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 37.6x. Analysts are expecting annual earnings growth of 10.7%, 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, 15 Jul 2026	US$2.8t	US$756.9b	US$112.5b	40.1x	25.1x	3.7x
Fri, 12 Jun 2026	US$2.7t	US$759.0b	US$113.3b	39.5x	23.6x	3.5x
Sun, 10 May 2026	US$2.7t	US$757.7b	US$113.9b	41.9x	23.5x	3.5x
Tue, 07 Apr 2026	US$2.5t	US$736.3b	US$106.8b	36.8x	23.3x	3.4x
Thu, 05 Mar 2026	US$2.6t	US$734.6b	US$106.9b	22.8x	23.9x	3.5x
Sat, 31 Jan 2026	US$2.8t	US$667.9b	US$106.4b	23.6x	26.7x	4.2x
Mon, 29 Dec 2025	US$2.8t	US$656.4b	US$105.5b	25.7x	26.9x	4.3x
Wed, 26 Nov 2025	US$2.6t	US$656.1b	US$105.4b	23.4x	24.8x	4x
Fri, 24 Oct 2025	US$2.7t	US$646.5b	US$105.1b	26.1x	25.6x	4.2x
Sun, 21 Sep 2025	US$2.8t	US$874.9b	US$100.9b	27.2x	28.1x	3.2x
Tue, 19 Aug 2025	US$2.7t	US$866.0b	US$100.8b	25.7x	27.3x	3.2x
Thu, 17 Jul 2025	US$2.7t	US$591.8b	US$97.3b	28.9x	27.3x	4.5x
Sat, 14 Jun 2025	US$2.4t	US$590.8b	US$97.3b	26.4x	24.9x	4.1x
Mon, 12 May 2025	US$2.2t	US$577.3b	US$95.8b	26.3x	23x	3.8x
Wed, 09 Apr 2025	US$1.9t	US$557.2b	US$95.4b	22.5x	20.4x	3.5x
Fri, 07 Mar 2025	US$2.3t	US$555.7b	US$95.3b	21.4x	24.5x	4.2x
Sun, 02 Feb 2025	US$2.6t	US$541.7b	US$91.3b	23x	28x	4.7x
Tue, 31 Dec 2024	US$2.4t	US$526.2b	US$81.7b	23.4x	29.2x	4.5x
Thu, 28 Nov 2024	US$2.5t	US$524.3b	US$81.7b	23.2x	30.7x	4.8x
Sat, 26 Oct 2024	US$2.3t	US$503.7b	US$81.1b	22.7x	28.1x	4.5x
Mon, 23 Sep 2024	US$2.1t	US$491.5b	US$77.8b	21.1x	27.3x	4.3x
Wed, 21 Aug 2024	US$2.0t	US$492.3b	US$78.0b	19.7x	26x	4.1x
Fri, 19 Jul 2024	US$2.0t	US$473.1b	US$76.7b	20.3x	26.4x	4.3x
Sun, 16 Jun 2024	US$1.9t	US$467.2b	US$73.2b	20.7x	25.7x	4x
Tue, 14 May 2024	US$1.9t	US$465.9b	US$73.2b	22.4x	26.2x	4.1x
Thu, 11 Apr 2024	US$1.9t	US$441.2b	US$67.3b	21.3x	28.4x	4.3x
Sat, 09 Mar 2024	US$1.9t	US$440.4b	US$67.3b	19.3x	27.5x	4.2x
Mon, 05 Feb 2024	US$1.8t	US$433.9b	US$67.7b	27.6x	27.3x	4.3x
Wed, 03 Jan 2024	US$1.9t	US$432.8b	US$70.6b	27.8x	26.2x	4.3x
Fri, 01 Dec 2023	US$1.7t	US$432.8b	US$70.6b	27x	23.9x	3.9x
Sun, 29 Oct 2023	US$1.5t	US$428.5b	US$67.1b	27.1x	21.7x	3.4x
Tue, 26 Sep 2023	US$1.6t	US$426.4b	US$68.1b	27.9x	23.6x	3.8x
Thu, 24 Aug 2023	US$1.6t	US$426.3b	US$68.1b	28.2x	23.6x	3.8x
Sat, 22 Jul 2023	US$1.7t	US$422.9b	US$62.9b	31.1x	26.9x	4x


