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OPY: A Hidden Gem in Middle-Market Investment Banking
Blank Capital Research Team
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Executive Summary
Oppenheimer Holdings Inc. (OPY) is a middle-market investment bank and wealth manager. Benefiting from a dual-engine model of steady wealth management fees and cyclical capital markets revenue, OPY quietly compounds book value while remaining largely ignored by Wall Street analysts.
Investment Thesis
Oppenheimer's value proposition lies in the stability of its Wealth Management division, which effectively covers the firm's fixed costs and provides a reliable floor to earnings. This allows investors to acquire the Capital Markets and Investment Banking divisions—which provide massive upside during M&A and IPO cycles—essentially for free. The stock persistently trades at a steep discount to tangible book value, offering an asymmetric risk/reward profile.
Key Growth Drivers
Wealth Management Stability
Recurring fee revenue from the Wealth Management division provides stable, predictable cash flows that dampen the inherent volatility of the investment banking business.
Capital Markets Optionality
As the macroeconomic environment stabilizes and animal spirits return to the middle-market M&A and capital raising arenas, OPY's Investment Banking revenues can spike dramatically, dropping straight to the bottom line.
Significant Discount to Book Value
The stock routinely trades at roughly 0.6x to 0.7x Tangible Book Value. For a profitable financial institution with no imminent solvency risks, this represents a severe mispricing.
Valuation & Financial Modeling
OPY's valuation is anomalous. Even assuming zero growth, buying a profitable wealth manager at a ~35% discount to its liquidation value (tangible book) provides an enormous margin of safety. Management’s aggressive share buybacks further accrete value to long-term holders.
Risk Factors & Bear Case
Key risks include a prolonged freeze in middle-market investment banking activity, intense competition for financial advisors compressing margins in Wealth Management, and the inherent 'key man' risk given the dominant control of the Lowenthal family.
Conclusion
Oppenheimer is a classic Benjamin Graham-style value play. It offers downside protection via a cheap valuation on a strong balance sheet, coupled with significant upside leverage to a recovering M&A cycle. We rate it a 'Strong Buy' for value investors.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 68.1GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
9.9%
Sector: 8.5%
Dividend Analysis audit
GROWTH
0.97%
Trailing Yield
$0.97
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
11%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, OPPENHEIMER HOLDINGS INC (OPY) receives a "Buy" rating with a composite score of 62.6/100, ranked #2 out of 4446 stocks. Key factor scores: Quality 68/100, Value 79/100, Momentum 63/100. This is quantitative analysis only — not investment advice.
OPPENHEIMER HOLDINGS INC (OPY) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does OPPENHEIMER HOLDINGS INC Do?
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 margin lending services. It also provides 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, the company offers investment banking services, such as strategic advisory services and capital markets products; merger and acquisition, equities capital market, and debt capital market products and services; and institutional equity sales and trading, equity research, equity derivatives and index options, convertible bonds, and trading services. Further, it provides institutional fixed income sales and trading, fixed income research, public finance, and municipal trading services; repurchase agreements and securities lending services; and proprietary trading and investment activities. Additionally, the company offers underwritings, market-making, trust, and discount services. It serves high-net-worth individuals and families, corporate executives, public and private businesses, institutions and corporations, governments, financial sponsors, and domestic and international investors. Oppenheimer Holdings Inc. was founded in 1881 and is headquartered in New York, New York. OPPENHEIMER HOLDINGS INC (OPY) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Albert G. Lowenthal and employs approximately 2,910 people, headquartered in NEW YORK, New York. With a market capitalization of $959M, OPY is one of the notable companies in the Financials sector.
As of April 2026, OPPENHEIMER HOLDINGS INC receives a Buy rating with a composite score of 62.6/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.OPY ranks #2 out of 4,446 stocks in our coverage universe. Within the Financials sector, OPPENHEIMER HOLDINGS INC ranks #2 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
OPY Stock Price and 52-Week Range
OPPENHEIMER HOLDINGS INC (OPY) currently trades at $105.11. The stock gained $0.73 (0.7%) in the most recent trading session. The 52-week high for OPY is $94.09, which means the stock is currently trading 11.7% from its annual peak. The 52-week low is $49.26, putting the stock 113.4% above its annual trough. Recent trading volume was 71K shares, suggesting relatively thin trading activity.
Is OPY Overvalued or Undervalued? — Valuation Analysis
OPPENHEIMER HOLDINGS INC (OPY) carries a value factor score of 79/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 11.02x, compared to the Financials sector average of 14.88x — a discount of 26%. The price-to-book ratio stands at 1.09x, versus the sector average of 1.22x. The price-to-sales ratio is 0.71x, compared to 0.90x for the average Financials stock. On an enterprise value basis, OPY trades at 7.73x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, OPPENHEIMER HOLDINGS INC appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
OPPENHEIMER HOLDINGS INC Profitability — ROE, Margins, and Quality Score
OPPENHEIMER HOLDINGS INC (OPY) earns a quality factor score of 68/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 9.9%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.6% versus the sector average of 1.2%.
