Piper Sandler is a middle-market investment bank and institutional securities firm headquartered in Minneapolis. The firm primarily serves corporations, private equity sponsors, financial institutions, and public entities across a defined set of industry verticals, with healthcare and financial services being the two largest. Corporate investment banking accounts for roughly 70% of net revenues, split between advisory (~55% of total) and corporate financing (~11%). Advisory is the largest and most profitable revenue stream, covering M&A, debt capital markets, private capital advisory, and restructuring. Piper Sandler ranked second in the U.S. by middle-market M&A deal count in FY25. Beyond investment banking, the firm generates revenue from equity brokerage (~12%), fixed income brokerage (~11%), and public finance (~8%). Piper Sandler earns fees and commissions rather than deploying significant balance sheet capital, making the business asset-light. Compensation runs at roughly 61-62% of net revenues, with the remaining cost base largely fixed, creating operating leverage as revenues rise. The firm targets operating margins above 20%. Management's medium-term goal is to grow corporate investment banking revenues to $2B+, up from $1.3B in FY25, driven by building out a technology vertical, expanding non-M&A advisory products, and tuck-in acquisitions. Piper Sandler returns most of its cash to shareholders through dividends and buybacks.