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U.S. Capital Markets Industry Analysis

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies434
  • 7D-0.9%
  • 3M12.1%
  • 1Y8.8%
  • YTD-4.0%

Over the last 7 days, the Capital Markets industry has remained flat, although notably Robinhood Markets gained 4.4%. The past year has been better, since the industry has gained 8.8% in that time. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Jun 2026US$2.7tUS$759.0bUS$113.3b39.5x23.6x3.5x
Mon, 11 May 2026US$2.7tUS$757.8bUS$113.8b41.7x23.7x3.6x
Wed, 08 Apr 2026US$2.5tUS$736.3bUS$106.8b37.3x23.3x3.4x
Fri, 06 Mar 2026US$2.6tUS$731.6bUS$106.9b23x24.3x3.5x
Sun, 01 Feb 2026US$2.8tUS$668.5bUS$107.1b23.6x26.4x4.2x
Tue, 30 Dec 2025US$2.8tUS$656.4bUS$105.5b25.3x26.8x4.3x
Thu, 27 Nov 2025US$2.6tUS$656.1bUS$105.4b23.5x25.1x4x
Sat, 25 Oct 2025US$2.7tUS$645.7bUS$104.5b26.6x25.8x4.2x
Mon, 22 Sep 2025US$2.8tUS$874.9bUS$100.9b27.2x28.1x3.2x
Wed, 20 Aug 2025US$2.7tUS$866.0bUS$100.8b25.6x27.2x3.2x
Fri, 18 Jul 2025US$2.7tUS$595.2bUS$98.4b28.5x27.2x4.5x
Sun, 15 Jun 2025US$2.4tUS$590.7bUS$97.1b26.4x24.6x4x
Tue, 13 May 2025US$2.3tUS$577.2bUS$95.8b27.1x24.1x4x
Thu, 10 Apr 2025US$1.9tUS$557.2bUS$95.5b24.8x20.2x3.5x
Sat, 08 Mar 2025US$2.3tUS$557.4bUS$94.7b21x24.1x4.1x
Mon, 03 Feb 2025US$2.6tUS$541.7bUS$91.3b23x28x4.7x
Wed, 01 Jan 2025US$2.4tUS$526.1bUS$81.6b23.2x29x4.5x
Fri, 29 Nov 2024US$2.5tUS$524.3bUS$81.7b23.2x30.7x4.8x
Sun, 27 Oct 2024US$2.3tUS$503.7bUS$81.1b22.7x27.7x4.5x
Tue, 24 Sep 2024US$2.1tUS$491.5bUS$77.8b21.1x27.3x4.3x
Thu, 22 Aug 2024US$2.0tUS$492.4bUS$78.0b19.8x25.8x4.1x
Sat, 20 Jul 2024US$2.0tUS$473.2bUS$76.5b20.2x26.1x4.2x
Mon, 17 Jun 2024US$1.9tUS$467.2bUS$73.2b20.7x25.7x4x
Wed, 15 May 2024US$1.9tUS$466.0bUS$73.2b22.5x26.2x4.1x
Fri, 12 Apr 2024US$1.9tUS$441.1bUS$67.3b21.3x27.9x4.3x
Sun, 10 Mar 2024US$1.8tUS$440.4bUS$67.3b19.3x27.5x4.2x
Tue, 06 Feb 2024US$1.8tUS$426.9bUS$64.7b19.6x27.1x4.1x
Thu, 04 Jan 2024US$1.8tUS$435.2bUS$70.5b27.1x25.8x4.2x
Sat, 02 Dec 2023US$1.7tUS$432.8bUS$70.6b27x24.1x3.9x
Mon, 30 Oct 2023US$1.5tUS$428.5bUS$67.1b27.1x21.7x3.4x
Wed, 27 Sep 2023US$1.6tUS$426.4bUS$68.1b28.1x23.2x3.7x
Fri, 25 Aug 2023US$1.6tUS$426.3bUS$68.1b28.4x23.5x3.7x
Sun, 23 Jul 2023US$1.7tUS$422.9bUS$62.9b30.5x26.9x4x
Tue, 20 Jun 2023US$1.6tUS$419.5bUS$64.4b31.1x24.4x3.8x
Price to Earnings Ratio

24.4x


Total Market Cap: US$1.6tTotal Earnings: US$64.4bTotal Revenue: US$419.5bTotal 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-2.36%
Financials0.99%
Capital Markets-0.85%
Diversified Capital Markets2.98%
Asset Management-0.13%
Financial Exchanges and Data-0.92%
Investment Banking and Brokerage-1.37%
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 38.3x.
    • Analysts are expecting annual earnings growth of 10.3%, 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 58% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.7% 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$93.1913.0%
+US$9.7b		28.4%PE44.2x
GS Goldman Sachs GroupUS$1.06k2.3%
+US$7.4b		73.2%PE19.1x
BX BlackstoneUS$122.796.4%
+US$5.8b		-10.0%PE31.6x
BLK BlackRockUS$1.03k3.7%
+US$5.7b		6.2%PE25.6x
CME CME GroupUS$269.534.7%
+US$4.4b		0.01%PE23x

