LPL Financial Holdings Inc. (LPLA) Stock

LPL Financial Holdings Inc. (LPLA) is a Financials stock trading at $353.99 (as of 2026-08-20), with a market capitalization of $27.87B and a trailing P/E of 27.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

LPL Financial Holdings Inc., through its subsidiaries, offers brokerage and investment advisory services in the United States through an integrated platform for independent financial advisors and advisors employed by financial institutions. It provides access to products including annuities, mutual funds, equities, fixed income, retirement and education savings plans, insurance, and certain alternative investments, along with advisory platforms and related practice and custody services.

Understand LPL Financial Holdings Inc.: how it makes money

LPL Financial provides brokerage and investment advisory services to independent financial advisors and advisors at financial institutions in the United States, earning revenue through brokerage and advisory activity (including service and fee revenue, transaction revenue, client cash revenue, and sponsor revenues).

LPLs profit engine is the mix of advisor-linked revenue streams it earns from client activity, including service and fee revenue, sponsor revenues, client cash revenue, and transaction revenue.

Business quality (Solid): Strong description of business and multiple operational revenue drivers, but the provided data does not include a clean, mutually exclusive official segment revenue breakdown to reconcile to total revenue.

Valuation: At 26× earnings, LPLA trades 21% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Integrated platform for advisors: LPL provides an integrated platform of brokerage and investment advisory services to independent financial advisors and to advisors at financial institutions.
Multiple revenue-linked service lines: Its operating revenue drivers include service and fee revenue, sponsor revenues, client cash revenue, and transaction revenue.
Broad brokerage and advisory offering: The platform spans variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, insurance, and alternative investments such as non-traded real estate investment trusts and auction rate notes.

Bear case

Sensitivity to advisor-driven revenue components: Key operating drivers shown in the data include client cash revenue and transaction revenue, which could change as client and advisor activity changes.
Sponsor-related contribution: Sponsor revenues are listed as a distinct operating driver, so adverse changes in sponsor-related economics could weigh on results.

Valuation — source: SEC EDGAR (first-party)
Price	$353.99
Market Cap	$27.87B
P/E Ratio	27.7
EV / EBITDA	18.2
Price / Book	4.84
Price / Sales	1.42
FCF Yield	-3.3%
DCF Value (model)	$186.37
DCF Upside vs Price	-47.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$16.99B
Net Margin	5.1%
Revenue Growth (YoY)	35.2%
EPS Growth (YoY)	38.9%
FCF Growth (YoY)	259.6%

Valuation vs Sector & Industry
Stock P/E	27.7
Sector P/E (Financials)	15.1
Industry P/E (Trading)	34.6
vs Sector	82.9%
vs Industry	-20.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.91B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Financials
Industry	Trading
CEO	Richard Steinmeier
Employees	9,118
Country	US
IPO Date	2010-11-18

Related Companies (Business model: Asset Manager (Traditional + Alternatives) + Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.