Oppenheimer (OPY)
Market Price (6/27/2026): $105.38 | Market Cap: $1.1 BilSector: Financials | Industry: Diversified Capital Markets
Oppenheimer (OPY)
Market Price (6/27/2026): $105.38Market Cap: $1.1 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 7.8% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% Key risksOPY key risks include [1] a documented history of regulatory and legal scrutiny and [2] volatile cash flow combined with notable financial leverage. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 7.8% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Key risksOPY key risks include [1] a documented history of regulatory and legal scrutiny and [2] volatile cash flow combined with notable financial leverage. |
Qualitative Assessment
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Oppenheimer (OPY) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. Oppenheimer's robust financial performance in fiscal Q4 2025 and strong adjusted results in fiscal Q1 2026 drove investor confidence. The company reported net income of $74.4 million, or $7.08 basic earnings per share, and revenue of $472.6 million for fiscal Q4 2025, representing a 593.1% and 25.9% increase year-over-year, respectively. This strong momentum carried into fiscal Q1 2026, when Oppenheimer reported a 21.0% year-over-year increase in revenue to $445.1 million. Despite a reported net loss in fiscal Q1 2026 due to a $70 million legal accrual and $22.3 million in stock appreciation rights expense, the adjusted net income, a non-GAAP measure reflecting core operating performance, surged by 65.9% year-over-year to $47.5 million, or $4.46 adjusted basic earnings per share.
2. Significant growth in key business segments and Assets Under Management (AUM) contributed to revenue expansion. Higher investment banking fees, increased transaction-based commissions, and greater advisory fees were primary drivers of the revenue increase in fiscal Q1 2026. Specifically, the Capital Markets segment saw its revenue rise by 53.4% compared to the prior year, generating a pre-tax income of $35.4 million, a notable improvement from a pre-tax loss of $5.1 million in the year-ago period. Furthermore, Assets Under Management (AUM) increased by $5.2 billion year-over-year to reach $54.1 billion as of March 31, 2026, largely attributed to market appreciation.
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Oppenheimer (OPY) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. Oppenheimer's robust financial performance in fiscal Q4 2025 and strong adjusted results in fiscal Q1 2026 drove investor confidence. The company reported net income of $74.4 million, or $7.08 basic earnings per share, and revenue of $472.6 million for fiscal Q4 2025, representing a 593.1% and 25.9% increase year-over-year, respectively. This strong momentum carried into fiscal Q1 2026, when Oppenheimer reported a 21.0% year-over-year increase in revenue to $445.1 million. Despite a reported net loss in fiscal Q1 2026 due to a $70 million legal accrual and $22.3 million in stock appreciation rights expense, the adjusted net income, a non-GAAP measure reflecting core operating performance, surged by 65.9% year-over-year to $47.5 million, or $4.46 adjusted basic earnings per share.
2. Significant growth in key business segments and Assets Under Management (AUM) contributed to revenue expansion. Higher investment banking fees, increased transaction-based commissions, and greater advisory fees were primary drivers of the revenue increase in fiscal Q1 2026. Specifically, the Capital Markets segment saw its revenue rise by 53.4% compared to the prior year, generating a pre-tax income of $35.4 million, a notable improvement from a pre-tax loss of $5.1 million in the year-ago period. Furthermore, Assets Under Management (AUM) increased by $5.2 billion year-over-year to reach $54.1 billion as of March 31, 2026, largely attributed to market appreciation.
3. The increase in the quarterly dividend signaled strong management confidence and enhanced shareholder returns. Effective for fiscal Q1 2026, Oppenheimer's Board of Directors announced an 11.1% increase in the quarterly dividend, raising it to $0.20 per share. This decision indicates a positive outlook from management on the company's financial health and ability to generate consistent returns for its shareholders.
