Sector Alpha Week of 2026-07-28
20-quarter listed-company comparison

Capital Markets Stocks

Capital Markets: Morgan Stanley owns the largest revenue base; Hut 8 Corp. has the fastest current growth.

The industry itself · before any single company

How has Capital Markets moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 39% ahead of S&P 500. Earnings across its companies grew 28% on average over the last four reported quarters.

BASING · +-5 joinedPrice and the fundamentals both up15 of 51 companies ahead of S&P 500 by 5% or more over three months7 are 20% or more behind over a year while earnings grew 20% or more

RS — · 24/50 >200d (+3) · 15/51 lead (−5) · EPS 32/48↑

200500202620252024202320222021 521348 TRAILING 12-MONTH EPS · 100 AT THE START0100113Mar 22Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 26 reportingJun 2022 · trailing 12-month earnings per share at 96, against 100 at the start · no comparable year yet · 27 reportingSep 2022 · trailing 12-month earnings per share at 93, against 100 at the start · no comparable year yet · 28 reportingDec 2022 · trailing 12-month earnings per share at 80, against 100 at the start · no comparable year yet · 27 reportingMar 2023 · trailing 12-month earnings per share at 66, against 100 at the start · down 33.9% on a year ago · 28 reportingJun 2023 · trailing 12-month earnings per share at 55, against 100 at the start · down 33.2% on a year ago · 29 reportingSep 2023 · trailing 12-month earnings per share at 61, against 100 at the start · down 28.1% on a year ago · 28 reportingDec 2023 · trailing 12-month earnings per share at 64, against 100 at the start · down 15.8% on a year ago · 29 reportingMar 2024 · trailing 12-month earnings per share at 64, against 100 at the start · up 0.2% on a year ago · 29 reportingJun 2024 · trailing 12-month earnings per share at 71, against 100 at the start · up 11.6% on a year ago · 29 reportingSep 2024 · trailing 12-month earnings per share at 83, against 100 at the start · up 20.2% on a year ago · 29 reportingDec 2024 · trailing 12-month earnings per share at 100, against 100 at the start · up 44.3% on a year ago · 30 reportingMar 2025 · trailing 12-month earnings per share at 90, against 100 at the start · up 26.2% on a year ago · 30 reportingJun 2025 · trailing 12-month earnings per share at 100, against 100 at the start · up 36.2% on a year ago · 30 reportingSep 2025 · trailing 12-month earnings per share at 109, against 100 at the start · up 34.2% on a year ago · 30 reportingDec 2025 · trailing 12-month earnings per share at 108, against 100 at the start · up 14.5% on a year ago · 30 reportingMar 2026 · trailing 12-month earnings per share at 113, against 100 at the start · up 27.8% on a year ago · 30 reportingNot reported yet — earnings trail price by a quarter or two113 · Mar 26No earnings on file this far back — the price series reaches further than the filings do
200500202620252024202320222021 521348 TRAILING 12-MONTH EPS · 100 AT THE START0100113Mar 22Mar 23Mar 24Mar 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 26 reportingJun 2022 · trailing 12-month earnings per share at 96, against 100 at the start · no comparable year yet · 27 reportingSep 2022 · trailing 12-month earnings per share at 93, against 100 at the start · no comparable year yet · 28 reportingDec 2022 · trailing 12-month earnings per share at 80, against 100 at the start · no comparable year yet · 27 reportingMar 2023 · trailing 12-month earnings per share at 66, against 100 at the start · down 33.9% on a year ago · 28 reportingJun 2023 · trailing 12-month earnings per share at 55, against 100 at the start · down 33.2% on a year ago · 29 reportingSep 2023 · trailing 12-month earnings per share at 61, against 100 at the start · down 28.1% on a year ago · 28 reportingDec 2023 · trailing 12-month earnings per share at 64, against 100 at the start · down 15.8% on a year ago · 29 reportingMar 2024 · trailing 12-month earnings per share at 64, against 100 at the start · up 0.2% on a year ago · 29 reportingJun 2024 · trailing 12-month earnings per share at 71, against 100 at the start · up 11.6% on a year ago · 29 reportingSep 2024 · trailing 12-month earnings per share at 83, against 100 at the start · up 20.2% on a year ago · 29 reportingDec 2024 · trailing 12-month earnings per share at 100, against 100 at the start · up 44.3% on a year ago · 30 reportingMar 2025 · trailing 12-month earnings per share at 90, against 100 at the start · up 26.2% on a year ago · 30 reportingJun 2025 · trailing 12-month earnings per share at 100, against 100 at the start · up 36.2% on a year ago · 30 reportingSep 2025 · trailing 12-month earnings per share at 109, against 100 at the start · up 34.2% on a year ago · 30 reportingDec 2025 · trailing 12-month earnings per share at 108, against 100 at the start · up 14.5% on a year ago · 30 reportingMar 2026 · trailing 12-month earnings per share at 113, against 100 at the start · up 27.8% on a year ago · 30 reportingNot reported yet — earnings trail price by a quarter or two113No earnings on file this far back — the price series reaches further than the filings do
Capital Markets, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy NarrowHow much of the industry is participating, how recently, and whether the movers score well.
Together15 of 51 stocks moving
Fresh4 crossed in the last 4 weeks
Backed by scoresmovers score +6 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large 6/11+3
Mid 6/18−3
Small 3/22−5

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 51 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Capital Markets outperforming S&P 500?

Capital Markets has outperformed S&P 500 by 14.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.6%. 12 of 25 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Hut 8 Corp. is the strongest against the sector itself at +52.2%.

+0.6%Sector vs S&P 500 · 13 weeks
+14.8%Sector vs S&P 500 · 52 weeks
12/25Stocks leading S&P 500
10/25Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Capital Markets has outperformed S&P 500 by 14.8% over 52 weeks and 0.6% over 13 weeks. 12 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 25 beat the sector itself. Morgan Stanley leads with income of $78,042 million, based on 23 of 27 comparable companies through Jun 2026.

Is the Capital Markets sector outperforming S&P 500?

Capital Markets has outperformed S&P 500 by 14.8% over 52 weeks and 0.6% over 13 weeks. 12 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 25 beat the sector itself.

Which Capital Markets company is largest by income?

Morgan Stanley leads with income of $78,042 million, based on 23 of 27 comparable companies through Jun 2026.

Which Capital Markets company is growing fastest?

Hut 8 Corp. has the fastest current income growth at 100%, across 22 of 27 comparable companies.

Which Capital Markets company has the strongest 4-Factor Sector Score?

Virtu Financial, Inc. ranks first at 76.5/100 with 60.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Capital Markets company has the lowest comparable P/BV-to-ROE?

Virtu Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.06, among 21 of 27 companies that pass the metric’s comparability rules.

How much history does this Capital Markets comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
27
complete canonical membership
Combined market value
$1.2T
Morgan Stanley
Revenue growing
22/22
positive TTM year-on-year growth
Beating S&P 500
12/25
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Virtu Financial, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 60.2% evidence confidence.
Interactive Brokers Group, Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded.

1. Virtu Financial, Inc. · VIRT

76.5/100 · Favorable setup · 60% evidence

Exact sum: 21 + 19.9 + 16.5 + 19.1 = 76.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.0/35Growth & earnings

Income — · PAT —

26% evidence

19.9/25Capital efficiency

ROA 3.3% · ROE 34.9% · GNPA —

68% evidence

16.5/20Valuation

P/BV 2.21× · P/BV÷ROE 0.06

70% evidence

19.1/20Relative strength

RS sector 24% · RS bench 27.1% · 1Y 35.3%

100% evidence

2. Marex Group Limited · MRX

63.5/100 · Mixed-positive evidence · 76% evidence

Exact sum: 22.7 + 12 + 9.2 + 19.6 = 63.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.7/35Growth & earnings

Income 32.6% · PAT 40.9%

71% evidence

12.0/25Capital efficiency

ROA 0.6% · ROE 9.4% · GNPA —

68% evidence

9.2/20Valuation

P/BV 2.56× · P/BV÷ROE 0.27

70% evidence

19.6/20Relative strength

RS sector 35.4% · RS bench 38.6% · 1Y 69.3%

100% evidence

3. Evercore Inc. · EVR

62.0/100 · Mixed-positive evidence · 76% evidence

Exact sum: 28.1 + 20 + 6.3 + 7.6 = 62

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

28.1/35Growth & earnings

Income 47.3% · PAT 68.9%

71% evidence

20.0/25Capital efficiency

ROA 8.7% · ROE 16.8% · GNPA —

68% evidence

6.3/20Valuation

P/BV 6.48× · P/BV÷ROE 0.39

70% evidence

7.6/20Relative strength

RS sector -6.3% · RS bench -3.8% · 1Y 15.8%

100% evidence

4. StoneX Group Inc. · SNEX

61.9/100 · Mixed-positive evidence · 62% evidence

Exact sum: 23.4 + 13 + 7.7 + 17.8 = 61.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.4/35Growth & earnings

Income 38% · PAT 56.1%

55% evidence

13.0/25Capital efficiency

ROA — · ROE 7.6% · GNPA —

34% evidence

7.7/20Valuation

P/BV 2.36× · P/BV÷ROE 0.31

70% evidence

17.8/20Relative strength

RS sector 22.6% · RS bench 25.3% · 1Y 72.3%

100% evidence

5. The Charles Schwab Corporation · SCHW

61.8/100 · Mixed-positive evidence · 80% evidence

Exact sum: 23.4 + 15.3 + 8.6 + 14.5 = 61.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.4/35Growth & earnings

