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U.S. Capital Markets Industry Analysis

UpdatedJul 16, 2026
DataAggregated Company Financials
Companies443
  • 7D5.5%
  • 3M9.2%
  • 1Y7.1%
  • YTD3.7%

In the last week, the Capital Markets industry is up 5.5%, with Goldman Sachs Group up 12%. During this same period, the Virtu Financial underperformed, falling 5.7%. This takes the industry's 12 month performance to a gain of 7.1%. 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
Thu, 16 Jul 2026US$2.9tUS$763.0bUS$115.4b40x24.9x3.8x
Sat, 13 Jun 2026US$2.7tUS$759.1bUS$113.3b39.9x24x3.6x
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
Price to Earnings Ratio

26.9x


Total Market Cap: US$1.7tTotal Earnings: US$62.9bTotal Revenue: US$422.9bTotal 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 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 22% 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 Market0.81%
Financials2.66%
Capital Markets5.53%
Diversified Capital Markets8.70%
Asset Management6.69%
Investment Banking and Brokerage5.73%
Financial Exchanges and Data3.14%
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 37.5x.
    • 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 Diversified Capital Markets industry, expecting annual earnings growth of 93% over the next 5 years.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.3% 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$1.15k11.9%
+US$37.5b		62.5%PE17.7x
MS Morgan StanleyUS$228.554.8%
+US$16.5b		63.5%PE20.6x
BLK BlackRockUS$1.09k10.4%
+US$16.0b		1.0%PE27.1x
BNY Bank of New York MellonUS$162.358.1%
+US$8.4b		70.0%PE19.5x
KKR KKRUS$100.958.2%
+US$6.9b		-29.4%PE32.3x

Latest News

BNY
US$162.35
Bank of New York Mellon
7D
8.1%
1Y
70.0%
BX
US$127.05
Blackstone
7D
7.1%
1Y
-23.4%
SPGI
US$444.48
S&P Global
7D
3.2%
1Y
-15.2%
GS
US$1,152.07
Goldman Sachs Group
7D
11.9%
1Y
62.5%
BLK
US$1,093.40
BlackRock
7D
10.4%
1Y
1.0%
Seeking Alpha • 14h

BlackRock Q2: I Was Wrong - It's A Buy Now (Rating Upgrade)

Summary BlackRock, Inc. demonstrated robust Q2 performance with record inflows, base fees, and double-digit revenue growth, reinforcing its ecosystem moat. BLK's diversification into private markets and tech services is accelerating, lowering its correlation with equity indexes and strengthening client relationships. Valuation is now more attractive: BLK trades at a 2026 P/E of 19x, cheaper than major peers and the S&P 500, with improving operating leverage. I am upgrading BLK to a Buy, citing solid growth, healthy financials, and a compelling risk/reward profile versus the broader market. Read the full article on Seeking Alpha
MKTX
US$115.63
MarketAxess Holdings
7D
-1.3%
1Y
-46.4%
MS
US$228.55
Morgan Stanley
7D
4.8%
1Y
63.5%
Seeking Alpha • 20h

Morgan Stanley: Blowout Q2 And Strong Business Model Justify Premium Valuation

Summary Morgan Stanley delivered blowout Q2 earnings, driven by wealth management growth, strong investment banking, and robust capital returns. Recurring fee revenue from wealth management and rising AUM underpin MS’s resilient results, with further upside expected in Q3 due to market appreciation. Investment banking and trading benefited from a favorable environment, but trading revenues are unlikely to remain at current extraordinary levels. I recommend holding MS, as valuation fairly reflects its premium business mix; consider adding on pullbacks to the $210–215 range. Read the full article on Seeking Alpha
VIRT
US$60.59
Virtu Financial
7D
-5.7%
1Y
35.7%
Narrative Update • Jul 15

VIRT: Strong Q2 Trading Supports Fairly Valued Shares Despite Structural Risks

Analysts have lifted the average price target for Virtu Financial to $64 from $54.14, citing updated assumptions on fair value, discount rate, revenue trends, profit margins, and future P/E in light of recent research that highlights stronger trading activity, solid fundamentals across capital markets, and supportive earnings expectations for brokers and exchanges. Analyst Commentary Recent research on Virtu Financial highlights a mix of optimism about trading activity and fundamentals, alongside caution on valuation and long term structural questions.
KKR
US$100.95
KKR
7D
8.2%
1Y
-29.4%
ETOR
US$38.53
eToro Group
7D
-3.6%
1Y
-32.4%
NOAH
US$8.98
Noah Holdings
7D
-12.4%
1Y
-25.6%
BLSH
US$25.13
Bullish
7D
-1.5%
1Y
n/a
NDAQ
US$91.36
Nasdaq
7D
8.3%
1Y
2.6%
MRX
US$65.07
Marex Group
7D
-3.1%
1Y
66.4%
SNEX
US$115.41
StoneX Group
7D
-2.9%
1Y
89.0%