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 17.7x. 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 25.8x. Analysts are expecting annual earnings growth of 11.9%, which is lower than the prior year's growth of 26.2% per year. Investors are most pessimistic about the Insurance industry, which is trading below its 3-year average of 17.7x.

U.S. Financials Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 14 May 2026	US$9.8t	US$3.4t	US$597.4b	12.5x	16.4x	2.9x
Sat, 11 Apr 2026	US$9.8t	US$3.3t	US$562.8b	13.1x	17.4x	3x
Mon, 09 Mar 2026	US$9.6t	US$3.3t	US$562.6b	11.9x	17.1x	2.9x
Wed, 04 Feb 2026	US$10.3t	US$3.2t	US$563.7b	12.7x	18.3x	3.2x
Fri, 02 Jan 2026	US$10.5t	US$3.2t	US$552.7b	12.7x	19x	3.3x
Sun, 30 Nov 2025	US$10.2t	US$3.2t	US$552.6b	12.3x	18.5x	3.2x
Tue, 28 Oct 2025	US$10.2t	US$3.1t	US$534.6b	12.4x	19.1x	3.3x
Thu, 25 Sep 2025	US$10.4t	US$3.3t	US$517.9b	13x	20.2x	3.1x
Sat, 23 Aug 2025	US$10.2t	US$3.3t	US$517.7b	13.1x	19.6x	3.1x
Mon, 21 Jul 2025	US$9.8t	US$3.0t	US$534.6b	13.2x	18.2x	3.2x
Wed, 18 Jun 2025	US$9.6t	US$3.0t	US$525.5b	12.2x	18.2x	3.2x
Fri, 16 May 2025	US$9.7t	US$3.0t	US$528.1b	12.8x	18.3x	3.2x
Sun, 13 Apr 2025	US$8.8t	US$3.0t	US$546.5b	11.3x	16.1x	3x
Tue, 11 Mar 2025	US$9.3t	US$3.0t	US$545.0b	11.8x	17.1x	3.1x
Thu, 06 Feb 2025	US$9.8t	US$2.9t	US$544.4b	12.7x	18.1x	3.3x
Sat, 04 Jan 2025	US$9.3t	US$2.9t	US$505.8b	12.9x	18.4x	3.2x
Mon, 02 Dec 2024	US$9.9t	US$2.9t	US$504.7b	13.7x	19.6x	3.4x
Wed, 30 Oct 2024	US$9.1t	US$2.9t	US$470.4b	12.6x	19.3x	3.2x
Fri, 27 Sep 2024	US$8.6t	US$2.8t	US$466.3b	12.3x	18.4x	3x
Sun, 25 Aug 2024	US$8.5t	US$2.8t	US$466.0b	12.5x	18.1x	3x
Tue, 23 Jul 2024	US$8.2t	US$2.8t	US$470.4b	12x	17.5x	3x
Thu, 20 Jun 2024	US$7.9t	US$2.8t	US$463.0b	10.6x	17x	2.8x
Sat, 18 May 2024	US$8.1t	US$2.7t	US$460.2b	11x	17.6x	2.9x
Mon, 15 Apr 2024	US$7.6t	US$2.7t	US$476.3b	10.4x	15.9x	2.8x
Wed, 13 Mar 2024	US$7.8t	US$2.7t	US$472.9b	10.6x	16.4x	2.9x
Fri, 09 Feb 2024	US$7.4t	US$2.7t	US$431.3b	10.5x	17.3x	2.8x
Sun, 07 Jan 2024	US$7.4t	US$2.7t	US$447.7b	11.4x	16.5x	2.7x
Tue, 05 Dec 2023	US$7.0t	US$2.7t	US$446.3b	11x	15.8x	2.6x
Thu, 02 Nov 2023	US$6.3t	US$2.7t	US$442.3b	10.3x	14.2x	2.3x
Sat, 30 Sep 2023	US$6.6t	US$2.7t	US$430.6b	10.3x	15.2x	2.5x
Mon, 28 Aug 2023	US$6.6t	US$2.7t	US$430.9b	10.5x	15.4x	2.5x
Wed, 26 Jul 2023	US$6.9t	US$2.7t	US$348.9b	11x	19.8x	2.6x
Fri, 23 Jun 2023	US$6.4t	US$2.6t	US$341.2b	10.4x	18.9x	2.5x
Sun, 21 May 2023	US$6.3t	US$2.6t	US$341.0b	10.3x	18.4x	2.4x


