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LPL Financial Holdings Inc.

LPLA Financial Capital Markets

LPL Financial Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 37.2% from fiscal 2024.

Revenue
+17.4%
EPS
+1,325.2%
Free cash flow
+103.6%
Total debt
+3.74%

Quarter to September 2026, against a year earlier

301.16 10.32 −3.31%
Market cap
$23.4B
P/E
17.2×
Fwd P/E
15.2×
Dividend yield
0.40%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 7.14
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 2 2 1 — 1 1 2 1 — —
Insider Ownership 1.54%

Capital & Financial Ratios $m

Size
Market Cap 23,430.00
Revenue ttm 20,401.56
Net income ttm 1,392.95
Free cash flow ttm 1,007.93
Net debt Q 4,744.55
Valuation
P/E 17.22
Forward P/E 15.20
Price / sales 1.16
Forward P/S Powerpack
Price / FCF 23.50
Price / book 4.08
Financial health
Current ratio Q 2.62
Debt / equity Q 1.34
Interest coverage Q 5.58
Growth
Revenue growth Q +17.40% (above 0%: growing)
Operating income growth Q +718.68% (above 0%: growing)
EPS, this year +16.24% (at or above 15%: strong)
EPS, next year A +27.56% (at or above 15%: strong)
Revenue, next year A +22.86% (at or above 10%: strong)
EPS, past 5 yrs +13.26%
EPS, next 5 yrs A +21.08% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 37.48%
10-year low 10-year high
P/S against its own 10 years 28.68%
10-year low 10-year high
P/B against its own 10 years 10.08%
10-year low 10-year high

Dividends

Yield
0.40%
Annual rate
1.20
Payout ratio
6.89%
Growth, 2018–26
+2.31%/yr
  1. 1.00 ’18
  2. 1.00 ’19 +0
  3. 1.00 ’20 +0
  4. 1.00 ’21 +0
  5. 1.00 ’22 +0
  6. 1.20 ’23 +20
  7. 1.20 ’24 +0
  8. 1.20 ’25 +0
  9. 1.20 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,672 2,742 3,146 3,058
Receivables 1,382 1,613 2,078 2,554
Inventory — — — —
Other — — — —
5,534 6,636 8,905 9,592
2023 2024 2025 Q'26
Payables 2,915 2,616 3,280 3,256
ST’ Debt — — — —
Other — — — —
3,132 2,940 3,642 3,659

Compound Annual Growth %

10y 5y 3y
Sales 14.80% 23.68% 25.47%
Cash Flow 0.00% 0.00% 0.00%
Earnings 17.73% 12.80% 0.68%
Book Value 22.27% 32.37% 35.10%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.69 Actual 5.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.82 5.23 Beat by 0.41
Q1 FY26 5.49 5.60 Beat by 0.11
Q2 FY26 5.39 5.84 Beat by 0.45
Q3 FY26 5.69 5.97 Beat by 0.28
Q4 FY26 6.12 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.43 4.74 4.52 — —
’25 4.24 3.40 (0.37) 3.74 10.92
’24 3.83 3.23 3.39 3.59 14.03
’23 4.24 3.65 2.91 2.85 13.69
’22 1.64 1.97 2.86 3.95 10.40
’21 1.59 1.46 1.26 1.32 5.63
’20 1.92 1.27 1.29 1.38 5.86
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,938 5,187 5,344 — —
’25 3,670 3,835 4,552 4,932 16,989
’24 2,833 2,932 3,108 3,512 12,385
’23 2,418 2,469 2,522 2,644 10,053
’22 2,066 2,039 2,163 2,333 8,601
’21 1,708 1,898 2,021 2,094 7,721
’20 1,463 1,367 1,460 1,581 5,872
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 290 402 297 — —
’25 340 193 (1,730) 785 (411)
’24 426 (179) 209 (179) 278
’23 (206) 403 173 143 513
’22 (75) 73 2,125 (177) 1,946
’21 60 (119) 258 253 453
’20 381 (43) 126 326 790
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 125 203 67 — —
’25 220 56 (1,872) 613 (982)
’24 305 (308) 62 (344) (285)
’23 (307) 302 78 37 109
’22 (149) (4) 2,042 (251) 1,639
’21 19 (163) 203 177 237
’20 347 (81) 85 283 634
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 40.4% a year for ten years. It grew 1.9% a year over the last ten.

