Comprehensive Stock Comparison
Compare Oppenheimer Holdings Inc. (OPY) vs LPL Financial Holdings Inc. (LPLA) 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 | LPLA | 37.2% revenue growth vs OPY's 14.7% |
| Value | LPLA | Lower P/E (12.7x vs 104.0x), PEG 0.95 vs 9.65 |
| Quality / Margins | LPLA | 5.1% net margin vs OPY's 5.0% |
| Stability / Safety | OPY | Beta 0.97 vs LPLA's 1.30, lower leverage |
| Dividends | OPY | 0.7% yield; 1-year raise streak; LPLA pays no meaningful dividend |
| Momentum (1Y) | OPY | +33.3% vs LPLA's -18.9% |
| Efficiency (ROA) | LPLA | 4.7% ROA vs OPY's 2.2%, ROIC 16.1% vs 15.7% |
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.
LPL Financial operates a comprehensive brokerage and investment advisory platform for independent financial advisors and advisors at financial institutions across the United States. It generates revenue primarily through asset-based fees (roughly 60% of revenue), transaction commissions (about 25%), and cash sweep programs (approximately 15%). The company's key advantage is its massive scale and integrated technology platform that serves over 22,000 advisors—creating significant switching costs and network effects in the independent advisor channel.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
OPY leads in 3 of 6 categories (Valuation Metrics, Total Returns). LPLA leads in 2 (Profitability & Efficiency, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
LPLA is the larger business by revenue, generating $17.0B annually — 11.9x OPY's $1.4B. Profitability is closely matched — net margins range from 5.1% (LPLA) to 5.0% (OPY).
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| RevenueTrailing 12 months | $1.4B | $17.0B |
| EBITDAEarnings before interest/tax | $369M | $2.3B |
| Net IncomeAfter-tax profit | $85M | $863M |
| Free Cash FlowCash after capex | $47M | -$1.6B |
| Gross MarginGross profit ÷ Revenue | +32.7% | +25.6% |
| Operating MarginEBIT ÷ Revenue | +21.3% | +13.4% |
| Net MarginNet income ÷ Revenue | +5.0% | +5.1% |
| FCF MarginFCF ÷ Revenue | -7.9% | — |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -12.4% | +4.2% |
Valuation Metrics
At 13.5x trailing earnings, OPY trades at a 51% valuation discount to LPLA's 27.5x P/E. Adjusting for growth (PEG ratio), OPY offers better value at 1.26x vs LPLA's 2.07x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| Market CapShares × price | $899M | $24.0B |
| Enterprise ValueMkt cap + debt − cash | $1.6B | $30.3B |
| Trailing P/EPrice ÷ TTM EPS | 13.55x | 27.51x |
| Forward P/EPrice ÷ next-FY EPS est. | 103.96x | 12.65x |
| PEG RatioP/E ÷ EPS growth rate | 1.26x | 2.07x |
| EV / EBITDAEnterprise value multiple | 4.54x | 10.38x |
| Price / SalesMarket cap ÷ Revenue | 0.63x | 1.42x |
| Price / BookPrice ÷ Book value/share | 1.14x | 4.44x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
LPLA delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 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 LPLA's 1.36x. On the Piotroski fundamental quality scale (0–9), OPY scores 5/9 vs LPLA's 2/9, reflecting solid financial health.
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| ROE (TTM)Return on equity | +9.2% | +16.1% |
| ROA (TTM)Return on assets | +2.2% | +4.7% |
| ROICReturn on invested capital | +15.7% | +16.1% |
| ROCEReturn on capital employed | +11.5% | +19.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 2 |
| Debt / EquityFinancial leverage | 0.81x | 1.36x |
| Net DebtTotal debt minus cash | $654M | $4.2B |
| Cash & Equiv.Liquid assets | $33M | $1.0B |
| Total DebtShort + long-term debt | $688M | $7.3B |
| Interest CoverageEBIT ÷ Interest expense | 2.39x | 3.85x |
Total Returns (with DRIP)
A $10,000 investment in OPY five years ago would be worth $22,737 today (with dividends reinvested), compared to $22,612 for LPLA. Over the past 12 months, OPY leads with a +33.3% total return vs LPLA's -18.9%. The 3-year compound annual growth rate (CAGR) favors OPY at 26.5% vs LPLA's 6.8% — a key indicator of consistent wealth creation.
