Comprehensive Stock Comparison
Compare Oppenheimer Holdings Inc. (OPY) vs Raymond James Financial, Inc. (RJF) 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 | OPY | 14.7% revenue growth vs RJF's 7.9% |
| Value | RJF | Lower P/E (12.6x vs 104.0x), PEG 0.59 vs 9.65 |
| Quality / Margins | RJF | 13.4% net margin vs OPY's 5.0% |
| Stability / Safety | OPY | Beta 0.97 vs RJF's 1.03 |
| Dividends | RJF | 1.3% yield, 22-year raise streak, vs OPY's 0.7% |
| Momentum (1Y) | OPY | +33.3% vs RJF's +0.3% |
| Efficiency (ROA) | RJF | 2.4% ROA vs OPY's 2.2%, ROIC 20.9% 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.
Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, and banking services to individuals, corporations, and institutions. It generates revenue primarily through its Private Client Group — which contributes roughly 60% of earnings via fees and commissions — along with Capital Markets investment banking and trading, Asset Management fees, and banking interest income. The company's key advantage is its integrated advisor-centric model that combines independent and employee advisors with full-service banking and capital markets capabilities under one roof.
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
RJF leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). OPY leads in 3 (Valuation Metrics, Total Returns).
Financial Metrics (TTM)
RJF is the larger business by revenue, generating $15.9B annually — 11.1x OPY's $1.4B. RJF is the more profitable business, keeping 13.4% of every revenue dollar as net income compared to OPY's 5.0%.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| RevenueTrailing 12 months | $1.4B | $15.9B |
| EBITDAEarnings before interest/tax | $369M | $2.8B |
| Net IncomeAfter-tax profit | $85M | $2.1B |
| Free Cash FlowCash after capex | $47M | $1.5B |
| Gross MarginGross profit ÷ Revenue | +32.7% | +88.2% |
| Operating MarginEBIT ÷ Revenue | +21.3% | +28.7% |
| Net MarginNet income ÷ Revenue | +5.0% | +13.4% |
| FCF MarginFCF ÷ Revenue | -7.9% | +14.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -12.4% | -2.4% |
Valuation Metrics
At 13.5x trailing earnings, OPY trades at a 9% valuation discount to RJF's 14.9x P/E. Adjusting for growth (PEG ratio), RJF offers better value at 0.69x vs OPY's 1.26x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| Market CapShares × price | $899M | $30.3B |
| Enterprise ValueMkt cap + debt − cash | $1.6B | $23.5B |
| Trailing P/EPrice ÷ TTM EPS | 13.55x | 14.86x |
| Forward P/EPrice ÷ next-FY EPS est. | 103.96x | 12.63x |
| PEG RatioP/E ÷ EPS growth rate | 1.26x | 0.69x |
| EV / EBITDAEnterprise value multiple | 4.54x | 4.94x |
| Price / SalesMarket cap ÷ Revenue | 0.63x | 1.91x |
| Price / BookPrice ÷ Book value/share | 1.14x | 2.53x |
| Price / FCFMarket cap ÷ FCF | — | 13.50x |
Profitability & Efficiency
RJF delivers a 16.8% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $9 for OPY. RJF carries lower financial leverage with a 0.36x debt-to-equity ratio, signaling a more conservative balance sheet compared to OPY's 0.81x. On the Piotroski fundamental quality scale (0–9), RJF scores 6/9 vs OPY's 5/9, reflecting solid financial health.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| ROE (TTM)Return on equity | +9.2% | +16.8% |
| ROA (TTM)Return on assets | +2.2% | +2.4% |
| ROICReturn on invested capital | +15.7% | +20.9% |
| ROCEReturn on capital employed | +11.5% | +22.0% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.81x | 0.36x |
| Net DebtTotal debt minus cash | $654M | -$6.8B |
| Cash & Equiv.Liquid assets | $33M | $11.4B |
| Total DebtShort + long-term debt | $688M | $4.5B |
| Interest CoverageEBIT ÷ Interest expense | 2.39x | 1.50x |
Total Returns (with DRIP)
A $10,000 investment in OPY five years ago would be worth $22,737 today (with dividends reinvested), compared to $19,983 for RJF. Over the past 12 months, OPY leads with a +33.3% total return vs RJF's +0.3%. The 3-year compound annual growth rate (CAGR) favors OPY at 26.5% vs RJF's 13.5% — a key indicator of consistent wealth creation.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| YTD ReturnYear-to-date | +19.0% | -6.1% |
| 1-Year ReturnPast 12 months | +33.3% | +0.3% |
| 3-Year ReturnCumulative with dividends | +102.5% | +46.3% |
| 5-Year ReturnCumulative with dividends | +127.4% | +99.8% |
| 10-Year ReturnCumulative with dividends | +569.1% | +464.9% |
| CAGR (3Y)Annualised 3-year return | +26.5% | +13.5% |
Risk & Volatility
OPY is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than RJF's 1.03 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 RJF's 86.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 1.03x |
| 52-Week HighHighest price in past year | $94.10 | $177.66 |
| 52-Week LowLowest price in past year | $49.26 | $117.57 |
| % of 52W HighCurrent price vs 52-week peak | +91.7% | +86.2% |
| RSI (14)Momentum oscillator 0–100 | 63.3 | 46.2 |
| Avg Volume (50D)Average daily shares traded | 40K | 1.1M |
Analyst Outlook
Wall Street rates OPY as "Buy" and RJF as "Hold". Consensus price targets imply 131.8% upside for OPY (target: $200) vs 22.2% for RJF (target: $187). For income investors, RJF offers the higher dividend yield at 1.32% vs OPY's 0.71%.
