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U.S. Capital Markets Industry Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies419
  • 7D1.7%
  • 3M-6.4%
  • 1Y26.7%
  • YTD-4.3%

In the last week, the Capital Markets industry is up 4.3%, with Morgan Stanley up 3.3%. During this same period, the Charles Schwab underperformed, falling 6.5%. In the last 12 months, the industry was up 32%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026US$2.7tUS$748.3bUS$110.6b41.7x24.7x3.6x
Fri, 20 Mar 2026US$2.5tUS$730.5bUS$107.0b27.2x23x3.4x
Sun, 15 Feb 2026US$2.6tUS$736.2bUS$106.2b23.1x24.6x3.5x
Tue, 13 Jan 2026US$2.9tUS$656.7bUS$105.5b25.7x27.4x4.4x
Thu, 11 Dec 2025US$2.8tUS$656.1bUS$105.4b25.8x26.7x4.3x
Sat, 08 Nov 2025US$2.7tUS$649.9bUS$105.9b24.4x25.3x4.1x
Mon, 06 Oct 2025US$2.8tUS$875.2bUS$101.0b27.1x27.6x3.2x
Wed, 03 Sep 2025US$2.8tUS$866.2bUS$100.6b26.6x27.5x3.2x
Fri, 01 Aug 2025US$2.8tUS$597.9bUS$99.2b27.4x28x4.6x
Sun, 29 Jun 2025US$2.4tUS$590.7bUS$97.0b27.6x24.4x4x
Tue, 27 May 2025US$2.4tUS$590.2bUS$96.1b28.4x24.7x4x
Thu, 24 Apr 2025US$2.1tUS$563.6bUS$96.7b23.9x21.8x3.7x
Sat, 22 Mar 2025US$2.3tUS$559.2bUS$94.9b23.3x24x4.1x
Mon, 17 Feb 2025US$2.5tUS$554.6bUS$95.0b22.1x26.5x4.5x
Wed, 15 Jan 2025US$2.3tUS$519.7bUS$81.0b22.5x28.6x4.5x
Fri, 13 Dec 2024US$2.5tUS$524.3bUS$81.7b24.1x30.4x4.7x
Sun, 10 Nov 2024US$2.4tUS$509.4bUS$81.8b24x29.2x4.7x
Tue, 08 Oct 2024US$2.2tUS$493.1bUS$78.4b21.5x27.4x4.4x
Thu, 05 Sep 2024US$2.0tUS$492.2bUS$77.9b20.4x26x4.1x
Sat, 03 Aug 2024US$2.0tUS$478.7bUS$77.7b21.2x25.9x4.2x
Mon, 01 Jul 2024US$1.9tUS$467.6bUS$73.1b21.3x26.1x4.1x
Wed, 29 May 2024US$1.9tUS$467.2bUS$73.2b22.6x26.5x4.1x
Fri, 26 Apr 2024US$1.9tUS$450.1bUS$70.5b20x26.4x4.1x
Sun, 24 Mar 2024US$1.9tUS$440.6bUS$67.2b19.3x28.2x4.3x
Tue, 20 Feb 2024US$1.8tUS$439.7bUS$67.0b19.3x26.9x4.1x
Thu, 18 Jan 2024US$1.8tUS$433.6bUS$69.5b27.1x25.8x4.1x
Sat, 16 Dec 2023US$1.8tUS$432.8bUS$70.6b27.1x26x4.2x
Mon, 13 Nov 2023US$1.6tUS$432.1bUS$70.3b27.1x22.6x3.7x
Wed, 11 Oct 2023US$1.6tUS$425.6bUS$68.1b28.2x23.3x3.7x
Fri, 08 Sep 2023US$1.6tUS$426.3bUS$68.1b28.2x24x3.8x
Sun, 06 Aug 2023US$1.7tUS$420.3bUS$65.1b30.5x25.7x4x
Tue, 04 Jul 2023US$1.6tUS$419.2bUS$64.3b31.3x24.6x3.8x
Thu, 01 Jun 2023US$1.5tUS$419.3bUS$64.5b30.9x23.2x3.6x
Sat, 29 Apr 2023US$1.6tUS$421.0bUS$64.5b27.7x24.2x3.7x
Price to Earnings Ratio

24.2x


Total Market Cap: US$1.6tTotal Earnings: US$64.5bTotal Revenue: US$421.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.8x202420252026
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 25.8x.
  • 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 20% per year over the last three years.
  • Revenues for these companies have grown 21% 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 Market1.31%
Financials1.10%
Capital Markets1.67%
Diversified Capital Markets13.69%
Asset Management2.51%
Investment Banking and Brokerage1.33%
Financial Exchanges and Data1.05%
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 39.3x.
    • Analysts expect its future annual earnings growth (10.2%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Diversified Capital Markets industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.6% 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
MS Morgan StanleyUS$189.313.3%
+US$9.2b		71.5%PE17.1x
HOOD Robinhood MarketsUS$86.439.3%
+US$6.6b		105.3%PE41.3x
SPGI S&P GlobalUS$444.674.6%
+US$5.8b		-4.7%PE29.4x
GS Goldman Sachs GroupUS$926.551.9%
+US$5.2b		78.2%PE16.6x
BK Bank of New York MellonUS$137.925.7%
+US$5.0b		80.7%PE16.6x

