Financial Services — Sector Analysis

Macro regime signal · XLF

Current: Inflationary BoomOverweight★★★★★

Rising rates expand net interest margins. Loan demand strong.

Signal across all regimes

Goldilocks

Neutral

★★★★★

Inflationary Boom ←

Overweight

★★★★★

Stagflation

Underweight

★★★★★

Deflationary Bust

Avoid

★★★★★

Liquidity Boom

Neutral

★★★★★

Rate Hike Cycle

Strong buy

★★★★★

Rate Cut Anticipation

Underweight

★★★★★

Volatility Shock

Avoid

★★★★★

Companies

226

Total mkt cap

$15.99T

Sector P/E (ETF)

15.8×

Avg gross margin

71.0%

Strong / Positive

144

Caution / At Risk

Metrics comparison

Company	Mkt Cap (USD)↓	P/E (vs sector)	Gross Margin	Net Margin	D/E Ratio	Risks
BRK-BBERKSHIRE HATHAWAY INC	$1.09T	12.7×	—	18.0%	—	1
JPMJPMORGAN CHASE & CO	$881.0B	14.2×	—	31.3%	—	—
VVISA INC.	$704.2B	31.9×	—	50.1%	0.52	1
MAMastercard Incorporated	$503.5B	31.6×	—	45.6%	2.36	2
BACBofA Finance LLC	$374.9B	12.4×	—	27.0%	1.05	—
1398.HKIndustrial and Commercial Bank of China Limited	$341.1B	6.6×	—	44.2%	—	1
0939.HKChina Construction Bank Corporation	$324.9B	6.7×	—	44.6%	—	2
0005.HKHSBC Holdings plc	$316.4B	14.0×	—	31.4%	—	—
HSBA.LHSBC Holdings plc	$312.4B	13.3×	—	31.4%	—	—
MSMORGAN STANLEY	$294.4B	15.1×	—	23.9%	3.06	—
1288.HKAgricultural Bank of China Limited	$287.4B	7.1×	—	40.2%	—	1
RY.TORoyal Bank of Canada	$263.1B	17.1×	—	30.6%	2.54	—
GSThe Goldman Sachs Group, Inc.	$257.0B	13.6×	—	29.5%	—	—
3988.HKBank of China Limited	$250.9B	7.4×	—	37.0%	—	2
WFCWELLS FARGO & COMPANY/MN	$248.1B	11.9×	—	25.5%	0.96	—
8306.TMitsubishi UFJ Financial Group, Inc.	$246.3B	14.6×	—	32.3%	0.76	—
CCitigroup Inc	$214.8B	13.8×	—	16.8%	1.49	—
AXPAMERICAN EXPRESS CO	$208.1B	18.7×	—	15.0%	1.68	—
SAN.MCBanco Santander, S.A.	$193.2B	13.5×	—	23.5%	2.75	—
TD.TOThe Toronto-Dominion Bank	$185.9B	17.4×	—	33.5%	1.76	—
ALV.DEAllianz SE	$175.7B	13.6×	—	7.8%	0.52	—
CBA.AXCommonwealth Bank of Australia	$174.1B	23.2×	—	36.3%	—	1
BLKBlackRock, Inc.	$173.1B	25.6×	—	22.9%	0.23	—
3968.HKChina Merchants Bank Co., Ltd.	$168.7B	8.0×	—	45.2%	—	2
SCHWSCHWAB CHARLES CORP	$167.5B	17.6×	—	37.0%	—	—
D05.SIDBS Group Holdings Ltd	$163.3B	12.9×	—	47.8%	—	—
8316.TSumitomo Mitsui Financial Group, Inc.	$155.2B	14.6×	—	27.3%	1.62	1
UBSG.SWUBS Group AG	$143.2B	16.9×	—	16.4%	3.30	—
