SF NYSE Russell 1000 Earnings call
Stifel (SF) · Q2 2026 results and valuation
Share price: $73.02 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 22 Jul 2026 and 22 Apr 2026
Net income down 9.9% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−9.9%
Net income vs Q1 2026
Outlook given
Net income 226.5M vs 251.4M
Revenue −1.6%
2 · How management spoke
Upbeat
More upbeat than 76% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Figure
The company reported that it increased its loan book by up to $4, meeting the growth goals established at the beginning of the year.
Valuation
Is Stifel undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $87.84 a share — the stock trades 17% below it. Today's price assumes 7.0% growth a year.
Current price
$73.02
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+7.0% for 10 yrs
Fair value / share
$87.84
Buy below
$65.88
Price vs fair value
Undervalued 17%
Price vs buy-below price
Overvalued 11%
Read between the lines
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Key theme
These added more than $4 million to expenses.
Source quote
“Excluding the more than $4 million of higher investment banking gross-ups and credit provisions, our noncomp expenses would have been relatively... The higher non-compensation expense was primarily the result of growth in our business. The effective tax rate was 24.4%, slightly below consensus but within our guidance.”
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Guidance
Net interest income is expected to be $290 million to $300 million next quarter, assuming stable margins and incremental growth.
Source quote
“Based on this incremental growth and a stable NIM, we expect the third quarter net interest income to be in a range of $290 million to $300 million.”
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Fading
While Global Wealth Management achieved record first quarter net revenue from asset management and investment banking, its emphasis faded in the second quarter.
Source quote
“Global Wealth Management delivered record first quarter net revenue driven by record asset management revenues and growing adviser productivity. Our growth was broad-based. We also generated record first quarter investment banking revenue, producing a record first quarter for our Institutional business.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 88% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Our top line growth was driven by another quarter of record Global Wealth Management revenue and continued growth in net interest income as we increased our loan book by $2.6...”
“At the beginning of the year, we said we would grow revenue, increase our loan book by up to $4 billion, increase treasury deposits, improve operating leverage and deploy our...”
“The solid operating environment and benefits of our improved efficiency are evident in the Institutional Group's pretax margin, which was 19.5% in the first half of 2026, an 850 basis...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.64B | 1.67B | −1.6% | 1.49B | +9.9% |
| Operating income | 299.4M | 326.1M | −8.2% | 213.8M | +40.0% |
| Net income | 226.5M | 251.4M | −9.9% | 155.1M | +46.1% |
| EPS | 1.34 | 1.48 | −9.5% | 0.89 | +50.6% |
| P/E today 9.4 | 9.2 | 10.4 | −1.2 | 15.1 | −5.9 |
Topics
Most discussed now
- In comparison with the Street estimate, capital raising revenue was the primary driver of the beat.
- Transactional revenue came in 2% below expectation and decreased 3% from the prior year.
- Investment banking was a primary upside driver, exceeding expectations by $23 million or 7% as Stifel benefited from the close...
- Growing Stifel's balance sheet substantially while increasing its share repurchase activity illustrates its ability and willingness to put…
- While I'm optimistic, I see upside because sponsor activity if it does pick up, it's really going to help us...
Faded since Q1 2026
- Fading Asset Management revenue was modestly above consensus and increased 12% from the prior year and was driven by market appreciation...
- Fading Either way, it was a record first quarter and regardless, it's the growth rate comparable to the best firms on...
- Fading Both Stifel's comp ratio and noncomp expenses came in below consensus.
- Fading As it relates to its strategy and what Stifel has seen margin improvement, what it did and something that it...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K