olivLaw · US equity research
Oppenheimer Holdings Inc. OPY
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Oppenheimer Holdings Inc. is a middle-market investment bank and full-service broker-dealer offering wealth management, investment banking and institutional trading services. Revenue rose in fiscal 2025 and its investment banking franchise posted strong results in the second quarter of 2026, which makes its performance relevant for those following capital markets. Total revenue for fiscal 2025 was 1638.071 million USD and client assets under administration reached 154.7 billion USD at June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Oppenheimer Holdings Inc. (OPY) stock was 91.86 USD (+2.02% on the day), with P/E 12.4 on diluted EPS of 7.40 USD over the last 12 months, dividend yield 1.92%, beta 1.09, 52-week range 64.23–124.74 USD. Latest reported quarter (Q3 2026): revenue of 382.0 m USD (−10.0% YoY), net income of 5.5 m USD (−74.9% YoY), diluted EPS 0.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 85.19 – 118.30
- in the lower half of the band · %B 0.20 · band width 32.5%
- SMA 50 / 200
- 112.21 / 102.71
- mixed trend
- MACD (12, 26, 9)
- -6.02 / -4.82
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.5% | −1.1% | −23.4 pp | — |
| 3 months | −20.8% | −0.5% | −20.3 pp | — |
| 6 months | −4.7% | +4.4% | −9.1 pp | — |
| Year to date | +27.1% | +12.3% | +14.8 pp | — |
| 1 year | +38.2% | +13.5% | +24.7 pp | −16.4% |
| 3 years | +151.1% | +76.4% | +74.7 pp | +61.7% |
| 5 years | +72.8% | +63.7% | +9.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 375.4 m | 367.8 m | 373.2 m | 424.4 m | 472.6 m | 445.1 m | 454.9 m | 382.0 m |
| Operating income | 17.1 m | 41.4 m | 32.2 m | 31.6 m | 106.0 m | -27.0 m | 39.4 m | 8.8 m |
| Pre-tax income | 17.1 m | 41.4 m | 32.2 m | 31.6 m | 106.0 m | -27.0 m | 39.4 m | 8.8 m |
| Income tax | 6.3 m | 10.7 m | 10.5 m | 9.9 m | 32.1 m | -6.4 m | 12.1 m | 3.4 m |
| Net income | 10.7 m | 30.7 m | 21.7 m | 21.7 m | 74.4 m | -20.6 m | 27.4 m | 5.5 m |
| Diluted EPS | 0.94 ≈ | 2.72 | 1.91 | 1.90 | 6.48 ≈ | -1.93 | 2.38 | 0.47 |
| Operating cash flow | 74.7 m | -91.7 m | 40.1 m ≈ | 63.4 m ≈ | 177.0 m | -190.0 m | -55.0 m ≈ | 132.4 m ≈ |
| Capex | 3.3 m | 1.7 m | 1.1 m ≈ | 1.2 m ≈ | 1.2 m | 0 | 2.0 m ≈ | 3.8 m ≈ |
| Dividends paid | 1.9 m | 1.9 m | 1.9 m ≈ | 1.9 m ≈ | 1.9 m | 12.4 m | 2.1 m ≈ | 2.1 m ≈ |
| Share repurchases | 0 | 90.0 k | 581.0 k ≈ | 0 ≈ | 2.3 m | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 37-quarter history (min 3.4, median 8.9, max 17.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 958.2 m | 1.0 bn | 1.2 bn | 1.4 bn | 1.1 bn | 1.2 bn | 1.4 bn | 1.6 bn |
| Revenue YoY | +4.1% | +7.9% | +16.0% | +16.3% | −20.3% | +12.4% | +14.7% | +14.4% |
| Net income | 28.9 m | 53.0 m | 123.0 m | 159.0 m | 32.4 m | 30.2 m | 71.6 m | 148.4 m |
| Net income YoY | +26.6% | +83.3% | +132.3% | +29.3% | −79.6% | −6.7% | +137.1% | +107.4% |
| Diluted EPS | 2.05 | 3.82 | 9.30 | 11.70 | 2.57 | 2.59 | 6.37 | 13.04 |
| Diluted EPS YoY | +22.8% | +86.3% | +143.5% | +25.8% | −78.0% | +0.8% | +145.9% | +104.7% |
| net % | 3.0% | 5.1% | 10.3% | 11.4% | 2.9% | 2.4% | 5.0% | 9.1% |
| Free cash flow | 159.9 m | 69.1 m | -58.6 m | 219.5 m | 48.2 m | -35.9 m | -113.3 m | 183.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 38.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 997.0 m USD
- Total assets
- 3.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 16.1%
- ROA
- 4.2%
- FCF margin
