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U.S. Capital Markets Industry Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies425
  • 7D4.3%
  • 3M-14.9%
  • 1Y25.4%
  • YTD-11.9%

Over the last 7 days, the Capital Markets industry has risen 4.3%, driven by gains from Goldman Sachs Group of 7.5%. This means that the industry has gained 25% 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, 05 Apr 2026US$2.5tUS$736.3bUS$107.0b35.9x23.2x3.4x
Tue, 03 Mar 2026US$2.6tUS$734.8bUS$106.7b22.7x24x3.5x
Thu, 29 Jan 2026US$2.8tUS$664.4bUS$105.8b24.5x26.9x4.3x
Sat, 27 Dec 2025US$2.8tUS$656.4bUS$105.5b25.7x27x4.3x
Mon, 24 Nov 2025US$2.6tUS$654.6bUS$105.6b23.6x24.4x3.9x
Wed, 22 Oct 2025US$2.7tUS$645.7bUS$104.9b26x26x4.2x
Fri, 19 Sep 2025US$2.8tUS$865.8bUS$100.6b27.3x27.9x3.2x
Sun, 17 Aug 2025US$2.7tUS$866.1bUS$100.8b26.1x27.2x3.2x
Tue, 15 Jul 2025US$2.7tUS$590.5bUS$97.0b28.3x27.5x4.5x
Thu, 12 Jun 2025US$2.4tUS$590.4bUS$97.3b27.3x24.9x4.1x
Sat, 10 May 2025US$2.3tUS$583.3bUS$96.7b26.3x23.8x3.9x
Mon, 07 Apr 2025US$1.9tUS$557.2bUS$95.5b22.6x20.4x3.5x
Wed, 05 Mar 2025US$2.4tUS$554.8bUS$95.3b21.3x25.1x4.3x
Fri, 31 Jan 2025US$2.6tUS$540.7bUS$91.3b23x27.9x4.7x
Sun, 29 Dec 2024US$2.4tUS$526.2bUS$81.6b23.8x29.2x4.5x
Tue, 26 Nov 2024US$2.3tUS$524.4bUS$81.7b23.2x27.9x4.3x
Thu, 24 Oct 2024US$2.3tUS$500.1bUS$81.6b22.5x27.9x4.5x
Sat, 21 Sep 2024US$2.1tUS$491.5bUS$77.8b21.1x27.3x4.3x
Mon, 19 Aug 2024US$2.0tUS$492.2bUS$78.0b19.7x25.9x4.1x
Wed, 17 Jul 2024US$2.0tUS$470.4bUS$75.2b20.5x26.9x4.3x
Fri, 14 Jun 2024US$1.9tUS$467.0bUS$73.1b20.7x26x4.1x
Sun, 12 May 2024US$1.9tUS$465.9bUS$73.1b22.5x26.3x4.1x
Tue, 09 Apr 2024US$1.9tUS$441.1bUS$67.3b21.1x28.2x4.3x
Thu, 07 Mar 2024US$1.8tUS$440.4bUS$67.3b19.3x27.4x4.2x
Sat, 03 Feb 2024US$1.8tUS$433.8bUS$67.7b27.6x27.3x4.3x
Mon, 01 Jan 2024US$1.9tUS$432.8bUS$70.6b27.8x26.5x4.3x
Wed, 29 Nov 2023US$1.7tUS$432.8bUS$70.6b26.9x23.5x3.8x
Fri, 27 Oct 2023US$1.5tUS$428.1bUS$67.4b27.7x22.1x3.5x
Sun, 24 Sep 2023US$1.6tUS$427.0bUS$68.1b27.9x23.6x3.8x
Tue, 22 Aug 2023US$1.6tUS$426.3bUS$68.1b28.7x23.5x3.8x
Thu, 20 Jul 2023US$1.7tUS$420.5bUS$62.3b31.1x27.1x4x
Sat, 17 Jun 2023US$1.6tUS$419.5bUS$64.5b31.1x24.4x3.8x
Mon, 15 May 2023US$1.5tUS$420.9bUS$64.8b28x22.9x3.5x
Wed, 12 Apr 2023US$1.6tUS$423.7bUS$68.0b30.1x22.8x3.7x
Price to Earnings Ratio

22.8x


Total Market Cap: US$1.6tTotal Earnings: US$68.0bTotal Revenue: US$423.7bTotal 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 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 20% 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 Market3.46%
Financials3.50%
Capital Markets4.32%
Diversified Capital Markets9.13%
Financial Exchanges and Data5.61%
Investment Banking and Brokerage4.75%
Asset Management2.88%
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 39.6x.
    • Analysts expect its future annual earnings growth (10.2%) to be largely in line with prior year's earnings growth.
  • 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 16% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 9.5% 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$863.047.5%
+US$18.4b		83.3%PE16.3x
MS Morgan StanleyUS$165.814.7%
+US$11.8b		66.1%PE16.2x
SPGI S&P GlobalUS$431.166.1%
+US$6.2b		-4.5%PE28.5x
ICE Intercontinental ExchangeUS$162.986.8%
+US$5.6b		4.0%PE27.8x
BK Bank of New York MellonUS$122.136.5%
+US$5.1b		66.6%PE15.8x

