On this page of StockholderLetter.com we present the latest annual shareholder letter from STIFEL FINANCIAL CORP — ticker symbol SF. Reading current and past SF letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2025 Letter Continued (Full PDF)
 •  4/28/2023 SF Stockholder Letter
 •  4/25/2024 SF Stockholder Letter
 •  More "Investment Brokerages" Category Stockholder Letters
 •  SF Benford's Law Stock Score = 99

SF Shareholder/Stockholder Letter Transcript:

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0
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4
ANNUAL REPORT

V
IN
C
M E
F I RHOIC
OF
OF EST
CH M E
OI NT
CE
Since 1997, Stifel   s mission has been defined by our
innovative    Of Choice    strategy, which has appeared in each of our
Annual Reports. These time-tested guiding principles drive everything we do
and have helped us make Stifel the firm    WHERE SUCCESS MEETS SUCCESS.   
ONE
ADVISOR
OF CHOICE
WHERE SUCCESS MEETS SUCCESS
TO OUR
ASSOCIATES:
TO OUR
CLIENTS:
TO OUR
SHAREHOLDERS:
Current and future, our
commitment is to provide an
entrepreneurial environment
that encourages unconfined,
long-term thinking. We seek
to reward hard-working team
players that devote their
energy and attention to client
needs. At work, at home, and
in your communities, we seek
to be your Firm of Choice.
Individual, institutional,
corporate, and municipal, our
commitment is to listen and
consistently deliver innovative
financial   solutions. Putting the
welfare of clients and community
first, we strive to be the Advisor
of Choice in the industry.
Pursuit of excellence and a desire
to exceed clients    expectations
are the values that empower our
Company to achieve this status.
Small and large, our
commitment is to create
value and maximize your
return on investment through
all market cycles. By achieving
the status of Firm of Choice
for our professionals and
Advisor of Choice for our
clients, we are able to deliver
shareholder value as your
Investment of Choice.
Cover photography courtesy of Andrew Peterson, Managing Director/Investments     Stifel, San Francisco, California.

FINANCIAL
HIGHLIGHTS
OPERATING RESULTS:
2020
in thousands, except per share amounts
2021
2022
2023
2024
$4,783,086
$789,271
$6.66
$839,533
$7.08
$4,592,826
$624,874
$5.32
$675,071
$5.74
$5,159,280
$485,255
$4.28
$531,524
$4.68
$5,951,686
$694,098
$6.25
$755,896
$6.81
2020
2021
2022
2023
2024
$26,604,254
$4,238,766
$35.91
$34,049,715
$5,034,959
$41.63
$37,196,124
$5,328,471
$44.08
$37,727,460
$5,294,431
$45.61
$39,895,540
$5,686,770
$48.95
Total Revenues
$3,817,839
Net Income Available to Common Shareholders
$476,211
Earnings Per Diluted Share
$4.16
Non-GAAP Net Income Available to Common Shareholders1 $522,847
Non-GAAP Earnings Per Diluted Share1
$4.56
FINANCIAL POSITION:
in thousands, except per share amounts
Total Assets
Shareholders    Equity
Book Value Per Share
1
Non-GAAP net income available to common shareholders and non-GAAP earnings per diluted common share represent GAAP net income available to common
shareholders and GAAP earnings per diluted common share adjusted for acquisition-related and severance charges. Reconciliations of the Company   s GAAP results
to these non-GAAP measures are discussed within and under    Reconciliation of GAAP Net Income to Non-GAAP Net Income.   
NON-GAAP
EARNINGS
PER DILUTED SHARE 1
NON-GAAP
NET INCOME 1
TOTAL REVENUES
(In millions)
(In millions)
6,000
1,000
8.00
5,000
800
6.00
4,000
600
4.00
3,000
400
2.00
200
2,000
20
21
22
23
24
0
20
21
22
23
24
20
SHAREHOLDERS   
EQUITY
TOTAL ASSETS
(In millions)
(In millions)
6,000
50.00
30,000
4,500
40.00
20,000
3,000
30.00
10,000
1,500
20.00
0
0
10.00
21
22
23
24
20
21
22
23
22
23
24
BOOK VALUE
PER SHARE
40,000
20
21
24
20
21
22
23
24
1

