U.S. Capital Markets Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 04 Jun 2026	US$2.7t	US$759.0b	US$113.5b	39.3x	23.9x	3.6x
Sat, 02 May 2026	US$2.7t	US$749.0b	US$113.1b	41.9x	23.7x	3.6x
Mon, 30 Mar 2026	US$2.4t	US$736.6b	US$106.9b	32.2x	22.4x	3.2x
Wed, 25 Feb 2026	US$2.5t	US$734.9b	US$106.6b	23x	23.8x	3.4x
Fri, 23 Jan 2026	US$2.9t	US$662.7b	US$106.5b	25.9x	27.1x	4.4x
Sun, 21 Dec 2025	US$2.8t	US$656.4b	US$105.5b	25.1x	26.4x	4.2x
Tue, 18 Nov 2025	US$2.7t	US$654.1b	US$105.8b	23.7x	25.2x	4.1x
Thu, 16 Oct 2025	US$2.7t	US$622.9b	US$103.2b	25.7x	26.6x	4.4x
Sat, 13 Sep 2025	US$2.8t	US$865.8b	US$100.6b	27.2x	28.1x	3.3x
Mon, 11 Aug 2025	US$2.8t	US$640.0b	US$104.2b	26.6x	27.1x	4.4x
Wed, 09 Jul 2025	US$2.6t	US$590.6b	US$97.0b	28.1x	27.2x	4.5x
Fri, 06 Jun 2025	US$2.5t	US$614.8b	US$100.7b	27.4x	24.6x	4x
Sun, 04 May 2025	US$2.3t	US$566.1b	US$97.1b	25.3x	23.3x	4x
Tue, 01 Apr 2025	US$2.2t	US$559.0b	US$95.0b	24.2x	23.4x	4x
Thu, 27 Feb 2025	US$2.4t	US$554.9b	US$95.4b	20.9x	25x	4.3x
Sat, 25 Jan 2025	US$2.5t	US$536.7b	US$88.9b	23.2x	28.6x	4.7x
Mon, 23 Dec 2024	US$2.4t	US$526.2b	US$81.7b	23.6x	28.9x	4.5x
Wed, 20 Nov 2024	US$2.5t	US$509.9b	US$81.6b	23.6x	30x	4.8x
Fri, 18 Oct 2024	US$2.4t	US$524.8b	US$86.6b	22.8x	27.2x	4.5x
Sun, 15 Sep 2024	US$2.0t	US$491.4b	US$77.8b	20.5x	26.3x	4.2x
Tue, 13 Aug 2024	US$2.0t	US$491.6b	US$77.9b	20.7x	25.1x	4x
Thu, 11 Jul 2024	US$1.9t	US$467.8b	US$73.2b	20.3x	26.4x	4.1x
Sat, 08 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.1x	26x	4.1x
Mon, 06 May 2024	US$1.9t	US$460.1b	US$72.5b	19.7x	25.9x	4.1x
Wed, 03 Apr 2024	US$1.9t	US$441.2b	US$67.4b	20.7x	28.4x	4.3x
Fri, 01 Mar 2024	US$1.8t	US$440.5b	US$67.4b	19.2x	27x	4.1x
Sun, 28 Jan 2024	US$1.8t	US$433.2b	US$67.6b	28.2x	27.2x	4.2x
Tue, 26 Dec 2023	US$1.9t	US$432.9b	US$70.6b	27.9x	26.3x	4.3x
Thu, 23 Nov 2023	US$1.7t	US$432.7b	US$70.5b	26.9x	23.4x	3.8x
Sat, 21 Oct 2023	US$1.5t	US$427.0b	US$67.0b	27.5x	22.3x	3.5x
Mon, 18 Sep 2023	US$1.7t	US$427.0b	US$68.1b	28.2x	24.6x	3.9x
Wed, 16 Aug 2023	US$1.6t	US$426.4b	US$68.2b	29.5x	23.8x	3.8x
Fri, 14 Jul 2023	US$1.6t	US$421.0b	US$64.3b	31.1x	25.4x	3.9x
Sun, 11 Jun 2023	US$1.6t	US$419.4b	US$64.5b	31.1x	24.1x	3.7x

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 3.6x.

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	0.35%
Financials	-1.58%
Capital Markets	-0.85%
Investment Banking and Brokerage	3.67%
Diversified Capital Markets	2.73%
Asset Management	-3.79%
Financial Exchanges and Data	-5.25%

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 38.5x.

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.

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 60% per year.

In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.04k	4.5% +US$13.7b	73.7%	PE18.7x
MS Morgan Stanley	US$210.14	4.2% +US$13.5b	64.0%	PE18.9x
HOOD Robinhood Markets	US$82.85	8.7% +US$6.0b	14.6%	PE39.3x
IBKR Interactive Brokers Group	US$87.15	7.7% +US$2.8b	69.2%	PE37.4x
SCHW Charles Schwab	US$86.59	1.1% +US$1.7b	-1.0%	PE16.7x

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

Latest News

Charles Schwab Posts Record Revenue and Expands Crypto Services for Advisors and Investors

ICE Unveils Fraud Monitor Tool to Streamline Mortgage Lending and Boost Risk Management

CBOE: Post The CFTC Decision, Let's See If This Is Still A Good Option

Interactive Brokers Integrates AI into Client Portfolios with Claude Platform

Upcoming dividend of US$1.30 per share

Full year 2026 earnings released: EPS: US$2.56 (vs US$1.28 in FY 2025)

LPLA: Advisor Expansion And Buybacks Will Support Higher Future P E Multiple

Robinhood Markets, Inc. (NasdaqGS:HOOD) completed the acquisition of WonderFi Technologies Inc. (TSX:WNDR).

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

Blackstone Highlights Resilient Fee Model and Perpetual Capital Growth in First Quarter

Coinbase Gains CFTC Approval to Launch Perpetual Futures for U.S. Investors

KKR: Strong Fundraising And Higher Future P/E Should Support Earnings Power

MS: Future Upside Will Rely On Buybacks Crypto Exposure And Underwriting Fees

Goldman Sachs Raises S&P 500 Target to 8,000 and Refines Crypto Holdings on AI Outlook

Nasdaq Gains SEC Approval for Bitcoin Index Options and Advances Tokenized Stock Plans

MSCI Stock Climbs After Strong Q1 FY2026 Results and Analyst Price Target Boosts