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U.S. Capital Markets Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies439
  • 7D-1.9%
  • 3M-4.9%
  • 1Y3.7%
  • YTD-9.4%

Over the last 7 days, the Capital Markets industry has dropped 1.9%, driven by Goldman Sachs Group declining 3.7%. Meanwhile, S&P Global actually outperformed within the industry, gaining 9.2% in the last week. Over the past 12 months, the industry was up 3.7%. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

Has the U.S. Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Mar 2026US$2.6tUS$734.8bUS$106.7b22.7x24x3.5x
Thu, 29 Jan 2026US$2.8tUS$664.4bUS$105.8b24.5x26.9x4.3x
Sat, 27 Dec 2025US$2.8tUS$656.4bUS$105.5b25.7x27x4.3x
Mon, 24 Nov 2025US$2.6tUS$654.6bUS$105.6b23.6x24.4x3.9x
Wed, 22 Oct 2025US$2.7tUS$645.7bUS$104.9b26x26x4.2x
Fri, 19 Sep 2025US$2.8tUS$865.8bUS$100.6b27.3x27.9x3.2x
Sun, 17 Aug 2025US$2.7tUS$866.1bUS$100.8b26.1x27.2x3.2x
Tue, 15 Jul 2025US$2.7tUS$590.5bUS$97.0b28.3x27.5x4.5x
Thu, 12 Jun 2025US$2.4tUS$590.4bUS$97.3b27.3x24.9x4.1x
Sat, 10 May 2025US$2.3tUS$583.3bUS$96.7b26.3x23.8x3.9x
Mon, 07 Apr 2025US$1.9tUS$557.2bUS$95.5b22.6x20.4x3.5x
Wed, 05 Mar 2025US$2.4tUS$554.8bUS$95.3b21.3x25.1x4.3x
Fri, 31 Jan 2025US$2.6tUS$540.7bUS$91.3b23x27.9x4.7x
Sun, 29 Dec 2024US$2.4tUS$526.2bUS$81.6b23.8x29.2x4.5x
Tue, 26 Nov 2024US$2.3tUS$524.4bUS$81.7b23.2x27.9x4.3x
Thu, 24 Oct 2024US$2.3tUS$500.1bUS$81.6b22.5x27.9x4.5x
Sat, 21 Sep 2024US$2.1tUS$491.5bUS$77.8b21.1x27.3x4.3x
Mon, 19 Aug 2024US$2.0tUS$492.2bUS$78.0b19.7x25.9x4.1x
Wed, 17 Jul 2024US$2.0tUS$470.4bUS$75.2b20.5x26.9x4.3x
Fri, 14 Jun 2024US$1.9tUS$467.0bUS$73.1b20.7x26x4.1x
Sun, 12 May 2024US$1.9tUS$465.9bUS$73.1b22.5x26.3x4.1x
Tue, 09 Apr 2024US$1.9tUS$441.1bUS$67.3b21.1x28.2x4.3x
Thu, 07 Mar 2024US$1.8tUS$440.4bUS$67.3b19.3x27.4x4.2x
Sat, 03 Feb 2024US$1.8tUS$433.8bUS$67.7b27.6x27.3x4.3x
Mon, 01 Jan 2024US$1.9tUS$432.8bUS$70.6b27.8x26.5x4.3x
Wed, 29 Nov 2023US$1.7tUS$432.8bUS$70.6b26.9x23.5x3.8x
Fri, 27 Oct 2023US$1.5tUS$428.1bUS$67.4b27.7x22.1x3.5x
Sun, 24 Sep 2023US$1.6tUS$427.0bUS$68.1b27.9x23.6x3.8x
Tue, 22 Aug 2023US$1.6tUS$426.3bUS$68.1b28.7x23.5x3.8x
Thu, 20 Jul 2023US$1.7tUS$420.5bUS$62.3b31.1x27.1x4x
Sat, 17 Jun 2023US$1.6tUS$419.5bUS$64.5b31.1x24.4x3.8x
Mon, 15 May 2023US$1.5tUS$420.9bUS$64.8b28x22.9x3.5x
Wed, 12 Apr 2023US$1.6tUS$423.7bUS$68.0b30.1x22.8x3.7x
Fri, 10 Mar 2023US$1.6tUS$424.0bUS$69.3b28.4x23.4x3.8x
Price to Earnings Ratio

23.4x


Total Market Cap: US$1.6tTotal Earnings: US$69.3bTotal Revenue: US$424.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the American 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 25.7x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.5x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 20% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market-0.57%
Financials-2.43%
Capital Markets-1.87%
Financial Exchanges and Data5.32%
Diversified Capital Markets0.32%
Asset Management-3.75%
Investment Banking and Brokerage-4.12%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 40.0x.
    • Analysts are expecting annual earnings growth of 10.1%, which is lower than the prior year's growth of 13.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 65% over the next 5 years.
  • This is better than its past earnings decline of 31% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 9.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SPGI S&P GlobalUS$443.089.5%
+US$11.4b		-16.3%PE29.6x
COIN Coinbase GlobalUS$185.1715.6%
+US$6.6b		-10.0%PE38.8x
HOOD Robinhood MarketsUS$78.789.8%
+US$6.3b		68.0%PE37.7x
ICE Intercontinental ExchangeUS$164.786.9%
+US$6.1b		-4.9%PE28.2x
MCO Moody'sUS$466.106.6%
+US$5.1b		-7.2%PE33.6x

