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U.S. Capital Markets Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies432
  • 7D-1.8%
  • 3M12.0%
  • 1Y7.6%
  • YTD-2.3%

Over the last 7 days, the Capital Markets industry has dropped 1.8%, driven by a pullback from S&P Global of 7.6%. This takes the industry's 12 month performance to a gain of 7.6%. Looking forward, 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
Wed, 24 Jun 2026US$2.8tUS$759.0bUS$113.2b40.5x24.7x3.7x
Fri, 22 May 2026US$2.7tUS$758.7bUS$113.6b39.9x23.7x3.5x
Sun, 19 Apr 2026US$2.7tUS$745.2bUS$110.4b42x24.5x3.6x
Tue, 17 Mar 2026US$2.4tUS$731.9bUS$107.1b25.9x22.6x3.3x
Thu, 12 Feb 2026US$2.7tUS$735.6bUS$107.7b22.9x25x3.7x
Sat, 10 Jan 2026US$2.9tUS$656.7bUS$105.5b25.6x27.3x4.4x
Mon, 08 Dec 2025US$2.8tUS$656.1bUS$105.4b25x26.2x4.2x
Wed, 05 Nov 2025US$2.7tUS$648.6bUS$105.8b23.7x25.6x4.2x
Fri, 03 Oct 2025US$2.7tUS$875.2bUS$100.9b26.2x27.2x3.1x
Sun, 31 Aug 2025US$2.8tUS$866.2bUS$101.1b26.7x27.3x3.2x
Tue, 29 Jul 2025US$2.8tUS$598.1bUS$99.5b28.3x27.9x4.6x
Thu, 26 Jun 2025US$2.5tUS$590.7bUS$97.1b27.2x25.4x4.2x
Sat, 24 May 2025US$2.4tUS$590.2bUS$96.1b28.4x24.8x4x
Mon, 21 Apr 2025US$2.1tUS$562.3bUS$97.6b23.1x21.3x3.7x
Wed, 19 Mar 2025US$2.3tUS$557.6bUS$94.9b23.2x23.7x4x
Fri, 14 Feb 2025US$2.5tUS$552.7bUS$93.2b22x26.7x4.5x
Sun, 12 Jan 2025US$2.3tUS$512.8bUS$79.0b23x29.1x4.5x
Tue, 10 Dec 2024US$2.5tUS$524.3bUS$81.6b23.9x30.5x4.8x
Thu, 07 Nov 2024US$2.3tUS$507.8bUS$81.1b24.2x27.8x4.4x
Sat, 05 Oct 2024US$2.1tUS$493.1bUS$78.4b20.9x27.1x4.3x
Mon, 02 Sep 2024US$2.1tUS$492.2bUS$77.9b20.6x26.6x4.2x
Wed, 31 Jul 2024US$2.0tUS$476.0bUS$77.1b21.3x26.3x4.3x
Fri, 28 Jun 2024US$1.9tUS$467.1bUS$73.2b21.2x26x4.1x
Sun, 26 May 2024US$1.9tUS$467.2bUS$73.2b22.4x26.5x4.1x
Tue, 23 Apr 2024US$1.8tUS$446.3bUS$69.4b19.1x26.3x4.1x
Thu, 21 Mar 2024US$1.9tUS$440.6bUS$67.2b19.4x27.5x4.2x
Sat, 17 Feb 2024US$1.8tUS$439.9bUS$66.9b19.3x26.9x4.1x
Mon, 15 Jan 2024US$1.8tUS$433.3bUS$70.4b27.1x25.7x4.2x
Wed, 13 Dec 2023US$1.7tUS$432.8bUS$70.6b27.1x24.7x4x
Fri, 10 Nov 2023US$1.6tUS$431.9bUS$70.2b27x22.5x3.7x
Sun, 08 Oct 2023US$1.6tUS$425.5bUS$68.0b28x23.2x3.7x
Tue, 05 Sep 2023US$1.7tUS$457.5bUS$72.6b28.2x24x3.8x
Thu, 03 Aug 2023US$1.7tUS$423.9bUS$62.8b31.1x26.4x3.9x
Sat, 01 Jul 2023US$1.6tUS$419.2bUS$64.3b31.1x24.4x3.7x
Price to Earnings Ratio

24.4x


Total Market Cap: US$1.6tTotal Earnings: US$64.3bTotal Revenue: US$419.2bTotal 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 21% per year over the last three years.
  • Revenues for these companies have grown 22% 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-2.31%
Financials-0.51%
Capital Markets-1.84%
Diversified Capital Markets4.87%
Investment Banking and Brokerage1.31%
Asset Management-3.49%
Financial Exchanges and Data-6.24%
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 38.0x.
    • Analysts are expecting annual earnings growth of 11.2%, which is lower than the prior year's growth of 18.5% per year.
  • 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 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 60% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.8% 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$226.032.4%
+US$8.2b		66.3%PE20.4x
HOOD Robinhood MarketsUS$103.256.8%
+US$5.9b		25.9%PE49x
BNY Bank of New York MellonUS$147.292.0%
+US$1.9b		61.5%PE17.7x
GS Goldman Sachs GroupUS$1.09k0.3%
+US$1.2b		65.3%PE19.7x
IBKR Interactive Brokers GroupUS$94.701.7%
+US$712.8m		83.4%PE40.6x

