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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies73
  • 7D1.1%
  • 3M8.5%
  • 1Y0.9%
  • YTD10.0%

The Capital Markets industry is up 1.1% in the last week, with Macquarie Group up 1.3%. In the same time, Magellan Financial Group was down 5.7%. Despite this gain, the industry's performance has been flat over the past year. Earnings are forecast to grow by 8.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Jul 2026AU$169.3bAU$29.8bAU$8.1b20.1x20.9x5.7x
Wed, 10 Jun 2026AU$156.6bAU$29.8bAU$8.1b18.4x19.4x5.3x
Fri, 08 May 2026AU$162.1bAU$27.9bAU$7.0b19.1x23.2x5.8x
Sun, 05 Apr 2026AU$148.4bAU$29.7bAU$7.2b19.6x20.7x5x
Tue, 03 Mar 2026AU$157.7bAU$29.6bAU$7.2b20.8x22x5.3x
Thu, 29 Jan 2026AU$159.0bAU$29.1bAU$7.4b21.1x21.5x5.5x
Sat, 27 Dec 2025AU$156.7bAU$29.2bAU$7.4b20.7x21x5.4x
Mon, 24 Nov 2025AU$151.7bAU$29.3bAU$7.5b22.2x20.3x5.2x
Wed, 22 Oct 2025AU$168.7bAU$28.6bAU$7.3b22.5x23x5.9x
Fri, 19 Sep 2025AU$163.6bAU$28.7bAU$7.3b22.8x22.3x5.7x
Sun, 17 Aug 2025AU$165.5bAU$29.1bAU$6.9b17.7x23.9x5.7x
Tue, 15 Jul 2025AU$165.6bAU$30.0bAU$7.2b15.6x23x5.5x
Thu, 12 Jun 2025AU$161.6bAU$30.0bAU$7.2b15.3x22.4x5.4x
Sat, 10 May 2025AU$154.9bAU$30.0bAU$7.4b14.6x21.1x5.2x
Mon, 07 Apr 2025AU$136.3bAU$30.1bAU$7.3b13.7x18.8x4.5x
Wed, 05 Mar 2025AU$164.9bAU$30.0bAU$7.2b16.5x22.8x5.5x
Fri, 31 Jan 2025AU$174.2bAU$30.0bAU$6.4b20.7x27.3x5.8x
Sun, 29 Dec 2024AU$166.0bAU$30.1bAU$6.4b21x26.1x5.5x
Tue, 26 Nov 2024AU$170.8bAU$30.0bAU$6.3b20x27x5.7x
Thu, 24 Oct 2024AU$167.1bAU$29.7bAU$6.1b19.7x27.3x5.6x
Sat, 21 Sep 2024AU$158.6bAU$29.6bAU$6.1b17.9x26.2x5.4x
Mon, 19 Aug 2024AU$151.0bAU$29.1bAU$6.4b21.3x23.4x5.2x
Wed, 17 Jul 2024AU$149.0bAU$28.9bAU$6.3b22x23.7x5.2x
Fri, 14 Jun 2024AU$140.3bAU$28.9bAU$6.3b20.6x22.3x4.9x
Sun, 12 May 2024AU$140.5bAU$28.9bAU$6.3b21.2x22.3x4.9x
Tue, 09 Apr 2024AU$141.2bAU$30.4bAU$7.1b20.8x20x4.6x
Thu, 07 Mar 2024AU$140.4bAU$30.4bAU$7.1b21.6x19.8x4.6x
Sat, 03 Feb 2024AU$140.4bAU$30.3bAU$7.0b22.3x20.2x4.6x
Mon, 01 Jan 2024AU$134.7bAU$30.1bAU$6.8b20.5x19.7x4.5x
Wed, 29 Nov 2023AU$122.8bAU$30.1bAU$6.8b19.5x18x4.1x
Fri, 27 Oct 2023AU$116.2bAU$30.3bAU$7.4b19.4x15.7x3.8x
Sun, 24 Sep 2023AU$124.0bAU$30.3bAU$7.4b20.2x16.8x4.1x
Tue, 22 Aug 2023AU$123.3bAU$30.0bAU$7.3b20.5x16.8x4.1x
Thu, 20 Jul 2023AU$129.9bAU$29.7bAU$7.5b20.6x17.4x4.4x
Price to Earnings Ratio

17.4x


Total Market Cap: AU$129.9bTotal Earnings: AU$7.5bTotal Revenue: AU$29.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.6x202420252026
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 21.6x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 5.7x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 2.7% 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-0.42%
Financials1.87%
Capital Markets1.05%
Financial Exchanges and Data5.20%
Investment Banking and Brokerage1.83%
Diversified Capital Markets1.13%
Asset Management0.096%
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 88.1x.
    • 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 19.9x.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 17% 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
MQG Macquarie GroupAU$254.011.3%
+AU$1.2b		14.8%PE20x
ASX ASXAU$54.573.8%
+AU$384.3m		-22.3%PE20.3x
NWL Netwealth GroupAU$23.683.5%
+AU$193.9m		-31.1%PE102.4x
QAL QualitasAU$3.285.5%
+AU$50.3m		-4.1%PE25.6x
EQT EQT HoldingsAU$18.506.9%
+AU$31.9m		-43.7%PE11.9x

Latest News

MQG
AU$254.01
Macquarie Group
7D
1.3%
1Y
14.8%
New Narrative • Jul 12

Macquarie Worth Banking On?

