A Business at a Glance
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GOLDMAN SACHS GROUP INC
GS
$337.1B
Mkt Cap
$1,061.23
-1.26%
GOLDMAN SACHS GROUP INC (GS) has a current P/E ratio of 20.7, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
GOLDMAN SACHS GROUP INC (GS) has a 5-year average return on invested capital (ROIC) of 11.6%. This indicates solid capital allocation.
GOLDMAN SACHS GROUP INC (GS) has a market capitalization of $312.6B. It is classified as a mega-cap stock.
Yes, GOLDMAN SACHS GROUP INC (GS) pays a dividend with a trailing twelve-month yield of 1.84%. The company also returns capital through share buybacks, with a buyback yield of 4.16%.
Based on historical P/E analysis, GOLDMAN SACHS GROUP INC (GS) appears expensive. The current P/E of 20.7 is 83% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is 6.6%.
GOLDMAN SACHS GROUP INC (GS) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
GOLDMAN SACHS GROUP INC (GS) reported annual revenue of $9.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Goldman Sachs is a diversified global financial institution operating through multiple business segments including Investment Banking, Global Markets (FICC and Equities), and Asset & Wealth Management. The firm earns revenues through advisory fees on mergers and acquisitions and capital markets transactions, trading commissions and spreads in fixed income and equities intermediation, management and incentive fees from alternative asset funds and wealth management services, and net interest income from lending and deposit-taking activities. The business model combines transaction-based revenues from capital markets intermediation with recurring fee-based revenues from asset management and wealth advisory services, supported by a substantial lending franchise serving ultra-high-net-worth clients and corporate borrowers. Goldman Sachs maintains a global distribution network serving institutional clients, corporations, governments, and high-net-worth individuals across major financial centers, with particular strength in advisory services and alternatives asset management. The firm's competitive advantages include its leading market positions in M&A advisory and equity underwriting, a scaled alternatives platform with significant fundraising capabilities, and deep client relationships built over decades of advisory and intermediation services. The company operates with a capital-intensive model requiring substantial regulatory capital buffers, though recent regulatory changes have provided increased flexibility in capital deployment toward client-facing businesses.
【Capital deployment and growth acceleration】 Management expects investment banking activity to accelerate in 2026, supported by elevated client engagement, a four-year-high backlog, and catalysts including corporate strategic repositioning, AI-related capital formation, and sponsor monetization activity. The firm is prioritizing deployment of capital into client-facing businesses, particularly lending and equities financing, with Asia identified as a strategic growth area. Asset & Wealth Management is expected to deliver improved margins and returns, with management targeting a 30% pre-tax margin and high-teens returns, supported by continued alternatives fundraising toward the $75–100 billion annual target and progress on the $750 billion fee-paying alternatives assets under supervision target by 2030. The firm expects deposit-related headwinds to persist through much of 2026 as the competitive environment for deposit raising remains challenging, though management anticipates a return to high-double-digit durable revenue growth in wealth management as conditions normalize into 2027.
| Metric | Target | Period |
|---|---|---|
| Tax rate | approximately 20% | FY2026 |
| Alternatives fundraising | $75–100 billion annually | Sustainable basis (ongoing) |
| Fee-paying alternative assets under supervision | $750 billion | By 2030 |
| Annual incentive fees target | $1 billion | Medium term |
| Asset & Wealth Management pre-tax margin target | 30% | Medium term |
| Wealth Management fee-based net inflows target | 5% annually | Long-term |
Tax rate (FY2026): “For the full year, we expect a tax rate of approximately 20%.”
Alternatives fundraising (Sustainable basis (ongoing)): “we believe we can raise between $75-$100 billion annually on a sustainable basis”
Fee-paying alternative assets under supervision (By 2030): “We expect fee-paying alternative assets under supervision to reach $750 billion by 2030.”
