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LPL Financial Holdings Inc.（LPLA）与StoneX Group Inc.（SNEX）财务数据对比。点击上方公司名可切换其他公司
LPL Financial Holdings Inc.的季度营收约是StoneX Group Inc.的4.1倍（$4.9B vs $1.2B）。StoneX Group Inc.净利率更高（11.6% vs 6.1%，领先5.5%）。StoneX Group Inc.同比增速更快（81.0% vs 40.4%）。LPL Financial Holdings Inc.自由现金流更多（$613.3M vs $-1.3B）。过去两年StoneX Group Inc.的营收复合增速更高（53.5% vs 32.0%）
LPL Financial Holdings Inc.成立于1989年，是美国规模最大的独立经纪自营商。截至2021年，公司拥有超17500名财务顾问，咨询及经纪类资产规模超1万亿美元，2023财年总营收约103亿美元，在波士顿、福特米尔、奥斯汀、圣迭戈设有核心办事处，是FINRA和SIPC成员。
StoneX集团是美国知名金融服务企业，核心业务覆盖商业套期保值、全球支付、证券、实物大宗商品、外汇，以及清算与执行服务六大板块，可为全球各类客户提供专业合规的多元化金融服务。
LPLA vs SNEX — 直观对比
营收规模更大
LPLA
是对方的4.1倍
$1.2B
营收增速更快
SNEX
高出40.6%
40.4%
净利率更高
SNEX
高出5.5%
6.1%
自由现金流更多
LPLA
多$1.9B
$-1.3B
两年增速更快
SNEX
近两年复合增速
32.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $1.2B |
| 净利润 | $300.7M | $139.0M |
| 毛利率 | — | — |
| 营业利润率 | 8.1% | 15.4% |
| 净利率 | 6.1% | 11.6% |
| 营收同比 | 40.4% | 81.0% |
| 净利润同比 | 11.1% | 63.3% |
| 每股收益（稀释后） | $3.65 | $2.50 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LPLASNEX
| Q4 25 | $4.9B | $1.2B | ||
| Q3 25 | $4.6B | $32.7B | ||
| Q2 25 | $3.8B | $851.2M | ||
| Q1 25 | $3.7B | $820.4M | ||
| Q4 24 | $3.5B | $663.1M | ||
| Q3 24 | $3.1B | $31.1B | ||
| Q2 24 | $2.9B | $571.8M | ||
| Q1 24 | $2.8B | $509.2M |
净利润LPLASNEX
| Q4 25 | $300.7M | $139.0M | ||
| Q3 25 | $-29.5M | $85.7M | ||
| Q2 25 | $273.2M | $63.4M | ||
| Q1 25 | $318.6M | $71.7M | ||
| Q4 24 | $270.7M | $85.1M | ||
| Q3 24 | $255.3M | $76.7M | ||
| Q2 24 | $243.8M | $61.9M | ||
| Q1 24 | $288.8M | $53.1M |
毛利率LPLASNEX
| Q4 25 | — | — | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率LPLASNEX
| Q4 25 | 8.1% | 15.4% | ||
| Q3 25 | -0.7% | 0.3% | ||
| Q2 25 | 9.6% | -1.3% | ||
| Q1 25 | 11.4% | -1.0% | ||
| Q4 24 | 9.7% | -3.2% | ||
| Q3 24 | 11.2% | -0.0% | ||
| Q2 24 | 11.3% | -4.7% | ||
| Q1 24 | 13.2% | -2.5% |
净利率LPLASNEX
| Q4 25 | 6.1% | 11.6% | ||
| Q3 25 | -0.6% | 0.3% | ||
| Q2 25 | 7.1% | 7.4% | ||
| Q1 25 | 8.7% | 8.7% | ||
| Q4 24 | 7.7% | 12.8% | ||
| Q3 24 | 8.2% | 0.2% | ||
| Q2 24 | 8.3% | 10.8% | ||
| Q1 24 | 10.2% | 10.4% |
每股收益（稀释后）LPLASNEX
| Q4 25 | $3.65 | $2.50 | ||
| Q3 25 | $-0.37 | $0.72 | ||
| Q2 25 | $3.40 | $1.22 | ||
| Q1 25 | $4.24 | $1.41 | ||
| Q4 24 | $3.58 | $2.54 | ||
| Q3 24 | $3.39 | $2.32 | ||
| Q2 24 | $3.23 | $1.88 | ||
| Q1 24 | $3.83 | $1.63 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.1B | $1.6B |
| 总债务越低越好 | $7.3B | — |
| 股东权益账面价值 | $5.3B | $2.5B |
| 总资产 | $18.5B | $47.8B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
现金及短期投资LPLASNEX
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $4.3B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
总债务LPLASNEX
| Q4 25 | $7.3B | — | ||
| Q3 25 | $7.5B | — | ||
| Q2 25 | $7.2B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $3.9B | — |
股东权益LPLASNEX
| Q4 25 | $5.3B | $2.5B | ||
| Q3 25 | $5.0B | $2.4B | ||
