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U.S. Capital Markets Industry Analysis

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies440
  • 7D-0.4%
  • 3M5.7%
  • 1Y2.5%
  • YTD-0.4%

Last week, the Capital Markets industry hasn't moved much but CME Group is up 4.4% in that time. Furthermore, the industry has been flat for the past year as well. 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
Tue, 14 Jul 2026US$2.8tUS$756.9bUS$112.5b40.1x25.1x3.7x
Thu, 11 Jun 2026US$2.7tUS$759.0bUS$113.4b39.2x23.8x3.6x
Sat, 09 May 2026US$2.7tUS$757.7bUS$113.9b41.9x23.5x3.5x
Mon, 06 Apr 2026US$2.5tUS$736.3bUS$107.0b36.1x23.2x3.4x
Wed, 04 Mar 2026US$2.6tUS$734.4bUS$106.7b22.9x24.3x3.5x
Fri, 30 Jan 2026US$2.8tUS$666.2bUS$106.3b23.9x26.8x4.3x
Sun, 28 Dec 2025US$2.8tUS$656.4bUS$105.5b25.7x26.9x4.3x
Tue, 25 Nov 2025US$2.6tUS$654.6bUS$105.4b23.2x24.5x3.9x
Thu, 23 Oct 2025US$2.7tUS$645.7bUS$104.9b25.9x26x4.2x
Sat, 20 Sep 2025US$2.8tUS$874.9bUS$100.9b27.2x28x3.2x
Mon, 18 Aug 2025US$2.7tUS$866.1bUS$100.8b26.1x27.3x3.2x
Wed, 16 Jul 2025US$2.7tUS$590.5bUS$97.0b27.7x27.7x4.6x
Fri, 13 Jun 2025US$2.4tUS$590.8bUS$97.3b27.3x25x4.1x
Sun, 11 May 2025US$2.3tUS$577.2bUS$95.8b26.3x24x4x
Tue, 08 Apr 2025US$1.9tUS$557.2bUS$95.4b22.5x20.4x3.5x
Thu, 06 Mar 2025US$2.3tUS$554.8bUS$95.3b21.9x24.2x4.1x
Sat, 01 Feb 2025US$2.6tUS$541.7bUS$91.3b23x28.1x4.7x
Mon, 30 Dec 2024US$2.4tUS$526.2bUS$81.6b23.8x29.2x4.5x
Wed, 27 Nov 2024US$2.3tUS$524.4bUS$81.7b23x27.9x4.4x
Fri, 25 Oct 2024US$2.3tUS$502.2bUS$81.8b22.6x27.6x4.5x
Sun, 22 Sep 2024US$2.1tUS$491.5bUS$77.8b21.1x27.3x4.3x
Tue, 20 Aug 2024US$2.0tUS$492.2bUS$78.0b20.1x25.9x4.1x
Thu, 18 Jul 2024US$2.0tUS$472.3bUS$76.1b20.5x26.7x4.3x
Sat, 15 Jun 2024US$1.9tUS$467.0bUS$73.1b20.8x25.9x4.1x
Mon, 13 May 2024US$1.9tUS$465.9bUS$73.2b22.6x26.3x4.1x
Wed, 10 Apr 2024US$1.9tUS$441.1bUS$67.3b21.3x28.5x4.3x
Fri, 08 Mar 2024US$1.8tUS$440.4bUS$67.3b19.3x27.4x4.2x
Sun, 04 Feb 2024US$1.8tUS$433.8bUS$67.7b27.6x27.3x4.3x
Tue, 02 Jan 2024US$1.9tUS$432.8bUS$70.6b27.8x26.5x4.3x
Thu, 30 Nov 2023US$1.7tUS$432.8bUS$70.6b26.9x23.5x3.8x
Sat, 28 Oct 2023US$1.5tUS$428.5bUS$67.4b27.1x21.7x3.4x
Mon, 25 Sep 2023US$1.6tUS$427.0bUS$68.1b27.9x23.6x3.8x
Wed, 23 Aug 2023US$1.6tUS$426.3bUS$68.1b28.5x23.3x3.7x
Fri, 21 Jul 2023US$1.7tUS$422.6bUS$62.9b31.1x27x4x
Price to Earnings Ratio

27x


Total Market Cap: US$1.7tTotal Earnings: US$62.9bTotal Revenue: US$422.6bTotal 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 21% per year over the last three years.
  • Revenues for these companies have grown 21% 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-0.93%
Financials-0.43%
Capital Markets-0.43%
Diversified Capital Markets4.62%
Financial Exchanges and Data0.52%
Asset Management0.099%
Investment Banking and Brokerage-1.20%
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 37.6x.
    • Analysts are expecting annual earnings growth of 10.7%, 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 9.4% 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
CME CME GroupUS$245.104.4%
+US$3.7b		-11.5%PE20.9x
BLK BlackRockUS$1.03k2.0%
+US$3.2b		-7.2%PE25.6x
SCHW Charles SchwabUS$102.381.7%
+US$3.1b		10.4%PE19.7x
NDAQ NasdaqUS$89.215.6%
+US$2.7b		-0.5%PE26.4x
CBOE Cboe Global MarketsUS$277.137.1%
+US$1.9b		18.5%PE23.6x

