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U.S. Capital Markets Industry Analysis

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies436
  • 7D0.8%
  • 3M10.5%
  • 1Y5.4%
  • YTD5.2%

Over the last 7 days, the Capital Markets industry has remained flat, although notably Robinhood Markets gained 13%. As for the the longer term, the industry is up 5.4% over the past 12 months. 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
Sun, 23 Aug 2026US$3.0tUS$789.5bUS$118.3b38.6x25.1x3.8x
Tue, 21 Jul 2026US$2.8tUS$770.8bUS$118.6b39.7x23.9x3.7x
Thu, 18 Jun 2026US$2.8tUS$759.0bUS$113.3b40.5x24.9x3.7x
Sat, 16 May 2026US$2.7tUS$757.6bUS$113.6b40.6x23.9x3.6x
Mon, 13 Apr 2026US$2.5tUS$736.4bUS$106.8b39.1x23.7x3.4x
Wed, 11 Mar 2026US$2.5tUS$731.7bUS$106.9b22.9x23.5x3.4x
Fri, 06 Feb 2026US$2.7tUS$729.0bUS$107.3b22.9x25.1x3.7x
Sun, 04 Jan 2026US$2.8tUS$656.5bUS$105.5b25.6x26.8x4.3x
Tue, 02 Dec 2025US$2.7tUS$656.1bUS$105.4b23.6x25.7x4.1x
Thu, 30 Oct 2025US$2.8tUS$645.8bUS$104.7b25.2x26.4x4.3x
Sat, 27 Sep 2025US$2.8tUS$874.9bUS$100.9b27.2x27.4x3.2x
Mon, 25 Aug 2025US$2.8tUS$866.4bUS$101.0b27.1x27.3x3.2x
Wed, 23 Jul 2025US$2.7tUS$596.7bUS$99.0b29.1x27.4x4.5x
Fri, 20 Jun 2025US$2.4tUS$590.7bUS$97.1b27x24.6x4.1x
Sun, 18 May 2025US$2.4tUS$589.9bUS$96.1b28x25.5x4.2x
Tue, 15 Apr 2025US$2.1tUS$561.5bUS$97.1b24.5x21.3x3.7x
Thu, 13 Mar 2025US$2.2tUS$557.3bUS$94.8b22.2x22.9x3.9x
Sat, 08 Feb 2025US$2.5tUS$551.8bUS$91.9b22x27.7x4.6x
Mon, 06 Jan 2025US$2.4tUS$526.1bUS$81.6b23x29.3x4.5x
Wed, 04 Dec 2024US$2.5tUS$524.3bUS$81.7b24x30.4x4.7x
Fri, 01 Nov 2024US$2.2tUS$506.1bUS$81.7b22.9x27.3x4.4x
Sun, 29 Sep 2024US$2.1tUS$492.5bUS$77.4b21.6x27.5x4.3x
Tue, 27 Aug 2024US$2.0tUS$492.3bUS$78.0b20.4x26.3x4.2x
Thu, 25 Jul 2024US$2.0tUS$473.6bUS$76.7b20.2x26.5x4.3x
Sat, 22 Jun 2024US$1.9tUS$467.1bUS$73.1b21.2x26.2x4.1x
Mon, 20 May 2024US$2.0tUS$466.8bUS$73.2b22.4x27x4.2x
Wed, 17 Apr 2024US$1.8tUS$442.7bUS$68.2b19.8x26.7x4.1x
Fri, 15 Mar 2024US$1.9tUS$440.4bUS$67.3b19.3x27.8x4.2x
Sun, 11 Feb 2024US$1.8tUS$438.3bUS$65.5b19.3x27.3x4.1x
Tue, 09 Jan 2024US$1.8tUS$432.8bUS$70.6b27.1x25.8x4.2x
Thu, 07 Dec 2023US$1.7tUS$432.8bUS$70.6b27.1x24.2x3.9x
Sat, 04 Nov 2023US$1.6tUS$429.3bUS$69.2b27.1x22.8x3.7x
Mon, 02 Oct 2023US$1.6tUS$425.6bUS$68.1b28.2x23.3x3.7x
Wed, 30 Aug 2023US$1.6tUS$426.4bUS$68.1b28x24x3.8x
Price to Earnings Ratio