- 11.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.1 bn | 1.2 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 169.0 m | 224.6 m | 45.6 m | 46.8 m | 105.8 m | 211.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 8.1 m | 8.0 m | 7.6 m | 9.9 m | 10.8 m | 11.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 177.1 m ≈ | 232.6 m ≈ | 53.2 m ≈ | 56.7 m ≈ | 116.6 m ≈ | 222.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 15.7 m | 9.9 m | 23.8 m | 68.6 m | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Pre-tax income | 169.0 m | 224.6 m | 45.6 m | 46.8 m | 105.8 m | 211.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 46.0 m | 65.7 m | 13.4 m | 16.5 m | 34.5 m | 63.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 123.0 m | 159.0 m | 32.4 m | 30.2 m | 71.6 m | 148.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 9.30 | 11.70 | 2.57 | 2.59 | 6.37 | 13.04 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 13.2 m | 13.6 m | 12.6 m | 11.6 m | 11.2 m | 11.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.48 | 1.54 | 0.60 | 0.60 | 0.66 | 1.72 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 35.4 m | 213.8 m | 112.4 m | 28.8 m | 33.2 m | 38.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 27.8 m | 28.0 m | 36.7 m | 43.9 m | 38.2 m | 32.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 137.9 m | 137.9 m | 137.9 m | 142.2 m | 143.6 m | 143.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 32.1 m | 32.1 m | 32.1 m | 34.3 m | 35.7 m | 35.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.7 bn | 3.0 bn | 2.7 bn | 2.9 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 123.8 m | 124.1 m | 113.4 m | 112.7 m | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
| Total liabilities | 2.0 bn | 2.1 bn | 1.9 bn | 2.1 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 685.7 m | 825.3 m | 795.0 m | 789.2 m | 850.4 m | 997.0 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -54.1 m | 227.8 m | 64.5 m | -18.8 m | -108.2 m | 188.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 4.5 m | 8.3 m | 16.3 m | 17.1 m | 5.1 m | 5.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -58.6 m ≈ | 219.5 m ≈ | 48.2 m ≈ | -35.9 m ≈ | -113.3 m ≈ | 183.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -3.9 m | -6.3 m | -14.1 m | -15.6 m | -3.8 m | -1.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 13.9 m | 84.6 m | -253.9 m | -74.8 m | 116.3 m | -182.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 18.6 m | 19.4 m | 7.0 m | 6.5 m | 6.8 m | 7.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 15.0 m | 7.7 m | 60.6 m | 35.1 m | 9.6 m | 3.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 77.28 – 144.37 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E77.28 – 144.37 (Mid 115.12)17 companies used · median multiple 15.6x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)outside the aggregate22.60 – 30.40 (Mid 25.93)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.9% | 31 (vs peers) | 14% |
| FCF conversion · Quality | 66.3% | 52 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 13.8% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 71.8% | 100 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 12.4x | 68 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 32.4% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial68/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OPPENHEIMER HOLDINGS INC. (OPY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 14.4%; net margin 4.9%; ROE 9.1%.
The estimated value range is 77.28–144.37 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 115.12 USD, the price of 91.86 USD leaves a potential of 25.3% (value / price − 1) and a margin of safety of 20.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 13.8%
- EPS CAGR 3Y: 71.8%
- Payout ratio (FCF): 32.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for OPY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
In brief
Oppenheimer Holdings Inc. is a middle-market investment bank and full-service broker-dealer offering wealth management, investment banking and institutional trading services. Revenue rose in fiscal 2025 and its investment banking franchise posted strong results in the second quarter of 2026, which makes its performance relevant for those following capital markets 123. Total revenue for fiscal 2025 was 1638.071 million USD 1 and client assets under administration reached 154.7 billion USD at June 30, 2026 2.
