Has the U.S. Financials Sector valuation changed over the past few years?

Investors are relatively neutral on the American Financials 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 17.6x. The industry is trading close to its 3-year average PS ratio of 3.0x.

Which industries have driven the changes within the U.S. Financials sector?

Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 25.7x. Analysts are expecting annual earnings growth of 12.5%, which is lower than the prior year's growth of 33.6% per year. Investors are most pessimistic about the Mortgage REITs industry, which is trading below its 3-year average of 18.3x.

U.S. Financials Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 03 Sep 2026	US$10.8t	US$3.5t	US$649.7b	12.5x	16.7x	3.1x
Sat, 01 Aug 2026	US$10.7t	US$3.4t	US$631.4b	12.9x	17x	3.1x
Mon, 29 Jun 2026	US$10.2t	US$3.4t	US$596.5b	13.2x	17.2x	3x
Wed, 27 May 2026	US$9.9t	US$3.4t	US$597.2b	12.6x	16.5x	2.9x
Fri, 24 Apr 2026	US$10.0t	US$3.3t	US$577.2b	13.2x	17.3x	3x
Sun, 22 Mar 2026	US$9.3t	US$3.3t	US$562.8b	11.8x	16.6x	2.8x
Tue, 17 Feb 2026	US$9.9t	US$3.3t	US$565.0b	12.6x	17.6x	3x
Thu, 15 Jan 2026	US$10.4t	US$3.2t	US$552.4b	12.8x	18.9x	3.3x
Sat, 13 Dec 2025	US$10.5t	US$3.2t	US$552.5b	13x	19.1x	3.3x
Mon, 10 Nov 2025	US$10.1t	US$3.2t	US$554.4b	12.1x	18.2x	3.2x
Wed, 08 Oct 2025	US$10.4t	US$3.3t	US$517.3b	12.9x	20x	3.1x
Fri, 05 Sep 2025	US$10.3t	US$3.3t	US$517.7b	13.2x	19.9x	3.1x
Sun, 03 Aug 2025	US$9.9t	US$3.0t	US$538.8b	12.1x	18.3x	3.2x
Tue, 01 Jul 2025	US$9.8t	US$3.0t	US$525.6b	12.8x	18.7x	3.3x
Thu, 29 May 2025	US$9.6t	US$3.0t	US$524.1b	12.5x	18.3x	3.2x
Sat, 26 Apr 2025	US$9.1t	US$3.0t	US$548.3b	11.9x	16.7x	3.1x
Mon, 24 Mar 2025	US$9.4t	US$3.0t	US$544.7b	12.1x	17.2x	3.2x
Wed, 19 Feb 2025	US$9.9t	US$3.0t	US$558.2b	12.8x	17.8x	3.4x
Fri, 17 Jan 2025	US$9.5t	US$2.9t	US$528.8b	12.9x	18x	3.3x
Sun, 15 Dec 2024	US$9.6t	US$2.9t	US$504.7b	13.6x	19x	3.3x
Tue, 12 Nov 2024	US$9.5t	US$2.9t	US$504.7b	13.5x	18.8x	3.3x
Thu, 10 Oct 2024	US$8.7t	US$2.8t	US$466.9b	12.4x	18.6x	3.1x
Sat, 07 Sep 2024	US$8.4t	US$2.8t	US$465.9b	12.1x	18.1x	3x
Mon, 05 Aug 2024	US$8.0t	US$2.8t	US$470.3b	12x	17x	2.9x
Wed, 03 Jul 2024	US$7.9t	US$2.8t	US$461.2b	11.1x	17.1x	2.8x
Fri, 31 May 2024	US$7.9t	US$2.8t	US$463.2b	10.8x	17x	2.8x
Sun, 28 Apr 2024	US$7.8t	US$2.7t	US$480.5b	10.7x	16.3x	2.9x
Tue, 26 Mar 2024	US$7.9t	US$2.7t	US$473.0b	10.8x	16.8x	2.9x
Thu, 22 Feb 2024	US$7.5t	US$2.7t	US$436.8b	10.6x	17.3x	2.8x
Sat, 20 Jan 2024	US$7.3t	US$2.7t	US$426.0b	11.4x	17.2x	2.7x
Mon, 18 Dec 2023	US$7.3t	US$2.7t	US$446.6b	11.5x	16.4x	2.7x
Wed, 15 Nov 2023	US$6.6t	US$2.7t	US$446.9b	10.9x	14.7x	2.4x
Fri, 13 Oct 2023	US$6.5t	US$2.7t	US$431.0b	10.2x	15.2x	2.5x
Sun, 10 Sep 2023	US$6.5t	US$2.7t	US$430.7b	10.5x	15.2x	2.5x


US Market	-0.92%
Financials	-2.19%
Mortgage Finance	0%	0
Banks	-1.02%
Insurance	-1.66%
Diversified Financial	-2.40%
Mortgage REITs	-2.60%
Capital Markets	-3.04%
Consumer Finance	-4.21%

Company	Last Price	7D	1Y	Valuation
WFC Wells Fargo	US$89.27	4.7% +US$12.2b	10.9%	PB1.6x
BAC Bank of America	US$62.60	0.6% +US$2.6b	25.0%	PB1.6x
BRK.A Berkshire Hathaway	US$758.50k	0.2% +US$2.2b	0.9%	PE12.6x
C Citigroup	US$134.34	0.6% +US$1.3b	41.4%	PB1.2x
MAAS Maase	US$17.40	17.6% +US$1.2b	390.1%	PS7808x

Announcement • Sep 01

Hornbeck Offshore Services, Inc. completed the acquisition of Helix Energy Solutions Group, Inc. (NYSE:HLX) from a group of shareholders in a reverse merger transaction.

