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 industry is trading close to its 3-year average PS ratio of 4.0x.

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 38.2x. Analysts are expecting annual earnings growth of 11.0%, 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, 17 Jun 2026	US$2.8t	US$759.0b	US$113.3b	40.4x	24.6x	3.7x
Fri, 15 May 2026	US$2.7t	US$757.6b	US$113.5b	41.2x	23.9x	3.6x
Sun, 12 Apr 2026	US$2.5t	US$736.4b	US$106.8b	39.1x	23.7x	3.4x
Tue, 10 Mar 2026	US$2.5t	US$731.7b	US$106.9b	22.2x	23.5x	3.4x
Thu, 05 Feb 2026	US$2.7t	US$717.9b	US$107.2b	22.8x	25.4x	3.8x
Sat, 03 Jan 2026	US$2.8t	US$656.5b	US$105.5b	25.6x	26.3x	4.2x
Mon, 01 Dec 2025	US$2.7t	US$656.1b	US$105.4b	23.8x	25.7x	4.1x
Wed, 29 Oct 2025	US$2.8t	US$645.7b	US$104.5b	26.7x	26.6x	4.3x
Fri, 26 Sep 2025	US$2.8t	US$874.9b	US$100.9b	27.1x	27.5x	3.2x
Sun, 24 Aug 2025	US$2.8t	US$866.4b	US$101.0b	27.1x	27.3x	3.2x
Tue, 22 Jul 2025	US$2.7t	US$596.6b	US$99.2b	28.6x	27.6x	4.6x
Thu, 19 Jun 2025	US$2.4t	US$590.7b	US$97.1b	27x	24.3x	4x
Sat, 17 May 2025	US$2.4t	US$589.9b	US$96.0b	28x	25.2x	4.1x
Mon, 14 Apr 2025	US$2.1t	US$560.6b	US$96.5b	24.2x	21.4x	3.7x
Wed, 12 Mar 2025	US$2.2t	US$557.3b	US$94.8b	21.1x	22.8x	3.9x
Fri, 07 Feb 2025	US$2.5t	US$550.7b	US$92.1b	21.7x	27.5x	4.6x
Sun, 05 Jan 2025	US$2.4t	US$526.1b	US$81.6b	23x	29.3x	4.5x
Tue, 03 Dec 2024	US$2.5t	US$524.3b	US$81.6b	24.1x	30.7x	4.8x
Thu, 31 Oct 2024	US$2.3t	US$503.8b	US$81.1b	23.3x	28.1x	4.5x
Sat, 28 Sep 2024	US$2.1t	US$492.0b	US$77.9b	21.6x	27.2x	4.3x
Mon, 26 Aug 2024	US$2.0t	US$492.3b	US$78.0b	20.3x	25.5x	4x
Wed, 24 Jul 2024	US$2.0t	US$473.2b	US$76.5b	20.4x	26.4x	4.3x
Fri, 21 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.3x	26.1x	4.1x
Sun, 19 May 2024	US$2.0t	US$466.8b	US$73.2b	22.4x	27x	4.2x
Tue, 16 Apr 2024	US$1.8t	US$442.8b	US$68.2b	19.9x	27x	4.2x
Thu, 14 Mar 2024	US$1.8t	US$440.4b	US$67.3b	19.6x	27.5x	4.2x
Sat, 10 Feb 2024	US$1.8t	US$438.0b	US$65.4b	19.3x	27.3x	4.1x
Mon, 08 Jan 2024	US$1.8t	US$432.8b	US$70.6b	27.1x	25.8x	4.2x
Wed, 06 Dec 2023	US$1.7t	US$432.8b	US$70.6b	27.1x	24.5x	4x
Fri, 03 Nov 2023	US$1.5t	US$429.1b	US$68.6b	27.1x	21.9x	3.5x
Sun, 01 Oct 2023	US$1.6t	US$425.6b	US$68.1b	28.2x	23.3x	3.7x
Tue, 29 Aug 2023	US$1.6t	US$426.4b	US$68.1b	28.2x	23.5x	3.8x
Thu, 27 Jul 2023	US$1.7t	US$422.7b	US$62.9b	30.5x	27x	4x
Sat, 24 Jun 2023	US$1.5t	US$419.6b	US$64.4b	31.4x	23.7x	3.6x


