LPL Financial Holdings Inc. (LPLA)

NASDAQ: LPLA · USD

$269

-48.65 (-15.3%)· Recorded snapshot

Dự phòng tiếng AnhVI

Hiển thị bản gốc tiếng Anh trong khi đang dịch

Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.

StockMarketAgent Research · Analyzed 2026-10-07

Our latest published analysis: LPLA rated Strong Buy

LPL Financial Holdings Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$598 / share

Potential value

$718 / share

Upside to FV

+79.9%

from $269

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$26.2B
Revenue (ttm)	20B
Net income (ttm)	1.4B
EPS (ttm)	$17.4
Shares out	78.3M
P/E (trailing)	15.4x
P/E (forward)	10.9x
Dividend	$1.20 (0.45%)
Volume	4,981,556
Beta	0.54

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 20B
Net income (ttm): 1.4B
EPS (ttm): $17.4
P/E (trailing): 15.4x
P/E (forward): 10.9x
Market cap: $26.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$7.72B	$8.60B	$10.05B	$12.39B	$16.99B	+21.8%
Gross profit	$1.71B	$2.37B	$3.05B	$3.37B	$4.35B	+26.2%
Operating income	$705.7M	$1.24B	$1.63B	$1.67B	$1.55B	+21.8%
Net income	$459.9M	$845.7M	$1.07B	$1.06B	$863.0M	+17.0%
EPS (diluted)	$5.63	$10.40	$13.69	$14.03	$10.92	+18.0%
EBITDA	$936.4M	$1.53B	$1.99B	$2.11B	$2.18B	+23.6%
R&D	$0	$0	$0	—	—	+32.3%
SG&A	$319.1M	$820.7M	$396.9M	$450.8M	$177.1M	-13.7%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	Mua mạnh
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	Mua mạnh
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	Giữ
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	Mua
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	Mua mạnh
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	Mua

Base and Bull scenarios

Base50%

Price target

$598.11

+79.9% from spot

The Base case represents the modal forecast pathway for LPLA. Supported by an expanding corporate and independent RIA platform, total revenue grows 24.1% in FY2026 and 14.4% in FY2027, anchoring on consensus revenue of $24.10B and EPS of $29.90 in FY2027. Operating margins expand from 9.14% in FY2025 to 14.5% in FY2027, as full-year 2026 core G&A settles between $2.14B and $2.17B. Cash sweep balances stabilize near $54B-$57B with net yields near 330-337 bps. Capital return continues via $300M in quarterly buybacks, supporting our fair value midpoint of $598.11.

Revenue expands from $16.99B in FY2025 to $21.08B in FY2026 and $24.10B in FY2027
Operating EBIT margin normalizes from 13.45% in FY2025 to 13.8% in FY2026, 14.5% in FY2027, and 15.2% in FY2030
Commonwealth onboarding achieves targeted 90% asset retention with $435M run-rate EBITDA synergies
Discount rate applied is moderate cost of equity Ke of 8.5914% with 2.5% terminal growth
Diluted shares decline from 79.06M in FY2025 by 0.5% in FY2026 and 0.8% in FY2027 via repurchases

Bull25%

Price target

$717.89

+116.0% from spot

In the Bull case, LPL captures accelerated organic net new asset inflows of 7-9% as wirehouse adviser recruitment pipelines achieve all-time highs and large institutional bank partnerships migrate onto LPL's turnkey platform. Commonwealth Financial Network onboarding exceeds targets with over 95% asset retention and synergy EBITDA surpassing $435M. Client cash balances stabilize above $60B with ICA net yields widening above 350 bps under persistent interest rates. Operating margins expand toward 16%, driving FY2027 diluted EPS to $32.65 and funding aggressive buybacks under the $2.5B board authorization.

