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

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.

Which industries have driven the changes within the U.S. Financials industry?

Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 38.2x. 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.

U.S. Capital Markets Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 18 Jun 2026	US$2.8t	US$759.0b	US$113.3b	40.4x	24.6x	3.7x
Sat, 16 May 2026	US$2.7t	US$757.6b	US$113.6b	40.6x	23.9x	3.6x
Mon, 13 Apr 2026	US$2.5t	US$736.4b	US$106.8b	39.1x	23.7x	3.4x
Wed, 11 Mar 2026	US$2.5t	US$731.7b	US$106.9b	22.9x	23.5x	3.4x
Fri, 06 Feb 2026	US$2.7t	US$729.0b	US$107.3b	22.9x	25.1x	3.7x
Sun, 04 Jan 2026	US$2.8t	US$656.5b	US$105.5b	25.6x	26.8x	4.3x
Tue, 02 Dec 2025	US$2.7t	US$656.1b	US$105.4b	23.6x	25.7x	4.1x
Thu, 30 Oct 2025	US$2.8t	US$645.8b	US$104.7b	25.2x	26.4x	4.3x
Sat, 27 Sep 2025	US$2.8t	US$874.9b	US$100.9b	27.2x	27.4x	3.2x
Mon, 25 Aug 2025	US$2.8t	US$866.4b	US$101.0b	27.1x	27.3x	3.2x
Wed, 23 Jul 2025	US$2.7t	US$596.7b	US$99.0b	29.1x	27.4x	4.5x
Fri, 20 Jun 2025	US$2.4t	US$590.7b	US$97.1b	27x	24.6x	4.1x
Sun, 18 May 2025	US$2.4t	US$589.9b	US$96.1b	28x	25.5x	4.2x
Tue, 15 Apr 2025	US$2.1t	US$561.5b	US$97.1b	24.5x	21.3x	3.7x
Thu, 13 Mar 2025	US$2.2t	US$557.3b	US$94.8b	22.2x	22.9x	3.9x
Sat, 08 Feb 2025	US$2.5t	US$551.8b	US$91.9b	22x	27.7x	4.6x
Mon, 06 Jan 2025	US$2.4t	US$526.1b	US$81.6b	23x	29.3x	4.5x
Wed, 04 Dec 2024	US$2.5t	US$524.3b	US$81.7b	24x	30.4x	4.7x
Fri, 01 Nov 2024	US$2.2t	US$506.1b	US$81.7b	22.9x	27.3x	4.4x
Sun, 29 Sep 2024	US$2.1t	US$492.5b	US$77.4b	21.6x	27.5x	4.3x
Tue, 27 Aug 2024	US$2.0t	US$492.3b	US$78.0b	20.4x	26.3x	4.2x
Thu, 25 Jul 2024	US$2.0t	US$473.6b	US$76.7b	20.2x	26.5x	4.3x
Sat, 22 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.2x	26.2x	4.1x
Mon, 20 May 2024	US$2.0t	US$466.8b	US$73.2b	22.4x	27x	4.2x
Wed, 17 Apr 2024	US$1.8t	US$442.7b	US$68.2b	19.8x	26.7x	4.1x
Fri, 15 Mar 2024	US$1.9t	US$440.4b	US$67.3b	19.3x	27.8x	4.2x
Sun, 11 Feb 2024	US$1.8t	US$438.3b	US$65.5b	19.3x	27.3x	4.1x
Tue, 09 Jan 2024	US$1.8t	US$432.8b	US$70.6b	27.1x	25.8x	4.2x
Thu, 07 Dec 2023	US$1.7t	US$432.8b	US$70.6b	27.1x	24.2x	3.9x
Sat, 04 Nov 2023	US$1.6t	US$429.3b	US$69.2b	27.1x	22.8x	3.7x
Mon, 02 Oct 2023	US$1.6t	US$425.6b	US$68.1b	28.2x	23.3x	3.7x
Wed, 30 Aug 2023	US$1.6t	US$426.4b	US$68.1b	28x	24x	3.8x
Fri, 28 Jul 2023	US$1.7t	US$423.0b	US$62.5b	30.5x	27.1x	4x
Sun, 25 Jun 2023	US$1.5t	US$419.6b	US$64.4b	31.4x	23.7x	3.6x


US Market	2.32%
Financials	3.45%
Capital Markets	4.21%
Investment Banking and Brokerage	5.97%
Asset Management	3.77%
Diversified Capital Markets	2.22%
Financial Exchanges and Data	1.07%

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.09k	5.7% +US$18.0b	74.6%	PE19.6x
MS Morgan Stanley	US$220.83	5.0% +US$16.7b	69.8%	PE19.9x
HOOD Robinhood Markets	US$96.71	12.0% +US$9.3b	23.4%	PE45.9x
SCHW Charles Schwab	US$93.67	5.5% +US$8.5b	5.3%	PE18.1x
BLK BlackRock	US$1.05k	4.0% +US$6.3b	8.6%	PE26.1x

