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U.S. Capital Markets Industry Analysis

UpdatedJun 21, 2026
DataAggregated Company Financials
Companies433
  • 7D1.1%
  • 3M12.7%
  • 1Y12.0%
  • YTD-1.1%

Morgan Stanley is up 4.3%, leading the way for the Capital Markets industry, which has gained 1.1%. In the same time, CME Group was down 8.6%. This means that the industry has gained 12% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Jun 2026US$2.8tUS$759.0bUS$113.2b40.6x24.5x3.7x
Tue, 19 May 2026US$2.7tUS$757.6bUS$113.7b40.1x23.7x3.5x
Thu, 16 Apr 2026US$2.6tUS$737.8bUS$107.1b41.5x24.7x3.6x
Sat, 14 Mar 2026US$2.4tUS$731.9bUS$107.0b22.5x22.5x3.3x
Mon, 09 Feb 2026US$2.7tUS$735.6bUS$107.8b23.3x25.1x3.7x
Wed, 07 Jan 2026US$2.9tUS$656.6bUS$105.5b25.7x27.7x4.5x
Fri, 05 Dec 2025US$2.7tUS$656.1bUS$105.4b24x26.1x4.2x
Sun, 02 Nov 2025US$2.7tUS$647.7bUS$105.5b24x25.7x4.2x
Tue, 30 Sep 2025US$2.8tUS$874.9bUS$100.9b27.1x27.7x3.2x
Thu, 28 Aug 2025US$2.8tUS$866.9bUS$100.7b27.1x27.4x3.2x
Sat, 26 Jul 2025US$2.8tUS$597.8bUS$99.4b28.9x27.8x4.6x
Mon, 23 Jun 2025US$2.4tUS$590.6bUS$97.1b26.9x24.7x4.1x
Wed, 21 May 2025US$2.4tUS$590.1bUS$96.1b28.1x25.4x4.1x
Fri, 18 Apr 2025US$2.1tUS$562.6bUS$96.4b23.1x21.5x3.7x
Sun, 16 Mar 2025US$2.2tUS$557.5bUS$94.9b23x23.2x3.9x
Tue, 11 Feb 2025US$2.5tUS$551.7bUS$91.9b22.4x27.5x4.6x
Thu, 09 Jan 2025US$2.4tUS$526.1bUS$81.6b23.3x28.8x4.5x
Sat, 07 Dec 2024US$2.5tUS$524.3bUS$81.6b24.4x30.5x4.7x
Mon, 04 Nov 2024US$2.2tUS$506.7bUS$81.6b23.1x27.3x4.4x
Wed, 02 Oct 2024US$2.1tUS$492.0bUS$77.9b21.7x27.3x4.3x
Fri, 30 Aug 2024US$2.0tUS$492.1bUS$78.0b20.4x26.2x4.2x
Sun, 28 Jul 2024US$2.0tUS$476.4bUS$77.1b21.1x26.4x4.3x
Tue, 25 Jun 2024US$1.9tUS$467.2bUS$73.2b21.4x26x4.1x
Thu, 23 May 2024US$2.0tUS$466.9bUS$73.2b22.7x27.1x4.2x
Sat, 20 Apr 2024US$1.8tUS$446.1bUS$69.4b19.1x26.3x4.1x
Mon, 18 Mar 2024US$1.8tUS$440.4bUS$67.2b19.4x27.5x4.2x
Wed, 14 Feb 2024US$1.8tUS$439.0bUS$65.6b18.9x26.9x4x
Fri, 12 Jan 2024US$1.8tUS$432.7bUS$70.6b27.1x25.8x4.2x
Sun, 10 Dec 2023US$1.6tUS$432.8bUS$70.6b27.1x22.7x3.7x
Tue, 07 Nov 2023US$1.6tUS$429.1bUS$68.9b27x23x3.7x
Thu, 05 Oct 2023US$1.6tUS$425.5bUS$68.0b28.1x23.2x3.7x
Sat, 02 Sep 2023US$1.7tUS$430.8bUS$72.2b28.2x23.5x3.9x
Mon, 31 Jul 2023US$1.7tUS$424.0bUS$62.8b31.1x26.7x4x
Wed, 28 Jun 2023US$1.5tUS$419.5bUS$64.4b31.3x23.9x3.7x
Price to Earnings Ratio

