# Stifel Financial Corp. (SF) — Stock CV

Stifel Financial Corp. 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.

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

## Identity

- **Ticker**: SF
- **Sector**: Financial Services
- **Industry**: Security Brokers, Dealers & Flotation Companies
- **Headquarters**: ST. LOUIS, MO
- **Employees**: 9 000
- **Website**: https://www.stifel.com
- **Market cap**: $10.6B
- **Last price**: $70.34
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.69B
- **Net income**: $916M
- **Free cash flow**: $361M
- **Net cash**: $2.90M
- **P/E**: 11.1
- **Revenue growth (YoY)**: 11.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 62 |
| Growth | 36 |
| Profitability | 80 |
| Health | 38 |
| Quality | 68 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +11.0% YoY
- [x] Profitable — $916M TTM
- [ ] Profit growing — -9.7% YoY
- [x] Generates cash — $361M TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $10.6B market cap
- [x] Not printing shares — -3.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.4 — distress
- [x] Pays a dividend — yield 2.41%
- [x] Valuation not extreme — P/E 11.1

## Experience (career milestones)

- **FY2021** — Best year on record: $825M net income
- **2019** — The company acquired First Empire Holding Corp. and its subsidiaries, including First Empire Securities Inc
- **FY2018** — Became debt-free: cash now exceeds total debt
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.64B in first reported year
- **2012** — The company and Keefe, Bruyette & Woods (KBW) announced a strategic merger
- **2011** — The company announced an agreement to acquire Stone & Youngberg LLC, a financial firm specializing in…
- **2010** — The company completed its acquisition of Thomas Weisel Partners Group, Inc and created an enterprise with…
- **2009** — The company acquired 56 branches from the UBS Wealth Management Americas (UBS) branch network (56 offices…
- **2007** — The company completed the acquisition of Ryan Beck & Co
- **2006** — The company acquired the Private Client Group of Minneapolis-based Miller Johnson Steichen Kinnard, Inc
- **Dec 1, 2005** — Stifel Financial closed on the acquisition of the Legg Mason Capital Markets business (LM…
- **Nov 24, 1986** — Stifel Financial Corp. is an American multinational independent investment bank and financial services company…
- **1890** — Its predecessor company was founded in 1890 as the Altheimer and Rawlings Investment Company and is headquartered in…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.78B | $825M | $684M |
| FY2022 | $4.59B | $625M | $1.08B |
| FY2023 | $4.32B | $485M | $447M |
| FY2024 | $5.95B | $694M | $417M |
| FY2025 | $6.35B | $646M | $1.05B |

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Source: https://stockcv.com/SF — derived from company filings; may be delayed or incomplete. Information, not investment advice.