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

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 3.6x.

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

Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 38.5x. Analysts are expecting annual earnings growth of 10.8%, 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.

U.S. Capital Markets Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 03 Jun 2026	US$2.7t	US$759.1b	US$113.5b	39.2x	24.1x	3.6x
Fri, 01 May 2026	US$2.6t	US$747.0b	US$112.5b	42.4x	23.4x	3.5x
Sun, 29 Mar 2026	US$2.4t	US$736.6b	US$106.9b	32.2x	22.4x	3.2x
Tue, 24 Feb 2026	US$2.6t	US$734.9b	US$106.6b	22.8x	24.6x	3.6x
Thu, 22 Jan 2026	US$2.9t	US$663.7b	US$107.2b	25.8x	26.6x	4.3x
Sat, 20 Dec 2025	US$2.8t	US$656.4b	US$105.5b	25.1x	26.2x	4.2x
Mon, 17 Nov 2025	US$2.7t	US$654.2b	US$105.8b	24.9x	25.2x	4.1x
Wed, 15 Oct 2025	US$2.7t	US$879.0b	US$101.8b	25.8x	26.9x	3.1x
Fri, 12 Sep 2025	US$2.8t	US$865.8b	US$100.6b	27.3x	27.5x	3.2x
Sun, 10 Aug 2025	US$2.8t	US$640.0b	US$104.2b	26.6x	27.1x	4.4x
Tue, 08 Jul 2025	US$2.6t	US$590.6b	US$97.0b	28.2x	27.3x	4.5x
Thu, 05 Jun 2025	US$2.4t	US$590.4b	US$97.3b	28.1x	24.7x	4.1x
Sat, 03 May 2025	US$2.2t	US$566.0b	US$97.1b	25.5x	22.9x	3.9x
Mon, 31 Mar 2025	US$2.2t	US$559.0b	US$94.9b	24.1x	23.4x	4x
Wed, 26 Feb 2025	US$2.4t	US$554.9b	US$95.4b	20.2x	25.2x	4.3x
Fri, 24 Jan 2025	US$2.5t	US$536.7b	US$88.9b	23x	28.3x	4.7x
Sun, 22 Dec 2024	US$2.4t	US$526.2b	US$81.7b	23.6x	28.9x	4.5x
Tue, 19 Nov 2024	US$2.4t	US$509.8b	US$81.6b	23.7x	29.8x	4.8x
Thu, 17 Oct 2024	US$2.3t	US$497.6b	US$80.9b	22.3x	27.9x	4.5x
Sat, 14 Sep 2024	US$2.0t	US$491.4b	US$77.8b	20.5x	26.1x	4.1x
Mon, 12 Aug 2024	US$2.0t	US$491.5b	US$77.9b	21x	25.1x	4x
Wed, 10 Jul 2024	US$1.9t	US$467.8b	US$73.1b	20.5x	26.2x	4.1x
Fri, 07 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.1x	26.2x	4.1x
Sun, 05 May 2024	US$1.9t	US$460.1b	US$72.5b	19.7x	25.9x	4.1x
Tue, 02 Apr 2024	US$1.9t	US$441.2b	US$67.3b	20.4x	28.6x	4.4x
Thu, 29 Feb 2024	US$1.8t	US$440.2b	US$67.4b	19.2x	26.9x	4.1x
Sat, 27 Jan 2024	US$1.8t	US$433.2b	US$67.6b	28.2x	27.2x	4.2x
Mon, 25 Dec 2023	US$1.9t	US$432.9b	US$70.6b	27.9x	26.3x	4.3x
Wed, 22 Nov 2023	US$1.6t	US$432.7b	US$70.5b	26.8x	23.3x	3.8x
Fri, 20 Oct 2023	US$1.5t	US$425.4b	US$66.5b	27.8x	22.8x	3.6x
Sun, 17 Sep 2023	US$1.7t	US$427.0b	US$68.1b	28.2x	24.6x	3.9x
Tue, 15 Aug 2023	US$1.6t	US$426.3b	US$68.2b	29.3x	24.1x	3.9x
Thu, 13 Jul 2023	US$1.6t	US$421.0b	US$64.3b	31x	24.9x	3.8x
Sat, 10 Jun 2023	US$1.6t	US$419.4b	US$64.5b	31x	24.1x	3.7x


US Market	1.22%
Financials	-0.91%
Capital Markets	0.46%
Investment Banking and Brokerage	4.87%
Diversified Capital Markets	2.22%
Asset Management	-1.70%
Financial Exchanges and Data	-4.77%

