Comprehensive Stock Comparison
Compare Oppenheimer Holdings Inc. (OPY) vs The Goldman Sachs Group, Inc. (GS) vs Morgan Stanley (MS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | GS | 17.0% revenue growth vs OPY's 14.7% |
| Value | GS | Lower P/E (14.7x vs 14.8x), PEG 1.05 vs 1.66 |
| Quality / Margins | MS | 13.0% net margin vs OPY's 5.0% |
| Stability / Safety | OPY | Beta 0.97 vs GS's 1.36, lower leverage |
| Dividends | GS | 1.6% yield, 12-year raise streak, vs MS's 2.3% |
| Momentum (1Y) | GS | +40.4% vs MS's +28.0% |
| Efficiency (ROA) | OPY | 2.2% ROA vs GS's 0.9%, ROIC 15.7% vs 1.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Oppenheimer Holdings is a middle-market investment bank and full-service broker-dealer serving institutional and retail clients. It generates revenue primarily through brokerage commissions and fees (roughly 60%), investment banking advisory services (about 25%), and asset management fees (around 15%). The firm's competitive advantage lies in its deep middle-market expertise and long-standing client relationships in specialized sectors.
Goldman Sachs is a global investment bank and financial services firm that provides investment banking, securities, and investment management services to corporations, governments, and high-net-worth individuals. It generates revenue primarily through investment banking fees (20-25%), trading and market-making in its Global Markets segment (40-45%), and asset management fees from its wealth and investment management divisions (30-35%). The firm's key competitive advantage lies in its elite brand reputation, deep client relationships with the world's largest corporations and governments, and its sophisticated risk management capabilities honed over decades.
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
OPY leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). MS leads in 1 (Financial Metrics). 1 tied.
Financial Metrics (TTM)
GS is the larger business by revenue, generating $126.9B annually — 88.6x OPY's $1.4B. MS is the more profitable business, keeping 13.0% of every revenue dollar as net income compared to OPY's 5.0%.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| RevenueTrailing 12 months | $1.4B | $126.9B | $103.1B |
| EBITDAEarnings before interest/tax | $369M | $23.4B | $26.3B |
| Net IncomeAfter-tax profit | $85M | $16.7B | $16.2B |
| Free Cash FlowCash after capex | $47M | $15.8B | -$6.7B |
| Gross MarginGross profit ÷ Revenue | +32.7% | +41.1% | +55.6% |
| Operating MarginEBIT ÷ Revenue | +21.3% | +14.5% | +17.1% |
| Net MarginNet income ÷ Revenue | +5.0% | +11.3% | +13.0% |
| FCF MarginFCF ÷ Revenue | -7.9% | -12.1% | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -12.4% | +45.8% | +48.9% |
Valuation Metrics
At 13.5x trailing earnings, OPY trades at a 36% valuation discount to GS's 21.2x P/E. Adjusting for growth (PEG ratio), OPY offers better value at 1.26x vs MS's 2.35x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Market CapShares × price | $899M | $267.0B | $264.9B |
| Enterprise ValueMkt cap + debt − cash | $1.6B | $701.9B | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | 13.55x | 21.20x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 103.96x | 14.73x | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | 1.26x | 1.51x | 2.35x |
| EV / EBITDAEnterprise value multiple | 4.54x | 33.76x | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 0.63x | 2.10x | 2.57x |
| Price / BookPrice ÷ Book value/share | 1.14x | 2.35x | 2.54x |
| Price / FCFMarket cap ÷ FCF | — | — | — |
Profitability & Efficiency
MS delivers a 14.6% return on equity — every $100 of shareholder capital generates $15 in annual profit, vs $9 for OPY. OPY carries lower financial leverage with a 0.81x debt-to-equity ratio, signaling a more conservative balance sheet compared to GS's 5.06x. On the Piotroski fundamental quality scale (0–9), OPY scores 5/9 vs GS's 4/9, reflecting solid financial health.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| ROE (TTM)Return on equity | +9.2% | +12.6% | +14.6% |
| ROA (TTM)Return on assets | +2.2% | +0.9% | +1.2% |
| ROICReturn on invested capital | +15.7% | +1.9% | +2.9% |
| ROCEReturn on capital employed | +11.5% | +3.6% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.81x | 5.06x | 3.42x |
| Net DebtTotal debt minus cash | $654M | $434.8B | $284.7B |
| Cash & Equiv.Liquid assets | $33M | $182.1B | $75.7B |
| Total DebtShort + long-term debt | $688M | $616.9B | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | 2.39x | 0.31x | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $22,737 for OPY. Over the past 12 months, GS leads with a +40.4% total return vs MS's +28.0%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs MS's 22.5% — a key indicator of consistent wealth creation.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| YTD ReturnYear-to-date | +19.0% | -6.0% | -7.9% |
| 1-Year ReturnPast 12 months | +33.3% | +40.4% | +28.0% |
| 3-Year ReturnCumulative with dividends | +102.5% | +154.7% | +83.8% |
| 5-Year ReturnCumulative with dividends | +127.4% | +176.1% | +131.0% |
| 10-Year ReturnCumulative with dividends | +569.1% | +521.2% | +662.8% |
| CAGR (3Y)Annualised 3-year return | +26.5% | +36.6% | +22.5% |
Risk & Volatility
OPY is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than GS's 1.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. OPY currently trades 91.7% from its 52-week high vs MS's 86.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 1.36x | 1.35x |
| 52-Week HighHighest price in past year | $94.10 | $984.70 | $192.68 |
| 52-Week LowLowest price in past year | $49.26 | $439.38 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +91.7% | +87.3% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 63.3 | 52.2 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 40K | 2.0M | 5.8M |
Analyst Outlook
Analyst consensus: OPY as "Buy", GS as "Hold", MS as "Buy". Consensus price targets imply 131.8% upside for OPY (target: $200) vs 8.6% for GS (target: $934). For income investors, MS offers the higher dividend yield at 2.29% vs OPY's 0.71%.
