The financial sector is entering a decisive chapter. With JPMorgan delivering industry-leading returns on equity, and payment networks like Visa and Mastercard riding an unstoppable wave of cashless adoption, these companies have built what many consider near-unbreakable business models. Yet beneath the surface, tighthat regulatory scrutiny and the prospect of a cooling credit cycle raise important questions about whether today's premium valuations are truly justified. Are these stocks still worth buying, or has the easy money already been made?

The financial sector is a fairly specific segment of the stock market. Unlike technology companies, which attract investors primarily with the promise of rapid growth, financials often offer a combination of stable dividends, high returns on capital and direct exposure to macroeconomic developments. This is why they are among the cornerstones of the portfolios of institutional and retail investors around the world.

The year 2026 brings several…