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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

LPL Financial Holdings Inc. (LPLA) valuation and DCF model

What the price implies · reverse DCF

At $301.16 the price implies 40.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 1.9% a year over the last ten years, 4.0% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 38.2% over ten years; the price implies 29.0% for good.

Price implies
40.4%
Last 5 years, reported
4.0%
Last 10 years, reported
1.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
40.4% a year for ten years
$301.16
today’s price
Its base case
1.9% a year for five years, then 1.1%
$17.67
94.1% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record LPL Financial Holdings Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 40.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against LPL Financial Holdings Inc.’s own cost of capital: risk-free 4.3% + beta 0.55 × equity premium 4.5% = 6.8% cost of equity; weighted, 6.8%.

Use 6.8%
Base case value per share $17.67 ten years discounted, and what follows
Current price $301.16 market price per share
Below today’s price 94.1% downside at the base case’s assumptions

How we got there$8.37 10 years of dividends+$9.30 terminal value=$17.67 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 17.22× 21.93× 20.23× 15% below 14.35× 20% above
P/FCF 23.50× 52.64× 35.41× 34% below 9.28× 153% above
P/B 4.08× 6.84× 6.64× 39% below 1.36× 199% above
EV/EBITDA — 12.36× 10.36× — 3.38× —
EV/Sales — 1.93× 1.62× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
4.40×5.70×7.00×8.30×10Y avg 6.64×2017201820192020202120222023202420252026

LPLA trades at 4.08× P/B, against a 10-year average of 6.64× (range 4.08×–8.53×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $490.84 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.