Income 20.3% · PAT 38.6%

81% evidence

15.3/25Capital efficiency

ROA 1.2% · ROE 11.3% · GNPA —

68% evidence

8.6/20Valuation

P/BV 3.32× · P/BV÷ROE 0.29

70% evidence

14.5/20Relative strength

RS sector 0.5% · RS bench 3.4% · 1Y 10.9%

100% evidence

6. Morgan Stanley · MS

61.0/100 · Mixed-positive evidence · 80% evidence

Exact sum: 21.5 + 13.4 + 11.1 + 15 = 61

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.5/35Growth & earnings

Income 18% · PAT 36.8%

81% evidence

13.4/25Capital efficiency

ROA 0.8% · ROE 10.3% · GNPA —

68% evidence

11.1/20Valuation

P/BV 2.27× · P/BV÷ROE 0.22

70% evidence

15.0/20Relative strength

RS sector 8.3% · RS bench 11.1% · 1Y 52.1%

100% evidence

7. BGC Group, Inc. · BGC

55.4/100 · Mixed-positive evidence · 76% evidence

Exact sum: 22.1 + 11 + 5.9 + 16.4 = 55.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.1/35Growth & earnings

Income 37.6% · PAT 38.6%

71% evidence

11.0/25Capital efficiency

ROA 0.8% · ROE 6.9% · GNPA —

68% evidence

5.9/20Valuation

P/BV 4.26× · P/BV÷ROE 0.62

70% evidence

16.4/20Relative strength

RS sector 9% · RS bench 11.9% · 1Y 26.3%

100% evidence

8. Piper Sandler Companies · PIPR

51.7/100 · Mixed-positive evidence · 76% evidence

Exact sum: 25.6 + 14.8 + 5.7 + 5.6 = 51.7

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -0.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

25.6/35Growth & earnings

Income 30.9% · PAT 100%

71% evidence

14.8/25Capital efficiency

ROA 3.5% · ROE 4.7% · GNPA —

68% evidence

5.7/20Valuation

P/BV 3.87× · P/BV÷ROE 0.82

70% evidence

5.6/20Relative strength

RS sector -14.5% · RS bench -12.2% · 1Y -0.6%

100% evidence

9. PJT Partners Inc. · PJT

51.3/100 · Mixed-positive evidence · 76% evidence

Exact sum: 19.5 + 18 + 3.5 + 10.3 = 51.3

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

19.5/35Growth & earnings

Income 21.4% · PAT 25.1%

71% evidence

18.0/25Capital efficiency

ROA 6% · ROE 10.2% · GNPA —

68% evidence

3.5/20Valuation

P/BV 13.28× · P/BV÷ROE 1.3

70% evidence

10.3/20Relative strength

RS sector -4.7% · RS bench -2.1% · 1Y -3.2%

100% evidence

10. The Goldman Sachs Group, Inc. · GS

48.9/100 · Mixed-negative evidence · 80% evidence

Exact sum: 18.1 + 9.4 + 6.9 + 14.5 = 48.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.1/35Growth & earnings

Income 17.8% · PAT 34.8%

81% evidence

9.4/25Capital efficiency

ROA 0.3% · ROE 5.4% · GNPA —

68% evidence

6.9/20Valuation

P/BV 2.03× · P/BV÷ROE 0.38

70% evidence

14.5/20Relative strength

RS sector 6.3% · RS bench 9.1% · 1Y 45.6%

100% evidence

11. Interactive Brokers Group, Inc. · IBKR

48.1/100 · Mixed-negative evidence · 60% evidence

Exact sum: 16.4 + 10.5 + 4.8 + 16.4 = 48.1

Decision use: Price leads the evidence: RS versus the benchmark is 15.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

16.4/35Growth & earnings

Income — · PAT —

26% evidence

10.5/25Capital efficiency

ROA 0.6% · ROE 6.6% · GNPA —

68% evidence

4.8/20Valuation

P/BV 6.57× · P/BV÷ROE 0.99

70% evidence

16.4/20Relative strength

RS sector 12.6% · RS bench 15.4% · 1Y 42.9%

100% evidence

12. Tradeweb Markets Inc. · TW

47.7/100 · Mixed-negative evidence · 76% evidence

Exact sum: 22.3 + 14.1 + 4.8 + 6.5 = 47.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.3/35Growth & earnings

Income 18.3% · PAT 66.2%

71% evidence

14.1/25Capital efficiency

ROA 2.8% · ROE 3.4% · GNPA —

68% evidence

4.8/20Valuation

P/BV 3.79× · P/BV÷ROE 1.11

70% evidence

6.5/20Relative strength

RS sector -15.5% · RS bench -12.9% · 1Y -23.9%

100% evidence

13. Stifel Financial Corp. · SF

47.1/100 · Mixed-negative evidence · 60% evidence

Exact sum: 16.3 + 8.5 + 10.7 + 11.6 = 47.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

16.3/35Growth & earnings

Income — · PAT —

26% evidence

8.5/25Capital efficiency

ROA -2% · ROE 8.1% · GNPA —

68% evidence

10.7/20Valuation

P/BV 1.9× · P/BV÷ROE 0.23

70% evidence

11.6/20Relative strength

RS sector -1.4% · RS bench 1.4% · 1Y 14.2%

100% evidence

14. Jefferies Financial Group Inc. · JEF

45.4/100 · Mixed-negative evidence · 80% evidence

Exact sum: 21.1 + 8.5 + 6.4 + 9.4 = 45.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.1/35Growth & earnings

Income 21.4% · PAT 39.5%

81% evidence

8.5/25Capital efficiency

ROA 0.3% · ROE 2.4% · GNPA —

68% evidence

6.4/20Valuation

P/BV 1.01× · P/BV÷ROE 0.42

70% evidence

9.4/20Relative strength

RS sector -6.3% · RS bench -3.8% · 1Y 2.4%

100% evidence

15. Riot Platforms, Inc. · RIOT

44.7/100 · Thin evidence · provisional · 55% evidence

Exact sum: 15.5 + 4.6 + 9.8 + 14.8 = 44.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.5/35Growth & earnings

Income 42.3% · PAT —

45% evidence

4.6/25Capital efficiency

ROA -14% · ROE -18.7% · GNPA —

68% evidence

9.8/20Valuation

P/BV 1.96× · P/BV÷ROE —

10% evidence

14.8/20Relative strength

RS sector 9.5% · RS bench 11.8% · 1Y 92.6%

100% evidence

16. LPL Financial Holdings Inc. · LPLA

42.7/100 · Mixed-negative evidence · 76% evidence

Exact sum: 11.9 + 15.6 + 6.2 + 9 = 42.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.9/35Growth & earnings

Income 38.1% · PAT -17.4%

71% evidence

15.6/25Capital efficiency

ROA 2.6% · ROE 8.1% · GNPA —

68% evidence

6.2/20Valuation

P/BV 4.24× · P/BV÷ROE 0.52

70% evidence

9.0/20Relative strength

RS sector -7% · RS bench -4.3% · 1Y -7.4%

100% evidence

17. TeraWulf Inc. · WULF

41.3/100 · Thin evidence · provisional · 55% evidence

Exact sum: 19.3 + 4.4 + 9.8 + 7.8 = 41.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.3/35Growth & earnings

Income 28% · PAT —

45% evidence

4.4/25Capital efficiency

ROA -4.1% · ROE -897.3% · GNPA —

68% evidence

9.8/20Valuation

P/BV -77.86× · P/BV÷ROE —

10% evidence

7.8/20Relative strength

RS sector -0.7% · RS bench 1.4% · 1Y 259%

100% evidence

18. Moelis & Company · MC

40.1/100 · Mixed-negative evidence · 76% evidence

Exact sum: 14.1 + 15.1 + 3.8 + 7.1 = 40.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.1/35Growth & earnings

Income 19.1% · PAT 31.9%

71% evidence

15.1/25Capital efficiency

ROA 3% · ROE 7.1% · GNPA —

68% evidence

3.8/20Valuation

P/BV 8.7× · P/BV÷ROE 1.23

70% evidence

7.1/20Relative strength

RS sector -7.2% · RS bench -4.6% · 1Y 0%

100% evidence

19. Galaxy Digital Inc. · GLXY

39.7/100 · Thin evidence · provisional · 53% evidence

Exact sum: 22.5 + 5.7 + 10 + 1.5 = 39.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

22.5/35Growth & earnings

Income 25.5% · PAT —

45% evidence

5.7/25Capital efficiency

ROA -2.8% · ROE -10.6% · GNPA —

68% evidence

10.0/20Valuation

P/BV — · P/BV÷ROE —

0% evidence

1.5/20Relative strength

RS sector -29.2% · RS bench -27.5% · 1Y -22.1%

100% evidence

20. Robinhood Markets, Inc. · HOOD

37.3/100 · Mixed-negative evidence · 76% evidence

Exact sum: 17.3 + 9.8 + 3.5 + 6.7 = 37.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.3/35Growth & earnings

Income 41.5% · PAT 19.1%

71% evidence

9.8/25Capital efficiency

ROA 0.9% · ROE 3.9% · GNPA —

68% evidence

3.5/20Valuation

P/BV 6.7× · P/BV÷ROE 1.72

70% evidence

6.7/20Relative strength

RS sector -18.3% · RS bench -16.1% · 1Y -7.1%

100% evidence

21. Houlihan Lokey, Inc. · HLI

33.0/100 · Adverse evidence · 76% evidence

Exact sum: 9.3 + 13.7 + 5.3 + 4.7 = 33

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

9.3/35Growth & earnings

Income 9.5% · PAT 6.3%

71% evidence

13.7/25Capital efficiency

ROA 2.3% · ROE 4.4% · GNPA —

68% evidence

5.3/20Valuation

P/BV 4.26× · P/BV÷ROE 0.97

70% evidence

4.7/20Relative strength

RS sector -22.1% · RS bench -19.8% · 1Y -23.4%

100% evidence

22. IREN Limited · IREN

31.7/100 · Thin evidence · provisional · 55% evidence

Exact sum: 16.2 + 5 + 9.6 + 0.9 = 31.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.2/35Growth & earnings

