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U.S. Capital Markets Industry Analysis

UpdatedMay 26, 2026
DataAggregated Company Financials
Companies432
  • 7D-0.3%
  • 3M4.9%
  • 1Y10.4%
  • YTD-4.7%

Last week, the Capital Markets industry hasn't moved much but Goldman Sachs Group is up 7.3% in that time. The past year has been better, since the industry has gained 10% in that time. 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
Tue, 26 May 2026US$2.7tUS$758.7bUS$113.6b40.1x23.7x3.6x
Thu, 23 Apr 2026US$2.7tUS$746.1bUS$111.0b42.4x24.3x3.6x
Sat, 21 Mar 2026US$2.5tUS$730.4bUS$107.0b27.4x23x3.4x
Mon, 16 Feb 2026US$2.6tUS$736.2bUS$106.2b23.1x24.6x3.5x
Wed, 14 Jan 2026US$2.9tUS$657.0bUS$105.8b25.6x27.5x4.4x
Fri, 12 Dec 2025US$2.8tUS$656.5bUS$105.5b25.9x26.9x4.3x
Sun, 09 Nov 2025US$2.7tUS$650.9bUS$106.3b24.1x25.4x4.1x
Tue, 07 Oct 2025US$2.8tUS$875.2bUS$101.0b27x27.6x3.2x
Thu, 04 Sep 2025US$2.7tUS$865.8bUS$100.6b26.3x27.2x3.2x
Sat, 02 Aug 2025US$2.8tUS$602.2bUS$101.6b26.8x27.1x4.6x
Mon, 30 Jun 2025US$2.4tUS$590.7bUS$97.0b27.6x24.4x4x
Wed, 28 May 2025US$2.4tUS$590.0bUS$96.1b28.6x24.7x4x
Fri, 25 Apr 2025US$2.1tUS$564.2bUS$96.8b23.9x22x3.8x
Sun, 23 Mar 2025US$2.3tUS$559.2bUS$94.9b23.3x23.9x4.1x
Tue, 18 Feb 2025US$2.5tUS$554.6bUS$95.0b22.1x26.5x4.5x
Thu, 16 Jan 2025US$2.3tUS$531.9bUS$85.3b23x27.3x4.4x
Sat, 14 Dec 2024US$2.5tUS$524.3bUS$81.7b23.6x30.4x4.7x
Mon, 11 Nov 2024US$2.4tUS$509.4bUS$81.8b24x29.2x4.7x
Wed, 09 Oct 2024US$2.1tUS$493.0bUS$78.4b21.4x27.2x4.3x
Fri, 06 Sep 2024US$2.0tUS$492.2bUS$77.9b20.5x26x4.1x
Sun, 04 Aug 2024US$1.9tUS$478.4bUS$77.5b21x25x4x
Tue, 02 Jul 2024US$1.9tUS$467.6bUS$73.1b21.1x26.1x4.1x
Thu, 30 May 2024US$1.9tUS$467.1bUS$73.2b22.6x26.2x4.1x
Sat, 27 Apr 2024US$1.9tUS$450.4bUS$70.7b19.8x26.5x4.2x
Mon, 25 Mar 2024US$1.9tUS$440.6bUS$67.2b19.3x28.2x4.3x
Wed, 21 Feb 2024US$1.8tUS$439.7bUS$67.0b19.3x26.8x4.1x
Fri, 19 Jan 2024US$1.8tUS$433.6bUS$69.5b27.8x25.8x4.1x
Sun, 17 Dec 2023US$1.8tUS$432.8bUS$70.6b27.2x26x4.2x
Tue, 14 Nov 2023US$1.6tUS$432.2bUS$70.3b27.1x22.6x3.7x
Thu, 12 Oct 2023US$1.6tUS$425.6bUS$68.1b28x23.3x3.7x
Sat, 09 Sep 2023US$1.6tUS$426.3bUS$68.1b28.2x24x3.8x
Mon, 07 Aug 2023US$1.7tUS$420.3bUS$65.1b30.5x25.7x4x
Wed, 05 Jul 2023US$1.6tUS$420.9bUS$64.3b31.6x24.6x3.8x
Fri, 02 Jun 2023US$1.5tUS$418.9bUS$64.3b31.1x23.3x3.6x
Price to Earnings Ratio