Annual incentive fees target (Medium term): “we believe we can raise between $75-$100 billion annually on a sustainable basis. As these funds continue to be deployed, we expect double-digit growth in alternative management and other fees. We expect fee-paying alternative assets under supervision to reach $750 billion by 2030. This further supports our existing target of generating $1 billion in incentive fees annually.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 60.4B | 9.3B | 7.7B | 6.2B | 7.4B | 14.1B |
| Net Income | 17.1B | 16.3B | 13.5B | 7.9B | 10.8B | 21.2B |
| EPS | $57.46 | $51.32 | $40.54 | $22.87 | $30.06 | $59.45 |
| Free Cash Flow | -41.9B | 43.1B | 11.1B | 10.3B | 5.0B | 1.6B |
| ROIC | 0.0% | 12.2% | 10.4% | 6.3% | 9.1% | 19.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.47 | 0.71 | 0.98 | 1.17 | 0.90 | 0.84 |
| Dividends/Share | $19.52 | $14.00 | $11.50 | $10.50 | $9.00 | $6.50 |
| Operating Income | 0 | 21.9B | 18.4B | 10.7B | 13.5B | 27.0B |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 13.9% | 13.2% | 11.3% | 6.8% | 9.5% | 20.5% |
| Shares Outstanding | 295M | 318M | 334M | 346M | 358M | 356M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.5B | 7.0B | 6.3B | 7.1B | 7.4B | 6.8B | 9.1B | 14.1B | 7.4B | 6.2B | 7.7B | 9.3B | 60.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12.7B | 12.7B | 11.4B | 11.7B | 12.3B | 12.4B | 13.3B | 17.7B | 15.1B | 15.5B | 16.7B | 18.9B | 19.4B |
| EBIT | 12.4B | 8.8B | 10.3B | 11.1B | 12.5B | 10.6B | 12.5B | 27.0B | 13.5B | 10.7B | 18.4B | 21.9B | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | 8.1B | 5.6B | 7.1B | 3.7B | 9.9B | 7.9B | 8.9B | 21.2B | 10.8B | 7.9B | 13.5B | 16.3B | 17.1B |
| Net Margin | 125.0% | 79.2% | 113.0% | 52.1% | 132.7% | 116.2% | 98.0% | 149.6% | 146.3% | 127.2% | 174.8% | 174.4% | 28.3% |
| Non-Recurring | 22M | 0 | 0 | 0 | 0 | 0 | 171M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.2% | 2.1% | 2.5% | 1.2% | 3.1% | 3.7% | 8.7% | 19.8% | 9.1% | 6.3% | 10.4% | 12.2% | 0.0% |
| ROE | 10.0% | 6.6% | 8.2% | 4.4% | 11.4% | 8.8% | 9.6% | 20.5% | 9.5% | 6.8% | 11.3% | 13.2% | 13.9% |
| ROA | 0.9% | 0.6% | 0.8% | 0.4% | 1.1% | 0.8% | 0.8% | 1.6% | 0.7% | 0.5% | 0.8% | 0.9% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 7.9B | 9.5B | 6.5B | 20.5B | 16.6B | 23.9B | 18.5B | 6.3B | 8.7B | 12.6B | 13.2B | 45.2B | -39.8B |
| Free Cash Flow | 7.3B | 7.6B | 3.6B | 17.3B | 8.6B | 15.4B | 12.2B | 1.6B | 5.0B | 10.3B | 11.1B | 43.1B | -41.9B |
| Owner Earnings | 4.5B | 6.2B | 3.4B | 17.6B | 13.4B | 20.1B | 14.7B | 1.9B | 2.2B | -3.1B | 8.2B | 39.5B | -59.9B |
| CapEx | 678M | 1.8B | 2.9B | 3.2B | 8.0B | 8.4B | 6.3B | 4.7B | 3.7B | 2.3B | 2.1B | 2.1B | 2.1B |
| Maint. CapEx | 1.3B | 991M | 998M | 1.2B | 1.3B | 1.7B | 1.9B | 2.0B | 2.5B | 13.6B | 2.4B | 2.2B | 16.5B |
| Growth CapEx | 0 | 842M | 1.9B | 2.0B | 6.7B | 6.7B | 4.4B | 2.7B | 1.3B | 0 | 0 | 0 | 0 |
| D&A | 1.3B | 991M | 998M | 1.2B | 1.3B | 1.7B | 1.9B | 2.0B | 2.5B | 13.6B | 2.4B | 2.2B | 16.5B |
| CapEx/OCF | N/A | 19.3% | 44.1% | N/A | 48.2% | 35.4% | N/A | 74.1% | 43.0% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.5B | 1.7B | 1.7B | 1.8B | 1.8B | 2.1B | 2.3B | 2.7B | 3.7B | 4.2B | 4.5B | 5.3B | 5.8B |
