The firm's financial position appears increasingly vulnerable, as evidenced by a rapid increase in the debt-to-equity ratio from 0.63 in 2025Q4 to 1.47 in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 1.87B | 3.06B | 2.73B | 2.21B | 1.86B | 2.12B | 1.48B | 1.14B | 982.55M | 1.04B | 1.05B | 1.19B | 1.11B | 1.24B | 1.17B | 1.29B | 1.37B | 1.38B | 1.05B | 783.95M | 1.74B | 1.74B | 1.37B | 1.32B | 508.21M | 124.91M | 153.96M | 147.6M | 187.93M | 376.29M | 197.84M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.18B | 1.02B | 689.38M | 201.26M | 394.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2B | 662.48M | 655.29M | 663.47M | 856.67M | 923M | 1.23B | 1.33B | 1.26B | 1.4B | 1.18B | 1.5B | 1.67B | 1.71B | 1.5B | 190.45M | 196.33M | 200.13M | 209.81M | 183.74M | 182.61M | 191.07M | 193.39M | 197.56M | 20.45M | 19.28M | 13.83M | 16.1M | 14.99M | 15.3M | 2.79M |
| Property, Plant & Equipment | 143.6M | 151.51M | 172.01M | 184.43M | 179.37M | 178.16M | 181.26M | 191.67M | 28.99M | 27.19M | 27.23M | 28.29M | 29.59M | 32.94M | 28.33M | 16.98M | 22.88M | 22.36M | 27.22M | 18.34M | 16.48M | 18.79M | 20.37M | 23.81M | 8.49M | 9.99M | 9.69M | 10.9M | 9.29M | 9.13M | 1.86M |
| Fixed Asset Turnover | 11.84x | 10.81x | 8.33x | 6.77x | 6.19x | 7.82x | 6.61x | 5.39x | 33.05x | 33.85x | 31.50x | 31.74x | 33.16x | 30.96x | 33.62x | 56.49x | 45.30x | 44.35x | 33.80x | 49.86x | 48.60x | 36.18x | 32.17x | 28.98x | 33.38x | 26.15x | 32.67x | 25.61x | 25.07x | 26.53x | 115.30x |
| Goodwill | 0 | 143.61M | 143.61M | 142.16M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 137.89M | 132.47M | 132.47M | 132.47M | 0 | 0 | 1.7B | 1.34B | 1.28B | 11.96M | 9.28M | 130.66M | 136.8M | 167.05M | 0 | 0 |
| Intangible Assets | 178.48M | 35.04M | 35.71M | 34.34M | 32.1M | 32.1M | 32.1M | 32.1M | 32.1M | 31.7M | 31.7M | 59.87M | 61.84M | 60.58M | 31.7M | 35.59M | 40.98M | 45.3M | 50.12M | 0 | 1.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 359.24M | 186.57M |
| Long-Term Investments | 1.66B | 71.3M | 92.6M | 111.77M | 322.87M | 369.01M | 610.52M | 799.72M | 837.87M | 927.25M | 731.11M | 941.89M | 1.09B | 1.04B | 759.74M | 180.15M | 0 | 0 | 205.28M | 171.18M | 177.68M | 186.52M | 183.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.87B | 3.72B | 3.38B | 2.87B | 2.71B | 3.04B | 2.71B | 2.46B | 2.24B | 2.44B | 2.24B | 2.69B | 2.79B | 2.95B | 2.68B | 3.53B | 2.62B | 2.2B | 1.53B | 2.14B | 2.16B | 2.18B | 1.8B | 1.71B | 1.03B | 710.27M | 697.48M | 766.5M | 666.76M | 835.15M | 519.92M |
| Asset Turnover | 0.45x | 0.44x | 0.42x | 0.43x | 0.41x | 0.46x | 0.44x | 0.42x | 0.43x | 0.38x | 0.38x | 0.33x | 0.35x | 0.35x | 0.36x | 0.27x | 0.40x | 0.45x | 0.60x | 0.43x | 0.37x | 0.31x | 0.36x | 0.40x | 0.27x | 0.37x | 0.45x | 0.36x | 0.35x | 0.29x | 0.41x |
| Asset Growth % | 44.76% | 10.04% | 17.67% | 5.91% | -10.81% | 12.14% | 10.11% | 10.02% | -8.13% | 9.01% | -16.93% | -3.39% | -5.6% | 10.26% | -24.08% | 34.63% | 18.91% | 44.05% | -28.47% | -1.01% | -1.12% | 21.19% | 5.46% | 65.74% | 45.19% | 1.83% | -9% | 14.96% | -20.16% | 60.63% | -16.61% |
