LPL Financial Holdings Inc
LPLA - Insider Information
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+ FollowMarket Cap$22.34B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Q3 performance was strong; record earnings driven by top-line + expense discipline
- Total client assets: $2.6T, essentially flat vs. Q2; organic growth ~offset by modest market headwinds.
- Organic net new assets (NNA): $29B in Q3, ~5% annualized (described as the best organic growth in >1 year; short-term NNA has struggled to sustain >5% historically).
- Record adjusted EPS: $5.97, +15% YoY.
- Adjusted pretax margin: ~38.6%.
- Expense discipline continued; core G&A slightly higher QoQ ($532M, +$13M) but still below the low end of guidance range (timing pushed spend into Q4).
Adviser recruiting/NNA outlook: confidence returning to mid–single-digit+ but still dependent on institutions
- Company sees adviser recruiting back to normalized levels; pipeline progression now more evenly distributed (less “front-loaded” behavior).
- Management argues sustainable mid- to high-single-digit NNA requires large institutional onboardings in addition to individual adviser recruiting.
- Institutional pipeline exists and is active, but leaders expect long lead times (signing and migration can take multiple quarters to years), with incremental institutional benefits likely skewing toward later years (they referenced ~2028 timing for some).
- October update: expects ~3% organic growth (month 1 typically lowest in quarter; retention consistent; some offset from join/attrition timing).
Commonwealth transition (largest deal) remains on track—retention risk is the key swing factor
- Onboarding expected mid-November; preparations largely complete (householding architecture, case management platform, single relationship agreement) and currently in final testing.
- Management updated expected final asset retention to ~83% (from earlier higher internal underwriting targets, previously discussed around ~90%).
- 2-week visibility improved clarity on what will join post-conversion; they expect the 83% zone to land.
- Slide shows confidence in execution: operating model integration is designed to preserve Commonwealth’s service model while adding LPL technology scale.
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$279.09
10.4% downside
Current Fair Value
10.4% downsideOvervalued by 10.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.34 Billion |
|---|---|
| Enterprise Value | $21.07 Billion |
| Annual dividend | $1.20 |
| Dividend yield | 0.42% |
| Earnings per Share | $10.97 |
| Beta | 0.48 |
| Outstanding Shares | 78,658,000 |
Return
| Return on Equity | 24.20% |
|---|---|
| Return on Assets | 7.04% |
| Return on Invested Capital | 11.60% |
Valuation & Multiples
| P/E Ratio | 16.22 |
|---|---|
| PEG | -1.24 |
| Price to Sales | 1.2 |
| Price to Book Ratio | 4.27 |
| Enterprise Value to Revenue | 1.03 |
| Enterprise Value to EBIT | 9.18 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$5.85
Consensus analyst estimateRevenue Estimate
$5.40 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$6.02
Consensus analyst estimateRevenue Estimate
$5.46 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 38.70% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.00%▼ 101.26% |
|---|---|
| Total Invested | $730.15M▼ 96.89% |
| Investors Holding | 237▼ 556.00% |
About LPL Financial Holdings Inc
4,658 employees
CEO: Mark Casady
Andy Kalbaugh Sallie Larsen