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U.S. Capital Markets Industry Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies406
  • 7D2.2%
  • 3M8.5%
  • 1Y18.6%
  • YTD4.3%

The Capital Markets industry is up 2.2% in the last week, with Goldman Sachs Group up 4.4%. In the last 12 months, the industry was up 19%. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026US$2.9tUS$660.9bUS$107.0b25.7x27.2x4.4x
Sun, 14 Dec 2025US$2.8tUS$656.5bUS$105.5b25.2x26.6x4.3x
Tue, 11 Nov 2025US$2.7tUS$650.9bUS$106.2b24x25.4x4.1x
Thu, 09 Oct 2025US$2.8tUS$875.1bUS$101.0b25.7x27.4x3.2x
Sat, 06 Sep 2025US$2.8tUS$865.8bUS$100.6b26.5x27.3x3.2x
Mon, 04 Aug 2025US$2.7tUS$602.3bUS$101.4b26.1x26.4x4.5x
Wed, 02 Jul 2025US$2.5tUS$590.7bUS$97.0b27.6x26x4.3x
Fri, 30 May 2025US$2.4tUS$590.3bUS$97.3b28.5x24.7x4.1x
Sun, 27 Apr 2025US$2.2tUS$564.6bUS$96.1b24.1x22.8x3.9x
Tue, 25 Mar 2025US$2.3tUS$559.1bUS$94.9b23.8x23.9x4.1x
Thu, 20 Feb 2025US$2.6tUS$580.5bUS$99.5b22x26.2x4.5x
Sat, 18 Jan 2025US$2.4tUS$535.5bUS$88.0b22.8x27.7x4.6x
Mon, 16 Dec 2024US$2.5tUS$524.3bUS$81.7b23.5x30.1x4.7x
Wed, 13 Nov 2024US$2.5tUS$509.5bUS$81.7b24x30.1x4.8x
Fri, 11 Oct 2024US$2.2tUS$493.0bUS$78.5b21.6x27.6x4.4x
Sun, 08 Sep 2024US$2.0tUS$491.4bUS$77.8b20.6x25.5x4x
Tue, 06 Aug 2024US$1.9tUS$478.4bUS$77.5b20.6x25x4x
Thu, 04 Jul 2024US$1.9tUS$467.7bUS$73.1b21.4x26.4x4.1x
Sat, 01 Jun 2024US$1.9tUS$467.1bUS$73.1b21.9x25.9x4x
Mon, 29 Apr 2024US$1.9tUS$450.4bUS$70.7b20.2x26.5x4.2x
Wed, 27 Mar 2024US$1.9tUS$440.8bUS$67.3b19.2x28.2x4.3x
Fri, 23 Feb 2024US$1.8tUS$439.7bUS$67.1b19.1x26.8x4.1x
Sun, 21 Jan 2024US$1.8tUS$433.5bUS$69.1b27.7x26.1x4.2x
Tue, 19 Dec 2023US$1.8tUS$432.8bUS$70.6b27.1x26x4.2x
Thu, 16 Nov 2023US$1.6tUS$432.6bUS$70.6b26.6x23x3.8x
Sat, 14 Oct 2023US$1.6tUS$425.8bUS$68.3b28x22.8x3.7x
Mon, 11 Sep 2023US$1.5tUS$426.3bUS$68.1b28.2x22.5x3.6x
Wed, 09 Aug 2023US$1.7tUS$426.2bUS$67.5b30.4x24.8x3.9x
Fri, 07 Jul 2023US$1.6tUS$420.9bUS$64.3b31.8x24.1x3.7x
Sun, 04 Jun 2023US$1.5tUS$418.9bUS$64.4b31x23.8x3.7x
Tue, 02 May 2023US$1.6tUS$420.9bUS$64.5b27.7x24x3.7x
Thu, 30 Mar 2023US$1.6tUS$424.0bUS$69.3b28.9x22.5x3.7x
Sat, 25 Feb 2023US$1.7tUS$424.5bUS$69.6b27.6x24.3x4x
Mon, 23 Jan 2023US$1.7tUS$446.1bUS$77.5b27.5x22.5x3.9x
Price to Earnings Ratio

