<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/maifiler" xmlns:com="http://www.sec.gov/edgar/common_ma" xmlns:com1="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>MA-I/A</submissionType>
    <filerInfo>
      <com:filer>
        <com1:filerId>0000094403</com1:filerId>
        <com1:filerCcc>XXXXXXXX</com1:filerCcc>
      </com:filer>
      <com:contact>
        <com1:name>Matthew Wilhelm</com1:name>
        <com1:phoneNumber>314-342-7341</com1:phoneNumber>
      </com:contact>
      <com:contactEmail>wilhelmm@stifel.com</com:contactEmail>
      <com:notifications>
        <com1:internetNotificationAddress>sheparda@stifel.com</com1:internetNotificationAddress>
        <com1:internetNotificationAddress>wilhelmm@stifel.com</com1:internetNotificationAddress>
      </com:notifications>
    </filerInfo>
  </headerData>
  <formData>
    <isAmendment>N</isAmendment>
    <previousAccessionNumber>0000094403-25-000127</previousAccessionNumber>
    <isIndividual>N</isIndividual>
    <applicantName>
      <com:firstName>Martin</com:firstName>
      <com:middleName>J</com:middleName>
      <com:lastName>Ghafoori</com:lastName>
    </applicantName>
    <applicantCrdNum>5017783</applicantCrdNum>
    <hasMoreThanOneAdvisoryFirms>N</hasMoreThanOneAdvisoryFirms>
    <noOfAdvisoryFirms>1</noOfAdvisoryFirms>
    <municipalAdvisorOffices>
      <municipalAdvisorOffice>
        <municipalFirm>
          <municipalFiler>
            <filerId>0000094403</filerId>
          </municipalFiler>
          <municipalFirmName>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</municipalFirmName>
          <recentEmploymentCommencedDate>06-02-2008</recentEmploymentCommencedDate>
          <isIndependentRelatioship>N</isIndependentRelatioship>
        </municipalFirm>
        <maRegistration>
          <notSecRegistered>
            <hasFiled>
              <filingDate>09-26-2014</filingDate>
              <cik>0000094403</cik>
            </hasFiled>
          </notSecRegistered>
        </maRegistration>
        <advisorOffices>
          <advisorOffice>
            <locationInfo>LOCATED</locationInfo>
            <startDate>06-02-2008</startDate>
            <addressInfo>
              <com:address>
                <com1:street1>501 NORTH BROADWAY</com1:street1>
                <com1:city>ST. LOUIS</com1:city>
                <com1:stateOrCountry>MO</com1:stateOrCountry>
                <com1:zipCode>63102</com1:zipCode>
              </com:address>
            </addressInfo>
          </advisorOffice>
        </advisorOffices>
      </municipalAdvisorOffice>
    </municipalAdvisorOffices>
    <residentialHistory>
      
    </residentialHistory>
    <employmentHistory>
      <currentEmployer>
        <startDate>06-2008</startDate>
        <name>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</name>
        <addressInfo>
          <city>St. Louis</city>
          <stateOrCountry>
            <com1:stateOrCountry>MO</com1:stateOrCountry>
          </stateOrCountry>
          <zipCode>63102</zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>Y</isRelatedToInvestment>
        <positionDescription>Managing Director</positionDescription>
      </currentEmployer>
      <priorEmployers>
        <priorEmployer>
          <startDate>11-2007</startDate>
          <endDate>06-2008</endDate>
          <name>WACHOVIA CAPITAL MARKETS, LLC</name>
          <addressInfo>
            <city>St. Louis</city>
            <stateOrCountry>
              <com1:stateOrCountry>MO</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>63103</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>Investment Banking</positionDescription>
        </priorEmployer>
        <priorEmployer>
          <startDate>08-2005</startDate>
          <endDate>11-2007</endDate>
          <name>A. G. EDWARDS &amp; SONS, INC.</name>
          <addressInfo>
            <city>St. Louis</city>
            <stateOrCountry>
              <com1:stateOrCountry>MO</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>63103</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>Investment Banking Analyst</positionDescription>
        </priorEmployer>
        <priorEmployer>
          <startDate>02-2001</startDate>
          <endDate>08-2005</endDate>
          <name>Ghafoori Mortgage Company</name>
          <addressInfo>
            <city>St. Charles</city>