BBVA.MCBanco Bilbao Vizcaya Argentaria, S.A.	$141.9B	12.2×	—	26.7%	1.53	—
CBCHUBB LIMITED	$132.6B	12.2×	—	17.4%	0.21	—
UCG.MIUniCredit S.p.A.	$127.3B	10.8×	—	43.6%	—	1
PGRPROGRESSIVE CORP/OH/	$127.0B	11.0×	—	12.9%	—	—
COFCAPITAL ONE FINANCIAL CORP	$122.3B	12.8×	—	4.6%	—	1
INVE-A.STInvestor AB (publ)	$122.1B	4.6×	—	72.7%	—	—
SPGIS&P Global Inc.	$118.7B	24.5×	—	29.2%	0.42	1
2318.HKPing An Insurance (Group) Company of China, Ltd.	$118.6B	5.5×	—	14.5%	1.35	2
ISP.MIIntesa Sanpaolo S.p.A.	$117.8B	10.8×	—	32.7%	—	—
HDFCBANK.NSHDFC Bank Limited	$112.1B	15.6×	—	36.6%	0.63	1
BMO.TOBank of Montreal	$111.4B	18.4×	—	24.1%	1.86	—
BNP.PABNP Paribas SA	$109.6B	7.8×	—	17.8%	—	1
ITUB4.SAItaú Unibanco Holding S.A.	$109.3B	11.9×	—	27.1%	1.71	—
BNS.TOThe Bank of Nova Scotia	$106.2B	16.3×	—	21.0%	2.30	—
ZURN.SWZurich Insurance Group AG	$103.1B	14.6×	—	7.7%	0.49	—
O39.SIOversea-Chinese Banking Corporation Limited	$101.8B	17.4×	—	51.1%	—	—
ICICIBANK.NSICICI Bank Limited	$100.1B	17.4×	—	24.3%	0.50	—
CMECME GROUP INC.	$99.4B	23.4×	—	62.5%	—	—
CM.TOCanadian Imperial Bank of Commerce	$97.9B	14.7×	—	29.1%	2.20	—
BNYBank of New York Mellon Corp	$97.4B	16.8×	—	27.6%	0.72	—
CS.PAAXA SA	$97.1B	11.2×	—	9.2%	1.28	—
HOODRobinhood Markets, Inc.	$96.2B	48.2×	—	42.1%	—	1
3328.HKBank of Communications Co., Ltd.	$94.6B	7.3×	—	36.3%	—	2
8766.TTokio Marine Holdings, Inc.	$94.4B	1.9×	—	6.4%	0.08	1
INGA.ASING Groep N.V.	$93.8B	12.8×	—	27.6%	3.59	—
1299.HKAIA Group Limited	$93.5B	11.9×	—	15.7%	0.33	—
2628.HKChina Life Insurance Company Limited	$93.3B	2.7×	—	25.5%	0.06	1
SBIN.NSState Bank of India	$91.0B	10.2×	—	21.8%	—	—
USBUS BANCORP \DE\	$88.9B	11.4×	—	26.4%	—	—
PNCPNC Financial Services Group, Inc.	$87.6B	12.1×	—	30.3%	0.94	—
ICEIntercontinental Exchange, Inc.	$87.2B	21.5×	—	26.2%	0.64	—
WBC.AXWestpac Banking Corporation	$81.1B	16.7×	—	32.4%	2.56	1
NAB.AXNational Australia Bank Limited	$80.8B	18.9×	—	33.7%	—	—
MCOMOODY'S CORPORATION	$79.4B	29.1×	—	31.9%	1.73	1
ANZ.AXANZ Group Holdings Limited	$78.3B	19.2×	—	26.4%	—	—
TRVTRAVELERS COMPANIES, INC.	$77.2B	9.9×	—	12.9%	—	—
BARC.LBarclays PLC	$75.3B	8.9×	—	24.6%	—	1
MUV2.DEMünchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München	$73.2B	9.7×	—	9.8%	0.22	—
BAM.TOBrookfield Asset Management Ltd.	$72.0B	26.6×	70.2%	53.9%	0.39	—
MFC.TOManulife Financial Corporation	$69.5B	16.2×	—	10.9%	0.25	—
