LPL Financial Holdings Inc Stock Research

Market Summary

USD207.05+2.01

Market Closed

0.98%

LPLA Alerts

4 major insider sales recently.
Big jump in Earnings (Y/Y)

LPLA Stock Price

LPLA RSI Chart

LPLA Valuation

Market Cap

16.5B

Price/Earnings (Trailing)

19.54

Price/Sales (Trailing)

1.92

EV/EBITDA

12.79

Price/Free Cashflow

10.08

LPLA Price/Sales (Trailing)

LPLA Profitability

EBT Margin

12.93%

Return on Equity

39.02%

Return on Assets

8.92%

Free Cashflow Yield

9.92%

LPLA Fundamentals

LPLA Revenue

Revenue (TTM)

8.6B

Revenue Y/Y

11.41%

Revenue Q/Q

7.87%

LPLA Earnings

Earnings (TTM)

845.7M

Earnings Y/Y

195.22%

Earnings Q/Q

37.34%

Price Action

52 Week Range

165.47271.31

(Low)(High)

Last 7 days

2.2%

Last 30 days

-15.8%

Last 90 days

-4.0%

Trailing 12 Months

12.6%

LPLA Financial Health

Debt/Equity

1.25

Debt/Cashflow

0.72

LPLA Investor Care

Dividend Yield

0.48%

Dividend/Share (TTM)

Buy Backs (1Y)

0.47%

Diluted EPS (TTM)

10.4

Peers (Alternatives to LPL Financial Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CME	64.6B	5.0B	-4.16%	-26.67%	24	12.87	7.03%	2.07%
ICE	54.0B	9.6B	-7.24%	-28.09%	37.35	5.61	5.10%	-64.37%
NDAQ	25.8B	6.2B	-7.56%	-69.74%	22.94	4.14	5.78%	-5.22%
TROW	24.5B	6.5B	-3.27%	-24.36%	12.06	3.54	-15.43%	-49.47%
CBOE	13.5B	4.0B	-1.08%	10.70%	57.29	3.4	13.27%	-55.58%
MID-CAP
IBKR	8.1B	2.7B	-8.57%	20.79%	4.4	3.02	95.77%	12.59%
SEIC	7.4B	2.0B	-7.56%	-5.83%	15.63	3.73	3.79%	-13.01%
SF	6.4B	4.6B	-11.90%	-16.52%	9.65	1.39	-3.98%	-19.72%
SNEX	2.0B	64.7B	-4.81%	27.03%	8.19	0.03	35.87%	74.73%
SMALL-CAP
BGCP	1.9B	1.8B	19.43%	13.66%	38.4	1.04	16.43%	-60.72%
VIRT	1.8B	2.4B	-13.64%	-50.86%	6.65	0.74	-15.89%	-44.42%
COWN	1.1B	1.5B	0.39%	32.10%	14.3	0.71	-27.22%	-74.14%
AC	819.0M	10.3M	0.54%	-9.69%	-15.41	79.58	-29.47%	-152.67%
WETF	742.8M	301.3M	9.41%	-21.41%	14.66	2.47	-0.98%	1.78%
OPY	424.5M	1.1B	-12.90%	-8.54%	13.12	0.38	-20.31%	-79.65%

