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

$359.33-1.12(<0.01%)Pre-market

Market Cap

$26.18B

P/E

26.0x

P/S

1.3x

P/B

4.5x

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

AverageMetricSide Score: 54/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (10/25).

Profitability15/25

Growth16/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality10/25

Strengths

Growing revenueHigh ROEConsistent growthImproving margins

Valuation vs. 5-year range

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

P/E · 26.0x5y range 14.3x – 33.4x

Currently near its 20-quarter median.

P/S · 1.3x5y range 1.3x – 2.1x

Currently below its 20-quarter median.

P/B · 4.5x5y range 4.2x – 8.7x

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 35.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

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 $26.18B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $19.61B
Q. Revenue: $5.19B
TTM EBITDA: $1.78B
TTM Op. Income: $1.36B
Q. Op. Income: $515.50M
TTM Net Income: $1.01B
Q. Net Income: $379.26M
EPS: $4.75
Shares Out.: $79.79M

$19.61B in TTM revenue grew 38.8% YoY, reaching $5.19B last quarter. TTM EBITDA of $1.78B and TTM operating income of $1.36B show growth is flowing through to the bottom line. TTM net income of $1.01B 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: 12.1%
Op. Margin: 9.9%
Net Margin: 7.3%

Op. margin of 9.9% is up 0.3% YoY — cost efficiency is improving. Net margin at 7.3% Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 26.0x
P/S Ratio: 1.3x
P/B Ratio: 4.5x

At 26.0x P/E, the stock trades within typical market levels. P/S of 1.3x and P/B of 4.5x 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 2 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $19.79B
Cash: $1.28B
Long-Term Debt: $7.46B
Book Value: $5.76B
D/E Ratio: 1.3
Debt/EBITDA: 11.9

With $19.79B in assets and $7.46B in long-term debt, D/E is 1.3and book value is $5.76B — moderate leverage. Over the past year, debt/equity is down 8% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $401.95M
TTM Free Cash Flow: $-931.29M
FCF Margin: -4.7%
FCF / Net Income: -0.9

TTM FCF of $-931.29M on $401.95M in operating cash flow. The FCF / Net Income ratio of -0.9x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 17226% — an improving trend.