| Q2 25 | $5.1B | $2.0B | ||
| Q1 25 | $3.1B | $1.9B | ||
| Q4 24 | $2.9B | $1.8B | ||
| Q3 24 | $2.8B | $1.7B | ||
| Q2 24 | $2.5B | $1.6B | ||
| Q1 24 | $2.3B | $1.5B |
总资产LPLASNEX
| Q4 25 | $18.5B | $47.8B | ||
| Q3 25 | $18.0B | $45.3B | ||
| Q2 25 | $17.5B | $34.3B | ||
| Q1 25 | $14.0B | $31.3B | ||
| Q4 24 | $13.3B | $29.6B | ||
| Q3 24 | $11.9B | $27.5B | ||
| Q2 24 | $11.5B | $25.9B | ||
| Q1 24 | $11.0B | $25.7B |
负债/权益比LPLASNEX
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 1.87× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 1.77× | — | ||
| Q1 24 | 1.70× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $785.0M | $-1.3B |
| 自由现金流经营现金流 - 资本支出 | $613.3M | $-1.3B |
| 自由现金流率自由现金流/营收 | 12.4% | -106.4% |
| 资本支出强度资本支出/营收 | 3.5% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.61× | -9.08× |
| 过去12个月自由现金流最近4个季度 | $-981.8M | $3.5B |
8季度趋势，按日历期对齐
经营现金流LPLASNEX
| Q4 25 | $785.0M | $-1.3B | ||
| Q3 25 | $-1.7B | $3.5B | ||
| Q2 25 | $193.3M | $1.5B | ||
| Q1 25 | $339.8M | $-154.5M | ||
| Q4 24 | $-178.8M | $-477.8M | ||
| Q3 24 | $209.3M | $192.6M | ||
| Q2 24 | $-178.9M | $-622.1M | ||
| Q1 24 | $425.9M | $784.0M |
自由现金流LPLASNEX
| Q4 25 | $613.3M | $-1.3B | ||
| Q3 25 | $-1.9B | $3.5B | ||
| Q2 25 | $56.3M | $1.5B | ||
| Q1 25 | $220.3M | $-169.8M | ||
| Q4 24 | $-344.3M | $-491.4M | ||
| Q3 24 | $62.3M | $175.9M | ||
| Q2 24 | $-307.8M | $-640.5M | ||
| Q1 24 | $304.9M | $766.6M |
自由现金流率LPLASNEX
| Q4 25 | 12.4% | -106.4% | ||
| Q3 25 | -41.1% | 10.7% | ||
| Q2 25 | 1.5% | 173.3% | ||
| Q1 25 | 6.0% | -20.7% | ||
| Q4 24 | -9.8% | -74.1% | ||
| Q3 24 | 2.0% | 0.6% | ||
| Q2 24 | -10.5% | -112.0% | ||
| Q1 24 | 10.8% | 150.5% |
资本支出强度LPLASNEX
| Q4 25 | 3.5% | 1.3% | ||
| Q3 25 | 3.1% | 0.1% | ||
| Q2 25 | 3.6% | 1.9% | ||
| Q1 25 | 3.3% | 1.9% | ||
| Q4 24 | 4.7% | 2.1% | ||
| Q3 24 | 4.7% | 0.1% | ||
| Q2 24 | 4.4% | 3.2% | ||
| Q1 24 | 4.3% | 3.4% |
现金转化率LPLASNEX
| Q4 25 | 2.61× | -9.08× | ||
| Q3 25 | — | 41.18× | ||
| Q2 25 | 0.71× | 23.52× | ||
| Q1 25 | 1.07× | -2.15× | ||
| Q4 24 | -0.66× | -5.61× | ||
| Q3 24 | 0.82× | 2.51× | ||
| Q2 24 | -0.73× | -10.05× | ||
| Q1 24 | 1.47× | 14.76× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LPLA
| Other | $2.6B | 53% |
| Transferred At Point In Time | $721.1M | 15% |
| Annuities | $720.5M | 15% |
| Transferred Over Time | $510.7M | 10% |
| Mutual Fund | $271.1M | 5% |
| Other Investment | $110.2M | 2% |
SNEX
| Principal Gains Net | $378.5M | 32% |
| Other | $293.9M | 24% |
| Sales Based Commissions | $214.0M | 18% |
| Exchange Traded Futures And Options | $172.2M | 14% |
| Clearing Service | $79.0M | 7% |
| Equitiesand Fixed Income Commissions | $34.3M | 3% |
| Underwriting Fees | $11.9M | 1% |
| Trailing Commissions | $7.6M | 1% |
| Insurance Annuity Trailing Commissions | $4.0M | 0% |
| Other Consulting Managementand Account Fees | $3.0M | 0% |
| Other Commission And Clearing Fees | $2.1M | 0% |
