Start here if you're new
what it is
Oppenheimer runs a broker-dealer, investment bank, and asset manager.
how it gets paid
2025 revenue was about $1.6B (up mid-teens percent vs. prior year). Private client advisory and commissions remain the largest slice of the mix.
why it's growing
Revenue grew 15.9% last year on a full-year basis. Q4 revenue rose about 26% vs. prior year while Q4 EPS jumped several-fold on strong capital markets activity.
what just happened
Q4 revenue was about $473M, up roughly 26% vs. prior year, with Q4 basic EPS around $7.08.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
6.9x trailing p/e — the market's not buying it — or you found a deal
0.9% dividend yield — cash in your pocket every quarter
18.1% return on capital — nothing to write home about
xvary composite: 47/100 — below average
What they do
Oppenheimer runs a broker-dealer, investment bank, and asset manager.
You are looking at $55.2B of client assets under management and $143.3B under administration. That is money they manage versus paperwork they keep, and both are hard to move. Leaving means moving accounts, statements, and relationships, which is why the firm keeps charging fees.
How they make money
$1.6B
2025 revenue · full-year growth ~mid-teens percent vs. prior year
Private client advisory and commissions
$0.50B
Capital markets and investment banking
$0.42B
Institutional sales and trading
$0.25B
Asset management and trust
$0.14B
Interest income and other
$0.09B
The products that matter
client advisory and asset management
Wealth Management
$1.05B · 64% of revenue
it generated $1.05B in 2025 and funded most of the firm's top line, so your core exposure is still client assets and recurring advice fees.
core engine
investment banking and trading
Capital Markets
$591M · +18% growth
this segment brought in $591M and grew 18% from last year, which helped push 2025 to a record. It is also the part most likely to cool first if activity slows.
cycle lever
Key numbers
$1.6B
2025 revenue
This is the top line behind the whole business. It is the number that sets the ceiling on fees, trading, and banking revenue.
6.9x
trailing p/e
That is cheap versus a market that usually pays up for stability. It says the stock is priced like a modest bank, not a platform with $55.2B in managed assets.
18.1%
return on capital
You are getting $18.10 of operating profit for every $100 invested in the business. That is why a 6.9x multiple looks less crazy than it sounds.
0.9%
dividend yield
The payout is small. That means most of the return has to come from earnings, not cash income.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $77M (8% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for OPY right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 revenue was about $473M, up ~26% vs. prior year, with basic EPS around $7.08.
The jump was driven by capital markets and trading, not a sudden doubling of the whole firm—full-year 2025 revenue was about $1.6B, up mid-teens percent.
~$473M
Q4 revenue
~$7.08
basic EPS
~+26%
Q4 revenue vs. prior year
the number that mattered
The ~26% Q4 revenue move mattered because it shows earnings leverage when issuance and trading are hot—without implying the whole company doubled.
source: company earnings report, 2026
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What could go wrong
the top risk is asset-based fee pressure if markets roll over. OPY's biggest business is wealth management, and wealth fees look steady right up until client assets fall.
high
asset-based fee pressure
wealth management generated $1.05B and made up 64% of revenue. If markets fall, fee revenue can drop without the firm losing a single client.
this risk touches the majority of the business.
med
cyclical capital markets slowdown
capital markets brought in $591M and grew 18% from last year. That kind of growth usually does not stay linear when issuance, trading, or deal activity cools.
the record year gets harder to defend if this segment normalizes fast.
med
scale disadvantage
an $884M market cap firm competes against giant brokers and banks. Bigger rivals can pay more for bankers, spend more on compliance, and absorb weak periods more easily.
small size helps focus. It rarely helps bargaining power.
low
thin institutional sponsorship
institutional ownership sits at 32%. That can leave the stock more exposed to liquidity swings and wider price moves when a few holders change their mind.
the business may stay stable while the stock gets jumpy.
a weaker market could pressure the $1.05B wealth business and cool the $591M capital markets segment at the same time. That's how a 6.9x multiple stays cheap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
wealth management mix
64% of revenue came from wealth management in 2025. If that share falls because assets or fees weaken, the defensive part of the story gets thinner fast.
trend
capital markets cooldown
$591M and +18% growth is strong. The next question is whether that was operating momentum or just a forgiving backdrop.
calendar
annual general meeting
may 4, 2026. Listen for capital return, hiring, and any management language around client assets and transaction activity.
risk
margin durability
2025 net margin was 9.6%. If that slips while revenue is still growing, the low multiple is telling you something unpleasant on purpose.
Analyst rankings
earnings predictability
40 / 100
earnings are harder to model here than at a typical steady compounder. in human-speak, analysts expect a bumpier ride.
price stability
55 / 100
the stock is not chaos, but it is not a bunker either. You should expect sentiment to move faster than fundamentals at times.
risk rank
3
middle-of-the-pack risk. Safer than the true speculations, less protected than the large diversified financials.
source: institutional data
Institutional activity
institutional ownership data for OPY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$90
current price
n/a
target midpoint · n/a from current
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