A Business at a Glance
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STIFEL FINANCIAL CORP
SF
$8.9B
Mkt Cap
$80.82
+1.58%
STIFEL FINANCIAL CORP (SF) has a current P/E ratio of 20.7, compared to its historical median P/E of 13.7. The stock is currently considered Fair based on its historical valuation range.
STIFEL FINANCIAL CORP (SF) has a 5-year average return on invested capital (ROIC) of 10.4%. This indicates solid capital allocation.
STIFEL FINANCIAL CORP (SF) has a market capitalization of $13.5B. It is classified as a large-cap stock.
Yes, STIFEL FINANCIAL CORP (SF) pays a dividend with a trailing twelve-month yield of 0.28%. The company also returns capital through share buybacks, with a buyback yield of 1.83%.
Based on historical P/E analysis, STIFEL FINANCIAL CORP (SF) appears fair. The current P/E of 20.7 is 51% above its historical median of 13.7. The estimated fair value CAGR (P/E method) is 9.0%.
STIFEL FINANCIAL CORP (SF) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
STIFEL FINANCIAL CORP (SF) reported annual revenue of $6.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Stifel Financial Corp. is a diversified financial services holding company with a 135-year operating history, operating through three principal segments: Global Wealth Management, Institutional Group, and Other. The company provides securities transaction and financial planning services to private clients through a network of over 2,200 financial advisors in 402 branch offices across 48 states and the District of Columbia, complemented by institutional equity and fixed income sales, trading, and research capabilities, as well as investment banking services including mergers and acquisitions, public offerings, and private placements. The business model combines fee-based wealth management revenues with transaction-based institutional services and net interest income from retail and commercial banking operations, including personal and commercial lending programs through Stifel Bank & Trust and related trust entities. The company serves individuals, corporations, municipalities, and institutions across the United States, Europe, and Canada, with no single client representing a material percentage of any segment, and maintains a modest, quickly-turning inventory of securities to facilitate customer trades and market-making activities. Stifel has grown substantially through both organic expansion and strategic acquisitions, including recent additions of Finance 500 and CB Resource (August 2024), a portion of B. Riley Financial's wealth management business with approximately $4 billion in assets under management (April 2025), and Bryan, Garnier & Co., a European investment bank focused on technology and healthcare (June 2025), positioning the firm to leverage its broad platform, fee-based revenue streams, and strong distribution network across multiple geographies and client segments.
【Strong 2026 momentum ahead】 Management expects 2026 to be a strong year, with confidence grounded in the company's demonstrated ability to scale revenue from approximately $100 million in 1996 to roughly $6 billion today, targeting $10 billion in revenue and $1 trillion in client assets. The company is well-positioned across its wealth and institutional businesses, with strong backlogs in investment banking driven by activity in healthcare, technology, industrial technology, and public finance, supported by normalization of the yield curve as a positive development for fixed income and credit businesses. Balance sheet growth is expected to support net interest income expansion, with approximately $4 billion of balance sheet growth anticipated to drive earnings consistency and client engagement, while the company continues to execute its strategy of gaining market share and delivering operating leverage through the cycle. Management remains confident in achieving its full-year guidance despite acknowledging an increasingly uncertain environment, with the durability of the business model and operating leverage demonstrated through recent performance despite market headwinds.
| Metric | Target | Period |
|---|---|---|
| Total net revenue | $6 billion–$6.35 billion | FY2026 |
| Net interest income | $1.1 billion–$1.2 billion | FY2026 |
| Balance sheet growth | approximately $4 billion | FY2026 |
Total net revenue (FY2026): “Total net revenue is expected to be in a range of $6 billion-$6.35 billion.”
Net interest income (FY2026): “Net interest income is forecasted to be between $1.1 billion and $1.2 billion, supported by approximately $4 billion of balance sheet growth.”
