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U.S. Capital Markets Industry Analysis

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies435
  • 7D1.6%
  • 3M10.8%
  • 1Y4.5%
  • YTD3.7%

In the last week, the Capital Markets industry is up 1.6%, with Goldman Sachs Group leading the way with a 1.6% gain. This means that the industry has gained 4.5% over the past year. 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
Tue, 18 Aug 2026US$2.9tUS$789.0bUS$117.9b39x24.9x3.7x
Thu, 16 Jul 2026US$2.9tUS$763.0bUS$115.4b40x24.9x3.8x
Sat, 13 Jun 2026US$2.7tUS$759.1bUS$113.3b39.9x24x3.6x
Mon, 11 May 2026US$2.7tUS$757.8bUS$113.8b41.7x23.7x3.6x
Wed, 08 Apr 2026US$2.5tUS$736.3bUS$106.8b37.3x23.3x3.4x
Fri, 06 Mar 2026US$2.6tUS$731.6bUS$106.9b23x24.3x3.5x
Sun, 01 Feb 2026US$2.8tUS$668.5bUS$107.1b23.6x26.4x4.2x
Tue, 30 Dec 2025US$2.8tUS$656.4bUS$105.5b25.3x26.8x4.3x
Thu, 27 Nov 2025US$2.6tUS$656.1bUS$105.4b23.5x25.1x4x
Sat, 25 Oct 2025US$2.7tUS$645.7bUS$104.5b26.6x25.8x4.2x
Mon, 22 Sep 2025US$2.8tUS$874.9bUS$100.9b27.2x28.1x3.2x
Wed, 20 Aug 2025US$2.7tUS$866.0bUS$100.8b25.6x27.2x3.2x
Fri, 18 Jul 2025US$2.7tUS$595.2bUS$98.4b28.5x27.2x4.5x
Sun, 15 Jun 2025US$2.4tUS$590.7bUS$97.1b26.4x24.6x4x
Tue, 13 May 2025US$2.3tUS$577.2bUS$95.8b27.1x24.1x4x
Thu, 10 Apr 2025US$1.9tUS$557.2bUS$95.5b24.8x20.2x3.5x
Sat, 08 Mar 2025US$2.3tUS$557.4bUS$94.7b21x24.1x4.1x
Mon, 03 Feb 2025US$2.6tUS$541.7bUS$91.3b23x28x4.7x
Wed, 01 Jan 2025US$2.4tUS$526.1bUS$81.6b23.2x29x4.5x
Fri, 29 Nov 2024US$2.5tUS$524.3bUS$81.7b23.2x30.7x4.8x
Sun, 27 Oct 2024US$2.3tUS$503.7bUS$81.1b22.7x27.7x4.5x
Tue, 24 Sep 2024US$2.1tUS$491.5bUS$77.8b21.1x27.3x4.3x
Thu, 22 Aug 2024US$2.0tUS$492.4bUS$78.0b19.8x25.8x4.1x
Sat, 20 Jul 2024US$2.0tUS$473.2bUS$76.5b20.2x26.1x4.2x
Mon, 17 Jun 2024US$1.9tUS$467.2bUS$73.2b20.7x25.7x4x
Wed, 15 May 2024US$1.9tUS$466.0bUS$73.2b22.5x26.2x4.1x
Fri, 12 Apr 2024US$1.9tUS$441.1bUS$67.3b21.3x27.9x4.3x
Sun, 10 Mar 2024US$1.8tUS$440.4bUS$67.3b19.3x27.5x4.2x
Tue, 06 Feb 2024US$1.8tUS$426.9bUS$64.7b19.6x27.1x4.1x
Thu, 04 Jan 2024US$1.8tUS$435.2bUS$70.5b27.1x25.8x4.2x
Sat, 02 Dec 2023US$1.7tUS$432.8bUS$70.6b27x24.1x3.9x
Mon, 30 Oct 2023US$1.5tUS$428.5bUS$67.1b27.1x21.7x3.4x
Wed, 27 Sep 2023US$1.6tUS$426.4bUS$68.1b28.1x23.2x3.7x
Fri, 25 Aug 2023US$1.6tUS$426.3bUS$68.1b28.4x23.5x3.7x
Price to Earnings Ratio

23.5x


Total Market Cap: US$1.6tTotal Earnings: US$68.1bTotal Revenue: US$426.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Capital Markets Industry Price to Earnings3Y Average 25.7x202420252026
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 25.7x.
  • 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 20% per year over the last three years.
  • Revenues for these companies have grown 23% 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 Market0.11%
Financials-0.12%
Capital Markets1.65%
Diversified Capital Markets4.55%
Investment Banking and Brokerage1.92%
Asset Management1.67%
Financial Exchanges and Data0.99%
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 36.8x.
    • Analysts are expecting annual earnings growth of 11.8%, which is lower than the prior year's growth of 19.7% 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 46% per year.
  • In contrast, the Diversified Capital Markets industry is expected to see its earnings decline by 32% 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
GS Goldman Sachs GroupUS$1.05k1.6%
+US$5.1b		43.8%PE15.9x
MS Morgan StanleyUS$218.211.3%
+US$4.5b		50.7%PE17.5x
KKR KKRUS$108.834.8%
+US$4.5b		-22.9%PE32.7x
SCHW Charles SchwabUS$110.582.4%
+US$4.5b		15.0%PE19.7x
BNY Bank of New York MellonUS$164.273.0%
+US$3.3b		61.5%PE18.5x

