The Goldman Sachs Group, Inc. GS

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 894.55 USD on Nov 1, 2026, +3.3% year to date

Quant rating

Quant rating B Rank 219 of 799 in Financials

Growth C 357 of 799
Valuation C 554 of 799
Quality B 134 of 799
Revisions A 75 of 799
Momentum C 528 of 799

Wall Street consensus Hold (2.56)Average target 1,045.30 USD +16.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 260.5B
Enterprise value: 1.50T
52-week range: 754.48 – 1,153.78
3-year range: 307.16 – 1,153.78
Dividend yield: 2.24%
Beta (5 years): 1.28
Shares outstanding: 291M
Next earnings: Jan 19, 2027

About the company

The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Its segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across all asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	125,097	126,853	108,418	68,711	64,989	–
Revenue growth	−1.4%	17.0%	57.8%	5.7%	15.3%	17.3%
EPS (basic, normalized)	51.32	40.54	22.87	30.06	59.45	–
EPS growth	26.6%	77.3%	−23.9%	−49.4%	–	–
Gross margin	40.2%	36.9%	37.4%	61.2%	84.1%	51.9%
Net margin	13.0%	10.7%	7.3%	15.7%	32.5%	15.8%
ROE	15.0%	12.0%	7.5%	10.2%	23.0%	13.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	177,000
Current ratio	–
Long-term debt (mil)	352,000
Net debt (mil)	1,230,000
Total equity (mil)	125,000
Net debt / equity	9.84x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	125,097	−1.4%	12.0x	357.60	+6.4%	2.5x	51.32	+26.6%	17.4x
2026	73,703	−41.1%	20.4x	378.27	+5.8%	2.4x	71.54	+39.4%	12.5x
2027	74,423	+1.0%	20.2x	408.13	+7.9%	2.2x	74.34	+3.9%	12.0x
2028	75,377	+1.3%	20.0x	438.71	+7.5%	2.0x	78.05	+5.0%	11.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	73,703	+3.8%	+3.0%	+15.7%	71.54	+3.8%	+1.2%	+20.5%
2027	74,423	+2.5%	+1.8%	+11.6%	74.34	+2.1%	+0.8%	+13.9%
2028	75,377	+2.6%	+1.6%	+11.2%	78.05	+2.6%	+1.0%	+11.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	12,731	12,699	13,869	15,062	14,583	15,184	13,454	17,227	20,338	18,679
Sales mean (mil)	12,456	11,800	12,391	14,808	13,465	14,096	13,791	16,970	16,125	16,705
Surprise	+2.2%	+7.6%	+11.9%	+1.7%	+8.3%	+7.7%	−2.4%	+1.5%	+26.1%	+11.8%
EPS reported	8.62	8.40	11.95	14.12	10.91	12.25	14.01	17.55	20.98	17.01
EPS mean	8.34	6.89	8.22	12.35	9.53	11.00	11.67	16.49	14.48	13.02
Surprise	+3.3%	+22.0%	+45.3%	+14.3%	+14.5%	+11.4%	+20.0%	+6.4%	+44.9%	+30.6%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GS The Goldman Sachs Group, Inc.	260.5B	–	13.0%	2.08x	12.5x	12.0x	–	–
MS Morgan Stanley	288.4B	–	13.6%	2.49x	14.3x	13.5x	–	–
C Citigroup Inc.	203.0B	–	9.1%	0.97x	10.8x	9.5x	–	–
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
Mean		9.69x	16.4%	2.88x	16.6x	14.5x	22.9x	19.3x
Median		9.69x	13.3%	2.76x	14.0x	12.8x	24.3x	20.6x

Technical analysis

1M−2.4%
3M−13.0%
1Y+15.1%
3Y+229.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The Goldman Sachs Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	125,097	126,853	108,418	68,711	64,989	56,351
Cost of revenue	74,811	80,065	67,862	26,658	10,360	13,079
Gross profit	50,286	46,788	40,556	42,053	54,629	43,272
Selling, general & administrative expenses	24,514	21,968	20,723	20,681	22,474	17,323
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,182	2,392	4,856	2,455	2,015	1,902
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	75.0	71.0	529	–	–	3,098
Other operating expenses	1,663	3,960	3,709	5,431	3,096	8,470
Operating income	21,852	18,397	10,739	13,486	27,044	12,479
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	21,852	18,397	10,739	13,486	27,044	12,479
Provision for taxes	4,676	4,121	2,223	2,225	5,409	3,020
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	17,176	14,276	8,516	11,261	21,635	9,459
Extraordinary items	–	–	–	–	–	–
Net income	17,176	14,276	8,516	11,261	21,635	9,459
EBIT, normalized	22,576	18,862	12,961	14,376	27,721	18,997
EBITDA, normalized	24,758	21,254	17,817	16,831	29,736	20,899
Basic EPS, normalized	51.32	40.54	22.87	30.06	59.45	–