23.9x


Total Market Cap: US$1.5tTotal Earnings: US$64.4bTotal Revenue: US$419.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.8x202420252026
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 25.8x.
  • 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 21% per year over the last three years.
  • Revenues for these companies have grown 22% 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 Market1.39%
Financials0.51%
Capital Markets1.08%
Investment Banking and Brokerage4.10%
Asset Management0.26%
Diversified Capital Markets-4.34%
Financial Exchanges and Data-4.40%
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 38.1x.
    • Analysts are expecting annual earnings growth of 11.1%, 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.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 58% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.8% 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
MS Morgan StanleyUS$223.174.3%
+US$14.4b		68.2%PE20.1x
HOOD Robinhood MarketsUS$108.1516.1%
+US$13.5b		37.8%PE51.3x
GS Goldman Sachs GroupUS$1.10k3.2%
+US$10.4b		71.1%PE19.7x
BLK BlackRockUS$1.05k1.8%
+US$2.8b		7.8%PE26.1x
IBKR Interactive Brokers GroupUS$96.005.7%
+US$2.3b		87.0%PE41.2x

Latest News

IBKR
US$96.00
Interactive Brokers Group
7D
5.7%
1Y
87.0%
Analysis Article • 7h

Interactive Brokers Group (IBKR) Stock Could Be 30% Below Fair Value After Growth Update

Interactive Brokers Group (IBKR) recently used its appearance at the Morgan Stanley US Financials Conference 2026 to highlight growth in customer accounts, account equity, and net interest income, along with a higher quarterly dividend. See our latest analysis for Interactive Brokers Group. That message has landed against a strong market backdrop for Interactive Brokers Group, with a 30 day share price return of 18.01% and a year to date share price return of 42.79%. The 1 year total...
MORN
US$153.68
Morningstar
7D
-12.3%
1Y
-48.9%
Analysis Article • Jun 20

Morningstar (MORN) Stock Looks Fairly Valued On P E But Rich On Cash Flow

Morningstar (MORN) is attracting attention after a period of weaker share performance, with the stock down over the past day, week, month, past 3 months, year to date, and year. See our latest analysis for Morningstar. Morningstar’s recent share price weakness, with the stock down over the past month and year to date, sits alongside a 1 year total shareholder return decline of 48.43% and a 5 year total shareholder return decline of 36.49%. This points to fading momentum as investors reassess...
BX
US$123.79
Blackstone
7D
0.8%
1Y
-10.1%
Analysis Article • Jun 20

Blackstone (BX) Stock Could Be 23.7% Undervalued After Credit Launch And Real Estate Hire

Why Blackstone’s latest hiring move and credit launch matter for investors Blackstone (BX) is drawing attention after expanding its private credit platform with SablePointe Credit Strategies and hiring Carey S. Roberts as Senior Managing Director and General Counsel for its real estate business. Together, these developments highlight how the company is placing more emphasis on private lending and real estate, two areas that already account for large portions of its US$14.4b in revenue across...
NDAQ
US$82.24
Nasdaq
7D
-7.6%
1Y
-4.5%
ICE
US$133.88
Intercontinental Exchange
7D
-4.7%
1Y
-25.0%
GS
US$1,096.56
Goldman Sachs Group
7D
3.2%
1Y
71.1%
Narrative Update • Jun 18

GS: AI Deal Boom Will Sustain An Overextended Earnings Multiple

Analysts have lifted their price target for Goldman Sachs Group to $780.03 from $743.84, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E, which together support a higher valuation framework. What’s in the News for Goldman Sachs Group Goldman Sachs strategists raised their year end S&P 500 target to 8,000 from 7,600, highlighting earnings tied to artificial intelligence infrastructure as a key driver of index level profit growth and outlining risks around elevated sentiment, fuel costs, labor market conditions, and speculation (source: Goldman Sachs S&P 500 target report).
COIN
US$163.26
Coinbase Global
7D
2.2%
1Y
-47.1%
CME
US$246.38
CME Group
7D
-8.6%
1Y
-10.1%
Analysis Article • Jun 18