| Metric | OPYOppenheimer Holdi… | RJFRaymond James Fin… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $200.00 | $187.00 |
| # AnalystsCovering analysts | 2 | 23 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | +1.3% |
| Dividend StreakConsecutive years of raises | 1 | 22 |
| Dividend / ShareAnnual DPS | $0.61 | $2.01 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +4.2% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 100 | 362.81 | +262.8% |
| Raymond James Finan… (RJF) | 100 | 288.07 | +188.1% |
Oppenheimer Holding… (OPY) returned +127% over 5 years vs Raymond James Finan… (RJF)'s +100%. 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% |
| Raymond James Finan… (RJF) | $5.5B | $15.9B | +191.4% |
Raymond James Financial, Inc.'s revenue grew from $5.5B (2016) to $15.9B (2025) — a 12.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | -0.1% | 5.0% | +3792.0% |
| Raymond James Finan… (RJF) | 9.7% | 13.4% | +38.4% |
Raymond James Financial, Inc.'s net margin went from 10% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | 16 | 10.1 | -36.9% |
| Raymond James Finan… (RJF) | 20.6 | 15.6 | -24.3% |
Oppenheimer Holdings Inc. has traded in a 3x–17x P/E range over 8 years; current trailing P/E is ~14x. Raymond James Financial, Inc. has traded in a 13x–21x P/E range over 9 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Oppenheimer Holding… (OPY) | -0.09 | 6.37 | +7438.7% |
| Raymond James Finan… (RJF) | 2.44 | 10.3 | +322.1% |
Raymond James Financial, Inc.'s EPS grew from $2.44 (2016) to $10.30 (2025) — a 17% CAGR.
Chart 6Free Cash Flow — 5 Years
Oppenheimer Holdings Inc. generated $-113M FCF in 2024 (-152% vs 2021). Raymond James Financial, Inc. generated $2B FCF in 2025 (-66% vs 2021).
OPY vs RJF: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is OPY or RJF 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 RJF?
On trailing P/E, Oppenheimer Holdings Inc. (OPY) is the cheapest at 13.5x versus Raymond James Financial, Inc. at 14.9x. On forward P/E, Raymond James Financial, Inc. is actually cheaper at 12.6x — 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: Raymond James Financial, Inc. wins at 0.59x 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 RJF?
Over the past 5 years, Oppenheimer Holdings Inc. (OPY) delivered a total return of +127.4%, compared to +99.8% for Raymond James Financial, Inc. (RJF). 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: OPY returned +569.1% versus RJF's +464.9%. 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 RJF?
By beta (market sensitivity over 5 years), Oppenheimer Holdings Inc. (OPY) is the lower-risk stock at 0.97β versus Raymond James Financial, Inc.'s 1.03β — meaning RJF is approximately 6% more volatile than OPY relative to the S&P 500. On balance sheet safety, Raymond James Financial, Inc. (RJF) carries a lower debt/equity ratio of 36% versus 81% for Oppenheimer Holdings Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — OPY or RJF?
Raymond James Financial, Inc. (RJF) is the more profitable company, earning 13.4% net margin versus 5.0% for Oppenheimer Holdings Inc. — meaning it keeps 13.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RJF leads at 28.7% versus 21.3% for OPY. At the gross margin level — before operating expenses — RJF leads at 88.2%, 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 RJF 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, Raymond James Financial, Inc. (RJF) is the more undervalued stock at a PEG of 0.59x 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, Raymond James Financial, Inc. (RJF) trades at 12.6x 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 RJF?
All stocks in this comparison pay dividends. Raymond James Financial, Inc. (RJF) offers the highest yield at 1.3%, versus 0.7% for Oppenheimer Holdings Inc. (OPY).
08Is OPY or RJF 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%, RJF: +464.9%), 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 RJF?
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. 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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