Latest News

BLK
US$1,032.00
BlackRock
7D
3.7%
1Y
6.2%
MS
US$214.04
Morgan Stanley
7D
1.0%
1Y
65.3%
Seeking Alpha • 9h

Morgan Stanley: $22T In Derivatives That Weigh $45B

Summary Morgan Stanley (MS) delivered a record quarter, driven by explosive growth in cleared derivatives and robust fixed income revenues. MS's $22T notional derivatives exposure is largely risk-mitigated, with net balance sheet impact under 3% of assets and CET1 ratio at 15.1%. The firm's stable deposit base underpins its funding advantage, justifying a 30% market premium over peers like GS. I maintain a Hold rating, seeing current optimism priced in; a Buy would require sustained markets revenue growth with stable funding. Read the full article on Seeking Alpha
MCO
US$447.85
Moody's
7D
-0.8%
1Y
-5.1%
Seeking Alpha • 12h

Moody's Corporation: Debt Issuance Is Fueling Growth

Summary Moody's Corporation is well positioned to benefit from surging corporate debt issuance, with its MIS segment acting as a tollbooth for global credit ratings. MCO's Q1 revenue grew 8.1% year-over-year, driven by record investment-grade issuances and robust demand for AI-related financing from hyperscalers. The company maintains strong financial health (A- S&P rating), a 16-year dividend growth streak, and trades at a 7% discount to a $490 fair value estimate. Key risks include rising inflation, potential interest rate hikes, and systemic credit events in private markets that could dampen debt issuance volumes. Read the full article on Seeking Alpha
MORN
US$175.22
Morningstar
7D
-5.7%
1Y
-41.4%
SCHW
US$91.10
Charles Schwab
7D
2.5%
1Y
4.3%
ICE
US$140.53
Intercontinental Exchange
7D
-0.7%
1Y
-21.2%
GS
US$1,062.75
Goldman Sachs Group
7D
2.3%
1Y
73.2%
Seeking Alpha • Jun 11

Goldman Sachs: Take Advantage Of The IPO Craze With This Leading Investment Bank

Summary Goldman Sachs is rated a buy, positioned to benefit from robust IPO activity and record investment banking fees. GS posted 14.37% YoY revenue growth in Q1 2026, driven by its global banking and markets segment, notably investment banking fees up 48%. GS is the lead advisor on the anticipated SpaceX, Anthropic, and OpenAI IPOs, expected to be major catalysts for revenue and shareholder value. Despite a sum-of-the-parts valuation of $732.25/share, I target $1,100 within twelve months due to strong IPO pipelines and GS's industry dominance. Read the full article on Seeking Alpha
BX
US$122.79
Blackstone
7D
6.4%
1Y
-10.0%
Seeking Alpha • Jun 10

Blackstone: The Market Is Selling Over A Problem That Doesn't Exist

Summary Blackstone Inc. (BX) is rated a Buy, offering quality growth at discounted valuations despite sector-wide private credit concerns. BX's diversified model, robust credit underwriting, and focus on investment-grade secured debt position it to absorb private credit shocks better than peers. Key growth catalysts in AI/data center infrastructure, 401(k) regulatory changes, and perpetual capital, are not fully priced into BX shares. Fee-related earnings are compounding, with forward EPS growth at 16.75% and a trailing P/E of ~19.5, below the 5-year average. Read the full article on Seeking Alpha
MSCI
US$599.12
MSCI
7D
-2.7%
1Y
10.4%
IBKR
US$90.81
Interactive Brokers Group
7D
7.6%
1Y
79.7%
CME
US$269.53
CME Group
7D
4.7%
1Y
0.01%
FRHC
US$138.20
Freedom Holding
7D
-6.9%
1Y
-6.0%
SPGI
US$418.91
S&P Global
7D
-1.3%
1Y
-16.5%
PS
US$33.55
Pershing Square
7D
-6.2%
1Y
n/a
HOOD
US$93.19
Robinhood Markets
7D
13.0%
1Y
28.4%
Narrative Update • Jun 05

Robinhood Markets will shape the future with World Cup prediction trading and Trump accounts

Update 1: Robinhood launched 2026 FIFA World Cup prediction market trading and unveiling new fee reductions for customers. Update 2: Trump accounts, created under President Donald Trump's One Big Beautiful Bill Act of 2025, will see the U.S. Treasury deposit $1,000 in seed money for children born between 2025 and 2028 who have a valid Social Security number.
FDS
US$241.16
FactSet Research Systems
7D
-5.7%
1Y
-42.6%
Narrative Update • Jun 05

FDS: AI And Managed Services Momentum Will Offset Lowered Street Expectations

Analysts have trimmed the implied fair value for FactSet Research Systems slightly from about $252.44 to $252.25. A series of reduced Street price targets, including cuts from firms such as RBC, UBS, BMO, Stifel, Goldman Sachs, Morgan Stanley, and Deutsche Bank, reflects updated views on discount rates, long term growth drivers, and valuation multiples, despite ongoing expectations for resilient subscription demand and managed services momentum.