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Australian (ASX) Capital Markets Industry Analysis

UpdatedMay 31, 2026
DataAggregated Company Financials
Companies72
  • 7D-2.1%
  • 3M1.2%
  • 1Y-2.1%
  • YTD2.9%

Over the last 7 days, the Capital Markets industry has dropped 2.1%, driven by a pullback from ASX of 22%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 8.5% per annum.

Industry Valuation and Performance

Has the Australian Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 31 May 2026AU$156.9bAU$29.7bAU$8.1b18.8x19.4x5.3x
Tue, 28 Apr 2026AU$160.0bAU$29.6bAU$7.1b18.9x22.5x5.4x
Thu, 26 Mar 2026AU$149.2bAU$29.7bAU$7.2b20.1x20.8x5x
Sat, 21 Feb 2026AU$160.3bAU$29.0bAU$7.2b22.1x22.1x5.5x
Mon, 19 Jan 2026AU$159.3bAU$29.2bAU$7.5b21.3x21.4x5.5x
Wed, 17 Dec 2025AU$153.9bAU$29.2bAU$7.5b20.7x20.6x5.3x
Fri, 14 Nov 2025AU$158.5bAU$29.2bAU$7.5b22.6x21.2x5.4x
Sun, 12 Oct 2025AU$164.9bAU$28.6bAU$7.4b22.6x22.4x5.8x
Tue, 09 Sep 2025AU$163.6bAU$28.7bAU$7.3b22x22.3x5.7x
Thu, 07 Aug 2025AU$168.3bAU$30.0bAU$7.2b17.4x23.4x5.6x
Sat, 05 Jul 2025AU$168.6bAU$30.0bAU$7.2b15.6x23.4x5.6x
Mon, 02 Jun 2025AU$159.4bAU$30.0bAU$7.2b15.2x22.1x5.3x
Wed, 30 Apr 2025AU$148.8bAU$30.0bAU$7.2b14.4x20.6x5x
Fri, 28 Mar 2025AU$155.4bAU$30.0bAU$7.2b14.3x21.5x5.2x
Sun, 23 Feb 2025AU$169.9bAU$29.7bAU$7.1b18.7x23.8x5.7x
Tue, 21 Jan 2025AU$169.3bAU$29.9bAU$6.4b19.5x26.5x5.7x
Thu, 19 Dec 2024AU$170.3bAU$30.1bAU$6.3b21.1x26.9x5.7x
Sat, 16 Nov 2024AU$169.7bAU$30.1bAU$6.3b19.5x26.8x5.6x
Mon, 14 Oct 2024AU$166.1bAU$29.7bAU$6.1b19.8x27.1x5.6x
Wed, 11 Sep 2024AU$156.2bAU$29.6bAU$6.1b17.7x25.8x5.3x
Fri, 09 Aug 2024AU$145.4bAU$28.9bAU$6.3b21.3x23x5x
Sun, 07 Jul 2024AU$146.9bAU$28.9bAU$6.3b22.1x23.4x5.1x
Tue, 04 Jun 2024AU$141.1bAU$28.9bAU$6.3b20.8x22.4x4.9x
Thu, 02 May 2024AU$136.3bAU$30.5bAU$7.1b20.3x19.3x4.5x
Sat, 30 Mar 2024AU$144.0bAU$30.4bAU$7.1b20.9x20.3x4.7x
Mon, 26 Feb 2024AU$139.8bAU$30.4bAU$7.1b24.8x19.7x4.6x
Wed, 24 Jan 2024AU$138.4bAU$30.2bAU$6.8b21.4x20.2x4.6x
Fri, 22 Dec 2023AU$132.8bAU$30.1bAU$6.8b20.5x19.5x4.4x
Sun, 19 Nov 2023AU$123.4bAU$30.1bAU$6.8b19.4x18x4.1x
Tue, 17 Oct 2023AU$122.6bAU$30.3bAU$7.4b19.4x16.6x4x
Thu, 14 Sep 2023AU$124.5bAU$30.3bAU$7.4b20.2x16.9x4.1x
Sat, 12 Aug 2023AU$126.9bAU$29.7bAU$7.4b21x17.1x4.3x
Mon, 10 Jul 2023AU$123.7bAU$29.7bAU$7.5b21x16.5x4.2x
Wed, 07 Jun 2023AU$122.7bAU$29.8bAU$7.5b20.5x16.3x4.1x
Price to Earnings Ratio

16.3x


Total Market Cap: AU$122.7bTotal Earnings: AU$7.5bTotal Revenue: AU$29.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
  • The industry is trading close to its 3-year average PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 2.3% 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 Market0.98%
Financials-1.13%
Capital Markets-2.13%
Investment Banking and Brokerage0.47%
Asset Management-0.53%
Diversified Capital Markets-0.69%
Financial Exchanges and Data-22.30%
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 87.9x.
    • Analysts are expecting annual earnings growth of 15.7%, which is lower than the prior year's growth of 67.1% per year.
  • Investors are most pessimistic about the Financial Exchanges and Data industry, which is trading below its 3-year average of 28.1x.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings growth rate of 7.9% 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?