| Total Current Liabilities | 1.31B | 510.6M | 445.88M | 529M | 791.97M | 724.98M | 567.74M | 666.09M | 582.99M | 552.03M | 627.25M | 841.51M | 948.25M | 879.01M | 943.06M | 547.78M | 782.2M | 586.07M | 686.48M | 85.92M | 137.14M | 1.57B | 1.14B | 1.09B | 771.93M | 458.17M | 439.05M | 470.8M | 414.42M | 603.28M | 327.65M |
| Accounts Payable | 0 | 73.6M | 65.76M | 82.81M | 102.2M | 76.66M | 44.79M | 44.73M | 87.63M | 92.5M | 96.56M | 108.64M | 141.35M | 192.55M | 180.26M | 184.67M | 635.2M | 586.07M | 271.68M | 1.34B | 0 | 1.38B | 1.18B | 976.11M | 734.07M | 424.41M | 386.69M | 404.5M | 391.03M | 584.78M | 315.21M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 1.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.35M | 42.41M | 39.23M | 48.01M | 0 | 0 | 56.59M | 27.5M | 147M | 0 | 6.5M | 29M | 142.37M | 185.71M | 2.37M | 117.54M | 37.85M | 33.76M | 52.36M | 66.3M | 23.4M | 18.51M | 12.44M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400.24M | -395.6M | -521.42M | -684.29M | -783.12M | -698.89M | -56.59M | -171.78M | -1.43B | -1.33B | -918.7M | -1.53B | -1.54B | -1.58B | -1.19B | -1.09B | -773.98M | -459.66M | -4.98M | -20.7M | -2.67M | -16.05M | -11.8M |
| Current Ratio | 1.43x | 5.99x | 6.12x | 4.18x | 2.35x | 2.92x | 2.61x | 1.71x | 1.69x | 1.88x | 1.68x | 1.42x | 1.17x | 1.41x | 1.24x | 2.36x | 1.75x | 2.35x | 1.53x | 9.12x | 12.72x | 1.11x | 1.20x | 1.20x | 0.66x | 0.27x | 0.35x | 0.31x | 0.45x | 0.62x | 0.60x |
| Quick Ratio | 1.43x | 5.99x | 6.12x | 4.18x | 2.35x | 2.92x | 2.61x | 1.71x | 1.69x | 1.88x | 1.68x | 1.42x | 1.17x | 1.41x | 1.24x | 2.36x | 1.75x | 2.35x | 1.53x | 9.12x | 12.72x | 1.11x | 1.20x | 1.20x | 0.66x | 0.27x | 0.35x | 0.31x | 0.45x | 0.62x | 0.60x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.59B | 2.21B | 2.09B | 1.56B | 1.1B | 1.37B | 1.46B | 1.21B | 1.11B | 1.36B | 1.1B | 1.33B | 1.31B | 1.55B | 1.23B | 205.3M | 116.3M | 132.5M | 204.77M | 83.33M | 138.95M | 198.17M | 197.71M | 225.31M | 0 | 0 | 0 | 0 | 42.25M | 23.79M | 11.83M |
| Long-Term Debt | 0 | 473.54M | 514.27M | 410.29M | 450.66M | 448.77M | 470.35M | 409.55M | 715.26M | 918.09M | 687.41M | 909.27M | 223.67M | 331.98M | 726.43M | 195M | 100M | 100M | 147.66M | 66.33M | 133.73M | 176.71M | 220.84M | 225.31M | 0 | 0 | 0 | 0 | 42.25M | 23.79M | 11.83M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.9B | 2.73B | 2.53B | 2.09B | 1.89B | 2.09B | 2.03B | 1.87B | 1.69B | 1.91B | 1.72B | 2.17B | 2.25B | 2.42B | 2.17B | 3.01B | 2.12B | 1.75B | 1.1B | 1.69B | 1.8B | 1.88B | 1.49B | 1.43B | 771.93M | 458.17M | 439.05M | 470.8M | 500.44M | 674.21M | 384.04M |
| Total Debt | 1.42B | 628.47M | 687.59M | 593.57M | 633.23M | 640.79M | 663.73M | 612.69M | 731.61M | 960.5M | 726.63M | 957.29M | 946.48M | 1.14B | 783.02M | 222.5M | 247M | 132.5M | 206.73M | 169.25M | 276.09M | 383.88M | 223.22M | 342.85M | 37.85M | 33.76M | 52.36M | 66.3M | 65.64M | 42.29M | 24.27M |
| Net Debt | 1.39B | 590.06M | 654.44M | 564.73M | 520.79M | 427.03M | 628.3M | 533.14M | 640.93M | 912.35M | 661.72M | 893.92M | 882.68M | 1.04B | 647.65M | 116.36M | 170.92M | 37.79M | 145.69M | 57.58M | 207.51M | 351.87M | 189.83M | 308.37M | 21.74M | 9.54M | 29.07M | 55.5M | 44.76M | 25.24M | 13M |
