Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Capital Markets Industry Analysis

UpdatedAug 07, 2026
DataAggregated Company Financials
Companies73
  • 7D6.5%
  • 3M8.6%
  • 1Y5.2%
  • YTD14.5%

The Capital Markets industry is up 6.5% in the last week, with Macquarie Group up 4.5%. This takes the industry's 12 month performance to a gain of 5.2%. Looking forward, earnings are forecast to grow by 8.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 07 Aug 2026AU$176.6bAU$29.8bAU$8.1b21.4x21.7x5.9x
Sun, 05 Jul 2026AU$165.9bAU$29.8bAU$8.1b19.4x20.5x5.6x
Tue, 02 Jun 2026AU$156.9bAU$29.7bAU$8.1b18.8x19.4x5.3x
Thu, 30 Apr 2026AU$156.9bAU$27.9bAU$7.0b18.5x22.4x5.6x
Sat, 28 Mar 2026AU$146.2bAU$29.7bAU$7.2b19.4x20.3x4.9x
Mon, 23 Feb 2026AU$160.3bAU$29.0bAU$7.2b21.7x22.1x5.5x
Wed, 21 Jan 2026AU$157.3bAU$29.2bAU$7.4b21x21.1x5.4x
Fri, 19 Dec 2025AU$152.8bAU$29.2bAU$7.5b20.7x20.5x5.2x
Sun, 16 Nov 2025AU$154.9bAU$29.2bAU$7.5b22.6x20.7x5.3x
Tue, 14 Oct 2025AU$160.2bAU$28.6bAU$7.3b22.1x21.8x5.6x
Thu, 11 Sep 2025AU$162.9bAU$28.7bAU$7.3b22x22.2x5.7x
Sat, 09 Aug 2025AU$164.2bAU$30.0bAU$7.2b16.1x22.9x5.5x
Mon, 07 Jul 2025AU$168.6bAU$30.0bAU$7.2b15.6x23.4x5.6x
Wed, 04 Jun 2025AU$159.7bAU$30.0bAU$7.2b15.2x22.1x5.3x
Fri, 02 May 2025AU$149.0bAU$30.0bAU$7.2b14.5x20.6x5x
Sun, 30 Mar 2025AU$153.6bAU$30.0bAU$7.2b14.2x21.2x5.1x
Tue, 25 Feb 2025AU$170.5bAU$29.7bAU$7.1b17.8x23.9x5.7x
Thu, 23 Jan 2025AU$172.6bAU$29.9bAU$6.4b18.5x27.1x5.8x
Sat, 21 Dec 2024AU$162.2bAU$30.1bAU$6.4b20.5x25.5x5.4x
Mon, 18 Nov 2024AU$169.7bAU$30.1bAU$6.3b20x26.8x5.6x
Wed, 16 Oct 2024AU$168.2bAU$29.7bAU$6.1b19.2x27.5x5.7x
Fri, 13 Sep 2024AU$156.1bAU$29.6bAU$6.1b17.5x25.8x5.3x
Sun, 11 Aug 2024AU$146.8bAU$28.9bAU$6.3b21.3x23.3x5.1x
Tue, 09 Jul 2024AU$146.5bAU$28.9bAU$6.3b22x23.3x5.1x
Thu, 06 Jun 2024AU$141.2bAU$28.9bAU$6.3b20.8x22.4x4.9x
Sat, 04 May 2024AU$136.7bAU$28.7bAU$6.4b20.7x21.2x4.8x
Mon, 01 Apr 2024AU$144.0bAU$30.4bAU$7.1b20.9x20.3x4.7x
Wed, 28 Feb 2024AU$140.7bAU$30.4bAU$7.1b25.2x19.8x4.6x
Fri, 26 Jan 2024AU$138.4bAU$30.3bAU$7.0b21.7x19.9x4.6x
Sun, 24 Dec 2023AU$132.6bAU$30.1bAU$6.8b20.5x19.4x4.4x
Tue, 21 Nov 2023AU$124.0bAU$30.1bAU$6.8b19.7x18.1x4.1x
Thu, 19 Oct 2023AU$121.6bAU$30.3bAU$7.4b19.6x16.5x4x
Sat, 16 Sep 2023AU$124.8bAU$30.3bAU$7.4b20.3x16.9x4.1x
Mon, 14 Aug 2023AU$126.9bAU$29.7bAU$7.4b21x17.1x4.3x
Price to Earnings Ratio

