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U.S. Capital Markets Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies431
  • 7D-5.8%
  • 3M6.3%
  • 1Y-0.7%
  • YTD-6.8%

Over the last 7 days, the Capital Markets industry has dropped 5.8%, driven by pullbacks in Morgan Stanley and Goldman Sachs Group of 7.5% and 7.6%, respectively. Over the last year, the industry has been flat overall. 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, 01 Jul 2026US$2.7tUS$760.0bUS$113.3b39.6x23.4x3.5x
Fri, 29 May 2026US$2.7tUS$758.9bUS$113.4b39.8x23.6x3.5x
Sun, 26 Apr 2026US$2.7tUS$747.4bUS$111.5b42x23.8x3.5x
Tue, 24 Mar 2026US$2.5tUS$730.5bUS$107.0b29.6x22.9x3.4x
Thu, 19 Feb 2026US$2.6tUS$734.3bUS$106.3b23.2x24.5x3.6x
Sat, 17 Jan 2026US$3.0tUS$662.5bUS$106.5b25.8x27.7x4.5x
Mon, 15 Dec 2025US$2.8tUS$656.5bUS$105.5b25.2x26.6x4.3x
Wed, 12 Nov 2025US$2.7tUS$653.5bUS$106.2b24.1x25.6x4.2x
Fri, 10 Oct 2025US$2.8tUS$900.2bUS$104.2b25.6x27.3x3.2x
Sun, 07 Sep 2025US$2.8tUS$865.8bUS$100.6b26.5x27.3x3.2x
Tue, 05 Aug 2025US$2.7tUS$602.3bUS$101.4b26.9x26.5x4.5x
Thu, 03 Jul 2025US$2.5tUS$590.6bUS$97.0b28.4x26.2x4.3x
Sat, 31 May 2025US$2.4tUS$590.3bUS$97.3b28.1x24.7x4.1x
Mon, 28 Apr 2025US$2.2tUS$564.6bUS$96.1b24.1x22.8x3.9x
Wed, 26 Mar 2025US$2.3tUS$559.2bUS$94.9b23.7x24.5x4.2x
Fri, 21 Feb 2025US$2.5tUS$554.7bUS$95.0b20.9x26.6x4.6x
Sun, 19 Jan 2025US$2.5tUS$535.5bUS$88.0b22.8x28.1x4.6x
Tue, 17 Dec 2024US$2.5tUS$524.2bUS$81.6b23.8x30.1x4.7x
Thu, 14 Nov 2024US$2.4tUS$509.5bUS$81.7b24.2x29.8x4.8x
Sat, 12 Oct 2024US$2.2tUS$493.2bUS$78.6b22.6x27.5x4.4x
Mon, 09 Sep 2024US$2.0tUS$491.4bUS$77.8b20.6x25.5x4x
Wed, 07 Aug 2024US$1.9tUS$478.5bUS$77.5b20.8x24.3x3.9x
Fri, 05 Jul 2024US$1.9tUS$467.7bUS$73.1b20.8x26.4x4.1x
Sun, 02 Jun 2024US$1.9tUS$467.1bUS$73.1b21.9x26x4.1x
Tue, 30 Apr 2024US$1.9tUS$450.4bUS$70.7b20.2x26.5x4.2x
Thu, 28 Mar 2024US$1.9tUS$440.8bUS$67.3b19.7x28.5x4.3x
Sat, 24 Feb 2024US$1.8tUS$440.2bUS$67.5b19.1x27x4.1x
Mon, 22 Jan 2024US$1.8tUS$433.5bUS$69.0b27.7x26.3x4.2x
Wed, 20 Dec 2023US$1.8tUS$432.9bUS$70.6b27.4x26.2x4.3x
Fri, 17 Nov 2023US$1.6tUS$432.7bUS$70.6b26.6x23.2x3.8x
Sun, 15 Oct 2023US$1.6tUS$425.8bUS$68.3b28x22.8x3.7x
Tue, 12 Sep 2023US$1.7tUS$426.4bUS$68.1b28.2x24.3x3.9x
Thu, 10 Aug 2023US$1.7tUS$426.8bUS$67.4b30.4x24.6x3.9x
Sat, 08 Jul 2023US$1.6tUS$420.9bUS$64.3b31x24.2x3.7x
Price to Earnings Ratio