Hornbeck Offshore Services, Inc. agreed to acquire Helix Energy Solutions Group, Inc. (NYSE:HLX) from a group of shareholders for approximately $520 million in a reverse merger transaction on April 22, 2026. Hornbeck stockholders would receive a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck common stock owned. Upon closing of the transaction, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis. The combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol “HOS.” Helix will be required to pay to Hornbeck a termination fee of $40.5 million if the merger agreement is terminated. Hornbeck will be required to pay to Helix a termination fee of $49.5 million if the merger agreement is terminated. Following the completion of the transaction, Todd M. Hornbeck will serve as President and Chief Executive Officer of the combined company. The combined company’s Board of Directors will comprise seven directors, three of whom will be from Helix and four from Hornbeck, including Hornbeck. William L. Transier will serve as Chairman of the combined company’s Board. The combined company’s headquarters will be in Houston, Texas, and Covington, Louisiana. The Boards of Directors of both Helix and Hornbeck have unanimously approved the transaction. Parties representing a significant portion of the ownership of Hornbeck, including Ares Management funds, delivered today their written consent approving the transaction. The transaction is expected to close in the second half of 2026, subject to approval by Helix shareholders, the receipt of applicable regulatory approvals, the satisfaction of other customary closing conditions, the shares of Converted Parent Common Stock issuable in accordance with this agreement shall have been approved for listing on the NYSE, subject to official notice of issuance and The Registration Statement shall have become effective in accordance with the provisions of the Securities Act. The transaction is expected to create attractive earnings profile with low leverage and strong free cash flow generation. On June 11, 2026, the U.S. Federal Trade Commission granted early termination of the required 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction is subject to approval by Parent shareholders, the receipt of remaining applicable regulatory approvals and the satisfaction of other customary closing conditions and is expected to close in the second half of 2026. On August 31, 2026, the transaction has been approved by the shareholders of Helix Energy Solutions Group, Inc. Upon completion of the transaction, Hornbeck securityholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis. The combined company will operate under the name “Hornbeck Offshore Services, Inc.” and trade on the New York Stock Exchange under the ticker symbol “HOS.” The companies expect the transaction to close on September 1, 2026. Goldman Sachs & Co. LLC acted as financial advisor for Helix Energy Solutions Group, Inc. Pursuant to an engagement letter between Helix and Goldman Sachs, Helix has agreed to pay Goldman Sachs a transaction fee of approximately $23.3 million, $4 million of which became payable upon the announcement of the transaction, and the remainder of which is contingent upon consummation of the transaction. Travis Wofford, Doug Getten, Jim Marshall, Carlos Solé, Alia Heintz, Ron Aizen, Derek Green, Luke Weedon, Josh Espinosa, Emil Barth, Jeffrey Oliver, David Cardwell, Liz Singleton, Paul Morico and Danny David of Baker Botts L.L.P. acted as legal advisors for Helix Energy Solutions Group, Inc. Barclays Capital Inc. acted as financial advisor for Hornbeck Offshore Services, Inc. Piper Sandler & Co. acted as financial advisor for Hornbeck Offshore Services, Inc. JPMorgan Chase & Co. acted as financial advisor for Hornbeck Offshore Services, Inc. Jonathan Benloulou, Kim Hicks, Walton Dumas, Matthew R. Pacey, Ieuan Adrian List, Mary Kogut, James B. Kelly, David Wheat, Joe Tobias, Stephen M. Jacobson, Brandon A. Newman and Matthew C. Darch of Kirkland & Ellis LLP acted as legal advisors for Hornbeck Offshore Services, Inc. Veriten LLC is serving as an independent strategic advisor to Helix. Okapi Partners LLC acted as information agent to Helix. Okapi Partners LLC will receive an estimated fee of approximately $50,000, plus reasonable out-of-pocket expenses and fees for any additional services. EQ Shareowner Services acted as transfer agent to Helix. Jones Walker LLP acted as legal advisor to Hornbeck Offshore Services, Inc. Hornbeck Offshore Services, Inc. completed the acquisition of Helix Energy Solutions Group, Inc. (NYSE:HLX) from a group of shareholders in a reverse merger transaction on September 1, 2026. On completion, the combined company has assumed the Hornbeck Offshore Services, Inc. name and will begin trading on the New York Stock Exchange on September 2, 2026, under the ticker symbol "HOS." Helix's common stock will cease trading on the New York Stock Exchange under the ticker symbol "HLX" at the close of trading on September 1, 2026. On completion, Todd M. Hornbeck has assumed the role of President, Chief Executive Officer and Director of the combined company, and William L. Transier has assumed the role of Chairman of the combined company's Board of Directors. In addition, the combined company has appointed R. Potter Adams, Executive Vice President and Chief Financial Officer, Scott "Scotty" A. Sparks, Executive Vice President and Chief Operating Officer – Subsea Services and Well Intervention, Ben D. Todd, Executive Vice President and Chief Operating Officer – Marine Transportation and Specialty, Samuel A. Giberga, Executive Vice President, General Counsel and Secretary, Brian M. Cook, Executive Vice President and Chief Accounting Officer, Priscilla B. Heistad, Executive Vice President and Chief Human Resources Officer, Daniel M. Stuart, Executive Vice President and Chief Commercial Officer, Carl G. Annessa, Executive Vice President – Defense / Emerging Technologies and Michael J. Nicaud, Senior Vice President, Associate General Counsel and Chief Compliance Officer.

U.S. Financials Sector Analysis

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