23.3x


Total Market Cap: US$1.5tTotal Earnings: US$64.3bTotal Revenue: US$418.9bTotal 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 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 Market1.21%
Financials0.29%
Capital Markets-0.26%
Diversified Capital Markets7.62%
Investment Banking and Brokerage0.46%
Asset Management-0.25%
Financial Exchanges and Data-1.69%
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 38.6x.
    • 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 16% over the next 5 years.
  • However this is lower than its past earnings growth rate of 58% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.6% 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
GS Goldman Sachs GroupUS$996.737.3%
+US$20.8b		61.9%PE17.9x
MS Morgan StanleyUS$201.036.0%
+US$18.1b		55.6%PE18.1x
BLK BlackRockUS$1.07k3.5%
+US$5.7b		9.3%PE26.6x
BX BlackstoneUS$118.513.7%
+US$3.3b		-14.9%PE30.5x
MCO Moody'sUS$449.123.4%
+US$2.6b		-6.7%PE31.4x

Latest News

IBKR
US$81.35
Interactive Brokers Group
7D
-2.5%
1Y
53.1%
FUTU
US$89.76
Futu Holdings
7D
-27.9%
1Y
-16.0%
Seeking Alpha • 9h

Why Futu Holdings Collapsed Nearly 30% And Why The Selling Pressure May Continue

Summary Futu Holdings and Tiger Brokers plunged over 20% after Chinese regulators imposed major fines and a crackdown on cross-border brokerage activity. Regulators fined FUTU RMB 1.85B and TIGR RMB 411M, mandating a two-year wind-down for mainland Chinese users, who can only sell and withdraw funds. FUTU's narrative is fundamentally challenged as China formally enforces restrictions, but only 13% of its funded accounts are from mainland China, limiting direct revenue impact. The core debate shifts to the viability of cross-border brokerage models amid tightening global regulatory scrutiny and financial system fragmentation. Read the full article on Seeking Alpha
COIN
US$184.99
Coinbase Global
7D
-4.4%
1Y
-30.6%
TW
US$106.20
Tradeweb Markets
7D
-4.2%
1Y
-27.2%
GS
US$996.73
Goldman Sachs Group
7D
7.3%
1Y
61.9%
MCO
US$449.12
Moody's
7D
3.4%
1Y
-6.7%
BNY
US$139.15
Bank of New York Mellon
7D
2.1%
1Y
54.2%
Narrative Update • May 24

BNY: Capital Returns And Digital Collateral Push Will Support A Steady Outlook

Analysts have nudged their price target for Bank of New York Mellon Corporation slightly lower to about $142 from roughly $142 previously, reflecting modest tweaks to discount rate and revenue growth assumptions, along with a marginally higher future P/E multiple in their valuation work. What's in the News BNY plans to change its New York Stock Exchange ticker symbol to BNY from BK, effective May 21, 2026 (Key Developments).
BLK
US$1,073.00
BlackRock
7D
3.5%
1Y
9.3%
AMP
US$452.31
Ameriprise Financial
7D
-2.5%
1Y
-12.6%
SPGI
US$417.60
S&P Global
7D
1.8%
1Y
-19.2%
BX
US$118.51
Blackstone
7D
3.7%
1Y
-14.9%
MS
US$201.03
Morgan Stanley
7D
6.0%
1Y
55.6%
Seeking Alpha • May 22

Morgan Stanley Upgraded To Buy As Q1 Results Drive Bullish Momentum Again

Summary Morgan Stanley is upgraded to a 'Buy', driven by robust top-line growth, margin recovery, and strong competitive positioning. Morgan Stanley demonstrates proven revenue growth, positive client inflows, and benefits from M&A and resilient equity markets, supporting its diversified business model. Despite signs of overvaluation and modest 7% upside forecasts, its A-level credit ratings, strong liquidity, and low payout ratio reinforce its quality profile. Technical trends confirm a bullish pattern, with Morgan Stanley outperforming peers and the S&P 500, though fee compression in wealth management remains a risk. Read the full article on Seeking Alpha
CME
US$291.23
CME Group
7D
-3.7%
1Y
2.4%
KKR
US$94.04
KKR
7D
1.2%
1Y
-22.2%
New Narrative • May 21

Incluso con un colapso brutal del crédito KKR mantendría beneficios relevantes

He encargado a COPILOT: integra la presentación de resultados 1Q 2026 de KKR dentro del investment memo general, manteniendo el tono sobrio, orientado a largo plazo y estilo Buffett. Investment Memo – KKR & Co. Inc.
SCHW
US$90.15
Charles Schwab
7D
-1.8%
1Y
1.7%
PS
US$35.67
Pershing Square
7D
-6.7%
1Y
n/a