Balance sheet in millions of USD, fiscal years

Balance sheet, The Goldman Sachs Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	164,259	182,092	241,577	241,825	261,036	155,842
Receivables	190,163	138,105	138,679	138,826	164,187	123,969
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	9,524	9,991	13,415	19,246	20,386	25,427
Goodwill	5,949	5,853	5,916	6,374	4,285	4,332
Intangibles	842	847	1,177	2,009	418	630
Long-term investments	1,189,393	1,133,236	1,048,704	846,825	849,823	732,973
Note receivable	249,066	205,331	191,515	186,298	162,422	119,075
Other long-term assets	354,546	320,714	380,867	381,047	426,654	280,591
Total assets	1,809,320	1,675,972	1,641,594	1,441,799	1,463,988	1,163,028
Liabilities
Accounts payable	231,865	223,255	230,728	262,045	251,931	190,658
Payable/accrued	–	–	–	–	–	–
Accrued expenses	22,700	20,259	10,036	9,379	13,126	10,179
Short-term debt	778,450	765,511	742,298	531,684	585,379	416,287
Current portion of long-term debt	87,768	88,566	79,638	63,857	47,361	57,955
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	296,212	249,869	247,867	254,245	263,466	226,018
Minority interest	446	401	363	649	840	1,640
Other liabilities	1,387,690	1,303,706	1,276,459	1,069,716	1,089,756	839,438
Total liabilities	1,684,348	1,553,976	1,524,689	1,324,610	1,354,062	1,067,096
Shareholders' equity
Preferred stock	15,153	13,253	11,203	10,703	10,703	11,203
Common stock	9.0	9.0	9.0	9.0	9.0	9.0
Additional paid-in capital	61,906	61,376	60,247	59,050	56,396	55,679
Retained earnings (accumulated deficit)	165,288	153,412	143,688	139,372	131,811	112,947
Treasury stock	−120,919	−108,500	−100,445	−94,631	−91,136	−85,940
Other equity	3,535	2,446	2,203	2,686	2,143	2,034
Total equity	124,972	121,996	116,905	117,189	109,926	95,932
Total liabilities & shareholders' equity	1,809,320	1,675,972	1,641,594	1,441,799	1,463,988	1,163,028

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The Goldman Sachs Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	17,176	14,276	8,516	11,261	21,635	9,459
Depreciation, depletion & amortization	2,182	2,392	4,856	2,455	2,015	1,902
Deferred taxes	204	−800	−1,360	−2,412	5.0	−833
Non-cash items	2,332	4,011	3,113	6,798	2,705	5,017
Changes in working capital	−67,048	−33,091	−27,712	−9,394	−20,062	−34,080
Cash from operations	−45,154	−13,212	−12,587	8,708	6,298	−18,535
Investing activities
Capital expenditures	−2,064	−2,091	−2,316	−3,748	−4,667	−6,309
Other investing cash flows	−42,163	−47,533	−14,996	−72,212	−25,798	−28,047
Cash from investing	−44,227	−49,624	−17,312	−75,960	−30,465	−34,356
Financing activities
Financing cash flow items	62,858	7,200	42,002	28,637	104,035	67,942
Cash dividends paid	−5,277	−4,497	−4,189	−3,682	−2,725	−2,336
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	8,519	4,620	−10,013	34,647	33,428	4,774
Cash from financing	66,100	7,323	27,800	59,602	134,738	70,380
Foreign exchange effects	5,448	−3,972	1,851	−11,561	−5,377	4,807
Net change in cash	−17,833	−59,485	−248	−19,211	105,194	22,296
Free cash flow	−47,218	−15,303	−14,903	4,960	1,631	−24,844

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.