US Market	-0.93%
Financials	-0.43%
Capital Markets	-0.43%
Diversified Capital Markets	4.62%
Financial Exchanges and Data	0.52%
Asset Management	0.099%
Investment Banking and Brokerage	-1.20%

Company	Last Price	7D	1Y	Valuation
GS Goldman Sachs Group	US$1.14k	9.3% +US$29.7b	62.3%	PE20.5x
MS Morgan Stanley	US$227.67	2.5% +US$8.9b	60.8%	PE20.5x
BX Blackstone	US$124.56	3.0% +US$2.9b	-22.1%	PE32x
BLK BlackRock	US$1.03k	1.6% +US$2.5b	-2.0%	PE25.4x
KKR KKR	US$97.21	2.2% +US$1.9b	-29.2%	PE31.1x

Announcement • 1h

Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) completed the acquisition of XOMA Royalty Corporation (NasdaqGM:XOMA) from a group of shareholders.

Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) entered into a definitive agreement to acquire XOMA Royalty Corporation (NasdaqGM:XOMA) from a group of shareholders for approximately $690 million on April 27, 2026. Under the terms of the merger agreement, Ligand will acquire all the outstanding shares of common stock of XOMA Royalty for $39.00 per share in cash, for a total equity value of approximately $739 million. XOMA Royalty stockholders are expected to separately receive one non-transferable Contingent Value Right per share entitling the holder to receive a portion of 75% of the net proceeds that may result from certain pending litigation at XOMA Royalty. XOMA Royalty’s Series X Convertible Preferred Stock is expected to be converted into shares of common stock at its stated fixed price prior to closing, whereas the outstanding shares of Series A Preferred Stock and Series B Preferred Stock are expected to be redeemed. XOMA Royalty stockholders also will receive one CVR per share. The CVRs are intended to provide XOMA Royalty stockholders with the opportunity to receive certain net proceeds, if any are recovered, from certain ongoing litigation with regard to XOMA Royalty’s dispute with Janssen Biotech regarding the commercialization of TREMFYA®. The cash consideration for the transaction is expected to be funded with Ligand’s existing cash on hand and borrowings under Ligand’s existing credit facility. The cash purchase price at close represents an approximately 14% premium to XOMA Royalty’s 30 trading day volume weighted average price as of April 24, 2026, the last trading day prior to announcement of the transaction. In case of termination of transaction, Ligand will pay a termination fee of $40 million. The transaction has been unanimously approved by the Ligand and XOMA Royalty Boards of Directors. The transaction is subject to customary closing conditions, approval by XOMA Royalty stockholders, antitrust regulations, and the receipt of certain regulatory approvals. The transaction is expected to close in the third quarter of 202 and to be immediately accretive to Ligand earnings per share. Ligand is increasing its 2026 revenue guidance to be in the range of $270 million to $310 million (previously $245 million to $285 million) and is raising adjusted earnings per diluted share guidance to $8.50 to $9.50 (previously $8.00 to $9.00). Royalties are now expected to range from $225 million to $250 million (previously $200 million to $225 million). Guidance for sales of Captisol® ($35 