# Stifel Financial Corp. (SF)

> Source: Nexqual · https://nexqual.com/SF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Stifel Financial Corp. (SF), nexqual.com/SF" · informational, not investment advice.

**Price:** USD 67.85 (+2.17% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 66.41 · day 65.57–67.85 · 52w 65.4–89.83 · market cap $10.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.69B, net income $954M (14.3% margin) (SEC filings).
- Valuation: P/E 10.7x (avg 17.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $372K; 1 not under a Rule 10b5-1 plan ($372K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (8 analysts), mean target USD 82.5 (range 74–103).
- Total return with dividends: 1Y -11.2% vs S&P 500 +14.9%; 5Y +44.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 1.86, revenue estimate $1.55B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.78B | $4.59B | $5.16B | $5.95B | $6.35B | $6.69B |
| Operating income | — | $885M | $707M | $928M | — | — |
| Net income | $825M | $662M | $523M | $731M | $684M | $954M |
| EPS (diluted) | $4.44 | $3.55 | $2.85 | $4.17 | $3.91 | — |
| Free cash flow | $684M | $1.08B | $447M | $417M | $1.05B | $361M |
| Operating margin | — | 19.3% | 13.7% | 15.6% | — | — |
| Net margin | 17.2% | 14.4% | 10.1% | 12.3% | 10.8% | 14.3% |
| Revenue growth | +25.3% | -4.0% | +12.3% | +15.4% | +6.7% | — |
| Cash + short-term investments | $1.96B | $2.20B | $3.36B | $2.65B | $2.25B | — |
| Total debt | $1.11B | $1.11B | $1.12B | $617M | $617M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.7x · P/S 1.5x · P/FCF 28.4x · P/B 1.7x · FCF yield 3.52% · Earnings yield 9.31% · Buyback yield (TTM) 3.29%
P/E at fiscal year-ends: Dec 2025 20.2x, Dec 2024 16.1x, Dec 2023 15.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-23 | Brown Maryam S. | Director | 4,700 | $372K | 45.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 8 analysts; mean target USD 82.5 (low 74, high 103).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target lowered | Buy | $84 → $83 |
| 2026-10-22 | JP Morgan | Target lowered | Neutral | $82 → $80 |
| 2026-10-12 | TD Cowen | Target lowered | Hold | $84 → $78 |
| 2026-10-07 | UBS | Target lowered | Buy | $90 → $84 |
| 2026-10-06 | JP Morgan | Target lowered | Neutral | $86 → $82 |
| 2026-10-06 | BMO Capital | Target lowered | Market Perform | $85 → $75 |
| 2026-07-23 | JP Morgan | Target raised | Neutral | $80 → $86 |
| 2026-07-08 | UBS | Target lowered | Buy | $89 → $86 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -11.2% | +44.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -11.2% | +7.6% |
| Volatility (annualized) | 26.3% | 30.0% |
| Max drawdown | -24.6% (Jan 2026→Oct 2026) | -32.9% (Feb 2022→Sep 2022) |

## Peers (Capital Markets)
GLXY (Galaxy Digital Inc.) USD 15.29 -9.69% · JEF (Jefferies Financial Group Inc.) USD 45.64 +1.35% · EVR (Evercore Inc.) USD 255.39 +1.34% · IREN (IREN LIMITED) USD 25.51 -8.37% · HLI (Houlihan Lokey, Inc.) USD 133.24 +3.78% · HUT (Hut 8 Corp.) USD 63.97 -10.63%

## More
Full page: https://nexqual.com/SF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SF's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/720672/000119312526067130/sf-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Thomas Weisel Partners Group | "Mr. Raymond joined our company in August 2010 after the completion of the merger between our company and Thomas Weisel Partners Group, Inc. Mr. Raymond joined Thomas Weisel Partners in 2004 and was elevated to Co-Head of…" |

Other companies that name SF in their own reports (relationship from SF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BRC Group Holdings, Inc. (RILYT) | 10-K 2026-03-31 | "The decrease in revenues was primarily due to decreases in revenue from wealth and asset management fees due to a reduction in assets under management driven by the sale of a portion of the Company's …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Global Wealth Management | $614.3M | 60.7% | +13.9% |
| Institutional Group | $397.6M | 39.3% | +32.7% |
| Total revenue | $1.01B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asset Management1 | $456.6M | 45.1% | +13.1% |
| Investment Advisory Management & Administrative Service | $456.6M | 45.1% | +13.1% |
| Investment Banking | $332.0M | 32.8% | +42.2% |
| Commissions | $221.5M | 21.9% | +10.4% |
| Product & Service Other | $1.9M | 0.2% | +60.1% |
| Total revenue | $1.01B | 100% | — |
The lines above cover 145.1% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $949.4M | 93.8% | +20.5% |
| United Kingdom | $33.2M | 3.3% | +2.7% |
| Canada | $17.3M | 1.7% | +76.7% |
| Other States | $12.1M | 1.2% | +34.4% |
| Total revenue | $1.01B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.86 | $2.05 | -9.4% | $1.55B | 6 |
| Next quarter (ends 2027-03-31) | $1.62 | $1.67 | -3.2% | $1.55B | 5 |
| Current fiscal year (ends 2026-12-31) | $6.17 | $6.49 | -5.1% | $5.87B | 5 |
| Next fiscal year (ends 2027-12-31) | $7.13 | $7.28 | -2.0% | $6.43B | 8 |