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U.S. Capital Markets Industry Analysis

UpdatedSep 07, 2025
DataAggregated Company Financials
Companies338
  • 7D-2.1%
  • 3M9.9%
  • 1Y34.9%
  • YTD12.7%

Over the last 7 days, the Capital Markets industry has dropped 2.1%, driven by Charles Schwab declining 4.0%. In the past year, the industry has gained 35%. Looking forward, earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Sep 2025US$2.8tUS$865.8bUS$100.6b26.5x27.3x3.2x
Tue, 05 Aug 2025US$2.7tUS$602.3bUS$101.4b26.9x26.5x4.5x
Thu, 03 Jul 2025US$2.5tUS$590.6bUS$97.0b28.4x26.2x4.3x
Sat, 31 May 2025US$2.4tUS$590.3bUS$97.3b28.1x24.7x4.1x
Mon, 28 Apr 2025US$2.2tUS$564.6bUS$96.1b24.1x22.8x3.9x
Wed, 26 Mar 2025US$2.3tUS$559.2bUS$94.9b23.7x24.5x4.2x
Fri, 21 Feb 2025US$2.5tUS$554.7bUS$95.0b20.9x26.6x4.6x
Sun, 19 Jan 2025US$2.5tUS$535.5bUS$88.0b22.8x28.1x4.6x
Tue, 17 Dec 2024US$2.5tUS$524.2bUS$81.6b23.8x30.1x4.7x
Thu, 14 Nov 2024US$2.4tUS$509.5bUS$81.7b24.2x29.8x4.8x
Sat, 12 Oct 2024US$2.2tUS$493.2bUS$78.6b22.6x27.5x4.4x
Mon, 09 Sep 2024US$2.0tUS$491.4bUS$77.8b20.6x25.5x4x
Wed, 07 Aug 2024US$1.9tUS$478.5bUS$77.5b20.8x24.3x3.9x
Fri, 05 Jul 2024US$1.9tUS$467.7bUS$73.1b20.8x26.4x4.1x
Sun, 02 Jun 2024US$1.9tUS$467.1bUS$73.1b21.9x26x4.1x
Tue, 30 Apr 2024US$1.9tUS$450.4bUS$70.7b20.2x26.5x4.2x
Thu, 28 Mar 2024US$1.9tUS$440.8bUS$67.3b19.7x28.5x4.3x
Sat, 24 Feb 2024US$1.8tUS$440.2bUS$67.5b19.1x27x4.1x
Mon, 22 Jan 2024US$1.8tUS$433.5bUS$69.0b27.7x26.3x4.2x
Wed, 20 Dec 2023US$1.8tUS$432.9bUS$70.6b27.4x26.2x4.3x
Fri, 17 Nov 2023US$1.6tUS$432.7bUS$70.6b26.6x23.2x3.8x
Sun, 15 Oct 2023US$1.6tUS$425.8bUS$68.3b28x22.8x3.7x
Tue, 12 Sep 2023US$1.7tUS$426.4bUS$68.1b28.2x24.3x3.9x
Thu, 10 Aug 2023US$1.7tUS$426.8bUS$67.4b30.4x24.6x3.9x
Sat, 08 Jul 2023US$1.6tUS$420.9bUS$64.3b31x24.2x3.7x
Mon, 05 Jun 2023US$1.5tUS$418.9bUS$64.4b30.4x23.8x3.7x
Wed, 03 May 2023US$1.5tUS$420.5bUS$64.3b27.6x23.6x3.6x
Fri, 31 Mar 2023US$1.6tUS$423.7bUS$69.1b28.9x22.5x3.7x
Sun, 26 Feb 2023US$1.7tUS$424.5bUS$69.6b27.6x24.3x4x
Tue, 24 Jan 2023US$1.7tUS$439.0bUS$81.2b27.9x21.2x3.9x
Thu, 22 Dec 2022US$1.6tUS$443.7bUS$85.8b27.3x18.8x3.6x
Sat, 19 Nov 2022US$1.7tUS$439.0bUS$85.5b27.1x19.6x3.8x
Mon, 17 Oct 2022US$1.4tUS$453.5bUS$96.1b24.8x14.6x3.1x
Wed, 14 Sep 2022US$1.7tUS$454.8bUS$96.6b25.5x17.6x3.7x
Price to Earnings Ratio

