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 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.5x.

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 37.8x. Analysts are expecting annual earnings growth of 11.2%, 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
Thu, 02 Jul 2026	US$2.7t	US$759.9b	US$113.3b	40x	23.4x	3.5x
Sat, 30 May 2026	US$2.7t	US$758.9b	US$113.4b	39.5x	23.7x	3.5x
Mon, 27 Apr 2026	US$2.7t	US$747.4b	US$111.5b	42x	23.8x	3.5x
Wed, 25 Mar 2026	US$2.5t	US$730.5b	US$106.9b	29.9x	23.2x	3.4x
Fri, 20 Feb 2026	US$2.7t	US$734.5b	US$106.5b	23.4x	24.9x	3.6x
Sun, 18 Jan 2026	US$2.9t	US$662.5b	US$106.5b	25.9x	27.7x	4.4x
Tue, 16 Dec 2025	US$2.8t	US$656.5b	US$105.5b	25x	26.6x	4.3x
Thu, 13 Nov 2025	US$2.7t	US$653.7b	US$105.8b	25.4x	25.8x	4.2x
Sat, 11 Oct 2025	US$2.8t	US$875.1b	US$101.0b	24.9x	27.5x	3.2x
Mon, 08 Sep 2025	US$2.7t	US$865.8b	US$100.6b	26.5x	26.9x	3.1x
Wed, 06 Aug 2025	US$2.7t	US$602.5b	US$101.4b	26.8x	27x	4.5x
Fri, 04 Jul 2025	US$2.6t	US$590.6b	US$97.0b	28.1x	26.7x	4.4x
Sun, 01 Jun 2025	US$2.2t	US$590.3b	US$97.3b	28.1x	22.7x	3.7x
Tue, 29 Apr 2025	US$2.2t	US$564.7b	US$96.2b	24.2x	22.8x	3.9x
Thu, 27 Mar 2025	US$2.3t	US$559.1b	US$94.9b	23.7x	24.6x	4.2x
Sat, 22 Feb 2025	US$2.4t	US$555.2b	US$95.7b	20.5x	25.4x	4.4x
Mon, 20 Jan 2025	US$2.5t	US$535.5b	US$88.0b	22.8x	28.1x	4.6x
Wed, 18 Dec 2024	US$2.5t	US$524.2b	US$81.6b	23.4x	30.2x	4.7x
Fri, 15 Nov 2024	US$2.4t	US$509.5b	US$81.7b	23.5x	29.7x	4.8x
Sun, 13 Oct 2024	US$2.2t	US$493.9b	US$78.6b	22.6x	27.9x	4.4x
Tue, 10 Sep 2024	US$2.0t	US$491.4b	US$77.8b	20.7x	25.8x	4.1x
Thu, 08 Aug 2024	US$1.9t	US$491.2b	US$77.8b	20.6x	24.6x	3.9x
Sat, 06 Jul 2024	US$1.9t	US$467.7b	US$73.1b	20.8x	26.4x	4.1x
Mon, 03 Jun 2024	US$1.9t	US$467.1b	US$73.1b	21.9x	26x	4.1x
Wed, 01 May 2024	US$1.8t	US$450.6b	US$70.6b	19.8x	26.1x	4.1x
Fri, 29 Mar 2024	US$1.9t	US$441.2b	US$67.3b	19.4x	28.5x	4.3x
Sun, 25 Feb 2024	US$1.8t	US$440.2b	US$67.5b	19.1x	26.9x	4.1x
Tue, 23 Jan 2024	US$1.8t	US$433.5b	US$68.9b	27.8x	26.4x	4.2x
Thu, 21 Dec 2023	US$1.9t	US$432.8b	US$70.6b	27.8x	26.2x	4.3x
Sat, 18 Nov 2023	US$1.6t	US$432.6b	US$70.6b	27x	23.1x	3.8x
Mon, 16 Oct 2023	US$1.6t	US$425.8b	US$68.3b	27.8x	22.8x	3.7x
Wed, 13 Sep 2023	US$1.7t	US$426.4b	US$68.1b	28.2x	24.3x	3.9x
Fri, 11 Aug 2023	US$1.7t	US$426.2b	US$68.1b	30.4x	24.3x	3.9x
Sun, 09 Jul 2023	US$1.6t	US$420.9b	US$64.3b	31x	24.2x	3.7x