Organic net new asset recruitment growth accelerates to 7-9% annually
Commonwealth conversion delivers >95% asset retention and run-rate EBITDA exceeding guided $435M
Bank sweep net yields widen above 350 bps on client cash balances >$60B
FY2027 diluted EPS reaches $32.65, achieving the high end of consensus analyst estimates

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($598.11). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
7.6%	$617	$647	$684	$731	$791
8.1%	$582	$607	$637	$674	$719
8.6%	$553	$574	$598	$627	$663
9.1%	$527	$545	$565	$589	$618
9.6%	$505	$520	$537	$557	$581

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E10.9

P25 n/aP50 n/aP75 n/a

Trailing P/E26.4

P25 n/aP50 n/aP75 n/a

ROE25.7

P25 n/aP50 n/aP75 n/a

ROIC14.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All LPLA indicators

Market & fundamental data

Available fields

243

Groups with data

Currency

USD

Showing 243 of 243 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001397911
Company name	LPL Financial Holdings Inc.
Country	United States
Country code	US
CUSIP number	50212V100
Earnings date	2026-10-27
Earnings time	amc
Employees	10,081
Employees change	692
Employees growth	7.37%
Enterprise value	$26.1B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1989
Industry	Capital Markets
IPO date	2010-11-18
Is primary listing	Yes
Is SPAC	No
ISIN number	US50212V1008
Last 10-K release date	2026-02-23
Last earnings date	2026-10-27
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$21.1B
Market cap category	Large-Cap
Next earnings date	2027-01-28
Options	Yes
Price	$268.92
Price currency	USD
Sector	Financials
SIC code	6200
Stock price date	2026-10-28
Symbol	LPLA
U.S. state	California
Website	https://www.lpl.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.88x
Average P/E ratio (10Y)	19.88x
Average P/E ratio (3Y)	23.17x
Average P/E ratio (5Y)	22.97x
Earnings yield	6.48%
EV/Earnings	19.09x
EV/Sales	1.33x
FCF / EV yield	-3.54%
FCF yield	-4.37%
Forward EV/Sales	1.15x
Forward P/E	11.15x
Forward P/S	0.93x
Graham number	170.56533
Graham upside	-37.98%
Industry forward P/E	15.66x
Industry P/E	26.42x
Lynch fair value	$429.00
Lynch upside	56%
P/B ratio	4.28x
P/E ratio	15.44x
P/S ratio	1.08x
PEG ratio	0.54x
Sector forward P/E	13.61x
Sector P/E	15.68x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
Effective tax rate	26.02%
Gross margin	29.6%
Operating margin	13.08%
Pretax margin	9.42%
Profit margin	6.97%
Profit per employee	$138,175
Profitable quarters	3
Profitable years	15
Revenue per employee	$2M
ROA	7.35%
ROA (5Y)	8.22%
ROE	25.66%
ROE (5Y)	37.64%
ROIC	14.24%
ROIC (5Y)	15.35%
SBC / revenue	0.45%
Tax / revenue	2.45%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	62.95%
EPS growth (QoQ)	-4.64%
EPS growth 10Y	24.58%
EPS growth 3Y	5.67%
EPS growth 5Y	25.12%
EPS growth quarters	3
EPS growth years	0
Net income growth	67.21%
Net income growth (QoQ)	-5.99%
Net income growth 3Y	6.05%
Net income growth 5Y	24.63%
Net income growth quarters	3
Net income growth years	0
Operating income growth	44.99%
Operating income growth (Q)	-3.26%
Operating income growth 3Y	18.04%
Operating income growth 5Y	30.26%
Revenue growth	31.82%
Revenue growth (Q)	17.83%
Revenue growth (QoQ)	3.01%
Revenue growth 10Y	17.54%
Revenue growth 3Y	27.81%
Revenue growth 5Y	22.98%
Revenue growth quarters	24
Revenue growth years	9

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-688.5M
EPS	$17.42
FCF per share	$-12.01
Financing cash flow	$-178.4M
Free cash flow	$-940.7M
Free cash flow minus SBC	$-1B
Gross profit	$5.9B
Income taxes	$489.8M
Investing cash flow	$-2.6B
Net borrowing	$274.6M
Net cash flow	$-3B
Net income	$1.4B
Operating cash flow minus SBC	$-338.6M
Operating income	$2.6B
Revenue	$20B
Stock-based compensation	$86.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$74.22
Debt / equity	1.34
Goodwill	$2.7B
Net cash (debt)	$-5B
Net cash / market cap	-23.45%
Net debt / equity	0.87
Piotroski F-Score	4
Property, plant and equipment	$1.7B
Shareholders' equity	$5.8B
Tangible book value	$-359.7M
Tangible book value per share	$-4.59
Total assets	$19.9B
Total cash	$2.8B
Total debt	$7.8B
Total liabilities	$14.1B
WACC	5.29%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	1.05
Current ratio	2.58
Quick ratio	2.54
Working capital	$5.8B
Working capital turnover	3.63