SWOT
Strengths
- The company has a middle-market investment bank with a long history and an extensive network of financial advisors and offices 1.
- The balance sheet is described as conservatively positioned, with regulatory net capital above minimum requirements 3.
- Assets under management reached record levels in 2026, supporting recurring fee revenue 23.
Weaknesses
- Reported results are sensitive to share-price-linked compensation costs, which substantially reduced second-quarter 2026 profit 3.
- Margin loans are concentrated in a few large customer accounts, which increases concentration risk 1.
- Sweep income declined with interest rates, a revenue stream that has not offset the drop 3.
Opportunities
Threats
- Market volatility, including from trade policy and geopolitical tensions, could reduce trading activity and asset values 1.
- Litigation and regulation on data protection and cybersecurity could generate costs and penalties 12.
- Lower interest rates could reduce interest and sweep revenue, while higher rates could weigh on client activity 2.
Risks
- Market riskhigh
The value of financial instruments and market-making positions can fall sharply in volatile periods, which could produce large losses 1.
- Credit riskmedium
Margin loans and counterparty exposures could generate losses if borrowers cannot meet obligations, especially where exposure is concentrated 1.
- Liquidity riskmedium
The company relies on external funding, and its short-term credit lines are uncommitted, so lenders could decline loan requests 1.
- Operational and cyber riskmedium
System failures, human error or cyber attacks could disrupt operations and harm reputation 1.
- Legal and compensation riskmedium
Sweep-related litigation and rising share-linked compensation costs can reduce reported profit and attract regulatory scrutiny 3.
Investment thesis
What would need to be true (bull case)
- If investment banking and trading activity stays high, revenue could keep growing and adjusted profit could become more stable 3.
- Record managed assets could generate larger recurring fees, particularly if markets remain favorable 23.
- A conservative balance sheet and available capital could allow expansion through acquisitions or new offices 3.
What to watch
- Trend in investment banking revenue and advisory feesQ3 2026
- Effect of the revised advisor compensation formula on costs2027
- Federal Reserve decisions on the federal funds rate2026
- Next annual report (10-K) and developments in sweep litigationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
The business
Oppenheimer Holdings Inc., through its operating subsidiaries, is a middle-market investment bank and full-service broker-dealer active in retail brokerage, institutional sales and trading, investment banking, research and asset management. The principal subsidiary is Oppenheimer & Co. Inc., and Oppenheimer Asset Management Inc. runs the advisory programs and alternative investments 1. At December 31, 2025 the company had 924 financial advisors and 2947 employees 1.
The wealth management business offers brokerage on transaction or asset-based pricing, financial planning, margin lending and discretionary or non-discretionary advisory programs. Clients include high-net-worth individuals and families, corporate executives and businesses 1. The company states it aims to grow by adding experienced advisors, targeted acquisitions and private market investments 12.
The capital markets division includes advisory on mergers and acquisitions, equity and debt capital raising, public finance, debt restructuring and trading of equities, fixed income and derivatives 1. In the second quarter of 2026, investment banking revenue rose sharply, mainly driven by advisory fees 3.
Segments
Wealth Management
The segment reported revenue of 272.7 million USD in the second quarter of 2026, up 10.7% from a year earlier, with assets under management of 59.4 billion USD at June 30, 2026 32. Revenue comes from commissions, advisory fees that rise with assets, and bank deposit sweep income, which fell as short-term rates declined 3.
Market context
Trends
- Strength in capital marketstailwind
Equity markets had a favorable quarter and client trading activity increased, supporting commissions and advisory fees 3. If volatility stays high, trading activity could continue to support results.
- Interest rate pathmixed
Lower rates reduce sweep income and margin lending revenue, while higher rates would support interest revenue 2. The net effect depends on the future level and direction of monetary policy.
- Geopolitical and trade tensionsheadwind
The Middle East conflict and changes in U.S. trade policy have created uncertainty that can affect trading volumes, deal activity and asset values 12. If tensions intensify, investment banking activity could slow.
- Share-linked compensation costsheadwind
Stock appreciation right costs rise with the OPY share price and reduced reported net income in the second quarter of 2026 3. The revised program formula could lower these costs over coming years.
Competitive position
The company competes with other full-service investment banks and broker-dealers for retail, institutional and issuer clients. The supplied sources do not name specific competitors, so a direct comparison with named participants cannot be drawn from them 1.
