# LPL Financial Holdings Inc. (LPLA)

> Source: Nexqual · https://nexqual.com/LPLA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, LPL Financial Holdings Inc. (LPLA), nexqual.com/LPLA" · informational, not investment advice.

**Price:** USD 318.85 (-0.68% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 321.03 · day 314.94–323.97 · 52w 260.15–400.16 · market cap $25.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $19.6B, net income $1.01B (5.1% margin), free cash flow -$931M (SEC filings).
- Valuation: P/E 24.9x (avg 24.2x at the last 3 fiscal year-ends), net debt $5.98B.
- 4 of 80 tracked superinvestors hold LPLA (13F, Q2 2026): 0 new, 2 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $2.7M; 2 not under a Rule 10b5-1 plan ($1.6M); 3 by opportunistic insiders (0 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (18 analysts), mean target USD 422.38 (range 354–554).
- Total return with dividends: 1Y -5.4% vs S&P 500 +14.9%; 5Y +86.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 5.69, revenue estimate $5.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.72B | $8.60B | $10.1B | $12.4B | $17.0B | $19.6B |
| Net income | $460M | $846M | $1.07B | $1.06B | $863M | $1.01B |
| EPS (diluted) | $5.63 | $10.40 | $13.69 | $14.03 | $10.92 | — |
| Free cash flow | $237M | $1.64B | $109M | -$285M | -$982M | -$931M |
| Net margin | 6.0% | 9.8% | 10.6% | 8.5% | 5.1% | 5.1% |
| Revenue growth | +31.5% | +11.4% | +16.9% | +23.2% | +37.2% | — |
| Cash + short-term investments | $544M | $900M | $557M | $1.02B | $1.13B | — |
| Total debt | $2.81B | $2.72B | $3.73B | $5.49B | $7.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.9x · P/S 1.3x · EV/Sales 1.6x · P/B 4.4x · FCF yield -3.71% · Earnings yield 4.01% · Dividend yield (paid, TTM) 0.38% · Buyback yield (TTM) 1.23% · Net debt $5.98B · EV $31.1B
P/E at fiscal year-ends: Dec 2025 32.7x, Dec 2024 23.3x, Dec 2023 16.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold LPLA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 2.10% | $343M | Reduced -40.5% |
| Thomas Gayner | Markel Group | 1.20% | $158M | Unchanged |
| First Pacific Advisors |  | 1.14% | $90.5M | Added +0.2% |
| Dodge & Cox Funds | Dodge & Cox | 0.68% | $1.29B | Added +10.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Reeping Katharine | Principal Accounting Officer | 440 | $153K | 19.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Jambusaria Aneri | Group Managing Director | 308 | $110K | 4.8% | Yes (adopted November 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-20 | Gates Greg | Group Managing Director | 4,119 | $1.5M | 14.9% | No | Too little history (no open-market trades in 2023) |
| 2026-07-31 | Enyedi Matthew | Group Managing Director | 1,000 | $353K | 7.1% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-17 | Jambusaria Aneri | Group Managing Director | 308 | $94K | 4.6% | Yes (adopted November 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-14…2026-04-15 | Audette Matthew J | President and CFO | 1,579 | $519K | 7.4% | Yes (adopted August 14, 2025) | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 18 analysts; mean target USD 422.38 (low 354, high 554).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | TD Cowen | Target raised | Hold | $377 → $380 |
| 2026-10-09 | Morgan Stanley | Target raised | Overweight | $387 → $393 |
| 2026-10-07 | UBS | Target lowered | Buy | $391 → $390 |
| 2026-10-07 | JP Morgan | Target raised | Overweight | $428 → $445 |
| 2026-10-07 | Barclays | Target raised | Overweight | $401 → $409 |
| 2026-10-06 | BMO Capital | Target lowered | Outperform | $390 → $370 |
| 2026-10-05 | B of A Securities | Target lowered | Buy | $557 → $554 |
| 2026-10-05 | Citizens | Reiterated | Market Outperform | $500 |
| 2026-10-02 | Wells Fargo | Initiated | Overweight | $362 |
| 2026-09-01 | Truist Securities | Initiated | Hold | $389 |
| 2026-09-01 | TD Cowen | Target raised | Hold | $372 → $377 |
| 2026-08-03 | BMO Capital | Target raised | Outperform | $300 → $390 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.4% | +86.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.4% | +13.2% |
| Volatility (annualized) | 36.7% | 36.6% |
| Max drawdown | -32.3% (Feb 2026→May 2026) | -31.4% (Jul 2025→Jun 2026) |

## Peers (Capital Markets)
TW (Tradeweb Markets Inc.) USD 121.89 +1.57% · NMR (Nomura Holdings Inc) USD 9.04 -1.95% · CRCL (Circle Internet Group, Inc.) USD 86.62 -3.44% · XP (XP Inc.) USD 29.35 -3.52% · FUTU (Futu Holdings Limited) USD 98.92 -5.82% · BMNR (BitMine Immersion Technologies,) USD 22.5 -6.09%

## More
Full page: https://nexqual.com/LPLA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LPLA's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1397911/000162828026010705/lpla-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Refinitiv US | "For example, we have an agreement with Refinitiv US LLC ("BETAHost"), under which it provides us key operational support, including data processing services for securities transactions and back office processing support." |
| Partner | Federal Deposit Insurance | "Our FDIC insured sweep vehicles include an (1) insured cash account ("ICA") for individuals, trusts, sole proprietorships and entities organized or operated to make a profit, such as corporations, partnerships, associati…" |

Other companies that name LPLA in their own reports (relationship from LPLA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Central Bancompany, Inc. (CBC) | 10-K 2026-03-25 | "Central Investment Advisors, in partnership with LPL Financial, offers traditional brokerage and managed investment solutions, financial and retirement planning, wealth transfer, insurance planning an…" |
| partner | RED RIVER BANCSHARES INC (RRBI) | 10-K 2026-03-13 | "Our investment executives strive to understand each client's unique financial situation and through our partnership with LPL Financial LLC, our registered broker-dealer, our investment executives are …" |
| supplier | WINTRUST FINANCIAL CORP (WTFCN) | 10-K 2026-02-26 | "For the periods presented prior to the brokerage service outsourcing to LPL, other earning assets included brokerage customer receivables and trading account securities." |
| supplier | TOMPKINS FINANCIAL CORP (TMP) | 10-K 2026-02-26 | "While new business production and market performance for the year was favorable, total asset levels declined due to the non‑recurring sale of certain customer accounts, consisting largely of lower-yie…" |

## Company outlook (8-K filed 2026-07-30)

- "They reflect the Company's expectations and objectives as of July 30, 2026 and are not guarantees that expectations or objectives expressed or implied will be achieved."
- "Endnote Disclosures (1) Represents the estimated total client assets expected to transition to the Company's primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.69 | $6.01 | -5.4% | $5.35B | 16 |
| Next quarter (ends 2026-12-31) | $6.36 | $6.43 | -1.2% | $5.51B | 15 |
| Current fiscal year (ends 2026-12-31) | $23.66 | $23.42 | +1.0% | $20.97B | 18 |
| Next fiscal year (ends 2027-12-31) | $30.20 | $29.28 | +3.2% | $23.96B | 18 |