Latest News

GS
US$1,051.31
Goldman Sachs Group
7D
1.6%
1Y
43.8%
Seeking Alpha • 3h

Goldman Sachs Is Still The Bank To Buy

Summary Goldman Sachs is rated a 'buy' due to scale, deal flow leadership, and a resilient capital formation cycle. GS's Q2 net revenues rose to ~$20.34Bn, with 23.5% ROE and $6.63Bn net earnings, driven by Global Banking & Markets strength. Valuation is mildly attractive: fair value averages $1,065.49, a ~2.45% undervaluation, with excess return models supporting upside. GS's growth is underpinned by volatility-driven trading, a robust IPO pipeline, and asset management fee expansion, but remains sensitive to market downturns. Read the full article on Seeking Alpha
XP
US$15.70
XP
7D
-3.1%
1Y
-10.3%
Seeking Alpha • 7h

XP Inc. Q2: Better, But Not Way Better (Upgrade)

Summary XP Inc. delivered a solid Q2 with 8% revenue and 15% EBT growth, maintaining a robust 22.5% ROE. XP is evolving its ecosystem, expanding fee-based services to 26% of customers, and accelerating net new money inflows, especially from retail. Despite improvements, XP faces persistent competition and macroeconomic risks, making its 8x earnings valuation reasonable but not compelling versus peers. I upgrade XP to hold, recognizing operational progress and low valuation, but remain cautious due to uncertainties and more attractive alternatives in Brazil. Read the full article on Seeking Alpha
FDS
US$276.76
FactSet Research Systems
7D
-2.6%
1Y
-25.4%
LPLA
US$368.20
LPL Financial Holdings
7D
-1.1%
1Y
3.7%
Narrative Update • Aug 15

LPLA: Technology Spend And Research Split Will Shape Fairly Balanced Outlook

The updated analyst price target for LPL Financial Holdings increases to $372 from $330. Analysts attribute this change to revised long-term growth and profitability assumptions, a slightly higher discount rate, and a higher future P/E multiple supported by recent Q2 updates and model changes across the Street.
BX
US$140.57
Blackstone
7D
-0.8%
1Y
-16.9%
TROW
US$110.46
T. Rowe Price Group
7D
-2.9%
1Y
3.6%
ICE
US$154.31
Intercontinental Exchange
7D
2.5%
1Y
-13.3%
Seeking Alpha • Aug 14

Intercontinental Exchange: A Setup That Has Proven Highly Profitable

Summary ICE has delivered an 18% annualized return since its 2005 IPO and 15% annual EPS growth since 2006, with EPS growing in each of the last nineteen years. Its highly moated Exchanges segment generates nearly 70% of earnings, anchored by a crown-jewel energy franchise with revenues more than two-and-a-half times those of its next-largest competitor. We are confident perps hold little if any appeal for institutional investors who drive over ~95% of ICE's trading volume. We believe that a favorable macro backdrop and powerful secular tailwinds should enable ICE to achieve low-to-mid-teens earnings growth. Read the full article on Seeking Alpha
BNY
US$164.27
Bank of New York Mellon
7D
3.0%
1Y
61.5%
SECZ
US$5.39
Securitize
7D
-22.1%
1Y
-48.8%
BLK
US$1,147.11
BlackRock
7D
1.4%
1Y
1.0%
Narrative Update • Aug 13

BLK: AI Infrastructure And Tokenization Will Support Multiple Re Rating

Analysts have lifted the BlackRock price target modestly to $1,314.44, reflecting recent Q2 earnings results, commentary on organic growth, and updated assumptions around fee mix and margins. Analyst Commentary Recent research on BlackRock points to a clear tilt toward more constructive views after the Q2 earnings report, with several large banks moving price targets higher and highlighting improving organic growth, margins, and capital return.
ETOR
US$28.12
eToro Group
7D
-17.3%
1Y
-41.0%
New Narrative • Aug 13

eToro ($ETOR): Looking Beyond the Trading App Label

Investment Thesis Many investors view eToro primarily as a retail trading platform whose results are heavily influenced by market activity, investor sentiment, and cryptocurrency cycles. I take a different view.
SCHW
US$110.58
Charles Schwab
7D
2.4%
1Y
15.0%
MS
US$218.21
Morgan Stanley
7D
1.3%
1Y
50.7%
KKR
US$108.83
KKR
7D
4.8%
1Y
-22.9%
MSCI
US$550.68
MSCI
7D
-2.2%
1Y
-0.9%
New Narrative • Aug 12

MSCI's Impressive 7.99% Revenue Growth and the Path to Future Gains

Why I own MSCI 1. Exceptional business model MSCI sells indexes, data, analytics and investment tools to asset managers, institutional investors, banks, insurers and other financial institutions.
STT
US$193.04
State Street
7D
3.4%
1Y
73.6%