LPL Financial Holdings Inc.
LPLA · Other · $28.6B mkt cap · FY2025 filings · · Not rated ·
Not rated
We don't have enough comparable filing data to score at least four of the five filters for LPLA, so we don't publish a composite. Missing: pricingPower, returnsOnCapital. No composite: 2 components abstained (pricingPower: Not enough years of gross-margin data to score pricing power.; returnsOnCapital: Not enough years of ROIC data to score returns on capital.).
18 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $2.7B (FY2009) to $17.0B (FY2025) — about 12.1% a year compounded over 16 years.
The balance sheet carried $7.3B of total debt in FY2025 against $863M of owner earnings — roughly 8.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 16/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in LPLA’s filings for these years — we don’t estimate it.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
No composite readings yet — LPLA’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for LPLA.
Track record
How LPL Financial Holdings Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored LPLA on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, LPLA did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Other context
Not ranked — LPLA doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.
Other leaders by Moat Score
- #1FHI Federated Hermes, Inc.95.8 out of 100, Wide moatWide moat
- #2MORN MORNINGSTAR, INC.90.2 out of 100, Wide moatWide moat
- #3MKTX MARKETAXESS HOLDINGS INC.86.2 out of 100, Wide moatWide moat
Common questions about LPLA
- Does LPL Financial Holdings Inc. have an economic moat?
- We don't publish a Moat Score for LPL Financial Holdings Inc. (LPLA): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: pricing power, returns on capital.
- Is LPLA trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $119.74 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $357.10, that is 198% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has LPLA's Moat Score changed over time?
- The record logs 17 readings since Jul 17, 2026, none with a composite — LPLA hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.