
| Q2 24 | — | $124.7M |
总债务PIPRSCL
| Q1 26 | — | $328.4M | ||
| Q4 25 | — | $626.7M | ||
| Q3 25 | — | $655.5M | ||
| Q2 25 | — | $658.0M | ||
| Q1 25 | — | $659.3M | ||
| Q4 24 | — | $625.4M | ||
| Q3 24 | — | $688.5M | ||
| Q2 24 | — | $657.1M |
股东权益PIPRSCL
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B |
总资产PIPRSCL
| Q1 26 | — | $2.3B | ||
| Q4 25 | $2.6B | $2.4B | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $1.9B | $2.3B |
负债/权益比PIPRSCL
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.55× |
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 | — |
| 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PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | $729.8M | $60.0M | ||
| Q3 25 | $31.9M | $69.8M | ||
| Q2 25 | $32.1M | $11.2M | ||
| Q1 25 | $-207.2M | $6.9M | ||
| Q4 24 | $163.8M | $68.3M | ||
| Q3 24 | $80.1M | $22.7M | ||
| Q2 24 | $266.5M | $29.5M |
自由现金流PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | — | $25.4M | ||
| Q3 25 | — | $40.2M | ||
| Q2 25 | — | $-14.4M | ||
| Q1 25 | — | $-25.8M | ||
| Q4 24 | — | $32.1M | ||
| Q3 24 | — | $-4.0M | ||
| Q2 24 | — | $-208.0K |
自由现金流率PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | -2.4% | ||
| Q1 25 | — | -4.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | -0.0% |
资本支出强度PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | 5.3% |
现金转化率PIPRSCL
| Q1 26 | — | — | ||
| Q4 25 | 6.40× | 11.99× | ||
| Q3 25 | 0.53× | 6.44× | ||
| Q2 25 | 0.76× | 0.99× | ||
| Q1 25 | -3.19× | 0.35× | ||
| Q4 24 | 2.37× | 20.38× | ||
| Q3 24 | 2.30× | 0.96× | ||
| Q2 24 | 7.66× | 3.10× |
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% |
SCL
| Surfactants | $453.7M | 75% |
| Polymers | $130.0M | 22% |
| Specialty Products | $20.8M | 3% |