4. A favorable macroeconomic environment and Oppenheimer's own bullish market outlook bolstered investor sentiment. The company's fiscal Q4 2025 results benefited from a generally favorable macroeconomic environment, including a sustained rise in equity markets and robust corporate earnings, with particular interest in artificial intelligence platforms boosting equity markets. Additionally, Oppenheimer itself issued a highly optimistic S&P 500 target for 2026 in December 2025, predicting the index could reach 8100 due to a strong U.S. economy and ongoing corporate profit growth, which likely instilled broader confidence in the financial sector, including its own stock. The US-Iran ceasefire agreement in late February 2026 also contributed to a rally in US stocks and a fall in crude oil prices, further improving overall market sentiment.
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Stock Movement Drivers
Fundamental Drivers
The 22.1% change in OPY stock from 2/28/2026 to 6/26/2026 was primarily driven by a 88.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.11 | 105.12 | 22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,638 | 1,715 | 4.7% |
| Net Income Margin (%) | 9.1% | 5.7% | -37.5% |
| P/E Multiple | 6.1 | 11.5 | 88.9% |
| Shares Outstanding (Mil) | 11 | 11 | -1.3% |
| Cumulative Contribution | 22.1% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| OPY | 22.1% | |
| Market (SPY) | 6.6% | 31.5% |
| Sector (XLF) | 4.7% | 51.7% |
Fundamental Drivers
The 57.2% change in OPY stock from 11/30/2025 to 6/26/2026 was primarily driven by a 38.8% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.85 | 105.12 | 57.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,541 | 1,715 | 11.3% |
| Net Income Margin (%) | 5.5% | 5.7% | 3.0% |
| P/E Multiple | 8.3 | 11.5 | 38.8% |
| Shares Outstanding (Mil) | 11 | 11 | -1.2% |
| Cumulative Contribution | 57.2% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| OPY | 57.2% | |
| Market (SPY) | 7.3% | 29.1% |
| Sector (XLF) | 1.3% | 50.1% |
Fundamental Drivers
The 64.7% change in OPY stock from 5/31/2025 to 6/26/2026 was primarily driven by a 31.3% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.83 | 105.12 | 64.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,447 | 1,715 | 18.5% |
| Net Income Margin (%) | 5.3% | 5.7% | 7.6% |
| P/E Multiple | 8.8 | 11.5 | 31.3% |
| Shares Outstanding (Mil) | 10 | 11 | -1.7% |
| Cumulative Contribution | 64.7% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| OPY | 64.7% | |
| Market (SPY) | 25.1% | 33.7% |
| Sector (XLF) | 6.7% | 54.6% |
Fundamental Drivers
The 181.9% change in OPY stock from 5/31/2023 to 6/26/2026 was primarily driven by a 75.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.28 | 105.12 | 181.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,167 | 1,715 | 47.0% |
| Net Income Margin (%) | 3.2% | 5.7% | 75.4% |
| P/E Multiple | 11.0 | 11.5 | 4.9% |
| Shares Outstanding (Mil) | 11 | 11 | 4.2% |
| Cumulative Contribution | 181.9% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| OPY | 181.9% | |
| Market (SPY) | 81.3% | 43.1% |
| Sector (XLF) | 77.0% | 51.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OPY Return | 53% | -7% | -1% | 57% | 16% | 46% | 273% |
| Peers Return | 60% | -1% | 20% | 63% | 6% | -12% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| OPY Win Rate | 58% | 67% | 58% | 83% | 50% | 83% | |
| Peers Win Rate | 70% | 47% | 57% | 75% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OPY Max Drawdown | -25% | -41% | -30% | -18% | -29% | -21% | |
| Peers Max Drawdown | -15% | -33% | -25% | -18% | -34% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SF, RJF, JEF, LPLA, PIPR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | OPY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.8% | -18.8% |
| % Gain to Breakeven | 26.2% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.2% | -9.5% |
| % Gain to Breakeven | 22.2% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.8% | -6.7% |
| % Gain to Breakeven | 29.6% | 7.1% |
| Time to Breakeven | 377 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.9% | -24.5% |
| % Gain to Breakeven | 61.1% | 32.4% |
| Time to Breakeven | 98 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.4% | -33.7% |
| % Gain to Breakeven | 83.3% | 50.9% |
| Time to Breakeven | 223 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.2% | 23.8% |
| Time to Breakeven | 268 days | 105 days |
In The Past
Oppenheimer's stock fell -20.8% during the 2025 US Tariff Shock. Such a loss loss requires a 26.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | OPY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.8% | -18.8% |
| % Gain to Breakeven | 26.2% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.8% | -6.7% |
| % Gain to Breakeven | 29.6% | 7.1% |