| Dividend Yield | 2.2% | 2.4% | 2.8% | 2.2% | 2.4% | 3.2% | 3.6% | 2.4% | 3.4% | 3.9% | 3.0% | 2.5% | 1.8% |
| Share Buybacks | 5.5B | 4.1B | 6.1B | 6.8B | 3.3B | 5.3B | 1.9B | 5.2B | 3.5B | 5.8B | 8.0B | 12.4B | 13.0B |
| Buyback Yield | 7.4% | 6.1% | 7.1% | 7.7% | 6.1% | 7.1% | 2.3% | 4.2% | 3.1% | 4.6% | 4.3% | 4.3% | 4.2% |
| Stock-Based Comp | 2.1B | 2.3B | 2.1B | 1.8B | 1.8B | 2.0B | 1.9B | 2.3B | 4.1B | 2.1B | 2.7B | 3.4B | 3.6B |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 184.8B | 174.9B | 103.3B | 142.2B | 123.0B | -114.8B | -161.4B | -217.3B | -185.7B | -154.3B | -142.3B | -175.3B | -258.3B |
| Cash & Equiv. | 75.0B | 93.4B | 121.7B | 110.1B | 130.5B | 133.5B | 155.8B | 261.0B | 241.8B | 241.6B | 182.1B | 164.3B | 316.5B |
| Long-Term Debt | 174.6B | 185.9B | 197.5B | 227.6B | 236.0B | 5.4B | 12.5B | 3.2B | 5.7B | 11.1B | 11.0B | 10.1B | 2.5B |
| Debt/Equity | 3.14 | 3.09 | 2.59 | 3.18 | 2.95 | 0.42 | 0.42 | 0.84 | 0.90 | 1.17 | 0.98 | 0.71 | 0.47 |
| Interest Coverage | 2.2 | 1.6 | 1.5 | 1.1 | 0.8 | 0.6 | 1.4 | 4.8 | 0.6 | 0.2 | 0.3 | 0.3 | 0.3 |
| Equity | 82.8B | 86.7B | 86.9B | 82.2B | 90.2B | 90.3B | 95.9B | 109.9B | 117.2B | 116.9B | 122.0B | 125.0B | 122.8B |
| Total Assets | 855.8B | 861.4B | 860.2B | 916.8B | 931.8B | 993.0B | 1.2T | 1.5T | 1.4T | 1.6T | 1.7T | 1.8T | 2.1T |
| Total Liabilities | 773.0B | 774.7B | 773.3B | 834.5B | 841.6B | 902.7B | 1.1T | 1.4T | 1.3T | 1.5T | 1.6T | 1.7T | 1.9T |
| Intangibles | 515M | 491M | 429M | 373M | 324M | 641M | 630M | 418M | 2.0B | 1.2B | 847M | 842M | 932M |
| Retained Earnings | 79.0B | 83.4B | 89.0B | 91.5B | 100.1B | 106.5B | 112.9B | 131.8B | 139.4B | 143.7B | 153.4B | 165.3B | 169.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 17.07 | 12.14 | 16.29 | 9.01 | 25.27 | 21.03 | 24.74 | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 | 57.46 |
| Owner EPS | 9.53 | 13.56 | 7.78 | 42.95 | 34.36 | 53.65 | 40.83 | 5.44 | 6.06 | -9.08 | 24.45 | 124.45 | -203.17 |
| Book Value | 174.98 | 189.09 | 199.73 | 201.09 | 231.13 | 240.38 | 266.22 | 308.97 | 327.27 | 338.13 | 365.67 | 393.47 | 416.81 |
| Cash Flow/Share | 16.76 | 20.67 | 14.93 | 50.10 | 42.45 | 63.56 | 51.44 | 17.70 | 24.32 | 36.41 | 39.60 | 142.17 | 114.13 |
| Dividends/Share | 2.25 | 2.55 | 3.92 | 2.90 | 3.15 | 4.15 | 5.00 | 6.50 | 9.00 | 10.50 | 11.50 | 14.00 | 19.52 |
| Shares Out. | 473.2M | 458.6M | 435.1M | 409.0M | 390.2M | 375.5M | 360.3M | 355.8M | 358.1M | 345.7M | 333.6M | 317.6M | 294.6M |
| Valuation | |||||||||||||
| P/E Ratio | 9.2 | 12.1 | 12.2 | 23.7 | 5.5 | 9.5 | 9.3 | 5.9 | 10.5 | 16.1 | 13.9 | 17.6 | 18.5 |
| P/FCF | 10.2 | 8.8 | 23.8 | 5.1 | 6.3 | 4.8 | 6.8 | 76.0 | 22.7 | 12.4 | 16.9 | 6.7 | N/A |
| EV/EBIT | 20.9 | 27.6 | 18.4 | 20.6 | 14.2 | N/A | N/A | N/A | N/A | 14.4 | 12.9 | 17.3 | N/A |
| Price/Book | 0.9 | 0.8 | 1.0 | 1.1 | 0.6 | 0.8 | 0.9 | 1.1 | 1.0 | 1.1 | 1.5 | 2.3 | 2.5 |
| Price/Sales | 1.9 | 2.1 | 1.9 | 2.4 | 2.1 | 1.8 | 1.5 | 1.9 | 2.3 | 2.3 | 2.8 | 3.7 | 5.2 |
| FCF Yield | 9.8% | 11.3% | 4.2% | 19.8% | 16.0% | 20.6% | 14.8% | 1.3% | 4.4% | 8.1% | 5.9% | 15.0% | -13.4% |
| Market Cap | 74.0B | 67.5B | 86.2B | 87.5B | 53.8B | 74.7B | 82.6B | 124.0B | 112.6B | 127.2B | 187.4B | 286.6B | 312.6B |
