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U.S. Capital Markets Industry Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies438
  • 7D1.4%
  • 3M6.8%
  • 1Y1.1%
  • YTD1.1%

Last week, the Capital Markets industry hasn't moved much but Blackstone is up 7.3% in that time. In line with that, the industry has also been flat over the past 12 months. 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, 28 Jul 2026US$2.8tUS$776.0bUS$120.6b39.7x23.4x3.6x
Thu, 25 Jun 2026US$2.8tUS$758.9bUS$113.3b40x24.3x3.6x
Sat, 23 May 2026US$2.7tUS$758.7bUS$113.6b40.1x23.8x3.6x
Mon, 20 Apr 2026US$2.7tUS$745.2bUS$110.4b42x24.5x3.6x
Wed, 18 Mar 2026US$2.4tUS$732.0bUS$107.1b25.8x22.8x3.3x
Fri, 13 Feb 2026US$2.6tUS$736.2bUS$107.8b22.1x24.6x3.6x
Sun, 11 Jan 2026US$2.9tUS$656.7bUS$105.5b25.6x27.4x4.4x
Tue, 09 Dec 2025US$2.8tUS$656.1bUS$105.4b25x26.2x4.2x
Thu, 06 Nov 2025US$2.7tUS$648.7bUS$105.8b23.8x25.3x4.1x
Sat, 04 Oct 2025US$2.8tUS$875.2bUS$100.9b27.1x27.4x3.2x
Mon, 01 Sep 2025US$2.8tUS$866.2bUS$101.1b26.7x27.3x3.2x
Wed, 30 Jul 2025US$2.8tUS$598.2bUS$99.5b27.5x27.8x4.6x
Fri, 27 Jun 2025US$2.5tUS$590.7bUS$97.0b27.5x25.6x4.2x
Sun, 25 May 2025US$2.4tUS$590.2bUS$96.1b28.4x24.7x4x
Tue, 22 Apr 2025US$2.1tUS$562.3bUS$97.6b22.6x21.3x3.7x
Thu, 20 Mar 2025US$2.2tUS$557.6bUS$94.9b23.3x23.7x4x
Sat, 15 Feb 2025US$2.5tUS$554.6bUS$95.0b22.1x26.4x4.5x
Mon, 13 Jan 2025US$2.3tUS$512.8bUS$79.0b23x29.1x4.5x
Wed, 11 Dec 2024US$2.5tUS$524.3bUS$81.7b24.1x30.2x4.7x
Fri, 08 Nov 2024US$2.4tUS$507.8bUS$81.1b24.4x29.5x4.7x
Sun, 06 Oct 2024US$2.2tUS$493.1bUS$78.4b20.9x27.4x4.4x
Tue, 03 Sep 2024US$2.1tUS$492.2bUS$77.9b20.6x26.6x4.2x
Thu, 01 Aug 2024US$2.0tUS$477.2bUS$77.6b21.5x26.3x4.3x
Sat, 29 Jun 2024US$1.9tUS$467.7bUS$73.3b21.2x26x4.1x
Mon, 27 May 2024US$1.9tUS$467.2bUS$73.2b22.4x26.5x4.1x
Wed, 24 Apr 2024US$1.9tUS$446.9bUS$70.0b19.5x26.9x4.2x
Fri, 22 Mar 2024US$1.9tUS$440.6bUS$67.2b19.4x28x4.3x
Sun, 18 Feb 2024US$1.8tUS$439.7bUS$67.0b19.3x26.9x4.1x
Tue, 16 Jan 2024US$1.8tUS$433.3bUS$70.4b27.1x25.7x4.2x
Thu, 14 Dec 2023US$1.7tUS$432.8bUS$70.6b27.1x24.7x4x
Sat, 11 Nov 2023US$1.6tUS$432.1bUS$70.3b27.1x22.4x3.6x
Mon, 09 Oct 2023US$1.6tUS$425.5bUS$68.0b28x23.2x3.7x
Wed, 06 Sep 2023US$1.6tUS$426.3bUS$68.1b28.2x24x3.8x
Fri, 04 Aug 2023US$1.7tUS$420.1bUS$63.1b31.1x26.2x3.9x
Price to Earnings Ratio

26.2x


Total Market Cap: US$1.7tTotal Earnings: US$63.1bTotal Revenue: US$420.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.7x202420252026
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 25.7x.
  • 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 24% 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-0.74%
Financials1.37%
Capital Markets1.42%
Asset Management2.44%
Financial Exchanges and Data1.30%
Diversified Capital Markets1.05%
Investment Banking and Brokerage0.71%
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 37.2x.
    • Analysts are expecting annual earnings growth of 9.9%, which is lower than the prior year's growth of 17.5% 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 8.0% 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
BX BlackstoneUS$132.607.3%
+US$9.0b		-25.1%PE30.1x
MS Morgan StanleyUS$214.561.7%
+US$5.7b		50.5%PE17.3x
KKR KKRUS$101.634.8%
+US$4.2b		-33.2%PE32.6x
ICE Intercontinental ExchangeUS$148.735.1%
+US$4.1b		-18.6%PE21.4x
CME CME GroupUS$255.364.2%
+US$3.0b		-6.8%PE21.5x

Latest News

SCHW
US$104.18
Charles Schwab
7D
1.6%
1Y
6.4%
BX
US$132.60
Blackstone
7D
7.3%
1Y
-25.1%
ICE
US$148.73
Intercontinental Exchange
7D
5.1%
1Y
-18.6%
GS
US$1,048.23
Goldman Sachs Group
7D
-0.6%
1Y
44.9%
MS
US$214.56
Morgan Stanley
7D
1.7%
1Y
50.5%
HOOD
US$95.65
Robinhood Markets
7D
-3.7%
1Y
-10.4%
KKR
US$101.63
KKR
7D
4.8%
1Y
-33.2%
MCO
US$485.96
Moody's
7D
-3.8%
1Y
-4.2%
CME
US$255.36
CME Group
7D
4.2%
1Y
-6.8%
COIN
US$167.49
Coinbase Global
7D
4.4%
1Y
-55.9%
NTRS
US$182.52
Northern Trust
7D
-0.1%
1Y
40.6%
ARES
US$127.76
Ares Management
7D
5.4%
1Y
-31.8%
Narrative Update • Jul 24

ARES: Private Credit Platform And Real Estate Expansion Will Balance Fundraising Risks

The analyst price target for Ares Management has been reduced by $3 to $122, as analysts update their models to reflect more measured revenue growth assumptions, firmer profit margins, and a lower future P/E profile across the alternative asset manager group. Analyst Commentary Recent research on Ares Management points to a more balanced setup, with several firms trimming price targets or ratings while still recognizing the company’s position within alternative asset management.
MSCI
US$571.03
MSCI
7D
-8.7%
1Y
3.3%
SPGI
US$439.83
S&P Global
7D
-1.9%
1Y
-17.1%
Seeking Alpha • Jul 23

S&P Global: Strong Q2 Expected From The Crown Jewel Segments

Summary S&P Global is a leaner, higher-margin, and likely higher-growth company post-Mobility spin-off. Ratings and Indices segments are benefiting from robust issuance, record ETF inflows, and index performance, driving expected Q2 acceleration. My Q2 revenue growth estimate of 11.7% outpaces consensus. SPGI's valuation remains attractive at a 1.69x PEGY, with aggressive buybacks and potential for multiple expansion toward peer levels. Read the full article on Seeking Alpha
XXI
US$4.53
Twenty One Capital
7D
-14.8%
1Y
-84.0%
GLXY
US$22.70
Galaxy Digital
7D
-4.1%
1Y
-23.3%