LPL Financial Holdings Inc. (LPLA)
合理估值基本面
47
价格
$311.79
市值
$23.84B
第一部分 · 这家公司值多少
概览
LPL Financial does not manage anyone's money itself; it provides the technology, compliance infrastructure and custody services that let independent financial advisors run their own practices under LPL's broker-dealer license. Roughly 29,000 advisors and about 1,200 banks and credit unions use LPL's platform to serve their own clients, while LPL earns money from the assets that flow through that platform rather than from advising investors directly, or picking any investment on their behalf.
盈利方式
LPL earns four main kinds of revenue: commissions when advisors' clients buy investment products, advisory fees based on a percentage of assets in fee-based accounts, asset-based revenue including fees on client cash held in sweep programs, and transaction and other service fees. Because advisory and asset-based fees scale with the market value of client accounts, LPL's revenue rises and falls with the stock and bond markets even though it does not itself pick any investments.
护城河
转换成本 · 狭窄An advisor who builds a practice on LPL's technology, compliance workflow and client account infrastructure over years faces real cost and disruption in moving that practice, and its clients' accounts, to a rival platform. That friction gives LPL some pricing power and sticky revenue, but advisors do switch when a competitor offers meaningfully better economics, so the advantage is real without being decisive.
需求驱动因素
周期性Advisory and asset-based revenue move with the market value of client portfolios, so a market decline reduces LPL's fees even if no client sells anything, and a rally lifts revenue the same way. Revenue from cash sweep programs adds another swing factor tied to interest rates rather than markets, so LPL's results respond to both stock market moves and central bank policy.
主要风险
- Revenue tied to market values — A significant share of revenue is based on the market value of client assets, so a sustained market decline reduces LPL's fees directly, independent of anything the company does operationally.
- Advisor recruiting and retention — LPL's growth has depended on attracting and keeping productive advisors, and losing advisors to competing platforms, or failing to recruit new ones, would directly reduce the assets flowing through the business.
- Interest rate sensitivity of cash sweep revenue — Fees earned on client cash held in sweep programs depend on prevailing interest rates, and this revenue has declined in the past during low-rate periods and could decline again if rates fall or clients move cash elsewhere.
- Technology and cybersecurity risk — Advisors and their clients depend on LPL's technology platform to operate, and a significant outage or cybersecurity incident would disrupt advisor practices and expose sensitive client data.
看多理由
Buyers argue that LPL keeps taking market share as more advisors leave large wirehouses for independence, that its scale lets it spread compliance and technology costs over a growing advisor base, and that recurring advisory fees give the business a more predictable revenue base than a traditional brokerage.
看空理由
Sellers worry that a large share of revenue still moves mechanically with the stock market and interest rates rather than with anything LPL controls, that competition for productive advisors keeps recruiting and retention costs high, and that a serious technology failure could damage trust across thousands of independent practices at once.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Ameriprise runs the second-largest independent advisor franchise in the United States and competes with LPL for the same self-employed financial advisors and their retail client assets.
Raymond James Financial Services is the affiliation option LPL most often loses advisors to and wins them from, serving the same independent-advisor and mass-affluent client segment.
Schwab Advisor Services is the leading custodian for registered investment advisers and competes directly with LPL's RIA custody platform for breakaway advisors.
Osaic is the other large roll-up of independent broker-dealer networks and recruits from the same pool of advisors leaving wirehouses and smaller firms.
Named by LPL in its own 10-K as a competitor in the independent broker-dealer channel, Cetera offers the same clearing, custody and practice-support platform to independent advisors.
Cambridge is a privately held independent broker-dealer that LPL names in its 10-K, competing for the same fee-based advisory practices in the mid-size independent market.
资产负债表与流动性
营收
$19.61B
最近12个月（截至2026/6/30）
净利润
$1.01B
最近12个月（截至2026/6/30）
自由现金流
$-982M
股东权益合计
$5.34B
负债合计
$13.15B
流动比率
2.30
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$407.08
当前价格
$311.79
安全边际
+23.4%
公允价值区间
$264.60 - $549.56
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
24.56
ROE
16.1%
市净率（P/B）
4.18
P/FCF
-
毛利率
-
ROIC
-
盈利能力雷达图
价值创造（经济护城河）
ROIC
-
WACC
7.1%
ROIC − WACC
-
基本面分析标准
通过（10）
- EPS shows upward trend
- EPS CAGR 21.73%
- Price CAGR 24.00%
- Debt/Equity ratio
- Return on Tangible Assets
- ROE 18.4%
- Revenue Growth 5Y 23.7%
- Analyst Consensus 83% Buy
- Earnings Surprise avg 7.8%
- PEG Ratio 1.78
未通过（9）
- P/B Ratio 4.18
- Positive Free Cash Flow
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Quality (OCF/NI) -0.25
- Share Dilution 4.7%
- Net Margin Trend 5.1% vs 7.9%
- Piotroski F-Score 2/9
不可用（9）
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在发行新股，稀释所有权
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Richard Steinmeier | CEO & Director | 51 |
| Mr. Matthew Jon Audette B.S. | President & CFO | 50 |
| Mr. Matthew K. Enyedi | MD & Chief Client Officer | 51 |
| Ms. Aneri Jambusaria CFP | Group MD & Chief Wealth Officer | 41 |
| Mr. Greg Gates | Group MD and Chief Product & Technology Officer | 48 |
| Ms. Judith Kohoskie Ricketts | Executive Vice President of Operations | - |
| Mr. Marc Andrew Zabicki C.F.A. | Chief Investment Officer | - |
| Ms. Katharine Reeping | Senior VP, Controller & Chief Accounting Officer | 47 |
| Mr. Jonathan Lewis | Chief Technology & Information Officer | - |
| Mr. Matthew Edwin Morningstar J.D. | Group MD & Chief Legal Officer | 49 |
审计风险
2
董事会风险
1
薪酬风险
1
股东权利风险
3
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for LPLA, sourced from Markets Gazette.
- 2/26/2026POSITIVE$100 Invested In LPL Finl Hldgs 15 Years Ago Would Be Worth This Much Today
A retrospective analysis indicates that a $100 investment in LPL Financial Holdings made 15 years ago would have yielded significant capital appreciation by today. While the exact return figures are not detailed in the provided snippet, the implication points to robust and sustained long-term growth. This data underscores the company's ability to create shareholder value over a decade and a half, potentially reflecting sound management, an effective business strategy, and market resilience. For investors, this could signal a history of stability and reliable return potential, positioning LPL Financial Holdings as an attractive option for those focused on long-term performance.
via Markets Gazette