| Avg. Price | 137.63 | 155.44 | 137.88 | 193.38 | 195.76 | 173.85 | 179.78 | 322.83 | 304.46 | 314.32 | 451.51 | 672.93 | 1,061.23 |
| Year-End Price | 156.39 | 147.24 | 198.13 | 213.84 | 137.79 | 198.96 | 229.31 | 348.41 | 314.48 | 367.79 | 561.70 | 902.29 | 1,061.23 |
GOLDMAN SACHS GROUP INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
GOLDMAN SACHS GROUP INC trades at 20.7x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 11.6%. Total shareholder yield (dividends + buybacks) is 6.0%. At current prices, the estimated annualized return to fair value is +18.1%.
GOLDMAN SACHS GROUP INC (GS) has a net profit margin of 174.4%. This is a strong margin indicating high profitability.
GOLDMAN SACHS GROUP INC (GS) generated $43.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GOLDMAN SACHS GROUP INC (GS) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
GOLDMAN SACHS GROUP INC (GS) reported earnings per share (EPS) of $51.32 in its most recent fiscal year.
GOLDMAN SACHS GROUP INC (GS) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for GOLDMAN SACHS GROUP INC (GS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GOLDMAN SACHS GROUP INC (GS) has a book value per share of $393.47, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects investment banking activity to accelerate in 2026, supported by elevated client engagement, a four-year-high backlog, and catalysts including corporate strategic repositioning, AI-related capital formation, and sponsor monetization activity. The firm is prioritizing deployment of capital into client-facing businesses, particularly lending and equities financing, with Asia identified as a strategic growth area. Asset & Wealth Management is expected to deliver improved margins and returns, with management targeting a 30% pre-tax margin and high-teens returns, supported by continued alternatives fundraising toward the $75–100 billion annual target and progress on the $750 billion fee-paying alternatives assets under supervision target by 2030. The firm expects deposit-related headwinds to persist through much of 2026 as the competitive environment for deposit raising remains challenging, though management anticipates a return to high-double-digit durable revenue growth in wealth management as conditions normalize into 2027.
Based on recent SEC filings and earnings calls, GOLDMAN SACHS GROUP INC (GS) has provided the following forward guidance: Tax rate: approximately 20% (FY2026); Alternatives fundraising: $75–100 billion annually (Sustainable basis (ongoing)); Fee-paying alternative assets under supervision: $750 billion (By 2030); Annual incentive fees target: $1 billion (Medium term); Asset & Wealth Management pre-tax margin target: 30% (Medium term), plus 1 additional metric.
Asset & Wealth Management pre-tax margin target (Medium term): “we are increasing our pre-tax margin to 30%, pre-tax margin target to 30%, which will help drive high-teens returns in AWM over the medium term”
Wealth Management fee-based net inflows target (Long-term): “we are introducing a new target of 5% long-term fee-based net inflows annually across the platform”