17.1x


Total Market Cap: AU$126.9bTotal Earnings: AU$7.4bTotal Revenue: AU$29.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.7x202420252026
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 3.2% 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 Market3.52%
Financials2.10%
Capital Markets6.51%
Diversified Capital Markets6.90%
Asset Management6.21%
Investment Banking and Brokerage5.68%
Financial Exchanges and Data5.34%
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 15.1%, 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?

CompanyLast Price7D1YValuation
MQG Macquarie GroupAU$264.454.5%
+AU$4.2b		23.5%PE20.8x
NWL Netwealth GroupAU$24.4913.5%
+AU$714.1m		-33.8%PE105.9x
PNI Pinnacle Investment Management GroupAU$18.8317.8%
+AU$634.8m		-21.5%PE24.8x
ASX ASXAU$57.605.0%
+AU$527.9m		-10.8%PE21.4x
HUB HUB24AU$88.874.3%
+AU$299.2m		-16.7%PE68.5x

Latest News

SEC
AU$2.33
Spheria Emerging Companies
7D
-1.7%
1Y
-9.0%
ARG
AU$9.44
Argo Investments
7D
4.3%
1Y
3.2%
PNI
AU$18.83
Pinnacle Investment Management Group
7D
17.8%
1Y
-21.5%
GQG
AU$1.44
GQG Partners
7D
5.5%
1Y
-16.8%
Narrative Update • Aug 03

GQG: Dividend Payouts And Fund Outflows Will Shape Future P/E

GQG Partners' consensus analyst price target has been cut to A$1.40 from A$1.91, as analysts cite ongoing fund outflows of about A$15b since July 2025 and weaker investment performance relative to benchmarks as key drivers of greater uncertainty around future flows and earnings expectations. What's in the News for GQG Partners On 12 May 2026, GQG Partners announced a first quarter 2026 cash dividend of US$0.0354 per share or CHESS Depositary Interest.
MFG
AU$10.25
Magellan Financial Group
7D
7.3%
1Y
-2.7%
MQG
AU$264.45
Macquarie Group
7D
4.5%
1Y
23.5%
PPT
AU$18.72
Perpetual
7D
-1.3%
1Y
-11.4%
Narrative Update • Jul 29

PPT: Rejected Takeover And Margin Outlook Will Shape A Measured Path Forward

Analysts have raised their price target for Perpetual to A$18.40 from A$17.00 as they incorporate a slightly lower discount rate, a modestly weaker revenue outlook, and a small improvement in expected profit margins and future P/E multiples. What’s in the News for Perpetual Windflower Pte.
DJW
AU$2.91
Djerriwarrh Investments
7D
-1.4%
1Y
-7.6%
AFI
AU$6.77
Australian Foundation Investment
7D
-1.0%
1Y
-7.4%
ASX
AU$57.60
ASX
7D
5.0%
1Y
-10.8%
NWL
AU$24.49
Netwealth Group
7D
13.5%
1Y
-33.8%
WHI
AU$1.30
Whitefield Income
7D
-4.1%
1Y
-7.5%
CVC
AU$1.65
CVC
7D
-2.9%
1Y
-18.3%
HUB
AU$88.87
HUB24
7D
4.3%
1Y
-16.7%
Narrative Update • Jul 02

HUB: Adviser Migration And Platform Scale Will Support Future Return Profile

Analysts have trimmed their HUB24 fair value estimate from A$105.97 to A$99.34, reflecting slightly softer assumptions for revenue growth, profit margins and future P/E multiples in their updated price target work. What’s in the News for HUB24 HUB24 reported H1 FY2026 results with Group Underlying NPAT up 60% and operating revenue up 26%, supported by reported growth in Funds Under Administration to A$151.7b as at 31 March 2026, according to recent coverage.
AEG
AU$0.078
Aland Equity Group
7D
-8.2%
1Y
212.0%
BFG
AU$1.51
Bell Financial Group
7D
-5.6%
1Y
20.3%