Income 100% · PAT —

45% evidence

5.0/25Capital efficiency

ROA -4.9% · ROE -12.1% · GNPA —

68% evidence

9.6/20Valuation

P/BV 4.39× · P/BV÷ROE —

10% evidence

0.9/20Relative strength

RS sector -30.3% · RS bench -28.9% · 1Y 120.3%

100% evidence

23. Circle Internet Group, Inc. · CRCL

26.4/100 · Adverse evidence · 70% evidence

Exact sum: 12.9 + 6.9 + 3.2 + 3.4 = 26.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.9/35Growth & earnings

Income 51.4% · PAT -146.2%

71% evidence

6.9/25Capital efficiency

ROA 0.1% · ROE 2.1% · GNPA —

68% evidence

3.2/20Valuation

P/BV 6.89× · P/BV÷ROE 3.28

70% evidence

3.4/20Relative strength

RS sector -41% · RS bench -39.2% · 1Y -61.7%

70% evidence

24. Miami International Holdings, Inc. · MIAX

64.8/100 · Thin evidence · provisional · 40% evidence

Exact sum: 20.6 + 19.3 + 14.9 + 10 = 64.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

20.6/35Growth & earnings

Income — · PAT —

26% evidence

19.3/25Capital efficiency

ROA 10.8% · ROE 32% · GNPA —

68% evidence

14.9/20Valuation

P/BV 3.44× · P/BV÷ROE 0.11

70% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y 48.5%

0% evidence

25. Hut 8 Corp. · HUT

52.7/100 · Thin evidence · provisional · 41% evidence

Exact sum: 19.6 + 8.8 + 9.8 + 14.5 = 52.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.6/35Growth & earnings

Income 100% · PAT —

29% evidence

8.8/25Capital efficiency

ROA — · ROE -18.9% · GNPA —

34% evidence

9.8/20Valuation

P/BV 3.83× · P/BV÷ROE —

10% evidence

14.5/20Relative strength

RS sector 52.2% · RS bench 54.7% · 1Y 411.3%

100% evidence

26. Figure Technology Solutions, Inc. · FIGR

52.1/100 · Thin evidence · provisional · 47% evidence

Exact sum: 23.9 + 13.5 + 4.7 + 10 = 52.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

23.9/35Growth & earnings

Income 67.8% · PAT 100%

45% evidence

13.5/25Capital efficiency

ROA 2.4% · ROE 5.4% · GNPA —

68% evidence

4.7/20Valuation

P/BV 5.76× · P/BV÷ROE 1.07

70% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

27. Bitmine Immersion Technologies, Inc. · BMNR

37.1/100 · Thin evidence · provisional · 42% evidence

Exact sum: 19 + 5.3 + 9.8 + 3 = 37.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.0/35Growth & earnings

Income — · PAT —

26% evidence

5.3/25Capital efficiency

ROA -1.5% · ROE -144.7% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.95× · P/BV÷ROE —

10% evidence

3.0/20Relative strength

RS sector -48.2% · RS bench -46.6% · 1Y -44.5%

70% evidence

01 · compare level, then change

Income Scale & Growth Durability

Morgan Stanley has the highest Income among the 27 Capital Markets companies compared here, at $78,042 million. The Goldman Sachs Group, Inc. is next at $66,203 million. Hut 8 Corp. has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Morgan Stanley is the scale leader at $78,042 million, 17.9% ahead of The Goldman Sachs Group, Inc.. Hut 8 Corp.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 219.3% from a $380 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderMorgan Stanley · $78,042 million
Gap17.9% versus #2 · The Goldman Sachs Group, Inc.
Persistence8/8 recent comparable periods
Coverage23/27 companies · 469 observations

Investor read: Morgan Stanley is the scale benchmark; Hut 8 Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Morgan Stanley's growth falls below Hut 8 Corp.'s for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.
Incomelargest
1Morgan Stanley MS$78.0B
2The Goldman Sachs Group, Inc. GS$66.2B
3Galaxy Digital Inc. GLXY$58.7B
4The Charles Schwab Corporation SCHW$26.0B
5LPL Financial Holdings Inc. LPLA$18.3B
Income growthfastest growers
1Hut 8 Corp. HUT100%
2IREN Limited IREN100%
3Figure Technology Solutions, Inc. FIGR68%
4Circle Internet Group, Inc. CRCL51%
5Evercore Inc. EVR47%
Income · company comparison
23/27 level · 22/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyIncomeIncome growthReported
Morgan Stanley MS$21.3B27%Jun 2026
The Goldman Sachs Group, Inc. GS$20.3B39%Jun 2026
Galaxy Digital Inc. GLXY$10.2B-21%Mar 2026
The Charles Schwab Corporation SCHW$7.1B21%Jun 2026
LPL Financial Holdings Inc. LPLA$4.9B35%Mar 2026
Jefferies Financial Group Inc. JEF$2.2B35%Jun 2026
Interactive Brokers Group, Inc. IBKR$1.7B17%Jun 2026
Stifel Financial Corp. SF$1.5B18%Jun 2026
Evercore Inc. EVR$1.4B100%Mar 2026
Robinhood Markets, Inc. HOOD$1.1B15%Mar 2026
BGC Group, Inc. BGC$955M44%Mar 2026
Virtu Financial, Inc. VIRT$917M30%Jun 2026
StoneX Group Inc. SNEX$829M70%Mar 2026
Circle Internet Group, Inc. CRCL$694M20%Mar 2026
Marex Group Limited MRX$692M48%Mar 2026
Houlihan Lokey, Inc. HLI$636M-4.5%Mar 2026
Tradeweb Markets Inc. TW$618M21%Mar 2026
Piper Sandler Companies PIPR$474M33%Mar 2026
PJT Partners Inc. PJT$418M29%Mar 2026
Miami International Holdings, Inc. MIAX$370M13%Mar 2026
Moelis & Company MC$320M4.2%Mar 2026
Riot Platforms, Inc. RIOT$167M3.7%Mar 2026
Figure Technology Solutions, Inc. FIGR$167M96%Mar 2026
IREN Limited IREN$145M0.0%Mar 2026
Hut 8 Corp. HUT$139M827%Mar 2026
TeraWulf Inc. WULF$34M0.0%Mar 2026
Bitmine Immersion Technologies, Inc. BMNR$11M450%Jun 2026
Full 20-quarter history · every available company

Income · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

$24M
$24M
$32M
$94M
$365M
$430M
$446M
$435M
$579M
$658M
$740M
$770M
$694M

Evercore Inc. · EVR

$828M
$1.1B
$727M
$635M
$581M
$835M
$576M
$504M
$574M
$788M
$585M
$693M
$738M
$980M
$699M
$838M
$1.0B
$1.3B
$1.4B

Interactive Brokers Group, Inc. · IBKR

$464M
$603M
$645M
$656M
$790M
$976M
$1.1B
$1.0B
$1.1B
$1.1B
$1.2B
$1.2B
$1.4B
$1.4B
$1.4B
$1.5B
$1.7B
$1.6B
$1.7B

IREN Limited · IREN

$10M
$20M
$15M
$12M
$16M
$14M
$13M
$34M
$34M
$43M
$54M
$57M
$53M
$116M
$145M
$187M
$240M
$185M
$145M

Jefferies Financial Group Inc. · JEF

$1.9B
$1.6B
$1.7B
$1.3B
$1.5B
$1.4B
$1.3B
$1.0B
$1.2B
$1.2B
$1.7B
$1.7B
$1.7B
$2.0B
$1.6B
$1.6B
$2.0B
$2.1B
$2.0B
$2.2B

LPL Financial Holdings Inc. · LPLA

$2.0B
$2.1B
$2.1B
$2.0B
$2.2B
$2.3B
$2.4B
$2.5B
$2.5B
$2.6B
$2.8B
$2.9B
$3.1B
$3.5B
$3.7B
$3.8B
$4.6B
$4.9B
$4.9B

Morgan Stanley · MS

$14.8B
$14.5B
$14.8B
$13.1B
$13.0B
$12.7B
$14.5B
$13.5B
$13.3B
$12.9B
$15.1B
$15.0B
$15.4B
$16.2B
$17.7B
$16.8B
$18.2B
$17.9B
$20.6B
$21.3B

Robinhood Markets, Inc. · HOOD

$365M
$363M
$299M
$318M
$361M
$380M
$441M
$486M
$467M
$471M
$618M
$682M
$637M
$1.0B
$927M
$989M
$1.3B
$1.3B
$1.1B

Stifel Financial Corp. · SF

$1.1B
$1.3B
$1.1B
$1.1B
$1.0B
$1.1B
$1.1B
$1.1B
$1.0B
$1.1B
$1.2B
$1.2B
$1.2B
$1.6B
$1.3B
$1.3B
$1.4B
$1.8B
$1.5B

The Charles Schwab Corporation · SCHW

$4.6B
$4.7B
$4.7B
$5.1B
$5.5B
$5.5B
$5.1B
$4.7B
$4.6B
$4.5B
$4.7B
$4.7B
$4.8B
$5.3B
$5.6B
$5.9B
$6.1B
$6.3B
$6.5B
$7.1B

The Goldman Sachs Group, Inc. · GS

$13.6B
$15.4B
$12.9B
$11.9B
$12.0B
$11.9B
$12.2B
$10.9B
$11.8B
$11.3B
$14.2B
$12.7B
$12.7B
$13.9B
$15.1B
$14.6B
$15.2B
$13.5B
$17.2B
$20.3B

