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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 31, 2026
DataAggregated Company Financials
Companies73
  • 7D-1.3%
  • 3M1.9%
  • 1Y-2.2%
  • YTD7.5%

Over the last 7 days, the Capital Markets industry has dropped 1.3%, driven by Macquarie Group declining 0.8%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 8.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 01 Aug 2026AU$165.9bAU$29.8bAU$8.1b20.1x20.4x5.6x
Mon, 29 Jun 2026AU$161.8bAU$29.8bAU$8.1b19.2x20x5.4x
Wed, 27 May 2026AU$156.0bAU$29.7bAU$8.1b18.8x19.3x5.2x
Fri, 24 Apr 2026AU$160.1bAU$29.6bAU$7.1b19.4x22.5x5.4x
Sun, 22 Mar 2026AU$143.1bAU$29.7bAU$7.2b19.4x19.9x4.8x
Tue, 17 Feb 2026AU$156.8bAU$29.0bAU$7.3b20.8x21.6x5.4x
Thu, 15 Jan 2026AU$156.6bAU$29.2bAU$7.5b20.9x21x5.4x
Sat, 13 Dec 2025AU$155.5bAU$29.2bAU$7.5b21.4x20.9x5.3x
Mon, 10 Nov 2025AU$158.1bAU$29.3bAU$7.5b21.7x21.2x5.4x
Wed, 08 Oct 2025AU$163.8bAU$28.6bAU$7.3b22.5x22.3x5.7x
Fri, 05 Sep 2025AU$163.1bAU$28.7bAU$7.4b21.7x22.2x5.7x
Sun, 03 Aug 2025AU$165.9bAU$30.0bAU$7.2b16.1x23.1x5.5x
Tue, 01 Jul 2025AU$167.1bAU$30.0bAU$7.2b15.3x23.2x5.6x
Thu, 29 May 2025AU$157.2bAU$30.0bAU$7.2b15.1x21.8x5.2x
Sat, 26 Apr 2025AU$147.1bAU$30.0bAU$7.2b14.2x20.4x4.9x
Mon, 24 Mar 2025AU$152.7bAU$30.0bAU$7.2b14.4x21.1x5.1x
Wed, 19 Feb 2025AU$175.9bAU$30.7bAU$7.0b21.7x25.3x5.7x
Fri, 17 Jan 2025AU$163.6bAU$30.0bAU$6.4b20.3x25.6x5.5x
Sun, 15 Dec 2024AU$170.5bAU$30.1bAU$6.3b20.4x26.9x5.7x
Tue, 12 Nov 2024AU$168.9bAU$30.0bAU$6.3b19.8x26.7x5.6x
Thu, 10 Oct 2024AU$164.6bAU$29.7bAU$6.1b18.9x26.9x5.5x
Sat, 07 Sep 2024AU$154.5bAU$29.6bAU$6.1b17.7x25.5x5.2x
Mon, 05 Aug 2024AU$150.3bAU$28.9bAU$6.3b22.1x23.8x5.2x
Wed, 03 Jul 2024AU$145.2bAU$28.9bAU$6.3b21.9x23.1x5x
Fri, 31 May 2024AU$138.5bAU$28.9bAU$6.3b20.9x22x4.8x
Sun, 28 Apr 2024AU$137.0bAU$30.4bAU$7.1b20.4x19.4x4.5x
Tue, 26 Mar 2024AU$143.8bAU$30.4bAU$7.1b20.9x20.3x4.7x
Thu, 22 Feb 2024AU$138.4bAU$30.0bAU$7.2b21.6x19.3x4.6x
Sat, 20 Jan 2024AU$136.3bAU$30.2bAU$6.9b21x19.9x4.5x
Mon, 18 Dec 2023AU$131.6bAU$30.1bAU$6.8b20.3x19.3x4.4x
Wed, 15 Nov 2023AU$119.7bAU$30.1bAU$6.9b19.3x17.5x4x
Fri, 13 Oct 2023AU$123.4bAU$30.3bAU$7.4b19.4x16.7x4.1x
Sun, 10 Sep 2023AU$124.0bAU$30.3bAU$7.4b19.9x16.8x4.1x
Tue, 08 Aug 2023AU$127.4bAU$29.7bAU$7.4b20.9x17.2x4.3x
Price to Earnings Ratio

17.2x


Total Market Cap: AU$127.4bTotal 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 industry is trading close to its 3-year average PS ratio of 5.1x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 3.0% 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%
Financials2.55%
Capital Markets-1.31%
Investment Banking and Brokerage1.39%
Financial Exchanges and Data0.71%
Diversified Capital Markets-1.48%
Asset Management-1.78%
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 15.0%, 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 20.0x.
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
HUB HUB24AU$85.214.7%
+AU$314.7m		-20.2%PE65.7x
NWL Netwealth GroupAU$21.582.9%
+AU$147.2m		-42.0%PE93.3x
ASX ASXAU$54.881.0%
+AU$106.7m		-21.4%PE20.4x
PNI Pinnacle Investment Management GroupAU$15.981.7%
+AU$63.4m		-27.4%PE29.8x
ARG Argo InvestmentsAU$9.050.9%
+AU$60.2m		-2.7%PE25.3x

Latest News

HMC
AU$2.88
HMC Capital
7D
4.0%
1Y
-18.4%
NGI
AU$2.32
Navigator Global Investments
7D
-2.1%
1Y
21.5%
L1G
AU$1.03
L1 Group
7D
-4.2%
1Y
n/a
BKI
AU$1.90
BKI Investment
7D
3.0%
1Y
2.4%
MQG
AU$253.09
Macquarie Group
7D
-0.8%
1Y
18.4%
AFI
AU$6.84
Australian Foundation Investment
7D
-1.4%
1Y
-10.4%
ASX
AU$54.88
ASX
7D
1.0%
1Y
-21.4%
QAL
AU$3.03
Qualitas
7D
-3.5%
1Y
-15.4%
New Narrative • Jul 22

This company finances 1 out of 10 apartment builds in Australia. Many investors have never heard of it

Key Points: Qualitas (ASX:QAL) is an Australian alternative asset manager that lends to and invests in commercial real estate , standing in for the banks that have quietly halved their share of that lending since 2009. It’s grown extremely fast.
NWL
AU$21.58
Netwealth Group
7D
2.9%
1Y
-42.0%
PNI
AU$15.98
Pinnacle Investment Management Group
7D
1.7%
1Y
-27.4%
MIR
AU$2.52
Mirrabooka Investments
7D
-5.6%
1Y
-23.6%
MFG
AU$9.55
Magellan Financial Group
7D
-1.3%
1Y
-9.6%
HUB
AU$85.21
HUB24
7D
4.7%
1Y
-20.2%
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$9.05
Argo Investments
7D
0.9%
1Y
-2.7%
MFF
AU$5.24
MFF Capital Investments
7D
1.2%
1Y
15.4%
Analysis Article • Jun 21

MFF Capital Investments (ASX:MFF) Shares Could Be 66.9% Undervalued After Its Planned 23% FY26 Dividend Lift

MFF Capital Investments (ASX:MFF) is back in focus after flagging a planned 23% lift in its FY26 dividend. This continues a pattern of annual dividend increases since 2018 that keeps income-focused investors watching closely. See our latest analysis for MFF Capital Investments. MFF Capital Investments’ recent dividend update comes after a period of strong price momentum, with a 90 day share price return of 15.91% and a 1 year total shareholder return of 23.99% supporting a much stronger 3...
HM1
AU$2.88
Hearts and Minds Investments
7D
-2.0%
1Y
-14.5%