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-2.76%
Dividend growth	0%
Dividend growth (10Y)	1.84%
Dividend growth (3Y)	1.43%
Dividend growth (5Y)	3.71%
Dividend growth years	0
Dividend payment date	2026-08-28
Dividend payment years	15
Dividend payout frequency	Quarterly
Dividend per share	$1.20
Dividend yield	0.45%
Ex-dividend date	2026-08-14
Last dividend	$0.30
Payout ratio	6.89%
Shareholder yield	-2.32%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	756.01%
10Y return CAGR	25.19%
10Y total return	845.52%
150-day SMA	$319.81
15Y price change	842.56%
15Y return CAGR	18.17%
15Y total return	1,123.47%
1D price change	-15.32%
1M price change	-13.71%
1M total return	-13.71%
1W price change	-15.72%
1W total return	-15.72%
1Y price change	-21.01%
1Y return CAGR	-20.74%
1Y total return	-20.73%
20-day SMA	$320.20
200-day SMA	$323.41
3M price change	-18.22%
3M total return	-18.16%
3Y price change	22.49%
3Y return CAGR	7.43%
3Y total return	24.01%
50-day SMA	$333.29
50-day SMA vs 200-day SMA	50over200
52-week high	$400.16
52-week high date	2026-02-04
52-week low	$260.15
52-week low date	2026-05-27
5Y price change	57.64%
5Y return CAGR	10.03%
5Y total return	61.29%
6M price change	-17.89%
6M total return	-17.74%
All-time high	$403.58
All-time high date	2025-07-31
All-time low	$15.38
All-time low date	2016-02-12
Average true range (ATR)	$12.23
Average volume	923.9K
Beta (1Y)	0.84
Beta (2Y)	1.13
Beta (5Y)	0.54
Change from 52-week high	-32.8%
Change from 52-week low	3.37%
Change from all-time high	-32.78%
Change from all-time low	1,663.44%
Change from open	-8.44%
Day's gap	-7.51%
Dollar volume	$1.3B
High price	$294.79
Low price	$268.49
Monthly RSI	44.64
Open price	$293.70
Position in 52-week range	1.63%
Premarket change	-6.17%
Premarket close	$317.56
Premarket price	$297.97
Premarket volume	1.5K
Previous close	$317.56
Price vs 150-day SMA	-15.18%
Price vs 20-day SMA	-15.28%
Price vs 200-day SMA	-16.12%
Price vs 50-day SMA	-18.61%
Relative volume	5.39
RSI	22.92
Sharpe ratio	-0.49
Sharpe ratio (3Y)	0.28
Sharpe ratio (5Y)	0.33
Sortino ratio	-0.51
Sortino ratio (3Y)	0.53
Sortino ratio (5Y)	0.59
Volume	5M
Weekly RSI	35.61
YTD price change	-24.05%
YTD total return	-23.84%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	78.2M
Float percentage	99.82%
Shares change (QoQ)	-1.33%
Shares change (YoY)	2.76%
Shares held by insiders	0.66%
Shares held by institutions	106.31%
Shares outstanding	78.3M
Short % of float	2.53%
Short % of shares	2.52%
Short ratio	2.5 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	143

Deeper analysis on LPLA

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this LPLA report

What is the latest published LPLA stock rating?

LPL Financial Holdings Inc. is shown with Strong Buy in the latest published report, analyzed 2026-10-07. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full LPLA analysis?

The full latest published report, analyzed 2026-10-07, lives at /stocks/LPLA/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for LPLA?

The latest published report analyzed 2026-10-07 gives LPLA a fair value of USD 598 and a potential value of USD 718. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the LPLA page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-07). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyLPLA · Fair value $598+79.9%

Read full analysis →

Category	Score	Reading
Valuation	9.5
Management	9.5
Balance Sheet	6.5
Profitability	6.0
Revenue Growth	9.0
Risk Assessment	7.5
Competitive Moat	7.5
Earnings Quality	4.5
Capital Efficiency	5.5

LPL Financial Holdings Inc. (LPLA)

Our latest published analysis: LPLA rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · LPLA

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All LPLA indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on LPLA

Frequently asked questions

Lịch sử xếp hạng