LPL Financial Holdings Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
LPL Financial is the largest US independent broker/dealer, with more than 32,000 financial advisors, roughly 11 million customer accounts, and roughly $2.4 trillion in client assets under management or advisory affiliated with its platform at the end of 2025.
It is a $26.1B financial services company. Revenue grew 38.8% over the last year, and it keeps 5¢ of every dollar of sales as profit. It trades at 25.9× earnings — around the middle of its own history.
- Website
- lpl.com
- Location
- San Diego, CA
- Employees
- 10 081
- Sector
- Financial Services
- Founded
- 1989
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth; Quality and Moat lag behind.
Valuation57
- P/E vs own history48th pct · 12/25
- FCF yield-3.6% · 0/25
- P/S1.3x · 25/25
- EV/EBITDA12.5x · 20/25
Growth90
- Revenue CAGR21.8% · 25/25
- Net income CAGR17.0% · 20/25
- EPS CAGR ~5Y13.3% · 20/25
- Fwd implied growth137.2% · 25/25
Profitability57
- ROIC10.2% · 12/25
- ROE18.4% · 20/25
- Net margin5.1% · 13/25
- Operating margin9.1% · 12/25
Health58
- Altman Z2.27 · 18/25
- Current ratio2.22 · 25/25
- Interest coverage3.8x · 10/25
- Net cash / debtD/A 34% · 5/25
Quality36
- Piotroski F2/9 · 5/25
- Beneish M-1.46 · 6/25
- FCF conversion-93% · 0/25
- Margin stabilityσ 3.0% · 25/25
Moat43
- ROIC >12% years6/10 yrs · 13/25
- Median gross margin11.2% · 0/25
- FCF-positive years8/10 yrs · 18/25
- Worst-year net marginworst 4.7% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025AcquisitionLPL Financial announced its acquisition of Commonwealth Financial Network, one of the largest independently…
- FY2023FinancialRevenue crossed $10B$10.1B for the year
- FY2023FinancialBest year on record$1.07B net income
- 2021AcquisitionLPL acquired Waddell & Reed's wealth management business
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$4.05B in first reported year
- 2010IPOLPL Financial Holdings completed its initial public offering on the Nasdaq under the ticker symbol…
- 1989FoundedLPL Financial Holdings Inc. (commonly referred to as LPL Financial) was founded in 1989 and has been described as…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (99.0%)
- Revenue growing 38.8% year over year
Watch-outs
- Negative free cash flow (-$931.3M)
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+38.8% YoY
- Profitable — makes more than it spends$1.01B TTM
- Profit growing — earnings are higher than last year+1.6% YoY
- Generates cash — cash left after running and investing-$931M TTM
- Debt under control — could handle its obligationscurrent ratio 2.22
- Established company — not a micro-cap — lower blow-up risk$26.1B market cap
- Not printing shares — share count not ballooning — you keep your slice-2.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 2.3 — grey
- Pays a dividend — returns cash to shareholdersyield 0.37%
- Valuation not extreme — price not wildly above earningsP/E 25.9
Peer comparisonLPL Financial Holdings Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| LPLA this company | $26.1B | 25.9 | +38.8% | 5.1% | Solid |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: LPLA vs BRK.A · LPLA vs BRK.B · LPLA vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/LPLA
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of LPLA on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $330.94 · market cap $26.1B.