Interactive Brokers vs LPL Financial
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The short version
- LPL Financial is the larger business, with $17.0B of revenue in fiscal 2025 against $6.2B for Interactive Brokers, about 2.7 times as much.
- LPL Financial grew revenue faster (37.2%, against 19.7%).
- Interactive Brokers turned more of its sales into free cash flow (253.7% FCF margin, against −5.8%).
- Investors pay more for each dollar of Interactive Brokers’s earnings: a P/E of 32.0x against 25.1x for LPL Financial.
| Latest fiscal year | IBKR · FY25 | LPLA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $36.1B | $25.2B |
| Revenue | $6.2B | $17.0B |
| Free cash flow | $15.7B | −$982M |
| Net income | $984M | $863M |
| Growth | ||
| Revenue growth | 19.7% | 37.2% |
| 5-year growth | 22.8% | 23.7% |
| Share count change | 1.8% | 4.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 15.9% | 5.1% |
| FCF margin | 253.7% | −5.8% |
| Return on capital | — | 12.3% |
| Return on equity | — | 20.9% |
| Balance sheet | ||
| Net debt | −$4.9B | $6.1B |
| Net debt / EBITDA | −0.6x | 3.2x |
| Dividends and buybacks | $134M | $194M |
| Valuation & quality | ||
| P/E | 32.0x | 25.1x |
| Piotroski F-score | — | — |
Revenue
FY16
IBKR $1.4B
LPLA $4.0B
FY17
IBKR $1.7B
LPLA $4.3B
FY18
IBKR $1.9B
LPLA $5.2B
FY19
IBKR $1.9B
LPLA $5.6B
FY20
IBKR $2.2B
LPLA $5.9B
FY21
IBKR $2.7B
LPLA $7.7B
FY22
IBKR $3.1B
LPLA $8.6B
FY23
IBKR $4.3B
LPLA $10.1B
FY24
IBKR $5.2B
LPLA $12.4B
FY25
IBKR $6.2B
LPLA $17.0B
IBKR
LPLA
Operating margin
FY16
IBKR —
LPLA —
FY17
IBKR —
LPLA —
FY18
IBKR —
LPLA —
FY19
IBKR —
LPLA —
FY20
IBKR —
LPLA —
FY21
IBKR —
LPLA —
FY22
IBKR —
LPLA —
FY23
IBKR —
LPLA —
FY24
IBKR —
LPLA —
FY25
IBKR —
LPLA —
IBKR
LPLA
Free cash flow
FY16
IBKR $608M
LPLA $261M
FY17
IBKR $1.0B
LPLA $341M
FY18
IBKR $2.3B
LPLA $449M
FY19
IBKR $2.6B
LPLA $467M
FY20
IBKR $8.0B
LPLA $634M
FY21
IBKR $5.8B
LPLA $237M
FY22
IBKR $3.9B
LPLA $1.6B
FY23
IBKR $4.5B
LPLA $109M
FY24
IBKR $8.7B
LPLA −$285M
FY25
IBKR $15.7B
LPLA −$982M
IBKR
LPLA
Return on capital
FY16
IBKR —
LPLA 11.4%
FY17
IBKR —
LPLA 12.5%
FY18
IBKR —
LPLA 19.8%
FY19
IBKR —
LPLA 22.8%
FY20
IBKR —
LPLA 18.9%
FY21
IBKR —
LPLA 15.5%
FY22
IBKR —
LPLA 23.2%
FY23
IBKR —
LPLA 25.5%
FY24
IBKR —
LPLA 19.7%
FY25
IBKR —
LPLA 12.3%
IBKR
LPLA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.