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U.S. Capital Markets Industry Analysis

UpdatedNov 22, 2025
DataAggregated Company Financials
Companies365
  • 7D-3.2%
  • 3M-7.4%
  • 1Y1.4%
  • YTD6.9%

Over the last 7 days, the Capital Markets industry has dropped 3.2%, driven by declines in Robinhood Markets and Coinbase Global of 12% and 15%, respectively. As for the longer term, the industry's performance has been flat for the past year. 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
Sat, 22 Nov 2025US$2.6tUS$654.5bUS$106.2b23.6x24.1x3.9x
Mon, 20 Oct 2025US$2.7tUS$625.2bUS$104.6b25.9x25.7x4.3x
Wed, 17 Sep 2025US$2.8tUS$865.9bUS$100.6b27.1x27.8x3.2x
Fri, 15 Aug 2025US$2.8tUS$866.2bUS$101.0b26.6x27.6x3.2x
Sun, 13 Jul 2025US$2.4tUS$590.5bUS$97.0b27.7x25.2x4.1x
Tue, 10 Jun 2025US$2.4tUS$590.4bUS$97.3b27.5x25x4.1x
Thu, 08 May 2025US$2.2tUS$567.0bUS$97.7b25.3x22.9x3.9x
Sat, 05 Apr 2025US$2.1tUS$558.9bUS$94.9b22.6x22.2x3.8x
Mon, 03 Mar 2025US$2.4tUS$554.9bUS$95.4b21.9x25.5x4.4x
Wed, 29 Jan 2025US$2.5tUS$537.3bUS$90.4b23.1x27.9x4.7x
Fri, 27 Dec 2024US$2.4tUS$526.2bUS$81.6b23.5x29.5x4.6x
Sun, 24 Nov 2024US$2.5tUS$524.4bUS$81.7b24.3x30.7x4.8x
Tue, 22 Oct 2024US$2.3tUS$498.9bUS$81.1b22.5x28.4x4.6x
Thu, 19 Sep 2024US$2.1tUS$491.5bUS$77.8b20.8x26.8x4.2x
Sat, 17 Aug 2024US$2.0tUS$492.1bUS$78.0b19.7x25.8x4.1x
Mon, 15 Jul 2024US$2.0tUS$467.8bUS$73.3b20.5x27.2x4.3x
Wed, 12 Jun 2024US$1.9tUS$467.0bUS$73.1b21.1x26x4.1x
Fri, 10 May 2024US$1.9tUS$466.0bUS$73.1b22.4x26x4.1x
Sun, 07 Apr 2024US$1.9tUS$441.1bUS$67.3b20.9x28.2x4.3x
Tue, 05 Mar 2024US$1.9tUS$440.4bUS$67.3b19.3x27.5x4.2x
Thu, 01 Feb 2024US$1.9tUS$433.2bUS$67.7b28x27.4x4.3x
Sat, 30 Dec 2023US$1.9tUS$432.8bUS$70.6b27.8x26.7x4.3x
Mon, 27 Nov 2023US$1.7tUS$432.8bUS$70.6b27.1x23.6x3.8x
Wed, 25 Oct 2023US$1.5tUS$427.0bUS$67.0b27.5x22.2x3.5x
Fri, 22 Sep 2023US$1.6tUS$427.0bUS$68.1b27.9x23.8x3.8x
Sun, 20 Aug 2023US$1.6tUS$426.3bUS$68.1b28.6x23.5x3.8x
Tue, 18 Jul 2023US$1.6tUS$421.1bUS$64.6b31.1x25.1x3.9x
Thu, 15 Jun 2023US$1.6tUS$419.5bUS$64.4b31.1x24.3x3.7x
Sat, 13 May 2023US$1.5tUS$420.8bUS$64.8b27.5x23x3.5x
Mon, 10 Apr 2023US$1.5tUS$423.7bUS$68.0b29.7x22.5x3.6x
Wed, 08 Mar 2023US$1.7tUS$424.0bUS$69.3b28.2x24.1x3.9x
Fri, 03 Feb 2023US$1.8tUS$432.7bUS$73.7b27.9x24.1x4.1x
Sun, 01 Jan 2023US$1.6tUS$443.6bUS$85.8b27.3x18.7x3.6x
Tue, 29 Nov 2022US$1.7tUS$443.3bUS$85.8b27.1x19.5x3.8x
Price to Earnings Ratio

