Comprehensive Stock Comparison
Compare Stifel Financial Corp. (SF) vs LPL Financial Holdings Inc. (LPLA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | LPLA | 37.2% revenue growth vs SF's 15.4% |
| Value | SF | Lower P/E (7.6x vs 12.7x), PEG 0.67 vs 0.95 |
| Quality / Margins | SF | 12.4% net margin vs LPLA's 5.1% |
| Stability / Safety | LPLA | Beta 1.30 vs SF's 1.39 |
| Dividends | SF | 2.3% yield; 9-year raise streak; LPLA pays no meaningful dividend |
| Momentum (1Y) | SF | +7.2% vs LPLA's -18.9% |
| Efficiency (ROA) | LPLA | 4.7% ROA vs SF's 1.6%, ROIC 16.1% vs 8.4% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Stifel Financial is a diversified financial services firm that operates as both a brokerage and investment bank. It generates revenue primarily from wealth management fees and commissions (~60% of revenue) and investment banking services (~30%), with the remainder from institutional trading and banking operations. The company's competitive advantage lies in its integrated model that combines retail brokerage with institutional capabilities—allowing it to serve clients across the wealth spectrum while maintaining strong regional banking relationships.
LPL Financial operates a comprehensive brokerage and investment advisory platform for independent financial advisors and advisors at financial institutions across the United States. It generates revenue primarily through asset-based fees (roughly 60% of revenue), transaction commissions (about 25%), and cash sweep programs (approximately 15%). The company's key advantage is its massive scale and integrated technology platform that serves over 22,000 advisors—creating significant switching costs and network effects in the independent advisor channel.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
SF leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). LPLA leads in 2 (Profitability & Efficiency, Risk & Volatility).
Financial Metrics (TTM)
LPLA is the larger business by revenue, generating $17.0B annually — 2.9x SF's $5.9B. SF is the more profitable business, keeping 12.4% of every revenue dollar as net income compared to LPLA's 5.1%.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| RevenueTrailing 12 months | $5.9B | $17.0B |
| EBITDAEarnings before interest/tax | $913M | $2.3B |
| Net IncomeAfter-tax profit | $663M | $863M |
| Free Cash FlowCash after capex | $1.4B | -$1.6B |
| Gross MarginGross profit ÷ Revenue | +82.9% | +25.6% |
| Operating MarginEBIT ÷ Revenue | +15.8% | +13.4% |
| Net MarginNet income ÷ Revenue | +12.4% | +5.1% |
| FCF MarginFCF ÷ Revenue | +7.1% | — |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +37.3% | +4.2% |
Valuation Metrics
At 11.8x trailing earnings, SF trades at a 57% valuation discount to LPLA's 27.5x P/E. Adjusting for growth (PEG ratio), SF offers better value at 1.05x vs LPLA's 2.07x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| Market CapShares × price | $7.5B | $24.0B |
| Enterprise ValueMkt cap + debt − cash | $7.4B | $30.3B |
| Trailing P/EPrice ÷ TTM EPS | 11.85x | 27.51x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.60x | 12.65x |
| PEG RatioP/E ÷ EPS growth rate | 1.05x | 2.07x |
| EV / EBITDAEnterprise value multiple | 7.28x | 10.38x |
| Price / SalesMarket cap ÷ Revenue | 1.28x | 1.42x |
| Price / BookPrice ÷ Book value/share | 1.45x | 4.44x |
| Price / FCFMarket cap ÷ FCF | 18.07x | — |
Profitability & Efficiency
LPLA delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $12 for SF. SF carries lower financial leverage with a 0.49x debt-to-equity ratio, signaling a more conservative balance sheet compared to LPLA's 1.36x. On the Piotroski fundamental quality scale (0–9), SF scores 6/9 vs LPLA's 2/9, reflecting solid financial health.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| ROE (TTM)Return on equity | +11.5% | +16.1% |
| ROA (TTM)Return on assets | +1.6% | +4.7% |
| ROICReturn on invested capital | +8.4% | +16.1% |
| ROCEReturn on capital employed | +11.4% | +19.1% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 2 |
| Debt / EquityFinancial leverage | 0.49x | 1.36x |
| Net DebtTotal debt minus cash | -$148M | $4.2B |
| Cash & Equiv.Liquid assets | $2.9B | $1.0B |
| Total DebtShort + long-term debt | $2.8B | $7.3B |
| Interest CoverageEBIT ÷ Interest expense | 0.97x | 3.85x |
Total Returns (with DRIP)
A $10,000 investment in LPLA five years ago would be worth $22,612 today (with dividends reinvested), compared to $18,894 for SF. Over the past 12 months, SF leads with a +7.2% total return vs LPLA's -18.9%. The 3-year compound annual growth rate (CAGR) favors SF at 21.0% vs LPLA's 6.8% — a key indicator of consistent wealth creation.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| YTD ReturnYear-to-date | -13.4% | -16.9% |
| 1-Year ReturnPast 12 months | +7.2% | -18.9% |
| 3-Year ReturnCumulative with dividends | +77.4% | +21.8% |
| 5-Year ReturnCumulative with dividends | +88.9% | +126.1% |
| 10-Year ReturnCumulative with dividends | +538.0% | +1437.2% |
| CAGR (3Y)Annualised 3-year return | +21.0% | +6.8% |
Risk & Volatility
LPLA is the less volatile stock with a 1.30 beta — it tends to amplify market swings less than SF's 1.39 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. LPLA currently trades 74.4% from its 52-week high vs SF's 56.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.39x | 1.30x |
| 52-Week HighHighest price in past year | $130.67 | $403.58 |
| 52-Week LowLowest price in past year | $48.85 | $262.83 |
| % of 52W HighCurrent price vs 52-week peak | +56.7% | +74.4% |
| RSI (14)Momentum oscillator 0–100 | 42.1 | 38.5 |
| Avg Volume (50D)Average daily shares traded | 1.8M | 712K |
Analyst Outlook
Wall Street rates SF as "Buy" and LPLA as "Buy". Consensus price targets imply 96.7% upside for SF (target: $146) vs 52.9% for LPLA (target: $459). SF is the only dividend payer here at 2.31% yield — a key consideration for income-focused portfolios.
