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Side-by-side financial comparison of LPL Financial Holdings Inc. (LPLA) and Vistra Corp. (VST). Click either name above to swap in a different company.
LPL Financial Holdings Inc. is the larger business by last-quarter revenue ($4.9B vs $4.8B, roughly 1.0× Vistra Corp.). LPL Financial Holdings Inc. runs the higher net margin — 6.1% vs 4.8%, a 1.2% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (40.4% vs 31.2%). LPL Financial Holdings Inc. produced more free cash flow last quarter ($613.3M vs $596.0M). Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (32.0% CAGR vs 23.3%).
LPL Financial Holdings Inc. was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2021 the company had more than 17,500 financial advisors, over US$1 trillion in advisory and brokerage assets, and generated approximately $10.3 billion in annual revenue for the 2023 fiscal year. LPL Financial has main offices in Boston, Fort Mill, Austin, and San Diego. The company is a member of FINRA and the SIPC.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
LPLA vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $4.8B |
| Net Profit | $300.7M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 8.1% | 9.9% |
| Net Margin | 6.1% | 4.8% |
| Revenue YoY | 40.4% | 31.2% |
| Net Profit YoY | 11.1% | -47.2% |
| EPS (diluted) | $3.65 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.9B | $4.8B | ||
| Q3 25 | $4.6B | $4.8B | ||
| Q2 25 | $3.8B | $3.8B | ||
| Q1 25 | $3.7B | $4.3B | ||
| Q4 24 | $3.5B | $3.7B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $2.9B | $3.6B | ||
| Q1 24 | $2.8B | $3.2B |
| Q4 25 | $300.7M | $233.0M | ||
| Q3 25 | $-29.5M | $652.0M | ||
| Q2 25 | $273.2M | $327.0M | ||
| Q1 25 | $318.6M | $-268.0M | ||
| Q4 24 | $270.7M | $441.0M | ||
| Q3 24 | $255.3M | $1.9B | ||
| Q2 24 | $243.8M | $365.0M | ||
| Q1 24 | $288.8M | $-35.0M |
| Q4 25 | 8.1% | 9.9% | ||
| Q3 25 | -0.7% | 21.7% | ||
| Q2 25 | 9.6% | 13.7% | ||
| Q1 25 | 11.4% | -2.8% | ||
| Q4 24 | 9.7% | 16.4% | ||
| Q3 24 | 11.2% | 59.6% | ||
| Q2 24 | 11.3% | 22.5% | ||
| Q1 24 | 13.2% | 2.7% |
| Q4 25 | 6.1% | 4.8% | ||
| Q3 25 | -0.6% | 13.6% | ||
| Q2 25 | 7.1% | 8.7% | ||
| Q1 25 | 8.7% | -6.3% | ||
| Q4 24 | 7.7% | 12.0% | ||
| Q3 24 | 8.2% | 43.5% | ||
| Q2 24 | 8.3% | 10.1% | ||
| Q1 24 | 10.2% | -1.1% |
| Q4 25 | $3.65 | $0.55 | ||
| Q3 25 | $-0.37 | $1.75 | ||
| Q2 25 | $3.40 | $0.81 | ||
| Q1 25 | $4.24 | $-0.93 | ||
| Q4 24 | $3.58 | $1.09 | ||
| Q3 24 | $3.39 | $5.25 | ||
| Q2 24 | $3.23 | $0.90 | ||
| Q1 24 | $3.83 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $785.0M |
| Total DebtLower is stronger | $7.3B | $15.8B |
| Stockholders' EquityBook value | $5.3B | $5.1B |
| Total Assets | $18.5B | $41.5B |
| Debt / EquityLower = less leverage | 1.36× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $785.0M | ||