Latest News

MCO
US$466.10
Moody's
7D
6.6%
1Y
-7.2%
JEF
US$45.57
Jefferies Financial Group
7D
-9.5%
1Y
-28.5%
GS
US$861.70
Goldman Sachs Group
7D
-3.4%
1Y
42.4%
MC
US$59.65
Moelis
7D
-1.8%
1Y
-12.5%
VCTR
US$69.00
Victory Capital Holdings
7D
-7.2%
1Y
10.7%
ICE
US$164.78
Intercontinental Exchange
7D
6.9%
1Y
-4.9%

ICE: Expanding Futures And Data Services Will Shape Returns

The analyst price target for Intercontinental Exchange has edged up from $195.57 to $196.00, with analysts citing updated assumptions around discount rates, revenue growth, profit margins and future P/E after a fresh round of Street research that included both target increases and trims. Analyst Commentary Recent Street research around Intercontinental Exchange includes a mix of price target increases and trims, which provides a snapshot of how sentiment is evolving on both the upside and the downside.
NDAQ
US$88.09
Nasdaq
7D
10.2%
1Y
7.5%

NDAQ: Higher Quality Solutions Mix Will Support Re Rating On Execution Through 2026

Nasdaq's updated analyst price target edges down by about $0.60 as analysts factor in slightly softer revenue growth and modestly lower future P/E assumptions, even as recent research notes have continued to lift individual firm targets in the $113 to $120 range. Analyst Commentary Recent research on Nasdaq shows most price targets moving higher into the low to mid US$110s, with a few reaching US$120.
SPGI
US$443.08
S&P Global
7D
9.5%
1Y
-16.3%

SPGI: Ratings Strength And AI Data Integrations Will Support Earnings Quality

The analyst price target in our S&P Global model has been reset from about $610 to about $538, as analysts factor in more intense competition in market data, evolving views on the impact of AI, and a lower assumed future P/E multiple. This still sits alongside generally constructive Street research on longer term growth for information and business services companies.
COIN
US$185.17
Coinbase Global
7D
15.6%
1Y
-10.0%
CME
US$326.46
CME Group
7D
4.0%
1Y
27.1%

CME: Volatility And New Contracts Will Shape Futures And Clearing Outlook

The analyst price target for CME Group edges higher to $232, with recent updates reflecting analysts' focus on firmer commodities volumes, as well as a more expense conscious outlook in their refreshed earnings models. Analyst Commentary Recent Street research around CME Group reflects a mix of optimism on volumes and earnings power, alongside caution on valuation and the cost base.
HTGC
US$14.60
Hercules Capital
7D
-3.2%
1Y
-29.0%

HTGC: Future P/E Repricing Will Support Returns Despite Margin Reset

Analysts have reduced their consolidated price target on Hercules Capital to about $20.31 per share, down from roughly $21.22. They cite updated assumptions that include slower revenue growth, lower profit margins and a higher future P/E multiple.
HOOD
US$78.78
Robinhood Markets
7D
9.8%
1Y
68.0%
KKR
US$90.61
KKR
7D
-1.7%
1Y
-31.9%
BEN
US$27.00
Franklin Resources
7D
-0.3%
1Y
36.0%

BEN: Capital Returns And AI Initiatives Will Shape Future Earnings Resilience

Analysts have raised their price target for Franklin Resources from $24.73 to $27.36, citing updated assumptions for discount rates, profit margins, and a higher future P/E multiple as support for the change. Analyst Commentary Recent Street research on Franklin Resources reflects a mixed but generally constructive tone, with several firms adjusting price targets in both directions over a relatively short period.
MSCI
US$573.88
MSCI
7D
6.6%
1Y
-2.5%

MSCI: Pricing Power And ETF Inflows Will Support Future Premium Multiple

Narrative update on MSCI price targets Our fair value estimate for MSCI has inched higher by about $1 to $679.56, reflecting analysts' higher price targets and their view that the company still supports a premium P/E multiple, supported by resilient fee trends, healthy ETF inflows and strong pricing power. Analyst Commentary Recent Street research on MSCI centers on how much of a premium valuation is justified, given its fee model, pricing power and exposure to passive investing and ETFs. While most recent moves have been supportive of higher targets, views still hinge on the company continuing to execute against these advantages.
INV
US$2.84
Innventure
7D
-13.9%
1Y
-65.2%

Data Center Liquid Cooling And Sustainable Packaging Will Drive Powerful Long Term Upside

Catalysts About Innventure Innventure builds and scales operating companies around high potential technologies across data center cooling, sustainable packaging and advanced recycling. What are the underlying business or industry changes driving this perspective?