| Time to Breakeven | 377 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.9% | -24.5% |
| % Gain to Breakeven | 61.1% | 32.4% |
| Time to Breakeven | 98 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.4% | -33.7% |
| % Gain to Breakeven | 83.3% | 50.9% |
| Time to Breakeven | 223 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.2% | 23.8% |
| Time to Breakeven | 268 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.3% | -12.2% |
| % Gain to Breakeven | 52.3% | 13.9% |
| Time to Breakeven | 638 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -41.6% | -6.8% |
| % Gain to Breakeven | 71.2% | 7.3% |
| Time to Breakeven | 644 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -47.6% | -17.9% |
| % Gain to Breakeven | 91.0% | 21.8% |
| Time to Breakeven | 878 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.4% | -53.4% |
| % Gain to Breakeven | 501.0% | 114.4% |
| Time to Breakeven | 3440 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -34.0% | -8.6% |
| % Gain to Breakeven | 51.5% | 9.5% |
| Time to Breakeven | 4925 days | 47 days |
In The Past
Oppenheimer's stock fell -20.8% during the 2025 US Tariff Shock. Such a loss loss requires a 26.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Oppenheimer (OPY)
Oppenheimer Holdings Inc. (OPY) operates as a middle-market investment bank and a comprehensive full-service broker-dealer with a global presence across the Americas, Europe, the Middle East, and Asia. The company primarily focuses on providing a wide array of financial services to various clients.
Its core offerings include brokerage services for a diverse range of securities like equities, debt, options, and mutual funds, alongside financial and wealth planning. Oppenheimer also provides robust asset management services, managing accounts and offering advisory for individual and institutional portfolios. Furthermore, it delivers investment banking solutions such as strategic advisory, mergers and acquisitions, and capital markets products for equity and debt. The firm is also active in institutional equity and fixed income sales, trading, and research, as well as underwriting and market-making activities.
Oppenheimer serves a broad client base, catering to high-net-worth individuals and families seeking wealth management, as well as corporate executives. On the institutional side, its customers include public and private businesses, corporations, governments, financial sponsors, and both domestic and international investors, utilizing its expertise in investment banking, institutional trading, and public finance.
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Here are 1-3 brief analogies for Oppenheimer (OPY):
- Morgan Stanley or Merrill Lynch, but focused on middle-market companies and affluent individuals.
- A blend of Charles Schwab's wealth management and Evercore's investment banking services.
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- Brokerage Services: Facilitates client trading of various exchange-traded and over-the-counter securities.
- Financial & Wealth Planning Services: Provides advisory services to individuals and families for financial and wealth management.
- Margin Lending Services: Offers loans to clients using their investment portfolios as collateral.
- Asset Management Services: Manages investment portfolios for clients across different account types and strategies.
- Investment Banking Services: Offers strategic advisory, mergers & acquisitions, and capital markets products for corporate clients.
- Institutional Equity Services: Provides sales, trading, and research for equity-related products to institutional investors.
- Institutional Fixed Income Services: Delivers sales, trading, and research for fixed income products, including public finance, to institutional clients.
- Underwriting & Market-Making: Facilitates the issuance of new securities and maintains liquidity in financial markets.
- Repurchase Agreements & Securities Lending: Engages in short-term borrowing and lending of securities.
- Proprietary Trading & Investments: Conducts trading and investment activities for the firm's own capital.
- Trust Services: Offers fiduciary management and administration of client assets.
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- High-Net-Worth Individuals and Families, and Corporate Executives: These individual clients utilize Oppenheimer's brokerage services, financial and wealth planning, and various asset management programs.
- Public and Private Businesses, Institutions and Corporations, and Financial Sponsors: This broad category of corporate and institutional clients engages Oppenheimer for investment banking services (including M&A, capital markets products), institutional equity and fixed income sales and trading, and asset management strategies.
