LPLA
LPL Financial Holdings Inc.
LPLA's fundamentals are strong and it looks cheap: trading at 17x earnings, below its usual 24x. Analysts expect strong earnings growth.
LPLA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
LPLA's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like LPLA.
LPLA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $292 | — |
| Cheap | 15x | $264 | -9.6% |
| Current | 17x | $292 | — |
| Fair | 24x | $417 | +43% |
| Expensive | 30x | $516 | +77% |
Historical ranges are pointers, not guarantees.
LPLA's PE is in its cheap range at 17x. If earnings grow as analysts expect, today's price would be 10x next year's earnings.
LPLA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for LPLA, with profitability improving.
LPLA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $27.87 | +61% |
| Q3 2026 | $17.34 | +60% |
| Q2 2026 | $12.45 | -15% |
| Q1 2026 | $11.11 | -23% |
| Q4 2025 | $10.92 | -22% |
| Q3 2025 | $10.85 | -19% |
| Q2 2025 | $14.61 | +14% |
| Q1 2025 | $14.44 | +8.7% |
| Q4 2024 | $14.03 | +2.5% |
LPLA earned $17.34 per share over the past year, up 60% from the year before.
LPLA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.3B | +17% |
| Q2 2026 | $5.2B | +35% |
| Q1 2026 | $4.9B | +35% |
| Q4 2025 | $4.9B | +40% |
| Q3 2025 | $4.6B | +46% |
| Q2 2025 | $3.8B | +31% |
| Q1 2025 | $3.7B | +30% |
| Q4 2024 | $3.5B | +33% |
LPLA's revenue has grown year over year every quarter since late 2020: $5.3B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.1% | +9.8 points |
| Q2 2026 | 9.9% | +0.3 points |
| Q1 2026 | 9.8% | -1.6 points |
| Q4 2025 | 8.1% | -1.7 points |
| Q3 2025 | -0.8% | -12 points |
| Q2 2025 | 9.6% | -1.6 points |
| Q1 2025 | 11% | -1.8 points |
| Q4 2024 | 9.7% | -1.4 points |
LPLA's operating margin was 9.1% last quarter, up 9.8 points from the same quarter a year ago.
LPLA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $67.5M | +$1.9B |
| Q2 2026 | $202.5M | +260% |
| Q1 2026 | $124.6M | -43% |
| Q4 2025 | $613.3M | +$957.6M |
| Q3 2025 | -$1.9B | -3106% |
| Q2 2025 | $56.3M | +$364.1M |
| Q1 2025 | $220.3M | -28% |
| Q4 2024 | -$344.3M | -1038% |
LPLA's free cash flow was $1B over the past year, against −$1.9B the year before. Free cash flow isn't a meaningful measure for financial services companies like LPLA.
LPLA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -1.1M shares |
| 1 year | -1.7% | -1.4M shares |
| 3 years | +2.4% | +1.8M shares |
| 5 years | -3.5% | -2.9M shares |
| Available history | -6.7% | -5.7M shares |
LPLA has 79M diluted shares, down 1.7% from a year ago, with $610M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $300.6M |
| Q2 2026 | $309.5M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $240,000 |
| Q1 2025 | $100.2M |
| Q4 2024 | $100.1M |
LPLA spent $610M buying back its own shares over the past year, about three times what it spent the year before.
LPLA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.9x | Moderate |
| Q2 2026 | 3.5x | Elevated |
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 4.0x | High |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.7x | Moderate |
LPLA's net debt is about 2.9 years of its operating earnings (EBITDA), down from 4.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like LPLA.
LPLA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.0 | Neutral |
| Stochastic | 20.0 | Neutral |
LPLA's weekly RSI is 41 (neutral) and its Stochastic is 20 (neutral).
LPLA PE vs Financial Services Sector
| Metric | LPLA | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 13x | 29% above |
| PE % | 27 | 63 | 36 pts below |
LPLA is trading at 17x earnings, a 29% premium to the Financial Services sector's median of 13x.
LPLA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $308.7 | 5.3% below |
| 20 week MA | $329.8 | 11% below |
| 50 week MA | $326.3 | 10% below |
| 100 week MA | $339.2 | 14% below |
| 200 week MA | $289.8 | 0.9% above |
LPLA has fallen below most of its moving averages, though it's still 0.9% above its 200-week average.
LPLA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $92.6 | $103.8 | +12% |
| 2021 | $103.8 | $162.6 | +57% |
| 2022 | $162.6 | $215.8 | +33% |
| 2023 | $215.8 | $227.6 | +5.5% |
| 2024 | $227.6 | $331.9 | +46% |
| 2025 | $331.9 | $372.2 | +12% |
| 2026 YTD | $372.2 | $292.3 | -21% |
LPLA has finished every year since 2020 higher, and it's down 21% so far in 2026.