Liquidity is heavily constrained by working capital volatility, highlighted by a massive $203.6M operating cash outflow in 2026Q1 that starkly contrasts with the $175.8M free cash flow generated in 2025Q4.
| 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 |
|---|
| Cash from Operations | 76.88M | 188.75M | -108.17M | -18.81M | 64.49M | 227.79M | -54.06M | 79.14M | 168.57M | -16.14M | -66.86M | -19.41M | 78.31M | -3.43M | -9.45M | 81.54M | -137.28M | 54.72M | 59.76M | 113.67M | 114.3M | -89.73M | 121.99M | -56.69M | -3.24M | 22.34M | 53.57M | -14.5M | -8.12M | 72.49M | 31.86M |
| Operating CF Margin % | - | 11.52% | -7.55% | -1.51% | 5.81% | 16.34% | -4.51% | 7.66% | 17.59% | -1.75% | -7.8% | -2.16% | 7.98% | -0.34% | -0.99% | 8.5% | -13.25% | 5.52% | 6.49% | 12.43% | 14.27% | -13.2% | 18.62% | -8.22% | -1.14% | 8.55% | 16.93% | -5.2% | -3.49% | 29.94% | 14.89% |
| Operating CF Growth % | 604.42% | 274.5% | -475.06% | -129.17% | -71.69% | 521.37% | -168.31% | -53.05% | 1144.68% | 75.87% | -244.43% | -124.79% | 2383.9% | 63.72% | -111.59% | 159.4% | -350.89% | -8.44% | -47.43% | -0.56% | 227.38% | -173.56% | 315.18% | -1649.78% | -114.5% | -58.29% | 469.44% | -78.53% | -111.2% | 127.54% | 898.65% |
| Net Income | 97.17M | 147.96M | 71.25M | 30.27M | 32.11M | 158.96M | 122.99M | 52.95M | 28.89M | 22.82M | 491K | 2.9M | 9.56M | 26.15M | -851K | 12.62M | 40.58M | 19.49M | -20.77M | 75.37M | 44.58M | 22.92M | 22.5M | 29.79M | 9.32M | 19.15M | 40.9M | 27.4M | 12.45M | 26.73M | 30.28M |
| Depreciation & Amortization | 37.85M | 37.74M | 37.28M | 37.2M | 34.41M | 34.12M | 33.29M | 32.82M | 6.87M | 5.66M | 8.07M | 7.92M | 10.57M | 11.29M | 14.36M | 17.29M | 16.77M | 17.44M | 16.53M | 31.06M | 10.32M | 33.22M | 39.95M | 9.52M | 4.86M | 3.97M | 3.47M | 3.5M | 2.9M | 1.36M | 955K |
| Stock-Based Compensation | 31.49M | 32.2M | 45.51M | 16.94M | 15.92M | 31.12M | 16.25M | 11.85M | 6.71M | 12.57M | 6.2M | 2.86M | 6.07M | 9.25M | 4.19M | 1.1M | 4.24M | 17.25M | -112K | 9.66M | 5M | 13.95M | 0 | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.23M | 4.83M | 3.55M | 6.46M | -14.62M | -792K | 21.34M | 9.88M | 2.77M | -2.04M | -2.94M | 4.54M | 6M | 23.44M | -26.64M | -745K | 31.65M | -14.27M | -12.3M | 7.62M | 382K | -3.98M | 8.35M | 9.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 37.58M | 16.48M | 18.38M | 16.13M | 10.86M | 16.59M | 12.16M | 12.93M | 12.92M | 12.55M | -5.52M | 13.03M | 15.09M | 19.57M | 12.84M | 20.52M | 20.98M | 20M | 19.46M | -2.49M | 16.68M | -11.89M | 3.1M | -620K | -442K | 443K | 0 | -400K | 0 | 0 | 0 |
| Working Capital Changes | -128.99M | -50.47M | -284.14M | -125.82M | -14.19M | -12.22M | -260.08M | -41.28M | 110.41M | -67.69M | -73.17M | -50.66M | 31.02M | -93.12M | -13.35M | 30.76M | -251.5M | -5.19M | 56.95M | -7.55M | 37.34M | -143.96M | 48.09M | -106.17M | -16.98M | -1.23M | 9.2M | -45M | -23.47M | 44.4M | 624K |
| Change in Receivables | -183.28M | -171.37M | -177.49M | 30.11M | 21.64M | -113.51M | -313.86M | -75.72M | 134.17M | 31.02M | 317.99M | 5.06M | -19.61M | -51.09M | 20.17M | 0 | 0 | 0 | 0 | 0 | 8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 70.39M | -2.94M | 21.89M | 0 | 0 | 0 | 0 | 0 | -72.4M | -31.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 91.56M | 147.91M | -166.68M | -323.32M | -139K | 7.67M | -25.64M | -23.77M | 26.19M | -80.25M | -158.04M | -127.57M | 8.25M | 11.89M | -4.41M | 0 | 113.77M | 38.02M | 14.99M | 7.28M | -6M | 14.15M | 0 | -7.44M | -5.82M | -9.94M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 11.74M | -1.39M | -3.84M | -15.56M | -14.14M | -6.27M | -3.94M | -8.3M | -8.19M | -3.87M | 39.72M | -5.89M | -4.4M | -14.01M | -14.74M | -5.19M | -12.16M | -7.76M | -65.58M | -11.55M | -7.27M | -4.59M | -6.6M | -27.83M | -3.63M | 341K | -2.59M | -4M | -2.56M | -38.13M | -995K |
