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GOLDMAN SACHS GROUP INC (GS) Stock Fundamental Analysis

NYSE:GS - New York Stock Exchange, Inc. - US38141G1040 - Common Stock - Currency: USD

598.23  +4.77 (+0.8%)

After market: 600 +1.77 (+0.3%)

Fundamental Rating

3

Taking everything into account, GS scores 3 out of 10 in our fundamental rating. GS was compared to 230 industry peers in the Capital Markets industry. Both the profitability and financial health of GS have multiple concerns. GS is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

GS had positive earnings in the past year.
In the past year GS has reported a negative cash flow from operations.
In the past 5 years GS has always been profitable.
In multiple years GS reported negative operating cash flow during the last 5 years.
GS Yearly Net Income VS EBIT VS OCF VS FCFGS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B

1.2 Ratios

With a Return On Assets value of 0.81%, GS is not doing good in the industry: 68.70% of the companies in the same industry are doing better.
Looking at the Return On Equity, with a value of 11.09%, GS is in the better half of the industry, outperforming 61.74% of the companies in the same industry.
GS's Return On Invested Capital of 1.08% is on the low side compared to the rest of the industry. GS is outperformed by 70.00% of its industry peers.
GS had an Average Return On Invested Capital over the past 3 years of 0.90%. This is significantly below the industry average of 7.27%.
The 3 year average ROIC (0.90%) for GS is below the current ROIC(1.08%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 0.81%
ROE 11.09%
ROIC 1.08%
ROA(3y)0.68%
ROA(5y)0.85%
ROE(3y)9.01%
ROE(5y)11.11%
ROIC(3y)0.9%
ROIC(5y)1.18%
GS Yearly ROA, ROE, ROICGS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

GS has a Profit Margin of 10.66%. This is comparable to the rest of the industry: GS outperforms 40.43% of its industry peers.
In the last couple of years the Profit Margin of GS has declined.
GS has a worse Operating Margin (14.56%) than 64.35% of its industry peers.
GS's Operating Margin has declined in the last couple of years.
With a Gross Margin value of 36.88%, GS is not doing good in the industry: 67.39% of the companies in the same industry are doing better.
GS's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 14.56%
PM (TTM) 10.66%
GM 36.88%
OM growth 3Y-29.54%
OM growth 5Y-5.46%
PM growth 3Y-31.06%
PM growth 5Y-5.81%
GM growth 3Y-24.01%
GM growth 5Y-9.99%
GS Yearly Profit, Operating, Gross MarginsGS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

1

2. Health

2.1 Basic Checks

The number of shares outstanding for GS has been reduced compared to 1 year ago.
Compared to 5 years ago, GS has less shares outstanding
Compared to 1 year ago, GS has a worse debt to assets ratio.
GS Yearly Shares OutstandingGS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
GS Yearly Total Debt VS Total AssetsGS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500B 1T 1.5T

2.2 Solvency

Based on the Altman-Z score of -0.25, we must say that GS is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -0.25, GS is doing worse than 78.70% of the companies in the same industry.
GS has a Debt/Equity ratio of 8.32. This is a high value indicating a heavy dependency on external financing.
GS's Debt to Equity ratio of 8.32 is on the low side compared to the rest of the industry. GS is outperformed by 87.39% of its industry peers.
Industry RankSector Rank
Debt/Equity 8.32
Debt/FCF N/A
Altman-Z -0.25
ROIC/WACCN/A
WACCN/A
GS Yearly LT Debt VS Equity VS FCFGS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50B 100B 150B 200B 250B

2.3 Liquidity

GS has a Current Ratio of 0.29. This is a bad value and indicates that GS is not financially healthy enough and could expect problems in meeting its short term obligations.
GS's Current ratio of 0.29 is on the low side compared to the rest of the industry. GS is outperformed by 80.43% of its industry peers.
A Quick Ratio of 0.29 indicates that GS may have some problems paying its short term obligations.
GS's Quick ratio of 0.29 is on the low side compared to the rest of the industry. GS is outperformed by 80.43% of its industry peers.
Industry RankSector Rank
Current Ratio 0.29
Quick Ratio 0.29
GS Yearly Current Assets VS Current LiabilitesGS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200B 400B 600B 800B 1T