Implied
40.4%
10 years, reported
1.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,049 4,281 5,188 5,625 5,872 7,721 8,601 10,053 12,385 16,989 20,402 +17.3% 20,873 23,703 26,483 +15.9%
Gross margin, % 34.43 36.32 37.54 38.62 35.82 31.79 37.09 40.10 36.38 33.00 31.49 (1.4) pt
EBT 298 365 593 742 626 601 1,112 1,445 1,393 1,150 1,883 +16.2%
EBT margin, % 7.35 8.52 11.42 13.19 10.66 7.79 12.92 14.37 11.25 6.77 9.23 (0.6) pt
Net income 192 239 439 560 473 460 846 1,066 1,059 863 1,393 +18.2%
Per share, $
Per share, $ Revenue 45.46 47.57 58.88 68.14 74.10 96.51 107.78 130.88 165.77 215.93 259.37 +18.9%
Earnings 2.15 2.65 4.99 6.78 5.96 5.75 10.60 13.88 14.17 10.97 17.49 +19.9%
Cash flow 4.37 5.04 6.60 7.56 9.97 5.66 24.38 6.67 3.72 (5.23) 22.56 n/m
Capex (1.43) (1.24) (1.51) (1.89) (1.96) (2.70) (3.84) (5.25) (7.53) (7.25) (9.75) +19.7%
Free cash flow 2.93 3.79 5.09 5.66 8.01 2.96 20.54 1.42 (3.81) (12.48) 12.81 n/m
Book value 9.22 10.72 11.05 12.40 16.59 20.88 27.16 27.07 39.22 67.93 73.89 +24.8%
Shares, m 89 90 88 83 79 80 80 77 75 79 79 (1.4%)
Valuation, ×
Valuation, × P/E 16.49 21.50 12.24 13.63 17.46 27.79 20.49 16.67 23.06 32.24 17.22 20.2
P/S 0.78 1.20 1.04 1.35 1.41 1.66 2.02 1.76 1.97 1.65 1.16 1.5
P/B 3.86 5.33 5.53 7.44 6.28 7.67 8.00 8.53 8.32 5.26 4.08 6.6
EV/Sales 0.94 1.38 1.19 1.52 1.49 1.75 1.96 1.87 2.19 1.90 — 1.6
EV/FCF 14.50 17.27 13.78 18.24 13.81 56.93 10.29 171.83 (95.27) (32.81) — 18.9
Cash, $m
Cash, $m Operating cash flow 389 453 582 624 790 453 1,946 513 278 (411) 1,775 n/m
Capex (128) (112) (133) (156) (156) (216) (307) (403) (563) (570) (767) +18.1%
Free cash flow 261 341 449 467 634 237 1,639 109 (285) (982) 1,008 n/m
Balance, $m
Balance, $m Working capital 752 743 686 637 1,246 1,860 2,114 2,402 3,695 5,263 5,933 +24.1%
Net debt 617 748 805 910 504 692 (472) 1,062 2,753 4,112 4,745 +23.5%
Shareholders’ equity 821 965 974 1,024 1,315 1,671 2,168 2,079 2,931 5,344 5,812 +23.1%
Returns, %
Returns, % ROA 4.10 4.69 8.11 9.86 7.58 6.30 9.68 10.73 8.93 5.43 7.35 +1.3 pt
ROIC 17.12 18.02 25.21 28.29 25.15 19.31 45.64 32.47 18.33 10.26 13.59 (6.9) pt
ROE 24.98 26.75 45.33 56.05 40.42 30.81 44.07 50.22 42.26 20.86 25.66 (4.1) pt
People
People Employees 3,288 3,736 4,229 4,343 4,756 5,900 6,900 8,400 9,000 10,000 — +13.2%
Revenue/emp, $m 1.23 1.15 1.23 1.30 1.23 1.31 1.25 1.20 1.38 1.70 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