| Capital Expenditures | -3.51M | -5.19M | -5.15M | -17.06M | -16.31M | -8.27M | -4.53M | -10.02M | -8.67M | -5.61M | -5.73M | -5.89M | -4.4M | -14.01M | -14.74M | -5.19M | -12.16M | -7.76M | -15.24M | -11.55M | -7.27M | -4.59M | -6.6M | -12.21M | -1.36M | -1.01M | -1.82M | -4.6M | -2.56M | -39.49M | -995K |
| CapEx % of Revenue | 0.2% | 0.32% | 0.36% | 1.37% | 1.47% | 0.59% | 0.38% | 0.97% | 0.91% | 0.61% | 0.67% | 0.66% | 0.45% | 1.37% | 1.55% | 0.54% | 1.17% | 0.78% | 1.66% | 1.26% | 0.91% | 0.68% | 1.01% | 1.77% | 0.48% | 0.39% | 0.58% | 1.65% | 1.1% | 16.31% | 0.46% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.29B | 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 Investing | 3.03M | 3.81M | 3.66M | 4.42M | 2.17M | 2M | -269.39M | 1.72M | 481K | 1.74M | 45.45M | 0 | 0 | 0 | 0 | 0 | 183.25M | 163.82M | 0 | 0 | 0 | 0 | 0 | 0 | -1.36M | 3.14M | 0 | 600K | 0 | 1.36M | 0 |
| Cash from Financing | -90.72M | -182.11M | 116.32M | -74.76M | -253.91M | 84.58M | 13.87M | -81.96M | -117.86M | 3.24M | 28.7M | 24.86M | -108.4M | -19.63M | 89.23M | -58.87M | 133.37M | -24.72M | 24.8M | -97.95M | -115.5M | 92.95M | -116.48M | 102.88M | -1.23M | -13.13M | -47.15M | 17.8M | 11.4M | -32.94M | -31.21M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2.89M | -2.98M | -9.54M | -35.05M | -60.51M | 118.37M | -14.99M | -8.32M | -5.82M | -7.44M | -3.94M | -8.25M | 185K | -3.48M | -1.87M | 337K | 2.31M | 2.48M | -11.45M | 10.97M | 8.6M | -17.01M | 7.98M | 7.18M | 214K | 4.57M | -2.97M | -3.8M | -4.39M | 1.09M | 2.17M |
| Dividends Paid | -18.09M | -7.58M | -6.84M | -6.45M | -7.04M | -19.44M | -18.58M | -5.94M | -5.83M | -5.84M | -5.89M | -6.01M | -5.98M | -5.98M | -5.99M | -6.01M | -5.87M | -5.78M | -5.89M | -5.56M | -5.11M | -4.7M | -4.83M | -4.62M | -4.51M | -4.44M | -3.76M | -3.5M | -3.53M | -3M | -4.3M |
| Share Repurchases | -2.89M | -2.98M | -9.6M | -35.12M | -60.64M | -7.74M | -15.05M | -8.4M | -5.89M | -7.46M | -3.94M | -8.25M | 0 | -3.63M | -1.87M | 0 | 0 | -559K | -17.19M | 0 | -2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 458K | 3.75M | -6.34M | -32.26M | -105.91M | -1.84M | -9.56M | -2.7M | -2.9M | -5.98M | -7.08M | -1.68M | 1.19M | -78K | -3.72M | -6.19M | -71K | 230K | 301K | 307K | -3.72M | 0 | 0 | 0 | 3.07M | 0 | 0 | 25.1M | 863K | 234K | 314K |
| Net Change in Cash | -2.1M | 5.25M | 4.32M | -109.13M | -203.56M | 306.1M | -44.13M | -11.13M | 42.52M | -16.76M | 1.55M | -443K | -34.49M | -37.07M | 65.04M | 17.48M | -16.06M | 22.23M | 18.98M | 4.16M | -8.47M | -1.38M | -1.09M | 18.36M | -8.1M | 9.55M | 3.83M | -700K | 717K | 1.42M | -344K |
| Free Cash Flow | 73.37M | 183.56M | -113.32M | -35.87M | 48.18M | 219.52M | -58.59M | 69.12M | 159.5M | -21.75M | -72.6M | -25.3M | 73.92M | -17.44M | -24.19M | 76.34M | -149.43M | 46.95M | 44.52M | 102.11M | 107.03M | -94.32M | 115.39M | -68.91M | -4.6M | 21.33M | 51.75M | -19.1M | -10.69M | 33M | 30.86M |
| FCF Margin % | 4.28% | 11.21% | -7.91% | -2.87% | 4.34% | 15.75% | -4.89% | 6.69% | 16.65% | -2.36% | -8.46% | -2.82% | 7.53% | -1.71% | -2.54% | 7.96% | -14.42% | 4.74% | 4.84% | 11.17% | 13.37% | -13.88% | 17.61% | -9.99% | -1.62% | 8.16% | 16.35% | -6.84% | -4.59% | 13.63% | 14.42% |
| FCF Growth % | 157.58% | 261.99% | -215.94% | -174.44% | -78.05% | 474.69% | -184.76% | -56.67% | 833.43% | 70.04% | -186.92% | -134.23% | 523.81% | 27.9% | -131.69% | 151.09% | -418.25% | 5.48% | -56.41% | -4.59% | 213.47% | -181.74% | 267.46% | -1398% | -121.56% | -58.78% | 370.93% | -78.74% | -132.38% | 6.92% | 772.98% |