Tradeweb Markets Inc. · TW

$265M
$277M
$311M
$297M
$287M
$293M
$329M
$311M
$328M
$370M
$409M
$405M
$449M
$463M
$510M
$513M
$509M
$521M
$618M

Income growth · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

88%
370%
59%
53%
66%
77%
20%

Evercore Inc. · EVR

-8.2%
-30%
-25%
-21%
-21%
-1.2%
-5.6%
1.6%
38%
29%
24%
19%
21%
42%
32%
100%

Interactive Brokers Group, Inc. · IBKR

-13%
70%
62%
64%
52%
45%
17%
14%
23%
19%
22%
19%
20%
21%
18%
17%

IREN Limited · IREN

300%
60%
-30%
-13%
183%
113%
207%
315%
68%
56%
170%
169%
228%
353%
59%
0.0%

Jefferies Financial Group Inc. · JEF

-22%
-12%
-24%
-22%
-22%
-17%
35%
60%
42%
63%
-8.3%
-1.3%
22%
5.7%
27%
35%

LPL Financial Holdings Inc. · LPLA

7.4%
7.0%
11%
17%
21%
17%
13%
17%
19%
23%
33%
30%
31%
46%
40%
35%

Morgan Stanley · MS

-11%
-12%
-12%
-1.9%
2.5%
2.2%
1.2%
4.3%
12%
16%
26%
17%
12%
18%
10%
16%
27%

Robinhood Markets, Inc. · HOOD

-44%
-1.1%
4.7%
47%
53%
29%
24%
40%
40%
36%
115%
50%
45%
100%
27%
15%

Stifel Financial Corp. · SF

-3.9%
-8.7%
-14%
-0.9%
-5.1%
0.0%
2.1%
5.1%
16%
17%
39%
7.9%
5.4%
17%
10%
18%

The Charles Schwab Corporation · SCHW

13%
20%
17%
9.5%
-8.6%
-16%
-19%
-7.4%
0.7%
5.2%
20%
18%
25%
27%
19%
16%
21%

The Goldman Sachs Group, Inc. · GS

-23%
-12%
-23%
-5.5%
-8.2%
-1.3%
-4.6%
16%
17%
7.5%
23%
6.0%
15%
20%
-3.0%
14%
39%

Tradeweb Markets Inc. · TW

14%
8.3%
5.8%
5.8%
4.7%
14%
26%
24%
30%
37%
25%
25%
27%
13%
13%
21%
02 · compare level, then change

Profit Scale & Acceleration

The Goldman Sachs Group, Inc. has the highest Net profit among the 27 Capital Markets companies compared here, at $20,973 million. Morgan Stanley is next at $20,370 million. Piper Sandler Companies has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: The Goldman Sachs Group, Inc. leads with $20,973 million of TTM profit, 3% above Morgan Stanley. Piper Sandler Companies shows ≥100% on the scoring scale (124.1% uncapped) growth from a $325 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderThe Goldman Sachs Group, Inc. · $20,973 million
Gap3% versus #2 · Morgan Stanley
Persistence8/8 recent comparable periods
Coverage23/27 companies · 484 observations

Investor read: The Goldman Sachs Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.
Net profitlargest
1The Goldman Sachs Group, Inc. GS$21.0B
2Morgan Stanley MS$20.4B
3The Charles Schwab Corporation SCHW$10.1B
4Robinhood Markets, Inc. HOOD$1.9B
5Tradeweb Markets Inc. TW$987M
Profit growthfastest growers
1Piper Sandler Companies PIPR100%
2Evercore Inc. EVR69%
3Tradeweb Markets Inc. TW66%
4StoneX Group Inc. SNEX56%
5Marex Group Limited MRX41%
Net profit · company comparison
23/27 level · 16/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
The Goldman Sachs Group, Inc. GS$6.6B78%Jun 2026
Morgan Stanley MS$5.7B58%Jun 2026
The Charles Schwab Corporation SCHW$2.8B32%Jun 2026
Interactive Brokers Group, Inc. IBKR$1.2B21%Jun 2026
LPL Financial Holdings Inc. LPLA$356M12%Mar 2026
Virtu Financial, Inc. VIRT$347M83%Jun 2026
Robinhood Markets, Inc. HOOD$346M3.0%Mar 2026
Evercore Inc. EVR$323M110%Mar 2026
Stifel Financial Corp. SF$251M374%Jun 2026
Jefferies Financial Group Inc. JEF$250M175%Jun 2026
Tradeweb Markets Inc. TW$233M39%Mar 2026
StoneX Group Inc. SNEX$174M142%Mar 2026
Miami International Holdings, Inc. MIAX$170M900%Mar 2026
Marex Group Limited MRX$112M53%Mar 2026
Houlihan Lokey, Inc. HLI$98M-20%Mar 2026
PJT Partners Inc. PJT$89M20%Mar 2026
BGC Group, Inc. BGC$83M57%Mar 2026
Piper Sandler Companies PIPR$68M84%Mar 2026
Circle Internet Group, Inc. CRCL$55M-15%Mar 2026
Figure Technology Solutions, Inc. FIGR$45M2,200%Mar 2026
Moelis & Company MC$42M-22%Mar 2026
Galaxy Digital Inc. GLXY$-216M-508%Mar 2026
IREN Limited IREN$-248M-278%Mar 2026
Hut 8 Corp. HUT$-253M-299%Mar 2026
TeraWulf Inc. WULF$-416MMar 2026
Riot Platforms, Inc. RIOT$-500M-608%Mar 2026
Bitmine Immersion Technologies, Inc. BMNR$-3.8BJun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

$-167M
$-167M
$-844M
$-8M
$45M
$45M
$49M
$33M
$71M
$4M
$65M
$-482M
$214M
$133M
$55M

Evercore Inc. · EVR

$189M
$350M
$177M
$110M
$92M
$153M
$92M
$42M
$59M
$92M
$93M
$82M
$88M
$155M
$154M
$107M
$157M
$222M
$323M

Interactive Brokers Group, Inc. · IBKR

$206M
$338M
$366M
$360M
$483M
$633M
$700M
$601M
$772M
$739M
$795M
$809M
$834M
$969M
$964M
$1.0B
$1.2B
$1.2B
$1.2B

IREN Limited · IREN

$-491M
$70M
$-3M
$17M
$-18M
$-144M
$-3M
$-7M
$-5M
$-5M
$9M
$-27M
$-52M
$-22M
$-16M
$177M
$385M
$-155M
$-248M

Jefferies Financial Group Inc. · JEF

$989M
$272M
$328M
$117M
$196M
$141M
$129M
$9M
$54M
$70M
$164M
$155M
$175M
$219M
$137M
$91M
$243M
$216M
$159M
$250M

LPL Financial Holdings Inc. · LPLA

$103M
$108M
$134M
$161M
$232M
$319M
$339M
$286M
$224M
$218M
$289M
$244M
$255M
$271M
$319M
$273M
$-30M
$301M
$356M

Morgan Stanley · MS

$3.7B
$3.7B
$3.7B
$2.5B
$2.7B
$2.3B
$3.0B
$2.2B
$2.4B
$1.5B
$3.5B
$3.1B
$3.2B
$3.7B
$4.4B
$3.6B
$4.7B
$4.4B
$5.6B
$5.7B

Robinhood Markets, Inc. · HOOD

$-1.3B
$-423M
$-392M
$-295M
$-175M
$-166M
$-511M
$25M
$-85M
$30M
$157M
$188M
$150M
$916M
$336M
$386M
$556M
$605M
$346M

Stifel Financial Corp. · SF

$-200M
$-212M
$-231M
$-197M
$-179M
$-174M
$-196M
$-181M
$-182M
$-202M
$-196M
$-228M
$159M
$244M
$53M
$-266M
$211M
$264M
$251M

The Charles Schwab Corporation · SCHW

$1.5B
$1.6B
$1.4B
$1.8B
$2.0B
$2.0B
$1.6B
$1.3B
$1.1B
$1.0B
$1.4B
$1.3B
$1.4B
$1.8B
$1.9B
$2.1B
$2.4B
$2.5B
$2.5B
$2.8B

The Goldman Sachs Group, Inc. · GS

$5.4B
$5.5B
$3.9B
$2.9B
$3.1B
$2.9B
$3.2B
$1.2B
$2.1B
$2.0B
$4.1B
$3.0B
$3.0B
$4.1B
$4.7B
$3.7B
$4.1B
$4.6B
$5.6B
$6.6B

Tradeweb Markets Inc. · TW

$65M
$60M
$97M
$82M
$82M
$99M
$102M
$102M
$112M
$104M
$143M
$136M
$130M
$160M
$168M
$176M
$211M
$367M
$233M

Profit growth · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

33%
-1,561%
201%
3,225%
-15%

Evercore Inc. · EVR

-33%
-51%
-56%
-48%
-62%
-36%
-40%
1.1%
95%
49%
68%
66%
30%
78%
43%
110%

Interactive Brokers Group, Inc. · IBKR

-29%
134%
87%
91%
67%
60%
17%
14%
35%
8.0%
31%
21%
24%
42%
24%
21%

IREN Limited · IREN

-306%
-141%
-278%

Jefferies Financial Group Inc. · JEF

-80%
-48%
-61%
-92%
-72%
-50%
27%
1,622%
224%
213%
-16%
-41%
39%
-1.4%
16%
175%

LPL Financial Holdings Inc. · LPLA

35%
125%
195%
153%
78%
-3.5%
-32%
-15%
-15%
14%
24%
10%
12%
-112%
11%
12%

Morgan Stanley · MS

-28%
-29%
-39%
-18%
-12%
-8.5%
-32%
14%
40%
32%
142%
26%
15%
44%
19%
29%
58%

Robinhood Markets, Inc. · HOOD

652%
2,953%
114%
105%
271%
-34%
3.0%

Stifel Financial Corp. · SF

33%
8.2%
374%

The Charles Schwab Corporation · SCHW

42%
32%
25%
14%
-28%
-44%
-47%
-15%
2.9%
25%
76%
40%
60%
67%
34%
30%
32%

The Goldman Sachs Group, Inc. · GS

-47%
-43%
-47%
-18%
-58%
-33%
-31%
28%
150%
45%
105%
15%
22%
37%
12%
19%
78%

Tradeweb Markets Inc. · TW

24%
26%
65%
5.2%
24%
37%
5.1%
40%
33%
16%
54%
17%
29%
62%
129%
39%
03 · compare level, then change

Funding Base & Its Composition

No company in this Capital Markets comparison has a funding base figure that passes this section's guard, so the Deposits rank is empty. On Borrowings, Morgan Stanley is highest at $942,036 million, across 27 of 27 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

