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U.S. Capital Markets Industry Analysis

UpdatedNov 04, 2025
DataAggregated Company Financials
Companies354
  • 7D-4.4%
  • 3M-3.5%
  • 1Y19.9%
  • YTD12.3%

In the last week, the Capital Markets industry is down 4.4% with BlackRock down the most at 5.5%. Meanwhile, LPL Financial Holdings actually outperformed within the industry, gaining 10% in the last week. Over the past 12 months, the industry was up 20%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 04 Nov 2025US$2.7tUS$648.1bUS$105.7b24.3x25.6x4.2x
Thu, 02 Oct 2025US$2.8tUS$875.2bUS$100.9b26.3x27.7x3.2x
Sat, 30 Aug 2025US$2.8tUS$866.2bUS$101.1b26.9x27.4x3.2x
Mon, 28 Jul 2025US$2.8tUS$598.1bUS$99.5b28.4x27.9x4.6x
Wed, 25 Jun 2025US$2.5tUS$590.7bUS$97.1b27.2x25.3x4.2x
Fri, 23 May 2025US$2.4tUS$590.1bUS$96.1b28.3x24.8x4x
Sun, 20 Apr 2025US$2.1tUS$562.3bUS$97.6b23.1x21.3x3.7x
Tue, 18 Mar 2025US$2.2tUS$557.6bUS$94.9b23.2x23.2x4x
Thu, 13 Feb 2025US$2.5tUS$552.1bUS$93.3b21.8x26.8x4.5x
Sat, 11 Jan 2025US$2.4tUS$526.9bUS$81.7b22.9x29x4.5x
Mon, 09 Dec 2024US$2.5tUS$524.3bUS$81.6b24.4x30.5x4.8x
Wed, 06 Nov 2024US$2.2tUS$507.7bUS$81.1b23.6x27.3x4.4x
Fri, 04 Oct 2024US$2.1tUS$493.1bUS$78.4b20.9x27.1x4.3x
Sun, 01 Sep 2024US$2.1tUS$492.2bUS$77.9b20.6x26.6x4.2x
Tue, 30 Jul 2024US$2.0tUS$476.5bUS$77.1b21.2x26.4x4.3x
Thu, 27 Jun 2024US$1.9tUS$467.1bUS$73.2b21.3x26.2x4.1x
Sat, 25 May 2024US$1.9tUS$467.1bUS$73.2b22.6x26.2x4.1x
Mon, 22 Apr 2024US$1.8tUS$446.3bUS$69.4b19.1x26.3x4.1x
Wed, 20 Mar 2024US$1.8tUS$440.5bUS$67.2b19.4x27.5x4.2x
Fri, 16 Feb 2024US$1.8tUS$439.4bUS$66.0b19.7x27x4.1x
Sun, 14 Jan 2024US$1.8tUS$433.3bUS$70.4b27.1x25.7x4.2x
Tue, 12 Dec 2023US$1.7tUS$432.8bUS$70.6b27.1x24.6x4x
Thu, 09 Nov 2023US$1.6tUS$428.7bUS$68.8b27.4x23x3.7x
Sat, 07 Oct 2023US$1.6tUS$425.5bUS$68.0b28x23.2x3.7x
Mon, 04 Sep 2023US$1.7tUS$457.5bUS$72.6b28.2x24x3.8x
Wed, 02 Aug 2023US$1.7tUS$423.9bUS$62.8b31.1x26.7x4x
Fri, 30 Jun 2023US$1.6tUS$419.2bUS$64.3b31.1x24.3x3.7x
Sun, 28 May 2023US$1.5tUS$419.4bUS$64.5b30.9x23.3x3.6x
Tue, 25 Apr 2023US$1.6tUS$419.8bUS$65.6b27.8x23.9x3.7x
Thu, 23 Mar 2023US$1.5tUS$423.8bUS$69.2b28.8x22.3x3.6x
Sat, 18 Feb 2023US$1.7tUS$427.0bUS$71.7b27.7x24.2x4.1x
Mon, 16 Jan 2023US$1.7tUS$442.6bUS$85.0b27.4x20.2x3.9x
Wed, 14 Dec 2022US$1.7tUS$443.4bUS$85.8b27.4x19.5x3.8x
Fri, 11 Nov 2022US$1.7tUS$431.9bUS$86.2b25.5x19.9x4x
Price to Earnings Ratio

19.9x


Total Market Cap: US$1.7tTotal Earnings: US$86.2bTotal Revenue: US$431.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.2x202320242025
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 25.2x.
  • 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 7.0% 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-0.91%
Financials-2.86%
Capital Markets-4.39%
Diversified Capital Markets18.53%
Investment Banking and Brokerage-0.48%
Financial Exchanges and Data-3.45%
Asset Management-9.35%
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 8.1%, 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 25% 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 8.1% 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
LPLA LPL Financial HoldingsUS$378.9410.3%
+US$2.9b		38.3%PE36.4x
IBKR Interactive Brokers GroupUS$73.085.2%
+US$1.6b		89.9%PE35.5x
MSCI MSCIUS$581.106.3%
+US$1.4b		-1.4%PE35.7x
HOOD Robinhood MarketsUS$147.080.8%
+US$1.1b		504.8%PE73.1x
ARES Ares ManagementUS$155.503.0%
+US$994.0m		-2.6%PE92.3x

