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U.S. Capital Markets Industry Analysis

UpdatedFeb 14, 2026
DataAggregated Company Financials
Companies440
  • 7D-3.7%
  • 3M-2.8%
  • 1Y1.6%
  • YTD-7.9%

Over the last 7 days, the Capital Markets industry has dropped 3.7%, driven by a pullback from Charles Schwab of 11%. Over the last year, the industry has been flat overall. 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
Sat, 14 Feb 2026US$2.6tUS$736.5bUS$106.1b23.1x24.3x3.5x
Mon, 12 Jan 2026US$2.9tUS$656.7bUS$105.5b25.6x27.4x4.4x
Wed, 10 Dec 2025US$2.8tUS$656.1bUS$105.4b25.3x26.5x4.3x
Fri, 07 Nov 2025US$2.7tUS$649.6bUS$106.3b24.1x25.5x4.2x
Sun, 05 Oct 2025US$2.8tUS$875.2bUS$101.0b27.1x27.6x3.2x
Tue, 02 Sep 2025US$2.8tUS$866.2bUS$101.1b26.7x27.3x3.2x
Thu, 31 Jul 2025US$2.8tUS$598.0bUS$99.5b27.7x27.8x4.6x
Sat, 28 Jun 2025US$2.5tUS$590.7bUS$97.0b27.6x25.8x4.2x
Mon, 26 May 2025US$2.4tUS$590.2bUS$96.1b28.4x24.7x4x
Wed, 23 Apr 2025US$2.0tUS$563.2bUS$96.6b23.1x21x3.6x
Fri, 21 Mar 2025US$2.3tUS$559.2bUS$95.0b23.5x24x4.1x
Sun, 16 Feb 2025US$2.5tUS$554.6bUS$95.0b22.1x26.5x4.5x
Tue, 14 Jan 2025US$2.3tUS$512.8bUS$79.0b22.2x29x4.5x
Thu, 12 Dec 2024US$2.5tUS$524.3bUS$81.7b23.5x30.1x4.7x
Sat, 09 Nov 2024US$2.4tUS$509.1bUS$81.7b24.1x29x4.7x
Mon, 07 Oct 2024US$2.2tUS$493.1bUS$78.4b20.9x27.4x4.4x
Wed, 04 Sep 2024US$2.1tUS$492.2bUS$77.9b20.7x26.6x4.2x
Fri, 02 Aug 2024US$2.0tUS$477.1bUS$77.5b21.5x26.3x4.3x
Sun, 30 Jun 2024US$1.9tUS$467.6bUS$73.1b21.3x26.1x4.1x
Tue, 28 May 2024US$1.9tUS$467.2bUS$73.2b22.4x26.5x4.1x
Thu, 25 Apr 2024US$1.9tUS$447.0bUS$70.0b19.7x26.9x4.2x
Sat, 23 Mar 2024US$1.9tUS$440.6bUS$67.2b19.4x28.2x4.3x
Mon, 19 Feb 2024US$1.8tUS$439.7bUS$67.0b19.3x26.9x4.1x
Wed, 17 Jan 2024US$1.8tUS$434.6bUS$70.4b27.1x25.7x4.2x
Fri, 15 Dec 2023US$1.8tUS$432.8bUS$70.6b27.1x25.3x4.1x
Sun, 12 Nov 2023US$1.6tUS$432.1bUS$70.3b27.1x22.6x3.7x
Tue, 10 Oct 2023US$1.6tUS$425.5bUS$68.0b28x23.2x3.7x
Thu, 07 Sep 2023US$1.6tUS$426.3bUS$68.1b28.2x23.9x3.8x
Sat, 05 Aug 2023US$1.7tUS$420.3bUS$65.1b30.6x25.8x4x
Mon, 03 Jul 2023US$1.6tUS$419.2bUS$64.3b31.3x24.4x3.7x
Wed, 31 May 2023US$1.5tUS$419.3bUS$64.5b30.9x23.4x3.6x
Fri, 28 Apr 2023US$1.5tUS$419.9bUS$65.2b27.8x23.7x3.7x
Sun, 26 Mar 2023US$1.5tUS$423.9bUS$69.2b28.7x22x3.6x
Tue, 21 Feb 2023US$1.7tUS$426.4bUS$71.4b27.7x24.3x4.1x
Price to Earnings Ratio