22.5x


Total Market Cap: US$1.7tTotal Earnings: US$77.5bTotal Revenue: US$446.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.6x202420252026
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 25.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 14% 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 Market0.31%
Financials-2.20%
Capital Markets2.22%
Investment Banking and Brokerage2.52%
Asset Management2.25%
Financial Exchanges and Data1.64%
Diversified Capital Markets-0.57%
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 40.2x.
    • Analysts are expecting annual earnings growth of 9.0%, which is lower than the prior year's growth of 13.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 56% 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 9.0% 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
GS Goldman Sachs GroupUS$975.864.4%
+US$12.9b		59.2%PE18.8x
BLK BlackRockUS$1.16k6.3%
+US$10.7b		16.2%PE29.4x
MS Morgan StanleyUS$191.233.5%
+US$10.4b		40.8%PE18.7x
ICE Intercontinental ExchangeUS$173.287.0%
+US$6.4b		15.3%PE31.2x
BX BlackstoneUS$160.813.5%
+US$4.3b		-9.0%PE46.5x

Latest News

COIN
US$239.28
Coinbase Global
7D
-2.6%
1Y
-15.0%
HOOD
US$110.34
Robinhood Markets
7D
-4.4%
1Y
139.4%
MS
US$191.23
Morgan Stanley
7D
3.5%
1Y
40.8%
BK
US$123.97
Bank of New York Mellon
7D
3.3%
1Y
50.7%
BLK
US$1,156.65
BlackRock
7D
6.3%
1Y
16.2%
GS
US$975.86
Goldman Sachs Group
7D
4.4%
1Y
59.2%
TROW
US$107.32
T. Rowe Price Group
7D
-1.2%
1Y
-4.3%
KKR
US$131.32
KKR
7D
-1.7%
1Y
-14.3%
WLTH
US$10.15
Wealthfront
7D
-21.6%
1Y
n/a
CME
US$272.59
CME Group
7D
2.2%
1Y
17.3%

CME: Fee Moat And Prediction Markets Will Shape Futures Activity Outlook

Narrative Update: CME Group CME Group's fair value estimate has edged up by about $1 to roughly $288 per share, as analysts cite the company's strong futures and options moat, a higher price target range of up to $314, and interest in its role within prediction markets as key supports for the updated outlook. Analyst Commentary Recent Street research has been generally constructive on CME Group, with several bullish analysts adjusting their price targets higher and highlighting the company's futures and options franchise as a key support for valuation.
BX
US$160.81
Blackstone
7D
3.5%
1Y
-9.0%

BX: Future Deals And Fee Margins Will Shape Balanced Return Outlook

Narrative Update Our Blackstone analyst price target is adjusted slightly lower from $167 to $166. This reflects analysts' mixed but generally constructive research updates that balance modest target trims tied to margin and fee concerns with higher targets supported by expectations for improving realizations and a recovering capital markets backdrop.
ICE
US$173.28
Intercontinental Exchange
7D
7.0%
1Y
15.3%

ICE: Trading Volumes And Prediction Markets Will Drive Long Term Opportunity

Analysts have trimmed their price targets on Intercontinental Exchange by a few dollars to reflect updated assumptions around fair value and earnings visibility, even as they point to healthy trading volumes and mixed views on mortgage technology. Analyst Commentary Recent Street research paints a mixed picture on Intercontinental Exchange, with several firms trimming price targets by single digits while broadly maintaining constructive views on the core exchange and data franchise.
SCHW
US$102.76
Charles Schwab
7D
1.4%
1Y
36.1%

SCHW: Forge Global Deal And Capital Returns Will Drive Bullish Upside

Analysts have modestly raised their fair value estimate for Charles Schwab to $115.95 from $112.79, pointing to refreshed price targets across the Street, slightly higher modeled revenue growth, profit margin and future P/E, along with resilient client engagement and trading activity. Analyst Commentary Street research on Charles Schwab has tilted more positive, with several firms lifting their price targets and pointing to what they see as solid execution, healthy client activity, and scope for better capital returns.
ARES
US$169.57
Ares Management
7D
-3.5%
1Y
-9.8%
FUTU
US$176.50
Futu Holdings
7D
-2.0%
1Y
119.5%

FUTU: Asset Inflows And Trading Activity Will Support Post Selloff Upside

Narrative Update Analysts have lifted their fair value estimate for Futu Holdings by about US$2 to roughly US$228, citing expectations for slightly higher revenue growth, a modestly lower discount rate, and a small adjustment to future P/E and profit margin assumptions following recent research updates. Analyst Commentary Recent research commentary around Futu Holdings has centered on the recent share price selloff, current valuation, and the support that asset inflows and trading activity may provide to core brokerage and interest income.
FRHC
US$126.09
Freedom Holding
7D
-7.2%
1Y
-5.9%