- Governments: Public sector entities are served by Oppenheimer's public finance and municipal trading services.
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Robert S. Lowenthal, President and Chief Executive Officer
Robert S. Lowenthal was appointed Chief Executive Officer and President of Oppenheimer Holdings Inc. and Oppenheimer & Co. Inc. effective May 5, 2025. He joined Oppenheimer in 1999 and has held various leadership positions within the firm, including President since 2021 and Head of Investment Banking since 2016. Earlier in his career at Oppenheimer, he served as Global Head of Fixed Income and as Senior Vice President and Chief Information Officer. Mr. Lowenthal holds a Bachelor of Science in Business Administration (BSBA) from Washington University in St. Louis and an MBA from Columbia Business School. He is the son of Albert G. Lowenthal, the former Chairman and CEO who led the firm for four decades.
Brad M. Watkins, Executive Vice President and Chief Financial Officer
Brad M. Watkins became the Executive Vice President and Chief Financial Officer of Oppenheimer Holdings Inc. and Oppenheimer & Co. Inc. on August 1, 2022. Prior to joining Oppenheimer, he spent approximately 19 years at KPMG, where he was made a partner in 2015. Mr. Watkins possesses extensive expertise in U.S. GAAP/IFRS, SEC reporting, and broker-dealer regulatory compliance. He is a Certified Public Accountant (CPA) and earned a B.S. in Accounting from NYU Stern in 2003.
Leon, Executive Vice President and Chief Operations Officer
Leon was appointed Executive Vice President and Chief Operations Officer in April 2020. He began his career in the financial services industry in 1986 and has been with Oppenheimer since 1987. He is responsible for home office Operations and is a member of the Oppenheimer Management Committee, as well as the Risk Management, New Products, and Surveillance Oversight committees.
Dennis McNamara, Executive Vice President and General Counsel
Dennis McNamara serves as the Executive Vice President and General Counsel of Oppenheimer & Co. Inc. He started at the firm in an unspecified role.
Joan Khoury, Senior Managing Director and Chief Marketing Officer
Joan Khoury holds the position of Senior Managing Director and Chief Marketing Officer of Oppenheimer & Co. Inc. She started at the firm in an unspecified role.
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- Market Volatility and Economic Downturns: As a financial services firm, Oppenheimer's revenue streams, particularly from investment banking, brokerage, and asset management, are highly susceptible to fluctuations in capital markets, interest rates, and overall economic conditions. Economic downturns, reduced investor confidence, and market corrections can lead to decreased transaction volumes, lower asset valuations, and reduced profitability. For instance, interest rate changes can impact net interest income and influence client behavior, such as moving cash from lower-yield deposit programs to higher-yielding money market funds, directly affecting revenue.
- Regulatory and Compliance Risks: Oppenheimer operates within a heavily regulated global financial landscape. Changes in regulations, increased scrutiny, or failure to comply with existing rules across various jurisdictions (e.g., related to cybersecurity, privacy, anti-money laundering, or fiduciary duties) pose significant risks. Non-compliance can result in substantial fines, reputational damage, and restrictions on business activities, leading to increased non-compensation expenses.
- Intense Competition and Talent Retention: The investment banking and wealth management sectors are highly competitive. Oppenheimer, as a middle-market firm, faces significant pressure from larger, more scaled full-service firms, specialized boutiques, commercial banks, and fintech companies offering online investment services. This competitive landscape, coupled with Oppenheimer's relatively smaller scale, can lead to compressed profit margins and challenges in attracting and retaining skilled financial advisors, investment bankers, and traders, who are crucial to its business.
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Oppenheimer (OPY) faces clear emerging threats from two primary areas:
- Digital-first, Low-Cost Brokerage and Wealth Management Platforms: The rise of commission-free trading platforms and sophisticated robo-advisors directly threatens Oppenheimer's traditional brokerage services and parts of its asset management and wealth planning businesses. These platforms offer significantly lower costs, often zero commissions, and increased accessibility for a broad range of investors, putting downward pressure on fees and potentially diverting clients, especially those with less complex needs or smaller portfolios, from full-service broker-dealers. This disruption mirrors how online services and digital alternatives have eroded market share from traditional brick-and-mortar businesses.
