Narrative Update • Aug 03
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Australian (ASX) Capital Markets Industry Analysis
UpdatedAug 08, 2026
DataAggregated Company Financials
Companies73
- 7D4.6%
- 3M7.6%
- 1Y5.5%
- YTD13.5%
Over the last 7 days, the Capital Markets industry has risen 4.6%, driven by gains from Macquarie Group of 4.5%. This means that the industry has gained 5.5% over the past year. As for the next few years, earnings are expected to grow by 8.0% per annum.
Industry Valuation and Performance
Has the Australian Capital Markets Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 08 Aug 2026 | AU$175.0b | AU$29.8b | AU$8.1b | 21.3x | 21.5x | 5.9x |
| Mon, 06 Jul 2026 | AU$165.9b | AU$29.8b | AU$8.1b | 19.4x | 20.5x | 5.6x |
| Wed, 03 Jun 2026 | AU$156.8b | AU$29.7b | AU$8.1b | 18.6x | 19.4x | 5.3x |
| Fri, 01 May 2026 | AU$159.3b | AU$27.9b | AU$7.0b | 18.8x | 22.7x | 5.7x |
| Sun, 29 Mar 2026 | AU$146.2b | AU$29.7b | AU$7.2b | 19.4x | 20.3x | 4.9x |
| Tue, 24 Feb 2026 | AU$156.7b | AU$29.0b | AU$7.2b | 21.6x | 21.6x | 5.4x |
| Thu, 22 Jan 2026 | AU$156.4b | AU$29.2b | AU$7.4b | 20.8x | 21x | 5.4x |
| Sat, 20 Dec 2025 | AU$153.8b | AU$29.2b | AU$7.5b | 20.7x | 20.6x | 5.3x |
| Mon, 17 Nov 2025 | AU$154.9b | AU$29.2b | AU$7.5b | 22.6x | 20.7x | 5.3x |
| Wed, 15 Oct 2025 | AU$161.4b | AU$28.6b | AU$7.4b | 22x | 21.9x | 5.6x |
| Fri, 12 Sep 2025 | AU$162.2b | AU$28.7b | AU$7.3b | 21.9x | 22.1x | 5.6x |
| Sun, 10 Aug 2025 | AU$164.2b | AU$30.0b | AU$7.2b | 16.1x | 22.9x | 5.5x |
| Tue, 08 Jul 2025 | AU$168.4b | AU$30.0b | AU$7.2b | 15.9x | 23.4x | 5.6x |
| Thu, 05 Jun 2025 | AU$162.4b | AU$30.0b | AU$7.2b | 15.3x | 22.5x | 5.4x |
| Sat, 03 May 2025 | AU$151.3b | AU$30.0b | AU$7.2b | 14.7x | 21x | 5x |
| Mon, 31 Mar 2025 | AU$153.6b | AU$30.0b | AU$7.2b | 14.2x | 21.2x | 5.1x |
| Wed, 26 Feb 2025 | AU$169.7b | AU$29.8b | AU$7.1b | 18x | 23.7x | 5.7x |
| Fri, 24 Jan 2025 | AU$172.8b | AU$29.9b | AU$6.4b | 18.7x | 27.1x | 5.8x |
| Sun, 22 Dec 2024 | AU$162.2b | AU$30.1b | AU$6.3b | 20.5x | 25.6x | 5.4x |
| Tue, 19 Nov 2024 | AU$169.5b | AU$30.1b | AU$6.3b | 20x | 26.8x | 5.6x |
| Thu, 17 Oct 2024 | AU$167.8b | AU$29.7b | AU$6.1b | 19.6x | 27.4x | 5.6x |
| Sat, 14 Sep 2024 | AU$156.3b | AU$29.6b | AU$6.1b | 17.5x | 25.8x | 5.3x |
| Mon, 12 Aug 2024 | AU$146.8b | AU$28.9b | AU$6.3b | 21.3x | 23.3x | 5.1x |
| Wed, 10 Jul 2024 | AU$145.9b | AU$28.9b | AU$6.3b | 21.8x | 23.2x | 5.1x |
| Fri, 07 Jun 2024 | AU$142.5b | AU$28.9b | AU$6.3b | 21.1x | 22.6x | 4.9x |
| Sun, 05 May 2024 | AU$136.8b | AU$28.9b | AU$6.3b | 20.7x | 21.7x | 4.7x |
| Tue, 02 Apr 2024 | AU$144.0b | AU$30.4b | AU$7.1b | 20.9x | 20.4x | 4.7x |
| Thu, 29 Feb 2024 | AU$139.9b | AU$30.6b | AU$7.1b | 25.5x | 19.8x | 4.6x |
| Sat, 27 Jan 2024 | AU$138.4b | AU$30.3b | AU$7.0b | 21.7x | 19.9x | 4.6x |
| Mon, 25 Dec 2023 | AU$132.6b | AU$30.1b | AU$6.8b | 20.5x | 19.4x | 4.4x |
| Wed, 22 Nov 2023 | AU$124.1b | AU$30.1b | AU$6.8b | 19.6x | 18.1x | 4.1x |
| Fri, 20 Oct 2023 | AU$119.1b | AU$30.3b | AU$7.4b | 19.6x | 16.1x | 3.9x |
| Sun, 17 Sep 2023 | AU$126.0b | AU$30.3b | AU$7.4b | 20.2x | 17x | 4.2x |
| Tue, 15 Aug 2023 | AU$126.7b | AU$29.7b | AU$7.4b | 21.7x | 17.2x | 4.3x |
Price to Earnings Ratio
17.2x
Current Industry PE
- Investors are relatively neutral on the Australian Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 21.7x.
- The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 5.9x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have grown 3.4% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Australian Financials industry?
| AU Market | 3.35% | |
| Financials | 1.51% | |
| Capital Markets | 4.64% | |
| Financial Exchanges and Data | 4.96% | |
| Asset Management | 4.94% | |
| Diversified Capital Markets | 4.49% | |
| Investment Banking and Brokerage | 3.83% | |
Industry PE
- Investors are most optimistic about the Investment Banking and Brokerage industry even though it's trading below its 3-year average PE ratio of 88.2x.
- Analysts are expecting annual earnings growth of 15.0%, which is lower than the prior year's growth of 67.1% per year.
- Investors are most pessimistic about the Diversified Capital Markets industry, which is trading close to its 3-year average of 20.1x.
Forecasted Growth
- Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 16% over the next 5 years.
- This is better than its past earnings growth rate of 8.5% per year.
- In contrast, the Financial Exchanges and Data industry is expected to see its earnings growth to stay flat over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| MQG Macquarie Group | AU$264.45 | 4.5% +AU$4.2b | 23.5% | PE20.8x | |
| NWL Netwealth Group | AU$24.49 | 13.5% +AU$714.1m | -33.8% | PE105.9x | |
| PNI Pinnacle Investment Management Group | AU$18.83 | 17.8% +AU$634.8m | -21.5% | PE24.8x | |
| ASX ASX | AU$57.60 | 5.0% +AU$527.9m | -10.8% | PE21.4x | |
| HUB HUB24 | AU$88.87 | 4.3% +AU$299.2m | -16.7% | PE68.5x |
