Demonstrações financeiras detalhadas de Oppenheimer Holdings Inc. (OPY): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Oppenheimer Holdings Inc. registou receitas de $1.64B no último exercício, com um CAGR de 5 anos de 6.4%. O lucro líquido atingiu $148.4M, com CAGR de 5 anos de 3.8%.
Margens dos últimos 12 meses: margem bruta 80.2%, margem operacional 14.6%, margem líquida 5.7%.
Ao preço atual de $113.13, OPY negocia a um P/L de 11.61 e um ROE de 10.71%. A capitalização de mercado é de $1.2B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $857.8M | $920.3M | $958.2M | $1.03B | $1.20B | $1.39B | $1.11B | $1.25B | $1.43B | $1.64B |
| Custo da Receita | $609.8M | $625.7M | $630.2M | $679.7M | $794.0M | $909.1M | $766.4M | $807.3M | $964.5M | $800.2M |
| Lucro Bruto | $247.9M | $294.7M | $328.0M | $353.7M | $404.7M | $484.9M | $344.5M | $441.5M | $468.0M | $837.9M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $131.2M | $133.1M | $135.7M | $143.8M | $144.5M | $140.6M | $145.4M | $157.3M | $163.2M | $470.4M |
| Despesas Operacionais | $131.2M | $133.1M | $135.7M | $143.8M | $144.5M | $140.6M | $145.4M | $157.3M | $163.2M | $470.4M |
| Lucro Operacional | $116.8M | $161.5M | $192.3M | $209.9M | $260.2M | $344.3M | $199.2M | $284.2M | $304.8M | $367.5M |
| EBITDA | $5.6M | $53.6M | $98.1M | $153.4M | $218.0M | $268.6M | $103.8M | $152.6M | $231.0M | $315.4M |
| Despesas com Juros | $19.4M | $28.4M | $46.4M | $45.7M | $15.7M | $9.9M | $23.8M | $68.6M | $88.0M | $88.6M |
| Lucro Antes de Impostos | -$21.9M | $19.6M | $44.9M | $74.9M | $169.0M | $224.6M | $45.6M | $46.8M | $105.8M | $211.2M |
| Imposto | -$12.3M | -$2.1M | $16.0M | $22.0M | $46.0M | $65.7M | $13.4M | $16.5M | $34.5M | $63.2M |
| Lucro Líquido | -$1.2M | $22.8M | $28.9M | $53.0M | $123.0M | $159.0M | $32.4M | $30.2M | $71.6M | $148.4M |
| LPA | $-0.09 | $1.72 | $2.18 | $4.10 | $9.73 | $12.57 | $2.77 | $2.81 | $6.93 | $14.13 |
| LPA Diluído | $-0.09 | $1.67 | $2.05 | $3.82 | $9.30 | $11.70 | $2.57 | $2.59 | $6.37 | $13.04 |
| Ações em Circulação (Diluídas) | $13.4M | $13.7M | $14.1M | $13.9M | $13.2M | $13.6M | $12.6M | $11.6M | $11.2M | $11.4M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $424.4M | $472.6M | $445.1M | $454.9M |
| Lucro Bruto | $127.4M | $466.4M | $420.0M | $427.7M |
| Lucro Operacional | $85.5M | $126.1M | -$8.3M | $59.3M |
| EBITDA | $63.6M | $135.6M | $1.1M | $69.0M |
| Lucro Líquido | $21.7M | $74.4M | -$20.6M | $27.4M |
| LPA | $2.06 | $7.08 | $-1.93 | $2.55 |
| LPA Diluído | $1.90 | $6.51 | $-1.93 | $2.38 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $64.9M | $48.2M | $90.7M | $79.5M | $35.4M | $213.8M | $112.4M | $28.8M | $33.1M | $38.4M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $1.10B | $903.0M | $779.1M | $1.01B | $1.36B | $1.45B | $1.47B | $1.41B | $1.58B | $1.73B |
| Estoque | $1.21B | $1.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $1.05B | $1.04B | $982.6M | $1.14B | $1.48B | $2.12B | $1.86B | $2.21B | $2.73B | $3.06B |