19.5x


Total Market Cap: US$1.7tTotal Earnings: US$85.8bTotal Revenue: US$443.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.3x202320242025
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 25.3x.
  • 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 7.3% per year over the last three years.
  • Revenues for these companies have grown 14% 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-2.08%
Financials-1.56%
Capital Markets-3.21%
Diversified Capital Markets0.19%
Asset Management-1.93%
Financial Exchanges and Data-2.63%
Investment Banking and Brokerage-4.59%
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 40.3x.
    • Analysts are expecting annual earnings growth of 8.7%, which is lower than the prior year's growth of 13.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 56% over the next 5 years.
  • This is better than its past earnings decline of 31% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 8.7% 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
ICE Intercontinental ExchangeUS$154.431.6%
+US$1.3b		-3.1%PE27.8x
BX BlackstoneUS$142.670.9%
+US$962.8m		-28.3%PE41.2x
NDAQ NasdaqUS$87.660.7%
+US$331.2m		8.1%PE30.8x
ARES Ares ManagementUS$147.430.7%
+US$227.0m		-16.0%PE63.5x
BLSH BullishUS$38.600.3%
+US$191.3m		n/aPS29.3x

Latest News

BLK
US$1,014.72
BlackRock
7D
-4.1%
1Y
-2.1%
ICE
US$154.43
Intercontinental Exchange
7D
1.6%
1Y
-3.1%
BX
US$142.67
Blackstone
7D
0.9%
1Y
-28.3%
CME
US$273.09
CME Group
7D
-4.2%
1Y
19.2%
FDS
US$277.02
FactSet Research Systems
7D
1.1%
1Y
-43.2%
BLSH
US$38.60
Bullish
7D
0.3%
1Y
n/a
GS
US$774.03
Goldman Sachs Group
7D
-2.1%
1Y
28.4%
COIN
US$240.41
Coinbase Global
7D
-15.3%
1Y
-21.1%

COIN: Share Price Will Benefit From Expansion Into Token Offerings And Texas Incorporation

Analysts have raised their price target for Coinbase Global, increasing it by nearly $3 to approximately $385. They cited strong recent earnings, optimistic revenue growth forecasts, and expanded opportunities in digital assets and blockchain applications.
ARES
US$147.43
Ares Management
7D
0.7%
1Y
-16.0%

ARES: Future Outperformance Will Be Driven By Private Credit Momentum

The average analyst price target for Ares Management has been revised upward by nearly $4 to approximately $184. Recent earnings outperformance and the firm’s credibility in private credit are driving renewed optimism among analysts, despite ongoing industry headwinds.
BK
US$106.43
Bank of New York Mellon
7D
-3.7%
1Y
32.8%
INV
US$4.23
Innventure
7D
30.6%
1Y
-62.0%
SCHW
US$90.51
Charles Schwab
7D
-4.1%
1Y
11.4%

SCHW: Acquisition of Forge Global Will Expand Access to Private Markets

Charles Schwab's analyst price target has been raised modestly from $111.50 to $111.95, as analysts cite solid Q3 results, improved revenue growth prospects, and ongoing capital return capacity. These factors support a slightly stronger outlook for the shares.
NDAQ
US$87.66
Nasdaq
7D
0.7%
1Y
8.1%

NDAQ: Continued Revenue Momentum Will Drive Performance After Strong Q3 Results

The analyst price target for Nasdaq has been raised by $1, with analysts citing strong Q3 results and continued revenue growth momentum as key drivers for the positive revision. Analyst Commentary Recent commentary from research analysts highlights both positive outlooks and areas of caution regarding Nasdaq's performance and future prospects.
MS
US$158.17
Morgan Stanley
7D
-3.5%
1Y
17.4%

MS: Share Repurchase Program Will Balance Minor Financial Improvements Ahead

Analysts have raised Morgan Stanley's price target slightly to $168.15 from $167.35, citing minor improvements in revenue growth and profit margin expectations. What's in the News Morgan Stanley completed the repurchase of 7,440,032 shares for $1,084.14 million between July and September 2025.
HOOD
US$107.30
Robinhood Markets
7D
-12.4%
1Y
192.8%

HOOD: Accelerating Product Rollouts and New AI Capabilities Will Drive Future Market Share Gains

Robinhood Markets saw its analyst price target rise from approximately $134 to nearly $152 per share, as analysts cited strong multi-product revenue growth, continued user expansion, and new AI-driven capabilities that support improved profitability and a positive outlook for future performance. Analyst Commentary Bullish analysts point to a robust period for Robinhood, with recent price target increases reflecting ongoing confidence in the company's forward trajectory.
STEC
US$1.24
Santech Holdings
7D
69.8%
1Y
19.2%

Santech Holdings Limited's (NASDAQ:STEC) 53% Share Price Plunge Could Signal Some Risk

Oct 10
Santech Holdings Limited's (NASDAQ:STEC) 53% Share Price Plunge Could Signal Some Risk