G.MIAssicurazioni Generali S.p.A.	$69.2B	13.9×	—	5.6%	1.23	—
NWG.LNatWest Group plc	$67.1B	8.5×	—	35.1%	—	—
2388.HKBOC Hong Kong (Holdings) Limited	$66.4B	12.5×	—	45.1%	—	—
MQG.AXMacquarie Group Limited	$66.1B	25.6×	100.0%	67.2%	9.43	—
2881.TWFubon Financial Holding Co., Ltd.	$65.5B	19.1×	—	31.9%	—	1
METMetLife, Inc.	$62.6B	18.9×	—	4.4%	—	1
DBK.DEDeutsche Bank Aktiengesellschaft	$62.5B	9.0×	—	21.6%	1.81	1
BAJFINANCE.NSBajaj Finance Limited	$61.9B	29.6×	—	38.3%	—	—
STAN.LStandard Chartered PLC	$60.6B	13.1×	—	24.7%	—	—
0388.HKHong Kong Exchanges and Clearing Limited	$60.5B	24.3×	80.8%	74.8%	—	—
DB1.DEDeutsche Börse AG	$59.1B	25.2×	57.0%	27.0%	0.45	1
AONAon plc	$58.8B	15.3×	—	21.5%	1.63	1
ALLALLSTATE CORP	$58.3B	4.6×	—	15.2%	0.24	—
AFLAflac Incorporated	$57.6B	12.4×	—	21.2%	—	1
TFCTRUIST FINANCIAL CORPORATION	$56.4B	10.6×	—	26.1%	0.64	1
LSEG.LLondon Stock Exchange Group plc	$53.9B	31.0×	88.1%	13.4%	0.40	—
U11.SIUnited Overseas Bank Limited	$51.2B	7.1×	—	33.9%	—	—
GLE.PASociété Générale Société anonyme	$50.8B	7.9×	—	11.4%	—	1
SREN.SWSwiss Re AG	$50.6B	10.9×	—	10.2%	0.33	—
2882.TWCathay Financial Holding Co., Ltd.	$50.6B	16.3×	—	25.6%	—	—
STTSTATE STREET CORP	$48.1B	15.4×	—	21.1%	—	—
6030.HKCITIC Securities Company Limited	$46.4B	8.2×	—	40.5%	—	2
BBDC4.SABanco Bradesco S.A.	$45.8B	13.2×	—	20.1%	2.50	—
CBK.DECommerzbank AG	$45.6B	14.4×	—	20.3%	—	—
KOTAKBANK.NSKotak Mahindra Bank Limited	$45.5B	21.9×	—	25.4%	—	—
COINCoinbase Global, Inc.	$45.4B	—	—	17.6%	0.49	2
SWED-A.STSwedbank AB (publ)	$44.6B	14.5×	—	48.3%	—	1
8725.TMS&AD Insurance Group Holdings, Inc.	$44.2B	9.3×	—	5.3%	0.21	—
SEB-A.STSkandinaviska Enskilda Banken AB (publ)	$43.5B	14.3×	—	40.3%	—	1
105560.KSKB Financial Group Inc.	$42.6B	—	—	27.5%	2.21	—
8750.TDaiichi Life Group, Inc.	$40.8B	15.3×	—	4.2%	0.32	—
AXISBANK.NSAxis Bank Limited	$40.5B	14.1×	—	30.0%	—	—
AIGAMERICAN INTERNATIONAL GROUP, INC.	$40.3B	14.1×	—	11.6%	0.22	2
8591.TORIX Corporation	$39.3B	10.6×	—	20.6%	1.33	—
PRUPRUDENTIAL FINANCIAL INC	$39.2B	10.3×	—	5.9%	0.58	1
POW.TOPower Corporation of Canada	$38.8B	21.7×	—	7.0%	0.83	—
8630.TSompo Holdings, Inc.	$36.8B	26.3×	—	4.6%	0.14	2
ABN.ASABN AMRO Bank N.V.	$36.4B	14.1×	—	25.8%	—	—
HNR1.DEHannover Rück SE	$35.5B	11.6×	—	11.0%	0.31	—