Financials for LPL Financial Holdings

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	2.9%	8,601	8,362	8,220	8,079	7,721
Costs and Expenses	-0.6%	7,489	7,533	7,559	7,469	7,120
EBITDA	27.0%	1,438	1,132	944	878	-
EBITDA Margin	23.5%	0.17*	0.14*	0.11*	0.11*	-
Earnings Before Taxes	34.1%	1,112	829	660	610	601
EBT Margin	30.4%	0.13*	0.10*	0.08*	0.08*	-
Interest Expenses	8.6%	126	116	110	107	104
Net Income	33.2%	846	635	505	464	460
Net Income Margin	29.5%	0.10*	0.08*	0.06*	0.06*	-
Free Cahsflow	-20.7%	1,639	2,067	229	69.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.2%	9,482	9,696	7,736	7,773	7,992
Cash Equivalents	-30.5%	848	1,219	700	1,010	495
Net PPE	3.5%	751	726	686	659	-
Goodwill	0%	1,642	1,642	1,642	1,642	1,642
Liabilities	-5.0%	7,315	7,696	5,892	6,038	6,321
Long Term Debt	-0.1%	2,717	2,719	2,721	2,722	2,814
Shareholder's Equity	8.4%	2,168	2,000	1,844	1,735	1,671
Retained Earnings	10.8%	3,101	2,800	2,585	2,443	2,328
Additional Paid-In Capital	0.9%	1,913	1,896	1,879	1,861	1,841
Shares Outstanding	-0.2%	80.00	80.00	80.00	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-18.1%	1,946	2,376	509	318	453
Share Based Compensation	5.4%	53.00	50.00	48.00	46.00	44.00
Cashflow From Investing	-5.5%	-376	-356	-305	-493	-458
Cashflow From Financing	-60.3%	-504	-314	-277	171	279
Dividend Payments	-0.2%	80.00	80.00	80.00	80.00	80.00
Buy Backs	44.4%	325	225	190	140	90.00

Risks for LPLA

What is the probability of a big loss on LPLA?

38.5%

Probability that LPL Financial Holdings stock will be more than 20% underwater in next one year

20%

Probability that LPL Financial Holdings stock will be more than 30% underwater in next one year.

18.9%

Probability that LPL Financial Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does LPLA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if LPL Financial Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for LPLA

Cumulative Returns on LPLA

22.8%

10-Year Cumulative Returns

37.7%

7-Year Cumulative Returns

30.0%

5-Year Cumulative Returns

71.8%

3-Year Cumulative Returns

What are the long-term rolling returns for LPLA?

FIve years rolling returns for LPL Financial Holdings.

Annualized Returns

Which funds bought or sold LPLA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-22.65	-102,312	330,688	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.93	-1,177,050	58,372,000	0.06%
2023-03-08	Capital Asset Advisory Services LLC	reduced	-55.55	-454,280	420,720	0.03%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-50.14	-81,000	79,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-16.48	-29,234,500	139,180,000	0.20%
2023-02-24	National Pension Service	reduced	-0.34	-122,198	25,659,400	0.05%
2023-02-24	NATIXIS	new	-	2,456,340	2,456,340	0.01%
2023-02-24	SRS Capital Advisors, Inc.	added	0.21	-1,705	210,295	0.03%
2023-02-22	CVA Family Office, LLC	reduced	-16.67	-1,596	5,404	-%
2023-02-21	Triasima Portfolio Management inc.	new	-	1,722,880	1,722,880	0.13%

Latest Funds Activity

Are funds buying LPLA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own LPLA

No. of Funds

LPL Financial Holdings News

Schedule 13G FIlings of LPL Financial Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	9.51%	7,568,439	SC 13G/A
Feb 09, 2023	janus henderson group plc	4.4%	3,462,824	SC 13G/A
Feb 03, 2023	blackrock inc.	7.9%	6,292,224	SC 13G
Feb 11, 2022	janus henderson group plc	10.0%	8,049,630	SC 13G/A
Feb 04, 2022	wellington management group llp	4.15%	3,325,880	SC 13G/A
Feb 11, 2021	janus henderson group plc	10.2%	8,118,279	SC 13G/A
Feb 10, 2021	vanguard group inc	9.70%	7,694,510	SC 13G/A
Feb 04, 2021	wellington management group llp	7.25%	5,751,941	SC 13G
Feb 13, 2020	janus henderson group plc	11.9%	9,641,807	SC 13G/A
Feb 12, 2020	vanguard group inc	11.63%	9,408,350	SC 13G/A

LPLA Fair Value

LPL Financial Holdings fair value in different scenarios

The table shows the Fair Value estimates for LPL Financial Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	104.11 -49.72%	130.10 -37.16%	182.04 -12.08%	232.41 12.25%	266.48 28.70%
Very High Inflation	- -	- -	- -	- -	- -

Historical LPL Financial Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of LPL Financial Holdings