US Market	1.64%
Financials	2.13%
Capital Markets	0.63%
Diversified Capital Markets	10.58%
Asset Management	2.11%
Financial Exchanges and Data	2.07%
Investment Banking and Brokerage	-1.00%

Company	Last Price	7D	1Y	Valuation
HOOD Robinhood Markets	US$112.70	20.6% +US$17.3b	19.4%	PE53.5x
SPGI S&P Global	US$439.89	11.3% +US$13.2b	-16.9%	PE27.3x
SCHW Charles Schwab	US$97.00	8.5% +US$13.1b	6.0%	PE18.7x
MCO Moody's	US$490.51	11.8% +US$9.0b	-2.9%	PE34.3x
BX Blackstone	US$122.78	7.5% +US$6.8b	-20.9%	PE31.6x

Announcement • 9h

Robert A. Ortenzio, Martin F. Jackson, Estate of Rocco A. Ortenzio and certain other financing sources completed the acquisition of remaining 86.6% stake in Select Medical Holdings Corporation (NYSE:SEM) from a group of shareholders.

Robert A. Ortenzio, Martin F. Jackson, Estate of Rocco A. Ortenzio and certain other financing sources submitted a non-binding indication of interest to acquire remaining 86.6% stake in Select Medical Holdings Corporation (NYSE:SEM) from a group of shareholders for $1.7 billion on November 24, 2025. As reported, all-cash purchase price of $16.00 to $16.20 per share will be offered in the Take-Private Proposal. On March 2, 2026, a consortium led by Robert A. Ortenzio, Martin F. Jackson, and WCAS XIV, L.P., managed by Welsh, Carson, Anderson & Stowe, L.P. entered into a definitive agreement to acquire remaining 86.6% stake in Select Medical Holdings Corporation from a group of shareholders for $1.8 billion. All of Select Medical's outstanding shares of common stock not already owned by the buyer consortium will be acquired for a price per share of $16.50 in cash. This amount represents a premium of approximately 18% over the Company’s unaffected price of $14.01 per Company Share as of November 24, 2025, the last trading day prior to a publicly disclosed proposal being submitted by Ortenzio to the Company’s Board of Directors (the “Company Board”), and a premium of approximately 25% over the Company’s 90-day volume-weighted average closing Company Share price for the period ending on November 24, 2025. The transaction would be fully financed by committed equity financing from funds affiliated with Welsh, Carson, Anderson & Stowe (“WCAS”) and committed debt financing from J.P. Morgan and Wells Fargo. In connection with the financing of the Merger, the Debt Commitment Parties and Parent entered into the Debt Commitment Letter, pursuant to which, subject to the terms and conditions therein, the Debt Commitment Parties committed to provide Parent with Debt Financing consisting of up to $1 billion. In connection with the financing of the Merger, Parent and WCAS entered into the Equity Commitment Letter, pursuant to which, subject to the terms and conditions therein, WCAS agreed to provide Parent with the Equity Financing in an amount up to $880 million, which may be reduced in accordance with the terms set forth in the Equity Commitment Letter. Upon completion of the Merger, Select Medical will become a privately held company, and its shares of common stock will be deregistered under applicable rules of the Securities and Exchange Commission and no longer be listed on the New York Stock Exchange. Select Medical's current management is expected to remain in place following the completion of the merger. In specified circumstances in which the Merger Agreement is terminated, the Company has agreed to pay Parent the Company Termination Fee of $66.5 million (representing approximately 3.25% of the equity value implied by the Merger). Upon termination of the Merger Agreement, Parent will be required to pay the Company a termination fee of approximately $130 million. The transaction is subject to approval of offer by target shareholders, consummation of due diligence investigation, definitive agreement, approval by Board of Select Medical Holdings and receipt of all necessary regulatory