US Market	1.52%
Financials	-0.13%
Diversified Financial	1.73%
Capital Markets	0.80%
Mortgage Finance	0%	0
Insurance	-0.50%
Consumer Finance	-1.53%
Mortgage REITs	-1.84%
Banks	-2.30%

Company	Last Price	7D	1Y	Valuation
BRK.A Berkshire Hathaway	US$728.50k	4.1% +US$41.0b	-5.0%	PE14.5x
GS Goldman Sachs Group	US$945.90	2.9% +US$8.3b	56.7%	PE17x
V Visa	US$326.42	1.4% +US$8.2b	-8.3%	PE27.9x
PS Pershing Square	US$50.83	54.2% +US$7.1b	n/a	PE81.4x
BLK BlackRock	US$1.09k	4.2% +US$6.6b	13.9%	PE27.1x

Announcement • 48m

Allegiant Travel Company (NasdaqGS:ALGT) completed the acquisition of Sun Country Airlines Holdings, Inc. (NasdaqGS:SNCY).

Allegiant Travel Company (NasdaqGS:ALGT) entered a definitive merger agreement to acquire Sun Country Airlines Holdings, Inc. (NasdaqGS:SNCY) for approximately $1 billion on January 11, 2026. Sun Country shareholders will receive 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share owned. The transaction values Sun Country at approximately $1.5 billion, inclusive of $0.4 billion of Sun Country's net debt. Upon closing, Allegiant and Sun Country shareholders will own approximately 67% and 33%, respectively, of the combined company on a fully diluted basis. Following close, Allegiant will continue to be the publicly held parent company and the combined company will continue under the Allegiant name. However, each airline will operate separately until the airline operations obtain a single operating certificate from the FAA. If the Mergers are consummated, the Sun Country Common Stock will be delisted from The NASDAQ Stock Market LLC and deregistered under the Securities Exchange Act of 1934 In case of termination of transaction, Allegiant will pay a termination fee of $52.23 million, and Sun Country will pay a termination fee of $33.02 million. Upon closing, Allegiant Chief Executive Officer Gregory C. Anderson will serve as Chief Executive Officer of the combined company, and Robert Neal will serve as President and Chief Financial Officer. Sun Country President and Chief Executive Officer Jude Bricker will join the Board of Directors, alongside two additional Sun Country Board members, expanding the size of the Allegiant board to 11. Maury Gallagher, Chairman of the Board of Allegiant, will serve as Chairman of the Board of the combined company. Jude Bricker will serve as an advisor to Mr. Anderson to help ensure a smooth and successful integration. The combined company will be headquartered in Las Vegas and will maintain a significant presence in Minneapolis-St. Paul where Sun Country is based. As of April 20, 2026, upon closing, the Allegiant Board will expand from eight to eleven members with Jude Bricker, Jennifer Vogel and Thomas Kennedy, all current Sun Country Board members, to join Allegiant's Board at that time. The current Allegiant Board, led by Chairman Maurice J. Gallagher, will continue its oversight responsibilities, with the new members joining effective upon the completion of the Sun Country acquisition. The transaction has been unanimously approved by the boards of directors of both companies and is, subject to receipt of U.S. federal antitrust clearance and other required regulatory approvals, the approval of both companies' shareholders, registration of statement effectiveness (S-4/F-4), listing / approval of new share on stock exchange, and other customary closing conditions. The transaction is expected to close in the second half of 2026. Transaction expected to be accretive to earnings per share one year post closing. On March 16, 2026, it is announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Allegiant’s previously announced proposed acquisition of Sun Country and received U.S. antitrust clearance from the Department of Justice. The transaction is now expected to close in the second or third quarter of 2026. The federal antitrust review process for airline transaction has been completed by the Department of Justice. The Allegiant board expect that the proposed transactions will be accretive to Allegiant’s earnings per share. On April 15, 2026, the transaction has been approved by the U.S. Department of Transportation (DOT). The closing remains subject to the satisfaction or waiver of the remaining customary closing conditions, including the approval of the shareholders of each of Allegiant and Sun Country. Subject to the satisfaction or waiver of the remaining conditions to closing, Allegiant and Sun Country now expect the closing to occur as early as May 13, 2026, following shareholder approval at the special meetings. As on May 8, 2026, the transaction has been approved the shareholders of Sun Country Airlines Holdings, Inc and Allegiant Travel Company. On May 12, 2026, Allegiant Travel Company is filing this Registration Statement. Barclays Capital Inc. acted as financial advisor, fairness opinion provider for Allegiant and will receive a fee of $3 million for opinion rendered and $17 million for advisory services. Richard Oliver, Micah Kegley, Jim Mazza, David Wales and Page Griffin of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor, and FGS Global acted as strategic communications advisor to Allegiant. Goldman Sachs & Co. LLC acted as financial advisor and fairness opinion provider, the team of Milbank LLP led by Scott W. Golenbock, Antonio L. Diaz-Albertini, Richard Parker, Max A. Goodman, Mike Shah, and Kelly Bartley, Kelly Dodge Garcia, Michael Rivkin, Dustin Stark, and John Garces acted as legal advisor, and Collected Strategies acted as strategic communications advisor to Sun Country. Charles K. Ruck and Brian Robert Umanoff of Latham & Watkins LLP represents Goldman Sachs. Innisfree M&A Incorporated acted as information agent for Sun Country, with a fee of up to $30,000. Sodali & Co. acted as information agent for Allegiant with a fee of up to $35,000. Sun Country has agreed to pay Goldman Sachs a transaction fee of approximately $22.6 million. Broadridge Financial Solutions, Inc. acted as transfer agent for Allegiant. Allegiant Travel Company (NasdaqGS:ALGT) completed the acquisition of Sun Country Airlines Holdings, Inc. (NasdaqGS:SNCY) on May 13, 2026. Allegiant obtained the funds necessary to fund the Mergers through a combination of cash on hand and debt financing. In connection with the closing, Sun Country common stock has ceased trading on the NASDAQ, and Allegiant Travel Company will continue to trade on the NASDAQ under the ticker symbol "ALGT."

