Goldman Sachs (GS)
Financials · $278B market cap · SEC CIK 0000886982
fundamentals score out of 100
Next reports on Oct 13, 2026, before the open, with analysts expecting $16.41 in earnings per share.
The case for GS
- Earnings per share up 41.7%.
- Pays a 3.2% dividend while you wait.
- Reasonably priced at 13.2× earnings.
- A PEG of 0.32: a P/E of 13.2× is low for EPS growing 42%.
- Has compounded revenue at 17.3% a year over five years.
- Return on equity of 17%.
The case against
- Growth is slowing: revenue up 6.7% this year against 17.3% a year over five.
- Stability is weak (41/100): beta 1.29, a 36% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 78 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 49 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 41 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 13.2× |
|---|---|
| Price / book | 2.43× |
| Price / sales | 2.1× |
| Revenue growth (YoY) | +6.7% |
| EPS growth (YoY) | +41.7% |
| Gross margin | 42% |
| Operating margin | 19% |
| Net margin | 16% |
| Return on equity | 17% |
| Debt / equity | 11.01× |
| Current ratio | 0.32 |
| Dividend yield | 3.24% |
| Beta | 1.29 |
| 52-week range | $740.01 – $1,154 |
| Position in that range | 51% of the way up |
| 3-month return | -12.5% |
| 1-year return | +19.2% |
Five years of financials, as filed
Pulled from Goldman Sachs's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Net income | $17.2B | $14.3B | $8.5B | $11.3B | $21.6B |
| Operating cash flow | -$45.2B | -$13.2B | -$12.6B | $8.7B | $6.3B |
| Capital expenditure | $2.1B | $2.1B | $2.3B | $3.7B | $4.7B |
| Total assets | $1.81T | $1.68T | $1.64T | $1.44T | $1.46T |
| Total liabilities | $1.68T | $1.55T | $1.52T | $1.32T | $1.35T |
| Shareholder equity | $125B | $122B | $117B | $117B | $110B |
| Cash | $164B | $182B | $242B | $242B | $261B |
| Free cash flow | -$47.2B | -$15.3B | -$14.9B | $5.0B | $1.6B |
| Net margin | — | — | — | — | — |
| Diluted shares | 318M | 334M | 346M | 358M | 356M |
Share count is down 10.7% over 4 years. Buybacks have been shrinking the pie.
What Goldman Sachs says it does
Introduction Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Our purpose is to advance sustainable economic growth and financial opportunity. Our goal, reflected in our One Goldman Sachs initiative, is to deliver the full range of our services and expertise to support our clients in a more accessible, comprehensive and efficient manner, across businesses and product areas. When we use the terms "Goldman Sachs," "we," "us," "our" and "the firm," we mean The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, and its consolidated subsidiaries. When we use the term "our subsidiaries," we mean the consolidated subsidiaries of Group Inc. References to "this Form 10-K" are to our Annual Report on Form 10-K for the year ended December 31,…
Risk factors GS lists in its 10-K
- Market Developments and General Business Environment
- Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions
- Our market-making activities have been and may in the future be affected by changes in the levels of market volatility
- Inflation has had and could in the future have a negative effect on our business, results of operations and financial condition
- Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets
- Reductions in our credit ratings or an increase in our credit spreads may adversely affect our liquidity and cost of funding
- Group Inc. is a holding company and its liquidity depends on payments and loans from its subsidiaries, many of which are subject to legal, regulatory and other restrictions on providing funds or assets to Group Inc
- Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of or defaults by third parties
- Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and financing activities
- Derivative transactions and delayed documentation or settlements expose us to credit risk, unexpected risks and potential losses
- A failure or disruption in our infrastructure, or in the operational systems or infrastructure of third parties, could impair our liquidity, disrupt our businesses, damage our reputation and cause losses
- The development and use of AI present risks and challenges that may adversely impact our business
- We have in the past incurred and may in the future incur losses as a result of ineffective risk management processes and strategies
- Our businesses and those of our clients are subject to extensive and pervasive regulation around the world