055550.KSShinhan Financial Group Co., Ltd.	$34.9B	—	—	27.0%	2.43	—
FFH.TOFairfax Financial Holdings Limited	$34.9B	7.9×	—	15.7%	0.42	—
RJFRAYMOND JAMES FINANCIAL, INC.	$30.4B	13.8×	—	13.4%	—	—
8309.TSumitomo Mitsui Trust Group, Inc.	$29.5B	12.8×	—	20.5%	—	—
1339.HKThe People's Insurance Company (Group) of China Limited	$29.4B	3.8×	—	7.1%	0.14	1
FSR.JOFirstRand Limited	$29.1B	12.4×	—	25.3%	—	—
1155.KLMalayan Banking Berhad	$29.0B	11.4×	—	37.7%	—	1
PRU.LPrudential plc	$28.9B	8.4×	—	14.5%	0.22	—
GFNORTEO.MXGrupo Financiero Banorte, S.A.B. de C.V.	$28.7B	8.8×	—	23.8%	—	1
BAJAJFINSV.NSBajaj Finserv Ltd.	$28.6B	27.4×	—	7.1%	4.12	—
SBK.JOStandard Bank Group Limited	$28.6B	9.2×	—	25.3%	—	—
BBAS3.SABanco do Brasil S.A.	$27.8B	11.3×	—	9.3%	—	2
8604.TNomura Holdings, Inc.	$27.5B	11.1×	—	19.7%	4.30	—
AFRMAffirm Holdings, Inc.	$26.0B	14.0×	—	45.3%	1.79	1
QBE.AXQBE Insurance Group Limited	$26.0B	11.8×	—	11.1%	0.32	—
086790.KSHana Financial Group Inc.	$24.8B	—	—	27.8%	—	—
B3SA3.SAB3 S.A. - Brasil, Bolsa, Balcão	$22.8B	22.8×	73.5%	45.5%	0.81	—
NN.ASNN Group N.V.	$21.9B	11.0×	—	13.9%	0.64	2
1295.KLPublic Bank Berhad	$21.7B	12.4×	—	49.2%	—	—
LGEN.LLegal & General Group Plc	$20.3B	26.0×	—	1.4%	2.02	—
SOFISoFi Technologies, Inc.	$20.2B	31.9×	—	13.3%	—	2
1023.KLCIMB Group Holdings Berhad	$19.1B	9.9×	—	34.7%	—	1
BMED.MIBanca Mediolanum S.p.A.	$18.8B	12.8×	—	50.7%	—	—
PGHN.SWPartners Group Holding AG	$18.3B	12.8×	81.8%	51.2%	0.61	1
SBILIFE.NSSBI Life Insurance Company Limited	$17.6B	65.5×	—	2.2%	—	2
1336.HKNew China Life Insurance Company Ltd.	$17.5B	2.7×	—	23.9%	0.18	2
BAER.SWJulius Bär Gruppe AG	$17.4B	12.7×	—	18.7%	—	—
S68.SISingapore Exchange Limited	$17.3B	31.9×	74.4%	44.8%	0.26	—
CPU.AXComputershare Limited	$16.3B	25.7×	28.2%	19.0%	0.52	—
UNMUnum Group	$14.7B	21.6×	—	5.6%	0.34	1
MAP.MCMapfre, S.A.	$14.5B	11.1×	—	4.3%	0.27	—
ADM.LAdmiral Group plc	$14.4B	16.6×	—	14.7%	1.26	—
PNFPPINNACLE FINANCIAL PARTNERS, INC.	$14.3B	13.0×	—	31.2%	—	—
8795.TT&D Holdings, Inc.	$14.2B	17.4×	—	5.1%	0.14	—
SUN.AXSuncorp Group Limited	$14.0B	19.9×	—	6.7%	0.22	1
CHOLAFIN.NSCholamandalam Investment and Finance Company Limited	$13.9B	23.6×	—	31.2%	—	—
PNB.NSPunjab National Bank	$13.9B	6.1×	—	29.4%	—	1
UNIONBANK.NSUnion Bank of India	$13.7B	6.4×	—	33.1%	—	1
IAG.AXInsurance Australia Group Limited	$13.2B	—	—	6.3%	0.40	—
