IBKR vs LPLA: Interactive Brokers and LPL Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Interactive Brokers is the larger company, worth $146.5B, about 5.8 times LPL Financial.
- LPL Financial grew revenue faster over the last year (+35.2% vs +28.1%).
- On earnings, LPL Financial is the cheaper stock (28.4x vs 37.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | IBKR | LPLA |
|---|---|---|
| Market cap | $146.5B | $25.3B |
| Share price | $87.87 | $330.88 |
| Revenue (last fiscal year) | $6.2B | $17.0B |
| Free cash flow (last fiscal year) | — | -$982M |
| Revenue growth, last year | +28.1% | +35.2% |
| Revenue growth per year, last 5 fiscal years | +23.0% | +21.8% |
| Operating margin | — | 7.0% |
| Net margin | 16.4% | 5.1% |
| Return on equity | 19.1% | 17.5% |
| P/E (trailing) | 37.0x | 28.4x |
| Price / free cash flow | 9.30x | — |
| EV / EBITDA | 7.06x | 13.7x |
| FCF growth the price implies | — | — |
| Dividend yield | 0.36% | 0.37% |
| Debt / equity | 38.1x | 2.44x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 0 |
| Insider purchases, last 12 months | 6 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Interactive Brokers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.7B | — | — |
| 2022 | $3.1B | — | — |
| 2023 | $4.3B | — | — |
| 2024 | $5.2B | — | — |
| 2025 | $6.2B | — | — |
LPL Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.7B | $237M | 7.8% |
| 2022 | $8.6B | $1.6B | 12.9% |
| 2023 | $10.1B | $109M | 14.4% |
| 2024 | $12.4B | -$285M | 11.2% |
| 2025 | $17.0B | -$982M | 6.8% |
Where the revenue comes from
Interactive Brokers · by segments, 2019
Electronic Brokerage$1.9B97%
Market Making$67M3%
LPL Financial
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open IBKR in InvestinglyQuestions
Which is bigger, Interactive Brokers or LPL Financial?
Interactive Brokers (IBKR), at $146.5B against $25.3B.
Is IBKR or LPLA cheaper?
By trailing P/E, LPL Financial (28.4x) is cheaper than Interactive Brokers (37.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, IBKR or LPLA?
LPL Financial: revenue grew +35.2% over the last year, against +28.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.