| Debt / Equity | 1.47x | 0.63x | 0.81x | 0.75x | 0.77x | 0.67x | 0.97x | 1.03x | 0.63x | 1.83x | 1.42x | 1.82x | 1.77x | 2.16x | 1.55x | 0.43x | 0.50x | 0.29x | 0.49x | 0.38x | 0.77x | 1.25x | 0.72x | 1.22x | 0.15x | 0.14x | 0.24x | 0.35x | 0.39x | 0.26x | 0.18x |
| Debt / EBITDA | 4.36x | 1.55x | 2.01x | 1.85x | 2.71x | 1.69x | 2.26x | 2.52x | 3.67x | 5.75x | 5.82x | 6.86x | 5.17x | 5.75x | 4.04x | 1.18x | 1.16x | 2.54x | - | 1.23x | 3.04x | 5.12x | 2.93x | 3.82x | 2.13x | 0.95x | 0.70x | 1.23x | 2.67x | 0.88x | 0.44x |
| Net Debt / EBITDA | 4.26x | 1.46x | 1.91x | 1.76x | 2.23x | 1.13x | 2.14x | 2.20x | 3.22x | 5.46x | 5.30x | 6.41x | 4.82x | 5.25x | 3.34x | 0.62x | 0.81x | 0.72x | - | 0.42x | 2.29x | 4.70x | 2.49x | 3.44x | 1.22x | 0.27x | 0.39x | 1.03x | 1.82x | 0.53x | 0.24x |
| Interest Coverage | 2.64x | 3.13x | 2.20x | 1.68x | 2.91x | 23.79x | 11.78x | 2.64x | 1.97x | 1.69x | -0.13x | 0.85x | 2.01x | 2.68x | 0.98x | 1.47x | 3.64x | 2.65x | 0.08x | 3.25x | 2.28x | 2.05x | 2.80x | 3.88x | 2.54x | 3.25x | 3.17x | 3.37x | 2.00x | 3.31x | 4.30x |
| Total Equity | 965.64M | 997.03M | 850.39M | 789.24M | 820.42M | 953.03M | 685.67M | 592.72M | 1.17B | 523.91M | 513.33M | 525.08M | 533.73M | 527.87M | 505M | 513.4M | 497.6M | 451.45M | 425.73M | 443.98M | 359.04M | 308.12M | 308.31M | 280.93M | 247.64M | 241.69M | 221.8M | 187.4M | 166.32M | 160.94M | 135.88M |
| Equity Growth % | 48.23% | 17.24% | 7.75% | -3.8% | -13.91% | 38.99% | 15.68% | -49.31% | 123.19% | 2.06% | -2.24% | -1.62% | 1.11% | 4.53% | -1.64% | 3.18% | 10.22% | 6.04% | -4.11% | 23.66% | 16.53% | -0.06% | 9.74% | 13.45% | 2.46% | 8.97% | 18.36% | 12.67% | 3.35% | 18.44% | 26.51% |
| Book Value per Share | 90.73 | 87.28 | 75.73 | 67.77 | 65.07 | 70.16 | 51.88 | 42.79 | 83.16 | 38.32 | 38.40 | 36.74 | 37.45 | 37.37 | 37.13 | 36.84 | 35.81 | 33.59 | 32.25 | 32.81 | 21.07 | 19.08 | 18.14 | 18.39 | 19.40 | 18.93 | 17.84 | 14.84 | 12.83 | 12.52 | 10.80 |
| Total Shareholders' Equity | 952.43M | 983.82M | 850.39M | 789.17M | 794.23M | 823.2M | 685.67M | 592.72M | 545.32M | 523.55M | 510.7M | 518.06M | 527.64M | 522.52M | 500.74M | 508.07M | 494.56M | 451.45M | 425.73M | 443.98M | 359.04M | 308.12M | 308.31M | 280.93M | 247.64M | 241.69M | 221.8M | 187.4M | 166.32M | 160.94M | 135.88M |
| Common Stock | 11K | 10K | 10K | 10K | 11K | 13K | 39.33M | 46.56M | 53.39M | 58.49M | 59.36M | 57.52M | 62.4M | 60.2M | 62.18M | 62.73M | 51.9M | 47.82M | 43.65M | 53.05M | 41.23M | 32.63M | 49.64M | 41.65M | 34.47M | 34.59M | 30.02M | 32.7M | 36.52M | 40.92M | 39.82M |
| Retained Earnings | 924.91M | 947.41M | 819.96M | 756.47M | 764.18M | 740.93M | 601.41M | 497M | 449.99M | 426.93M | 410.26M | 417M | 421.05M | 418.2M | 399.12M | 408.72M | 394.65M | 362.19M | 348.48M | 375.14M | 306.15M | 266.68M | 249.89M | 233.31M | 208.14M | 202.99M | 188.28M | 151.5M | 127.6M | 118.69M | 94.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.91M | 3.7M | 691K | 914K | 1.42M | 4.22M | 3.45M | 1.76M | 165K | 1.58M | -681K | -901K | -918K | 1.71M | 207K | -208K | 207K | -543K | -1.33M | -971K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.21M | 13.21M | 0 | 73K | 26.19M | 129.83M | 0 | 0 | 623.99M | 361K | 2.63M | 7.02M | 6.09M | 5.35M | 4.26M | 5.33M | 3.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital liquidity volatility