| Metric | OPYOppenheimer Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $200.00 | $933.67 | $196.00 |
| # AnalystsCovering analysts | 2 | 54 | 50 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | +1.6% | +2.3% |
| Dividend StreakConsecutive years of raises | 1 | 12 | 11 |
| Dividend / ShareAnnual DPS | $0.61 | $13.48 | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +3.8% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 100 | 362.81 | +262.8% |
| The Goldman Sachs G… (GS) | 100 | 451.77 | +351.8% |
| Morgan Stanley (MS) | 100 | 398.24 | +298.2% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs Oppenheimer Holding… (OPY)'s +127%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | $898M | $1.4B | +59.6% |
| The Goldman Sachs G… (GS) | $39.2B | $126.9B | +223.8% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.5% |
Oppenheimer Holdings Inc.'s revenue grew from $898M (2015) to $1.4B (2024) — a 5.3% CAGR. The Goldman Sachs Group, Inc.'s revenue grew from $39.2B (2015) to $126.9B (2024) — a 13.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 0.2% | 5.0% | +2186.2% |
| The Goldman Sachs G… (GS) | 15.5% | 11.3% | -27.5% |
| Morgan Stanley (MS) | 17.0% | 13.0% | -23.7% |
Oppenheimer Holdings Inc.'s net margin went from 0% (2015) to 5% (2024). The Goldman Sachs Group, Inc.'s net margin went from 16% (2015) to 11% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 16 | 10.1 | -36.9% |
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
Oppenheimer Holdings Inc. has traded in a 3x–17x P/E range over 8 years; current trailing P/E is ~14x. The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 0.14 | 6.37 | +4450.0% |
| The Goldman Sachs G… (GS) | 12.14 | 40.54 | +233.9% |
| Morgan Stanley (MS) | 2.91 | 7.95 | +173.2% |
Oppenheimer Holdings Inc.'s EPS grew from $0.14 (2015) to $6.37 (2024) — a 53% CAGR. The Goldman Sachs Group, Inc.'s EPS grew from $12.14 (2015) to $40.54 (2024) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
Oppenheimer Holdings Inc. generated $-113M FCF in 2024 (-152% vs 2021). The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021).
OPY vs GS vs MS: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is OPY or GS or MS a better buy right now?
Oppenheimer Holdings Inc. (OPY) offers the better valuation at 13.5x trailing P/E (104.0x forward), making it the more compelling value choice. Analysts rate Oppenheimer Holdings Inc. (OPY) a "Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — OPY or GS or MS?
On trailing P/E, Oppenheimer Holdings Inc. (OPY) is the cheapest at 13.5x versus The Goldman Sachs Group, Inc. at 21.2x. On forward P/E, The Goldman Sachs Group, Inc. is actually cheaper at 14.7x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: The Goldman Sachs Group, Inc. wins at 1.05x versus Oppenheimer Holdings Inc.'s 9.65x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — OPY or GS or MS?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to +127.4% for Oppenheimer Holdings Inc. (OPY). A $10,000 investment in GS five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% versus GS's +521.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — OPY or GS or MS?
By beta (market sensitivity over 5 years), Oppenheimer Holdings Inc. (OPY) is the lower-risk stock at 0.97β versus The Goldman Sachs Group, Inc.'s 1.36β — meaning GS is approximately 40% more volatile than OPY relative to the S&P 500. On balance sheet safety, Oppenheimer Holdings Inc. (OPY) carries a lower debt/equity ratio of 81% versus 5% for The Goldman Sachs Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — OPY or GS or MS?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus 5.0% for Oppenheimer Holdings Inc. — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: OPY leads at 21.3% versus 14.5% for GS. At the gross margin level — before operating expenses — MS leads at 55.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is OPY or GS or MS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, The Goldman Sachs Group, Inc. (GS) is the more undervalued stock at a PEG of 1.05x versus Oppenheimer Holdings Inc.'s 9.65x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, The Goldman Sachs Group, Inc. (GS) trades at 14.7x forward P/E versus 104.0x for Oppenheimer Holdings Inc. — 89.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for OPY: 131.8% to $200.00.
07Which pays a better dividend — OPY or GS or MS?
All stocks in this comparison pay dividends. Morgan Stanley (MS) offers the highest yield at 2.3%, versus 0.7% for Oppenheimer Holdings Inc. (OPY).
08Is OPY or GS or MS better for a retirement portfolio?
For long-horizon retirement investors, Oppenheimer Holdings Inc. (OPY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.97), 0.7% yield, +569.1% 10Y return). Both have compounded well over 10 years (OPY: +569.1%, GS: +521.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between OPY and GS and MS?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: OPY is a small-cap deep-value stock; GS is a large-cap quality compounder stock; MS is a large-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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