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.06k	7.0% +US$21.5b	76.3%	PE19.1x
MS Morgan Stanley	US$214.98	6.6% +US$20.9b	67.1%	PE19.4x
HOOD Robinhood Markets	US$88.16	19.0% +US$12.7b	22.9%	PE41.8x
MSCI MSCI	US$630.27	7.1% +US$3.0b	11.3%	PE34.8x
IBKR Interactive Brokers Group	US$88.72	7.0% +US$2.6b	70.7%	PE38.1x

Announcement • 10h

Charles Schwab Announces Enhancements to Charles Schwab Trading Experience Across its Trading Platforms, Including Schwab.com, Schwab Mobile, and Thinkorswim Platform Suite

Charles Schwab has enhanced its trading experience and introduced its first 24/7 product, select cryptocurrency futures trading, on its thinkorswim platforms. Additional enhancements include expected price range information for marginable securities (Schwab.com), dividend reinvestment (Schwab Mobile), and more. Schwab has also expanded fractional/notional trading to include most U.S. stocks and ETFs, allowing clients to invest for a set dollar amount, with a new minimum of $1. Charles Schwab announced the latest enhancements to the Charles Schwab trading experience across its trading platforms, including Schwab.com, Schwab Mobile, and the thinkorswim platform suite. Schwab has introduced the following enhancements and features on its trading platforms. Now available on thinkorswim: 24/7 Cryptocurrency Futures Trading: Select cryptocurrency futures (Bitcoin, Ether, Solana and Ripple products) are now available to trade nearly 24 hours a day, seven days a week, on all thinkorswim platforms. Coming Soon: Specified Lots: Clients using thinkorswim desktop can now choose which tax lots are designated to be sold for each sell through the Order Rules section of the order ticket. Coming Soon: paperMoney Enhancements: Clients using the desktop version of thinkorswim paperMoney (desktop only) can utilize a new Order Gadget to place trades and gain new pre-confirmation insight into: Individual pricing for each options leg; Maximum profit, maximum loss, breakeven, and estimated cost of the trade prior to confirmation; The full options chain, visible below the pricing information for the options. Now available on Schwab.com: Expected Price Range: The Research page now includes expected price range information for marginable securities, allowing margin clients to better understand their risk and to manage their transactions and accounts accordingly. Fundamentals Columns: Clients can now see more fundamental data about their positions on the Positions page. Now available on Schwab Mobile: Mobile Dividend Reinvestment: Clients can now adjust their dividend reinvestment enrollment settings for stocks, ETFs and Mutual Funds via the Schwab Mobile app Positions page. Collapsed Chains on Options Chains: The Options Chain screen now defaults to all expirations collapsed. Enhanced Fixed Income Positions – The Fixed Income Positions page now includes a description to Table View for Fixed Income Symbols. Order Status Quotes: A new customizable view expands default quotes data to include: Equities: Bid, Ask, Last; Options: Bid, Mid, Ask; Mutual Funds: Net Asset Value (NAV). Order Status for Walk Limit Orders: A new display summarizes the current status of the walk range. Across all platforms, Schwab has also expanded fractional trading capabilities to include most U.S. stocks and ETFs, with a new minimum investment of $1. Instead of accessing fractional shares trading via a separate experience, clients can select a dollar amount rather than number of shares right within Schwab’s trade ticket. More on fractional shares trading, including how to gift fractional shares to loved ones, can be found at www.schwab.com/fractionalshares. For more information about trading tools at Schwab, visit www.schwab.com/trading. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Equity and index options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction. Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options prior to trading futures products. Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC). Read additional CFTC and NFA futures and forex public disclosures for Charles Schwab Futures and Forex LLC. Futures and futures options trading services provided by Charles Schwab Futures and Forex LLC. Trading privileges subject to review and approval. Not all clients will qualify. Charles Schwab Futures and Forex LLC is a CFTC-registered Futures Commission Merchant and NFA Forex Dealer Member. Charles Schwab Futures and Forex LLC (NFA Member) and Charles Schwab & Co. Inc. (Member SIPC) are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Virtual Currency Derivatives trading involves unique and significant risks. Please read NFA Investor Advisory – Futures on Virtual Currencies Including Bitcoin and CFTC Customer Advisory: Understand the Risk of Virtual Currency Trading. You should carefully consider whether trading in virtual currency derivatives is appropriate for you in light of your experience, objectives, financial resources, and other relevant circumstances. Please note that virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Virtual currencies are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional fiat currencies. Profits and losses related to this volatility are amplified in margined futures contracts. System availability and response times are subject to market conditions and mobile connection limitations.

