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Earnings transcript
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LPLA
LPL Financial Holdings Inc.
$293.67
4.4
(1.52%)
| Exchange: | NASDAQ |
| Market Cap: | 23.517B |
| Shares Outstanding: | 86.817M |
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | Richard Steinmeier | |||||
| Full Time Employees: | 9118 | |||||
| Address: |
| |||||
| Website: | https://www.lpl.com |
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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes. The company also provides advisory platforms that provide access to mutual funds, exchange-traded funds, stocks, bonds, certain option strategies, unit investment trusts, and institutional money managers and no-load multi-manager variable annuities. In addition, it offers money market programs; and retirement solutions for commission-and fee-based services that allow advisors to provide brokerage services, consultation, and advice to retirement plan sponsors. Further, the company provides other services comprising tools and services that enable advisors to maintain and grow their practices; trust, investment management oversight, and custodial services to trusts for estates and families, as well as insurance brokerage general agency services; and technology products, such as 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.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10,052,848 | 12,385,107 | 16,989,479 |
| Gross Profit | 3,051,376 | 3,369,443 | 4,347,276 |
| EBITDA | 1,985,784 | 2,110,834 | 2,182,925 |
| Operating Income | 1,631,579 | 1,667,073 | 2,284,874 |
| Net Income | 1,066,250 | 1,058,616 | 863,024 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 10,385,480 | 13,317,404 | 18,492,753 |
| Total Liabilities | 8,306,501 | 10,386,802 | 13,148,268 |
| Total Stockholders Equity | 2,078,979 | 2,930,602 | 5,344,485 |
| Total Debt | 3,963,053 | 5,747,565 | 7,258,694 |
| Cash and Cash Equivalents | 465,671 | 967,079 | 1,037,378 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 512,611 | 277,589 | 0 |
| Capital Expenditure | -403,286 | -562,531 | 0 |
| Free Cash Flow | 109,325 | -284,942 | 0 |
| Net Income | 1,066,250 | 1,058,616 | 863,024 |
| Net Change in Cash | -556,107 | 102,889 | -2,684,052 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 8,644,594.120 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 9,392,476.190 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 9,035,873.100 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,374,629.067 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 1,493,554.308 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 1,436,848.699 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 2,854,465.816 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 3,179,923.589 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 3,024,739.494 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 916,841.430 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 996,161.437 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 958,340.288 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 38.260 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 40.220 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 36.100 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: LPLA has demonstrated consistent revenue increases in recent income statements, reflecting strong top-line performance. This growth aligns with industry trends in the financial services sector, particularly in wealth management, as indicated by positive industry performance metrics over 1-year and 5-year periods.
- Strong Profitability Metrics: Key metrics such as net profit margin (TTM) and return on equity (ROE TTM) highlight LPLA's ability to generate profits efficiently relative to its equity base, positioning it favorably against sector peers.
- Solid Cash Flow Generation: Free cash flow (TTM) and operating cash flow from cash flow statements indicate strong liquidity and operational efficiency, providing LPLA with financial flexibility for reinvestment or debt management.
- Market Position and Scale: With a significant market capitalization and a large employee base as per the company profile, LPLA benefits from economies of scale and a strong presence in the financial services industry.
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At what price to buy it? -
Intrinsic Value Calculator
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Common questions about LPLA valuation
Is LPL Financial Holdings Inc. (LPLA) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for LPL Financial Holdings Inc. (LPLA) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is LPLA a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether LPLA trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is LPLA’s P/E ratio?
You can see LPLA’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for LPLA?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is LPLA a good long-term investment?
Whether LPLA fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
LPLA
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Daily snapshot
1.52
Trading Metrics:
| Open: | 286.41 | Previous Close: | 289.27 | |
| Day Low: | 281.51 | Day High: | 297.22 | |
| Year Low: | 262.83 | Year High: | 403.58 | |
| Price Avg 50: | 325.31 | Price Avg 200: | 351.08 | |
| Volume: | 617450 | Average Volume: | 1.045M |
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Login — it's freeLPLA full analysis
Welcome to MARKETSNAP’s SWOT analysis for LPL Financial Holdings Inc., or LPLA as it’s known on the ticker. If you’re a long-term investor looking to build wealth, you’ve come to the right place. Today, we’re diving deep into LPL Financial, a major player in the financial services space, to break down what makes this company tick and whether it deserves a spot in your portfolio. Let’s get into it with a quick overview, some recent updates, and then a full…