LeaderNo comparable leader
GapNot enough peers
PersistenceNot enough history
Coverage0/27 companies · 0 observations

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.
Depositslargest deposit bases
Not enough comparable data
Borrowingslargest borrowings
1Morgan Stanley MS$942.0B
2The Goldman Sachs Group, Inc. GS$796.0B
3Jefferies Financial Group Inc. JEF$33.8B
4Stifel Financial Corp. SF$33.1B
5The Charles Schwab Corporation SCHW$33.0B
Funding base · company comparison
0/27 level · 27/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyDepositsBorrowingsReported
Morgan Stanley MS$942.0BJun 2026
The Goldman Sachs Group, Inc. GS$796.0BJun 2026
The Charles Schwab Corporation SCHW$33.0BJun 2026
Robinhood Markets, Inc. HOOD$0MMar 2026
Interactive Brokers Group, Inc. IBKR$13MJun 2026
LPL Financial Holdings Inc. LPLA$7.2BMar 2026
Tradeweb Markets Inc. TW$143MMar 2026
Circle Internet Group, Inc. CRCL$0MMar 2026
Evercore Inc. EVR$1.1BMar 2026
Jefferies Financial Group Inc. JEF$33.8BJun 2026
Stifel Financial Corp. SF$33.1BJun 2026
IREN Limited IREN$4.0BMar 2026
Hut 8 Corp. HUT$566MMar 2026
Bitmine Immersion Technologies, Inc. BMNR$1MJun 2026
Houlihan Lokey, Inc. HLI$492MMar 2026
Virtu Financial, Inc. VIRT$4.6BJun 2026
StoneX Group Inc. SNEX$0MMar 2026
TeraWulf Inc. WULF$5.4BMar 2026
Galaxy Digital Inc. GLXY$4.6BMar 2026
Riot Platforms, Inc. RIOT$877MMar 2026
PJT Partners Inc. PJT$421MMar 2026
Figure Technology Solutions, Inc. FIGR$380MMar 2026
BGC Group, Inc. BGC$1.8BMar 2026
Moelis & Company MC$267MMar 2026
Piper Sandler Companies PIPR$15MMar 2026
Marex Group Limited MRX$6.5BMar 2026
Miami International Holdings, Inc. MIAX$2MMar 2026
Full 20-quarter history · every available company

No consistent historical series is available for deposits.

Borrowings · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

$1.1B
$1.1B
$78M
$78M
$58M
$58M
$41M
$41M
$37M
$206M
$149M
$37M
$0M

Evercore Inc. · EVR

$713M
$721M
$713M
$696M
$687M
$688M
$696M
$828M
$846M
$844M
$839M
$835M
$850M
$923M
$933M
$930M
$1.1B
$1.2B
$1.1B

Interactive Brokers Group, Inc. · IBKR

$28M
$27M
$311M
$17M
$35M
$18M
$10M
$17M
$11M
$17M
$14M
$11M
$33M
$14M
$12M
$8M
$904M
$19M
$12M
$13M

IREN Limited · IREN

$779M
$32M
$85M
$108M
$112M
$112M
$1M
$1M
$1M
$1M
$2M
$1M
$3M
$388M
$348M
$964M
$966M
$3.8B
$4.0B

Jefferies Financial Group Inc. · JEF

$21.5B
$22.8B
$22.4B
$20.6B
$19.5B
$19.3B
$20.6B
$21.4B
$23.7B
$23.6B
$24.7B
$27.5B
$26.6B
$29.1B
$32.5B
$32.2B
$32.6B
$33.3B
$32.4B
$33.8B

LPL Financial Holdings Inc. · LPLA

$3.0B
$2.8B
$2.7B
$2.7B
$2.7B
$2.7B
$2.9B
$3.0B
$3.1B
$3.7B
$3.9B
$4.4B
$4.4B
$5.5B
$5.7B
$7.2B
$7.5B
$7.3B
$7.2B

Morgan Stanley · MS

$631.1B
$652.9B
$659.5B
$646.7B
$626.4B
$665.4B
$666.9B
$661.1B
$679.0B
$690.8B
$721.4B
$706.9B
$738.4B
$736.5B
$778.5B
$811.3B
$820.1B
$864.6B
$942.0B

Robinhood Markets, Inc. · HOOD

$0M
$0M
$183M
$154M
$160M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M

Stifel Financial Corp. · SF

$21.8B
$24.8B
$25.9B
$27.5B
$28.6B
$28.4B
$29.9B
$28.4B
$29.1B
$29.7B
$30.0B
$29.7B
$30.3B
$31.2B
$31.8B
$30.9B
$32.4B
$31.9B
$33.1B

The Charles Schwab Corporation · SCHW

$22.5B
$23.8B
$26.1B
$22.5B
$21.3B
$37.9B
$72.7B
$71.3B
$64.2B
$59.1B
$55.3B
$56.8B
$55.6B
$45.1B
$39.9B
$37.7B
$27.6B
$31.0B
$33.0B

The Goldman Sachs Group, Inc. · GS

$478.8B
$485.5B
$499.6B
$498.1B
$467.1B
$432.4B
$521.3B
$537.3B
$534.4B
$580.9B
$595.1B
$572.7B
$610.7B
$614.9B
$607.7B
$601.0B
$591.9B
$607.4B
$692.1B
$796.0B

Tradeweb Markets Inc. · TW

$27M
$24M
$52M
$30M
$29M
$28M
$26M
$23M
$22M
$49M
$25M
$28M
$29M
$36M
$32M
$32M
$136M
$139M
$143M
04 · compare level, then change

Return On Assets

Miami International Holdings, Inc. has the highest ROA among the 27 Capital Markets companies compared here, at 10.8%. Evercore Inc. is next at 8.7%. Bitmine Immersion Technologies, Inc. has the highest ROA change at +31.3 percentage points, so level and change sit with different companies. 25 of 27 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Miami International Holdings, Inc. leads roa at 10.8%; Bitmine Immersion Technologies, Inc. leads roa change at +31.3 percentage points.

LeaderMiami International Holdings, Inc. · 10.8%
Gap24.1% versus #2 · Evercore Inc.
Persistence3/4 recent comparable periods
Coverage25/27 companies · 449 observations

Investor read: Miami International Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.
ROAhighest
1Miami International Holdings, Inc. MIAX11%
2Evercore Inc. EVR8.7%
3PJT Partners Inc. PJT6.0%
4Piper Sandler Companies PIPR3.5%
5Virtu Financial, Inc. VIRT3.3%
ROA changefastest improvers
1Bitmine Immersion Technologies, Inc. BMNR+31.3 pp
2Galaxy Digital Inc. GLXY+6.1 pp
3TeraWulf Inc. WULF+5.5 pp
4Evercore Inc. EVR+3.7 pp
5Figure Technology Solutions, Inc. FIGR+3.6 pp
Return on assets · company comparison
25/27 level · 25/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROAROA changeReported
Miami International Holdings, Inc. MIAX11%+3.0 ppMar 2026
Evercore Inc. EVR8.7%+3.7 ppMar 2026
PJT Partners Inc. PJT6.0%+0.5 ppMar 2026
Piper Sandler Companies PIPR3.5%+1.5 ppMar 2026
Virtu Financial, Inc. VIRT3.3%+1.4 ppJun 2026
Moelis & Company MC3.0%−1.2 ppMar 2026
Tradeweb Markets Inc. TW2.8%+0.7 ppMar 2026
LPL Financial Holdings Inc. LPLA2.6%−0.5 ppMar 2026
Figure Technology Solutions, Inc. FIGR2.4%+3.6 ppMar 2026
Houlihan Lokey, Inc. HLI2.3%−1.0 ppMar 2026
The Charles Schwab Corporation SCHW1.2%+0.7 ppJun 2026
Robinhood Markets, Inc. HOOD0.9%0.0 ppMar 2026
Morgan Stanley MS0.8%+0.5 ppJun 2026
BGC Group, Inc. BGC0.8%+0.4 ppMar 2026
Interactive Brokers Group, Inc. IBKR0.6%0.0 ppJun 2026
Marex Group Limited MRX0.6%+0.3 ppMar 2026
The Goldman Sachs Group, Inc. GS0.3%+0.1 ppJun 2026
Jefferies Financial Group Inc. JEF0.3%+0.2 ppJun 2026
Circle Internet Group, Inc. CRCL0.1%−0.1 ppMar 2026
Bitmine Immersion Technologies, Inc. BMNR-1.5%+31.3 ppJun 2026
Stifel Financial Corp. SF-2.0%−1.0 ppJun 2026
Galaxy Digital Inc. GLXY-2.8%+6.1 ppMar 2026
TeraWulf Inc. WULF-4.1%+5.5 ppMar 2026
IREN Limited IREN-4.9%−8.0 ppMar 2026
Riot Platforms, Inc. RIOT-14%−6.6 ppMar 2026
Full 20-quarter history · every available company

ROA · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

-0.1%
-0.1%
0.1%
0.1%
0.0%
0.0%
0.4%
0.0%
0.2%
-1.0%
0.3%
0.1%
0.1%

Evercore Inc. · EVR

6.4%
9.8%
6.3%
3.7%
2.9%
4.2%
3.3%
1.5%
1.9%
3.0%
3.3%
2.6%
2.7%
4.0%
5.0%
3.1%
4.1%
4.8%
8.7%

Interactive Brokers Group, Inc. · IBKR

0.2%
0.3%
0.3%
0.3%
0.4%
0.6%
0.6%
0.5%
0.7%
0.6%
0.6%
0.6%
0.6%
0.7%
0.7%
0.6%
0.7%
0.7%
0.6%
0.6%

IREN Limited · IREN

6.6%
2.0%
0.2%
-2.8%
-3.8%
-28%
-1.3%
-2.9%
8.6%
-0.4%
0.8%
-3.1%
-5.7%
1.8%
3.1%
1.0%
-1.8%
-1.2%
-4.9%

