MeritValue

OPPENHEIMER HOLDINGS INC

OPYdata completeness 88%17 fiscal years on file
The thesis, from the filings

OPPENHEIMER HOLDINGS INC earns about 12% on invested capital, and has bought back 16% of its shares over 5 years. The applicable estimate puts fair value near $65.14 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.32B1$1.05B2$1.07B3$1.23B4$1.42B4
Net income$159M5$32.4M6$30.2M7$71.6M7$148.4M7
Operating cash flow$227.8M8$64.5M9−$18.8M10−$108.2M10$188.8M10
Capital expenditure$8.27M11$16.3M12$17.1M13$5.15M13$5.19M13
Free cash flow (derived)$219.5M8$48.2M9−$35.9M10−$113.3M10$183.6M10
Total debt$124.1M14$113.4M15$112.7M16$016—
Cash & equivalents$213.8M17$112.4M18$28.8M19$33.2M19$38.4M19
Diluted shares13.6M12.6M11.6M11.2M11.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$864.27
your share of equity
Profit it earned you last year
$130.37
Free cash flow it threw off
$161.25
Debt you’d be carrying
—

10 shares is a claim on $864.27 of net worth that earned you $130.37 and generated $161.25 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 23%FY22 6%FY23 9%FY24 9%FY25 16%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−16% shares · 5y

Share count is down 16% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$65.14
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$71.6M
  • growthAssumed0.0%
Graham Number
$159.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000791963-23-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000791963-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000791963-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-012313 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000791963-24-000015 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000791963-25-000010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-26-012313 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000791963-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000791963-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-26-012313 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0000791963-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0000791963-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-26-012313 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000791963-23-000009 (LongTermDebt)
  15. 10-K · period ending 2022-12-31 · accession 0000791963-24-000015 (LongTermDebt)
  16. 10-K · period ending 2023-12-31 · accession 0000791963-25-000010 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000791963-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000791963-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-012313 (CashAndCashEquivalentsAtCarryingValue)