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U.S. Capital Markets Industry Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies433
  • 7D1.9%
  • 3M9.0%
  • 1Y11.1%
  • YTD-3.0%

In the last week, the Capital Markets industry is up 1.9%, with Goldman Sachs Group leading the way, up 8.4%. In the same time, CME Group was down 7.7%. This means that the industry has gained 11% over the past year. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026US$2.7tUS$759.0bUS$113.5b39.1x23.4x3.5x
Mon, 04 May 2026US$2.7tUS$749.0bUS$113.1b42.2x23.7x3.6x
Wed, 01 Apr 2026US$2.4tUS$736.7bUS$106.9b33.1x22.6x3.3x
Fri, 27 Feb 2026US$2.6tUS$734.8bUS$108.1b23.4x24.3x3.6x
Sun, 25 Jan 2026US$2.9tUS$663.0bUS$106.5b24.8x26.8x4.3x
Tue, 23 Dec 2025US$2.8tUS$656.4bUS$105.5b25.7x26.4x4.2x
Thu, 20 Nov 2025US$2.6tUS$654.5bUS$106.1b23.9x24.4x4x
Sat, 18 Oct 2025US$2.7tUS$624.9bUS$104.5b25.4x25.8x4.3x
Mon, 15 Sep 2025US$2.8tUS$865.8bUS$100.6b27.2x27.9x3.2x
Wed, 13 Aug 2025US$2.8tUS$864.6bUS$101.0b26.7x27.3x3.2x
Fri, 11 Jul 2025US$2.6tUS$590.5bUS$97.0b28.6x27.3x4.5x
Sun, 08 Jun 2025US$2.4tUS$590.4bUS$97.3b28.6x25x4.1x
Tue, 06 May 2025US$2.3tUS$566.3bUS$97.1b25.1x23.3x4x
Thu, 03 Apr 2025US$2.2tUS$558.9bUS$94.9b26.4x23.6x4x
Sat, 01 Mar 2025US$2.4tUS$554.9bUS$95.4b21.2x24.9x4.3x
Mon, 27 Jan 2025US$2.3tUS$537.1bUS$89.2b23.2x26x4.3x
Wed, 25 Dec 2024US$2.4tUS$526.2bUS$81.6b23.3x29.4x4.6x
Fri, 22 Nov 2024US$2.4tUS$524.3bUS$81.6b24.1x30x4.7x
Sun, 20 Oct 2024US$2.3tUS$498.9bUS$81.1b23x28.4x4.6x
Tue, 17 Sep 2024US$2.0tUS$491.4bUS$77.8b20.8x26.3x4.2x
Thu, 15 Aug 2024US$2.0tUS$491.7bUS$77.9b20.5x25.3x4x
Sat, 13 Jul 2024US$2.0tUS$467.8bUS$73.1b20.5x27x4.2x
Mon, 10 Jun 2024US$1.9tUS$467.0bUS$73.1b21.1x25.7x4x
Wed, 08 May 2024US$1.9tUS$460.1bUS$72.5b20.2x26.3x4.1x
Fri, 05 Apr 2024US$1.9tUS$441.1bUS$67.3b21.3x28.3x4.3x
Sun, 03 Mar 2024US$1.8tUS$440.9bUS$67.3b19.1x27.2x4.2x
Tue, 30 Jan 2024US$1.8tUS$433.2bUS$67.6b27.8x27.2x4.2x
Thu, 28 Dec 2023US$1.9tUS$432.9bUS$70.6b28.2x26.6x4.3x
Sat, 25 Nov 2023US$1.7tUS$432.8bUS$70.6b27.1x23.6x3.8x
Mon, 23 Oct 2023US$1.5tUS$427.0bUS$67.0b27.5x22.3x3.5x
Wed, 20 Sep 2023US$1.7tUS$427.0bUS$68.1b28.1x24.5x3.9x
Fri, 18 Aug 2023US$1.6tUS$426.3bUS$68.2b28.8x23.6x3.8x
Sun, 16 Jul 2023US$1.6tUS$421.2bUS$64.4b30.9x25.2x3.9x
Tue, 13 Jun 2023US$1.5tUS$419.4bUS$64.5b31.1x24x3.7x
Price to Earnings Ratio

24x


Total Market Cap: US$1.5tTotal Earnings: US$64.5bTotal Revenue: US$419.4bTotal 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 Market-0.11%
Financials1.18%
Capital Markets1.89%
Investment Banking and Brokerage5.59%
Diversified Capital Markets0.97%
Asset Management0.94%
Financial Exchanges and Data-4.04%
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 38.4x.
    • Analysts are expecting annual earnings growth of 10.6%, 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 16% over the next 5 years.
  • However this is lower than its past earnings growth rate of 58% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.1% 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$211.931.9%
+US$6.2b		60.8%PE19.1x
SCHW Charles SchwabUS$88.003.1%
+US$4.6b		0.9%PE17x
GS Goldman Sachs GroupUS$1.04k1.3%
+US$4.0b		69.2%PE18.7x
BNY Bank of New York MellonUS$142.392.1%
+US$2.0b		57.7%PE17.1x
STT State StreetUS$161.753.9%
+US$1.7b		64.0%PE15.8x

