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U.S. Capital Markets Industry Analysis

UpdatedAug 29, 2025
DataAggregated Company Financials
Companies339
  • 7D1.9%
  • 3M14.2%
  • 1Y33.3%
  • YTD15.4%

Over the last 7 days, the Capital Markets industry has risen 1.9%, driven by gains in Goldman Sachs Group and Morgan Stanley of 4.9% and 4.3%, respectively. This means that the industry has gained 33% over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 29 Aug 2025US$2.8tUS$866.2bUS$101.1b27.1x27.4x3.2x
Sun, 27 Jul 2025US$2.8tUS$598.1bUS$99.5b28.4x27.9x4.6x
Tue, 24 Jun 2025US$2.4tUS$590.7bUS$97.1b26.9x24.8x4.1x
Thu, 22 May 2025US$2.4tUS$590.1bUS$96.1b27.8x25.3x4.1x
Sat, 19 Apr 2025US$2.1tUS$562.3bUS$97.6b23.1x21.3x3.7x
Mon, 17 Mar 2025US$2.2tUS$557.5bUS$94.9b23x23.2x3.9x
Wed, 12 Feb 2025US$2.5tUS$552.4bUS$93.1b21.8x26.9x4.5x
Fri, 10 Jan 2025US$2.4tUS$526.9bUS$81.7b23.3x29x4.5x
Sun, 08 Dec 2024US$2.5tUS$524.3bUS$81.6b24.4x30.5x4.8x
Tue, 05 Nov 2024US$2.2tUS$507.0bUS$81.1b23.5x27.4x4.4x
Thu, 03 Oct 2024US$2.1tUS$492.0bUS$77.9b21.7x27.3x4.3x
Sat, 31 Aug 2024US$2.1tUS$492.1bUS$77.9b20.5x26.4x4.2x
Mon, 29 Jul 2024US$2.0tUS$476.4bUS$77.1b21.1x26.4x4.3x
Wed, 26 Jun 2024US$1.9tUS$467.1bUS$73.2b21.4x26.2x4.1x
Fri, 24 May 2024US$2.0tUS$500.6bUS$78.4b22.6x25.7x4x
Sun, 21 Apr 2024US$1.8tUS$446.3bUS$69.4b19.1x26.3x4.1x
Tue, 19 Mar 2024US$1.8tUS$440.5bUS$67.2b19.4x27.4x4.2x
Thu, 15 Feb 2024US$1.8tUS$439.1bUS$65.8b19.7x26.7x4x
Sat, 13 Jan 2024US$1.8tUS$433.3bUS$70.4b27.1x25.7x4.2x
Mon, 11 Dec 2023US$1.6tUS$432.8bUS$70.6b27.1x22.7x3.7x
Wed, 08 Nov 2023US$1.6tUS$429.5bUS$68.9b27x22.8x3.7x
Fri, 06 Oct 2023US$1.6tUS$425.5bUS$68.0b28.1x22.9x3.7x
Sun, 03 Sep 2023US$1.7tUS$430.8bUS$72.2b28.2x23.5x3.9x
Tue, 01 Aug 2023US$1.7tUS$424.0bUS$62.8b31.1x26.7x4x
Thu, 29 Jun 2023US$1.5tUS$419.2bUS$64.3b31.1x24.1x3.7x
Sat, 27 May 2023US$1.5tUS$419.4bUS$64.5b30.9x23.3x3.6x
Mon, 24 Apr 2023US$1.6tUS$419.8bUS$65.6b27.8x24.1x3.8x
Wed, 22 Mar 2023US$1.6tUS$424.1bUS$69.2b28.9x22.7x3.7x
Fri, 17 Feb 2023US$1.7tUS$427.2bUS$71.8b28.2x24.3x4.1x
Sun, 15 Jan 2023US$1.7tUS$442.6bUS$85.0b27.4x20.2x3.9x
Tue, 13 Dec 2022US$1.7tUS$443.4bUS$85.8b27.6x19.4x3.7x
Thu, 10 Nov 2022US$1.6tUS$439.3bUS$86.6b25.1x18.8x3.7x
Sat, 08 Oct 2022US$1.5tUS$454.4bUS$96.3b25x15.7x3.3x
Mon, 05 Sep 2022US$1.6tUS$454.8bUS$96.5b25.1x16.7x3.6x
Price to Earnings Ratio

16.7x


Total Market Cap: US$1.6tTotal Earnings: US$96.5bTotal Revenue: US$454.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 24.5x202320242025
Current Industry PE
  • Investors are optimistic on the American Capital Markets industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 27.4x which is higher than its 3-year average PE of 24.5x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 24% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

US Market2.28%
Financials2.33%
Capital Markets1.88%
Investment Banking and Brokerage2.94%
Asset Management2.65%
Diversified Capital Markets0.18%
Financial Exchanges and Data-0.77%
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 39.8x.
    • Analysts are expecting annual earnings growth of 7.6%, which is lower than the prior year's growth of 14.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 49% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 7.6% 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
GS Goldman Sachs GroupUS$751.224.9%
+US$11.2b		47.3%PE16.2x
MS Morgan StanleyUS$150.184.3%
+US$9.8b		46.4%PE17x
BX BlackstoneUS$172.025.2%
+US$6.7b		22.4%PE47x
BK Bank of New York MellonUS$106.104.2%
+US$3.0b		57.8%PE15.7x
SCHW Charles SchwabUS$97.091.3%
+US$2.3b		49.5%PE26x

Latest News

SCHW
US$97.09
Charles Schwab
7D
1.3%
1Y
49.5%
GS
US$751.22
Goldman Sachs Group
7D
4.9%
1Y
47.3%
CME
US$266.77
CME Group
7D
-2.4%
1Y
24.6%
CBOE
US$235.26
Cboe Global Markets
7D
-4.5%
1Y
14.5%

Electronic Trading Expansion Will Open New Global Markets

Driven by record Q2 revenue growth and a positive earnings surprise, analysts modestly increased Cboe Global Markets’ consensus price target from $246.93 to $249.57, while maintaining some caution due to sector preferences and macroeconomic factors. Analyst Commentary Record Q2 net revenue results, with top and bottom line both growing 14% year-over-year, signaling strong operational performance.
TW
US$124.06
Tradeweb Markets
7D
-4.2%
1Y
5.8%
KKR
US$140.09
KKR
7D
1.6%
1Y
14.7%
RJF
US$168.71
Raymond James Financial
7D
4.1%
1Y
42.5%
COIN
US$308.47
Coinbase Global
7D
2.7%
1Y
63.8%
BX
US$172.02
Blackstone
7D
5.2%
1Y
22.4%
HOOD
US$103.69
Robinhood Markets
7D
-2.5%
1Y
414.1%
SPGI
US$547.55
S&P Global
7D
-0.9%
1Y
7.8%
BLSH
US$64.43
Bullish
7D
-7.7%
1Y
n/a
ICE
US$177.14
Intercontinental Exchange
7D
-1.2%
1Y
10.6%
BK
US$106.10
Bank of New York Mellon
7D
4.2%
1Y
57.8%
MS
US$150.18
Morgan Stanley
7D
4.3%
1Y
46.4%
MKTX
US$182.55
MarketAxess Holdings
7D
-2.3%
1Y
-25.8%

Emerging Markets And Electronic Trading Will Drive Future Success

MarketAxess Holdings’ fair value estimate was revised down as both the forward P/E multiple and consensus revenue growth expectations declined slightly, resulting in the analyst price target dropping from $238.08 to $220.58. What's in the News MarketAxess Holdings is seeking M&A opportunities, citing a strong balance sheet and recent executive changes supporting such initiatives.