US Market	2.32%
Financials	3.45%
Capital Markets	4.21%
Investment Banking and Brokerage	5.97%
Asset Management	3.77%
Diversified Capital Markets	2.22%
Financial Exchanges and Data	1.07%

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.09k	5.7% +US$18.0b	74.6%	PE19.6x
MS Morgan Stanley	US$220.83	5.0% +US$16.7b	69.8%	PE19.9x
HOOD Robinhood Markets	US$96.71	12.0% +US$9.3b	23.4%	PE45.9x
SCHW Charles Schwab	US$93.67	5.5% +US$8.5b	5.3%	PE18.1x
BLK BlackRock	US$1.05k	4.0% +US$6.3b	8.6%	PE26.1x

Announcement • 53m

Agnico Eagle Mines Limited (NYSE:AEM) completed the acquisition of remaining 86.1% stake in Rupert Resources Ltd. (TSX:RUP) from BlackRock, Inc. (NYSE:BLK) and others.

Agnico Eagle Mines Limited (NYSE:AEM) entered into a letter of intent to acquire remaining 86.1% stake in Rupert Resources Ltd. (TSX:RUP) from BlackRock, Inc. (NYSE:BLK) and others on April 1, 2026. Agnico Eagle Mines Limited (NYSE:AEM) entered into a definitive arrangement agreement to acquire remaining 86.1% stake in Rupert Resources Ltd. (TSX:RUP) from BlackRock, Inc. (NYSE:BLK) and others for approximately CAD 2.5 billion on April 17, 2026. Under the terms of the Transaction, each Rupert Share will be exchanged for: (i) upfront consideration of 0.0401 of a common share of Agnico Eagle (“Agnico Share”), representing approximately CAD 12.00 based on the five-day volume weighted average trading price per Agnico Share as at April 17, 2026 (the “Share Consideration”); and (ii) contingent consideration of up to CAD 3.00, in the form of a contingent value right (“CVR” and together with the Share Consideration, the “Consideration”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR. The CVR milestones, which relate to the mining rights currently 100% owned by Rupert (the “Acquired Properties”), are as follows: CAD 1.00 upon the public announcement of at least 5 million ounces of gold in mineral reserves on the Acquired Properties; CAD 1.00 upon the public announcement of: (i) the Acquired Properties reaching commercial production and (ii) the Acquired Properties reaching 7.5 million ounces of gold in aggregate mineral reserves and production; and CAD 1.00 upon the public announcement of: (i) the Acquired Properties reaching commercial production and (ii) the Acquired Properties reaching 10 million ounces of gold in aggregate mineral reserves and production. The total Transaction value based on the Share Consideration is approximately CAD 2.9 billion (on a 100% equity ownership basis). The Share Consideration represents approximately a 67% premium to the closing price of the Rupert Shares on the Toronto Stock Exchange (the “TSX”) as of April 17, 2026, being the last trading day prior to announcement of the Transaction. Upon closing of the Transaction, it is expected that the Rupert Shares will be delisted from the TSX and that Rupert will cease to be a reporting issuer under applicable Canadian securities laws. In case of termination of transaction, Rupert will pay a termination fee of CAD 136.5 ($100 million). The Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Completion of the Transaction is subject to customary conditions, including, among others, court approval and: (i) the approval of two-thirds of the votes cast by the holders of Rupert Shares present in person or represented by proxy at a special meeting of Rupert securityholders (the “Meeting”) to be held to consider the Transaction; (ii) the approval of two-thirds of the votes cast by the holders of Rupert Shares, options to acquire Rupert Shares (“Options”), restricted share units of Rupert (“RSUs”), deferred share units of Rupert (“DSUs”) and performance share units of Rupert (“PSUs”), voting together as a single class, with one vote for each Rupert Share, Option, RSU, DSU and PSU held; and (iii) Minority Approval. In connection with the Transaction, each of the directors and executive officers of Rupert, and certain Rupert