million to $40 million) and contract revenue ($10 million to $20 million) are unchanged. In addition, Ligand expects the transaction to be accretive by $1.50 per share to adjusted EPS in 2027. As of June 12, 2026, the transaction is expected to close on or about July 14, 2026. Stifel, Nicolaus & Company, Incorporated acted as lead financial advisor for Ligand Pharmaceuticals Incorporated. Citigroup Global Markets Inc. acted as financial advisor for Ligand Pharmaceuticals Incorporated. Andrew Goodman, Brad Bondi, Sean Donahue, Brandon Bortner, Ryan Brewer.Eric Schiele, Ben Stein, Olivier Souleres, Andrew Davis, Joe Opich, Michael Pelle, Jason Ertel, Brad Bondi, Ronald Anguas, Neil Schumacher, Nick Griepsma, Todd Schneider, Joshua Soven, Catherine Kordestani, Holly Snow and Peter Lindsay of Paul Hastings LLP acted as legal advisors for Ligand Pharmaceuticals Incorporated. Leerink Partners LLC acted as lead financial advisor for XOMA Royalty Corporation. In connection with Leerink Partners’ services as a financial advisor to the Company, the Company has agreed to pay Leerink Partners an aggregate fee estimated as of the announcement of the Merger Agreement to be approximately $18.4 million, $1.0 million of which became payable upon the rendering of Leerink Partners’ opinion, and the remainder of which is payable contingent upon consummation of the Transaction. H.C. Wainwright & Co., LLC acted as financial advisor for XOMA Royalty Corporation. Ryan Murr, Branden Berns, Pamela Lawrence Endreny, Sean Feller and Rachel Kleinberg of Gibson, Dunn & Crutcher LLP acted as legal advisors for XOMA Royalty Corporation. Collected Strategies is serving as strategic communications advisor to Ligand. Sodali & Co acted as information agent to XOMA Royalty and will receive a fee of approximately $10,000, plus reimbursement of reasonable expenses. Equiniti Trust Company, LLC acted as transfer agent to XOMA Royalty. Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) completed the acquisition of XOMA Royalty Corporation (NasdaqGM:XOMA) from a group of shareholders on July 14, 2026. In connection with the completion of the transaction, XOMA Royalty common stock ceased trading on The Nasdaq Global Market. In accordance with the terms of the Merger Agreement, effective as of the Effective Time, (i) the directors of Merger Sub as of immediately prior to the Effective Time, Todd C. Davis, Octavio Espinoza and Andrew Reardon, became the directors of XOMA Royalty until the earlier of their resignation or removal or until their respective successors are duly designated, as the case may be, and each of Jack L. Wyszomierski, Heather L. Franklin, Natasha Hernday, Owen Hughes, Barbara Kosacz, Joseph M. Limber and Matthew Perry, voluntarily resigned as directors of XOMA Royalty and from all committees of the Board of Directors of XOMA Royalty on which such directors served, and (ii) the officers of Merger Sub as of immediately prior to the Effective Time became new officers of XOMA Royalty. The transaction is expected to be immediately accretive and to add approximately $0.50 and $1.50 per share to Ligand’s projected 2026 and 2027 adjusted earnings per share1, respectively.