| Imobilizado | $27.2M | $27.2M | $29.0M | $191.7M | $181.3M | $178.2M | $179.4M | $184.4M | $172.0M | $151.5M |
| Ágio | $137.9M | $137.9M | $137.9M | $137.9M | $137.9M | $137.9M | $137.9M | $142.2M | $143.6M | $143.6M |
| Ativos Intangíveis | $31.7M | $31.7M | $32.1M | $32.1M | $32.1M | $32.1M | $32.1M | $34.3M | $35.7M | $35.0M |
| Ativos Totais | $2.24B | $2.44B | $2.24B | $2.46B | $2.71B | $3.04B | $2.71B | $2.87B | $3.38B | $3.72B |
| Contas a Pagar | $96.6M | $92.5M | $87.6M | $44.7M | $44.8M | $76.7M | $102.2M | $82.8M | $65.8M | $73.6M |
| Dívida de Curto Prazo | $39.2M | $42.4M | $16.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $627.2M | $552.0M | $583.0M | $666.1M | $567.7M | $725.0M | $792.0M | $529.0M | $445.9M | $510.6M |
| Dívida de Longo Prazo | $687.4M | $918.1M | $715.3M | $409.6M | $470.4M | $448.8M | $450.7M | $410.3M | $514.3M | $473.5M |
| Passivos Totais | $1.72B | $1.91B | $1.69B | $1.87B | $2.03B | $2.09B | $1.89B | $2.09B | $2.53B | $2.73B |
| Reservas | $410.3M | $426.9M | $450.0M | $497.0M | $601.4M | $740.9M | $764.2M | $756.5M | $820.0M | $947.4M |
| Patrimônio Líquido | $510.7M | $523.5M | $545.3M | $592.7M | $685.7M | $823.2M | $794.2M | $789.2M | $850.4M | $983.8M |
| Dívida Total | $726.6M | $960.5M | $731.6M | $612.7M | $663.7M | $640.8M | $633.2M | $593.6M | $687.6M | $628.5M |
| Dívida Líquida | $661.7M | $912.3M | $640.9M | $533.1M | $628.3M | $427.0M | $520.8M | $564.7M | $654.4M | $590.1M |
| Capital de Giro | $425.2M | $484.8M | $399.6M | $470.9M | $911.5M | $1.40B | $1.07B | $1.68B | $2.28B | $2.55B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $38.3M | $38.4M | $34.6M | $38.5M |
| Ativos Totais | $3.82B | $3.72B | $3.87B | $4.23B |
| Passivos Totais | $2.90B | $2.73B | $2.90B | $3.23B |
| Patrimônio Líquido | $920.3M | $983.8M | $952.4M | $983.4M |
| Dívida Total | $722.5M | $628.5M | $1.42B | $891.7M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $491000 | $22.8M | $28.9M | $53.0M | $123.0M | $159.0M | $32.1M | $30.3M | $71.2M | $148.0M |
| Depreciação e Amortização | $8.1M | $5.7M | $6.9M | $32.8M | $33.3M | $34.1M | $34.4M | $37.2M | $37.3M | $37.7M |
| Compensação em Ações | $6.2M | $12.6M | $6.7M | $11.8M | $16.2M | $31.1M | $15.9M | $16.9M | $45.5M | $32.2M |
| Variação Capital de Giro | -$73.2M | -$67.7M | $110.4M | -$41.3M | -$260.1M | -$12.2M | -$14.2M | -$125.8M | -$284.1M | -$50.5M |
| Fluxo de Caixa Operacional | -$66.9M | -$16.1M | $168.6M | $79.1M | -$54.1M | $227.8M | $64.5M | -$18.8M | -$108.2M | $188.8M |
| CapEx | -$5.7M | -$5.6M | -$9.1M | -$10.0M | -$4.5M | -$8.3M | -$16.3M | -$17.1M | -$5.1M | -$5.2M |
| Aquisições | 0 | 0 | 0 | $196.7M | 0 | $143.3M | $77.0M | -$2.9M | -$2.4M | 0 |
| Recompra de Ações | -$3.9M | -$7.5M | -$5.9M | -$8.4M | -$15.0M | -$7.7M | -$60.6M | -$35.1M | -$9.6M | -$3.0M |
| Dividendos Pagos | -$5.9M | -$5.8M | -$5.8M | -$5.9M | -$18.6M | -$19.4M | -$7.0M | -$6.5M | -$6.8M | -$7.6M |
