• Piper Sandler average return on tangible equity for 2023 was 10.43, a 57.32% increase from 2022.
• Piper Sandler average return on tangible equity for 2022 was 24.44, a 17.15% decline from 2021.
• Piper Sandler average return on tangible equity for 2021 was 29.5, a 205.7% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.