approvals. As of March 2, 2026, the disinterested members of the Board, acting upon the recommendation of the Special Committee, unanimously approved the merger agreement. The transaction is expected to close mid 2026, subject to customary closing conditions, including (a) approval by a majority of the votes cast by holders of the shares of outstanding Select Medical common stock that are not held by any members of the Consortium, the Rollover Participants or their affiliates, (b) the expiration or termination of any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (c) the receipt of certain other required regulatory approvals. As of April 27, 2026 the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended expired. As of June 26, 2026, the transaction has been approved by the shareholders of Select Medical Holdings Corporation. Goldman Sachs acted as financial advisor, fairness opinion provider and Allison Schneirov and Christopher Barlow of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to the Special Committee of Select Medical Holdings. Pursuant to an engagement letter between the Special Committee and Goldman Sachs, the Special Committee has agreed to pay Goldman Sachs a transaction fee of approximately $11 million, all of which is contingent upon consummation of the transactions contemplated by the Merger Agreement, including the Merger. Stephen Leitzell, Michael Darby, Rick Horvath, Ani Ravi, David Passey, Kevin Kay, Thomas Rayksi, Hilary Bonaccorsi, Timothy Blank, J. Ian Downes, Jeffrey Rubin, James Fishkin and Angelina Liang of Dechert LLP acted as legal advisors to Select Medical. Thomas Drake, Joshua Moradfar and Cory Rapkin of Wells Fargo acted as financial advisor and will reeive a fee of $11.5 million, J.P. Morgan are serving as financial advisors, and Minh Van Ngo, Andrew M. Wark, George E. Zobitz, Douglas Dolan, Ron Creamer, Arvind Ravichandran, Jonathan J. Katz, David J. Kappos, Margaret T. Segall, Matthew Morreale, Annmarie M. Terraciano, Joyce Law, Lauren Piechocki, Reva Bardhi, W. X. Joanna Gaines-Zhang, Mikhail M. Grant and Mohamed Camara of Cravath, Swaine & Moore LLP acted as legal advisors to the consortium led by Robert A. Ortenzio, Martin F. Jackson, and Welsh, Carson, Anderson & Stowe, L.P. Barclays acted as financial advisor, and Scott Abramowitz, Craig Marcus, Brett Friedman, Brett Friedman, Nichole Lopez-Tackett, David Hennes, Noah Yavitz, Chris Conniff, Adam Greenwood, David Saltzman, Regina Sam Penti, Allie Alperovich and Megan Bisk of Ropes & Gray LLP acted as legal advisors, to Welsh, Carson, Anderson & Stowe. Paul Hastings LLP acted as legal counsel to the debt financing sources. Computershare Inc. acted as transfer agent and registrar to Select Medical Holdings. Innisfree M&A Incorporated acted as proxy solicitor to Select Medical Holdings Corporation and will receive a fee of $0.04 million. A consortium led by Robert A. Ortenzio, Martin F. Jackson, and WCAS XIV, L.P., managed by Welsh, Carson, Anderson & Stowe, L.P. completed the acquisition of remaining 86.6% stake in Select Medical Holdings Corporation (NYSE:SEM) from a group of shareholders on June 30, 2026. Select Medical filed a Certificate of Merger, pursuant to which the acquisition will become effective as of July 1, 2026 at 12:01 am. With the completion of the acquisition, Select Medical's common stock will cease trading and Select Medical will no longer be listed on the New York Stock Exchange as of July 1, 2026. The Consortium maintains effective and operational control of the company and its subsidiaries and now has a majority of the economic interest in Select Medical. Select Medical's current officers, including Mr. Ortenzio and Mr. Jackson, will continue to lead the business in their respective roles following the closing.

Announcement • 13h

S&P Global Inc. completed the Spin-Off of Mobility Global, Inc. (NYSE:MBGL).