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| YTD ReturnYear-to-date | +19.0% | -16.9% |
| 1-Year ReturnPast 12 months | +33.3% | -18.9% |
| 3-Year ReturnCumulative with dividends | +102.5% | +21.8% |
| 5-Year ReturnCumulative with dividends | +127.4% | +126.1% |
| 10-Year ReturnCumulative with dividends | +569.1% | +1437.2% |
| CAGR (3Y)Annualised 3-year return | +26.5% | +6.8% |
Risk & Volatility
OPY is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than LPLA's 1.30 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 LPLA's 74.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 1.30x |
| 52-Week HighHighest price in past year | $94.10 | $403.58 |
| 52-Week LowLowest price in past year | $49.26 | $262.83 |
| % of 52W HighCurrent price vs 52-week peak | +91.7% | +74.4% |
| RSI (14)Momentum oscillator 0–100 | 63.3 | 38.5 |
| Avg Volume (50D)Average daily shares traded | 40K | 712K |
Analyst Outlook
Wall Street rates OPY as "Buy" and LPLA as "Buy". Consensus price targets imply 131.8% upside for OPY (target: $200) vs 52.9% for LPLA (target: $459). OPY is the only dividend payer here at 0.71% yield — a key consideration for income-focused portfolios.
| Metric | OPYOppenheimer Holdi… | LPLALPL Financial Hol… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $200.00 | $459.17 |
| # AnalystsCovering analysts | 2 | 22 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | — |
| Dividend StreakConsecutive years of raises | 1 | 3 |
| Dividend / ShareAnnual DPS | $0.61 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | 0.0% |
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% |
| LPL Financial Holdi… (LPLA) | 100 | 456.16 | +356.2% |
Oppenheimer Holding… (OPY) returned +127% over 5 years vs LPL Financial Holdi… (LPLA)'s +126%. A $10,000 investment in OPY 5 years ago would be worth $22,737 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | $858M | $1.4B | +67.0% |
| LPL Financial Holdi… (LPLA) | $4.0B | $17.0B | +319.6% |
LPL Financial Holdings Inc.'s revenue grew from $4.0B (2016) to $17.0B (2025) — a 17.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | -0.1% | 5.0% | +3792.0% |
| LPL Financial Holdi… (LPLA) | 4.7% | 5.1% | +7.2% |
LPL Financial Holdings Inc.'s net margin went from 5% (2016) to 5% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 16 | 10.1 | -36.9% |
| LPL Financial Holdi… (LPLA) | 22.1 | 32.7 | +48.0% |
Oppenheimer Holdings Inc. has traded in a 3x–17x P/E range over 8 years; current trailing P/E is ~14x. LPL Financial Holdings Inc. has traded in a 13x–33x P/E range over 9 years; current trailing P/E is ~28x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | -0.09 | 6.37 | +7438.7% |
| LPL Financial Holdi… (LPLA) | 2.13 | 10.92 | +412.7% |
LPL Financial Holdings Inc.'s EPS grew from $2.13 (2016) to $10.92 (2025) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Oppenheimer Holdings Inc. generated $-113M FCF in 2024 (-152% vs 2021). LPL Financial Holdings Inc. generated $0M FCF in 2025 (-100% vs 2021).
OPY vs LPLA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is OPY or LPLA 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 LPLA?
On trailing P/E, Oppenheimer Holdings Inc. (OPY) is the cheapest at 13.5x versus LPL Financial Holdings Inc. at 27.5x. On forward P/E, LPL Financial Holdings Inc. is actually cheaper at 12.7x — 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: LPL Financial Holdings Inc. wins at 0.95x versus Oppenheimer Holdings Inc.'s 9.65x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — OPY or LPLA?
Over the past 5 years, Oppenheimer Holdings Inc. (OPY) delivered a total return of +127.4%, compared to +126.1% for LPL Financial Holdings Inc. (LPLA). A $10,000 investment in OPY five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LPLA returned +1437% versus OPY's +569.1%. 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 LPLA?
By beta (market sensitivity over 5 years), Oppenheimer Holdings Inc. (OPY) is the lower-risk stock at 0.97β versus LPL Financial Holdings Inc.'s 1.30β — meaning LPLA is approximately 34% 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 136% for LPL Financial Holdings Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — OPY or LPLA?
LPL Financial Holdings Inc. (LPLA) is the more profitable company, earning 5.1% net margin versus 5.0% for Oppenheimer Holdings Inc. — meaning it keeps 5.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: OPY leads at 21.3% versus 13.4% for LPLA. At the gross margin level — before operating expenses — OPY leads at 32.7%, 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 LPLA 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, LPL Financial Holdings Inc. (LPLA) is the more undervalued stock at a PEG of 0.95x versus Oppenheimer Holdings Inc.'s 9.65x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, LPL Financial Holdings Inc. (LPLA) trades at 12.7x forward P/E versus 104.0x for Oppenheimer Holdings Inc. — 91.3x 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 LPLA?
In this comparison, OPY (0.7% yield) pays a dividend. LPLA does not pay a meaningful dividend and should not be held primarily for income.
08Is OPY or LPLA 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%, LPLA: +1437%), 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 LPLA?
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; LPLA is a mid-cap quality compounder stock. OPY pays a dividend while LPLA does not, making them suitable for different income and tax situations. 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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