Oppenheimer Holdings Inc. (OPY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.8%

$82.61

vs $84.99 price

Levered DCF

$36.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.28

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.12×	9.25×	14.7×	15.28×	3.69×	3.23×	6.7×	11.72×
P/B	0.77×	0.78×	0.56×	0.62×	0.71×	0.58×	0.6×	0.66×
P/S	0.46×	0.46×	0.36×	0.44×	0.42×	0.33×	0.34×	0.37×
EV / EBITDA	4.28×	5.7×	6.61×	9.77×	3.77×	4.71×	5.79×	10.19×
Gross margin	51.1%	32.7%	35.4%	31.0%	34.8%	33.8%	34.2%	34.2%
Operating margin	22.4%	21.3%	22.8%	17.9%	24.7%	21.7%	20.3%	20.1%
Net margin	9.1%	5.0%	2.4%	2.9%	11.4%	10.3%	5.1%	3.0%
Current ratio	5.99×	6.12×	4.18×	2.35×	2.92×	2.61×	1.71×	1.69×
Debt / equity	0.64×	0.81×	0.75×	0.8×	0.78×	0.97×	1.03×	1.34×
Interest coverage	4.15×	3.46×	4.14×	8.35×	34.94×	16.59×	4.59×	4.15×
Dividend yield	1.0%	1.0%	1.5%	1.4%	3.3%	4.7%	1.7%	1.6%
Payout ratio	5.1%	9.6%	21.4%	21.8%	12.2%	15.1%	11.2%	20.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	8.4%	3.8%	4.1%	19.3%	17.9%	8.9%	5.3%
Return on invested capital	8.0%	7.0%	7.8%	7.3%	10.5%	8.8%	8.2%	7.4%
Return on assets	4.0%	2.1%	1.0%	1.2%	5.2%	4.5%	2.1%	1.3%
Free cash flow yield	24.2%	-17.1%	-8.1%	9.8%	37.4%	-14.7%	19.5%	44.4%
Earnings yield	19.5%	10.8%	6.8%	6.6%	27.1%	31.0%	14.9%	8.0%
Enterprise value	$1.3B	$1.3B	$1B	$1B	$1B	$1B	$887.7M	$1B
Net debt / EBITDA	1.87×	2.83×	3.7×	5.02×	1.59×	2.88×	3.48×	6.53×
Cash conversion cycle (days)	353	378	376	433	348	394	332	246