24.2x


Total Market Cap: US$1.6tTotal Earnings: US$64.3bTotal Revenue: US$420.9bTotal 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 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 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 Market0.31%
Financials0.17%
Capital Markets-5.77%
Diversified Capital Markets6.50%
Financial Exchanges and Data-4.33%
Asset Management-5.63%
Investment Banking and Brokerage-6.45%
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 37.9x.
    • Analysts are expecting annual earnings growth of 11.1%, 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 64% per year.
  • In contrast, the Investment Banking and Brokerage 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
SPGI S&P GlobalUS$407.261.8%
+US$2.1b		-23.1%PE25.2x
TROW T. Rowe Price GroupUS$113.697.3%
+US$1.6b		15.2%PE11.9x
MCO Moody'sUS$452.922.0%
+US$1.6b		-9.9%PE31.7x
FDS FactSet Research SystemsUS$230.085.5%
+US$434.6m		-48.9%PE14.3x
CCXI Churchill Capital Corp XIUS$17.4567.5%
+US$391.6m		n/aPE1483.9x

Latest News

CME
US$220.83
CME Group
7D
-8.8%
1Y
-19.8%
IBKR
US$87.04
Interactive Brokers Group
7D
-8.1%
1Y
54.5%
MAIN
US$51.88
Main Street Capital
7D
3.7%
1Y
-12.5%
SPGI
US$407.26
S&P Global
7D
1.8%
1Y
-23.1%
ETOR
US$39.47
eToro Group
7D
7.5%
1Y
-38.6%
Seeking Alpha • 16h

eToro Group: Users Are Rotating, Not Leaving

Summary eToro Group Ltd. (ETOR) remains a buy as its multi-asset platform demonstrates resilience and user stickiness beyond crypto cycles. ETOR’s Q1 2026 saw 12% y/y funded account growth and 15% y/y AUA growth, with commodities driving a fourfold increase in trading volumes. ETOR’s expanding product suite, including 24/7 trading and wealth products, aims to deepen user engagement and diversify monetization. At ~13x forward PE, ETOR trades at a significant discount to peers, with upside potential if its multi-asset model continues to deliver. Read the full article on Seeking Alpha
BLK
US$961.56
BlackRock
7D
-5.3%
1Y
-8.8%
COIN
US$146.19
Coinbase Global
7D
-7.6%
1Y
-56.4%
XP
US$16.26
XP
7D
3.4%
1Y
-17.9%
TROW
US$113.69
T. Rowe Price Group
7D
7.3%
1Y
15.2%
Narrative Update • Jun 29

TROW: Lower Long Term Margins Will Pressure Future Earnings Multiple

The updated fair value estimate for T. Rowe Price Group moves from about $83.00 to roughly $77.00, reflecting analysts’ revised views on growth, margins, and future P/E, even as several recent reports have raised Street price targets on the stock.
FDS
US$230.08
FactSet Research Systems
7D
5.5%
1Y
-48.9%
ICE
US$123.11
Intercontinental Exchange
7D
-7.4%
1Y
-32.3%
GS
US$1,011.37
Goldman Sachs Group
7D
-7.6%
1Y
43.2%
HOOD
US$100.28
Robinhood Markets
7D
-2.9%
1Y
8.6%
MS
US$209.04
Morgan Stanley
7D
-7.5%
1Y
48.2%
Narrative Update • Jun 29

MS: Capital Returns And Private Market Tensions Will Shape Balanced Future Returns

Analysts have lifted their price target on Morgan Stanley from about $190.33 to around $206.67, citing updated assumptions on discount rate, revenue growth, profit margin, and future P/E that adjust the valuation framework rather than a single catalyst. What's in the News Morgan Stanley capped redemptions at its North Haven Private Income Fund after investors requested withdrawals equal to 11.6% of shares outstanding in Q2, more than double the fund’s 5% quarterly limit, with only about 43% of requests to be fulfilled on a pro rata basis, according to recent reporting on private credit market stress.
CCXI
US$17.45
Churchill Capital Corp XI
7D
67.5%
1Y
n/a
Seeking Alpha • Jun 25

Agility Robotics: The First Listed U.S. Pure-Play Humanoid Company

Summary Agility Robotics merging with CCXI will be the first pure-play US-listed robotics company, targeting warehouse automation and labor shortages. I rate AGLT a speculative 'buy' for a long-term horizon, citing enormous upside potential and a rapidly expanding addressable market driven by robotics adoption. AGLT's business model includes Robotics-as-a-Service and direct sales, with future margin expansion expected from asset-light operations and scaling production. Risks include high cash burn, potential dilution, and uncertain competitive positioning, making AGLT a high-risk, high-reward investment suitable for small portfolio allocations. Read the full article on Seeking Alpha
MCO
US$452.92
Moody's
7D
2.0%
1Y
-9.9%
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.