Jefferies Financial Group Inc. · JEF

0.9%
0.6%
0.2%
0.3%
0.3%
0.2%
0.0%
0.1%
0.1%
0.3%
0.3%
0.3%
0.4%
0.2%
0.1%
0.4%
0.3%
0.2%
0.3%

LPL Financial Holdings Inc. · LPLA

1.8%
1.8%
2.2%
2.4%
3.0%
4.0%
4.4%
3.7%
2.7%
2.6%
3.3%
2.8%
2.8%
2.8%
3.1%
2.4%
0.4%
2.4%
2.6%

Morgan Stanley · MS

0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.3%
0.2%
0.2%
0.1%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.4%
0.3%
0.4%
0.8%

Robinhood Markets, Inc. · HOOD

-8.5%
-2.7%
-2.3%
-1.4%
-0.8%
-0.7%
-2.2%
0.1%
-0.3%
0.3%
0.4%
0.5%
0.4%
4.2%
0.9%
1.0%
1.3%
1.8%
0.9%

Stifel Financial Corp. · SF

-0.7%
-0.7%
-0.7%
-0.6%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.6%
-0.9%
-0.6%
-1.4%
-1.0%
-1.0%
-0.8%
-1.0%
-2.0%

The Charles Schwab Corporation · SCHW

0.3%
0.3%
0.2%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.3%
0.3%
0.3%
0.4%
0.4%
0.5%
0.5%
0.5%
0.5%
1.2%

The Goldman Sachs Group, Inc. · GS

0.4%
0.4%
0.3%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.3%
0.2%
0.2%
0.2%
0.3%
0.2%
0.2%
0.3%
0.3%
0.3%

Tradeweb Markets Inc. · TW

1.1%
3.8%
1.7%
1.4%
1.3%
1.3%
1.5%
1.5%
1.6%
1.6%
1.9%
1.8%
1.7%
2.0%
2.1%
2.0%
2.1%
2.3%
2.8%

ROA change · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

+0.2 pp
+0.2 pp
−0.1 pp
−0.1 pp
+0.4 pp
0.0 pp
−0.1 pp
+0.1 pp
−0.1 pp

Evercore Inc. · EVR

−3.5 pp
−5.6 pp
−3.0 pp
−2.2 pp
−1.0 pp
−1.2 pp
0.0 pp
+1.1 pp
+0.8 pp
+1.0 pp
+1.7 pp
+0.5 pp
+1.4 pp
+0.8 pp
+3.7 pp

Interactive Brokers Group, Inc. · IBKR

+0.2 pp
+0.3 pp
+0.3 pp
+0.2 pp
+0.3 pp
0.0 pp
0.0 pp
+0.1 pp
−0.1 pp
+0.1 pp
+0.1 pp
0.0 pp
+0.1 pp
0.0 pp
−0.1 pp
0.0 pp

IREN Limited · IREN

−10.4 pp
−30.1 pp
−1.5 pp
−0.1 pp
+12.4 pp
+27.7 pp
+2.1 pp
−0.2 pp
−14.3 pp
+2.2 pp
+2.3 pp
+4.1 pp
+3.9 pp
−3.0 pp
−8.0 pp

Jefferies Financial Group Inc. · JEF

−0.6 pp
−0.4 pp
−0.2 pp
−0.2 pp
−0.2 pp
+0.1 pp
+0.3 pp
+0.2 pp
+0.3 pp
−0.1 pp
−0.2 pp
+0.1 pp
−0.1 pp
0.0 pp
+0.2 pp

LPL Financial Holdings Inc. · LPLA

+1.2 pp
+2.2 pp
+2.2 pp
+1.3 pp
−0.3 pp
−1.4 pp
−1.1 pp
−0.9 pp
+0.1 pp
+0.2 pp
−0.2 pp
−0.4 pp
−2.4 pp
−0.4 pp
−0.5 pp

Morgan Stanley · MS

−0.1 pp
−0.1 pp
0.0 pp
0.0 pp
0.0 pp
−0.1 pp
0.0 pp
+0.1 pp
+0.1 pp
+0.2 pp
0.0 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp
+0.5 pp

Robinhood Markets, Inc. · HOOD

+7.7 pp
+2.0 pp
+0.1 pp
+1.5 pp
+0.5 pp
+1.0 pp
+2.6 pp
+0.4 pp
+0.7 pp
+3.9 pp
+0.5 pp
+0.5 pp
+0.9 pp
−2.4 pp
0.0 pp

Stifel Financial Corp. · SF

+0.2 pp
+0.2 pp
+0.2 pp
+0.1 pp
0.0 pp
0.0 pp
0.0 pp
−0.1 pp
−0.4 pp
−0.1 pp
−0.9 pp
−0.4 pp
−0.1 pp
−0.2 pp
+0.4 pp
−1.0 pp

The Charles Schwab Corporation · SCHW

0.0 pp
0.0 pp
+0.1 pp
−0.1 pp
−0.1 pp
−0.1 pp
0.0 pp
+0.1 pp
+0.1 pp
+0.2 pp
+0.1 pp
+0.2 pp
+0.2 pp
+0.1 pp
+0.1 pp
+0.7 pp

The Goldman Sachs Group, Inc. · GS

−0.2 pp
−0.2 pp
−0.1 pp
−0.1 pp
−0.1 pp
−0.1 pp
+0.1 pp
+0.1 pp
+0.1 pp
+0.1 pp
0.0 pp
0.0 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp

Tradeweb Markets Inc. · TW

+0.2 pp
−2.5 pp
−0.2 pp
+0.1 pp
+0.3 pp
+0.3 pp
+0.4 pp
+0.3 pp
+0.1 pp
+0.4 pp
+0.2 pp
+0.2 pp
+0.4 pp
+0.3 pp
+0.7 pp
05 · compare level, then change

ROE — Leaders & Improvers

Virtu Financial, Inc. has the highest ROE among the 27 Capital Markets companies compared here, at 34.9%. Miami International Holdings, Inc. is next at 32%. The same company also holds the highest ROE change, at +15.8 percentage points. 27 of 27 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Virtu Financial, Inc. leads both roe at 34.9% and roe change at +15.8 percentage points.

LeaderVirtu Financial, Inc. · 34.9%
Gap9.1% versus #2 · Miami International Holdings, Inc.
Persistence8/8 recent comparable periods
Coverage27/27 companies · 487 observations

Investor read: Virtu Financial, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.
ROEhighest
1Virtu Financial, Inc. VIRT35%
2Miami International Holdings, Inc. MIAX32%
3Evercore Inc. EVR17%
4The Charles Schwab Corporation SCHW11%
5Morgan Stanley MS10%
ROE changefastest improvers
1Virtu Financial, Inc. VIRT+15.8 pp
2Galaxy Digital Inc. GLXY+10.1 pp
3Evercore Inc. EVR+7.8 pp
4Morgan Stanley MS+6.9 pp
5The Charles Schwab Corporation SCHW+6.7 pp
Return on equity · company comparison
27/27 level · 27/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROEROE changeReported
Virtu Financial, Inc. VIRT35%+15.8 ppJun 2026
Miami International Holdings, Inc. MIAX32%+3.7 ppMar 2026
Evercore Inc. EVR17%+7.8 ppMar 2026
The Charles Schwab Corporation SCHW11%+6.7 ppJun 2026
Morgan Stanley MS10%+6.9 ppJun 2026
PJT Partners Inc. PJT10%+1.2 ppMar 2026
Marex Group Limited MRX9.4%+1.9 ppMar 2026
LPL Financial Holdings Inc. LPLA8.1%−3.7 ppMar 2026
Stifel Financial Corp. SF8.1%+5.3 ppJun 2026
StoneX Group Inc. SNEX7.6%+3.4 ppMar 2026
Moelis & Company MC7.1%−4.1 ppMar 2026
BGC Group, Inc. BGC6.9%+1.7 ppMar 2026
Interactive Brokers Group, Inc. IBKR6.6%+0.6 ppJun 2026
The Goldman Sachs Group, Inc. GS5.4%+2.3 ppJun 2026
Figure Technology Solutions, Inc. FIGR5.4%+5.7 ppMar 2026
Piper Sandler Companies PIPR4.7%+2.0 ppMar 2026
Houlihan Lokey, Inc. HLI4.4%−1.7 ppMar 2026
Robinhood Markets, Inc. HOOD3.9%−0.6 ppMar 2026
Tradeweb Markets Inc. TW3.4%+0.7 ppMar 2026
Jefferies Financial Group Inc. JEF2.4%+1.5 ppJun 2026
Circle Internet Group, Inc. CRCL2.1%−4.8 ppMar 2026
Galaxy Digital Inc. GLXY-11%+10.1 ppMar 2026
IREN Limited IREN-12%−10.6 ppMar 2026
Riot Platforms, Inc. RIOT-19%−7.8 ppMar 2026
Hut 8 Corp. HUT-19%−3.4 ppMar 2026
Bitmine Immersion Technologies, Inc. BMNR-145%−5.9 ppJun 2026
TeraWulf Inc. WULF-897%−869.6 ppMar 2026
Full 20-quarter history · every available company

ROE · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

67%
67%
23%
23%
0.0%
0.0%
7.0%
0.3%
6.9%
-41%
12%
5.3%
2.1%

Evercore Inc. · EVR

14%
22%
12%
7.5%
5.9%
9.1%
5.8%
2.7%
3.6%
5.2%
5.8%
4.9%
5.1%
8.3%
9.0%
5.9%
8.1%
10%
17%

Interactive Brokers Group, Inc. · IBKR

2.2%
3.5%
3.7%
3.5%
4.6%
5.8%
6.2%
5.2%
6.4%
5.8%
5.9%
5.8%
5.7%
6.3%
6.0%
6.0%
6.7%
6.5%
6.0%
6.6%

IREN Limited · IREN

186%
31%
-1.3%
9.0%
14%
-40%
-0.8%
-1.9%
-1.6%
-1.6%
1.8%
-3.8%
-6.8%
-2.6%
-1.5%
12%
19%
-8.2%
-12%