The stated advantage is a middle-market investment banking model with regional coverage, international offices and a network of financial advisors 1. If the advisor network grows, the company could gain share against rivals 1.
- Other U.S. full-service brokers and investment banks
Direct rivals in wealth management and investment banking, not named in the supplied sources.
- Brokerage firms with large financial advisor networks
Compete for high-net-worth clients and experienced advisors, a factor the company highlights in its strategy.
- Middle-market investment banks
Compete for M&A advisory and equity and debt capital raising mandates.
- Trading and market-making providers
Compete in institutional equity and fixed income trading.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- AeroVironment ( NASDAQ : AVAV ) Coverage Initiated by Analysts at OppenheimerSurge — GDELT DOC · 22 Oct 2026 · RO
- Oppenheimer’s Stoltzfus Sees ‘Broader Rally’ in Stocks to Year EndBloomberg Markets · 21 Oct 2026 · EN
- Colecția CULISELE ISTORIEI propune un nou titlu remarcabil: Oppenheimer. Un prometeu american. De marți, 13 octombrie, la chioșcuri!Antena 3 CNN · 09 Oct 2026 · RO
- From Elvis to Oppenheimer, global ghosts sing noh on the Tokyo theater stageThe Japan Times · 08 Oct 2026 · EN
- Vanity Fair dubs Sam Altman 'Oppenheimer of our time,' most influential person in USTASS (RU, EN) · 05 Oct 2026 · EN
- Goldman’s Oppenheimer Says Pace of Bond Selloff Key for StocksBloomberg Markets · 30 Sept 2026 · EN
- CULISELE ISTORIEI: De la Mengele la Oppenheimer, 10 cărți despre secrete și decizii care au schimbat lumea. De marți, la chioșcuri!Antena 3 CNN · 25 Sept 2026 · RO
- Oppenheimer Says Commodity Index Breakout Remains Narrow, Limiting Inflation Risks for EquitiesYahoo Finance — News · 20 Sept 2026 · EN
- AI search will boost online marketplace stock, Oppenheimer saysCNBC — Top News · 15 Sept 2026 · EN
- SpaceX Was ‘Nowhere’ in AI 6 Months Ago — Now It’s an Anthropic Rival After the $60 Billion Cursor Deal, Says OppenheimerYahoo Finance — News · 04 Sept 2026 · EN
- Oppenheimer has a blunt Nvidia stock message ahead of earningsYahoo Finance — News · 22 Aug 2026 · EN
- Vedeta din filmul „Oppenheimer” se retrage din actorie: „Nu sunt sigur ce voi face pentru bani de acum înainte”Libertatea.ro · 20 Aug 2026 · RO
- Actorul din Oppenheimer anunță o „pauză pe termen nelimitat” de la Hollywood după 30 de aniMediafax · 19 Aug 2026 · RO
- Filmul „Odiseea”, încasări globale de 264,1 milioane de dolari. A depășit succesul „Oppenheimer”G4Media · 20 Jul 2026 · RO
- Filmul „Odiseea”, încasări globale de 264,1 milioane de dolari. A depăşit succesul „Oppenheimer”Ziarul Financiar · 19 Jul 2026 · RO
- Filmul „Odiseea”, încasări globale de 264,1 milioane de dolari. A depășit succesul „Oppenheimer”Mediafax · 19 Jul 2026 · RO
- Goldman’s Oppenheimer Sees Stock Gains Broadening in Second HalfBloomberg Markets · 01 Jul 2026 · EN
- Market Has ‘Resilience Factor,’ Says Oppenheimer’s StoltzfusBloomberg Markets · 30 Jun 2026 · EN
- „Michael” devine cel mai bine vândut film biografic din istorie, cu încasări record de peste 977 de milioane de dolari: a depășit „Oppenheimer” și „Bohemian Rhapsody”Libertatea.ro · 29 Jun 2026 · RO
- „Michael” bate „Oppenheimer” și stabilește un nou record / Este filmul biografic cu cele mai mari încasăriG4Media · 29 Jun 2026 · RO
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Oct 2026
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report05 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report04 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Quarterly report01 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Oppenheimer Holdings Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Oppenheimer Holdings Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Oppenheimer Holdings Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.