            <stateOrCountry>
              <com1:stateOrCountry>MO</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>63301</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>N</isRelatedToInvestment>
          <positionDescription>Branch Manager</positionDescription>
        </priorEmployer>
      </priorEmployers>
    </employmentHistory>
    <isEngagedInOtherBusiness>Y</isEngagedInOtherBusiness>
    <otherBusinesses>
      <otherBusiness>
        <startDate>06-2018</startDate>
        <name>Missouri Municipal League's Finance and Taxation Policy Committee</name>
        <addressInfo>
          <com1:street1>1727 Southridge Drive</com1:street1>
          <com1:city>Jefferson City</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>65109</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>Volunteering time to work with other Municipal Client Leaders to develop The Missouri Municipal Policy for the MML.</natureOfBusiness>
        <positionDescription>Member of the League's Finance and Taxation Policy Committee</positionDescription>
        <approximateHoursOrMonths>16</approximateHoursOrMonths>
        <dutiesDescription>Propose and develop The Missouri Municipal Policy for the League's member municipalities</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>10-2025</startDate>
        <name>Wentzville School District Foundation</name>
        <addressInfo>
          <com1:street1>280 Interstate Drive</com1:street1>
          <com1:city>Wentzville</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>63385</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>The Foundation raises money to support teachers and students in the Wentzville School District; </natureOfBusiness>
        <positionDescription>Vice President of the Board</positionDescription>
        <approximateHoursOrMonths>3</approximateHoursOrMonths>
        <dutiesDescription>The Vice President is in charge of the by-laws of the organization and steps in to assist the President, when absent</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>07-2012</startDate>
        <name>Wentzville School District Foundation</name>
        <addressInfo>
          <com1:street1>280 Interstate Drive</com1:street1>
          <com1:city>Wentzville</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>63385</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>The Foundation raises money to support teachers and students in the Wentzville School District.</natureOfBusiness>
        <positionDescription>Director</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription>Participate in meetings of the organization and provide input</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>08-2021</startDate>
        <name>St. Charles County Municipal League - Legislative Committee</name>
        <addressInfo>
          <com1:street1>5323 Highway N</com1:street1>
          <com1:city>COTTLEVILLE</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>63338</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>St. Charles County Municipal League is comprised of all elected officials of St. Charles County Missouri.</natureOfBusiness>
        <positionDescription>Legislative Committee Member</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription>Meet with other members three to four times per year and perhaps go to Jefferson City to discuss legislative issues that may impact municipalities.</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>02-2022</startDate>
        <name>The BackStoppers Inc. of St. Charles County</name>
        <addressInfo>
          <com1:street1>10411 Clayton Rd</com1:street1>
          <com1:city>St. Louis</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>63131</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>Helping to raise funds for police and fire entities and furthering Stifel's brand</natureOfBusiness>
        <positionDescription>Board Member</positionDescription>
        <approximateHoursOrMonths>2</approximateHoursOrMonths>
        <dutiesDescription>Assist with fundraising duties and increasing awareness of the organization</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>06-2024</startDate>
        <name>St. Charles County Municipal League #159</name>
        <addressInfo>
          <com1:street1>5323 Highway N</com1:street1>
          <com1:city>Cottleville</com1:city>
