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PIPER SANDLER COMPANIES（PIPR）与Worthington Steel, Inc.（WS）财务数据对比。点击上方公司名可切换其他公司
Worthington Steel, Inc.的季度营收约是PIPER SANDLER COMPANIES的1.3倍（$871.9M vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 2.2%，领先14.9%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 18.0%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
PIPR vs WS — 直观对比
营收规模更大
WS
是对方的1.3倍
$667.0M
营收增速更快
PIPR
高出19.4%
18.0%
净利率更高
PIPR
高出14.9%
2.2%
两年增速更快
PIPR
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $871.9M |
| 净利润 | $114.0M | $18.8M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 28.3% | 2.5% |
| 净利率 | 17.1% | 2.2% |
| 营收同比 | 37.4% | 18.0% |
| 净利润同比 | 65.0% | 46.9% |
| 每股收益（稀释后） | $6.41 | $0.37 |
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PIPRWS
| Q4 25 | $667.0M | $871.9M | ||
| Q3 25 | $480.1M | $872.9M | ||
| Q2 25 | $398.6M | $832.9M | ||
| Q1 25 | $358.6M | $687.4M | ||
| Q4 24 | $485.4M | $739.0M | ||
| Q3 24 | $360.9M | $834.0M | ||
| Q2 24 | $340.8M | — | ||
| Q1 24 | $344.4M | $805.8M |
净利润PIPRWS
| Q4 25 | $114.0M | $18.8M | ||
| Q3 25 | $60.3M | $36.8M | ||
| Q2 25 | $42.2M | $55.7M | ||
| Q1 25 | $64.9M | $13.8M | ||
| Q4 24 | $69.1M | $12.8M | ||
| Q3 24 | $34.8M | $28.4M | ||
| Q2 24 | $34.8M | — | ||
| Q1 24 | $42.5M | $49.0M |
毛利率PIPRWS
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 14.9% |
营业利润率PIPRWS
| Q4 25 | 28.3% | 2.5% | ||
| Q3 25 | 22.4% | 5.5% | ||
| Q2 25 | 12.3% | 8.0% | ||
| Q1 25 | 8.2% | 2.7% | ||
| Q4 24 | 16.9% | 2.6% | ||
| Q3 24 | 15.4% | 5.2% | ||
| Q2 24 | 8.3% | — | ||
| Q1 24 | 15.2% | 8.2% |
净利率PIPRWS
| Q4 25 | 17.1% | 2.2% | ||
| Q3 25 | 12.6% | 4.2% | ||
| Q2 25 | 10.6% | 6.7% | ||
| Q1 25 | 18.1% | 2.0% | ||
| Q4 24 | 14.2% | 1.7% | ||
| Q3 24 | 9.6% | 3.4% | ||
| Q2 24 | 10.2% | — | ||
| Q1 24 | 12.3% | 6.1% |
每股收益（稀释后）PIPRWS
| Q4 25 | $6.41 | $0.37 | ||
| Q3 25 | $3.38 | $0.72 | ||
| Q2 25 | $2.38 | $1.11 | ||
| Q1 25 | $3.65 | $0.27 | ||
| Q4 24 | $3.88 | $0.25 | ||
| Q3 24 | $1.96 | $0.56 | ||
| Q2 24 | $1.97 | — | ||
| Q1 24 | $2.43 | $0.98 |
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 | — | $89.8M |
| 总债务越低越好 | — | $72.1M |
| 股东权益账面价值 | $1.4B | $1.1B |
| 总资产 | $2.6B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资PIPRWS
| Q4 25 | — | $89.8M | ||
| Q3 25 | — | $78.3M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | — | $52.0M | ||
| Q3 24 | — | $36.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $60.8M |
总债务PIPRWS
| Q4 25 | — | $72.1M | ||
| Q3 25 | — | $73.4M | ||
| Q2 25 | — | $151.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $115.0M | ||
| Q3 24 | — | $122.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $147.2M |
股东权益PIPRWS
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $937.6M |
总资产PIPRWS
| Q4 25 | $2.6B | $2.1B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $2.0B | $1.8B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.8B | $1.8B |
负债/权益比PIPRWS
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.16× |
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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | — | $74.6M |
| 自由现金流率自由现金流/营收 | — | 8.6% |
| 资本支出强度资本支出/营收 | — | 2.8% |
| 现金转化率经营现金流/净利润 | 6.40× | 5.28× |
| 过去12个月自由现金流最近4个季度 | — | $72.5M |
8季度趋势，按日历期对齐
经营现金流PIPRWS
| Q4 25 | $729.8M | $99.3M | ||
| Q3 25 | $31.9M | $-6.3M | ||
| Q2 25 | $32.1M | $53.9M | ||
| Q1 25 | $-207.2M | $53.8M | ||
| Q4 24 | $163.8M | $68.0M | ||
| Q3 24 | $80.1M | $54.6M | ||
| Q2 24 | $266.5M | — | ||
| Q1 24 | $-197.2M | $44.7M |
自由现金流PIPRWS
| Q4 25 | — | $74.6M | ||
| Q3 25 | — | $-35.7M | ||
| Q2 25 | — | $8.4M | ||
| Q1 25 | — | $25.2M | ||
| Q4 24 | — | $33.2M | ||
| Q3 24 | — | $33.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $22.3M |
自由现金流率PIPRWS
| Q4 25 | — | 8.6% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.8% |
资本支出强度PIPRWS
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.8% |
现金转化率PIPRWS
| Q4 25 | 6.40× | 5.28× | ||
| Q3 25 | 0.53× | -0.17× | ||
| Q2 25 | 0.76× | 0.97× | ||
| Q1 25 | -3.19× | 3.90× | ||
| Q4 24 | 2.37× | 5.31× | ||
| Q3 24 | 2.30× | 1.92× | ||
| Q2 24 | 7.66× | — | ||
| Q1 24 | -4.64× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