- Evolution of Capital Markets Towards Alternative Fundraising Methods: The increasing prevalence of direct listings, special purpose acquisition companies (SPACs, although their recent boom has subsided, the underlying trend for alternative financing persists), and other non-traditional paths for companies to raise capital or go public poses a threat to Oppenheimer's investment banking services, particularly its equity capital markets and underwriting revenue streams. As companies explore options that bypass traditional underwriting processes, the demand for conventional investment banking advisory and capital placement services could be reduced.
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Oppenheimer Holdings Inc. (OPY) operates in several significant financial markets. The addressable markets for its main products and services, primarily in the Americas, Europe, the Middle East, and Asia, can be broadly categorized as follows:
Wealth Management Services
The global wealth management market was valued at approximately USD 1.83 trillion in 2024 and is projected to grow to USD 5.95 trillion by 2033, exhibiting a compound annual growth rate (CAGR) of 14% during the forecast period. North America holds a significant share of this market, with its wealth management services market alone projected to reach a valuation of approximately USD 3.5 trillion by 2033.
Asset Management Services
The global asset management market size, in terms of revenue, was valued at USD 469 billion in 2024 and is projected to reach USD 6 trillion by 2034, growing at a CAGR of 29.9% between 2025 and 2034. North America accounted for the largest revenue share in the asset management market in 2023. Furthermore, the global asset management industry's total assets under management (AuM) reached a record-breaking $128 trillion in 2024.
Investment Banking & Trading Services
The global investment banking and trading services market was valued at USD 397.11 billion in 2024 and is projected to reach USD 765.98 billion by 2034, with a CAGR of 6.79% from 2025 to 2034. North America dominated the global investment banking and trading services market with the largest share in 2024.
Securities Brokerage Services (U.S.)
The United States securities brokerage market was valued at USD 201.07 billion in 2024 and is expected to reach USD 252.58 billion by 2030, growing at a CAGR of 3.93%. North America is the largest market for securities brokerage, with the U.S. alone accounting for approximately 70% of the market share.
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Oppenheimer Holdings Inc. (OPY) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Continued robust performance in Capital Markets: The company anticipates sustained strong growth within its Capital Markets segment, largely propelled by increased investment banking activity. This includes strategic advisory services, mergers and acquisitions (M&A), and capital markets products such as equity and debt underwriting, benefiting from a more favorable market environment and lower cost of capital.
- Growth in Wealth Management driven by Assets Under Management (AUM) and advisory fees: Oppenheimer's Wealth Management segment is projected to expand by increasing its Assets Under Management (AUM) and consequently, advisory fees. This growth is further supported by higher billable AUM and an increase in incentive fees from alternative investments.
- Increased retail commissions and trading activity: Within the Wealth Management segment, growth is also expected from higher retail transaction volumes, leading to increased retail commissions.
- Strategic initiatives and capitalizing on market opportunities: The firm's financial health and future growth capacity are reinforced by strategic investments and its ability to leverage broader market opportunities. This includes a bullish outlook on the U.S. economy and equity markets for the coming years, which typically fosters increased activity across its core financial services.
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Share Repurchases
- Oppenheimer's Board of Directors approved a share repurchase program on March 4, 2024, authorizing the purchase of up to 518,000 shares of its Class A non-voting common stock, supplementing the 120,155 shares remaining from a previous program for a total of 638,155 authorized shares.
- For the full year 2025, the firm repurchased 46,292 shares at an average price of $64.36.
- In 2021, Oppenheimer repurchased 177,192 shares for $7.7 million, at an average price of $43.67 per share.
Share Issuance
- In February 2026, Oppenheimer directors received 1,400 restricted Class A shares each under the Oppenheimer Holdings Inc. 2024 Incentive Plan, granted at $0.00 per share.
Outbound Investments
- Oppenheimer Principal Investments LLC (OPI) was established in December 2020 with the purpose of deploying Company capital into successful private market investments.
- Oppenheimer's Investment Banking group continued its collaboration by launching the fourth successful Private Market Opportunity Investment in 2022.
