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OPY

Oppenheimer Holdings Inc.

OPY

Oppenheimer Holdings Inc. • NYSE
$68.03 ▲ 0.16% (+0.11)
Market Cap $708.93 M
52w High $79.99
52w Low $49.26
Dividend Yield 0.72%
P/E 9.13
Volume 11.86K
Outstanding Shares 10.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $424.438M ▲ $41.909M ▲ $21.712M ▲ 5.115% ▼ $2.06 $63.599M ▼
Q2-2025 $373.178M ▲ $41.782M ▼ $21.674M ▼ 5.808% ▼ $2.06 ▼ $64.216M ▼
Q1-2025 $367.825M ▼ $42.191M ▲ $30.655M ▲ 8.334% ▲ $2.93 ▲ $72.056M ▲
Q4-2024 $375.417M ▲ $41.749M ▲ $10.729M ▼ 2.858% ▼ $1.04 ▼ $47.835M ▼
Q3-2024 $373.352M $40.842M $24.508M 6.564% $2.37 $68.879M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $38.288M ▲ $3.818B ▲ $2.898B ▲ $920.274M ▲
Q2-2025 $37.618M ▲ $3.687B ▲ $2.79B ▲ $896.858M ▲
Q1-2025 $36.696M ▲ $3.572B ▲ $2.7B ▲ $872.266M ▲
Q4-2024 $33.15M ▲ $3.383B ▲ $2.532B ▲ $850.395M ▲
Q3-2024 $32.242M $3.367B $2.529B $837.838M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $21.712M ▲ $63.423M ▲ $641K ▲ $-63.394M ▼ $670K ▼ $62.217M ▲
Q2-2025 $-30.655M ▼ $40.069M ▲ $-900K ▼ $-38.247M ▼ $922K ▼ $38.942M ▲
Q1-2025 $30.655M ▲ $-91.74M ▼ $-359K ▲ $95.645M ▲ $3.546M ▲ $-93.421M ▼
Q4-2024 $10.729M ▼ $74.712M ▲ $-4.294M ▼ $-69.51M ▼ $908K ▲ $71.451M ▲
Q3-2024 $24.508M $11.434M $1.87M $-14.276M $-972K $11.214M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advisory Fees
Advisory Fees
 $130.00M ▲$130.00M ▲$130.00M ▲$130.00M ▲
Investment Banking Advisory
Investment Banking Advisory
 $30.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲
Investment Banking Capital Markets
Investment Banking Capital Markets
 $10.00M ▲$20.00M ▲$20.00M ▲$60.00M ▲
Other
Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past several years and recently hit its strongest level in this period, which is a positive sign for client activity and fee generation. However, profits have been much more uneven: earnings spiked during the unusually strong markets a few years ago, then settled back to more modest levels even as revenue continued to grow. This pattern suggests that Oppenheimer is benefiting from solid top-line growth, but margins are under pressure from compensation, technology spend, and other operating costs. Overall, it looks like a healthy but cyclical earnings profile, typical of a capital markets and wealth management firm, with results that can swing meaningfully with market conditions and deal flow.

Balance Sheet

Balance Sheet The balance sheet shows a gradual build in total assets and a slow but steady strengthening of shareholders’ equity, both of which point to measured growth rather than aggressive expansion. Debt has moved around over time and remains a meaningful part of the funding mix, but not in a way that looks extreme for a broker–dealer and capital markets business. Cash on hand is relatively lean compared with total assets, which is common in this industry where client balances and securities holdings dominate the balance sheet. In short, Oppenheimer appears to be running a fairly traditional, moderately leveraged balance sheet for its sector, with an equity base that has improved over the last five years.

Cash Flow

Cash Flow Cash flow is more volatile than the income statement might suggest. Operating cash flow has flipped between positive and negative years, largely reflecting swings in working capital and the inherent lumpiness of a capital markets business. Free cash flow follows the same pattern, since the firm spends relatively little on physical capital investments and runs a light capital expenditure program. This means the business model does not require heavy ongoing investment, but the timing of cash in and out can be choppy, which is important when thinking about liquidity management, buybacks, or dividends. Overall, cash generation looks adequate over the cycle but inconsistent year to year.

Competitive Edge

Competitive Edge Oppenheimer occupies a niche as a mid-sized, full-service financial firm that blends wealth management with capital markets activities. Its long history and established brand, combined with a high-touch, advisor-led service model, help it compete against both large Wall Street banks and smaller boutiques. The firm’s focus on high-net-worth clients, middle-market companies, and specialized services like alternative investments, trust offerings, and detailed equity research give it a differentiated profile. Its ability to attract and retain experienced advisors is a key asset, though the broader industry remains highly competitive, with constant pressure on fees, talent, and technology capabilities.

Innovation and R&D

Innovation and R&D While Oppenheimer does not run traditional R&D in the way a technology company would, it is clearly investing in digital capabilities. The Investor Gateway platform, built with a fintech partner, is a central piece of its modernization push, improving digital onboarding, secure document sharing, and client engagement through behavioral insights. Integration with its internal advisor desktop suggests an effort to streamline workflows and deepen advisor–client relationships. Management also signals an ongoing commitment to technology enhancements and potential use of advanced analytics, as well as openness to further fintech partnerships. These initiatives indicate that innovation is focused on client experience, advisor productivity, and staying competitive in a rapidly digitizing wealth and capital markets environment.

Summary

Taken together, Oppenheimer looks like a mature, relationship-driven financial firm that has been growing its revenue base and cautiously strengthening its balance sheet, but with profits and cash flows that remain meaningfully tied to market cycles. Its strengths lie in a diversified business model across wealth management and capital markets, a long-standing brand, specialist offerings, and a clear push to upgrade its digital platforms. On the other side, earnings volatility, uneven cash generation, and intense industry competition are ongoing challenges. Future performance will likely hinge on how well the firm can continue to recruit and retain top advisors, deepen client relationships, and leverage its technology investments to drive more stable, higher-quality earnings over time.

NEWS

November 24, 2025 · 8:00 AM UTC

Chemomab to Participate in Oppenheimer's Movers in Rare Disease Summit

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November 17, 2025 · 6:00 AM UTC

Oppenheimer & Co. Inc. Appoints Keith Peterson As Head of Cash Equity Sales and Trading

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October 31, 2025 · 8:00 AM UTC

Oppenheimer Holdings Inc. Reports Third Quarter 2025 Earnings

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October 29, 2025 · 6:00 AM UTC

Oppenheimer Announces the Appointment of Public Finance Banker Guy T. Logan as Managing Director, Head of Infrastructure & Mid-Atlantic Region

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October 6, 2025 · 6:00 AM UTC

Oppenheimer Appoints James Yoo Managing Director in Healthcare Equity Capital Markets Investment Banking

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