CME Group (CME) Stock Could Be 18% Undervalued After CEO Succession News

CME Group (CME) stock is in focus after the company confirmed a leadership transition that will see long time Chairman and CEO Terry Duffy move to Executive Chairman while President and CFO Lynne Fitzpatrick becomes CEO in 2027. See our latest analysis for CME Group. The leadership announcement landed against a weaker backdrop for CME Group stock, with the share price down 3.46% over the past day and 17.23% over the past 30 days, while the 5 year total shareholder return of 45.07% still...
ARES
US$129.34
Ares Management
7D
-4.1%
1Y
-22.0%
MSCI
US$581.19
MSCI
7D
-3.0%
1Y
6.7%
Seeking Alpha • Jun 18

MSCI Inc.: A Passive Investing Toll Booth At A Discounted Price

Summary MSCI Inc. benefits from structural growth in passive investing, driving recurring revenues through index licensing and asset-based fees. Despite 12% annual revenue and EBITDA growth, MSCI's valuation multiples have compressed, creating an attractive entry opportunity at the lower end of its mid-term range. Recent Q1 FY2026 results showed 13.8% adjusted EPS growth and 18% organic index revenue growth, with asset-based fees as the main driver. MSCI is positioned for mid-teen total shareholder returns, supported by strong client retention, operating leverage, and continued earnings expansion despite risks from market sensitivity and slower ESG growth. Read the full article on Seeking Alpha
BLK
US$1,050.09
BlackRock
7D
1.8%
1Y
7.8%
Narrative Update • Jun 18

BLK: Private Credit And Tokenization Expansion Will Support Future Multiple Re Rating

BlackRock's updated analyst price target has been trimmed by $5 to $1,246, as analysts fine tune fair value and P/E assumptions in light of recent mixed target revisions across the Street and heightened focus on its role as a key lender in situations such as Domo's covenant breach. Analyst Commentary Recent Street research on BlackRock reflects a wide range of price target moves, with some firms lifting their targets and others trimming them, as analysts reassess valuation frameworks, P/E assumptions, and the impact of BlackRock's broader lending and asset management activities.
MS
US$223.17
Morgan Stanley
7D
4.3%
1Y
68.2%
CBOE
US$249.10
Cboe Global Markets
7D
-15.5%
1Y
10.3%
HOOD
US$108.15
Robinhood Markets
7D
16.1%
1Y
37.8%
Seeking Alpha • Jun 17

Robinhood: It Is Rightsizing Not Downsizing, Which Is Directionally Good

Summary Robinhood (HOOD) announced a 10% workforce reduction, interpreted as rightsizing after recent M&A, aiming to optimize OPEX and reaccelerate growth. I view the layoff as a strategic move to restore a flatter, faster operating model, improving decision speed and talent density across HOOD’s expanding product suite. Recent headcount growth stemmed largely from acquisitions; this cut targets overlap, modestly improving margins but not fundamentally altering HOOD’s rich valuation. I rate HOOD as Hold: the layoff supports the current price, but valuation remains demanding and execution, crypto cyclicality, and compliance risks persist. Read the full article on Seeking Alpha
SCHW
US$91.70
Charles Schwab
7D
0.7%
1Y
2.8%
Seeking Alpha • Jun 16

Charles Schwab's Most Important Growth Metric Just Set An All-Time Record

Summary Charles Schwab (SCHW) defies perceptions of stagnation, posting record-breaking Q1 2026 results. SCHW's recent performance signals ongoing growth momentum, challenging the narrative of a mature, slow-growth firm. Q1 2026 numbers stand among the strongest in SCHW's history, highlighting robust operational execution. Reevaluating SCHW's growth trajectory is warranted given its exceptional recent financial results. Read the full article on Seeking Alpha
SPGI
US$410.92
S&P Global
7D
-1.9%
1Y
-18.5%
Narrative Update • Jun 15

SPGI: AI Data Partnerships And Workflows Will Support Earnings Multiple

Analysts have made a modest upward adjustment to the S&P Global price target, reflecting a slightly lower discount rate and steady assumptions for revenue growth, profit margin, and future P/E. These assumptions are broadly supported by recent mixed target revisions across the Street.