Capital Expenditures
- Non-compensation expenses in 2025 saw increases primarily due to higher technology and underwriting-related expenditures.
- The company continued to invest in its platform and made key hires to expand sector expertise and enhance coverage in 2025.
- In 2025, investments increased across sectors such as healthcare, energy, defense, infrastructure, and communications, driven by the replacement of aging physical assets, demographic changes, and evolving security and energy needs.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Oppenheimer Earnings Notes | 12/16/2025 | |
| Oppenheimer Total Shareholder Return (TSR): 58.3% in 2024 and 14.5% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Oppenheimer (OPY) Operating Cash Flow Comparison | 02/17/2025 | |
| Oppenheimer (OPY) Net Income Comparison | 02/16/2025 | |
| Oppenheimer (OPY) Operating Income Comparison | 02/15/2025 | |
| Oppenheimer (OPY) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 90.63 |
| Mkt Cap | 10.7 |
| Rev LTM | 8,455 |
| Op Inc LTM | 1,635 |
| FCF LTM | 282 |
| FCF 3Y Avg | 160 |
| CFO LTM | 296 |
| CFO 3Y Avg | 327 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.2% |
| Rev Chg 3Y Avg | 14.2% |
| Rev Chg Q | 19.6% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | -0.2% |
| Op Inc Chg 3Y Avg | 22.3% |
| Op Mgn LTM | 25.3% |
| Op Mgn 3Y Avg | 23.4% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 11.3% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 10.4% |
| FCF/Rev 3Y Avg | 5.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Wealth Management | 1,035 | 972 | 890 | ||
| Capital markets | 591 | 448 | 346 | 338 | 626 |
| Corporate/Other | 11 | 13 | 13 | -2 | -1 |
| Asset management | 99 | 105 | |||
| Private client | 676 | 665 | |||
| Total | 1,638 | 1,432 | 1,249 | 1,111 | 1,394 |
| $ Mil | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Private Client | 64 | 84 | 52 | 27 | 20 |
| Asset Management | 12 | 17 | 4 | 5 | 1 |
| Other | -19 | -1 | 13 | -1 | 2 |
| Capital Markets | -94 | 27 | 12 | 11 | 16 |
| Total | -36 | 127 | 80 | 42 | 38 |
Price Behavior
| Market Price | $105.12 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 08/16/1993 | |
| Distance from 52W High | -9.1% | |
| 50 Days | 200 Days | |
| DMA Price | $101.74 | $83.47 |
| DMA Trend | up | up |
| Distance from DMA | 3.3% | 25.9% |
| 3M | 1YR | |
| Volatility | 46.9% | 36.7% |
| Downside Capture | 125.85 | 85.47 |
| Upside Capture | 129.73 | 125.71 |
| Correlation (SPY) | 29.5% | 33.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.22 | 1.47 | 0.99 | 0.95 | 1.02 | 0.89 |
| Up Beta | 1.16 | 1.31 | 0.68 | 0.78 | 1.06 | 0.79 |
| Down Beta | -0.02 | -0.02 | 0.46 | 0.88 | 0.98 | 0.96 |
| Up Capture | -85% | 95% | 114% | 140% | 113% | 98% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 25 | 37 | 67 | 134 | 397 |
| Down Capture | 499% | 327% | 137% | 78% | 96% | 95% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 16 | 26 | 57 | 116 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OPY | |
|---|---|---|---|---|
| OPY | 63.2% | 36.7% | 1.40 | - |
| Sector ETF (XLF) | 5.5% | 14.5% | 0.15 | 55.0% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 33.7% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | -7.0% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -12.8% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 26.8% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 20.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OPY | |
|---|---|---|---|---|