Latest News

MSCI
US$597.39
MSCI
7D
9.5%
1Y
10.9%
VIRT
US$47.79
Virtu Financial
7D
-6.8%
1Y
23.8%

VIRT: Lower Discount Rate And Margin Resilience Will Shape Measured Future Upside

Virtu Financial’s updated analyst price target has shifted higher by about $3.60 to $48.86. Analysts point to modestly improved revenue expectations, a slightly lower assumed discount rate, firmer projected profit margins, and a marginally higher future P/E multiple as key supports for the change.
MCO
US$459.59
Moody's
7D
4.9%
1Y
6.9%

MCO 04-2026

Moody's Corporation is a regulatory-moated oligopoly wrapped in a compounding software business. The MIS ratings franchise holds the most durable structural position in financial services: NRSRO designation is a legal prerequisite for capital adequacy calculations in virtually every major financial market globally, the duopoly with S&P has been unbroken for over four decades, and the proprietary century-old default database cannot be replicated at any cost.
XP
US$20.30
XP
7D
-4.4%
1Y
40.2%

XP: Execution On 2026 Guidance And Competition Will Shape Future Returns

Analysts have lifted their price targets on XP toward the mid $20s. These changes are framed around updated revenue growth expectations near 12% for 2026 and modest adjustments to projected profit margins and future P/E multiples.
BK
US$137.92
Bank of New York Mellon
7D
5.7%
1Y
80.7%
MS
US$189.31
Morgan Stanley
7D
3.3%
1Y
71.5%
CME
US$284.40
CME Group
7D
-4.3%
1Y
7.1%
SCHW
US$91.97
Charles Schwab
7D
-6.5%
1Y
20.1%
BLK
US$1,042.85
BlackRock
7D
-1.1%
1Y
17.5%

BlackRock, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Apr 17
BlackRock, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
HOOD
US$86.43
Robinhood Markets
7D
9.3%
1Y
105.3%

Robinhood Markets will skyrocket with 25% revenue growth

Recent news: As of April 2026, the SEC approved a FINRA proposal to eliminate the Pattern Day Trader (PDT) rule, removing the requirement for a minimum balance to make more than three day trades in a five-day period. Instead of a flat equity requirement, new risk-based margin standards will require traders to maintain sufficient equity for their real-time exposure.
GS
US$926.55
Goldman Sachs Group
7D
1.9%
1Y
78.2%
TW
US$114.56
Tradeweb Markets
7D
-5.7%
1Y
-13.7%

TW: Record Volumes And New Partnerships Will Support Future Upside

Analysts have reduced their price target on Tradeweb Markets to about $175 from roughly $177, citing updated assumptions that combine a slightly different discount rate with revised expectations for revenue growth, profit margins, and future price-to-earnings (P/E) levels. What's in the News Reported record March 2026 trading activity, with total trading volume of $87.0tn and record average daily volume (ADV) of $3.8tn, a 41.8% YoY increase in ADV.
DOC
US$16.47
Healthpeak Properties
7D
-2.4%
1Y
-12.4%

DOC: Share Repurchases And Improved Margins Will Support Future Upside Potential

Analysts have slightly raised their price target on Healthpeak Properties to about $26.44, a marginal change from roughly $26.43. The revision reflects updated assumptions related to discount rate, revenue growth, profit margin and a projected future P/E near 98x.
KKR
US$104.45
KKR
7D
4.0%
1Y
2.1%
ICE
US$158.63
Intercontinental Exchange
7D
-2.1%
1Y
-1.3%

ICE: Digital Asset Expansion And New Clearing Services Will Drive Future Upside

Intercontinental Exchange's fair value estimate has increased slightly to about $197.87 per share from $197.21, as analysts factor in slightly stronger revenue growth and profit margin assumptions, along with a modestly lower future P/E expectation and discount rate, following a mix of recent price target raises and trims. Analyst Commentary Recent Street research on Intercontinental Exchange has been active, with several firms adjusting price targets and one upgrade in rating.
SPGI
US$444.67
S&P Global
7D
4.6%
1Y
-4.7%

SPGI: AI Competition Concerns Will Shape Future Earnings Multiple

The analyst price target for S&P Global has been revised lower to $556, reflecting a broader wave of target cuts across the Street as analysts factor in a slightly lower discount rate, modestly adjusted long term growth and margin assumptions, and heightened competitive concerns around data and AI. Analyst Commentary Street research on S&P Global has turned more cautious overall, with several firms trimming price targets while still recognizing the company’s scale in ratings, data, and index services.