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PIPER SANDLER COMPANIES（PIPR）与Tyler Technologies（TYL）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Tyler Technologies的1.1倍（$667.0M vs $613.5M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 13.2%，领先3.9%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 8.6%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 6.5%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
PIPR vs TYL — 直观对比
营收规模更大
PIPR
是对方的1.1倍
$613.5M
营收增速更快
PIPR
高出28.9%
8.6%
净利率更高
PIPR
高出3.9%
13.2%
两年增速更快
PIPR
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $613.5M |
| 净利润 | $114.0M | $81.2M |
| 毛利率 | — | 48.3% |
| 营业利润率 | 28.3% | 16.3% |
| 净利率 | 17.1% | 13.2% |
| 营收同比 | 37.4% | 8.6% |
| 净利润同比 | 65.0% | — |
| 每股收益（稀释后） | $6.41 | $1.88 |
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PIPRTYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $667.0M | $575.2M | ||
| Q3 25 | $480.1M | $595.9M | ||
| Q2 25 | $398.6M | $596.1M | ||
| Q1 25 | $358.6M | $565.2M | ||
| Q4 24 | $485.4M | $541.1M | ||
| Q3 24 | $360.9M | $543.3M | ||
| Q2 24 | $340.8M | $541.0M |
净利润PIPRTYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $114.0M | $65.5M | ||
| Q3 25 | $60.3M | $84.4M | ||
| Q2 25 | $42.2M | $84.6M | ||
| Q1 25 | $64.9M | $81.1M | ||
| Q4 24 | $69.1M | $65.2M | ||
| Q3 24 | $34.8M | $75.9M | ||
| Q2 24 | $34.8M | $67.7M |
毛利率PIPRTYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% |
营业利润率PIPRTYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | 28.3% | 13.0% | ||
| Q3 25 | 22.4% | 16.4% | ||
| Q2 25 | 12.3% | 16.0% | ||
| Q1 25 | 8.2% | 15.8% | ||
| Q4 24 | 16.9% | 13.2% | ||
| Q3 24 | 15.4% | 15.2% | ||
| Q2 24 | 8.3% | 14.4% |
净利率PIPRTYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | 17.1% | 11.4% | ||
| Q3 25 | 12.6% | 14.2% | ||
| Q2 25 | 10.6% | 14.2% | ||
| Q1 25 | 18.1% | 14.3% | ||
| Q4 24 | 14.2% | 12.1% | ||
| Q3 24 | 9.6% | 14.0% | ||
| Q2 24 | 10.2% | 12.5% |
每股收益（稀释后）PIPRTYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $6.41 | $1.50 | ||
| Q3 25 | $3.38 | $1.93 | ||
| Q2 25 | $2.38 | $1.93 | ||
| Q1 25 | $3.65 | $1.84 | ||
| Q4 24 | $3.88 | $1.48 | ||
| Q3 24 | $1.96 | $1.74 | ||
| Q2 24 | $1.97 | $1.57 |
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 | — | $346.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $3.6B |
| 总资产 | $2.6B | $4.8B |
| 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PIPRTYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $950.8M | ||
| Q2 25 | — | $892.3M | ||
| Q1 25 | — | $807.4M | ||
| Q4 24 | — | $768.0M | ||
| Q3 24 | — | $544.3M | ||
| Q2 24 | — | $258.0M |
总债务PIPRTYL
| Q1 26 | — | — | ||
| Q4 25 | — | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | — | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M |
股东权益PIPRTYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $1.4B | $3.7B | ||
| Q3 25 | $1.3B | $3.6B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $1.2B | $3.5B | ||
| Q4 24 | $1.2B | $3.4B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $1.1B | $3.1B |
总资产PIPRTYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $2.6B | $5.6B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | $2.0B | $5.4B | ||
| Q1 25 | $1.8B | $5.2B | ||
| Q4 24 | $2.3B | $5.2B | ||
| Q3 24 | $2.0B | $5.0B | ||
| Q2 24 | $1.9B | $4.8B |
负债/权益比PIPRTYL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | — | $2.0M |
| 自由现金流率自由现金流/营收 | — | 0.3% |
| 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× | 1.32× |
| 过去12个月自由现金流最近4个季度 | — | $585.7M |
8季度趋势，按日历期对齐
经营现金流PIPRTYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | $729.8M | $243.9M | ||
| Q3 25 | $31.9M | $255.2M | ||
| Q2 25 | $32.1M | $98.3M | ||
| Q1 25 | $-207.2M | $56.2M | ||
| Q4 24 | $163.8M | $224.8M | ||
| Q3 24 | $80.1M | $263.7M | ||
| Q2 24 | $266.5M | $64.3M |
自由现金流PIPRTYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | — | $239.6M | ||
| Q3 25 | — | $251.3M | ||
| Q2 25 | — | $92.8M | ||
| Q1 25 | — | $53.8M | ||
| Q4 24 | — | $221.0M | ||
| Q3 24 | — | $260.8M | ||
| Q2 24 | — | $57.7M |
自由现金流率PIPRTYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | — | 41.7% | ||
| Q3 25 | — | 42.2% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 10.7% |
资本支出强度PIPRTYL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 1.2% |
现金转化率PIPRTYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | 6.40× | 3.72× | ||
| Q3 25 | 0.53× | 3.02× | ||
| Q2 25 | 0.76× | 1.16× | ||
| Q1 25 | -3.19× | 0.69× | ||
| Q4 24 | 2.37× | 3.45× | ||
| Q3 24 | 2.30× | 3.47× | ||
| Q2 24 | 7.66× | 0.95× |
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% |
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
