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U.S. Capital Markets Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies398
  • 7D2.9%
  • 3M2.0%
  • 1Y15.8%
  • YTD17.0%

Over the last 7 days, the Capital Markets industry has risen 2.9%, and Goldman Sachs Group contributed the most with a gain of 4.4%. This means that the industry has gained 16% over the past year. 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
Thu, 25 Dec 2025US$2.8tUS$656.5bUS$105.5b25.7x27x4.3x
Sat, 22 Nov 2025US$2.6tUS$654.5bUS$106.2b23.6x24.1x3.9x
Mon, 20 Oct 2025US$2.7tUS$625.2bUS$104.6b25.9x25.7x4.3x
Wed, 17 Sep 2025US$2.8tUS$865.9bUS$100.6b27.1x27.8x3.2x
Fri, 15 Aug 2025US$2.8tUS$866.2bUS$101.0b26.6x27.6x3.2x
Sun, 13 Jul 2025US$2.4tUS$590.5bUS$97.0b27.7x25.2x4.1x
Tue, 10 Jun 2025US$2.4tUS$590.4bUS$97.3b27.5x25x4.1x
Thu, 08 May 2025US$2.2tUS$567.0bUS$97.7b25.3x22.9x3.9x
Sat, 05 Apr 2025US$2.1tUS$558.9bUS$94.9b22.6x22.2x3.8x
Mon, 03 Mar 2025US$2.4tUS$554.9bUS$95.4b21.9x25.5x4.4x
Wed, 29 Jan 2025US$2.5tUS$537.3bUS$90.4b23.1x27.9x4.7x
Fri, 27 Dec 2024US$2.4tUS$526.2bUS$81.6b23.5x29.5x4.6x
Sun, 24 Nov 2024US$2.5tUS$524.4bUS$81.7b24.3x30.7x4.8x
Tue, 22 Oct 2024US$2.3tUS$498.9bUS$81.1b22.5x28.4x4.6x
Thu, 19 Sep 2024US$2.1tUS$491.5bUS$77.8b20.8x26.8x4.2x
Sat, 17 Aug 2024US$2.0tUS$492.1bUS$78.0b19.7x25.8x4.1x
Mon, 15 Jul 2024US$2.0tUS$467.8bUS$73.3b20.5x27.2x4.3x
Wed, 12 Jun 2024US$1.9tUS$467.0bUS$73.1b21.1x26x4.1x
Fri, 10 May 2024US$1.9tUS$466.0bUS$73.1b22.4x26x4.1x
Sun, 07 Apr 2024US$1.9tUS$441.1bUS$67.3b20.9x28.2x4.3x
Tue, 05 Mar 2024US$1.9tUS$440.4bUS$67.3b19.3x27.5x4.2x
Thu, 01 Feb 2024US$1.9tUS$433.2bUS$67.7b28x27.4x4.3x
Sat, 30 Dec 2023US$1.9tUS$432.8bUS$70.6b27.8x26.7x4.3x
Mon, 27 Nov 2023US$1.7tUS$432.8bUS$70.6b27.1x23.6x3.8x
Wed, 25 Oct 2023US$1.5tUS$427.0bUS$67.0b27.5x22.2x3.5x
Fri, 22 Sep 2023US$1.6tUS$427.0bUS$68.1b27.9x23.8x3.8x
Sun, 20 Aug 2023US$1.6tUS$426.3bUS$68.1b28.6x23.5x3.8x
Tue, 18 Jul 2023US$1.6tUS$421.1bUS$64.6b31.1x25.1x3.9x
Thu, 15 Jun 2023US$1.6tUS$419.5bUS$64.4b31.1x24.3x3.7x
Sat, 13 May 2023US$1.5tUS$420.8bUS$64.8b27.5x23x3.5x
Mon, 10 Apr 2023US$1.5tUS$423.7bUS$68.0b29.7x22.5x3.6x
Wed, 08 Mar 2023US$1.7tUS$424.0bUS$69.3b28.2x24.1x3.9x
Fri, 03 Feb 2023US$1.8tUS$432.7bUS$73.7b27.9x24.1x4.1x
Sun, 01 Jan 2023US$1.6tUS$443.6bUS$85.8b27.3x18.7x3.6x
Price to Earnings Ratio

18.7x


Total Market Cap: US$1.6tTotal Earnings: US$85.8bTotal Revenue: US$443.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.5x202320242025
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 25.5x.
  • 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 7.1% 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 Market3.10%
Financials2.21%
Capital Markets2.85%
Investment Banking and Brokerage4.25%
Financial Exchanges and Data2.00%
Asset Management1.80%
Diversified Capital Markets-1.40%
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 Financial Exchanges and Data 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$910.784.4%
+US$12.1b		56.3%PE18.1x
MS Morgan StanleyUS$181.653.9%
+US$10.9b		43.0%PE18.6x
SCHW Charles SchwabUS$101.855.4%
+US$9.3b		36.1%PE23.3x
SPGI S&P GlobalUS$525.743.0%
+US$4.6b		4.2%PE37.8x
HOOD Robinhood MarketsUS$120.444.0%
+US$4.2b		204.3%PE49.4x

