VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

LPL Financial Holdings Inc. vs The Progressive Corporation

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

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$29.6B
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

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: LPL Financial Holdings Inc. leads (79 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: LPL Financial Holdings Inc. has 6 moat types across 4 domains; The Progressive Corporation has 5 across 2.

Primary market context

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%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

LPL Financial Holdings Inc.
The Progressive Corporation
Ticker / Exchange
LPLA - Nasdaq
PGR - New York Stock Exchange
Market cap (USD)
$29.6B
$124.8B
Gross margin (TTM)
24.1%
26.3%
Operating margin (TTM)
9.5%
15.9%
Net margin (TTM)
5.4%
12.6%
Sector
Financials
Financials
Industry
Financial - Capital Markets
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Advisor Platform
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
23%-25% (reported)
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
75 / 100
Moat domains
Supply, Demand, Legal, Network
Supply, Demand
Last update
2025-12-26
2026-01-04

Moat coverage

Shared moat types

Suite BundlingOperational Excellence

LPL Financial Holdings Inc. strengths

Scale Economies Unit CostCompliance AdvantageTwo Sided NetworkSwitching Costs General

The Progressive Corporation strengths

Learning Curve YieldBrand TrustService Field Network

Segment mix

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Want the full wide moat stocks list?

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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.