44 industries 909 companies value 13.7 tn revenue 4.8 tn
| Industry | n | Value | Revenue | Margin | Cash | Group leader | Concentration |
|---|---|---|---|---|---|---|---|
| Global banks (US) | 4 | 1.7 tn | 480 bn | — | — | JPM 52.4% | Comfortable leader |
| Payments | 7 | 1.5 tn | 140 bn | 36.5% | 55 bn | V 47.3% | Comfortable leader |
| International banks | 22 | 1.4 tn | 358 bn | — | — | HSBC 22.5% | Evenly matched |
| Diversified holding companies | 36 | 1.2 tn | 477 bn | 19.1% | 38 bn | BRK-B 93.2% | Clear leader |
| Continental European banks | 5 | 648 bn | 224 bn | — | — | SAN 29.5% | Open contest |
| Asian banks | 6 | 629 bn | 222 bn | — | — | MUFG 40.9% | Open contest |
| Investment banks | 13 | 614 bn | 202 bn | — | — | MS 45.6% | Comfortable leader |
| Exchanges and financial data | 12 | 551 bn | 68 bn | 32.0% | 25 bn | SPGI 22.9% | Evenly matched |
| Property and casualty insurance | 27 | 534 bn | 375 bn | — | — | CB 25.7% | Evenly matched |
| Life insurance and annuities | 24 | 476 bn | 361 bn | — | — | MFC 16.5% | Evenly matched |
| Alternative assets and private equity | 21 | 340 bn | 96 bn | 8.3% | 17 bn | BX 23.6% | Evenly matched |
| Traditional asset management | 22 | 316 bn | 82 bn | 19.6% | 18 bn | BLK 57.9% | Comfortable leader |
| Insurance brokerage | 27 | 315 bn | 97 bn | — | — | MRSH 28.5% | Open contest |
| Regional banks — US South | 94 | 296 bn | 101 bn | — | — | TFC 19.1% | Evenly matched |
| Regional banks — US Midwest | 64 | 295 bn | 92 bn | — | — | USB 30.5% | Open contest |
| Brokerage and custody | 16 | 268 bn | 229 bn | — | — | SCHW 57.8% | Comfortable leader |
| Regional banks — US Northeast | 75 | 228 bn | 75 bn | — | — | PNC 37.8% | Open contest |
| UK banks | 3 | 227 bn | 109 bn | — | — | LYG 35.1% | Open contest |
| Indian banks | 2 | 224 bn | 25 bn | — | — | HDB 52.8% | Comfortable leader |
| Payments infrastructure and fintech | 26 | 201 bn | 126 bn | 9.4% | 23 bn | PYPL 24.0% | Evenly matched |
| Consumer credit and cards | 18 | 187 bn | 122 bn | — | — | COF 65.4% | Clear leader |
| Specialty insurance | 29 | 179 bn | 109 bn | — | — | AIG 23.6% | Evenly matched |
| Listed infrastructure | 5 | 176 bn | 109 bn | 8.1% | -8.4 bn | BN 46.5% | Comfortable leader |
| Custody and asset servicing | 3 | 172 bn | 43 bn | — | — | BNY 56.1% | Comfortable leader |
| Digital and crypto brokerages | 14 | 157 bn | 33 bn | — | — | HOOD 55.4% | Comfortable leader |
| Digital banks | 8 | 110 bn | 32 bn | — | — | NU 64.3% | Clear leader |
| Regional banks — US West | 50 | 101 bn | 31 bn | — | — | EWBC 17.0% | Evenly matched |
| Reinsurance | 8 | 84 bn | 76 bn | — | — | ACGL 40.8% | Open contest |
| Crypto treasuries | 50 | 77 bn | 1.2 bn | -41x | -1.8 bn | MSTR 67.7% | Clear leader |
| Consumer lending fintech | 22 | 72 bn | 31 bn | — | — | AFRM 34.2% | Open contest |
| BDCs (private credit) | 50 | 62 bn | 16 bn | — | — | ARCC 21.3% | Evenly matched |
| Mortgage REITs (mREITs) | 40 | 51 bn | 29 bn | — | — | NLY 26.3% | Evenly matched |
| Crypto mining | 34 | 48 bn | 6.6 bn | -163.1% | -9.1 bn | IREN 22.6% | Evenly matched |
| Mortgage origination | 11 | 38 bn | 18 bn | — | — | RKT 80.7% | Clear leader |
| Electronic trading platforms | 3 | 37 bn | 7.2 bn | 24.5% | 1.9 bn | TW 71.7% | Clear leader |