On a margin basis, OPPENHEIMER HOLDINGS INC reports gross margins of 0.0%. The operating margin is 9.2% (sector: 21.8%). Net profit margin stands at 6.5%, versus 17.7% for the average Financials stock. Revenue growth is running at 37.5% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
OPY Debt, Balance Sheet, and Financial Health
OPPENHEIMER HOLDINGS INC has a debt-to-equity ratio of 273.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.37x, suggesting adequate working capital coverage. Total debt on the balance sheet is $2.02B. Cash and equivalents stand at $38M.
OPY has a beta of 0.94, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for OPPENHEIMER HOLDINGS INC is 74/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
OPPENHEIMER HOLDINGS INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, OPPENHEIMER HOLDINGS INC reported revenue of $1.54B and earnings per share (EPS) of $14.13. Net income for the quarter was $99M. Gross margin was 0.0%. Operating income came in at $141M.
In FY 2025, OPPENHEIMER HOLDINGS INC reported revenue of $1.64B and earnings per share (EPS) of $14.13. Net income for the quarter was $148M. Revenue grew 14.4% year-over-year compared to FY 2024. Operating income came in at $211M.
In Q3 2025, OPPENHEIMER HOLDINGS INC reported revenue of $424M and earnings per share (EPS) of $2.06. Net income for the quarter was $22M. Revenue grew 13.7% year-over-year compared to Q3 2024. Operating income came in at $32M.
In Q2 2025, OPPENHEIMER HOLDINGS INC reported revenue of $373M and earnings per share (EPS) of $2.06. Net income for the quarter was $22M. Revenue grew 20.9% year-over-year compared to Q2 2024. Operating income came in at $32M.
Over the past 8 quarters, OPPENHEIMER HOLDINGS INC has demonstrated a growth trajectory, with revenue expanding from $309M to $1.54B. Investors analyzing OPY stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
OPY Dividend Yield and Income Analysis
OPPENHEIMER HOLDINGS INC (OPY) currently pays a dividend yield of 1.0%. At this yield, a $10,000 investment in OPY stock would generate approximately $$97.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning OPY yields less than the typical sector peer. The net margin of 6.5% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
OPY Momentum and Technical Analysis Profile
OPPENHEIMER HOLDINGS INC (OPY) has a momentum factor score of 63/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 23/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
OPY vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing OPY against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full OPY vs S&P 500 (SPY) comparison to assess how OPPENHEIMER HOLDINGS INC stacks up against the broader market across all factor dimensions.
OPY Next Earnings Date
No upcoming earnings date has been announced for OPPENHEIMER HOLDINGS INC (OPY) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy OPY? — Investment Thesis Summary
The bull case for OPPENHEIMER HOLDINGS INC rests on several quantitative strengths. The quality score of 68/100 indicates above-average profitability and business fundamentals. The value score of 79/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 63/100, suggesting the trend favors buyers. Low volatility (stability score 74/100) reduces downside risk.
In summary, OPPENHEIMER HOLDINGS INC (OPY) earns a Buy rating with a composite score of 62.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on OPY stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
37.5%
Sector: 9.4%
+300% VS SCTR
Gross Margin
Core pricing power
0.0%
Sector: 0.0%
-NaN% VS SCTR
Operating Margin
Operating efficiency
9.2%
Sector: 21.8%
-58% VS SCTR
Net Margin
Bottom-line conversion
6.5%
Sector: 17.7%
-64% VS SCTR
Return on Equity
Equity capital efficiency
9.9%
Sector: 8.5%
+16% VS SCTR
Return on Assets
Asset base utilization
2.6%
Sector: 1.2%
+115% VS SCTR
Debt/Equity
Financial leverage load
273.0%
Sector: 121.0%
-126% VS SCTR
Dividend Yield
Direct cash return
1.0%
Sector: 2.5%
-61% VS SCTR
-11%
Price / Sales
0.7x
-21%
OPPENHEIMER HOLDINGS INC exhibits a 20% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.6%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
9.2%
Sector: 21.8%
Net Margin
Bottom-line profitability
6.5%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-61%
Income Projection audit
A $10,000 investment would generate approximately $97 annually in dividends at the current trailing rate.
How The 2026 Investment Year Is Shaping The CarGurus (CARG) Narrative And Valuation
The latest update keeps CarGurus' model fair value estimate steady at $35.79 per share, signaling that the core valuation view is unchanged for now. That stability comes even as analysts react to 2026 revenue growth guidance of about 10% to 13% and lower margin expectations tied to higher investment. This has led some to trim price targets, while others emphasize the long term potential of the product set and dealer relationships. Ahead, you will see how these data points and opinions shape...