Oppenheimer Holdings (OPY) AI Stock Analysis

• Market Cap: $958.82M
• Dividend Yield: 0.99%
• Average Volume (3M): 42.55K
• Price to Earnings (P/E): 6.6
• Beta (1Y): 0.93
• Revenue Growth: 12.52%
• EPS Growth: 16.53%
• Country: US
• Employees: 2,974
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 6.49
• Shares Outstanding: 10,607,590
• 10 Day Avg. Volume: 57,808
• 30 Day Avg. Volume: 42,551
• PEG Ratio: 0.05
• Price to Book (P/B): 40.90
• Price to Sales (P/S): 0.46
• P/FCF Ratio: 4.02
• Enterprise Value/Market Cap: 2.27
• Enterprise Value/Revenue: 1.33
• Enterprise Value/Gross Profit: 2.54
• Enterprise Value/Ebitda: 6.66
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: $102.00 ▲(50.18% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by improving 2025 financial performance (better margins, ROE, and a cash-flow rebound) and a very attractive valuation (low P/E with a positive dividend yield). Technicals add support via a strong uptrend, while cyclicality/volatile cash conversion and balance-sheet comparability uncertainty temper the overall rating. Positive corporate actions (special dividend and buybacks) modestly strengthen the outlook.

Positive Factors

Improving revenue and margins

Consistent top-line acceleration and materially higher net margins in 2025 indicate stronger structural earnings power across business lines. Sustainable revenue and margin improvement enhances cash generation potential and provides durable buffer against market cycles, supporting longer-term profitability.

Free cash flow recovery

A rebound to free cash flow that covers net income materially improves internal funding capacity for investments, buybacks and dividends. Restored cash conversion increases financial flexibility and reduces reliance on external financing over the medium term, aiding capital allocation discipline.

Diversified capital-markets franchise

A diversified mix across brokerage, advisory, asset management and investment banking provides multiple revenue levers and cross‑sell opportunities. This structural breadth lowers single-channel concentration risk and supports more resilient revenues through shifting market environments.

Negative Factors

Volatile cash conversion

Multi-year swings in operating and free cash flow reduce predictability of capital available for investment or returns. For a capital-markets firm, uneven cash conversion heightens funding and liquidity risk and complicates forecasting of sustainable dividends and buybacks over time.

Balance-sheet comparability issues

Sharp year-to-year changes in assets and debt weaken trend visibility and make leverage and liquidity assessment less reliable. This uncertainty hinders evaluation of structural financial strength and could mask hidden funding needs or one-time balance-sheet adjustments.

Rising operating costs

Sustained increases in compensation and technology spending can compress margins if revenue growth slows. Higher fixed costs reduce operating leverage, making profitability more sensitive to revenue volatility and potentially limiting long-term margin sustainability.

Oppenheimer Holdings Business Overview & Revenue Model

Company Description

Oppenheimer Holdings Inc. (OPY) is a diversified financial services firm that operates through various segments including investment banking, asset management, and brokerage services. The company provides a wide range of financial products and services to institutional and individual clients, including equity and fixed income trading, investment advisory, and wealth management services. With a strong focus on delivering personalized financial solutions, Oppenheimer aims to enhance the financial success and well-being of its clients.

How the Company Makes Money

Oppenheimer Holdings generates revenue through several key streams. Primarily, the company earns money from its brokerage services, which include commissions on trading activities for equities and fixed-income securities. The investment banking segment contributes significantly to its earnings through advisory fees related to mergers and acquisitions, underwriting new securities, and providing capital market services. Additionally, the asset management division generates revenue from management fees based on assets under management (AUM) and performance-based fees. Oppenheimer also benefits from interest income earned on its financing activities and client margin loans. Strategic partnerships with institutional investors and financial organizations further enhance its revenue potential, creating a diverse financial ecosystem that supports sustained earnings growth.

Oppenheimer Holdings Financial Statement Overview

Summary

Fundamentals improved notably in 2025: revenue growth accelerated, net margin rose to ~9.1%, ROE strengthened (~16.1%), and free cash flow rebounded to fully cover net income. Offsetting this, results and cash generation have been cyclical over the period, and the sharp 2025 step-change in balance sheet figures reduces confidence in year-to-year comparability.

Income Statement

Revenue has grown for three straight years (2023–2025), accelerating to 6.3% in 2025. Profitability also improved meaningfully versus 2023–2024, with net margin rising to ~9.1% in 2025 (from ~5.0% in 2024) and stronger operating profitability. However, results have been cyclical across the period (notably the revenue decline in 2022 and much higher net margin in 2021), indicating earnings sensitivity to market conditions.