Jefferies Financial Group Inc. · JEF

2.7%
3.2%
1.1%
1.9%
1.4%
1.3%
0.1%
0.5%
0.7%
1.7%
1.6%
1.8%
2.2%
1.4%
0.9%
2.4%
2.1%
1.5%
2.4%

LPL Financial Holdings Inc. · LPLA

7.3%
7.2%
8.4%
9.4%
13%
17%
17%
14%
11%
10%
13%
11%
11%
11%
12%
7.2%
-0.8%
7.3%
8.1%

Morgan Stanley · MS

3.8%
3.5%
3.5%
2.4%
2.5%
2.2%
2.9%
2.2%
2.4%
1.5%
3.4%
3.1%
3.1%
3.6%
4.2%
3.4%
4.3%
4.1%
5.1%
10%

Robinhood Markets, Inc. · HOOD

-28%
-9.0%
-10%
-8.2%
-2.4%
-2.3%
-7.2%
0.4%
-1.3%
0.4%
2.3%
2.6%
2.2%
13%
4.5%
5.1%
7.0%
7.1%
3.9%

Stifel Financial Corp. · SF

-4.5%
-4.6%
-4.9%
-4.1%
-3.6%
-3.4%
-3.8%
-3.5%
-3.5%
-3.8%
-3.7%
-4.2%
2.9%
4.4%
1.0%
2.8%
3.7%
4.5%
4.4%
8.1%

The Charles Schwab Corporation · SCHW

3.4%
2.8%
2.7%
3.5%
4.3%
4.2%
3.8%
3.2%
3.0%
2.7%
3.5%
3.3%
3.3%
4.1%
4.2%
4.6%
4.9%
5.0%
5.0%
11%

The Goldman Sachs Group, Inc. · GS

5.4%
5.3%
3.7%
2.7%
2.7%
2.6%
2.8%
1.0%
1.7%
1.7%
3.5%
2.6%
2.5%
3.4%
3.9%
3.1%
3.3%
3.7%
4.6%
5.4%

Tradeweb Markets Inc. · TW

1.3%
1.2%
1.9%
1.5%
1.5%
1.8%
1.9%
1.8%
2.0%
1.8%
2.5%
2.3%
2.2%
2.6%
2.7%
2.7%
3.2%
5.4%
3.4%

ROE change · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

−44.1 pp
−44.1 pp
−23.2 pp
−23.2 pp
+7.0 pp
+0.3 pp
+4.9 pp
+5.0 pp
−4.8 pp

Evercore Inc. · EVR

−8.0 pp
−13.3 pp
−5.9 pp
−4.8 pp
−2.3 pp
−3.9 pp
0.0 pp
+2.2 pp
+1.5 pp
+3.1 pp
+3.2 pp
+1.0 pp
+3.0 pp
+2.1 pp
+7.8 pp

Interactive Brokers Group, Inc. · IBKR

+2.4 pp
+2.3 pp
+2.5 pp
+1.7 pp
+1.8 pp
0.0 pp
−0.3 pp
+0.6 pp
−0.7 pp
+0.5 pp
+0.1 pp
+0.2 pp
+1.0 pp
+0.2 pp
0.0 pp
+0.6 pp

IREN Limited · IREN

−172.3 pp
−71.0 pp
+0.5 pp
−10.9 pp
−15.1 pp
+38.5 pp
+2.6 pp
−1.9 pp
−5.2 pp
−1.0 pp
−3.3 pp
+15.9 pp
+26.0 pp
−5.6 pp
−10.6 pp

Jefferies Financial Group Inc. · JEF

−1.3 pp
−1.9 pp
−1.0 pp
−1.4 pp
−0.7 pp
+0.4 pp
+1.5 pp
+1.3 pp
+1.5 pp
−0.3 pp
−0.7 pp
+0.6 pp
−0.1 pp
+0.1 pp
+1.5 pp

LPL Financial Holdings Inc. · LPLA

+5.6 pp
+9.4 pp
+8.9 pp
+5.0 pp
−1.9 pp
−6.4 pp
−4.4 pp
−3.9 pp
−0.5 pp
+0.6 pp
−1.1 pp
−3.3 pp
−11.3 pp
−3.5 pp
−3.7 pp

Morgan Stanley · MS

−1.3 pp
−1.3 pp
−0.6 pp
−0.2 pp
−0.1 pp
−0.7 pp
+0.5 pp
+0.9 pp
+0.7 pp
+2.1 pp
+0.8 pp
+0.3 pp
+1.2 pp
+0.5 pp
+0.9 pp
+6.9 pp

Robinhood Markets, Inc. · HOOD

+25.3 pp
+6.7 pp
+2.8 pp
+8.6 pp
+1.1 pp
+2.7 pp
+9.5 pp
+2.2 pp
+3.5 pp
+12.1 pp
+2.2 pp
+2.5 pp
+4.8 pp
−5.4 pp
−0.6 pp

Stifel Financial Corp. · SF

+0.9 pp
+1.2 pp
+1.1 pp
+0.6 pp
+0.1 pp
−0.4 pp
+0.1 pp
−0.7 pp
+6.4 pp
+8.2 pp
+4.7 pp
+7.0 pp
+0.8 pp
+0.1 pp
+3.4 pp
+5.3 pp

The Charles Schwab Corporation · SCHW

+0.9 pp
+1.4 pp
+1.1 pp
−0.3 pp
−1.3 pp
−1.5 pp
−0.3 pp
+0.1 pp
+0.3 pp
+1.4 pp
+0.7 pp
+1.3 pp
+1.6 pp
+0.9 pp
+0.8 pp
+6.7 pp

The Goldman Sachs Group, Inc. · GS

−2.7 pp
−2.7 pp
−0.9 pp
−1.7 pp
−1.0 pp
−0.9 pp
+0.7 pp
+1.6 pp
+0.8 pp
+1.7 pp
+0.4 pp
+0.5 pp
+0.8 pp
+0.3 pp
+0.7 pp
+2.3 pp

Tradeweb Markets Inc. · TW

+0.2 pp
+0.6 pp
0.0 pp
+0.3 pp
+0.5 pp
0.0 pp
+0.6 pp
+0.5 pp
+0.2 pp
+0.8 pp
+0.2 pp
+0.4 pp
+1.0 pp
+2.8 pp
+0.7 pp
06 · not available

Gross NPA — Leaders & Improvers

No company in this Capital Markets comparison reports gross NPA on a comparable basis, so there is nothing to rank here — 0 of 27 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.
07 · compare level, then change

Valuation Against Growth & Quality

Virtu Financial, Inc. has the lowest P/BV ÷ ROE among the 27 Capital Markets companies compared here, at 0.06×. Miami International Holdings, Inc. is next at 0.11×. TeraWulf Inc. has the lowest P/BV at -77.9×, so level and change sit with different companies. 21 of 27 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Virtu Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.06×, 45.5% below Miami International Holdings, Inc.. Only 21 of 27 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderVirtu Financial, Inc. · 0.06×
Gap45.5% versus #2 · Miami International Holdings, Inc.
Persistence0/8 recent comparable periods
Coverage21/27 companies · 335 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.
P/BV ÷ ROElowest return-adjusted price
1Virtu Financial, Inc. VIRT0.1
2Miami International Holdings, Inc. MIAX0.1
3Morgan Stanley MS0.2
4Stifel Financial Corp. SF0.2
5Marex Group Limited MRX0.3
P/BVlowest P/BV
1TeraWulf Inc. WULF-77.9
2Bitmine Immersion Technologies, Inc. BMNR1.0
3Jefferies Financial Group Inc. JEF1.0
4Stifel Financial Corp. SF1.9
5Riot Platforms, Inc. RIOT2.0
Valuation · company comparison
21/27 level · 26/27 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyP/BV ÷ ROEP/BVReported
Circle Internet Group, Inc. CRCL3.36.9Mar 2026
Robinhood Markets, Inc. HOOD1.76.7Mar 2026
PJT Partners Inc. PJT1.313.3Mar 2026
Moelis & Company MC1.28.7Mar 2026
Tradeweb Markets Inc. TW1.13.8Mar 2026
Figure Technology Solutions, Inc. FIGR1.15.8Mar 2026
Interactive Brokers Group, Inc. IBKR1.06.6Jun 2026
Houlihan Lokey, Inc. HLI1.04.3Mar 2026
Piper Sandler Companies PIPR0.83.9Mar 2026
The Charles Schwab Corporation SCHW0.73.3Jun 2026
BGC Group, Inc. BGC0.64.3Mar 2026
Riot Platforms, Inc. RIOT0.62.0Mar 2026
Hut 8 Corp. HUT0.63.8Mar 2026
LPL Financial Holdings Inc. LPLA0.54.2Mar 2026
Morgan Stanley MS0.52.3Jun 2026
The Goldman Sachs Group, Inc. GS0.42.0Jun 2026
Stifel Financial Corp. SF0.41.9Jun 2026
Jefferies Financial Group Inc. JEF0.41.0Jun 2026
Evercore Inc. EVR0.46.5Mar 2026
StoneX Group Inc. SNEX0.32.4Mar 2026
Marex Group Limited MRX0.32.6Mar 2026
IREN Limited IREN0.24.4Mar 2026
Virtu Financial, Inc. VIRT0.12.2Jun 2026
Miami International Holdings, Inc. MIAX0.13.4Mar 2026
Bitmine Immersion Technologies, Inc. BMNR0.01.0Jun 2026
TeraWulf Inc. WULF-77.9Mar 2026
Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