Latest News

SPGI
US$400.16
S&P Global
7D
-7.6%
1Y
-23.5%
IBKR
US$94.70
Interactive Brokers Group
7D
1.7%
1Y
83.4%
BNY
US$147.29
Bank of New York Mellon
7D
2.0%
1Y
61.5%
Narrative Update • Jun 23

BNY: Platform And AI Shift With Capital Returns Will Support Outlook

Analysts have maintained their price target for Bank of New York Mellon Corporation at $142.85. The fair value estimate also remains unchanged, and only minor adjustments have been made to inputs such as the discount rate, long term revenue growth, profit margin, and future P/E.
BLK
US$1,015.33
BlackRock
7D
-3.5%
1Y
1.0%
MS
US$226.03
Morgan Stanley
7D
2.4%
1Y
66.3%
ICE
US$133.00
Intercontinental Exchange
7D
-5.9%
1Y
-26.5%
MCO
US$443.97
Moody's
7D
-5.2%
1Y
-9.2%
Narrative Update • Jun 22

MCO: Proprietary Ratings Data And AI Partnerships Will Support Durable Upside

The analyst price target for Moody's edges higher to $536.50 from $536.00, with analysts pointing to the resilience of the company's proprietary ratings and risk datasets in an AI driven information services market as the key support for the updated view. Analyst Commentary Recent commentary on Moody's centers on how its ratings and risk datasets might hold up as AI reshapes information services, with analysts splitting their focus between the durability of the business model and the price being paid for that resilience.
STT
US$173.73
State Street
7D
1.4%
1Y
68.8%
Narrative Update • Jun 22

STT: Fee Platforms And Operating Leverage Inflection Will Support Balanced Long Term Outcomes

State Street's analyst price target is updated to $171 from $162. Analysts point to expectations for stronger organic growth, operating leverage, and earnings power as key factors behind the revised view.
KKR
US$93.50
KKR
7D
-5.5%
1Y
-26.8%
GS
US$1,094.44
Goldman Sachs Group
7D
0.3%
1Y
65.3%
Analysis Article • Jun 21

Goldman Sachs Group (GS) Stock Could Be 17.4% Overvalued as Fee Growth Faces Questions

Goldman Sachs Group Stock Performance Snapshot Goldman Sachs Group (GS) continues to draw investor attention after recent trading, with the stock last closing at $1,096.56. Short term returns have been mixed, with a slight 1 day decline but a gain over the past week. Across longer horizons, Goldman Sachs Group has recorded gains over the past month, past 3 months, year to date, 1 year, 3 years and 5 years on a total return basis, which frames how the stock has recently rewarded...
VIRT
US$63.41
Virtu Financial
7D
8.0%
1Y
47.7%
Analysis Article • Jun 20

Virtu Financial (VIRT) Stock Could Be 22% Overvalued After Strong Earnings

Virtu Financial (VIRT) is back in focus after its latest earnings report. Revenue grew by more than 30% year over year and net profit rose 84%, drawing fresh attention to the stock’s efficiency and valuation. See our latest analysis for Virtu Financial. Those results have arrived alongside strong momentum in Virtu Financial’s stock, with a 1 month share price return of 19.56% and a year to date share price return of 93.47%. The 3 year total shareholder return of 293.06% points to a longer...
BX
US$120.07
Blackstone
7D
-6.1%
1Y
-16.6%
Analysis Article • Jun 20

Blackstone (BX) Stock Could Be 23.7% Undervalued After Credit Launch And Real Estate Hire

Why Blackstone’s latest hiring move and credit launch matter for investors Blackstone (BX) is drawing attention after expanding its private credit platform with SablePointe Credit Strategies and hiring Carey S. Roberts as Senior Managing Director and General Counsel for its real estate business. Together, these developments highlight how the company is placing more emphasis on private lending and real estate, two areas that already account for large portions of its US$14.4b in revenue across...
SNEX
US$137.94
StoneX Group
7D
4.6%
1Y
134.7%
NDAQ
US$82.49
Nasdaq
7D
-7.6%
1Y
-6.4%
CME
US$242.26
CME Group
7D
-7.4%
1Y
-10.7%
Analysis Article • Jun 18

CME Group (CME) Stock Could Be 18% Undervalued After CEO Succession News

CME Group (CME) stock is in focus after the company confirmed a leadership transition that will see long time Chairman and CEO Terry Duffy move to Executive Chairman while President and CFO Lynne Fitzpatrick becomes CEO in 2027. See our latest analysis for CME Group. The leadership announcement landed against a weaker backdrop for CME Group stock, with the share price down 3.46% over the past day and 17.23% over the past 30 days, while the 5 year total shareholder return of 45.07% still...
HOOD
US$103.25
Robinhood Markets
7D
6.8%
1Y
25.9%
Seeking Alpha • Jun 17

Robinhood: It Is Rightsizing Not Downsizing, Which Is Directionally Good

Summary Robinhood (HOOD) announced a 10% workforce reduction, interpreted as rightsizing after recent M&A, aiming to optimize OPEX and reaccelerate growth. I view the layoff as a strategic move to restore a flatter, faster operating model, improving decision speed and talent density across HOOD’s expanding product suite. Recent headcount growth stemmed largely from acquisitions; this cut targets overlap, modestly improving margins but not fundamentally altering HOOD’s rich valuation. I rate HOOD as Hold: the layoff supports the current price, but valuation remains demanding and execution, crypto cyclicality, and compliance risks persist. Read the full article on Seeking Alpha