Announcement • 6h

An unknown funds, managed by ArchiMed SAS completed the acquisition of Esperion Therapeutics, Inc. (NasdaqGM:ESPR) from Wasatch Advisors LP, BlackRock, Inc. (NYSE:BLK) and others.

An unknown funds, managed by ArchiMed SAS entered into a definitive agreement to acquire Esperion Therapeutics, Inc. (NasdaqGM:ESPR) from Wasatch Advisors LP, BlackRock, Inc. (NYSE:BLK) and others for approximately $850 million on May 1, 2026. Funds managed by ARCHIMED will acquire Esperion in a transaction valued at up to approximately $1.1 billion in total equity value on a fully diluted basis, assuming full achievement of certain commercial-based milestones. Under the terms of the agreement, Esperion shareholders will receive $3.16 per share in cash at closing, plus the right to participate in contingent milestone payments of up to $100 million in the aggregate tied to future net sales performance. The upfront cash consideration represents a premium of 58% to Esperion’s closing share price on April 30, 2026. Two contingent milestone payments of up to $100 million in the aggregate as follows: A contingent milestone payment based on annual U.S. net sales of certain products containing bempedoic acid (including NEXLETOL® and NEXLIZET®) in calendar year 2027 equal to (i) $40 million in the aggregate if such annual net sales are greater than $350 million or (ii) an amount between $0 and $40 million in the aggregate, determined by linear interpolation, if such annual net sales exceed $300 million but are less than $350 million; and A contingent milestone payment based on annual U.S. net sales of certain products containing bumetanide (including ENBUMYST) equal to $60 million in the aggregate if such annual net sales equal or exceed $160 million in any single calendar year through December 31, 2030. Debt financing for this transaction will be provided by investment funds managed by Pharmakon Advisors, LP. Biopharma Credit said it alongside BioPharma Credit Investments V Master LP provided committed financing to Archimed of up to $400 million. Biopharma Credit's allocation of such commitment will be between $78 million and $120 million. Until that time, Esperion will continue to operate as a separate and independent company. Following completion of the transaction, Esperion will become a privately held company and its common stock will no longer be listed on the Nasdaq Stock Market. In case of termination Esperion will pay $34.1 million or 3.5% of the equity value and ArchiMed SAS will pay $68.3 million or 7% of the equity value. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by Esperion’s shareholders, acquirer board, approval by acquirer shareholders and receipt of certain required regulatory approvals. The Company’s Board of Directors has unanimously approved the transaction and recommends that Esperion shareholders vote their shares to approve the transaction. The transaction is not subject to a financing condition. As on June 2, 2026, the transaction has received clearance from Bundeskartellamt under the German Act Against Restraints of Competition. On June 15, 2026, the Hart-Scott-Rodino Waiting Period has expired. The completion of the Merger remains subject to the satisfaction of other customary closing conditions, including the adoption of the Merger Agreement by the Esperion Therapeutics, Inc's stockholders, which is scheduled to be held virtually on July 8, 2026 at 8:00 a.m. Eastern Time. On July 8, 2026, Esperion Therapeutics’ stockholders voted to adopt the Agreement and Plan of Merger. Moelis & Company LLC is acting as exclusive financial advisor to ARCHIMED, the team of Sidley Austin LLP led by David D’Urso, Adam Cromie, Matt Naifeh, Kristen Smith, Asher Rubin, Robert Mandell, Dustin Anderson, Christian Brause, Eric Wolf, Natalie Chan, Lauren Kitces, Heather Palmer and Sarah Jehl, Deeona Gaskin, Josefine Sommer and Donielle McCutcheon is serving as legal advisor. Eric Tokat and Jason Zuckerbrod of Centerview Partners is acting as exclusive financial advisor and fairness opinion provider an aggregate fee of approximately $37.5 million, $1.5 million of which was payable upon the rendering of Centerview’s opinion and $36 million of which is payable contingent upon consummation of the transactions., the team of Goodwin Procter LLP led by Lisa Haddad, Jean Lee, Stuart Cable, Michael Shuster, Duncan Greenhalgh, Noelle Dubiansky, Alex Denniston, James Devendorf, Jennifer Fay, Lauren NuDelman, Julie Tibbets, Jackie Klosek, Curtis McCluskey, Arman Oruc, Heath Ingram, Nathan Brodeur, Dan Karelitz, Kristopher Ring, Arthur Nahas, Liza Craig, Candi Alfred, Brian Mukherjee, Jacob Osborn, James Barri, Mitchell Bloom and Justin Platt is serving as legal advisor. Akin Gump LLP is serving as legal advisor to Pharmakon Advisors. Latham & Watkins LLP advised Centerview Partners. MacKenzie Partners, Inc. acted as information agent and Computershare Trust Company, N.A. acted as transfer agent for Esperion. An unknown funds, managed by ArchiMed SAS completed the acquisition of Esperion Therapeutics, Inc. (NasdaqGM:ESPR) from Wasatch Advisors LP, BlackRock, Inc. (NYSE:BLK) and others on July 13, 2026. Effective upon the consummation of the Merger, in accordance with the Merger Agreement, each of J. Martin Carroll, Sheldon L. Koenig, Robert E. Hoffman, Craig Thompson, Jay P. Shepard and Seth H.Z. Fischer, who constituted the board of directors of the Company immediately prior to the Effective Time, ceased to be directors of the Company, and Justin Bateman and Ankit Pareek, the directors of MergerCo immediately prior to the Effective Time, were elected as directors of Esperion Therapeutics, Inc.

U.S. Capital Markets Industry Analysis

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