VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Elevance Health, Inc. vs LPL Financial Holdings Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Elevance Health, Inc.

ELV · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
IndustryMedical - Healthcare Plans
CountryUS
Data as of2026-01-09
Moat score
74/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Elevance Health, Inc.'s moat claims, evidence, and risks.

View ELV analysis

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$28.8B
Gross margin (TTM)24.1%
Operating margin (TTM)9.5%
Net margin (TTM)5.4%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-26
Moat score
79/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA analysis

Comparison highlights

  • Moat score gap: LPL Financial Holdings Inc. leads (79 / 100 vs 74 / 100 for Elevance Health, Inc.).
  • Segment focus: Elevance Health, Inc. has 3 segments (85.2% in Health Benefits); LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform).
  • Moat breadth: Elevance Health, Inc. has 8 moat types across 3 domains; LPL Financial Holdings Inc. has 6 across 4.

Primary market context

Elevance Health, Inc.

Health Benefits

Market

U.S. health insurance and managed care

Geography

United States

Customer

Employers, individuals, and government programs

Role

Payer / managed care organization

Revenue share

85.2%

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

Side-by-side metrics

Elevance Health, Inc.
LPL Financial Holdings Inc.
Ticker / Exchange
ELV - New York Stock Exchange
LPLA - Nasdaq
Market cap (USD)
$82.8B
$28.8B
Gross margin (TTM)
n/a
24.1%
Operating margin (TTM)
n/a
9.5%
Net margin (TTM)
n/a
5.4%
Sector
Healthcare
Financials
Industry
Medical - Healthcare Plans
Financial - Capital Markets
HQ country
US
US
Primary segment
Health Benefits
Advisor Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
23%-25% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
79 / 100
Moat domains
Legal, Demand, Supply
Supply, Demand, Legal, Network
Last update
2026-01-09
2025-12-26

Moat coverage

Shared moat types

Scale Economies Unit CostSuite BundlingSwitching Costs General

Elevance Health, Inc. strengths

Concession LicenseBrand TrustGovernment Contracting RelationshipsData Workflow LockinScope Economies

LPL Financial Holdings Inc. strengths

Operational ExcellenceCompliance AdvantageTwo Sided Network

Segment mix

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.