SHAREHOLDER
LETTER
2024 RESULTS
On the cover of this year   s annual report, our headquarters
building stands overlooking the St. Louis skyline. It is
remarkable to consider how much we have evolved since
we first moved into that building. Stifel has grown into
a truly global firm, our associates now collaborating
virtually across state and national boundaries, connecting
clients with opportunities on every continent. Yet this
expansion makes our headquarters     and our roots in
St. Louis     more meaningful than ever. Around the world,
we aim to bring global reach to the same values we have
upheld since our founding here in 1890: to provide trusted
advice, to connect investors with opportunity, and     as
Herman Stifel charged     to safeguard the wealth of others
with the same care and prudence we would our own, while
honoring their personal goals and objectives.
At the same time, Stifel   s 2024 results speak to a company
in motion     resilient, ambitious, and built for the future. It
was a record-breaking year, highlighting the strength and
balance of our diversified business model. We achieved
net revenues of $4.97 billion, the highest in our firm   s
history, and delivered a 23% return on average tangible
equity, with non-GAAP net earnings of $756 million, or
$6.81 per share     a 46% increase from the prior year.
And finally, over the year our share price increased 56.4%.
These results reflect the dedication and entrepreneurial
spirit of our nearly 10,000 associates.
What   s next? The same. Across Stifel, we have conviction
in our long-term goals     $10 billion in annual revenue
and $1 trillion in client assets.    10 and 1,    as we like to
say, are not endpoints, but rather the next milestones in
our journey. And given our history of steady growth, we
view the two as modest markers on the path to building
the premier wealth management firm and middle-market
investment bank.
ECONOMIC AND MARKET LANDSCAPE
Before we turn to the performance of each business,
I want to offer some perspective on the economy and
markets     after all, we navigate this landscape every day.
2
In 2024, the U.S. economy once again proved resilient,
growing approximately 2.8% despite persistent inflation
and tighter financial conditions. Consumer spending
remained strong, fueled by a healthy labor market and
steady wage gains, even as business investment slowed
and manufacturing showed signs of fatigue. Inflation
did moderate from its 2022-2023 highs, yet core prices
Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
ended the year above the Federal Reserve   s 2% target
but in line with its 2.8% (core PCE inflation) view for
2025     proving, once again, that inflation is easier to
spark than to extinguish.
Throughout the year, the Fed maintained a cautious stance,
keeping the federal funds rate firmly in restrictive territory.
The 10-year Treasury yield moved between 3.8% and 4.7%,
reflecting shifting expectations around policy and inflation,
before settling near 4.1% as the market began to price in the
possibility of easing in 2025.
Over the same time frame, markets faced a mixed backdrop.
Equities posted strong overall gains until early 2025, led
by mega cap technology and AI-related names, while more
cyclical and rate-sensitive sectors lagged performance. For
example, the S&P 500 index was up 23.3% in 2024, but as
of this writing (April 3, 2025), it is down 8.3% year to date.
For the year 2024, the Nasdaq was similarly up 28.6%,
largely buoyed by the performance of the Magnificent 7,
which rose 48% in 2024 as a sub-index. As of this writing,
the Nasdaq is down 14.3% and the Magnificent 7 index is
down 19% year to date.
On an equal-weighted basis, the S&P 500 in 2024 was up
just 10.8%, highlighting how gains were concentrated. Bond
markets contended with higher yields, particularly in the first
half, but quality fixed income began to recover late in the
year as the rate outlook shifted. Alternatives such as gold,

