LPL Financial Holdings Inc.
$292.46
+0.19 (+0.07%) · delayed · Nov 13, 2026
Five-year price
52w $260.15 to $400.16
- Market cap
- $22.8B
- Enterprise value
- $29.0B
- P/E
- 26.8×
- 22.7× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- −4.3%
- ROIC
- —
- Debt / equity
- 1.36
- Piotroski F
- 2/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 34.0%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income 23% (5y avg)
- ●Growing revenueRevenue CAGR 5y 23.7%
- ●Shrinking share countDiluted shares -2.0% over 5y
Value
0
- ○P/E below 15P/E 26.8
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -4.3%
- ○Price below Graham NumberGraham Number $129.86
- ○P/B below 3P/B 4.3
Safety
0
- ○Debt / equity below 0.5D/E 1.36
- ○Debt payable in < 4 yrs of earningsNet debt $6.2B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 2/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $17.0B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 304%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 22.7
- ○P/E × P/B ≤ 22.5Product 96.8
Valuation lab
What do you have to believe?
Starting cash flow
Net debt $6.2B · 78M shares · 5y revenue CAGR 23.7%
Intrinsic value
$438.74
Price
$292.46
Margin of safety
33%
What the price implies
The market is paying for 15.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,049 | 4,281 | 5,188 | 5,625 | 5,872 | 7,721 | 8,601 | 10,053 | 12,385 | 16,989 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 298 | 365 | 593 | 742 | 626 | 601 | 1,112 | 1,445 | 1,393 | 1,150 |
| Income tax | 106 | 126 | 153 | 182 | 153 | 141 | 266 | 379 | 334 | 286 |
| Net income | 192 | 239 | 439 | 560 | 473 | 460 | 846 | 1,066 | 1,059 | 863 |
| EPS (diluted) | 2.13 | 2.59 | 4.85 | 6.62 | 5.86 | 5.63 | 10.40 | 13.69 | 14.03 | 10.92 |
| Diluted shares | 90 | 92 | 91 | 85 | 81 | 82 | 81 | 78 | 75 | 79 |
Who owns it