GS Financial Services

The Goldman Sachs Group, Inc.

$896.09-0.29%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: United States
Market cap: 260.9B USD
Full-time employees: 46,200

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: growing faster than most peersgrowing faster than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #241 of 791 banks & insurance companies (top 31%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.6× equity vs a peer median of 0.4×.Debt is 3.6× equity vs peers 0.4×.
Debt is 3.6× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 3.6× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Share count shrinking. Shares outstanding down 13% from December 2022 to July 2026.
Goldman Sachs had 13% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
More volatile share price. Beta 1.28: tends to move more than the market.
Goldman Sachs's shares have swung more with the market than most peers' (beta 1.28, above the market's 1.0).

StockQuotient Score

59/ 100

Oct 5 60 → Nov 4 59 (-1)

Valuation

Is the price right?

34/100

Weak▲ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 33 → 34

Share price -1.7%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ P/B

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield47.0%

SEC filings · latest balance sheetReported value40% base weight · Z-score -1.14Sector median: 0.7950 · MAD: 0.2843

Earnings yield8.0%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 0.06Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-15.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

77/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.5%

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth40.1%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score 1.36Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth13.2%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth17.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

66/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.30Sector median: 0.0117 · MAD: 0.0062

Return on equity17.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.63Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Goldman Sachs

Is Goldman Sachs getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 59/100 since Oct 28, 2026.
How is Goldman Sachs valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 950 banks & insurance peers. Book yield 47.0% vs a peer median of 79.5% (weaker than 81% of peers).Book yield 47.0% vs peers 79.5% (weaker than 81% of peers).
Is Goldman Sachs growing?: Yes, faster than most of its peers. Growth scores 77/100 against 950 banks & insurance peers. Earnings per share growth 40.1% vs a peer median of 16.0% (stronger than 77% of peers).Earnings per share growth 40.1% vs peers 16.0% (stronger than 77% of peers).
How profitable is Goldman Sachs?: More profitable than most of its peers. Profitability scores 66/100 against 950 banks & insurance peers. Return on equity 17.1% vs a peer median of 10.7% (stronger than 82% of peers).Return on equity 17.1% vs peers 10.7% (stronger than 82% of peers).
How risky is Goldman Sachs?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	60.4B USD	66.2B USD	+9.5%
Net income (12 months)	18.1B USD	21.0B USD	+16.1%
Free cash flow (12 months)	−41.9B USD	−41.5B USD	−1.0%
Debt	396.3B USD	437.9B USD	+10.5%
Cash	179.5B USD	187.3B USD	+4.3%
Shares outstanding	295.0M	291.2M	−1.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Capital Markets · 24 companies

Valuations in Capital Markets are above their usual range since Nov 2016.

62% of months since Nov 2016 were valued lower than now.
56% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +34% and earnings +87% (medians): earnings grew faster than prices.
Median price-to-book is +21% vs the whole market, against a usual +28%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	36.5%	23.8%	18.4%	26.7%	29.5%	▲ 2.8 pts
Return on assets (ROA)	1.5%	0.8%	0.5%	0.9%	0.9%	▲ 0.1 pts
Return on equity (ROE)	19.7%	9.6%	7.3%	11.7%	13.7%	▲ 2.0 pts
Debt to equity	2.74×	2.63×	2.72×	2.56×	2.85×	▲ 11%

GS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: growing faster than most peersgrowing faster than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #241 of 791 banks & insurance companies (top 31%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.6× equity vs a peer median of 0.4×.Debt is 3.6× equity vs peers 0.4×.

Debt is 3.6× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 3.6× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Share count shrinking. Shares outstanding down 13% from December 2022 to July 2026.

Goldman Sachs had 13% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

More volatile share price. Beta 1.28: tends to move more than the market.

Goldman Sachs's shares have swung more with the market than most peers' (beta 1.28, above the market's 1.0).

Questions investors ask about Goldman Sachs

Is Goldman Sachs getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 59/100 since Oct 28, 2026.

How is Goldman Sachs valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 950 banks & insurance peers. Book yield 47.0% vs a peer median of 79.5% (weaker than 81% of peers).Book yield 47.0% vs peers 79.5% (weaker than 81% of peers).

Is Goldman Sachs growing?

Yes, faster than most of its peers. Growth scores 77/100 against 950 banks & insurance peers. Earnings per share growth 40.1% vs a peer median of 16.0% (stronger than 77% of peers).Earnings per share growth 40.1% vs peers 16.0% (stronger than 77% of peers).

How profitable is Goldman Sachs?

More profitable than most of its peers. Profitability scores 66/100 against 950 banks & insurance peers. Return on equity 17.1% vs a peer median of 10.7% (stronger than 82% of peers).Return on equity 17.1% vs peers 10.7% (stronger than 82% of peers).

How risky is Goldman Sachs?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

60.4B USD

66.2B USD

+9.5%

Net income (12 months)

18.1B USD

21.0B USD

+16.1%

Free cash flow (12 months)

−41.9B USD

−41.5B USD

−1.0%

Debt

396.3B USD

437.9B USD

+10.5%

Cash

179.5B USD

187.3B USD

+4.3%

Shares outstanding

295.0M

291.2M

−1.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

36.5%

23.8%

18.4%

26.7%

29.5%

▲ 2.8 pts

Return on assets (ROA)

1.5%

0.8%

0.5%

0.9%

▲ 0.1 pts

Return on equity (ROE)

19.7%

9.6%

7.3%

11.7%

13.7%

▲ 2.0 pts

Debt to equity

2.74×

2.63×

2.72×

2.56×

2.85×

▲ 11%