Balance sheet growth (FY2026): “Net interest income is forecasted to be between $1.1 billion and $1.2 billion, supported by approximately $4 billion of balance sheet growth.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.5B | 6.3B | 6.0B | 5.2B | 4.6B | 4.8B |
| Net Income | 845M | 646M | 694M | 485M | 625M | 789M |
| EPS | $6.84 | $5.87 | $6.25 | $4.28 | $5.32 | $6.66 |
| Free Cash Flow | 892M | 1.1B | 417M | 447M | 1.1B | 684M |
| ROIC | 12.8% | 10.0% | 10.9% | 7.6% | 9.9% | 13.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.10 | 0.12 | 0.11 | 0.21 | 0.21 | 0.22 |
| Dividends/Share | $0.22 | $0.34 | $0.34 | $0.33 | $0.32 | $0.30 |
| Operating Income | 79M | 34M | 928M | 707M | 885M | 72M |
| Operating Margin | 1.2% | 0.5% | 15.6% | 13.7% | 19.3% | 1.5% |
| ROE | 14.1% | 11.1% | 12.6% | 9.1% | 12.1% | 17.0% |
| Shares Outstanding | 167M | 110M | 111M | 113M | 117M | 119M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 2.4B | 2.6B | 3.0B | 3.2B | 3.5B | 3.8B | 4.8B | 4.6B | 5.2B | 6.0B | 6.3B | 6.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.4B | 1.6B | 1.7B | 2.0B | 1.8B | 2.0B | 2.3B | 2.8B | 2.6B | 2.6B | 2.9B | 3.3B | 3.4B |
| EBIT | 15M | 62M | 47M | 38M | 26M | 52M | 75M | 72M | 885M | 707M | 928M | 34M | 79M |
| Op. Margin | 0.7% | 2.6% | 1.8% | 1.3% | 0.8% | 1.5% | 2.0% | 1.5% | 19.3% | 13.7% | 15.6% | 0.5% | 1.2% |
| Net Income | 176M | 92M | 78M | 173M | 385M | 431M | 476M | 789M | 625M | 485M | 694M | 646M | 845M |
| Net Margin | 7.8% | 3.9% | 2.9% | 5.8% | 12.0% | 12.3% | 12.5% | 16.5% | 13.6% | 9.4% | 11.7% | 10.2% | 12.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 3.0% | 2.3% | 4.7% | 9.5% | 9.8% | 9.5% | 13.7% | 9.9% | 7.6% | 10.9% | 10.0% | 12.8% |
| ROE | 8.0% | 3.8% | 3.0% | 6.2% | 12.8% | 12.7% | 12.1% | 17.0% | 12.1% | 9.1% | 12.6% | 11.1% | 14.1% |
| ROA | 1.9% | 0.8% | 0.5% | 0.9% | 1.7% | 1.8% | 1.9% | 2.6% | 1.8% | 1.3% | 1.8% | 1.6% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 250M | -262M | -441M | 680M | 530M | 627M | 1.7B | 872M | 1.2B | 499M | 490M | 1.1B | 986M |
| Free Cash Flow | 224M | -332M | -470M | 652M | 421M | 469M | 1.6B | 684M | 1.1B | 447M | 417M | 1.1B | 892M |
| Owner Earnings | 144M | -438M | -642M | 453M | 474M | 486M | 1.5B | 748M | 1.0B | 344M | 307M | 933M | 790M |
| CapEx | 27M | 70M | 28M | 28M | 108M | 158M | 73M | 188M | 82M | 52M | 74M | 62M | 93M |
| Maint. CapEx | 12M | 10M | 14M | 12M | 13M | 38M | 41M | 46M | 51M | 61M | 62M | 61M | 61M |
| Growth CapEx | 14M | 59M | 14M | 16M | 96M | 120M | 33M | 143M | 32M | 0 | 11M | 1000K | 32M |
| D&A | 12M | 10M | 14M | 12M | 13M | 38M | 41M | 46M | 51M | 61M | 62M | 61M | 61M |
| CapEx/OCF | 10.6% | N/A | N/A | 4.2% | 20.4% | 25.2% | 4.4% | 21.6% | 7.1% | 10.4% | 15.0% | 5.6% | 9.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 3.9M | 9.4M | 9.4M | 17M | 27M | 36M | 37M | 37M | 37M | 37M | 37M |
| Dividend Yield | N/A | N/A | 0.4% | 0.6% | 0.3% | 0.7% | 1.1% | 0.7% | 0.8% | 0.8% | 0.6% | 0.5% | 0.3% |