BANKBARODA.NSBank of Baroda Limited	$12.7B	6.8×	—	26.5%	—	1
SOL.AXWashington H. Soul Pattinson and Company Limited	$12.3B	7.9×	25.6%	59.4%	0.00	1
SDR.LSchroders plc	$12.2B	13.4×	77.0%	16.6%	0.06	—
CANBK.NSCanara Bank	$11.2B	5.6×	—	30.7%	—	3
PFC.NSPower Finance Corporation Limited	$11.2B	4.2×	—	60.0%	—	2
MUTHOOTFIN.NSMuthoot Finance Limited	$11.0B	9.3×	—	52.3%	—	1
ABCAPITAL.NSAditya Birla Capital Limited	$10.7B	24.4×	—	8.2%	4.73	—
5819.KLHong Leong Bank Berhad	$10.7B	9.6×	—	69.2%	—	—
DSY.JODiscovery Limited	$10.5B	13.3×	—	15.4%	0.16	—
ABG.JOAbsa Group Limited	$10.4B	7.3×	—	20.2%	—	2
IRFC.NSIndian Railway Finance Corporation Limited	$10.1B	14.0×	65.4%	25.9%	7.14	1
MNG.LM&G plc	$9.6B	—	—	1.4%	2.08	—
3618.HKChongqing Rural Commercial Bank Co., Ltd.	$9.0B	5.1×	—	42.8%	—	1
MPL.AXMedibank Private Limited	$8.9B	20.1×	—	6.8%	0.01	—
PSH.LPershing Square Holdings, Ltd.	$8.6B	—	—	98.1%	—	1
FEDERALBNK.NSThe Federal Bank Limited	$8.3B	17.6×	—	26.7%	—	—
RECLTD.NSREC Limited	$8.1B	4.9×	—	74.7%	—	1
LNCLINCOLN NATIONAL CORP	$7.8B	3.5×	—	6.5%	0.57	2
NED.JONedbank Group Limited	$7.7B	14.6×	—	13.4%	—	1
AUBANK.NSAU Small Finance Bank Limited	$7.6B	26.5×	—	21.8%	—	—
1066.KLRHB Bank Berhad	$7.6B	9.1×	—	38.1%	—	1
IDFCFIRSTB.NSIDFC First Bank Limited	$7.0B	30.5×	—	5.5%	—	—
INDUSINDBK.NSIndusInd Bank Limited	$7.0B	52.2×	—	3.5%	—	3
RBLBANK.NSRBL Bank Limited	$6.6B	30.0×	—	8.4%	—	—
AFI.AXAustralian Foundation Investment Company Limited	$5.8B	29.7×	—	86.6%	—	—
HOMBHOME BANCSHARES, INC.	$5.7B	11.8×	—	43.6%	—	—
SBICARD.NSSBI Cards and Payment Services Limited	$5.5B	24.0×	—	13.9%	—	1
POLICYBZR.NSPB Fintech Limited	$4.9B	63.7×	40.7%	9.9%	—	1
1082.KLHong Leong Financial Group Berhad	$4.8B	5.7×	—	46.0%	—	2
MFSL.NSMax Financial Services Limited	$4.7B	424.8×	—	0.2%	0.35	3
CGF.AXChallenger Limited	$4.6B	16.9×	42.4%	28.6%	0.39	1
AMP.AXAMP Limited	$4.1B	30.6×	100.0%	15.3%	1.26	—
TBCG.LTBC Bank Group PLC	$3.5B	6.7×	—	40.0%	—	1
STARHEALTH.NSStar Health and Allied Insurance Company Limited	$3.4B	38.6×	—	3.1%	0.06	—
NUVAMA.NSNuvama Wealth Management Limited	$3.3B	30.0×	32.9%	45.6%	1.10	—
SFNCSIMMONS FIRST NATIONAL CORP	$3.2B	—	—	-385.1%	0.18	4
RF.PAEurazeo SE	$3.2B	—	41.6%	-97.0%	0.03	2
LICHSGFIN.NSLIC Housing Finance Limited	$3.1B	5.1×	—	65.5%	—	1
NMIHNMI Holdings, Inc.	$3.1B	8.0×	—	55.1%	—	—