| Fluxo de Caixa Livre | -$72.6M | -$21.7M | $159.5M | $69.1M | -$58.6M | $219.5M | $48.2M | -$35.9M | -$113.3M | $183.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $63.4M | $177.0M | -$203.6M | -$55.0M |
| CapEx | -$1.2M | -$1.2M | 0 | -$2.0M |
| Fluxo de Caixa Livre | $62.2M | $175.8M | -$203.6M | -$57.1M |
| Dividendos Pagos | -$1.9M | -$1.9M | -$12.4M | -$2.1M |
| Compensação em Ações | $16.6M | $3.3M | 0 | $29.4M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +7.3% | +4.1% | +7.9% | +16.0% | +16.3% | -20.3% | +12.4% | +14.7% | +14.4% |
| Crescimento Lucro Líquido (anual) | | +2065.2% | +26.6% | +83.3% | +132.3% | +29.3% | -79.6% | -6.7% | +137.1% | +107.4% |
| Crescimento LPA (anual) | | +2081.6% | +26.7% | +88.1% | +137.3% | +29.2% | -78.0% | +1.4% | +146.6% | +103.9% |
| Variação de Ações (anual) | | +2.3% | +2.8% | -1.5% | -4.6% | +2.8% | -7.2% | -7.6% | -3.6% | +1.7% |
| Crescimento FCF (anual) | | +70.0% | +833.4% | -56.7% | -184.8% | +474.7% | -78.1% | -174.4% | -215.9% | +262.0% |
| Margem Bruta | 28.9% | 32.0% | 34.2% | 34.2% | 33.8% | 34.8% | 31.0% | 35.4% | 32.7% | 51.1% |
| Margem Operacional | 13.6% | 17.5% | 20.1% | 20.3% | 21.7% | 24.7% | 17.9% | 22.8% | 21.3% | 22.4% |
| Margem EBITDA | 0.7% | 5.8% | 10.2% | 14.8% | 18.2% | 19.3% | 9.3% | 12.2% | 16.1% | 19.3% |
| Margem Líquida | -0.1% | 2.5% | 3.0% | 5.1% | 10.3% | 11.4% | 2.9% | 2.4% | 5.0% | 9.1% |
| Margem FCF | -8.5% | -2.4% | 16.6% | 6.7% | -4.9% | 15.7% | 4.3% | -2.9% | -7.9% | 11.2% |
| Taxa Efetiva de Imposto | 56.0% | -10.9% | 35.6% | 29.3% | 27.2% | 29.2% | 29.5% | 35.3% | 32.6% | 29.9% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-5.43 | $-1.59 | $11.34 | $4.99 | $-4.43 | $16.16 | $3.82 | $-3.08 | $-10.09 | $16.07 |
| Dividendo por Ação | $0.44 | $0.43 | $0.41 | $0.43 | $1.41 | $1.43 | $0.56 | $0.55 | $0.61 | $0.66 |
| Ações em Circulação (Básicas) | $13.4M | $13.2M | $14.1M | $12.9M | $12.6M | $12.6M | $11.7M | $10.7M | $10.3M | $10.5M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Retorno sobre patrimônio | 10.71% |
| Retorno sobre capital investido | 5.12% |
| Retorno sobre ativos | 2.43% |
| Margem bruta | 80.21% |
| Margem operacional | 14.61% |
| Margem líquida | 5.72% |
Saúde financeira
| Dívida / Patrimônio | 0.91 |
| Liquidez corrente | 4.58 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.11 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -214.29 | 15.58 | 11.72 | 6.70 | 3.23 | 3.69 | 15.28 | 14.70 | 9.25 | 5.12 |
| P/VP | 0.49 | 0.68 | 0.66 | 0.60 | 0.58 | 0.71 | 0.62 | 0.56 | 0.78 | 0.77 |
| P/V | 0.29 | 0.39 | 0.37 | 0.34 | 0.33 | 0.42 | 0.44 | 0.36 | 0.46 | 0.46 |
| Margem Bruta | 28.9% | 32.0% | 34.2% | 34.2% | 33.8% | 34.8% | 31.0% | 35.4% | 32.7% | 51.1% |
| Margem Operacional | 13.6% | 17.5% | 20.1% | 20.3% | 21.7% | 24.7% | 17.9% | 22.8% | 21.3% | 22.4% |
| Margem Líquida | -0.1% | 2.5% | 3.0% | 5.1% | 10.3% | 11.4% | 2.9% | 2.4% | 5.0% | 9.1% |