Oppenheimer Holdings Inc. (OPY) intrinsic value & 10-year financials
Oppenheimer Holdings Inc. (OPY) has a Graham intrinsic value of $433.13 per share. At $100.53 on Oct 17, 2026, the stock trades 77% below that value. Over the last 10 fiscal years revenue grew 5.8% a year to $1.4B, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $433.13
- Share price (Oct 17, 2026)
- $100.53
- Price vs Graham value
- 77% below
- Market cap
- $1.1B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- $183.6M
OPY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $148.4M | $13.04 | $183.6M | 14.8% | — |
| FY2024 | $1.2B | $71.6M | $6.37 | -$113.3M | 8.6% | 8.4% |
| FY2023 | $1.1B | $30.2M | $2.59 | -$35.9M | 4.4% | 3.6% |
| FY2022 | $1.0B | $32.4M | $2.57 | $48.2M | 4.4% | 4.2% |
| FY2021 | $1.3B | $159.0M | $11.70 | $219.5M | 17.0% | 21.1% |
| FY2020 | $1.1B | $123.0M | $9.30 | -$58.6M | 15.0% | 15.0% |
| FY2019 | $934.8M | $53.0M | $3.82 | $69.1M | 8.0% | 7.0% |
| FY2018 | $891.6M | $28.9M | $2.05 | $159.9M | 5.0% | 4.4% |
| FY2017 | $920.3M | $22.8M | $1.67 | -$21.7M | — | 3.6% |
| FY2016 | $857.8M | -$1.2M | -$0.09 | -$73.2M | — | -0.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
OPPENHEIMER HOLDINGS INC has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
OPPENHEIMER HOLDINGS INC has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
Over the decade, OPPENHEIMER HOLDINGS INC shows that management has aggressively returned capital to shareholders by retiring 14.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, OPPENHEIMER HOLDINGS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $433.13 per share.