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LPL Financial Holdings Inc.（LPLA）与Tradeweb Markets Inc.（TW）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Tradeweb Markets Inc.的9.5倍（$4.9B vs $521.2M）。Tradeweb Markets Inc.净利率更高（62.4% vs 6.1%，领先56.3%）。LPL Financial Holdings Inc.同比增速更快（40.4% vs 12.5%）。LPL Financial Holdings Inc.自由现金流更多（$613.3M vs $336.5M）。过去两年LPL Financial Holdings Inc.的营收复合增速更高（32.0% vs 12.9%）
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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
LPLA vs TW — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $521.2M |
| 净利润 | $300.7M | $325.0M |
| 毛利率 | — | — |
| 营业利润率 | 8.1% | 42.4% |
| 净利率 | 6.1% | 62.4% |
| 营收同比 | 40.4% | 12.5% |
| 净利润同比 | 11.1% | 128.5% |
| 每股收益（稀释后） | $3.65 | $1.52 |
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
| Q4 25 | $4.9B | $521.2M | ||
| Q3 25 | $4.6B | $508.6M | ||
| Q2 25 | $3.8B | $513.0M | ||
| Q1 25 | $3.7B | $509.7M | ||
| Q4 24 | $3.5B | $463.3M | ||
| Q3 24 | $3.1B | $448.9M | ||
| Q2 24 | $2.9B | $405.0M | ||
| Q1 24 | $2.8B | $408.7M |
| Q4 25 | $300.7M | $325.0M | ||
| Q3 25 | $-29.5M | $185.6M | ||
| Q2 25 | $273.2M | $153.8M | ||
| Q1 25 | $318.6M | $148.4M | ||
| Q4 24 | $270.7M | $142.2M | ||
| Q3 24 | $255.3M | $113.9M | ||
| Q2 24 | $243.8M | $119.2M | ||
| Q1 24 | $288.8M | $126.1M |
| Q4 25 | 8.1% | 42.4% | ||
| Q3 25 | -0.7% | 41.4% | ||
| Q2 25 | 9.6% | 39.0% | ||
| Q1 25 | 11.4% | 40.0% | ||
| Q4 24 | 9.7% | 40.7% | ||
| Q3 24 | 11.2% | 35.5% | ||
| Q2 24 | 11.3% | 40.1% | ||
| Q1 24 | 13.2% | 41.0% |
| Q4 25 | 6.1% | 62.4% | ||
| Q3 25 | -0.6% | 36.5% | ||
| Q2 25 | 7.1% | 30.0% | ||
| Q1 25 | 8.7% | 29.1% | ||
| Q4 24 | 7.7% | 30.7% | ||
| Q3 24 | 8.2% | 25.4% | ||
| Q2 24 | 8.3% | 29.4% | ||
| Q1 24 | 10.2% | 30.9% |
| Q4 25 | $3.65 | $1.52 | ||
| Q3 25 | $-0.37 | $0.86 | ||
| Q2 25 | $3.40 | $0.71 | ||
| Q1 25 | $4.24 | $0.69 | ||
| Q4 24 | $3.58 | $0.66 | ||
| Q3 24 | $3.39 | $0.53 | ||
| Q2 24 | $3.23 | $0.55 | ||
| Q1 24 | $3.83 | $0.59 |
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 | $2.1B |
| 总债务越低越好 | $7.3B | — |
| 股东权益账面价值 | $5.3B | $6.5B |
| 总资产 | $18.5B | $8.2B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $4.3B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.2B | $1.5B |
| 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 | — |
| Q4 25 | $5.3B | $6.5B | ||
| Q3 25 | $5.0B | $6.3B | ||
| Q2 25 | $5.1B | $6.1B | ||
| Q1 25 | $3.1B | $5.9B | ||
| Q4 24 | $2.9B | $5.8B | ||
| Q3 24 | $2.8B | $5.7B | ||
| Q2 24 | $2.5B | $5.6B | ||
| Q1 24 | $2.3B | $5.5B |
| Q4 25 | $18.5B | $8.2B | ||
| Q3 25 | $18.0B | $8.0B | ||
| Q2 25 | $17.5B | $8.1B | ||
| Q1 25 | $14.0B | $7.4B | ||
| Q4 24 | $13.3B | $7.3B | ||
| Q3 24 | $11.9B | $7.3B | ||
| Q2 24 | $11.5B | $7.3B | ||
| Q1 24 | $11.0B | $7.4B |
| 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 | $355.9M |
| 自由现金流经营现金流 - 资本支出 | $613.3M | $336.5M |
| 自由现金流率自由现金流/营收 | 12.4% | 64.6% |
| 资本支出强度资本支出/营收 | 3.5% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.61× | 1.10× |
| 过去12个月自由现金流最近4个季度 | $-981.8M | $1.1B |
8季度趋势，按日历期对齐
| Q4 25 | $785.0M | $355.9M | ||
| Q3 25 | $-1.7B | $342.3M | ||
| Q2 25 | $193.3M | $409.2M | ||
| Q1 25 | $339.8M | $60.2M | ||
| Q4 24 | $-178.8M | $282.0M | ||
| Q3 24 | $209.3M | $292.1M | ||
| Q2 24 | $-178.9M | $285.7M | ||
| Q1 24 | $425.9M | $37.9M |
| Q4 25 | $613.3M | $336.5M | ||
| Q3 25 | $-1.9B | $328.3M | ||
| Q2 25 | $56.3M | $403.7M | ||
| Q1 25 | $220.3M | $58.6M | ||
| Q4 24 | $-344.3M | $256.8M | ||
| Q3 24 | $62.3M | $287.8M | ||
| Q2 24 | $-307.8M | $280.8M | ||
| Q1 24 | $304.9M | $31.3M |
| Q4 25 | 12.4% | 64.6% | ||
| Q3 25 | -41.1% | 64.5% | ||
| Q2 25 | 1.5% | 78.7% | ||
| Q1 25 | 6.0% | 11.5% | ||
| Q4 24 | -9.8% | 55.4% | ||
| Q3 24 | 2.0% | 64.1% | ||
| Q2 24 | -10.5% | 69.4% | ||
| Q1 24 | 10.8% | 7.7% |
| Q4 25 | 3.5% | 3.7% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 3.6% | 1.1% | ||
| Q1 25 | 3.3% | 0.3% | ||
| Q4 24 | 4.7% | 5.4% | ||
| Q3 24 | 4.7% | 1.0% | ||
| Q2 24 | 4.4% | 1.2% | ||
| Q1 24 | 4.3% | 1.6% |
| Q4 25 | 2.61× | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | 0.71× | 2.66× | ||
| Q1 25 | 1.07× | 0.41× | ||
| Q4 24 | -0.66× | 1.98× | ||
| Q3 24 | 0.82× | 2.56× | ||
| Q2 24 | -0.73× | 2.40× | ||
| Q1 24 | 1.47× | 0.30× |
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% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