| Boutique investment banks | 11 | 36 bn | 14 bn | — | — | EVR 26.4% | Evenly matched |
| Stablecoins and crypto infrastructure | 20 | 31 bn | 83 bn | -0.5% | -1.7 bn | CRCL 66.1% | Clear leader |
| Title insurance | 5 | 29 bn | 37 bn | — | — | FNF 36.9% | Open contest |
| Cross-border remittances | 5 | 21 bn | 8.3 bn | 14.4% | 8.5 bn | WSE 64.6% | Clear leader |
| Auto finance | 4 | 17 bn | 12 bn | — | — | ALLY 66.4% | Clear leader |
| Latin American fintech | 3 | 11 bn | 8.2 bn | 13.3% | 1.7 bn | DLO 41.0% | Open contest |
| Government-backed mortgage finance | 3 | 8.2 bn | 55 bn | — | — | FNMA 48.5% | Comfortable leader |
| Insurtech | 4 | 7.4 bn | 3.6 bn | 0.9% | 0.4 bn | LMND 45.0% | Comfortable leader |
| Financial services (diversified) | 3 | 0.3 bn | 0.0 bn | -22.6% | 0.0 bn | TROO 81.2% | Clear leader |
The 20 largest companies in the sector
| Rank | Ticker | Company | Industry | Value | Revenue | Margin | FCF |
|---|---|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway United States · score 5.2 | Diversified holding companies | 1.1 tn | 385 bn | 22.3% | 24 bn |
| 2 | JPM | JPMorgan Chase United States · score 4.5 | Global banks (US) | 887 bn | 182 bn | 35.7% | -163 bn |
| 3 | V | Visa United States · score 6.7 | Payments | 719 bn | 44 bn | 50.8% | 21 bn |
| 4 | MA | Mastercard United States · score 6.5 | Payments | 540 bn | 35 bn | 42.7% | 17 bn |
| 5 | BAC | Bank of America United States · score 5.2 | Global banks (US) | 352 bn | 119 bn | 28.2% | 95 bn |
| 6 | HSBC | HSBC Holdings United Kingdom · score 7.3 | International banks | 319 bn | 72 bn | 36.2% | 96 bn |
| 7 | MS | Morgan Stanley United States · score 3.2 | Investment banks | 280 bn | 78 bn | 25.8% | -16 bn |
| 8 | RY | Royal Bank of Canada Canada · score 6.4 | International banks | 275 bn | 51 bn | 32.0% | 57 bn |
| 9 | MUFG | Mitsubishi UFJ Financial Japan · score 3.2 | Asian banks | 257 bn | 75 bn | 14.6% | -23 bn |
| 10 | GS | Goldman Sachs United States · score 3.3 | Investment banks | 255 bn | 66 bn | 31.7% | -42 bn |
| 11 | WFC | Wells Fargo United States · score 6.3 | Global banks (US) | 247 bn | 87 bn | 26.0% | 19 bn |
| 12 | AXP | American Express United States · score 6.9 | Payments | 214 bn | 43 bn | 26.6% | 15 bn |
| 13 | C | Citigroup United States · score 3.2 | Global banks (US) | 204 bn | 91 bn | 19.5% | -25 bn |
| 14 | TD | Toronto-Dominion Bank Canada · score 6.1 | International banks | 203 bn | 46 bn | 25.0% | 5.4 bn |
| 15 | SAN | Banco Santander Spain · score 4.7 | Continental European banks | 191 bn | 64 bn | 30.4% | -47 bn |
| 16 | BLK | BlackRock United States · score 6.1 | Traditional asset management | 183 bn | 27 bn | 24.1% | 3.5 bn |
| 17 | UBS | UBS Group Switzerland · score 6.0 | Continental European banks | 157 bn | 53 bn | 18.1% | 9.0 bn |
| 18 | SMFG | Sumitomo Mitsui Financial Japan · score 3.8 | Asian banks | 156 bn | 27 bn | 28.0% | -42 bn |
| 19 | SCHW | Charles Schwab United States · score 6.6 | Brokerage and custody | 155 bn | 26 bn | 38.8% | 11 bn |
| 20 | BBVA | BBVA Spain · score 7.4 | Continental European banks | 144 bn | 42 bn | 31.4% | 37 bn |
Other sectors
What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.