LPLA vs TW: LPL Financial and Tradeweb Markets compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- LPL Financial is the larger company, worth $25.3B, close to Tradeweb Markets's $24.0B.
- LPL Financial grew revenue faster over the last year (+35.2% vs +9.0%).
- Tradeweb Markets keeps more of each dollar of revenue as operating profit (43.7% vs 7.0%).
- On earnings, Tradeweb Markets is the cheaper stock (27.2x vs 28.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LPLA | TW |
|---|---|---|
| Market cap | $25.3B | $24.0B |
| Share price | $330.88 | $111.08 |
| Revenue (last fiscal year) | $17.0B | $2.1B |
| Free cash flow (last fiscal year) | -$982M | $1.1B |
| Revenue growth, last year | +35.2% | +9.0% |
| Revenue growth per year, last 5 fiscal years | +21.8% | +17.5% |
| Operating margin | 7.0% | 43.7% |
| Net margin | 5.1% | 40.7% |
| Return on equity | 17.5% | 13.5% |
| P/E (trailing) | 28.4x | 27.2x |
| Price / free cash flow | — | 21.3x |
| EV / EBITDA | 13.7x | 14.3x |
| FCF growth the price implies | — | 6.6% |
| Dividend yield | 0.37% | 0.45% |
| Debt / equity | 2.44x | 0.14x |
| Fundamental grade | C | B |
| Superinvestors holding it | 0 | 7 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Tradeweb Markets
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.1B | $527M | 33.3% |
| 2022 | $1.2B | $573M | 34.7% |
| 2023 | $1.3B | $684M | 37.8% |
| 2024 | $1.7B | $809M | 39.3% |
| 2025 | $2.1B | $1.1B | 40.7% |
Where the revenue comes from
LPL Financial
No segment breakdown reported.
Tradeweb Markets · by products, 2025
Transaction fees and commissions$1.7B83%
Subscription fees$234M11%
LSEG market data fees$93M5%
Other$25M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LPLA in InvestinglyQuestions
Which is bigger, LPL Financial or Tradeweb Markets?
LPL Financial (LPLA), at $25.3B against $24.0B.
Is LPLA or TW cheaper?
By trailing P/E, Tradeweb Markets (27.2x) is cheaper than LPL Financial (28.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, LPLA or TW?
LPL Financial: revenue grew +35.2% over the last year, against +9.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.