shareholders, collectively representing 28.75% of the Rupert Shares, have entered into a voting support agreement (collectively, the “Voting Support Agreements”) with Agnico Eagle, pursuant to which each of them has agreed, among other things, to vote all of their Rupert Shares (including any Rupert Shares issued upon the exercise of any securities convertible, exercisable or exchangeable into Rupert Shares) in favour of the Transaction, subject to the terms of the Voting Support Agreements. The Transaction is supported by a formal valuation and fairness opinion from Origin Merchant Partners (“Origin”) and a fairness opinion from BMO Capital Markets and is unanimously recommended by a special committee comprised entirely of independent directors of Rupert (the “Special Committee”) and the Board of Directors of Rupert (“Rupert Board”). The transaction is also subject to regulatory and government approvals. Subject to the satisfaction of all conditions to closing set out in the Arrangement Agreement, it is anticipated that the Transaction will be completed early in the third quarter of 2026. The Rupert Board (with Agnico Eagle’s nominee director recusing herself) has evaluated the Arrangement Agreement with the company’s management and legal and financial advisors and, following the receipt and review of a unanimous recommendation from the Special Committee which took into account, among other things, the Formal Valuation and the Fairness Opinions, the Rupert Board has unanimously (with Agnico Eagle’s nominee director abstaining) approved the Transaction and determined that the Transaction is in the best interests of Rupert, and has resolved to recommend that Rupert securityholders vote in favor of the Transaction, all subject to the terms and conditions contained in the Arrangement Agreement. On May 28, 2026, it was announced that Rupert Resources's shareholders have approved the transaction. On June 9, 2026, Rupert Resources security holders approved the transaction. On June 11, 2026, Rupert Resources Ltd. announced that the Supreme Court of British Columbia granted final approval for the transaction, with closing of the arrangement expected on or about June 16, 2026. BMO Nesbitt Burns Inc. is acting as financial advisor to Rupert and fairness opinion provider to its special committee. Jennifer Maxwell and Richard Turner of Blake, Cassels & Graydon LLP is acting as legal advisor to Rupert. Origin Merchant Partners is acting as financial advisor and independent valuator to the Special Committee of Rupert with a fee of CAD 750,000 and CAD 500,000, respectively. Edgehill Advisory Ltd. and TD Securities Inc. are acting as financial advisors to Agnico Eagle with respect to the Rupert and Aurion transactions. Patricia L. Olasker, Marc Pontone, Robert S. Murphy, Ghaith S. Sibai, Matthew Auvinen, Scott R. Hyman, Jim Dinning, Christopher Anderson, Julie Colden, Ryan Wolfe and Shari Cohen of Davies Ward Phillips & Vineberg LLP is acting as legal advisors to Agnico Eagle. Computershare Trust Company of Canada acted as transfer agent for Rupert. Computershare Investor Services Inc. acted as depository bank for Rupert Resources Ltd. The Laurel Hill Advisory Group LLC acted as information agent for Rupert Resources Ltd. Agnico Eagle Mines Limited (NYSE:AEM) completed the acquisition of remaining 86.1% stake in Rupert Resources Ltd. (TSX:RUP) from BlackRock, Inc. (NYSE:BLK) and others on June 16, 2026. As a result of the completion of the Transaction, it is expected that the Shares will be de-listed from the Toronto Stock Exchange (the “TSX”) and withdrawn from quotation on the OTCQX Best Market of the OTC Markets Group (the “OTCQX”) shortly after the date hereof and Rupert will promptly apply to the applicable Canadian securities regulators to cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws.

U.S. Capital Markets Industry Analysis

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