Announcement • 6h

CME Group Inc. Announces CEO Changes

CME Group Inc. announced that Terrence A. Duffy, the company's current Chief Executive Officer, will become the company's Executive Chairman, and Lynne C. Fitzpatrick, the company's current President and Chief Financial Officer, will succeed Mr. Duffy as the company's Chief Executive Officer. The Leadership Transition was approved by the Board of Directors on June 16, 2026 and will become effective on the later of March 1, 2027, and the date on which the company files its Annual Report on Form 10-K with respect to 2026 (Transition Date). Mr. Duffy will continue to serve as the company's Chief Executive Officer through the Transition Date and will then serve as the company's Executive Chairman from the Transition Date through December 31, 2027. Ms. Fitzpatrick will continue to serve as the company's President and Chief Financial Officer through the Transition Date and will then assume the role of Chief Executive Officer and be appointed to the Board and its Executive Committee on the Transition Date. Ms. Fitzpatrick, age 48, has served as the company's President and Chief Financial Officer since November 2024, when her role expanded to oversee human resources and transformation and execution, as well as her prior responsibilities for overseeing the company's finance functions. She previously served as Chief Financial Officer since April 2023, Deputy Chief Financial Officer since 2022 and Managing Director of Corporate Development and Treasurer of the company since 2017. Since joining the company in 2006, Ms. Fitzpatrick has held a variety of positions with increasing levels of responsibility within the organization. Prior to her employment with the company, she worked as an investment banker at Credit Suisse and UBS. She holds a bachelor's degree in economics from Brown University and an MBA from the University of Chicago Booth School of Business. Mr. Duffy has been at the helm of CME Group for more than 25 years when he was appointed Chairman in 2002, then Executive Chairman in 2006 and Chairman and Chief Executive Officer in 2016. Throughout his tenure, Duffy has led the company, and in turn the industry, through significant and ongoing transformation. He joined CME Group as a runner in the lean hog pit in 1980, purchased a seat to become a member and founded his trading company, TDA Trading, in 1981. Mr. Duffy joined the Board of Chicago Mercantile Exchange in 1995, was named Vice Chairman in 1998 and Chairman in 2002. He became Executive Chairman of the Board of CME Group in 2006, Executive Chairman and President in 2012, and was named to his current role of Chairman and CEO in 2016. He regularly testified before Congress on key issues facing derivatives markets, clients and global market users. He has been named FOW's International CEO of the Year, one of TabbFORUM's 40 Innovators in Financial Markets, a member of the Futures Industry Association's Hall of Fame and included in Crain's Who's Who in Chicago Business. Under his leadership, CME Group has received a wide range of industry awards recognizing the company, clearing house, technology, product innovation and brand value. Mr. Duffy was inducted into the Futures Industry Hall of Fame by the Futures Industry Association in 2025. He was appointed by President Bush and confirmed by the U.S. Senate in 2003 to join the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013. He served as Co-Chair of the Mayo Clinic Greater Chicago Leadership Council and is a Board member of the CME Group Foundation. He attended the University of Wisconsin-Whitewater and received a Doctor of Public Service, honoris causa, from Saint Xavier University and a Doctor of Humane Letters from DePaul University.

Announcement • 13h

BlackRock Launches iShares Bitcoin Premium Income ETF

BlackRock announced the launch of the iShares Bitcoin Premium Income ETF (Nasdaq:BITA), an exchange-traded product (ETP) designed to provide investors with bitcoin upside participation while generating monthly option premium. The iShares Trusts are not an investment company registered under the Investment Company Act of 1940, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. BITA gains bitcoin exposure through a combination of spot bitcoin and the iShares Bitcoin Trust ETF (IBIT) – the world’s largest and most-traded bitcoin ETP. BITA aims to write call options on IBIT representing approximately 25% to 35% of the portfolio, generating option premiums that may be distributed to investors each month. This approach preserves the majority of BITA’s bitcoin exposure, allowing investors to participate in market movements while potentially producing income. BITA is designed with quality in mind. BITA’s differentiated structure holds bitcoin (and IBIT) directly for tax-efficient growth while selling options on IBIT that benefit from lower 60/40 taxation as section 1256 contracts. Investors may also benefit from certain tax efficiencies inherent in the partnership structure, including the ability to pass through capital losses to offset other investment gains and the character of both short-term and long-term gains as capital gains. BITA builds on two established pillars of BlackRock’s platform: its digital assets product suite – including IBIT, the iShares Ethereum Trust ETF (ETHA), and the iShares Staked Ethereum Trust ETF (ETHB) – and its premium income offerings, with over $3,000 million in client assets across ETFs registered under the Investment Company Act of 1940 such as the iShares U.S. Large Cap Premium Income Active ETF (BALI) and the iShares Nasdaq Premium Income Active ETF (BALQ). BITA leverages the scale and liquidity of IBIT and its options market, which averages approximately $3,700 million in daily trading volume and ranks among the top 1% of all options products. BlackRock oversees more than $130,000 million in assets across digital asset ETPs, tokenized liquidity funds, and stablecoin reserve management. iShares captured approximately 90% of industry flows into U.S.-listed digital asset ETPs in Fiscal year 2025. This information must be preceded or accompanied by a prospectus for BITA, IBIT, ETHA and ETHB. Investors should read and consider the relevant prospectus carefully before investing. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus. Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust. Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including largescale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage. The Trust’s use of derivatives may decrease its returns, increase volatility, and expose it to additional operational and counterparty risks—that is, the risk that another party in a transaction may fail to meet their contractual obligations. Losses may arise from derivative holdings due to limited liquidity in secondary markets and unexpected market changes. Writing covered call options on IBIT shares limits the Trust's gains above the option exercise price. The Trust remains exposed to losses below the exercise price, as premiums may not cover declines tied to bitcoin or IBIT volatility. Additionally, the Trust could be impacted by declining share values, restrictions on trading options, and other risks linked to options strategies. Trading shares of ETPs may result in brokerage commissions and tax consequences. This material is provided for educational purposes only and does not constitute investment advice. The information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice. Shares of the Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.

U.S. Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

CME Group Inc. Announces CEO Changes

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

BlackRock Launches iShares Bitcoin Premium Income ETF

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Freedom Holding Corp. has filed a Follow-on Equity Offering in the amount of $300 million.

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