| Metric | SFStifel Financial … | LPLALPL Financial Hol… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $145.67 | $459.17 |
| # AnalystsCovering analysts | 22 | 22 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | — |
| Dividend StreakConsecutive years of raises | 9 | 3 |
| Dividend / ShareAnnual DPS | $1.71 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.9% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 100 | 321.27 | +221.3% |
| LPL Financial Holdi… (LPLA) | 100 | 456.16 | +356.2% |
LPL Financial Holdi… (LPLA) returned +126% over 5 years vs Stifel Financial Co… (SF)'s +89%. A $10,000 investment in LPLA 5 years ago would be worth $22,612 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | $2.6B | $5.9B | +126.7% |
| LPL Financial Holdi… (LPLA) | $4.0B | $17.0B | +319.6% |
LPL Financial Holdings Inc.'s revenue grew from $4.0B (2016) to $17.0B (2025) — a 17.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 3.1% | 12.4% | +295.8% |
| LPL Financial Holdi… (LPLA) | 4.7% | 5.1% | +7.2% |
LPL Financial Holdings Inc.'s net margin went from 5% (2016) to 5% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 18.5 | 11.3 | -38.9% |
| LPL Financial Holdi… (LPLA) | 22.1 | 32.7 | +48.0% |
Stifel Financial Corp. has traded in a 6x–19x P/E range over 8 years; current trailing P/E is ~12x. LPL Financial Holdings Inc. has traded in a 13x–33x P/E range over 9 years; current trailing P/E is ~28x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 0.67 | 6.25 | +832.8% |
| LPL Financial Holdi… (LPLA) | 2.13 | 10.92 | +412.7% |
LPL Financial Holdings Inc.'s EPS grew from $2.13 (2016) to $10.92 (2025) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Stifel Financial Corp. generated $417M FCF in 2024 (-39% vs 2021). LPL Financial Holdings Inc. generated $0M FCF in 2025 (-100% vs 2021).
SF vs LPLA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SF or LPLA a better buy right now?
Stifel Financial Corp. (SF) offers the better valuation at 11.8x trailing P/E (7.6x forward), making it the more compelling value choice. Analysts rate Stifel Financial Corp. (SF) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — SF or LPLA?
On trailing P/E, Stifel Financial Corp. (SF) is the cheapest at 11.8x versus LPL Financial Holdings Inc. at 27.5x. On forward P/E, Stifel Financial Corp. is actually cheaper at 7.6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Stifel Financial Corp. wins at 0.67x versus LPL Financial Holdings Inc.'s 0.95x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SF or LPLA?
Over the past 5 years, LPL Financial Holdings Inc. (LPLA) delivered a total return of +126.1%, compared to +88.9% for Stifel Financial Corp. (SF). A $10,000 investment in LPLA five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LPLA returned +1437% versus SF's +538.0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — SF or LPLA?
By beta (market sensitivity over 5 years), LPL Financial Holdings Inc. (LPLA) is the lower-risk stock at 1.30β versus Stifel Financial Corp.'s 1.39β — meaning SF is approximately 7% more volatile than LPLA relative to the S&P 500. On balance sheet safety, Stifel Financial Corp. (SF) carries a lower debt/equity ratio of 49% versus 136% for LPL Financial Holdings Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SF or LPLA?
Stifel Financial Corp. (SF) is the more profitable company, earning 12.4% net margin versus 5.1% for LPL Financial Holdings Inc. — meaning it keeps 12.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SF leads at 15.8% versus 13.4% for LPLA. At the gross margin level — before operating expenses — SF leads at 82.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is SF or LPLA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Stifel Financial Corp. (SF) is the more undervalued stock at a PEG of 0.67x versus LPL Financial Holdings Inc.'s 0.95x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Stifel Financial Corp. (SF) trades at 7.6x forward P/E versus 12.7x for LPL Financial Holdings Inc. — 5.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SF: 96.7% to $145.67.
07Which pays a better dividend — SF or LPLA?
In this comparison, SF (2.3% yield) pays a dividend. LPLA does not pay a meaningful dividend and should not be held primarily for income.
08Is SF or LPLA better for a retirement portfolio?
For long-horizon retirement investors, LPL Financial Holdings Inc. (LPLA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.30), +1437% 10Y return). Both have compounded well over 10 years (LPLA: +1437%, SF: +538.0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between SF and LPLA?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: SF is a small-cap deep-value stock; LPLA is a mid-cap quality compounder stock. SF pays a dividend while LPLA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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