Latest News

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US$157.37
Coinbase Global
7D
-6.8%
1Y
-60.1%
Seeking Alpha • 15h

Coinbase Global: Undergoing A Structural Transformation, No Longer A Bitcoin Proxy

Summary Coinbase Global is undergoing a structural transformation, no longer just a leveraged proxy for Bitcoin price movements. I rate COIN a Buy with a 12-month price target of $240–$260, supported by stablecoin revenue growth, new product materiality, and underappreciated base optionality. Subscription and service revenues, especially from stablecoins, now represent 44% of net revenue and have grown year-over-year despite crypto market declines. New products—derivatives, prediction markets, tokenized equities, and agentic payment rails—are driving material revenue and are not yet priced into consensus models. Read the full article on Seeking Alpha
BLK
US$1,031.56
BlackRock
7D
2.0%
1Y
-7.2%
SPGI
US$437.84
S&P Global
7D
-2.1%
1Y
-17.4%
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Summary S&P Global is now a leaner, post-spin company focused on Ratings, Indices, Energy, and Market Intelligence. SPGI targets margin expansion, driven by higher-than-expected debt issuance and surging API call volumes linked to AI adoption. API usage is scaling non-linearly, signaling a structural shift to programmatic data consumption and potentially stickier, higher-growth revenues. I remain bullish on SPGI, raising my FY27 EPS estimate and setting a $500 price target, implying 15% upside. Read the full article on Seeking Alpha
MS
US$221.09
Morgan Stanley
7D
-0.5%
1Y
53.6%
Narrative Update • Jul 13

MS: Capital Returns And Private Markets Will Shape Balanced Future Outcomes

Analysts have lifted their price target on Morgan Stanley from $206.67 to $217.86, citing updated assumptions around slightly higher modeled revenue growth, a modest adjustment in profit margins, and a somewhat richer future P/E multiple. What's in the News Morgan Stanley reports that more than US$1t has moved from workplace and E*TRADE accounts into its adviser-led wealth management arm, which now accounts for 20% of a US$5.8t adviser book and supports a total client asset base of US$7.34t in Q1 2026, with all three business segments showing growth roughly twice the rate of GDP.
BX
US$122.04
Blackstone
7D
-1.1%
1Y
-25.3%
Narrative Update • Jul 13

BX: Private Wealth And AI Infrastructure Deals Will Sustain Earnings Power

For Blackstone, the analyst price target in the model edged lower by about $5 to $177.81, as analysts recalibrated assumptions for growth, margins, and future P/E multiples in light of recent sector-wide target cuts and the view that some high-quality alternative asset managers remain undervalued, despite mixed earnings quality. Analyst Commentary Recent research on Blackstone points to a mix of recalibrated targets and ongoing support for the business model, with several firms highlighting selective opportunities in alternative asset managers even as they adjust assumptions around earnings quality and valuation.
NDAQ
US$89.21
Nasdaq
7D
5.6%
1Y
-0.5%
CBOE
US$277.13
Cboe Global Markets
7D
7.1%
1Y
18.5%
IBKR
US$93.56
Interactive Brokers Group
7D
-2.5%
1Y
57.0%
TROW
US$113.65
T. Rowe Price Group
7D
-4.6%
1Y
11.1%
SCHW
US$102.38
Charles Schwab
7D
1.7%
1Y
10.4%
LPLA
US$321.06
LPL Financial Holdings
7D
5.4%
1Y
-13.3%
CME
US$245.10
CME Group
7D
4.4%
1Y
-11.5%
Narrative Update • Jul 09

CME: Crypto Perpetual Futures Dispute Will Reshape Long Term Earnings Power

The analyst price target for CME Group has been trimmed by about $14 to reflect slightly softer revenue growth assumptions, a modestly higher discount rate, and lower future P/E multiples that many analysts link to competitive concerns around perpetual futures, despite broadly constructive views on the core franchise. Analyst Commentary Recent research on CME Group highlights a split view, with some analysts seeing attractive upside after the share pullback and others focusing on competitive threats and pricing pressure.
HOOD
US$109.86
Robinhood Markets
7D
-6.5%
1Y
9.9%
JEF
US$52.59
Jefferies Financial Group
7D
-4.1%
1Y
-5.8%
ICE
US$137.67
Intercontinental Exchange
7D
2.0%
1Y
-24.3%
GS
US$1,045.91
Goldman Sachs Group
7D
-0.9%
1Y
46.6%
Seeking Alpha • Jul 04

Goldman Sachs: It's That Time Of Year Again, My Thoughts Into Earnings

Summary Goldman Sachs (GS) remains a buy, supported by robust deal activity, high market volatility, and strong capital markets performance. GS benefits from leading high-profile IPOs like SpaceX and major equity raises, reinforcing its market position and fee generation. Elevated market volatility and record options trading drive GS's intermediation and trading revenues, enhancing near-term earnings visibility. Private credit exposure is marginal for GS, and while peak earnings may be near, a balanced portfolio approach is recommended. Read the full article on Seeking Alpha