Latest News

OWL
US$8.57
Blue Owl Capital
7D
-3.1%
1Y
-46.1%

Blue Owl: Redemptions Panic Creates A Hard-To-Miss Opportunity (Rating Upgrade)

Apr 04
MS
US$165.81
Morgan Stanley
7D
4.7%
1Y
66.1%
SPGI
US$431.16
S&P Global
7D
6.1%
1Y
-4.5%
AMG
US$265.51
Affiliated Managers Group
7D
-1.3%
1Y
78.4%
ICE
US$162.98
Intercontinental Exchange
7D
6.8%
1Y
4.0%
VCTR
US$62.93
Victory Capital Holdings
7D
-3.4%
1Y
21.7%

VCTR: Buybacks And Expense Discipline Will Support A Higher Future Earnings Multiple

Analysts now place Victory Capital Holdings' fair value at $84, up from $78, reflecting updated assumptions around growth, profitability and valuation that align with recent mixed but generally constructive price target changes on the stock. Analyst Commentary Recent research updates on Victory Capital highlight a generally constructive tone, with several bullish analysts adjusting price targets while acknowledging areas of debate around valuation and execution.
BLK
US$966.56
BlackRock
7D
3.5%
1Y
17.5%
BX
US$113.05
Blackstone
7D
4.6%
1Y
-9.6%
ARES
US$102.43
Ares Management
7D
-3.6%
1Y
-13.2%

ARES: Private Credit Sentiment Reset And CLO Expansion Will Shape Returns

Analysts have trimmed the Ares Management fair value estimate from about $138 to roughly $113, reflecting a series of lower price targets across the Street as they moderate profit margin and business development company earnings assumptions, even as some continue to highlight what they see as an attractive entry point in private credit heavy alternative managers. Analyst Commentary Recent research on Ares Management shows a clear reset in expectations, with several firms cutting price targets and revisiting assumptions around private credit, retail fundraising and business development company earnings.
AMP
US$433.94
Ameriprise Financial
7D
-0.7%
1Y
2.8%

AMP: Ongoing Share Repurchases Will Support Future Earnings Power And Upside Potential

Analysts have kept their $570 price target on Ameriprise Financial unchanged, citing only very slight adjustments to assumptions such as the discount rate, long term revenue growth, profit margin, and future P/E that do not materially alter their valuation view. What's in the News From October 1, 2025 to December 31, 2025, Ameriprise Financial repurchased 1,880,581 shares, representing 2.02%, for US$897.19 million under its ongoing buyback program (Key Developments).
TPG
US$38.49
TPG
7D
-1.6%
1Y
-6.1%

TPG: Capital Markets Recovery And AI Partnerships Will Support Earnings Expansion

Analysts have lowered their average price target on TPG by $12 to reflect reduced earnings assumptions across alternative asset managers and business development company related activities, while still highlighting the firm's private equity track record and earnings profile as key supports for the updated view. Analyst Commentary Recent research on TPG reflects a mix of reduced price targets and ongoing confidence in the business model, with several bullish analysts still highlighting earnings potential and the company’s position within alternative asset management.
LPLA
US$293.67
LPL Financial Holdings
7D
-1.1%
1Y
3.7%

LPLA: Insurance Partnership Expansion Will Support Future Fee-Based Earnings Streams

The updated analyst price target for LPL Financial Holdings edges slightly lower to about $451.92 from $453.46, as analysts refine their models around discount rate, revenue growth, profit margin, and forward P/E, while recent Street research shows a mix of price target raises and trims across firms. Analyst Commentary Recent Street research on LPL Financial Holdings reflects a mixed tone, with some analysts lifting targets and others trimming them as they update models for the coming quarters.
CME
US$305.11
CME Group
7D
3.9%
1Y
19.9%

CME: Volatility And New Contracts Will Shape Rare Earths And Volume Mix

Analysts have made a modest upward adjustment to the CME Group fair value estimate to about $307 from roughly $305, reflecting slightly revised assumptions for discount rate, revenue growth, profit margin, and future P/E following a mix of recent rating changes and price target tweaks across the Street. Analyst Commentary Recent research on CME Group reflects a mixed but generally balanced backdrop, with several firms adjusting ratings and price targets in different directions.
BK
US$122.13
Bank of New York Mellon
7D
6.5%
1Y
66.6%

BK: Capital Returns And New Partnerships Will Drive Future Upside Potential

Analysts have modestly revised their price target for Bank of New York Mellon Corporation, with updated assumptions around the discount rate, revenue growth, profit margin and future P/E, which point to a refined fair value of $133.83 per share. What's in the News Bank of New York Mellon Corporation plans a public offering of depositary shares tied to a new Series M Noncumulative Perpetual Preferred Stock.
GS
US$863.04
Goldman Sachs Group
7D
7.5%
1Y
83.3%

GS: Buybacks And Rising Dividend Stream Will Drive Future Upside Potential

Analysts have nudged their price target on Goldman Sachs Group slightly higher to $959.75 from $959.20, citing small adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Goldman Sachs & Co. LLC has been added as Co Lead Underwriter for a US$17.096 million fixed income offering by The Goldman Sachs Group, Inc.
XXI
US$6.16
Twenty One Capital
7D
-3.9%
1Y
-42.3%

Twenty One Capital: Wen Business, Ser?

Jan 28