OPY
Oppenheimer Holdings Inc.Financial Services·Financial - Capital Markets
$91.67
$972M market cap
Revenue
$917.7M
Free Cash Flow
$-27.8M
Rev Growth
+0.0%
FCF Margin
-3.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Oppenheimer Holdings Inc., through its subsidiaries, operates as a middle-market investment bank and full-service broker-dealer in the Americas, Europe, the Middle East, and Asia. The company offers brokerage services covering exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange-traded options and futures contracts, municipal bonds, mutual funds, exchange-traded funds, and unit investment trusts; financial and wealth planning services; and
2-Year Price History
$93.86+112.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 445.1 | 1.1 | -8.3 | -20.6 | -203.6 | -203.6 | -0.0 | 34.6 | 1,424 | 10.6 | -1.3% | 0.1x | -- |
| Act | 2025-Q4 | 472.6 | 126.1 | 126.1 | 74.4 | 177.0 | 175.8 | -1.2 | 38.4 | 628.5 | 11.4 | 39.7% | 5.7x | -- |
Valuation & Metrics
Market Stats
Price$91.67
Market Cap$972M
Enterprise Value$2.4B
P/S Ratio1.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-3.0%
FCF Yield-2.9%
Dividend Yield (TTM)1.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$917.7M
Net Income$53.8M
Free Cash Flow$-27.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin13.9%
Net Margin5.9%
FCF Margin-3.0%
CapEx % of Revenue0.1%
SBC % of Revenue0.4%
ROIC19.2%
WC Change % Rev-19.1%
Interest Coverage3.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.0
Change (vs Prior)-16.6%
Need at least 2 settlement dates for chart
Employees
Headcount2,974
Revenue / Employee$308,583
Gross Profit / Employee$298,043
Cash Runway
14.9months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
25.1%(+9.9% YoY)
100 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
11.5%(+4.7% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.2% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| JB CAPITAL PARTNERS LP | $44.9M | $32.96 | +$0 | +$0 | -0.4% | $581M |
| DIMENSIONAL FUND ADVISORS LPPassive | $44.3M | $81.62 | +$657K | +$743K | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $34.9M | $89.00 | +$34.8M | +$34.9M | — | $4.04T |
| AMERICAN CENTURY COMPANIES INC | $31.5M | $59.14 | +$2.9M | +$11.2M | +0.7% | $193.48B |
| BlackRock, Inc.Passive | $16.7M | $52.74 | +$966K | +$1.8M | -0.2% | $5.69T |
| ROYCE & ASSOCIATES LP | $15.2M | $74.48 | +$5.4M | +$8.0M | -0.9% | $10.09B |
| RBF Capital, LLC | $14.6M | $38.17 | +$0 | −$110K | +0.1% | $2.03B |
| Boston Partners | $11.7M | $70.74 | +$4.0M | +$5.3M | +0.5% | $95.40B |
| Greenwich Wealth Management LLC | $9.0M | $29.12 | −$2.1M | −$18.3M | +0.4% | $2.44B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $9.0M | $68.27 | −$895K | +$6.9M | +0.7% | $645.81B |
| MORGAN STANLEY | $7.9M | $47.18 | +$296K | +$2.0M | -0.3% | $1.65T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.7M | $69.97 | +$1.2M | +$1.7M | +2.3% | $1.61T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $6.5M | $67.71 | +$1.3M | −$248K | -2.3% | $4.93B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $6.4M | $43.15 | +$531K | −$454K | +0.1% | $184.72B |
| MILLENNIUM MANAGEMENT LLC | $6.0M | $44.05 | −$4.2M | +$3.6M | -0.5% | $127.40B |
| STATE STREET CORPPassive | $5.3M | $67.66 | −$678K | +$2.6M | -0.2% | $2.89T |
| Arbiter Partners Capital Management LLC | $4.9M | $54.43 | +$0 | +$0 | +0.6% | $147M |
| JPMORGAN CHASE & CO | $4.7M | $63.46 | +$269K | +$3.1M | -0.2% | $1.47T |
| Empowered Funds, LLC | $4.1M | $56.76 | +$1.3M | +$867K | +0.2% | $15.64B |
| TWO SIGMA INVESTMENTS, LP | $3.6M | $49.82 | +$1.5M | +$586K | -0.9% | $117.03B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.00%
avg per quarter
Holders (ex-self)
-0.04%
excl. this stock
Buyers (this Q)
+0.00%
57 buyers · $0.11B in
Sellers (this Q)
+0.46%
34 sellers · $0.00B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-4.0%
how holders react when this stock falls
On quiet Qs
-1.6%
−10% to +10% baseline
On rallies (+10%+)
-9.6%
how they react when this stock rises
Holders' portfolio flow this Q
+2.0%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.7%
Sellers shed AUM broadly — partly forced.
Biggest decreases this quarter
MILLENNIUM MANAGEMENT LLC−$4.2Mα-0.5Greenwich Wealth Management LLC−$2.1Mα+0.4Y-Intercept (Hong Kong) Ltdexited−$1.4MMARSHALL WACE, LLPexited−$1.2MD. E. Shaw & Co., Inc.−$1.1Mα-0.3CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$895Kα+0.7GOLDMAN SACHS GROUP INC−$758Kα-0.2STATE STREET CORP−$678Kα-0.2Verition Fund Management LLCexited−$459KSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$340K
New buyers this quarter
Top-5 holders · 45.7%
JB CAPITAL PARTNERS LP--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
AMERICAN CENTURY COMPANIES INC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
JB CAPITAL PARTNERS LP504KAMERICAN CENTURY COMPANIES INC353KGOLDMAN SACHS GROUP INC37KGreenwich Wealth Management LLC101KROYCE & ASSOCIATES LP170KMILLENNIUM MANAGEMENT LLC67KRBF Capital, LLC164KBoston Partners131KBRIDGEWAY CAPITAL MANAGEMENT, LLC73KCHARLES SCHWAB INVESTMENT MANAGEMENT INC101K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$128.504020.0%
Current Price$91.67
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.20M
5 txns · 2 insiders · 16,673 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-02 | SELL | McNAMARA DENNIS P | officer: Secretary | 4,673 | $90.67 | $424K | $1.83M |
| 2025-08-05 | SELL | McNAMARA DENNIS P | officer: Secretary | 2,000 | $73.81 | $148K | $1.61M |
| 2025-06-10 | SELL | Friedman Paul M | director | 3,500 | $63.31 | $222K | $1.08M |
| 2025-06-09 | SELL | Friedman Paul M | director | 3,500 | $63.32 | $222K | $1.30M |
| 2025-06-06 | SELL | Friedman Paul M | director | 3,000 | $63.11 | $189K | $1.51M |
Order Flow (FINRA, ~3w lag)
18.7%retail-3.3pp
18.6%dark-0.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Oppenheimer Holdings: Robust Performance Shadowed by Governance Gaps and Regulatory Friction
Overall Risk
4/10
Fraud
2/10
Dilution
3/10
Insolvency
2/10
Earnings Overstated
3/10
Hidden Liabilities
5/10
Legal
6/10
Audit Warnings
2/10
Hidden Upside
4/10
Contextually Acceptable
7/10