24.3x


Total Market Cap: US$1.7tTotal Earnings: US$71.4bTotal Revenue: US$426.4bTotal 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 14% 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-1.39%
Financials-4.30%
Capital Markets-3.74%
Diversified Capital Markets-0.44%
Asset Management-1.62%
Financial Exchanges and Data-4.18%
Investment Banking and Brokerage-5.21%
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 40.1x.
    • Analysts expect its future annual earnings growth (10.7%) to be largely in line with prior year's earnings growth.
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 9.4% 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
BLK BlackRockUS$1.07k1.4%
+US$2.3b		10.0%PE29.9x
ARES Ares ManagementUS$133.882.6%
+US$753.6m		-28.1%PE69.2x
AMG Affiliated Managers GroupUS$329.798.0%
+US$683.3m		93.9%PE12.9x
BLSH BullishUS$31.7315.6%
+US$644.9m		n/aPS20.2x
MKTX MarketAxess HoldingsUS$179.3610.5%
+US$633.0m		-7.3%PE27x

Latest News

SNEX
US$127.42
StoneX Group
7D
5.7%
1Y
63.0%

Earnings Not Telling The Story For StoneX Group Inc. (NASDAQ:SNEX) After Shares Rise 26%

Feb 14
Earnings Not Telling The Story For StoneX Group Inc. (NASDAQ:SNEX) After Shares Rise 26%
ICE
US$152.28
Intercontinental Exchange
7D
-9.9%
1Y
-8.7%
AMG
US$329.79
Affiliated Managers Group
7D
8.0%
1Y
93.9%
AMP
US$473.67
Ameriprise Financial
7D
-12.8%
1Y
-13.2%
GS
US$905.14
Goldman Sachs Group
7D
-2.5%
1Y
37.0%
HOOD
US$75.97
Robinhood Markets
7D
-8.3%
1Y
16.4%

Robinhood Markets, Inc. (NASDAQ:HOOD) Just Reported Earnings, And Analysts Cut Their Target Price

Feb 13
Robinhood Markets, Inc. (NASDAQ:HOOD) Just Reported Earnings, And Analysts Cut Their Target Price
BLK
US$1,071.51
BlackRock
7D
1.4%
1Y
10.0%
ARES
US$133.88
Ares Management
7D
2.6%
1Y
-28.1%
CME
US$303.07
CME Group
7D
0.3%
1Y
23.5%
SCHW
US$93.72
Charles Schwab
7D
-10.8%
1Y
16.7%
BLSH
US$31.73
Bullish
7D
15.6%
1Y
n/a
SPGI
US$409.54
S&P Global
7D
-6.8%
1Y
-24.1%

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

The updated analyst price target for S&P Global moves from approximately $505 to $611, as analysts factor in revised assumptions around discount rates, slightly different revenue growth expectations, higher profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on S&P Global reflects a mix of higher and lower price targets, with analysts weighing nearer term execution risks against longer term earnings power and cash flow generation.
MKTX
US$179.36
MarketAxess Holdings
7D
10.5%
1Y
-7.3%

Earnings Beat: MarketAxess Holdings Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Feb 10
Earnings Beat: MarketAxess Holdings Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
MCO
US$426.44
Moody's
7D
-5.8%
1Y
-18.4%

MCO: Issuance And Private Credit Demand Will Drive Rating Strength Into 2026

Narrative Update The analyst price target for Moody's has been adjusted to reflect a mix of lower and higher Street targets, including cuts such as the recent reduction at Goldman Sachs and increases from firms citing stronger issuance trends, a favorable environment for Moody's Investors Service, and a more constructive outlook for rating agencies into 2026. Analyst Commentary Recent research on Moody's reflects a mix of optimism around issuance trends and earnings potential, alongside some restraint on valuation and expectations.
GLXY
US$21.66
Galaxy Digital
7D
9.6%
1Y
11.4%
MS
US$171.15
Morgan Stanley
7D
-4.9%
1Y
23.2%

MS: Future Returns Will Rely On Buybacks And Higher Profitability

Analysts have raised their fair value estimate for Morgan Stanley from US$202.00 to US$221.00, citing updated assumptions for revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News Morgan Stanley reported fourth quarter 2025 charge-offs of $87 million, primarily tied to a single commercial real estate loan that had been largely provisioned for in earlier periods (Key Developments).