24x


Total Market Cap: US$1.6tTotal Earnings: US$68.1bTotal 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 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 20% per year over the last three years.
  • Revenues for these companies have grown 23% 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-1.49%
Financials-1.21%
Capital Markets0.82%
Financial Exchanges and Data4.44%
Investment Banking and Brokerage1.15%
Asset Management-1.54%
Diversified Capital Markets-8.55%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry, which is trading close to its 3-year average PE ratio of 36.8x.
    • Analysts are expecting annual earnings growth of 12.8%, which is lower than the prior year's growth of 19.7% 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 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 46% per year.
  • In contrast, the Diversified Capital Markets industry is expected to see its earnings decline by 32% 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
HOOD Robinhood MarketsUS$108.1313.2%
+US$11.3b		-1.1%PE46.9x
COIN Coinbase GlobalUS$186.4925.6%
+US$10.0b		-41.7%PS8.1x
SPGI S&P GlobalUS$431.293.0%
+US$3.7b		-22.5%PE25.8x
ICE Intercontinental ExchangeUS$161.254.2%
+US$3.7b		-10.7%PE22.4x
MCO Moody'sUS$503.323.8%
+US$3.2b		-2.5%PE31.2x

Latest News

MS
US$214.20
Morgan Stanley
7D
-1.5%
1Y
44.7%
BLK
US$1,156.55
BlackRock
7D
-1.5%
1Y
0.7%
KKR
US$108.48
KKR
7D
-4.9%
1Y
-23.5%
FUTU
US$123.64
Futu Holdings
7D
17.5%
1Y
-35.1%
Narrative Update • Aug 21

FUTU: International Expansion And Buyback Will Offset Regulatory Penalties And Lawsuit Overhang

Analysts have nudged their fair value estimate for Futu Holdings higher to about $160 from roughly $156, reflecting updated price targets that factor in lower projected P/E multiples, slightly softer growth and margin assumptions, and increased regulatory and competitive uncertainty highlighted in recent research. Analyst Commentary Recent Street research on Futu Holdings shows a mix of confidence in the business model and caution around regulatory and competitive pressures.
COIN
US$186.49
Coinbase Global
7D
25.6%
1Y
-41.7%
ICE
US$161.25
Intercontinental Exchange
7D
4.2%
1Y
-10.7%
CME
US$274.98
CME Group
7D
1.9%
1Y
2.0%
SCHW
US$112.30
Charles Schwab
7D
1.1%
1Y
17.2%
Narrative Update • Aug 19

SCHW: Agentic Trading And AI Workflows Will Drive Future Upside

Analysts have raised the Charles Schwab fair value estimate from $116.16 to $125.00. Recent research cites stronger client engagement, higher earnings estimates, and potential benefits from agentic trading features and subscription based services as support for higher long term revenue growth, profit margins, and P/E assumptions.
SPGI
US$431.29
S&P Global
7D
3.0%
1Y
-22.5%
STT
US$187.13
State Street
7D
-2.4%
1Y
62.0%
Narrative Update • Aug 17

STT: Fee Power And Profitability Targets Will Shape Future Repricing

Analysts have raised the State Street fair value estimate from $157.46 to $199.50 as higher price targets across the Street reflect updated assumptions for revenue growth, profit margins and future P/E multiples following recent Q2 earnings and guidance. Analyst Commentary Recent research on State Street shows a clear reset higher in price targets following the latest Q2 earnings, but there is still a mix of enthusiasm and caution around valuation, execution and medium term growth targets.
HOOD
US$108.13
Robinhood Markets
7D
13.2%
1Y
-1.1%
MCO
US$503.32
Moody's
7D
3.8%
1Y
-2.5%
BNY
US$158.49
Bank of New York Mellon
7D
-2.9%
1Y
54.6%
NTRS
US$183.90
Northern Trust
7D
-3.9%
1Y
41.4%
AMP
US$555.59
Ameriprise Financial
7D
-2.4%
1Y
7.5%
RJF
US$175.20
Raymond James Financial
7D
-3.1%
1Y
6.0%