Stifel Financial Corp.

Security Brokers, Dealers & Flotation Companies

SFStrained9 of 11 basics passed

$70.34

+0.33%

Market cap $10.6B

$70.34

+0.33%

Market cap $10.6B

Stifel Financial is a diversified financial-services provider that generates revenue from wealth management, investment banking, and lending.

It is a $10.6B financial services company. Revenue grew 11.0% over the last year, and it keeps 14¢ of every dollar of sales as profit. It trades at 11.1× earnings — in the cheapest third of its own history.

Website: stifel.com
Location: St. Louis, MO
Employees: 9 000
Sector: Financial Services
Founded: 1890

Share price · 3 years

$40.17 → $70.34+75.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.69B
Profit: keeps 14¢ of every $1 sold; $916M
Free cash flow: cash left after running the business; $361M
Net cash: more cash than debt; $2.90M
P/E: years of profit in the price; 11.1
EPS: earnings per share, TTM; $8.33
Dividend: pays out 27% of profit · 71% of FCF; 2.41%
Shares: up 42% since 2016 — dilution; 110.1M
Volatility: beta vs the market — under 1 swings less; 1.03

Revenue, last 10 years

52-week range

Low $67.98$70.34High $88.81

Today's price is 11% of the way from the year's low to its high.

P/E vs its history5y

11.6×median 13.8×

Higher than 29% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

11.6×

72%

P/S

1.7×

60%

EV/EBITDA

9.5×

92%

P/B

1.8×

54%

FCF yield

3.4%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$372Knet selling

Purchases$0

Sales$372K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$10.6Btop 80%
Revenue growth+11%top 40%
Net margin14%top 57%
Return on equity16%top 39%
P/E11.1×top 29%
Dividend yield2.41%top 39%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Growth and Health lag behind.

Valuation62

P/E vs own history29th pct · 20/25
FCF yield3.4% · 12/25
P/S1.6x · 25/25
EV/EBITDA34.8x · 5/25

Growth36

Revenue CAGR7.3% · 12/25
Net income CAGR-5.9% · 0/25
EPS CAGR ~5Y6.0% · 12/25
Fwd implied growth7.3% · 12/25

Profitability80

ROIC21.6% · 20/25
ROE16.1% · 20/25
Net margin13.7% · 20/25
Operating margin18.2% · 20/25

Health38

Altman Z0.43 · 3/25
Current ratio0.12 · 0/25
Interest coverage2.1x · 10/25
Net cash / debtNet cash · 25/25

Quality68

Piotroski F6/9 · 15/25
Beneish M-2.44 · 20/25
FCF conversion39% · 8/25
Margin stabilityσ 4.5% · 25/25

Moat50

ROIC >12% years7/10 yrs · 20/25
Median gross marginn/a · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst 3.1% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$825M net income
2019Acquisition
The company acquired First Empire Holding Corp. and its subsidiaries, including First Empire Securities Inc
FY2018Financial
Became debt-free
cash now exceeds total debt
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$2.64B in first reported year
2012Acquisition
The company and Keefe, Bruyette & Woods (KBW) announced a strategic merger
2011Acquisition
The company announced an agreement to acquire Stone & Youngberg LLC, a financial firm specializing in…
2010Acquisition
The company completed its acquisition of Thomas Weisel Partners Group, Inc and created an enterprise with…
2009Acquisition
The company acquired 56 branches from the UBS Wealth Management Americas (UBS) branch network (56 offices…
2007Acquisition
The company completed the acquisition of Ryan Beck & Co
2006Acquisition
The company acquired the Private Client Group of Minneapolis-based Miller Johnson Steichen Kinnard, Inc
Dec 1, 2005Acquisition
Stifel Financial closed on the acquisition of the Legg Mason Capital Markets business (LM…
Nov 24, 1986IPO
Stifel Financial Corp. is an American multinational independent investment bank and financial services company…
1890Founded
Its predecessor company was founded in 1890 as the Altheimer and Rawlings Investment Company and is headquartered in…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$14 991 today — price return only

$6.3B revenue in FY2025

Revenue up 11.0% year over year

Profitable 10 years in a row

Positive free cash flow 9 years in a row

9 000 employees

ROIC of 21.6%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (99.1%)
Revenue growing 11.0% year over year
Net cash position after subtracting debt from cash
High returns on invested capital (ROIC 21.6%)

Watch-outs

Altman Z-Score 0.43 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+11.0% YoY
Profitable — makes more than it spends$916M TTM
Profit growing — earnings are higher than last year-9.7% YoY
Generates cash — cash left after running and investing$361M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$10.6B market cap
Not printing shares — share count not ballooning — you keep your slice-3.9% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.4 — distress
Pays a dividend — returns cash to shareholdersyield 2.41%
Valuation not extreme — price not wildly above earningsP/E 11.1

Peer comparisonStifel Financial Corp. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SF this company	$10.6B	11.1	+11.0%	13.7%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: SF vs BRK.A · SF vs BRK.B · SF vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 6Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.69B · net income $916M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$6.69B

YoY 11.0%

Net income (TTM)

$916M

Margin 13.7%

Gross margin

99.1%

Operating margin

18.2%

P/E ratio

11.1

Dividend yield

2.41%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.8	4.8	4.6	4.3	6.0	6.3
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.7	1.1	0.9	0.8	0.9	0.9
Net income	0.5	0.8	0.6	0.5	0.7	0.6
EPS (diluted)	4.39	6.96	5.32	2.85	6.25	5.87

Cash flowFree cash flow $361M · operating cash flow $454M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$361M

Margin 5.4%

Operating cash flow (TTM)

$454M

FCF margin

5.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.7	0.9	1.2	0.5	0.5	1.1
Capital expenditure	-0.1	-0.2	-0.1	-0.1	-0.1	-0.1
Free cash flow	1.6	0.7	1.1	0.4	0.4	1.1
FCF margin	41.6%	14.3%	23.4%	10.3%	7.0%	16.6%

Balance sheetAssets $41.3B · net cash $2.90M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $41.3B of assets is financed

86%

14%

Liabilities $35.3B — borrowed moneyEquity $5.98B — owners' stake

Cash vs debt

Total debt $2.25B − cash $2.25B = net cash $2.90M

Cash on hand covers all debt.

Altman Z-Score

0.43

Distress zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

2.1x

EBIT ÷ interest expense

ROE

16.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.3	2.0	2.2	3.4	2.6	2.3
Total assets	26.6	34.0	37.2	37.7	39.9	41.3
Total liabilities	22.4	29.0	31.9	32.4	34.2	35.3
Total debt	—	2.4	2.3	2.5	2.2	2.3
Equity	4.2	5.0	5.3	5.3	5.7	6.0
Net debt	—	0.4	0.1	-0.8	-0.4	-0.0

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Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $70.34 · market cap $10.6B.