| Share Buybacks | 0 | 118M | 113M | 13M | 170M | 215M | 58M | 173M | 106M | 444M | 144M | 245M | 248M |
| Buyback Yield | N/A | 3.9% | 3.3% | 0.3% | 3.8% | 1.8% | 0.4% | 0.8% | 0.6% | 2.0% | 0.4% | 0.6% | 1.8% |
| Stock-Based Comp | 94M | 166M | 186M | 215M | 43M | 102M | 76M | 79M | 103M | 94M | 121M | 123M | 134M |
| Debt Repayment | 56M | 127M | 9.4M | 121M | 7.5M | 63M | 0 | 0 | 0 | 0 | 0 | 87M | 87M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.6B | -1.6B | -2.9B | -3.2B | -3.8B | -3.4B | -3.4B | -3.0B | -2.7B | -3.8B | -3.6B | -3.1B | -3.9B |
| Cash & Equiv. | 690M | 811M | 913M | 696M | 1.9B | 1.1B | 2.3B | 2.0B | 2.2B | 3.4B | 2.6B | 2.3B | 4.5B |
| Long-Term Debt | 625M | 740M | 796M | 1.0B | 1.0B | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 617M | 617M | 618M |
| Debt/Equity | 0.25 | 0.33 | 0.43 | 0.44 | 0.38 | 0.28 | 0.26 | 0.22 | 0.21 | 0.21 | 0.11 | 0.12 | 0.10 |
| Interest Coverage | 0.4 | 1.4 | 0.7 | 0.5 | 0.2 | 0.3 | 1.1 | 1.6 | 4.4 | 0.9 | 0.9 | 0.0 | 0.1 |
| Equity | 2.3B | 2.5B | 2.7B | 2.9B | 3.2B | 3.6B | 4.2B | 5.0B | 5.3B | 5.3B | 5.7B | 6.0B | 6.0B |
| Total Assets | 9.5B | 13.3B | 19.1B | 21.4B | 24.5B | 24.6B | 26.6B | 34.0B | 37.2B | 37.7B | 39.9B | 41.3B | 42.9B |
| Total Liabilities | 7.2B | 10.8B | 16.4B | 18.5B | 21.3B | 20.9B | 22.4B | 29.0B | 31.9B | 32.4B | 34.2B | 35.3B | 36.9B |
| Intangibles | 55M | 63M | 116M | 120M | 120M | 162M | 141M | 148M | 131M | 133M | 114M | 108M | 97M |
| Retained Earnings | 716M | 806M | 877M | 1.0B | 1.4B | 1.7B | 2.1B | 2.8B | 3.2B | 3.4B | 3.8B | 4.2B | 4.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.31 | 1.18 | 1.00 | 2.14 | 3.15 | 3.66 | 4.16 | 6.66 | 5.32 | 4.28 | 6.25 | 5.87 | 6.84 |
| Owner EPS | 1.89 | -5.60 | -8.27 | 5.59 | 3.88 | 4.13 | 13.50 | 6.31 | 8.55 | 3.04 | 2.77 | 8.47 | 4.72 |
| Book Value | 30.47 | 31.85 | 35.28 | 35.30 | 25.94 | 30.69 | 37.03 | 42.49 | 45.37 | 46.70 | 51.21 | 54.27 | 35.73 |
| Cash Flow/Share | 3.28 | -3.35 | -5.69 | 8.39 | 4.34 | 5.32 | 14.52 | 7.36 | 9.85 | 4.40 | 4.42 | 10.14 | 5.41 |
| Dividends/Share | N/A | N/A | 0.05 | 0.12 | 0.08 | 0.15 | 0.24 | 0.30 | 0.32 | 0.33 | 0.34 | 0.34 | 0.22 |
| Shares Out. | 76.2M | 78.3M | 77.6M | 81.1M | 122.1M | 117.8M | 114.5M | 118.5M | 117.5M | 113.4M | 111.1M | 110.1M | 167.5M |
| Valuation | |||||||||||||
| P/E Ratio | 19.6 | 32.3 | 44.6 | 24.8 | 11.6 | 10.1 | 11.2 | 9.9 | 10.1 | 15.7 | 16.7 | 21.8 | 11.8 |
| P/FCF | 6.9 | N/A | N/A | 2.9 | 4.7 | 6.2 | 2.2 | 7.6 | 3.9 | 11.3 | 18.5 | 8.9 | 15.2 |
| EV/EBIT | 122.9 | 22.0 | 11.5 | 29.3 | 26.0 | 209.7 | 160.0 | 261.7 | 14.2 | 12.4 | 710.5 | N/A | 122.3 |
| Price/Book | 1.5 | 1.2 | 1.3 | 1.5 | 1.4 | 3.4 | 3.6 | 4.3 | 3.3 | 4.2 | 6.0 | 7.0 | 2.3 |
| Price/Sales | N/A | 24.6 | 14.4 | 14.8 | 18.5 | 3.1 | 2.9 | 4.2 | 4.2 | 3.7 | 4.6 | 5.5 | 2.1 |
| FCF Yield | 6.5% | -11.1% | -13.6% | 15.2% | 9.4% | 3.8% | 10.3% | 3.1% | 6.1% | 2.0% | 1.2% | 2.5% | 6.6% |