The Board of S&P Global Inc. (NYSE:SPGI) announced the spin-off of S&P Global Mobility Division on April 29, 2025. As per the transaction, the planned separation is expected to result in S&P Global Mobility becoming a standalone public company. S&P Global announced Mobility Global, Inc will be the corporate name for the S&P Global Mobility business upon completion of its planned separation from S&P Global into a standalone public company. Each holder of S&P Global common stock will receive one share of Mobility common stock for every share of S&P Global common stock held as of the close of business on June 15, 2026. As of FY 2024, S&P Global Mobility Division generated revenue of $1.6 billion. As of March 31, 2026, the Mobility Business of S&P Global reported total assets of $13 billion. Larissa Cerqueira, former Chief Human Resources Officer at Fluence Energy, will serve as Chief People Officer of Mobility starting January 1, 2026. Tasha Matharu, currently Deputy General Counsel and Corporate Secretary at S&P Global, will become Chief Legal Officer of Mobility on the same date. Joseph Lenz, former Chief Technology Officer at CARFAX, was appointed Chief Information Officer of Mobility effective immediately. The transaction is subject to satisfaction of customary legal and regulatory requirements and approvals, including final approval of the Company's Board of Directors and effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission. The transaction is expected to close within 12 to 18 months. As on May 7, 2026, S&P Global announced today the public filing of a Form 10 registration statement ("Form 10") with the U.S. Securities and Exchange Commission in connection with its previously announced separation of its Mobility division into an independent, public company, Mobility Global Inc. The transaction is subject to the satisfaction of customary legal and regulatory requirements and approvals, including final approval by the S&P Global Board of Directors, the Form 10 registration statement being declared effective by the U.S. Securities and Exchange Commission, S&P Global will have received the Closing Tax Opinion, the Mobility Board of Directors, as named in this information statement, will have been duly elected and all ancillary agreements executed successfully. S&P Global expects to complete the separation of its Mobility division in mid-2026. As of May 21, 2026, the board of directors of S&P Global has approved the transaction. As of May 21, 2026, the Distribution Date is set as July 1, 2026. On June 25, 2026, The board of directors of Mobility Global Inc. appointed Joseph R. Hinrichs as a director, increasing the size of the Board from two to three directors. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Evercore Group L.L.C acted as financial advisors and Brian Wolfe, William H. Aaronson, Michael Kaplan, Roshni Banker Cariello, Veronica M. Wissel, Joseph S. Brown, Michael Mollerus, Liang Zhang, Pritesh P. Shah and Ning Chiu of Davis Polk & Wardwell LLP and Baker & McKenzie LLP acted as legal advisors to S&P Global Inc. Computershare Trust Company, National Association acted as the transfer agent S&P Global. The Board of S&P Global Inc. (NYSE:SPGI) completed the spin-off of Mobility Global, Inc. (NYSE:MBGL). on July 1, 2026. Mobility Global shares will begin trading today on the New York Stock Exchange under the ticker symbol "MBGL."

U.S. Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

GNI Group Ltd. (TSE:2160) completed the acquisition of AYUMI Pharmaceutical Corporation from Blackstone Inc. (NYSE:BX), Toho Holdings Co., Ltd. (TSE:8129) and Hisamitsu Pharmaceutical Co., Inc.

Robert A. Ortenzio, Martin F. Jackson, Estate of Rocco A. Ortenzio and certain other financing sources completed the acquisition of remaining 86.6% stake in Select Medical Holdings Corporation (NYSE:SEM) from a group of shareholders.

S&P Global Inc. completed the Spin-Off of Mobility Global, Inc. (NYSE:MBGL).

T. Rowe Price Group, Inc. to Report Q2, 2026 Results on Jul 31, 2026

COIN: Stalled CLARITY Act And Weak Volumes Will Pressure Future Earnings

Energy And Rate Volatility Risks Will Challenge Derivatives Revenue Yet Long-Term Data Demand Should Endure

Investor sentiment deteriorates as stock falls 17%

The Bank of New York Mellon Corporation(NYSE:BNY) dropped from Russell Midcap Value Benchmark

The Goldman Sachs Group, Inc.(NYSE:GS) dropped from Russell Top 200 Growth Benchmark

Galaxy Digital: 4 Catalysts That Could Propel The Stock Higher

Robinhood Markets, Inc. Announces Appointment of Dara Bazzano as Principal Accounting Officer, Effective June 25, 2026

MS: Capital Returns And Private Market Tensions Will Shape Balanced Future Returns

Jefferies Financial Group Inc.(NYSE:JEF) dropped from Russell Midcap Growth Benchmark

StoneX Expands Equity Research With New Financial Institutions Group Practice for Banks

The Charles Schwab Corporation to Report Q2, 2026 Results on Jul 21, 2026

MCO: Proprietary Ratings Data And AI Partnerships Will Support Durable Upside