# LPL Financial Holdings Inc. (LPLA) — Stock CV

LPL Financial Holdings Inc. 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.

> 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.

## Identity

- **Ticker**: LPLA
- **Sector**: Financial Services
- **Industry**: Security & Commodity Brokers, Dealers, Exchanges & Services
- **Headquarters**: SAN DIEGO, CA
- **Employees**: 10 081
- **Website**: https://www.lpl.com
- **Market cap**: $26.1B
- **Last price**: $330.94
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $19.6B
- **Net income**: $1.01B
- **Free cash flow**: -$931M
- **Net debt**: $6.22B
- **P/E**: 25.9
- **Revenue growth (YoY)**: 38.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 90 |
| Profitability | 57 |
| Health | 58 |
| Quality | 36 |
| Moat | 43 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +38.8% YoY
- [x] Profitable — $1.01B TTM
- [x] Profit growing — +1.6% YoY
- [ ] Generates cash — -$931M TTM
- [x] Debt under control — current ratio 2.22
- [x] Established company — $26.1B market cap
- [x] Not printing shares — -2.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.3 — grey
- [x] Pays a dividend — yield 0.37%
- [x] Valuation not extreme — P/E 25.9

## Experience (career milestones)

- **2025** — LPL Financial announced its acquisition of Commonwealth Financial Network, one of the largest independently…
- **FY2023** — Revenue crossed $10B: $10.1B for the year
- **FY2023** — Best year on record: $1.07B net income
- **2021** — LPL acquired Waddell & Reed's wealth management business
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $4.05B in first reported year
- **2010** — LPL Financial Holdings completed its initial public offering on the Nasdaq under the ticker symbol…
- **1989** — LPL Financial Holdings Inc. (commonly referred to as LPL Financial) was founded in 1989 and has been described as…

## Strengths

- High gross margin (99.0%)
- Revenue growing 38.8% year over year

## Watch-outs

- Negative free cash flow (-$931.3M)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.72B | $460M | $237M |
| FY2022 | $8.60B | $846M | $1.64B |
| FY2023 | $10.1B | $1.07B | $109M |
| FY2024 | $12.4B | $1.06B | -$285M |
| FY2025 | $17.0B | $863M | -$982M |

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Source: https://stockcv.com/LPLA — derived from company filings; may be delayed or incomplete. Information, not investment advice.