| Market Cap | 3.5B | 3.0B | 3.5B | 4.3B | 4.5B | 12.2B | 15.5B | 21.8B | 17.6B | 22.1B | 34.3B | 42.0B | 13.5B |
| Avg. Price | 18.45 | 19.81 | 14.37 | 19.76 | 22.02 | 22.24 | 21.97 | 40.43 | 39.15 | 38.90 | 55.91 | 70.68 | 80.82 |
| Year-End Price | 20.13 | 16.94 | 19.81 | 23.55 | 16.29 | 24.75 | 31.08 | 43.89 | 35.74 | 44.76 | 69.59 | 85.37 | 80.82 |
STIFEL FINANCIAL CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
STIFEL FINANCIAL CORP trades at 20.7x trailing earnings, compared to its 15-year median P/E of 13.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.9x vs a median of 6.2x. The company's 5-year average ROIC is 10.4%. Total shareholder yield (dividends + buybacks) is 2.1%. At current prices, the estimated annualized return to fair value is +30.8%.
STIFEL FINANCIAL CORP (SF) has a net profit margin of 10.2%. This is a healthy margin.
STIFEL FINANCIAL CORP (SF) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
STIFEL FINANCIAL CORP (SF) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
STIFEL FINANCIAL CORP (SF) reported earnings per share (EPS) of $5.87 in its most recent fiscal year.
STIFEL FINANCIAL CORP (SF) has a return on equity (ROE) of 11.1%. This indicates moderate shareholder returns.
The Ledger Terminal provides 18 years of financial data for STIFEL FINANCIAL CORP (SF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
STIFEL FINANCIAL CORP (SF) has a book value per share of $54.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a strong year, with confidence grounded in the company's demonstrated ability to scale revenue from approximately $100 million in 1996 to roughly $6 billion today, targeting $10 billion in revenue and $1 trillion in client assets. The company is well-positioned across its wealth and institutional businesses, with strong backlogs in investment banking driven by activity in healthcare, technology, industrial technology, and public finance, supported by normalization of the yield curve as a positive development for fixed income and credit businesses. Balance sheet growth is expected to support net interest income expansion, with approximately $4 billion of balance sheet growth anticipated to drive earnings consistency and client engagement, while the company continues to execute its strategy of gaining market share and delivering operating leverage through the cycle. Management remains confident in achieving its full-year guidance despite acknowledging an increasingly uncertain environment, with the durability of the business model and operating leverage demonstrated through recent performance despite market headwinds.
Based on recent SEC filings and earnings calls, STIFEL FINANCIAL CORP (SF) has provided the following forward guidance: Total net revenue: $6 billion–$6.35 billion (FY2026); Net interest income: $1.1 billion–$1.2 billion (FY2026); Balance sheet growth: approximately $4 billion (FY2026).