0.9
1.1
3.3

Evercore Inc. · EVR

0.3
0.2
0.3
0.4
0.4
0.3
0.6
1.2
1.0
0.8
0.9
1.1
1.2
0.8
0.6
1.1
0.9
0.6
0.4

Interactive Brokers Group, Inc. · IBKR

1.2
0.9
0.7
0.6
0.5
0.5
0.5
0.5
0.4
0.4
0.5
0.6
0.6
0.7
0.7
0.8
0.9
0.8
0.9
1.0

IREN Limited · IREN

0.1
0.1
0.1
0.6
0.2
0.2

Jefferies Financial Group Inc. · JEF

0.3
0.2
0.7
0.4
0.6
0.7
7.2
1.5
1.1
0.5
0.6
0.7
0.7
1.0
1.1
0.5
0.6
0.7
0.4

LPL Financial Holdings Inc. · LPLA

1.1
1.1
1.0
0.9
0.7
0.5
0.4
0.6
0.8
0.8
0.7
0.8
0.6
0.8
0.7
0.8
0.7
0.5

Morgan Stanley · MS

0.4
0.5
0.4
0.5
0.5
0.7
0.5
0.6
0.6
1.0
0.5
0.5
0.5
0.5
0.4
0.6
0.5
0.6
0.5

Robinhood Markets, Inc. · HOOD

3.2
4.2
1.1
1.1
1.3
0.3
1.0
2.0
2.2
1.6
1.7

Stifel Financial Corp. · SF

0.6
0.4
1.8
0.7
0.5
0.5
0.4

The Charles Schwab Corporation · SCHW

0.7
1.0
1.2
0.8
0.9
1.0
0.7
0.9
0.9
1.1
0.9
0.9
0.8
0.7
0.7
0.7
0.7
0.7
0.7

The Goldman Sachs Group, Inc. · GS

0.2
0.2
0.3
0.3
0.3
0.4
0.3
0.9
0.5
0.6
0.3
0.5
0.5
0.4
0.4
0.6
0.6
0.6
0.4

Tradeweb Markets Inc. · TW

2.7
3.7
2.0
2.0
1.6
1.5
1.7
1.6
1.6
2.0
1.6
1.7
2.1
1.9
2.0
1.9
1.2
0.7
1.1

P/BV · reported quarter history

Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Circle Internet Group, Inc. · CRCL

17.5
10.3
5.8
6.9

Evercore Inc. · EVR

4.3
3.9
3.2
2.7
2.3
2.7
3.2
3.3
3.6
4.1
5.1
5.3
6.2
6.2
5.1
6.3
7.2
6.5
6.5

Interactive Brokers Group, Inc. · IBKR

2.6
3.3
2.6
2.2
2.5
2.6
2.8
2.7
2.7
2.5
3.2
3.4
3.7
4.5
4.0
5.1
6.0
5.3
5.4
6.6

IREN Limited · IREN

2.0
1.3
0.4
0.8
0.3
0.6
1.0
0.7
1.6
1.1
1.9
1.4
1.6
1.0
2.1
4.6
5.0
4.4

Jefferies Financial Group Inc. · JEF

0.8
0.8
0.7
0.7
0.8
0.9
0.7
0.8
0.8
0.9
1.0
1.2
1.6
1.3
1.0
1.3
1.3
1.0
1.0

LPL Financial Holdings Inc. · LPLA

7.8
7.7
8.4
8.0
8.7
7.9
7.2
7.9
8.6
8.2
8.7
8.3
6.3
8.3
7.8
5.9
5.3
5.4
4.2

Morgan Stanley · MS

1.7
1.7
1.5
1.3
1.3
1.4
1.5
1.4
1.4
1.5
1.5
1.6
1.6
1.9
1.8
2.1
2.3
2.5
2.3

Robinhood Markets, Inc. · HOOD

4.9
2.1
1.7
1.0
1.3
1.0
1.2
1.3
1.3
1.7
2.6
2.8
2.9
4.1
4.6
10.3
15.0
11.2
6.7

Stifel Financial Corp. · SF

1.5
1.5
1.4
1.2
1.1
1.2
1.2
1.2
1.2
1.3
1.5
1.6
1.7
1.9
1.8
1.9
2.0
2.1
1.9

The Charles Schwab Corporation · SCHW

2.4
2.8
3.2
2.7
3.7
4.2
2.6
2.8
2.7
3.1
3.1
3.1
2.5
2.8
2.9
3.4
3.5
3.6
3.3

The Goldman Sachs Group, Inc. · GS

1.2
1.2
1.0
0.9
0.8
1.0
0.9
0.9
0.9
1.1
1.1
1.2
1.3
1.5
1.4
1.7
1.9
2.1
2.0

Tradeweb Markets Inc. · TW

3.6
4.4
3.9
3.0
2.4
2.7
3.3
2.8
3.2
3.6
4.0
4.0
4.6
4.8
5.3
5.1
3.8
3.5
3.8
08 · let price answer last

Market action

Hut 8 Corp. has the strongest one-year price move in Capital Markets at +411.3%. It also leads on Mansfield relative strength against the S&P 500 at +54.7%. 12 of 25 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Capital Markets comparison names 6 specific ways its own evidence can mislead, all listed below. All 27 companies here report on comparable dates, so no rank carries a stale marker. 2 of the 7 ranked sections have fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
  • Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.
09 · the complete set

Which companies are included?

All 27 companies in the canonical Capital Markets membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentals
Morgan Stanley MSAHEAD$332.6B$2122026-07-28Jun 2026
The Goldman Sachs Group, Inc. GSAHEAD$316.8B$1,0332026-07-28Jun 2026
The Charles Schwab Corporation SCHWAHEAD$184.3B$1062026-07-28Jun 2026
Robinhood Markets, Inc. HOODAHEAD$83.5B$92.82026-07-28Mar 2026
Interactive Brokers Group, Inc. IBKRAHEAD25/26 WEEKS$40.5B$90.92026-07-28Jun 2026
LPL Financial Holdings Inc. LPLA$27.4B$3422026-07-28Mar 2026
Tradeweb Markets Inc. TWLAGGING, FUNDAMENTALS UP$24.6B$1042026-07-28Mar 2026
Circle Internet Group, Inc. CRCL$16.0B$64.32026-07-28Mar 2026
Evercore Inc. EVR$14.1B$3412026-07-28Mar 2026
Jefferies Financial Group Inc. JEFAHEAD$13.2B$57.22026-07-28Jun 2026
Stifel Financial Corp. SF$12.8B$84.62026-07-28Jun 2026
IREN Limited IREN$12.1B$33.92026-07-28Mar 2026
Hut 8 Corp. HUTAHEAD25/26 WEEKS$11.4B$1012026-07-28Mar 2026
Bitmine Immersion Technologies, Inc. BMNR$10.6B$17.62026-07-28Jun 2026
Houlihan Lokey, Inc. HLI$10.0B$1452026-07-28Mar 2026
Virtu Financial, Inc. VIRTAHEAD26/26 WEEKS$9.1B$58.72026-07-28Jun 2026
StoneX Group Inc. SNEX25/26 WEEKS$8.8B$74.32026-07-28Mar 2026
TeraWulf Inc. WULF21/26 WEEKS$8.5B$17.12026-07-28Mar 2026
Galaxy Digital Inc. GLXY$8.2B$20.92026-07-28Mar 2026
Riot Platforms, Inc. RIOTAHEAD19/26 WEEKS$8.0B$21.22026-07-28Mar 2026
PJT Partners Inc. PJTAHEADLAGGING, FUNDAMENTALS UP$7.1B$1732026-07-28Mar 2026
Figure Technology Solutions, Inc. FIGR$6.1B$27.62026-07-28Mar 2026
BGC Group, Inc. BGC20/26 WEEKS$5.7B$12.02026-07-28Mar 2026
Moelis & Company MCLAGGING, FUNDAMENTALS UP$5.6B$68.62026-07-28Mar 2026
Piper Sandler Companies PIPRLAGGING, FUNDAMENTALS UP$5.5B$77.52026-07-28Mar 2026
Marex Group Limited MRXAHEAD23/26 WEEKS$4.6B$64.22026-07-28Mar 2026
Miami International Holdings, Inc. MIAX$4.5B$46.22026-07-28Mar 2026
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 27 Capital Markets companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers

Capital Markets company comparison FAQs

These 15 answers restate the Capital Markets comparison above in question form. Every one is computed from the same 27 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Capital Markets company is the biggest?

Morgan Stanley is the largest, with trailing-twelve-month income of $78,042 million, ahead of The Goldman Sachs Group, Inc. at $66,203 million. That covers 23 of 27 companies with comparable reporting through Jun 2026.

Which Capital Markets company is growing fastest?

Hut 8 Corp. has the fastest income growth at 100% year on year, across 22 of 27 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Capital Markets company makes the most profit?

The Goldman Sachs Group, Inc. earns the most, at $20,973 million of trailing-twelve-month net profit, from 23 of 27 comparable companies. Piper Sandler Companies has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Capital Markets company earns the highest return on capital?

Miami International Holdings, Inc. leads on return on assets at 10.8%, across 25 of 27 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Capital Markets stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Virtu Financial, Inc. screens cheapest at 0.06×. Only 21 of 27 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Is the Capital Markets sector beating the market?

Capital Markets has outperformed S&P 500 by 14.8% over the last 52 weeks and 0.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 25 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Capital Markets stock has the strongest price momentum?

Hut 8 Corp. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Capital Markets company scores highest for research priority?

Virtu Financial, Inc. scores 76.5 out of 100 with 60.2% evidence confidence, from 21 points on growth and earnings, 19.9 on capital efficiency, 16.5 on valuation and 19.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Capital Markets companies does this comparison cover, and over what period?

It compares 27 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Capital Markets sector?

The 27 Capital Markets companies on this page carry $1,191,668 million of combined market value. Morgan Stanley is the largest at $332,604 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Capital Markets sector's P/B ratio?

The median price-to-book ratio across the 27 Capital Markets companies on this page is 3.8×, measured on the 25 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Capital Markets sector performing?

12 of the 25 covered Capital Markets companies are beating S&P 500 on Mansfield relative strength. The sector itself is 14.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Capital Markets stocks are listed in the US?

This comparison covers 27 listed Capital Markets companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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