Loading…
Largest US independent broker-dealer, providing a technology and clearing platform for independent financial advisors.
Largest US independent broker-dealer, providing a technology and clearing platform for independent financial advisors.
Collects fees on the assets and trades its advisors handle, pays out most of that to the advisors and keeps the difference to fund the technology, custody and compliance services it provides. Interest on clients' cash balances adds to income. It grows by recruiting advisors and buying advisory books, including Waddell and Reed's wealth business in 2021.
Moat: narrow (switching costs, scale, distribution). Advisors build practices on LPL's technology and compliance infrastructure, making a move costly.
Headquarters: San Diego, California, US · Founded: 1989 · Employees: 10,099
Size LPL Financial (LPLA) is a United States Financials company (Investment Banks/Brokers) with a market value of $23.0B, the 450th largest of 3,117 United States companies the cockpit tracks. Shares closed at $295.51 on 6 Nov 2026.
Performance Over six months the shares fell 2.6%, against -0.3% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 31.0% over the last twelve months (peer median +14.3%); the operating margin is 12.6% (peer median 37.8%).
Valuation It trades at 10.5× forward earnings against a peer median of 14.2× (7th cheapest of 21).
Credit LPL Financial has 9 bonds outstanding ($4.90B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 111 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.4B | $17.0B | $12.4B | $10.1B | $8.60B |
| Revenue growth | — | +37% | +23% | +17% | — |
| Gross profit | $5.69B | $4.98B | $4.06B | $3.68B | $2.90B |
| EBITDA | $3.30B | $2.91B | $2.22B | $1.99B | $1.53B |
| Net income | $1.39B | $863M | $1.06B | $1.07B | $846M |
| Free cash flow | $947M | -$993M | -$319M | $148M | $1.64B |
| Capital expenditure | $767M | $570M | $563M | $403M | $307M |
| Total debt | $8.57B | $7.94B | $6.03B | $3.96B | $2.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| LPL Financial LPLA | $23.0B | -3% | +31% | 13% | 10.5× | n/a |
| Raymond James Financial RJF | $31.3B | +6% | +10% | 21% | 11.4× | n/a |
| Ameriprise Financial AMP | $43.5B | +8% | +9% | 28% | 10.0× | n/a |
| Charles Schwab SCHW | $158B | +3% | +12% | 52% | 12.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LPLA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | +1.1% | 3rd lowest of 21 |
| 6-month return | -2.6% | -0.3% | 10th lowest of 21 |
| Distance from 52-week high | -26.1% | -15.0% | 7th lowest of 21 |
| Revenue growth (TTM) | +31.0% | +14.3% | 8th highest of 21 |
| Operating margin | 12.6% | 37.8% | 2nd lowest of 21 |
| Forward P/E | 10.5× | 14.2× | 7th cheapest of 21 |
| Bond spread | 111 bp | 63 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 42% | 7.8× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 52% | 19.7× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| China Galaxy Securities 601881.SS | China | $16.1B | -8% | -20% | 37% | 9.5× | n/a | n/a |
| Meritz Financial 138040.KS | South Korea | $15.7B | +18% | +31% | 49% | 8.6× | n/a | n/a |
| Shenwan Hongyuan 000166.SZ | China | $15.5B | -8% | -26% | 31% | 10.9× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Daiwa Securities 8601.T | Japan | $14.0B | +11% | +18% | 17% | 10.8× | n/a | n/a |
| Futu Holdings Ltd. Sponsored ADR FUTU | United States | $13.7B | -32% | +44% | 69% | 6.8× | n/a | n/a |
| Japan Exchange 8697.T | Japan | $13.4B | +11% | +40% | 61% | 19.7× | n/a | n/a |
| TMX X.TO | Canada | $12.1B | +10% | +4% | 28% | 22.8× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Freedom FRHC | United States | $11.4B | +28% | +8% | 29% | 39.7× | n/a | n/a |
| Evercore EVR | United States | $10.9B | -17% | +37% | 22% | 14.2× | n/a | n/a |
LPL Financial has 9 bonds outstanding with $4.90B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.75%, a spread of 111 bp over government bonds.