| Q3 25 | $1.6B | $602.0M | ||
| Q2 25 | $4.3B | $458.0M | ||
| Q1 25 | $1.4B | $561.0M | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.6B | $905.0M | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | $7.3B | $15.8B | ||
| Q3 25 | $7.5B | $15.8B | ||
| Q2 25 | $7.2B | $15.5B | ||
| Q1 25 | $5.7B | $15.4B | ||
| Q4 24 | $5.5B | $15.4B | ||
| Q3 24 | $4.4B | $13.9B | ||
| Q2 24 | $4.4B | $13.9B | ||
| Q1 24 | $3.9B | $14.7B |
| Q4 25 | $5.3B | $5.1B | ||
| Q3 25 | $5.0B | $5.2B | ||
| Q2 25 | $5.1B | $4.8B | ||
| Q1 25 | $3.1B | $4.8B | ||
| Q4 24 | $2.9B | $5.6B | ||
| Q3 24 | $2.8B | $5.4B | ||
| Q2 24 | $2.5B | $5.6B | ||
| Q1 24 | $2.3B | $5.7B |
| Q4 25 | $18.5B | $41.5B | ||
| Q3 25 | $18.0B | $38.0B | ||
| Q2 25 | $17.5B | $38.1B | ||
| Q1 25 | $14.0B | $38.2B | ||
| Q4 24 | $13.3B | $37.8B | ||
| Q3 24 | $11.9B | $37.9B | ||
| Q2 24 | $11.5B | $39.1B | ||
| Q1 24 | $11.0B | $38.2B |
| Q4 25 | 1.36× | 3.11× | ||
| Q3 25 | 1.49× | 3.02× | ||
| Q2 25 | 1.41× | 3.22× | ||
| Q1 25 | 1.82× | 3.20× | ||
| Q4 24 | 1.87× | 2.77× | ||
| Q3 24 | 1.60× | 2.56× | ||
| Q2 24 | 1.77× | 2.49× | ||
| Q1 24 | 1.70× | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $785.0M | $1.4B |
| Free Cash FlowOCF − Capex | $613.3M | $596.0M |
| FCF MarginFCF / Revenue | 12.4% | 12.4% |
| Capex IntensityCapex / Revenue | 3.5% | 17.4% |
| Cash ConversionOCF / Net Profit | 2.61× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-981.8M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $785.0M | $1.4B | ||
| Q3 25 | $-1.7B | $1.5B | ||
| Q2 25 | $193.3M | $572.0M | ||
| Q1 25 | $339.8M | $599.0M | ||
| Q4 24 | $-178.8M | $1.4B | ||
| Q3 24 | $209.3M | $1.7B | ||
| Q2 24 | $-178.9M | $1.2B | ||
| Q1 24 | $425.9M | $312.0M |
| Q4 25 | $613.3M | $596.0M | ||
| Q3 25 | $-1.9B | $1.0B | ||
| Q2 25 | $56.3M | $-118.0M | ||
| Q1 25 | $220.3M | $-169.0M | ||
| Q4 24 | $-344.3M | $923.0M | ||
| Q3 24 | $62.3M | $1.0B | ||
| Q2 24 | $-307.8M | $698.0M | ||
| Q1 24 | $304.9M | $-153.0M |
| Q4 25 | 12.4% | 12.4% | ||
| Q3 25 | -41.1% | 21.1% | ||
| Q2 25 | 1.5% | -3.1% | ||
| Q1 25 | 6.0% | -4.0% | ||
| Q4 24 | -9.8% | 25.2% | ||
| Q3 24 | 2.0% | 23.4% | ||
| Q2 24 | -10.5% | 19.4% | ||
| Q1 24 | 10.8% | -4.8% |
| Q4 25 | 3.5% | 17.4% | ||
| Q3 25 | 3.1% | 9.6% | ||
| Q2 25 | 3.6% | 18.4% | ||
| Q1 25 | 3.3% | 18.1% | ||
| Q4 24 | 4.7% | 11.7% | ||
| Q3 24 | 4.7% | 15.8% | ||
| Q2 24 | 4.4% | 13.8% | ||
| Q1 24 | 4.3% | 14.7% |
| Q4 25 | 2.61× | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | 0.71× | 1.75× | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | -0.66× | 3.07× | ||
| Q3 24 | 0.82× | 0.90× | ||
| Q2 24 | -0.73× | 3.28× | ||
| Q1 24 | 1.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPLA
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