Latest News

ICE
US$142.06
Intercontinental Exchange
7D
-4.2%
1Y
-20.4%
LPLA
US$291.84
LPL Financial Holdings
7D
9.8%
1Y
-23.2%
Seeking Alpha • 12h

LPL Financial: The Street Is Looking At AI Risk, Not The Earnings Story (Upgrade)

Summary LPL Financial Holdings Inc. is upgraded to buy, with valuation now attractive and strong earnings growth projected for 2026 and beyond. LPLA's Q1 saw 30% YoY client asset growth to $2.3 trillion, robust pre-tax margins, and resumed share buybacks. Despite lagging SPY and XLF, LPLA targets mid- to high single-digit organic growth and potential upside to $336/share at 16x P/E. Key LPLA risks include AI-driven margin pressure, M&A discipline amid elevated valuations, and advisor retention challenges. Read the full article on Seeking Alpha
BLK
US$1,022.56
BlackRock
7D
-2.3%
1Y
3.8%
GS
US$1,092.61
Goldman Sachs Group
7D
8.4%
1Y
80.3%
Narrative Update • Jun 04

GS: Future Returns Will Reflect AI IPO Mandates And Legal Risk Balancing

Analysts have lifted their price target for Goldman Sachs Group from $900 to $1,050, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E, which collectively support a higher fair value estimate. What's in the News Goldman Sachs is working with OpenAI and Morgan Stanley on a potential late 2026 IPO that analysts estimate could raise around US$60b and value OpenAI at up to US$1t, highlighting Goldman's role in high profile technology deals.
NDAQ
US$88.45
Nasdaq
7D
-2.8%
1Y
5.3%
Narrative Update • Jun 04

NDAQ: Tokenization And Extended Trading Hours Will Support Post 2026 Re Rating

Analysts have made a small trim to the fair value estimate for Nasdaq, with the updated price target now about $0.20 lower. They are factoring in slightly higher long run revenue growth, a modestly softer profit margin profile, a marginally lower discount rate, and a steady future P/E multiple, supported by recent research that sees limited impact from new bitcoin futures competition and mixed but generally constructive recalibrations from major firms.
FUTU
US$95.78
Futu Holdings
7D
-8.7%
1Y
-11.0%
CBOE
US$286.03
Cboe Global Markets
7D
-14.2%
1Y
28.5%
Seeking Alpha • Jun 03

CBOE: Post The CFTC Decision, Let's See If This Is Still A Good Option

Summary Cboe Global Markets, Inc. delivered robust Q1 2026 results, with revenue up 29% and EPS beating consensus by $0.33. Despite strong earnings, CBOE shares have declined 25% from recent highs, pressured by CFTC’s approval of Bitcoin perpetual futures for Kalshi. Current valuation appears stretched, with shares trading at a ~28% premium to fair value (~$275 vs. ~$215), and a long-term expected return of 8.55%. I remain cautious on CBOE at stock current levels, monitoring regulatory developments and potential competition. Read the full article on Seeking Alpha
IBKR
US$87.06
Interactive Brokers Group
7D
4.8%
1Y
68.4%
SCHW
US$88.00
Charles Schwab
7D
3.1%
1Y
0.9%
Narrative Update • Jun 03

SCHW: AI And Crypto Expansion Are Expected To Support Future Upside

Analyst price targets for Charles Schwab have edged higher, with the fair value estimate moving from $115.20 to $115.85 as analysts factor in the updated financial outlook, increased revenue visibility from recent investor day commentary, and their view that AI related concerns look less justified given management’s guidance. Analyst Commentary Recent research points to a generally constructive stance on Charles Schwab, with a cluster of higher fair value estimates following the investor day and updated outlook.
COIN
US$164.13
Coinbase Global
7D
-9.9%
1Y
-32.8%
Narrative Update • Jun 03

COIN: Everything Exchange And Clarity Act Progress Will Drive Long Term Upside

Coinbase Global's analyst price target has been trimmed, with fair value moving from about $372.81 to $363.32 as analysts factor in a softer near term revenue backdrop, updated earnings power assumptions, and mixed signals from recent price target revisions across the Street. Analyst Commentary Recent Street research around Coinbase Global reflects a mix of trimmed and lifted targets, with many firms recalibrating their models around revenue sensitivity to trading volumes, stablecoin activity, and evolving regulation.
CME
US$256.06
CME Group
7D
-7.7%
1Y
-6.9%
BNY
US$144.02
Bank of New York Mellon
7D
2.5%
1Y
62.6%
HOOD
US$88.33
Robinhood Markets
7D
4.1%
1Y
21.8%
BX
US$118.55
Blackstone
7D
2.1%
1Y
-13.9%
MS
US$218.27
Morgan Stanley
7D
7.1%
1Y
67.1%
Narrative Update • Jun 01

MS: Future Upside Will Rely On Buybacks Crypto Exposure And Underwriting Fees

Analysts have adjusted their price target for Morgan Stanley from $221 to $230, citing updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News Morgan Stanley reported Q1 2026 earnings per share of US$3.43, described as 32% higher year over year, with record revenues across Institutional Securities, Wealth Management, and Investment Management segments and advisory revenues said to be up 74% compared with the prior year, according to recent earnings coverage.
BLSH
US$29.66
Bullish
7D
-17.2%
1Y
n/a