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U.S. Capital Markets Industry Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies436
  • 7D2.2%
  • 3M7.9%
  • 1Y2.3%
  • YTD-1.9%

Over the last 7 days, the Capital Markets industry has risen 6.4%, driven by gains in Charles Schwab and Morgan Stanley of 6.2% and 2.9%, respectively. In the last 12 months, the industry was up 4.9%. Looking forward, 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, 09 Jul 2026US$2.8tUS$756.8bUS$112.4b40.4x25x3.7x
Sat, 06 Jun 2026US$2.7tUS$759.0bUS$113.4b39.1x24.2x3.6x
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
Price to Earnings Ratio

25.2x


Total Market Cap: US$1.6tTotal Earnings: US$64.4bTotal Revenue: US$421.2bTotal 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 20% 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-0.43%
Financials-0.014%
Capital Markets2.25%
Financial Exchanges and Data3.89%
Investment Banking and Brokerage2.18%
Asset Management1.39%
Diversified Capital Markets-3.61%
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 37.7x.
    • Analysts are expecting annual earnings growth of 11.2%, 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 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 57% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 9.1% 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
SCHW Charles SchwabUS$101.706.2%
+US$10.3b		10.2%PE19.6x
MS Morgan StanleyUS$218.072.9%
+US$9.8b		54.1%PE19.7x
ICE Intercontinental ExchangeUS$137.178.2%
+US$5.9b		-24.7%PE19.8x
SPGI S&P GlobalUS$430.793.8%
+US$4.7b		-18.5%PE26.7x
HOOD Robinhood MarketsUS$113.534.5%
+US$4.4b		20.1%PE53.9x

Latest News

HLI
US$134.31
Houlihan Lokey
7D
-2.6%
1Y
-29.0%
MCO
US$485.10
Moody's
7D
3.6%
1Y
-3.4%
MS
US$218.07
Morgan Stanley
7D
2.9%
1Y
54.1%
ICE
US$137.17
Intercontinental Exchange
7D
8.2%
1Y
-24.7%
HOOD
US$113.53
Robinhood Markets
7D
4.5%
1Y
20.1%
SCHW
US$101.70
Charles Schwab
7D
6.2%
1Y
10.2%
Narrative Update • Jul 08

SCHW: Record Asset Gathering And AI Tools Will Shape Balanced Outlook

The updated analyst price target for Charles Schwab increases from about $88 to roughly $94, with analysts pointing to clearer revenue and margin guidance, refreshed models following investor day, and greater confidence in client engagement and key growth initiatives. Analyst Commentary Recent research on Charles Schwab highlights a mix of optimism around the updated financial outlook and ongoing debate about risk, particularly around valuation, client behavior, and execution on new initiatives.
SPGI
US$430.79
S&P Global
7D
3.8%
1Y
-18.5%
Narrative Update • Jul 07

SPGI: AI Data Repositioning After Mobility Spin Will Support Earnings Multiple

For S&P Global, the analyst price target in this update is trimmed by about $30 to $503. Analysts cite revised revenue growth assumptions after the Mobility spin and slightly higher discount rates, partly offset by a firmer profit margin outlook and a modestly higher future P/E multiple.
BX
US$118.62
Blackstone
7D
-0.8%
1Y
-25.2%
XP
US$15.44
XP
7D
-4.6%
1Y
-19.5%
Narrative Update • Jul 06

XP: Buybacks And 2026 Execution Will Drive Future Upside Potential

XP Inc. enters this Narrative Update with a reduced analyst price target of $25 from $28, as analysts factor in slightly lower fair value estimates and updated assumptions around growth, profitability, and P/E expectations.
EVR
US$331.04
Evercore
7D
-2.9%
1Y
12.8%
GS
US$1,029.64
Goldman Sachs Group
7D
1.0%
1Y
47.8%
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
FUTU
US$95.63
Futu Holdings
7D
-4.3%
1Y
-32.8%
TW
US$99.85
Tradeweb Markets
7D
-1.6%
1Y
-26.9%
SNEX
US$118.84
StoneX Group
7D
-4.0%
1Y
83.6%
BEN
US$33.50
Franklin Resources
7D
-1.6%
1Y
34.5%
Narrative Update • Jul 02

BEN: Crypto Expansion And CLO Scale Will Support Future Earnings Resilience

Analysts have raised the Franklin Resources fair value estimate by about $5 to $32.36, citing higher price targets in the $32 to $40 range, modestly stronger modeled profitability and revenue trends, and a slightly lower discount rate. Analyst Commentary Recent Street research on Franklin Resources shows a mix of constructive and cautious views, with several firms lifting price targets while still differing on how compelling the current valuation and execution story looks.
CME
US$243.07
CME Group
7D
5.2%
1Y
-11.8%