| FCF per Share | 6.89 | 16.07 | -10.09 | -3.08 | 3.82 | 16.16 | -4.43 | 4.99 | 11.34 | -1.59 | -5.43 | -1.77 | 5.19 | -1.23 | -1.78 | 5.48 | -10.75 | 3.49 | 3.37 | 7.55 | 6.28 | -5.84 | 6.79 | -4.51 | -0.36 | 1.67 | 4.16 | -1.51 | -0.82 | 2.57 | 2.45 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.27x | -1.51x | -0.62x | 1.99x | 1.43x | -0.44x | 1.49x | 5.83x | -0.71x | 57.59x | -9.89x | 8.87x | -0.14x | 2.62x | 7.90x | -3.56x | 2.81x | -2.88x | 1.51x | 2.56x | -3.92x | 5.79x | -1.98x | -0.35x | 1.17x | 1.31x | -0.53x | -0.65x | 2.71x | 1.05x |
| Interest Paid | 66.28M | 86.91M | 88.8M | 68.4M | 22.81M | 10.09M | 19.01M | 40.68M | 53.56M | 23.9M | 19.7M | 17.27M | 18.78M | 26.49M | 38.69M | 60.39M | 15.94M | 16.25M | 32.08M | 57.43M | 61.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 45.85M | 46.14M | 21.27M | 20.58M | 37.51M | 62.38M | 11.19M | 16.82M | 11.52M | 0 | 0 | 6.09M | 7.59M | 4.51M | 14.25M | 7.99M | 13.91M | 23.72M | 13.75M | 45.9M | 23.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on reported financial statements, Oppenheimer's operating cash flow frequently diverges from net income, as evidenced by the 2026Q1 period where the firm reported a $20.6M net loss alongside a massive $203.6M operating cash outflow, highlighting significant disconnects between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that accrual-based accounting significantly masks the firm's underlying cash-generating capacity. Investors should monitor whether these swings are driven by temporary timing differences in client settlements or more structural issues in revenue recognition.
As reported in recent filings, Oppenheimer's free cash flow trajectory is highly erratic, swinging from a positive $175.8M in 2025Q4 to a negative $203.6M in 2026Q1, which indicates that the firm's ability to retain cash is heavily dependent on volatile market-driven working capital cycles.
The lack of a consistent FCF margin trend suggests that the firm's core operations are not yet generating the predictable cash flow required to support long-term capital allocation. This inconsistency complicates valuation models that rely on stable cash flow projections for a boutique financial services firm.
According to quarterly data, Oppenheimer's cash flow is dominated by massive working capital fluctuations, such as the $218M outflow in 2026Q1, which suggests that the firm's liquidity is highly sensitive to the timing of client-related receivables and payables inherent in its capital markets business.
These large working capital swings appear to be the primary driver of the firm's cash flow volatility rather than operational performance. The firm's reliance on these movements warrants further investigation into the nature of its clearing and settlement obligations.
Based on the provided figures, Oppenheimer maintains a very low capital intensity, with CapEx/Revenue ratios consistently below 1.5% over the last ten quarters, suggesting that the firm's business model requires minimal physical investment to maintain its current service-oriented operations and infrastructure.
The minimal capital expenditure indicates that the firm is not burdened by heavy asset replacement costs, which is typical for a human-capital-intensive boutique. However, this low investment level may also suggest limited spending on the technology upgrades necessary to compete with larger, more integrated peers.
Quick answers to the most common questions about buying OPY stock.
Oppenheimer Holdings Inc. (OPY) generated $188.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oppenheimer Holdings Inc. (OPY) generated $183.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Oppenheimer Holdings Inc. (OPY) spent $5.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oppenheimer Holdings Inc. (OPY) returned $7.6M to shareholders via cash dividends and spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.