          <com1:stateOrCountry>MO</com1:stateOrCountry>
          <com1:zipCode>63338</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>They assist St. Charles County municipalities by keeping them apprised of relevant local happenings and legislative issues</natureOfBusiness>
        <positionDescription>Finance Committee Member</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription>Assist with setting the budget for the year</dutiesDescription>
      </otherBusiness>
    </otherBusinesses>
    <disclosureQuestions>
      <criminalDisclosure>
        <criminalDisclosureCommonQuestion>
          <com:isConvictedOfFelony>N</com:isConvictedOfFelony>
          <com:isChargedWithFelony>N</com:isChargedWithFelony>
          <com:isOrgConvictedOfFelony>N</com:isOrgConvictedOfFelony>
          <com:isOrgChargedWithFelony>N</com:isOrgChargedWithFelony>
        </criminalDisclosureCommonQuestion>
        <isConvictedOfMisdemeanor>N</isConvictedOfMisdemeanor>
        <isChargedWithMisdemeanor>N</isChargedWithMisdemeanor>
        <isOrgConvictedOfMisdemeanor>N</isOrgConvictedOfMisdemeanor>
        <isOrgChargedWithMisdemeanor>N</isOrgChargedWithMisdemeanor>
      </criminalDisclosure>
      <regulatoryDisclosure>
        <regulatoryDisclosureCommonQuestion>
          <com:isMadeFalseStatement>N</com:isMadeFalseStatement>
          <com:isViolatedRegulation>N</com:isViolatedRegulation>
          <com:isCauseOfDenial>N</com:isCauseOfDenial>
          <com:isOrderAgainst>N</com:isOrderAgainst>
          <com:isImposedPenalty>N</com:isImposedPenalty>
          <com:isUnEthical>N</com:isUnEthical>
          <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
          <com:isFoundInCauseOfDenial>N</com:isFoundInCauseOfDenial>
          <com:isOrderAgainstActivity>N</com:isOrderAgainstActivity>
          <com:isDeniedLicense>N</com:isDeniedLicense>
          <com:isFoundMadeFalseStatement>N</com:isFoundMadeFalseStatement>
          <com:isFoundInViolationOfRules>N</com:isFoundInViolationOfRules>
          <com:isFoundInCauseOfSuspension>N</com:isFoundInCauseOfSuspension>
          <com:isDiscipliend>N</com:isDiscipliend>
          <com:isAuthorizedToActAttorney>N</com:isAuthorizedToActAttorney>
          <com:isRegulatoryComplaint>N</com:isRegulatoryComplaint>
        </regulatoryDisclosureCommonQuestion>
        <isViolatedSecurityAct>N</isViolatedSecurityAct>
        <isWillFullyAided>N</isWillFullyAided>
        <isFailedToSupervise>N</isFailedToSupervise>
        <isFoundWillFullyAided>N</isFoundWillFullyAided>
        <isAssociationBared>N</isAssociationBared>
        <isFinalOrder>N</isFinalOrder>
        <isWillFullyViolatedSecurityAct>N</isWillFullyViolatedSecurityAct>
        <isFailedResonably>N</isFailedResonably>
      </regulatoryDisclosure>
      <investigationDisclosure>
        <isInvestigated>N</isInvestigated>
      </investigationDisclosure>
      <civilDisclosure>
        <com:isEnjoined>N</com:isEnjoined>
        <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
        <com:isDismissed>N</com:isDismissed>
        <com:isNamedInCivilProceeding>N</com:isNamedInCivilProceeding>
      </civilDisclosure>
      <complaintDisclosure>
        <isComplaintPending>N</isComplaintPending>
        <isComplaintSettled>N</isComplaintSettled>
        <isFraudCasePending>N</isFraudCasePending>
        <isFraudCaseResultedAward>N</isFraudCaseResultedAward>
        <isFraudCaseSettled>N</isFraudCaseSettled>
      </complaintDisclosure>
      <terminationDisclosure>
        <isViloatedIndustryStandard>N</isViloatedIndustryStandard>
        <isInvolvedInFraud>N</isInvolvedInFraud>
        <isFailedToSupervise>N</isFailedToSupervise>
      </terminationDisclosure>
      <financialDisclosure>
        <isCompromised>N</isCompromised>
        <isBankruptcyPetition>N</isBankruptcyPetition>
        <isTrusteeApointed>N</isTrusteeApointed>
        <isBondRevoked>N</isBondRevoked>
      </financialDisclosure>
      <judgmentLienDisclosure>
        <isLienAgainst>N</isLienAgainst>
      </judgmentLienDisclosure>
    </disclosureQuestions>
    <signatureInfo>
      <com:signature>
        <com:dateSigned>06-01-2026</com:dateSigned>
        <com:signature>Matthew Wilhelm</com:signature>
        <com:title>Compliance Manager, Licensing and Registration</com:title>
      </com:signature>
    </signatureInfo>
  </formData>
</edgarSubmission>