LPL Financial Holdings Inc. provides the infrastructure that financial advisors and institutions use to serve investors. Its services include brokerage and advisory platforms, custody and clearing, technology, compliance support, research and help running an advisory practice. The company was founded in 1968, is headquartered in San Diego and is led by Chief Executive Officer Richard Steinmeier.

Advisors can use LPL to execute transactions, hold client assets, open and manage accounts, rebalance portfolios and access investment products. LPL Financial LLC, its main operating subsidiary, is a broker-dealer and investment adviser that clears and settles customer transactions. LPL also offers trust administration, retirement services and an advisor-facing trading and portfolio rebalancing platform.

LPL Financial Holdings Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36% Compare
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06%
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
BMNR BitMine Immersion Technologies, Inc. $11.5B — (loss-making) — (loss-making) +2,167.79% (above 0%: growing) n/m −126,594.81% (below 0%: shrinking) 87.70% (25.50%) Compare
EVR Evercore Inc $11.2B 14.5× 15.2× +12.51% (above 0%: growing) +24.01% (above 0%: growing) +25.04% (above 0%: growing) 99.76% 21.48% Compare
JEF Jefferies Financial Group Inc. $11.2B 12.7× 12.4× +8.52% (above 0%: growing) +17.31% (above 0%: growing) +1,563.06% (above 0%: growing) 98.97% 24.82% Compare
SF Stifel Financial Corporation $10.8B 11.8× 11.4× −0.22% (below 0%: shrinking) +13.26% (above 0%: growing) −90.85% (below 0%: shrinking) 99.05% 22.63% Compare
Median of peers $14.6B 14.5× 15.2× +13.72% +16.95% −5.34% 96.83% 24.46%

All 97 Capital Markets stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Oct 28, 2026 Target cut Outperform 362.00 → 350.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 105.58%
Held by the ten largest 47.16%
Holder Shares Stake Change
Vanguard 8.20m 10.41% +14.04k
BlackRock 4.73m 6.01% −241.26k
Dodge & Cox 4.58m 5.81% +432.13k
Boston Partners 4.25m 5.40% +119.33k
Jupiter Topco 4.20m 5.33% +4.20m
Principal Financial 2.69m 3.41% +48.23k
SAMLYN CAPITAL, LLC 2.41m 3.06% +82.28k
Capital Group 2.34m 2.98% +30.82k
State Street 1.93m 2.46% +70.97k
WCM INVESTMENT MANAGEMENT, LLC 1.81m 2.30% +75.66k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 0.60%
BlackRock, Inc. 6.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

LPL Financial Holdings Inc. (LPLA) Latest News

29 Oct

Impact 4 · · Trefis
Impact 3 · · wealthmanagement.com
Impact 3 · · Insider Monkey
Impact 3 · · GlobeNewswire

28 Oct

Impact 4 · · StockStory
Impact 4 · · wealthmanagement.com
Impact 4 · · TIKR
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · earnings
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory

26 Oct

Impact 3 · · StockStory

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · GlobeNewswire

21 Oct

Impact 3 · · StockStory

20 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · wealthmanagement.com

19 Oct

Impact 3 · · PR Newswire

14 Oct

Impact 4 · · wealthmanagement.com

13 Oct

Impact 3 · · GlobeNewswire

9 Oct

Impact 4 · · Simply Wall St.

7 Oct

Impact 3 · · GlobeNewswire

5 Oct

Impact 4 · · wealthmanagement.com
Impact 4 · · GlobeNewswire

30 Sep

Impact 3 · · GlobeNewswire

LPLA metrics, ten years each

stockrow.com/LPLA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com