private credit, real estate, and crypto attracted renewed
attention from investors focused on building wealth in 2024.
Globally, monetary policy divergence, persistent geopolitical
tensions in Ukraine and the Middle East, and renewed
friction in U.S.-China trade policy created ongoing
crosscurrents and market volatility.
As 2025 began, the trade war dominates the market
narrative, potentially producing a stagflation outcome
(higher inflation with slower economic growth). The
10-year Treasury yield hovers near 4.0% as of this writing,
as markets balance resilient inflation data against signs of
slowing growth. In the weeks following the U.S. presidential
election, equities rallied sharply on optimism around
potential policy changes     though that momentum has
since cooled significantly amid growing anxiety around
trade, taxation, and monetary direction.
Against this backdrop and the expected disruption of
a changing administration, the Federal Reserve has so
far remained on hold through the first quarter, signaling
patience. Investors, for their part, appear to be shifting to
a more balanced posture     leaning into high-quality fixed
income while maintaining selective risk exposure as they
navigate the crosswinds of economic data, policy signals,
and global events. Markets like these test investors   
resolve     but overall, they are healthy.
GLOBAL TRADE AND A SHIFTING ORDER
The recent tariff announcements by the United States
represent more than a tactical shift in trade policy     they
are a signal that the global trade framework as we have
known it for nearly 80 years is being reconsidered.
Interestingly, markets seem to have reacted more strongly
to this shift in trade relations than they did to Russia   s
invasion of Ukraine     in other words, today   s most
economically consequential conflicts are waged at the
tip of the pen, as well as the bayonet.
It has always been true that economic diplomacy shapes
and reshapes the world more profoundly than military
force alone. Since the Bretton Woods agreements laid
the foundation for the post-World War II economic order,
global trade has been underpinned by the idea that open
markets, multilateral cooperation, and rules-based
systems would deliver prosperity and stability. That
structure has served the United States     and much
of the world     exceptionally well.
But today, we are seeing a recalibration. Concerns around
national security, domestic manufacturing, and strategic
independence have begun to reshape the conversation.
The world is becoming more inward focused, and with
that comes a more fragmented and contested global
trade environment. While some level of rebalancing
may be warranted, it is worth acknowledging that the
free flow of capital, labor, and goods has been one of the
greatest drivers of economic progress in modern history.
2024
R E S U LTS
(in thousands, except per share amounts)
TOTAL FIRM
2024
Total Revenues
Non-GAAP Net Income
Non-GAAP EPS

$5,951,686
15
755,896
42
6.81
46
GLOBAL WEALTH MANAGEMENT
Net Revenues
$3,283,960
1,207,942
8
(1)
501,402,000
13
Contribution
AUM
INSTITUTIONAL GROUP
Equity Net Revenues
Fixed Income Net Revenues
Net Revenues
Contribution
$926,729
31
666,104
29
1,592,833
223,400
30
nm
$215,223
INSTITUTIONAL TRADING
Equity
Fixed Income
393,013
7
27
Total
608,236
19
INVESTMENT BANKING
Equity
$725,366
41
Fixed Income
269,465
24
Total
994,831
36
Capital Raising
417,399
57
Advisory
577,432
24
We recognize these shifts not with alarm, but with a
clear-eyed focus on what they mean for our clients and
the industries we serve. Clearly, long-term success in this
new environment will belong to those who remain agile,
globally informed, and committed to navigating change
with discipline and perspective.
These global shifts mirror the technological revolution
unfolding within our industry     one that is rapidly redefining
how we serve clients, analyze risk, and create opportunity.
GLOBAL WEALTH MANAGEMENT
Global Wealth Management had another record year in 2024,
with net revenues reaching $3.3 billion     up from $3.0 billion
in 2023. This performance underscores the strength of our
advisor-focused model and the durability of our global wealth
business, even in a dynamic rate environment.
Transactional revenues rose 15% year over year, driven by
heightened client activity that more than offset a contraction
in net interest income. At the same time, asset management
revenues increased 18%, aided by improved market conditions
and steady net inflows, reflecting confidence in our platform
and investment approach.
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 4/25/2025 Letter Continued (Full PDF)