# Oppenheimer Holdings (OPY.US)

Canonical: https://gigainvestors.com/s/OPY

Analysis as of: 2026-10-16T07:30:56.466Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $102.14 per share; close as of 2026-10-15.

Estimated value: low $48.27 per share, central $60.34 per share, high $80.46 per share. Buy at or below the central value $60.34 per share. Valuation as of 2026-10-16T07:30:56.466Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.72×

Chart: Net income; fiscal year observations.

- FY2016: -$1.2M

- FY2017: $23M

- FY2018: $29M

- FY2019: $53M

- FY2020: $123M

- FY2021: $159M

- FY2022: $32M

- FY2023: $30M

- FY2024: $72M

- FY2025: $148M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 9.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -0.3%

- FY2017: 6.4%

- FY2018: 7.7%

- FY2019: 12.5%

- FY2020: 23.8%

- FY2021: 24.3%

- FY2022: 5.2%

- FY2023: 4.9%

- FY2024: 10.7%

- FY2025: 18.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.6%

- Book return interval: 10 years

- Starting book value per share: $25.55

- Ending book value per share: $70.73

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 1.6%

- FY2017: 3.1%

- FY2018: 4.7%

- FY2019: 15.9%

- FY2020: 32.4%

- FY2021: 26.9%

- FY2022: 4.1%

- FY2023: 7.4%

- FY2024: 14.7%

- FY2025: 19.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -2.9%

- Share growth excluding flagged crisis recapitalisations: -1.8%

- Five-year share growth excluding flagged crisis recapitalisations: -2.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.35×

- Book value created per share: $45.19

- Earnings retained per share after dividends and buybacks: $33.55

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 100

- FY2018: 103

- FY2019: 102

- FY2020: 97

- FY2021: 100

- FY2022: 92

- FY2023: 85

- FY2024: 82

- FY2025: 83

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.6% a year forever · net income +107.4%

Story as of 2026-10-16T09:59:20.336Z; price observation 2026-10-15.

The price assumes profits grow 7.6% a year forever

### Net income · FY2025

net income +107.4%; source https://www.sec.gov/Archives/edgar/data/791963/000162828026012313/opy-20251231.htm; observed 2026-02-26.

- FY2016: -$1.2M 

- FY2017: $23M 

- FY2018: $29M 

- FY2019: $53M 

- FY2020: $123M 

- FY2021: $159M 

- FY2022: $32M 

- FY2023: $30M 

- FY2024: $72M 

- FY2025: $148M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/791963/000162828026012313/opy-20251231.htm#000162828026012313 (filed 2026-02-26); FY2025: revenue 1638071000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OPY.US: Oppenheimer Holdings Inc. operates as a middle-market investment bank and full-service broker-dealer. It provides brokerage services covering corporate equity and debt securities, money market instruments, exchange-traded options, municipal bonds, mutual funds, exchange-traded funds, certain precious metals, and unit investment trusts; financial and wealth planning services; and margin lending services. The company also offers asset management services, including separately managed accounts, mutual fund managed accounts, discretionary portfolio management programs, non-discretionary investment advisory and consultation services, alternative investments, portfolio enhancement programs, and institutional taxable fixed income portfolio management strategies and solutions, as well as taxable and non-taxable fixed income portfolios and strategies. In addition, it provides investment banking services, such as strategic advisory services and capital markets products; merger and acquisition, equities capital market, debt capital market, debt advisory and restructuring, and fund placement services; and institutional equity sales and trading, equity research, equity derivatives and index options, convertible bonds, event driven sales and trading, and portfolio and electronic trading, as well as provides custody, clearing, and prime services. Further, the company offers institutional fixed income sales and trading, fixed income research, public finance, and municipal trading services; and proprietary trading and investment activities. Additionally, it provides underwriting, market-making, trust, and discount services, as well as a cloud-based financial market. The company serves high-net-worth individuals and families, corporate executives, public and private businesses, institutions and corporations, governments, financial sponsors, and domestic and international investors. The company was founded in 1881 and is headquartered in New York, New York.

### Why customers stay

It earns 9.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,-0.003403554236999947],[2017,0.0644590788250683],[2018,0.0769769777770673],[2019,0.1252634641724209],[2020,0.23849332627467862],[2021,0.2433593026406637],[2022,0.05182428665714048],[2023,0.04925864748051134],[2024,0.10662977086155281],[2025,0.18431171398977114]]; median 0.09180337431931006. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,5887000],[2017,5836000],[2018,5833000],[2019,5944000],[2020,18578000],[2021,19444000],[2022,7044000],[2023,6452000],[2024,6845000],[2025,7575000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/791963/000162828026012313/opy-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 2979000 USD.

### Are managers owners

Insiders own 42.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OPY.US SharesStats.PercentInsiders = 42.355 percentage points; cache date 2026-10-15.