At A$219.394 per share, Macquarie Group (ASX: MQG) appears reasonably valued based on its current operating performance. Macquarie reported FY26 net profit of A$4.85 billion, an increase of 30% from FY25, while net operating income increased by 13% to A$19.48 billion.
MFG
AU$9.94
Magellan Financial Group
7D
-5.7%
1Y
1.9%
QAL
AU$3.28
Qualitas
7D
5.5%
1Y
-4.1%
Narrative Update • Jul 10

QAL: Higher Margins And Richer P/E Will Support Future Upside

Analysts have lifted their price target on Qualitas from A$4.70 to A$5.10, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E that change their overall valuation framework. What’s in the News for Qualitas No recent Qualitas specific news has been identified from the provided primary news stories.
ASX
AU$54.57
ASX
7D
3.8%
1Y
-22.3%
Narrative Update • Jul 07

ASX: Penalty And CHESS Reset Will Support Long Term Tech Modernisation

Analysts have reduced their fair value estimate for ASX from A$70.00 to about A$64.73, citing updated expectations for revenue growth, profit margins and future P/E multiples based on recent sector research. What's in the News for ASX The Federal Court orders ASX to pay a penalty of about A$20.5 million to A$23.5 million, plus around A$3 million in ASIC legal costs, after finding its February 2022 disclosure on the CHESS replacement project was misleading, according to ASIC and court statements.
GQG
AU$1.44
GQG Partners
7D
-1.0%
1Y
-33.9%
Narrative Update • Jul 03

GQG: Dividend Payout And Softer Margins Will Shape Future P/E

Analysts have trimmed their price target for GQG Partners to A$11.63 from A$13.07, reflecting slightly lower fair value estimates as they factor in softer revenue growth, a marginally reduced profit margin outlook, and a lower future P/E assumption. What’s in the News for GQG Partners GQG Partners declared a first quarter 2026 cash dividend of US$0.0354 per share, which the company notes represents 90.14% of estimated first quarter distributable earnings.
HUB
AU$81.52
HUB24
7D
-2.2%
1Y
-13.7%
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.
ARG
AU$9.00
Argo Investments
7D
-1.1%
1Y
-1.3%
HMC
AU$2.88
HMC Capital
7D
-4.6%
1Y
-22.6%
Narrative Update • Jul 01

HMC: Revised Forecasts Will Emphasize Discipline On Margins And Capital Allocation

Analysts have reduced their price target on HMC Capital to A$5.35 from A$6.20, citing revised expectations for revenue growth, profit margins, and a slightly higher future P/E multiple. What’s in the News for HMC Capital Honda Motor, whose stock ticker is HMC, is reported by The New York Times to be facing internal tension after its earlier pledge to go all electric by 2040 reportedly unraveled, with the CEO describing the situation as "heartbreaking." Nikkei Asia reports that Honda is considering issuing more than ¥400b in euro denominated bonds to support supplier compensation linked to changes in its electric vehicle plans and to fund additional investment in hybrid vehicle development.
DJW
AU$2.93
Djerriwarrh Investments
7D
2.1%
1Y
-7.0%
EQT
AU$18.50
EQT Holdings
7D
6.9%
1Y
-43.7%
PNI
AU$17.38
Pinnacle Investment Management Group
7D
-3.2%
1Y
-17.0%
Narrative Update • Jun 26

PNI: Higher Profitability Assumptions Will Support Stronger Future Earnings Potential

Analysts have trimmed their price target on Pinnacle Investment Management Group from A$29 to A$26. This reflects updated views on fair value, discount rate settings, revenue growth expectations, profit margin assumptions and future P/E multiples.
AFI
AU$6.92
Australian Foundation Investment
7D
-1.6%
1Y
-7.0%
NWL
AU$23.68
Netwealth Group
7D
3.5%
1Y
-31.1%
Narrative Update • Jun 23

NWL: Rich Dividend And Index Removal Will Still Cap Future Returns

Analysts have nudged their price target on Netwealth Group slightly higher to A$17.86, with updated assumptions pointing to a modestly higher revenue growth outlook, a slightly wider profit margin, a marginally higher discount rate, and a slightly lower future P/E multiple. What's in the News No recent Netwealth Group specific news items, periodical coverage, or key developments were provided in the available sources.
AEF
AU$4.50
Australian Ethical Investment
7D
2.3%
1Y
-25.0%
Narrative Update • Jun 22

AEF: Steady Assumptions And Higher Future P/E Will Support Attractive Outlook

Analysts have maintained their A$ fair value estimate for Australian Ethical Investment at A$6.70, with only small adjustments to inputs such as the discount rate and the assumed future P/E multiple shaping the updated price target rationale. What's in the News No recent company specific news for Australian Ethical Investment has been provided in the available sources.
L1G
AU$1.21
L1 Group
7D
-2.0%
1Y
n/a
BKI
AU$1.84
BKI Investment
7D
1.4%
1Y
3.4%
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...