LPL Financial - Public Comps and Valuation Multiples

LPL Financial Overview

About LPL Financial

LPL Financial is the largest US independent broker-dealer, with nearly 29,000 financial advisors affiliated with its platform and roughly 10 million associated customer accounts at the end of 2024. The firm earns the bulk of its profit from interest income earned on client cash balances and from advisory fees and commissions tied to the $1.7 trillion in assets under management or advisory on its platform at year-end 2024. LPL specializes in the provision of turnkey wealth management services for affiliated independent advisors, but maintains a diverse array of affiliation modalities, running the gamut from more traditional employee models to a pure RIA custody approach. It earns tuck-in revenue from recordkeeping fees and the provision of software tools and services to its advisor base.

Founded

2005

HQ

Employees

9K+

Website

lpl.com

Sectors

Investment Brokerage
FinTech Infrastructure
WealthTech
FinTech

Financials

LTM Revenue $15.7B

LTM EBITDA $2.5B

EV

$29.7B

Valuation Multiples

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LPL Financial Financials

As of September 2025, LPL Financial reported last 12-month revenue of $15.7B and EBITDA of $2.5B.

In the same period, LPL Financial achieved $1.1B in LTM net income.

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LPL Financial P&L

In the most recent fiscal year, LPL Financial reported revenue of $12.4B and EBITDA of $2.1B.

LPL Financial expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$15.7B	XXX	$12.4B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$3.4B	XXX	XXX	XXX
Gross Margin	n/a	XXX	27%	XXX	XXX	XXX
EBITDA	$2.5B	XXX	$2.1B	XXX	XXX	XXX
EBITDA Margin	16%	XXX	17%	XXX	XXX	XXX
EBIT	$2.0B	XXX	$1.7B	XXX	XXX	XXX
EBIT Margin	12%	XXX	13%	XXX	XXX	XXX
Net Profit	$1.1B	XXX	$1.1B	XXX	XXX	XXX
Net Margin	7%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$4.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for LPL Financial including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $15.7B. EBITDA for the last twelve months was $2.5B. In the most recent fiscal year, LPL Financial achieved $12.4B in revenue and $2.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$15.7B	Analyst estimates available to subscribers	$12.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$3.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	27.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.5B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	16.0% EBITDA margin	Analyst estimates available to subscribers	17.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.0B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.5% EBIT margin	Analyst estimates available to subscribers	13.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.1B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.2% net profit margin	Analyst estimates available to subscribers	8.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$4.5B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for LPL Financial

This financial data table provides comprehensive performance metrics for LPL Financial, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

LPL Financial generated $15.7B in revenue over the last twelve months.
The company achieved $2.5B in EBITDA over the last twelve months.
Net income over the last twelve months reached $1.1B.

Fiscal Year Performance

In the most recent fiscal year, LPL Financial reported $12.4B in total revenue.
Fiscal year EBITDA was $2.1B.
The company maintained a gross profit margin of 27.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.0%.
Net profit margin reached 8.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for LPL Financial. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

LPL Financial Stock Performance

LPL Financial has current market cap of $26.7B, and EV of $29.7B.

Market Cap Evolution

LPL Financial Stock Data

As of October 17, 2025, LPL Financial's stock price is $333.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$29.7B	$26.7B	XXX	XXX	XXX	XXX	$18.38

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LPL Financial Valuation Multiples

LPL Financial's trades at 2.4x EV/Revenue multiple, and 14.1x EV/EBITDA.

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LPL Financial Financial Valuation Multiples

As of October 17, 2025, LPL Financial has market cap of $26.7B and EV of $29.7B.

Equity research analysts estimate LPL Financial's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

LPL Financial has a P/E ratio of 23.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$26.7B	XXX	$26.7B	XXX	XXX	XXX
EV (current)	$29.7B	XXX	$29.7B	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	2.4x	XXX	XXX	XXX
EV/EBITDA	11.9x	XXX	14.1x	XXX	XXX	XXX
EV/EBIT	15.2x	XXX	17.8x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	23.6x	XXX	25.2x	XXX	XXX	XXX
EV/FCF	29.0x	XXX	-104.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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LPL Financial Margins & Growth Rates

LPL Financial's last 12 month revenue growth is 26%

LPL Financial's revenue per employee in the last FY averaged $1.4M, while opex per employee averaged $0.2M for the same period.

LPL Financial's rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

LPL Financial's rule of X is 81% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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LPL Financial Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	26%	XXX	29%	XXX	XXX	XXX
EBITDA Margin	16%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	14%	XXX	XXX	XXX
Rule of 40	46%	XXX	43%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	81%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	5%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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