Announcement • Jun 02

CECO Environmental Corp. (NasdaqGS:CECO) completed the acquistion of Thermon Group Holdings, Inc. (NYSE:THR).

CECO Environmental Corp. (NasdaqGS:CECO) agreed to acquire Thermon Group Holdings, Inc. (NYSE:THR) for $2.1 billion on February 23, 2026. Under the terms of the agreement, Thermon shareholders will have the ability to elect to receive, for each share of Thermon common stock they own, one of the following forms of consideration, mixed consideration consisting of $10 in cash and 0.6840 shares of CECO common stock, all-cash consideration of $63.89 per share, or all-stock consideration of 0.8110 shares of CECO common stock per share, in each case subject to proration and allocation procedures designed to ensure that the aggregate amount of cash and stock paid in the transaction does not exceed specified limits. Thermon shareholders who do not make an election will receive the mixed consideration. Following completion of the transaction, CECO will continue to be led by Chief Executive Officer Todd Gleason and the CECO Board of Directors, which will include two members of the current Thermon Board of Directors. The transaction will be financed through equity investment of $365 million and senior debt of $200 million. In the event these amendments are not obtained on or prior to the closing date of the merger, the Commitment Letter also provides a $700 million senior secured revolving credit facility to backstop and refinance the Company’s existing credit facility in full. Cash component funded through existing credit facilities, equity component via CECO common stock issuance to Thermon shareholders. Upon completion of the transaction, CECO and Thermon shareholders are expected to own approximately 62.5% and 37.5%, respectively, of the combined company. In case of termination of transaction, CECO Environmental Corp. will pay a termination fee of $105 million and seller will pay a termination fee of $74.70 million. The transaction is subject to subject to antitrust regulations, approval of offer by acquirer shareholders, approval of offer by target shareholders, registration statement effectiveness(S-4 / F-4) and listing / approval of new shares on stock exchange. The deal has been unanimously approved by the board. The transaction is expected to close in mid-2026. The Federal Trade Commission granted CECO’s request for early termination of the HSR Act waiting period on April 2, 2026. As of April 28, 2026, the registration statement on Form S-4 has been declared effective by the SEC, and CECO and Thermon have mailed the definitive joint proxy statement/prospectus to their respective stockholders. Stockholder votes are expected to take place on May 27, 2026, as described in the joint proxy statement/prospectus. The transaction is expected to close in June. As of May 28, 2026, both companies’ stockholders approved the merger. The transaction is expected to close on or around June 1, 2026, subject to the satisfaction of customary closing conditions. Citigroup Global Markets Holdings Inc. and fairness opinion provider of which $3 million is payable in connection with the delivery of Citi’s opinion, and TD Securities (USA) LLC acted as financial advisor for CECO Environmental Corp. The team of Gibson, Dunn & Crutcher LLP led by Jonathan Whalen, Jeffrey Chapman, Jonathan Sapp, Rachel Kleinberg, Gina Hancock, Krista Hanvey, Rachel Levick and Daniel Angel act as legal advisor for CECO Environmental Corp. Morgan Stanley (NYSE:MS) acted as financial advisor and fairness opinion provider for Thermon Group Holdings, Inc. The team of Sidley Austin LLP led by Scott Williams, Matt Stoker, Jeffrey Smith, Mike Heinz, Gregory Marrs, Kelly Dybala, Vadim Brusser, Jim Ducayet, Heather Palmer, Teresa Reuter, Peter McCorkell, William RM Long, Matthias Bruynseraede, Michael Lisak, Liz McCloy and Suresh Advani act as legal advisor for Thermon Group Holdings, Inc. In support of this transaction, CECO has obtained a committed financing package from BofA Securities, Inc. Citigroup Global Markets Holdings Inc act as fairness opinion provider for CECO Environmental. D.F. King & Co., Inc. acted as an information agent to CECO Environmental for total fees of upto $40,000. Innisfree M&A Incorporated acted as information agent to Thermon Group Holdings, Inc. for total fees of upto $75,000. CECO Environmental Corp. (NasdaqGS:CECO) completed the acquisition of Thermon Group Holdings, Inc. (NYSE:THR) on June 1, 2026. Thermon requested that the NYSE file with the SEC a Notification of Removal from Listing and/or Registration under Section 12(b) of the Exchange Act, on Form 25 in order to initiate the delisting of Thermon Common Stock from the NYSE and the deregistration of Thermon Common Stock under Section 12(b).

U.S. Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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