Latest News

KKR
US$130.78
KKR
7D
-1.0%
1Y
-14.3%
COIN
US$239.73
Coinbase Global
7D
-1.8%
1Y
-14.3%
HTGC
US$18.49
Hercules Capital
7D
-1.4%
1Y
-5.6%
HOOD
US$120.44
Robinhood Markets
7D
4.0%
1Y
204.3%

HOOD: MIAXdx Venture And Prediction Markets Will Shape Balanced Risk Reward Outlook

Analysts have lifted their average price target on Robinhood Markets to approximately $112.60 from about $67.00, citing the transformative economics of its MIAXdx joint venture, accelerating prediction market revenues, and a maturing multi-product platform that is expected to support higher long term margins and valuation multiples. Analyst Commentary Street research around Robinhood has tilted decisively constructive in recent weeks, with a series of price target hikes and fresh initiations reflecting optimism on both the MIAXdx joint venture and the scaling of prediction markets.
BK
US$118.22
Bank of New York Mellon
7D
4.1%
1Y
51.5%

BK: Digital Assets, AI Integration And Buybacks Will Shape A Balanced Outlook

Analysts modestly raised their price target on Bank of New York Mellon by approximately 1 dollar to reflect slightly stronger long term revenue growth expectations, partially offset by a marginally lower forecast profit margin and a small adjustment to the discount rate. What's in the News BNY integrated Google Cloud's Gemini Enterprise platform into its Eliza enterprise AI system to enhance agentic research, automate data intensive tasks, and give employees multimodal tools to analyze complex financial information (Key Developments) The firm launched the BNY Dreyfus StablecoinReserves Fund, a government money market vehicle designed to hold reserves for U.S. stablecoin issuers under the GENIUS Act, targeting rapid growth in the stablecoin market and securing an initial investment from Anchorage Digital (Key Developments) WisdomTree appointed BNY as the core banking as a service infrastructure provider for its WisdomTree Prime retail platform, making WisdomTree BNY's first retail digital assets BaaS client and expanding access to tokenized real world assets for U.S. investors (Key Developments) BNY completed a major share repurchase tranche, buying back more than 35.8 million shares, or just over 5% of its share count, under the buyback program announced in April 2024 (Key Developments) The company guided to net interest income for full year 2025 rising about 12% year over year, with fourth quarter net interest income expected to be roughly flat sequentially after a strong third quarter (Key Developments) Valuation Changes The fair value estimate has risen slightly to 119.03 dollars from 118.03 dollars, reflecting modestly higher long term expectations.
MS
US$181.65
Morgan Stanley
7D
3.9%
1Y
43.0%

MS: Richer Multiple And Buybacks Will Likely Limit Future Return Potential

Analysts have raised their price target on Morgan Stanley from approximately 101 dollars to about 136 dollars. This reflects increased confidence in the bank's higher projected revenue growth, improved profit margins, and a modestly richer future price to earnings multiple, despite a slightly higher discount rate.
GS
US$910.78
Goldman Sachs Group
7D
4.4%
1Y
56.3%
BLK
US$1,088.96
BlackRock
7D
2.2%
1Y
3.2%
FDS
US$290.09
FactSet Research Systems
7D
-2.0%
1Y
-41.0%
MAIN
US$59.81
Main Street Capital
7D
-1.2%
1Y
4.9%
SPGI
US$525.74
S&P Global
7D
3.0%
1Y
4.2%
SCHW
US$101.85
Charles Schwab
7D
5.4%
1Y
36.1%
LAZ
US$49.52
Lazard
7D
-1.7%
1Y
-4.6%

LAZ: Future Earnings Multiple Will Drive Upside Despite Margin Headwinds

Analysts have modestly raised their price target on Lazard, reflecting expectations for stronger revenue growth and a higher future earnings multiple, which are partially offset by a reduced profit margin and a slightly higher discount rate. What's in the News Lazard completed a share repurchase tranche, buying back 19,485 shares for $1.08 million in Q3 2025, bringing total repurchases under its long running program to 81,111,580 shares, or 75.1 percent, for $3.20 billion (company filing).
FRHC
US$132.10
Freedom Holding
7D
-0.9%
1Y
1.0%
MCO
US$517.28
Moody's
7D
3.7%
1Y
7.7%