CompanyLast Price7D1YValuation
ARG Argo InvestmentsAU$8.942.4%
+AU$158.6m		0.9%PE25.1x
HMC HMC CapitalAU$3.0610.5%
+AU$119.6m		-39.4%PS5.9x
NGI Navigator Global InvestmentsAU$2.607.4%
+AU$88.4m		58.5%PE19.8x
RPL Regal PartnersAU$2.634.4%
+AU$40.5m		12.9%PE7.4x
AUI Australian United InvestmentAU$10.971.3%
+AU$30.6m		1.6%PE46.4x

Latest News

MFF
AU$4.91
MFF Capital Investments
7D
-1.4%
1Y
13.1%
RPL
AU$2.63
Regal Partners
7D
4.4%
1Y
12.9%
NGI
AU$2.60
Navigator Global Investments
7D
7.4%
1Y
58.5%
Narrative Update • May 28

NGI: Rights Offering And Higher Margin Outlook Will Support Future Upside

Analysts have lifted their price target for Navigator Global Investments to A$3.42 from A$3.17, citing updated assumptions around revenue growth, profit margins and a lower future P/E multiple as key drivers of the change. What's in the News Navigator Global Investments filed a follow-on equity offering totaling A$144.98 million in Ordinary Shares of common stock.
HUB
AU$83.10
HUB24
7D
0.3%
1Y
-0.7%
Analysis Article • May 28

If EPS Growth Is Important To You, HUB24 (ASX:HUB) Presents An Opportunity

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
ASX
AU$46.23
ASX
7D
-22.3%
1Y
-35.2%
MQG
AU$238.55
Macquarie Group
7D
-0.7%
1Y
11.4%
NWL
AU$21.37
Netwealth Group
7D
-4.3%
1Y
-33.3%
Narrative Update • May 25

NWL: Index Removal And Rich Dividend Will Still Cap Long Term Returns

Analysts have maintained their price target for Netwealth Group at A$17.86, citing refreshed assumptions for revenue growth, profit margins and future P/E that leave their fair value estimate effectively unchanged in headline terms but supported by slightly updated model inputs. What's in the News Netwealth Group Limited (ASX:NWL) dropped from the S&P/ASX 100 Index, which may affect how some index and benchmark-aware funds hold the stock (Key Developments).
GQG
AU$1.45
GQG Partners
7D
-6.2%
1Y
-31.2%
New Narrative • May 22

The Cheap Genius Problem

A fund manager generated US$13 billion of investment performance for its clients in the first four months of 2026. The clients responded by pulling US$9.9 billion out of the firm.
PPT
AU$15.90
Perpetual
7D
-2.3%
1Y
-10.2%
Narrative Update • May 21

PPT: Wealth Sale And Debt Reduction Will Support Future Upside

Analysts have nudged their A$ fair value estimate for Perpetual slightly higher to about A$19.51, citing updated assumptions for discount rates, revenue trends, profit margins and future P/E multiples as the key drivers behind the revised price target. What's in the News Perpetual is reported to be close to finalising a sale of its wealth management unit to Bain Capital, with indicative pricing in a range of $400 million to $500 million after an extended negotiation process involving several private equity parties (Key Developments).
MFG
AU$8.45
Magellan Financial Group
7D
-2.1%
1Y
1.0%
Analysis Article • May 21

Analysts' Revenue Estimates For Magellan Financial Group Limited (ASX:MFG) Are Surging Higher

Magellan Financial Group Limited ( ASX:MFG ) shareholders will have a reason to smile today, with the analysts making...
HMC
AU$3.06
HMC Capital
7D
10.5%
1Y
-39.4%
Narrative Update • May 15

HMC: Sector Headwinds And EV Reset May Shape Future Reentry Window

Analysts have trimmed their HMC Capital price target from A$2.80 to A$2.70, reflecting a slightly lower revenue growth outlook and a modestly reduced discount rate, while still expecting higher profit margins and a similar forward P/E profile. Analyst Commentary Bearish analysts are framing the revised A$2.70 price target as a signal that investors should be more selective with HMC Capital exposure, especially given the softer revenue growth outlook embedded in their models.
AEF
AU$4.01
Australian Ethical Investment
7D
2.8%
1Y
-32.0%
Narrative Update • May 02

AEF: Higher Fully Franked Interim Dividend Will Support A More Attractive Outlook

Analysts have kept their price target for Australian Ethical Investment broadly unchanged at around A$6.70, reflecting only marginal tweaks to their discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Australian Ethical Investment declared an interim dividend for the six months ended 31 December 2025 of A$0.08 per fully paid ordinary share, fully franked, compared with A$0.05 per share for 2024 (Key Developments).
AUI
AU$10.97
Australian United Investment
7D
1.3%
1Y
1.6%
L1G
AU$1.06
L1 Group
7D
-3.2%
1Y
n/a
ARG
AU$8.94
Argo Investments
7D
2.4%
1Y
0.9%
Analysis Article • Feb 11

Argo Investments (ASX:ARG) Is Due To Pay A Dividend Of A$0.185

Argo Investments Limited ( ASX:ARG ) will pay a dividend of A$0.185 on the 20th of March. Based on this payment, the...
BKI
AU$1.78
BKI Investment
7D
0.8%
1Y
4.7%
Analysis Article • Jan 31

BKI Investment (ASX:BKI) Has Announced A Dividend Of A$0.0395

The board of BKI Investment Company Limited ( ASX:BKI ) has announced that it will pay a dividend of A$0.0395 per share...