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U.S. Capital Markets Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies397
  • 7D2.0%
  • 3M-0.3%
  • 1Y17.2%
  • YTD16.6%

Over the last 7 days, the Capital Markets industry has risen 2.0%, driven by gains from Charles Schwab of 6.4%. In the last 12 months, the industry was up 17%. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025US$2.8tUS$656.4bUS$105.5b25.7x26.4x4.2x
Fri, 21 Nov 2025US$2.6tUS$654.6bUS$106.2b23.4x24.5x4x
Sun, 19 Oct 2025US$2.7tUS$625.2bUS$104.6b25.9x25.7x4.3x
Tue, 16 Sep 2025US$2.8tUS$865.8bUS$100.6b27.1x27.9x3.2x
Thu, 14 Aug 2025US$2.8tUS$866.2bUS$101.0b26.6x27.7x3.2x
Sat, 12 Jul 2025US$2.6tUS$590.5bUS$97.0b28.6x27.3x4.5x
Mon, 09 Jun 2025US$2.4tUS$590.4bUS$97.3b28.1x25x4.1x
Wed, 07 May 2025US$2.2tUS$566.7bUS$97.1b25x23.2x4x
Fri, 04 Apr 2025US$2.3tUS$558.6bUS$94.9b24.2x24x4.1x
Sun, 02 Mar 2025US$2.4tUS$554.9bUS$95.4b21.9x25.5x4.4x
Tue, 28 Jan 2025US$2.5tUS$537.2bUS$89.2b23.1x28.5x4.7x
Thu, 26 Dec 2024US$2.4tUS$526.1bUS$81.6b23.3x29.5x4.6x
Sat, 23 Nov 2024US$2.5tUS$524.4bUS$81.7b24.3x30.4x4.7x
Mon, 21 Oct 2024US$2.3tUS$498.9bUS$81.1b23x28.4x4.6x
Wed, 18 Sep 2024US$2.1tUS$491.5bUS$77.8b20.9x26.7x4.2x
Fri, 16 Aug 2024US$2.0tUS$492.0bUS$77.9b20.5x25.7x4.1x
Sun, 14 Jul 2024US$2.0tUS$467.8bUS$73.3b20.5x27.2x4.3x
Tue, 11 Jun 2024US$1.9tUS$467.0bUS$73.1b21.4x25.9x4.1x
Thu, 09 May 2024US$1.9tUS$460.1bUS$72.5b20.1x26.3x4.1x
Sat, 06 Apr 2024US$1.9tUS$441.1bUS$67.3b21x28x4.3x
Mon, 04 Mar 2024US$1.8tUS$440.8bUS$67.3b19.2x27.2x4.2x
Wed, 31 Jan 2024US$1.8tUS$433.2bUS$67.7b28x27.3x4.3x
Fri, 29 Dec 2023US$1.9tUS$432.8bUS$70.6b27.8x26.6x4.3x
Sun, 26 Nov 2023US$1.7tUS$432.8bUS$70.6b27.1x23.6x3.8x
Tue, 24 Oct 2023US$1.5tUS$427.0bUS$67.0b27.5x22.2x3.5x
Thu, 21 Sep 2023US$1.7tUS$427.0bUS$68.1b28.1x24.3x3.9x
Sat, 19 Aug 2023US$1.6tUS$426.3bUS$68.2b28.7x23.5x3.8x
Mon, 17 Jul 2023US$1.6tUS$421.1bUS$64.6b31x25.1x3.9x
Wed, 14 Jun 2023US$1.6tUS$419.4bUS$64.5b31.1x24.2x3.7x
Fri, 12 May 2023US$1.5tUS$420.7bUS$64.8b27.4x23x3.5x
Sun, 09 Apr 2023US$1.5tUS$423.7bUS$68.1b30x22.5x3.6x
Tue, 07 Mar 2023US$1.7tUS$424.0bUS$69.3b28.2x24.5x4x
Thu, 02 Feb 2023US$1.8tUS$433.0bUS$73.9b27.9x23.9x4.1x
Sat, 31 Dec 2022US$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 Market0.99%
Financials1.02%
Capital Markets1.96%
Investment Banking and Brokerage2.63%
Financial Exchanges and Data2.34%
Asset Management0.94%
Diversified Capital Markets-2.79%
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 8.9%, 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 8.9% 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
SCHW Charles SchwabUS$101.185.4%
+US$9.2b		35.2%PE23.1x
SPGI S&P GlobalUS$525.145.1%
+US$7.7b		4.0%PE37.7x
GS Goldman Sachs GroupUS$901.712.6%
+US$7.1b		54.7%PE17.9x
MS Morgan StanleyUS$179.501.7%
+US$4.8b		41.3%PE18.3x
MCO Moody'sUS$515.394.5%
+US$4.0b		7.3%PE41x

