• Piper Sandler average ebitda margin for 2023 was 13.9%, a 31.46% increase from 2022.
• Piper Sandler average ebitda margin for 2022 was 20.28%, a 14.18% decline from 2021.
• Piper Sandler average ebitda margin for 2021 was 23.63%, a 85.77% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.