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading

Latest Insider Trading transactions for LPLA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-13	SCHIFTER RICHARD P	sold	-	-	-11,588	-
2023-02-27	Oroschakoff Michelle	sold	-1,183,880	246	-4,809	managing director
2023-02-27	Arnold Dan H.	sold	-9,464,730	246	-38,444	president & ceo
2023-02-27	Audette Matthew J	sold	-1,750,480	246	-7,111	chief financial officer
2023-02-27	Larsen Sallie R.	sold	-1,101,450	248	-4,439	managing director
2023-02-25	Jambusaria Aneri	sold (taxes)	-68,254	247	-276	managing director
2023-02-25	Audette Matthew J	sold (taxes)	-2,173,270	247	-8,788	chief financial officer
2023-02-25	Arnold Dan H.	acquired	-	-	79,534	president & ceo
2023-02-25	SEMERJIAN DAYTON	sold (taxes)	-1,563,680	247	-6,323	managing director
2023-02-25	Steinmeier Richard	acquired	-	-	14,252	managing director

About LPL Financial Holdings

Dan H. Arnold

www.lpl.com

5900

LPL Financial Holdings Inc., together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes. The company also provides advisory platforms that provide access to mutual funds, exchange-traded funds, stocks, bonds, certain option strategies, unit investment trusts, and institutional money managers and no-load multi-manager variable annuities. In addition, it offers money market programs; and retirement solutions for commission-and fee-based services that allow advisors to provide brokerage services, consultation, and advice to retirement plan sponsors. Further, the company provides other services comprising tools and services that enable advisors to maintain and grow their practices; trust, investment management oversight, and custodial services to trusts for estates and families, as well as insurance brokerage general agency services; and technology products, such as proposal generation, investment analytics, and portfolio modeling. The company was formerly known as LPL Investment Holdings Inc. and changed its name to LPL Financial Holdings Inc. in June 2012. LPL Financial Holdings Inc. was founded in 1989 and is based in San Diego, California.

LPLA Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commission	$ 2,326,164	$ 2,378,683	$ 1,906,560
Asset-Based Revenues	1,760,273	1,148,067	1,044,517
REVENUES:
Advisory	3,875,154	3,525,430	2,327,519
Asset-based	1,760,273	1,148,067	1,044,517
Service and fee	467,381	411,761	357,722
Transaction and fee	181,260	156,336	148,349
Interest income, net	77,126	28,577	29,412
Other	(86,533)	71,976	57,561
Total net revenues	8,600,825	7,720,830	5,871,640
EXPENSE
Commission and advisory	5,324,827	5,180,090	3,697,147
Compensation and benefits	820,736	741,003	609,257
Promotional	339,994	302,285	208,250
Occupancy and equipment	219,798	185,531	166,389
Depreciation, Depletion and Amortization, Nonproduction	199,817	151,428	109,732
Interest Expense, Debt	126,234	104,414	105,765
Brokerage, clearing, and exchange	86,063	86,023	71,185
Amortization of other intangibles	87,560	79,260	67,358
Professional services	72,519	73,231	57,067
Communications and data processing	67,687	60,296	52,399
Gain (Loss) on Extinguishment of Debt	0	24,400	0
Other	143,937	131,540	101,018
Total expense	7,489,172	7,119,501	5,245,567
INCOME BEFORE PROVISION FOR INCOME TAXES	1,111,653	601,329	626,073
PROVISION FOR INCOME TAXES	265,951	141,463	153,433
NET INCOME	$ 845,702	$ 459,866	$ 472,640
Earnings Per Share [Abstract]
Earnings Per Share, Basic	$ 10.60	$ 5.75	$ 5.96
Earnings Per Share, Diluted	$ 10.40	$ 5.63	$ 5.86
Weighted-average shares outstanding, basic	79,801,000	80,002,000	79,244,000
Weighted-average shares outstanding, diluted	81,285,000	81,742,000	80,702,000
Trailing
Commission	$ 1,292,358	$ 1,404,628	$ 1,135,796
Other Asset Based Fees
Asset-Based Revenues	806,649	787,220	563,129
REVENUES:
Asset-based	806,649	787,220	563,129
Sales-Based
Commission	1,033,806	974,055	770,764
Client Cash [Member]
Asset-Based Revenues	953,624	360,847	481,388
REVENUES:
Asset-based	$ 953,624	$ 360,847	$ 481,388