Latest News

KKR
US$131.42
KKR
7D
-2.5%
1Y
-11.8%
COIN
US$247.90
Coinbase Global
7D
-1.0%
1Y
-7.6%
WLTH
US$12.72
Wealthfront
7D
-8.8%
1Y
n/a
HOOD
US$122.37
Robinhood Markets
7D
6.2%
1Y
226.3%

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.
DBRG
US$13.03
DigitalBridge Group
7D
-7.1%
1Y
20.8%

DBRG: Fair Outlook Will Balance AI Infrastructure Upside With Takeover Uncertainty

Analysts have raised their price target on DigitalBridge Group from 10.76 dollars to 13.50 dollars, citing sharply improved revenue growth expectations, a modestly higher projected profit margin, and a slightly lower anticipated future price to earnings multiple as key drivers of the upgrade. What's in the News SoftBank Group is reportedly in advanced talks to acquire DigitalBridge Group, aiming to leverage its AI-linked infrastructure portfolio, with a potential deal targeted by year end.
MS
US$179.76
Morgan Stanley
7D
1.1%
1Y
44.4%

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$899.00
Goldman Sachs Group
7D
1.1%
1Y
57.5%
XP
US$16.21
XP
7D
-7.8%
1Y
33.5%
SPGI
US$521.90
S&P Global
7D
4.5%
1Y
4.7%
SCHW
US$101.41
Charles Schwab
7D
6.4%
1Y
35.7%
ARES
US$170.29
Ares Management
7D
-1.4%
1Y
-4.9%

ARES Strong Private Credit Margins Will Support Earnings Resilience Despite Legal Scrutiny

Analysts have lifted their price target on Ares Management to $218 from about $190, reflecting confidence in the firm’s stronger margin profile, more attractive forward valuation, and sustained leadership in private credit despite moderating top line growth and macro headwinds. Analyst Commentary Bullish analysts highlight that Ares Management continues to outperform expectations, pointing to better than anticipated Q3 results and resilient fee related earnings as key drivers behind recent price target increases.
BX
US$155.83
Blackstone
7D
3.7%
1Y
-9.5%

BX: Mixed Fee Momentum And Deals Will Shape Future Performance Outlook

Analysts have raised their price target on Blackstone to about $164, up from roughly $125, citing expectations for faster revenue growth, stronger profit margins, and a more attractive future earnings multiple, despite mixed short term views on fee momentum and fundraising. Analyst Commentary Recent Street research presents a mixed picture, with some firms lifting long term valuation targets on expectations for a healthier capital markets backdrop, while others trim their outlooks in response to nearer term margin and fee growth pressures.
LPLA
US$370.70
LPL Financial Holdings
7D
-0.7%
1Y
12.7%

LPLA Margin Expansion From Platform Pricing Is Expected To Drive Future Upside

The analyst price target for LPL Financial Holdings has been raised by analysts to approximately $448 from about $421, as they highlight stronger than expected Q3 earnings, sustained revenue tailwinds, and an improving margin outlook supported by platform pricing updates and acquisition synergies. Analyst Commentary Recent Street research on LPL Financial reflects a broadly constructive stance on the company, with several bullish analysts lifting price targets following the Q3 earnings beat and updated margin outlook.
NDAQ
US$97.46
Nasdaq
7D
4.9%
1Y
25.0%

NDAQ: Higher Quality Solutions Revenue Will Drive Continued Share Upside Into 2026

Analysts have nudged their average price target for Nasdaq higher to the low $110s from the high $100s, citing accelerating, higher quality solutions revenue and a supportive macro backdrop that they expect will sustain or even quicken the company’s growth momentum into 2026. Analyst Commentary Street research in recent weeks has grown more constructive on Nasdaq, pointing to an improving earnings trajectory and a higher quality revenue mix that is reinforcing the stock's re-rating case.
MCO
US$509.65
Moody's
7D
4.5%
1Y
7.6%