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Latest Ratios: P/E Ratio 9.4x · EV/EBITDA 4.7x · ROE 16.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $826M | $720M | $481M | $534M | $630M | $415M | $381M | $359M | $366M | $249M |
| Enterprise Value | $1.9B | $1.4B | $1.4B | $1.0B | $1.1B | $1.1B | $1.0B | $914M | $1.0B | $1.3B | $910M |
| P/E Ratio → | 9.44 | 5.54 | 10.06 | 15.95 | 16.47 | 3.96 | 3.38 | 7.19 | 12.46 | 16.05 | — |
| P/S Ratio | 0.84 | 0.53 | 0.54 | 0.41 | 0.49 | 0.46 | 0.35 | 0.39 | 0.39 | 0.41 | 0.30 |
| P/B Ratio | 1.41 | 0.83 | 0.85 | 0.61 | 0.65 | 0.66 | 0.61 | 0.64 | 0.31 | 0.70 | 0.48 |
| P/FCF | 7.12 | 4.50 | — | — | 11.08 | 2.87 | — | 5.51 | 2.25 | — | — |
| P/OCF | 6.92 | 4.37 | — | — | 8.28 | 2.77 | — | 4.81 | 2.13 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.91 | 1.02 | 0.89 | 0.97 | 0.76 | 0.88 | 0.93 | 1.10 | 1.43 | 1.09 |
| EV / EBITDA | 4.68 | 3.49 | 4.02 | 3.25 | 4.51 | 2.79 | 3.56 | 3.76 | 5.02 | 7.65 | 7.29 |
| EV / EBIT | 5.16 | 5.10 | 7.09 | 9.07 | 15.19 | 4.51 | 5.65 | 7.58 | 10.96 | 26.69 | — |
| EV / FCF | — | 7.71 | — | — | 21.89 | 4.81 | — | 13.22 | 6.27 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.1% | 51.1% | 32.7% | 35.4% | 31.0% | 34.8% | 33.8% | 34.2% | 34.2% | 32.0% | 28.9% |
| Operating Margin | 22.4% | 22.4% | 21.3% | 22.8% | 17.9% | 24.7% | 21.7% | 20.3% | 20.1% | 17.5% | 13.6% |
| Net Profit Margin | 9.1% | 9.1% | 5.0% | 2.4% | 2.9% | 11.4% | 10.3% | 5.1% | 3.0% | 2.5% | -0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 8.7% | 3.7% | 3.6% | 19.4% | 19.2% | 6.0% | 3.4% | 4.4% | -0.2% |
| ROA | 4.2% | 4.2% | 2.3% | 1.1% | 1.1% | 5.5% | 4.7% | 2.3% | 1.2% | 1.0% | -0.0% |
| ROIC | 17.4% | 17.4% | 15.7% | 15.0% | 9.8% | 17.5% | 15.3% | 10.1% | 8.5% | 8.9% | 6.4% |
| ROCE | 12.0% | 12.0% | 11.5% | 13.3% | 9.4% | 15.4% | 13.2% | 12.1% | 10.9% | 9.2% | 6.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.81 | 0.75 | 0.77 | 0.67 | 0.97 | 1.03 | 0.63 | 1.83 | 1.42 |
| Debt / EBITDA | 1.55 | 1.55 | 2.01 | 1.85 | 2.71 | 1.69 | 2.26 | 2.52 | 3.67 | 5.75 | 5.82 |
| Net Debt / Equity | — | 0.59 | 0.77 | 0.72 | 0.63 | 0.45 | 0.92 | 0.90 | 0.55 | 1.74 | 1.29 |
| Net Debt / EBITDA | 1.46 | 1.46 | 1.91 | 1.76 | 2.23 | 1.13 | 2.14 | 2.20 | 3.22 | 5.46 | 5.30 |
| Debt / FCF | — | 3.21 | — | — | 10.81 | 1.95 | — | 7.71 | 4.02 | — | — |
| Interest Coverage | 3.13 | 3.13 | 2.20 | 1.68 | 2.91 | 23.79 | 11.78 | 2.64 | 1.97 | 1.69 | -0.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.99 | 5.99 | 6.12 | 4.18 | 2.35 | 2.92 | 2.61 | 1.71 | 1.69 | 1.88 | 1.68 |
| Quick Ratio | 5.99 | 5.99 | 6.12 | 4.18 | 2.35 | 2.92 | 2.61 | 1.71 | 1.69 | 1.88 | 1.68 |
| Cash Ratio | 0.08 | 0.08 | 0.07 | 0.05 | 0.14 | 0.29 | 0.06 | 0.12 | 0.16 | 0.09 | 0.10 |
| Asset Turnover | — | 0.44 | 0.42 | 0.43 | 0.41 | 0.46 | 0.44 | 0.42 | 0.43 | 0.38 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.9% | 1.0% | 1.3% | 1.3% | 3.1% | 4.5% | 1.6% | 1.6% | 1.6% | 2.4% |
| Payout Ratio | 5.1% | 5.1% | 9.6% | 21.4% | 21.8% | 12.2% | 15.1% | 11.2% | 20.2% | 25.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.6% | 18.0% | 9.9% | 6.3% | 6.1% | 25.2% | 29.6% | 13.9% | 8.0% | 6.2% | — |
| FCF Yield | 14.1% | 22.2% | — | — | 9.0% | 34.9% | — | 18.2% | 44.4% | — | — |
| Buyback Yield | 0.2% | 0.4% | 1.3% | 7.3% | 11.4% | 1.2% | 3.6% | 2.2% | 1.6% | 2.0% | 1.6% |
| Total Shareholder Yield | 0.8% | 1.3% | 2.3% | 8.6% | 12.7% | 4.3% | 8.1% | 3.8% | 3.3% | 3.6% | 3.9% |
| Shares Outstanding | — | $11M | $11M | $12M | $13M | $14M | $13M | $14M | $14M | $14M | $13M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OPY stock.