MANAPPURAM.NSManappuram Finance Limited	$3.0B	19.5×	—	18.2%	—	1
UCOBANK.NSUCO Bank	$3.0B	10.6×	—	22.5%	—	2
BOQ.AXBank of Queensland Limited	$2.9B	42.5×	—	17.8%	—	2
NIACL.NSThe New India Assurance Company Limited	$2.8B	34.8×	—	2.8%	—	1
BANDHANBNK.NSBandhan Bank Limited	$2.6B	19.8×	—	9.0%	—	3
AUB.AXAUB Group Limited	$2.5B	34.9×	100.0%	8.8%	0.59	1
PNI.AXPinnacle Investment Management Group Limited	$2.4B	17.7×	—	203.9%	0.23	—
GQG.AXGQG Partners Inc.	$2.3B	4.6×	—	59.4%	0.04	2
UPSTUpstart Holdings, Inc.	$2.3B	48.4×	—	5.1%	—	2
MBINMERCHANTS BANCORP	$2.3B	10.0×	—	32.1%	—	—
NHF.AXnib holdings limited	$2.3B	17.4×	—	5.0%	0.18	—
WAFDWAFD, INC.	$2.2B	9.3×	—	31.2%	—	1
6060.HKZhongAn Online P & C Insurance Co., Ltd.	$2.0B	7.3×	—	3.2%	0.10	2
2488.KLAlliance Bank Malaysia Berhad	$1.9B	0.4×	—	33.5%	—	1
KINV-B.STKinnevik AB	$1.8B	—	—	—	—	3
DCOMDIME COMMERCIAL BANCSHARES, INC.	$1.7B	13.9×	—	24.4%	—	—
1818.KLBursa Malaysia Berhad	$1.6B	24.3×	74.3%	35.6%	—	2
PPT.AXPerpetual Limited	$1.4B	33.9×	100.0%	-4.3%	0.45	1
5185.KLAFFIN Bank Berhad	$1.3B	9.8×	—	22.0%	—	2
FLOW.ASFlow Traders Ltd.	$1.3B	8.3×	—	21.4%	—	—
8621.KLLPI Capital Bhd	$1.2B	14.5×	—	20.4%	—	1
EGBNEAGLE BANCORP INC	$863M	—	—	-46.1%	0.07	4
HAPV3.SAHapvida Participações e Investimentos S.A.	$842M	—	11.8%	-0.4%	0.25	2
CCP.AXCredit Corp Group Limited	$690M	9.4×	100.0%	18.0%	0.52	—
5139.KLAEON Credit Service (M) Berhad	$605M	6.4×	70.0%	15.6%	2.61	2
OPFIOppFi Inc.	$519M	2.8×	—	6.9%	—	1
MASFIN.NSMAS Financial Services Limited	$501M	12.3×	22.3%	24.2%	1.72	1
AFG.AXAustralian Finance Group Limited	$471M	7.4×	—	36.6%	—	1
EQT.AXEQT Holdings Limited	$373M	15.9×	—	16.2%	0.37	1
AEF.AXAustralian Ethical Investment Limited	$324M	18.5×	100.0%	11.6%	—	1
BFG.AXBell Financial Group Limited	$319M	9.5×	—	13.4%	—	1
CRACCROWN RESERVE ACQUISITION CORP. I	$229M	—	—	—	—	2
TPVGTriplePoint Venture Growth BDC Corp.	$192M	4.7×	—	—	1.31	2
FSA.AXFSA Group Limited	$101M	9.8×	100.0%	216.4%	10.95	1
OFX.AXOFX Group Limited	$94M	—	100.0%	-0.2%	0.10	4
7082.KLM & A Equity Holdings Berhad	$76M	15.5×	100.0%	36.5%	0.00	1
REM.JORemgro Limited	—	—	—	—	—	—
LLOY.LLloyds Banking Group plc	—	—	—	—	—	—
BEN.AXBendigo and Adelaide Bank Limited	—	—	—	19.0%	—	—
ASX.AXASX Limited	—	—	100.0%	38.2%	0.07	—
BKTHE BANK OF NEW YORK MELLON CORPORATION	—	—	—	27.6%	0.72	1