### What the price says

The price assumes profits grow 7.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 102.14; FX 1; original perpetual distributable cash 2.4137291928294338; discount 0.1; growth 0.07636842380233569. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $14.00 per share

- 2016-11: $17.60 per share

- 2016-12: $18.60 per share

- 2017-01: $17.10 per share

- 2017-02: $16.60 per share

- 2017-03: $17.10 per share

- 2017-04: $17.30 per share

- 2017-05: $15.60 per share

- 2017-06: $16.40 per share

- 2017-07: $15.75 per share

- 2017-08: $16.25 per share

- 2017-09: $17.35 per share

- 2017-10: $21.75 per share

- 2017-11: $26.95 per share

- 2017-12: $26.80 per share

- 2018-01: $27.50 per share

- 2018-02: $26.55 per share

- 2018-03: $25.75 per share

- 2018-04: $26.85 per share

- 2018-05: $28.15 per share

- 2018-06: $28.00 per share

- 2018-07: $29.55 per share

- 2018-08: $31.20 per share

- 2018-09: $31.60 per share

- 2018-10: $30.76 per share

- 2018-11: $28.51 per share

- 2018-12: $25.55 per share

- 2019-01: $26.93 per share

- 2019-02: $28.22 per share

- 2019-03: $26.02 per share

- 2019-04: $26.25 per share

- 2019-05: $24.64 per share

- 2019-06: $27.22 per share

- 2019-07: $29.14 per share

- 2019-08: $27.76 per share

- 2019-09: $30.06 per share

- 2019-10: $27.20 per share

- 2019-11: $28.51 per share

- 2019-12: $27.48 per share

- 2020-01: $27.55 per share

- 2020-02: $23.73 per share

- 2020-03: $19.76 per share

- 2020-04: $20.58 per share

- 2020-05: $21.18 per share

- 2020-06: $21.79 per share

- 2020-07: $21.19 per share

- 2020-08: $24.43 per share

- 2020-09: $22.32 per share

- 2020-10: $25.06 per share

- 2020-11: $29.49 per share

- 2020-12: $31.43 per share

- 2021-01: $34.67 per share

- 2021-02: $37.90 per share

- 2021-03: $40.05 per share

- 2021-04: $51.17 per share

- 2021-05: $49.97 per share

- 2021-06: $50.84 per share

- 2021-07: $44.95 per share

- 2021-08: $46.59 per share

- 2021-09: $45.29 per share

- 2021-10: $52.05 per share

- 2021-11: $49.04 per share

- 2021-12: $46.37 per share

- 2022-01: $42.39 per share

- 2022-02: $43.19 per share

- 2022-03: $43.58 per share

- 2022-04: $32.22 per share

- 2022-05: $35.71 per share

- 2022-06: $33.04 per share

- 2022-07: $33.59 per share

- 2022-08: $36.30 per share

- 2022-09: $30.98 per share

- 2022-10: $34.42 per share

- 2022-11: $41.66 per share

- 2022-12: $42.33 per share

- 2023-01: $47.61 per share

- 2023-02: $44.09 per share

- 2023-03: $39.15 per share

- 2023-04: $37.39 per share

- 2023-05: $39.21 per share

- 2023-06: $40.18 per share

- 2023-07: $38.11 per share

- 2023-08: $38.10 per share

- 2023-09: $38.31 per share

- 2023-10: $35.07 per share

- 2023-11: $39.81 per share

- 2023-12: $41.32 per share

- 2024-01: $37.38 per share

- 2024-02: $38.30 per share

- 2024-03: $39.92 per share

- 2024-04: $40.05 per share

- 2024-05: $45.68 per share

- 2024-06: $47.91 per share

- 2024-07: $51.42 per share

- 2024-08: $52.70 per share

- 2024-09: $51.16 per share

- 2024-10: $56.43 per share

- 2024-11: $61.71 per share

- 2024-12: $64.09 per share

- 2025-01: $68.82 per share

- 2025-02: $66.00 per share

- 2025-03: $59.63 per share

- 2025-04: $59.01 per share

- 2025-05: $65.29 per share

- 2025-06: $65.77 per share

- 2025-07: $75.81 per share

- 2025-08: $72.57 per share

- 2025-09: $73.91 per share

- 2025-10: $69.76 per share

- 2025-11: $68.03 per share

- 2025-12: $72.29 per share

- 2026-01: $84.03 per share

- 2026-02: $86.29 per share

- 2026-03: $89.19 per share

- 2026-04: $114.48 per share

- 2026-05: $91.67 per share

- 2026-06: $105.54 per share

- 2026-07: $106.64 per share

- 2026-08: $118.79 per share

- 2026-09: $117.96 per share

- 2026-10: $102.14 per share

## Annual estimated value (USD per share)

- FY2016: low $6.43 per share, central $7.08 per share, high $7.86 per share

- FY2017: low $6.53 per share, central $7.18 per share, high $7.98 per share

- FY2018: low $4.65 per share, central $5.36 per share, high $6.33 per share

- FY2019: low $4.85 per share, central $5.60 per share, high $6.64 per share

- FY2020: low $6.20 per share, central $7.16 per share, high $8.49 per share

- FY2021: low $12.54 per share, central $15.20 per share, high $19.29 per share

- FY2022: low $12.81 per share, central $15.53 per share, high $19.73 per share

- FY2023: low $10.17 per share, central $12.05 per share, high $14.77 per share

- FY2024: low $15.93 per share, central $19.59 per share, high $25.42 per share

- FY2025: low $44.99 per share, central $56.24 per share, high $74.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/791963/000162828026012313/opy-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.