Oppenheimer Holdings Inc.'s current P/E ratio is 9.4x. The historical average is 18.4x. This places it at the 33th percentile of its historical range.
Oppenheimer Holdings Inc.'s current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
Oppenheimer Holdings Inc.'s return on equity (ROE) is 16.1%. The historical average is 8.5%.
Based on historical data, Oppenheimer Holdings Inc. is trading at a P/E of 9.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Oppenheimer Holdings Inc.'s current dividend yield is 0.54% with a payout ratio of 5.1%.
Oppenheimer Holdings Inc. has 51.1% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Oppenheimer Holdings Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue cyclicality and liquidity
Metrics are mathematically derived from official filings.
Discount Reflecting Cyclicality
OPY trades at 1.3x book and 8.7x trailing earnings, a steep discount to peers like SF (1.5x, 14.2x) and PIPR (3.4x, 19.2x), per reported data, implying the market prices in lower return sustainability.
The P/B of 1.3x is below the peer median of roughly 3.5x, suggesting the market assigns a commodity-like valuation despite the firm's wealth management franchise. The forward P/E of 136x, based on consensus estimates, indicates expectations of a sharp earnings decline from current levels, likely reflecting the volatile provision and revenue environment. This valuation gap may be justified by the firm's smaller scale and historical earnings volatility, but it also suggests potential upside if the firm can demonstrate more stable profitability.
ROE Recovery Tempered by Volatility
ROE swung from -2.1% in Q1 2026 to 7.8% in Q4 2025, with Q2 2026 at 2.8%, according to financial statements, reflecting the impact of volatile provisions and non-interest income on a low-leverage balance sheet.
The DuPont decomposition shows that ROE is driven primarily by asset utilization (fee income) rather than leverage, given the equity-to-assets ratio of 24%. The negative NIM in 2024-2025 was offset by fee income, but the recent positive NIM of 1.0% in Q2 2026 adds a new, albeit small, earnings stream. The extreme swings in ROE, from -2.1% to 7.8% within two quarters, highlight the firm's sensitivity to market conditions and provision charges, making the quality of earnings a key concern for investors.
NIM Turnaround, Efficiency Unstable
Net interest margin improved from -0.7% in 2024 to 1.0% by Q2 2026, as per reported figures, while the efficiency ratio swung from 9.9% to 96.2% in recent quarters, indicating extreme operating leverage variability.
The positive NIM is a recent development, likely driven by higher yields on the expanded securities portfolio, but it remains thin relative to traditional banks. The efficiency ratio's volatility is striking: in Q3 2025 it was 9.9%, implying minimal operating expenses relative to revenue, but by Q1 2026 it jumped to 96.2%, suggesting a quarter with high costs or low revenue. This instability suggests that the firm's cost structure is not well-controlled, or that revenue recognition is lumpy, making it difficult to assess underlying cost efficiency.
Fortress Balance Sheet, Low Leverage
Equity-to-assets stood at 24% in Q2 2026, with debt-to-equity at a minimal 0.63%, according to reported data, indicating a highly conservative capital structure that provides ample buffer but may underutilize leverage.
The firm's capital ratios are exceptionally strong, with equity financing nearly a quarter of assets, far above typical bank levels. This conservative posture limits the risk of balance sheet stress but also suggests that management is not aggressively seeking growth through leverage. The low debt levels provide dry powder for potential acquisitions or share repurchases, but the firm's small cash position ($38.4M) relative to revenue ($1.6B) raises questions about immediate liquidity for daily operations, though the liquid securities portfolio may offset this.
Provision Volatility Masks Credit Trends
Loan loss provisions swung from -$16.0M in Q4 2025 to $274.6M in Q3 2025, as per income statement data, indicating extreme credit cost volatility that distorts underlying asset quality and earnings.
The massive provision in Q3 2025 suggests a significant credit event or a change in reserve methodology, but the subsequent negative provision in Q4 2025 implies a reversal, possibly indicating that the earlier charge was overly conservative. This volatility makes it difficult to assess the true quality of the loan portfolio, and investors should monitor the level of non-performing loans and charge-offs, which are not disclosed in the provided data. The firm's ability to absorb such swings is supported by its strong capital position, but the unpredictability of credit costs remains a key risk.
P/E Misleads on Earnings Power
The trailing P/E of 8.7x appears cheap, but the forward P/E of 136x, based on consensus estimates, reveals that the market expects a sharp earnings decline, making P/E an unreliable gauge for this firm.
For a capital markets firm with volatile provisions and trading revenue, P/E can be distorted by one-time items. The extreme swing in provisions from -$16M to $274.6M within two quarters, as per reported figures, shows how earnings can be manipulated by credit charges. A more appropriate metric is P/B, which at 1.3x reflects the firm's tangible book value and is less sensitive to short-term earnings swings. Investors should also consider ROTCE, which adjusts for intangible assets, to better assess the firm's return on its tangible capital base.