Latest News

AMG
US$256.56
Affiliated Managers Group
7D
6.0%
1Y
44.9%
ARES
US$155.50
Ares Management
7D
3.0%
1Y
-2.6%
LPLA
US$378.94
LPL Financial Holdings
7D
10.3%
1Y
38.3%
CBOE
US$246.92
Cboe Global Markets
7D
3.6%
1Y
17.8%

CBOE: New Fee Dynamics And Earnings Guidance Will Shape Near-Term Outlook

The consensus analyst price target for Cboe Global Markets has increased slightly from $247.47 to $250.63, as analysts weigh recent shifts in fee structures, options revenue capture, and expectations for stable profit margins and improved growth trends. Analyst Commentary Recent analyst updates reflect a mix of optimism and caution regarding Cboe Global Markets' near-term outlook and strategic direction.
BX
US$144.42
Blackstone
7D
-6.1%
1Y
-13.5%
MS
US$163.65
Morgan Stanley
7D
-1.4%
1Y
40.9%
SCHW
US$93.15
Charles Schwab
7D
-1.8%
1Y
31.3%
AMP
US$452.38
Ameriprise Financial
7D
-6.7%
1Y
-10.7%

AMP: Banking Expansion Will Drive Greater Profitability And Future Opportunity

Analysts have slightly lowered their price target for Ameriprise Financial, reducing it by $2.36 to reflect updated expectations for growth and profitability. What's in the News ChoiceOne Bank has shifted its investment program to the Ameriprise Financial Institution Group (AFIG) from Osaic Institutions, Inc.
FUTU
US$194.24
Futu Holdings
7D
3.5%
1Y
96.0%

FUTU: Easing Regulatory Headwinds And Digital Finance Will Guide Next Phase

Futu Holdings' analyst price target increased by approximately $4, with the new consensus reflecting continued strong performance in revenue and profitability. Analysts cite robust operating trends and narrowing valuation discounts as contributing factors.
IBKR
US$73.08
Interactive Brokers Group
7D
5.2%
1Y
89.9%

IBKR: Sustained Leadership In Global Trading Will Navigate Competitive And Rate Pressures Ahead

The analyst price target for Interactive Brokers Group has increased modestly from $75.90 to $76.64, with analysts citing strong revenue growth forecasts and the company's persistent leadership in global electronic trading as supporting factors. Analyst Commentary Recent updates from research firms highlight a mix of optimistic and cautious perspectives on Interactive Brokers Group, reflecting the company's nuanced positioning within the global electronic trading sector.
MSCI
US$581.10
MSCI
7D
6.3%
1Y
-1.4%

MSCI: Improved Margins And Share Buybacks Will Drive Stock Momentum

Analysts have raised their price target on MSCI from $627.81 to $655.06, reflecting improved profit margins and a premium valuation. This comes despite moderating revenue growth and a cautious outlook on Sustainability product momentum.
GS
US$785.52
Goldman Sachs Group
7D
-0.6%
1Y
53.6%

GS: Future Deal Activity And Expanded Partnerships Will Influence Performance

Narrative Update: Goldman Sachs Group Analyst Price Target Raised Analysts have increased their price target for Goldman Sachs Group from $781.79 to $801.58, citing marginal improvements in profit margin and forward price-to-earnings estimates as key factors behind the adjustment. What's in the News Goldman Sachs is in late-stage discussions to acquire a majority stake in Excel Sports Management, a talent agency representing clients such as Tiger Woods and Caitlin Clark.
ICE
US$145.59
Intercontinental Exchange
7D
-8.9%
1Y
-5.8%
BLK
US$1,068.83
BlackRock
7D
-5.5%
1Y
7.8%

BLK: Data Center Acquisitions Will Drive Expansion in AI Infrastructure Markets

Analysts have increased their price target for BlackRock, raising it from approximately $1,300 to $1,334. They cite strong Q3 results, robust inflows, improved earnings estimates, and confidence in the firm's long-term growth opportunities.
HOOD
US$147.08
Robinhood Markets
7D
0.8%
1Y
504.8%

Product Expansion And Competitive Shifts Will Shape Market Momentum Ahead

Robinhood Markets' analyst price target has been raised from approximately $129 to $134. This change reflects analysts' optimism about the company's accelerating revenue growth, stronger profit margins, and improved product expansion outlook.
KKR
US$117.63
KKR
7D
-3.8%
1Y
-14.0%

Capital Markets Recovery and Major Transactions Will Shape Alternative Asset Finance

Analysts have modestly lowered their price target for KKR by a few dollars to reflect continued sector headwinds. They also acknowledge ongoing capital markets recovery and resilient earnings fundamentals.