Announcement • May 07

Chase Announces Modern Banking Solutions for Young Adults

Chase announced accelerated efforts to better serve young adults ages 18–24 and customers new to banking, with products, experiences and support designed around how they manage money, build credit and plan for the future. For many young adults, financial stress is high, and small steps can make a big difference. Chase is investing across products and experiences to deliver more value, control and convenience—with support on customers’ terms. New research highlights what young adults want from their bank. Young adults want a bank that fits how they live: digital every day, in-person when it matters and built to help them stay on track. A survey found: Digital-first, not digital-only: about 1 in 2 (49%) say strong mobile tools and in-person access are equally important. Savings pressure is real: 64% say they can’t build savings or rely on financial support to make ends meet. The American Dream is shifting toward stability: for young adults, it’s led by building a successful career (56%) and achieving financial independence (53%); half (50%) define it as affording daily expenses without stress. Convenience counts: 43% prioritize ATM access and availability when choosing a bank. Grounded in what young adults say they need most, Chase’s approach is anchored in four pillars: a compelling, easy-to-understand product set; practical education and resources designed for on-the-go access; everyday convenience through a modern digital experience, paired with in-person support and expert guidance; all backed by Chase’s strength and security. Chase is expanding its lineup of simple, transparent accounts and tools that help young adults and customers new to banking build healthy habits and credit from day one. Secure Banking: a simple checking account designed to help young adults manage everyday spending and stay on track. Built for peace of mind, Secure Banking account holders can only spend the money they have so there are no overdraft fees, no fees for money orders or cashier’s checks, direct deposit up to two days early, plus identity monitoring and budgeting/spending tools. To make it even more accessible, Chase has expanded the monthly service fee waiver to all customers ages 17–24, whether they are in college, working or taking another path. Secure Banking also now supports incoming wire transfers and allows 17-year-olds to open accounts in-branch. Chase Savings: extends the existing monthly service fee waiver for customers under 18 through age 24. Freedom Rise Credit Card: designed for new-to-credit customers—including young adults—who want to start building credit responsibly. Credit Journey: helps customers understand where their credit stands, what’s influencing it, track progress over time and take practical steps toward stronger credit and greater financial independence. New mobile app experience for young adults: co-created with customers ages 18–24, this enhanced Chase app experience is designed to make everyday money management faster and easier. The updated home screen brings key actions to the forefront, including quicker access to recent transactions, a reimagined wallet, prominent Zelle access and easy external account linking. It also features a refreshed monthly spend view and contextual next steps that help customers save automatically, stay on track with spending, build credit and manage payments over time. Chase is expanding practical education and resources that young adults say they want most: quick, clear guidance on everyday money decisions. Through Chase Money Skills and other learning modules, customers can access bite-sized content on topics like budgeting, building credit and managing bills alongside tools that translate guidance into action. Customers can also access in-person financial health workshops led by Chase Community Managers in communities across the country.

U.S. Financials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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