According to quarterly financial data, Oppenheimer's equity base has fluctuated significantly, peaking at $983.8M in 2025Q4 before contracting to $952.4M in 2026Q1, which suggests that the firm's capital position is highly sensitive to the cyclical nature of its capital markets and brokerage operations.
The recent contraction in equity and the simultaneous rise in debt to $1.4B in 2026Q1 indicate a weakening trajectory that warrants close investor scrutiny. This shift suggests that the firm may be struggling to maintain its capital buffer during periods of market-driven revenue volatility.
As reported in recent filings, Oppenheimer's debt-to-equity ratio surged from 0.63 in 2025Q4 to 1.47 in 2026Q1, signaling a rapid increase in leverage that appears to be a reactive measure to manage liquidity needs rather than a strategic expansion of the firm's capital structure.
The sharp rise in debt levels suggests that the firm is increasingly reliant on external financing to navigate operational cash flow gaps. Investors should monitor whether this elevated leverage is a temporary bridge or a sign of structural difficulty in self-funding core business activities.
Based on the provided balance sheet figures, the firm's cash position remains precariously low at $34.6M as of 2026Q1, which represents a minimal buffer against the massive working capital swings inherent in the firm's capital markets business model and daily clearing and settlement requirements.
The current ratio of 1.43 in 2026Q1, while technically above parity, masks the underlying liquidity risk posed by the firm's reliance on volatile transactional revenue. This thin cash cushion suggests that the firm may have limited flexibility to absorb unexpected market shocks without further increasing its debt burden.
Analysis of the balance sheet reveals that the firm's headline equity figures may be misleading, as the massive $203.6M operating cash outflow in 2026Q1 suggests that working capital requirements are the primary driver of balance sheet instability rather than long-term asset quality or investment performance.
The disconnect between reported equity and actual cash generation implies that the firm's balance sheet is heavily exposed to the timing of client-related receivables and payables. This structural dependency on working capital cycles makes the firm's liquidity position appear more fragile than traditional solvency metrics might otherwise indicate.
Quick answers to the most common questions about buying OPY stock.
As of 2025, Oppenheimer Holdings Inc. (OPY) had total assets of $3.72B including $3.06B in current assets.
Oppenheimer Holdings Inc. (OPY) carries total debt of $628.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oppenheimer Holdings Inc. (OPY) has total shareholders' equity (book value) of $983.8M ($87.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oppenheimer Holdings Inc. (OPY) reported a current ratio of 5.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.