| OPY | 19.0% | 32.8% | 0.58 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 52.0% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 44.1% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | -3.5% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 6.7% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 34.7% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OPY | |
|---|---|---|---|---|
| OPY | 24.0% | 35.3% | 0.71 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.55 | 61.4% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 52.7% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | -3.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 16.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 45.1% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/1/2026 | -6.7% | -17.0% | -16.4% |
| 1/30/2026 | 10.3% | 18.8% | 18.9% |
| 10/31/2025 | 0.7% | -2.4% | -3.0% |
| 8/1/2025 | -3.3% | -6.0% | -4.0% |
| 4/25/2025 | -0.6% | 1.6% | 8.6% |
| 1/31/2025 | -5.1% | -6.4% | -10.1% |
| 10/25/2024 | 11.4% | 16.4% | 26.1% |
| 7/26/2024 | -8.6% | -13.1% | -8.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 12 |
| # Negative | 12 | 12 | 11 |
| Median Positive | 4.7% | 5.5% | 15.4% |
| Median Negative | -2.6% | -4.5% | -4.0% |
| Max Positive | 13.1% | 19.2% | 31.7% |
| Max Negative | -9.9% | -17.0% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/1/2026 | -6.7% | -17.0% | -16.4% |
| 1/30/2026 | 10.3% | 18.8% | 18.9% |
| 10/31/2025 | 0.7% | -2.4% | -3.0% |
| 8/1/2025 | -3.3% | -6.0% | -4.0% |
| 4/25/2025 | -0.6% | 1.6% | 8.6% |
| 1/31/2025 | -5.1% | -6.4% | -10.1% |
| 10/25/2024 | 11.4% | 16.4% | 26.1% |
| 7/26/2024 | -8.6% | -13.1% | -8.9% |
| 4/26/2024 | 4.7% | 3.9% | 16.9% |
| 1/26/2024 | -2.6% | -3.5% | -1.6% |
| 10/27/2023 | -0.2% | 7.5% | 20.7% |
| 7/28/2023 | 0.2% | -5.5% | -4.6% |
| 4/28/2023 | -2.1% | -6.0% | -2.4% |
| 1/27/2023 | -1.5% | -2.6% | -7.7% |
| 10/28/2022 | 4.7% | 15.8% | 30.8% |
| 7/29/2022 | -9.9% | -1.2% | -1.4% |
| 4/29/2022 | -2.6% | -0.6% | 6.8% |
| 1/28/2022 | 0.5% | 2.1% | 5.2% |
| 10/29/2021 | 0.5% | 1.6% | -1.7% |
| 7/29/2021 | 3.8% | 0.6% | 6.8% |
| 4/30/2021 | 7.7% | 5.5% | 5.4% |
| 1/29/2021 | 13.1% | 19.2% | 31.7% |
| 10/29/2020 | -1.4% | -3.4% | 14.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 12 |
| # Negative | 12 | 12 | 11 |
| Median Positive | 4.7% | 5.5% | 15.4% |
| Median Negative | -2.6% | -4.5% | -4.0% |
| Max Positive | 13.1% | 19.2% | 31.7% |
| Max Negative | -9.9% | -17.0% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Insider Activity
Updated 5/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNamara, Dennis P | Secretary | Direct | Sell | 3032026 | 90.67 | 4,673 | 423,701 | 1,829,449 | Form |
| 2 | McNamara, Dennis P | Secretary | Direct | Sell | 8062025 | 73.81 | 2,000 | 147,620 | 1,606,548 | Form |
| 3 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6102025 | 63.31 | 3,500 | 221,578 | 1,076,238 | Form | |
| 4 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6102025 | 63.32 | 3,500 | 221,621 | 1,298,064 | Form | |
| 5 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6092025 | 63.11 | 3,000 | 189,320 | 1,514,556 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNamara, Dennis P | Secretary | Direct | Sell | 3032026 | 90.67 | 4,673 | 423,701 | 1,829,449 | Form |
| 2 | McNamara, Dennis P | Secretary | Direct | Sell | 8062025 | 73.81 | 2,000 | 147,620 | 1,606,548 | Form |
| 3 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6102025 | 63.31 | 3,500 | 221,578 | 1,076,238 | Form | |
| 4 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6102025 | 63.32 | 3,500 | 221,621 | 1,298,064 | Form | |
| 5 | Friedman, Paul M | Paul M. Friedman Living Trust dated 3/5/19 | Sell | 6092025 | 63.11 | 3,000 | 189,320 | 1,514,556 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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