17.6x


Total Market Cap: US$1.7tTotal Earnings: US$96.6bTotal Revenue: US$454.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 24.6x202320242025
Current Industry PE
  • Investors are optimistic on the American Capital Markets industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 27.3x which is higher than its 3-year average PE of 24.6x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 24% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market0.43%
Financials-1.52%
Capital Markets-2.07%
Financial Exchanges and Data-1.88%
Asset Management-2.02%
Investment Banking and Brokerage-2.23%
Diversified Capital Markets-6.87%
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 39.9x.
    • Analysts are expecting annual earnings growth of 7.6%, which is lower than the prior year's growth of 14.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 49% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 7.6% 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
XP XPUS$18.914.2%
+US$405.6m		4.0%PE11x
FUTU Futu HoldingsUS$187.280.9%
+US$233.9m		219.1%PE25.7x
ETOR eToro GroupUS$46.404.5%
+US$167.4m		n/aPE20.7x
AMG Affiliated Managers GroupUS$230.282.4%
+US$155.1m		40.5%PE14.8x
MKTX MarketAxess HoldingsUS$187.502.0%
+US$136.8m		-27.0%PE31.4x

Latest News

AMG
US$230.28
Affiliated Managers Group
7D
2.4%
1Y
40.5%
HOOD
US$101.25
Robinhood Markets
7D
-2.7%
1Y
434.6%
KKR
US$135.53
KKR
7D
-2.8%
1Y
16.6%
BLK
US$1,099.15
BlackRock
7D
-2.5%
1Y
26.8%
SCHW
US$92.05
Charles Schwab
7D
-4.0%
1Y
46.3%
LPLA
US$332.99
LPL Financial Holdings
7D
-8.6%
1Y
57.5%
XP
US$18.91
XP
7D
4.2%
1Y
4.0%

Brazil's Evolving Landscape Will Unlock Broad Market Opportunities

Analysts have modestly raised XP's price target to $22.84 as bullish sentiment around improved fundamentals offsets bearish concerns over limited upside and competitive challenges. Analyst Commentary Bearish analysts cite concerns over limited upside to justify a downgrade and reduced price target.
BGC
US$9.94
BGC Group
7D
1.3%
1Y
4.7%
AMP
US$489.28
Ameriprise Financial
7D
-5.0%
1Y
13.7%
FUTU
US$187.28
Futu Holdings
7D
0.9%
1Y
219.1%

Global Expansion And Digital Finance Will Shape Future Trends

Driven by significantly better-than-expected Q2 results, strong customer and asset growth, and favorable regulatory developments in Hong Kong and China, analysts have raised Futu Holdings’ consensus price target from $162.88 to $182.62. Analyst Commentary Strong Q2 performance, with results well ahead of expectations, driven by robust growth in new customer acquisitions and assets under management.
ETOR
US$46.40
eToro Group
7D
4.5%
1Y
n/a
SPGI
US$538.06
S&P Global
7D
-1.9%
1Y
5.4%
TROW
US$108.16
T. Rowe Price Group
7D
0.5%
1Y
6.4%
MS
US$148.09
Morgan Stanley
7D
-1.6%
1Y
53.3%
MKTX
US$187.50
MarketAxess Holdings
7D
2.0%
1Y
-27.0%

Emerging Markets And Electronic Trading Will Drive Future Success

MarketAxess Holdings’ fair value estimate was revised down as both the forward P/E multiple and consensus revenue growth expectations declined slightly, resulting in the analyst price target dropping from $238.08 to $220.58. What's in the News MarketAxess Holdings is seeking M&A opportunities, citing a strong balance sheet and recent executive changes supporting such initiatives.