Balance Sheet

Leverage was moderate through 2020–2024 (debt-to-equity generally ~0.75–0.97), and returns on equity strengthened to ~16.1% in 2025 (up from ~8.4% in 2024). That said, the latest balance sheet shows unusual figures versus prior years (total assets and total debt drop sharply in 2025), which creates uncertainty around year-to-year comparability and reduces confidence in the trend signal.

Cash Flow

Cash generation is volatile: operating and free cash flow were negative in 2023 and 2024, then rebounded sharply in 2025 to strong positive levels (with free cash flow up materially year over year). A key positive is that 2025 free cash flow fully covered net income (about 1.0x), but the multi-year inconsistency in cash conversion increases risk, particularly for a capital-markets business where working capital and trading balances can swing.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.64B	1.43B	1.25B	1.11B	1.39B
Gross Profit	837.87M	468.04M	441.50M	344.55M	484.89M
EBITDA	277.61M	231.03M	152.57M	103.81M	268.62M
Net Income	148.40M	71.56M	30.18M	32.35M	158.96M
Balance Sheet
Total Assets	18.60M	3.38B	2.87B	2.71B	3.04B
Cash, Cash Equivalents and Short-Term Investments	250.00K	33.15M	28.84M	112.43M	213.76M
Total Debt	1.25B	687.59M	593.57M	633.23M	640.79M
Total Liabilities	34.00K	2.53B	2.09B	1.89B	2.09B
Stockholders Equity	18.57M	850.39M	789.17M	794.23M	823.20M
Cash Flow
Free Cash Flow	188.75M	-113.32M	-35.87M	48.18M	219.52M
Operating Cash Flow	188.75M	-108.17M	-18.81M	64.49M	227.79M
Investing Cash Flow	-1.39M	-3.84M	-15.56M	-14.14M	-6.27M
Financing Cash Flow	-182.11M	116.32M	-74.76M	-253.91M	84.58M

Oppenheimer Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 67.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OPY, the sentiment is Positive. The current price of 67.92 is below the 20-day moving average (MA) of 88.50, below the 50-day MA of 80.64, and below the 200-day MA of 71.21, indicating a bullish trend. The MACD of 2.30 indicates Positive momentum. The RSI at 60.29 is Neutral, neither overbought nor oversold. The STOCH value of 61.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OPY.

Oppenheimer Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OPY	76 Outperform	$958.82M	6.62	9.64%	0.99%	12.52%	16.53%
PJT	71 Outperform	$7.19B	22.10	72.74%	0.58%	23.16%	64.04%
EVR	70 Outperform	$12.46B	21.98	31.66%	0.95%	27.00%	63.47%
SF	69 Neutral	$11.70B	18.91	11.72%	1.43%	7.54%	2.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LPLA	60 Neutral	$24.50B	27.52	20.86%	0.32%	35.19%	-18.62%
JEF	57 Neutral	$9.41B	15.68	6.13%	2.52%	-5.41%	25.28%

Oppenheimer Holdings Corporate Events

Oppenheimer Highlights Record 2025 Results and Shareholder Returns

On February 2, 2026, Oppenheimer Holdings Inc. posted an investor presentation outlining strong operating results for the fourth quarter and full year 2025, highlighted by record quarterly revenue of $472.6 million and record full-year revenue of $1.64 billion. For 2025, net income more than doubled year-on-year to $148.4 million, with basic earnings per share rising to $14.13, driven by record high retail commissions, record advisory fees supported by higher billable assets under management and incentive fees, and significantly increased investment banking activity that produced near-record capital markets revenue; these gains pushed stockholders’ equity, book value, and tangible book value per share to new highs. While compensation and non-compensation expenses rose due to higher production, incentive, underwriting, and technology costs, profitability improved substantially, reflected in an effective tax rate decline to 29.9% from 32.6% in 2024, and the company returned capital to shareholders via a $1.00 per share special dividend payable in January 2026 and share repurchases, underscoring a strengthened financial position and competitive standing in wealth management and capital markets.

The most recent analyst rating on (OPY) stock is a Buy with a $92.00 price target. To see the full list of analyst forecasts on Oppenheimer Holdings stock, see the OPY Stock Forecast page.

Oppenheimer Holdings Declares Special Cash Dividend

On December 11, 2025, Oppenheimer Holdings Inc. declared a special cash dividend of $1.00 per share on its Class A and Class B common stock, payable on January 9, 2026, to shareholders recorded by December 26, 2025. This decision, amounting to an aggregate payment of approximately $10.5 million, reflects the company’s improved financial position and aims to reward shareholders for their loyalty, signaling optimism about future growth.

The most recent analyst rating on (OPY) stock is a Hold with a $70.00 price target. To see the full list of analyst forecasts on Oppenheimer Holdings stock, see the OPY Stock Forecast page.