LPL Financial Holdings (LPLA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

LPL Financial Holdings

NasdaqGS•Financial Services•Capital Markets

$322.43+6.82(0.02%)Market open

Market Cap

$23.41B

P/E

16.8x

P/S

1.1x

P/B

4.0x

LPL Financial Holdings Inc., together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States. The company's brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance; and client cash programs consist of Federal Deposit Insurance Corporation (FDIC) insured bank sweep vehicles, and a client cash and money market account. It also provides fee-based platforms that provide access to mutual funds, exchange traded funds, stocks, bonds, certain options strategies, unit investment trusts, institutional money managers, and no-load multi-manager variable annuities. In addition, the company offers retirement solutions for commission and fee-based services that allow advisors to provide brokerage services, consultation, and advice to retirement plan sponsors. Further, it provides other services comprising tools and services that enable advisors to maintain and grow their practices; trust, investment management oversight, and custodial services for estates and families; an advisor-facing trading and portfolio rebalancing platform; insurance brokerage general agency services; and technology products, including proposal generation, investment analytics, and portfolio modeling. The company was formerly known as LPL Investment Holdings Inc. and changed its name to LPL Financial Holdings Inc. in June 2012. LPL Financial Holdings Inc. was founded in 1989 and is based in San Diego, California.

How this company scores

GoodMetricSide Score: 67/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability17/25

Growth22/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality17/25

Strengths

Growing revenueHigh ROERising earningsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 16.8x5y range 14.3x – 33.4x

Currently near its 20-quarter median.

P/S · 1.1x5y range 1.1x – 2.1x

Currently below its 20-quarter median.

P/B · 4.0x5y range 3.7x – 8.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 8.3x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $23.41B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $20.40B
Q. Revenue: $5.34B
TTM EBITDA: $2.32B
TTM Op. Income: $1.88B
Q. Op. Income: $485.13M
TTM Net Income: $1.39B
Q. Net Income: $356.56M
EPS: $4.53
Shares Out.: $78.66M

$20.40B in TTM revenue grew 31.0% YoY, reaching $5.34B last quarter. TTM EBITDA of $2.32B and TTM operating income of $1.88B show growth is flowing through to the bottom line. TTM net income of $1.39B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 11.3%
Op. Margin: 9.1%
Net Margin: 6.7%

Op. margin of 9.1% is up 9.8% YoY — cost efficiency is improving. Net margin at 6.7% Over the past year, operating margin is up 1311% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 16.8x
P/S Ratio: 1.1x
P/B Ratio: 4.0x

At 16.8x P/E, the stock trades within typical market levels. P/S of 1.1x and P/B of 4.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $19.87B
Cash: $1.06B
Long-Term Debt: $7.80B
Book Value: $5.81B
D/E Ratio: 1.3
Debt/EBITDA: 13.0

With $19.87B in assets and $7.80B in long-term debt, D/E is 1.3and book value is $5.81B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $297.15M
TTM Free Cash Flow: $1.01B
FCF Margin: 4.9%
FCF / Net Income: 0.7

TTM FCF of $1.01B on $297.15M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.