5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 68.25% over the past year.
The Earnings Per Share has been growing by 14.07% on average over the past years. This is quite good.
GS shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.59%.
The Revenue has been growing by 18.23% on average over the past years. This is quite good.
EPS 1Y (TTM)68.25%
EPS 3Y-11.93%
EPS 5Y14.07%
EPS Q2Q%21.93%
Revenue 1Y (TTM)9.59%
Revenue growth 3Y24.97%
Revenue growth 5Y18.23%
Sales Q2Q%5.97%

3.2 Future

Based on estimates for the next years, GS will show a small growth in Earnings Per Share. The EPS will grow by 7.88% on average per year.
GS is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.67% yearly.
EPS Next Y14.16%
EPS Next 2Y12.93%
EPS Next 3Y12.02%
EPS Next 5Y7.88%
Revenue Next Year6.56%
Revenue Next 2Y5.44%
Revenue Next 3Y4.45%
Revenue Next 5Y2.67%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
GS Yearly Revenue VS EstimatesGS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20B 40B 60B 80B 100B
GS Yearly EPS VS EstimatesGS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20 40 60 80 100

4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 13.88, GS is valued correctly.
Compared to the rest of the industry, the Price/Earnings ratio of GS is on the same level as its industry peers.
GS's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.91.
A Price/Forward Earnings ratio of 11.57 indicates a reasonable valuation of GS.
GS's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. GS is cheaper than 61.30% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.85, GS is valued a bit cheaper.
Industry RankSector Rank
PE 13.88
Fwd PE 11.57
GS Price Earnings VS Forward Price EarningsGS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of GS indicates a somewhat cheap valuation: GS is cheaper than 77.83% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 16.34
GS Per share dataGS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 100 200 300 400

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
GS's earnings are expected to grow with 12.02% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.98
PEG (5Y)0.99
EPS Next 2Y12.93%
EPS Next 3Y12.02%

5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.95%, GS has a reasonable but not impressive dividend return.
GS's Dividend Yield is slightly below the industry average, which is at 8.11.
GS's Dividend Yield is comparable with the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 1.95%

5.2 History

On average, the dividend of GS grows each year by 19.24%, which is quite nice.
GS has been paying a dividend for at least 10 years, so it has a reliable track record.
GS has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)19.24%
Div Incr Years13
Div Non Decr Years14
GS Yearly Dividends per shareGS Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

5.3 Sustainability

GS pays out 33.25% of its income as dividend. This is a sustainable payout ratio.
The dividend of GS is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP33.25%
EPS Next 2Y12.93%
EPS Next 3Y12.02%
GS Yearly Income VS Free CF VS DividendGS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B
GS Dividend Payout.GS Dividend Payout, showing the Payout Ratio.GS Dividend Payout.PayoutRetained Earnings

GOLDMAN SACHS GROUP INC

NYSE:GS (5/22/2025, 8:09:11 PM)

After market: 600 +1.77 (+0.3%)

598.23

+4.77 (+0.8%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)04-14 2025-04-14/bmo
Earnings (Next)07-16 2025-07-16/amc
Inst Owners73.6%
Inst Owner Change0.85%
Ins Owners0.52%
Ins Owner Change0.95%
Market Cap185.92B
Analysts76
Price Target604.71 (1.08%)
Short Float %1.64%
Short Ratio1.61
Dividend
Industry RankSector Rank
Dividend Yield 1.95%
Yearly Dividend14.19
Dividend Growth(5Y)19.24%
DP33.25%
Div Incr Years13
Div Non Decr Years14
Ex-Date05-30 2025-05-30 (3)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)29.75%
Min EPS beat(2)18.43%
Max EPS beat(2)41.07%
EPS beat(4)4
Avg EPS beat(4)22.78%
Min EPS beat(4)0.29%
Max EPS beat(4)41.07%
EPS beat(8)6
Avg EPS beat(8)19.38%
EPS beat(12)9
Avg EPS beat(12)12.47%
EPS beat(16)12
Avg EPS beat(16)18.77%
Revenue beat(2)2
Avg Revenue beat(2)6.57%
Min Revenue beat(2)4.48%
Max Revenue beat(2)8.67%
Revenue beat(4)3
Avg Revenue beat(4)4.8%
Min Revenue beat(4)-0.77%
Max Revenue beat(4)8.67%
Revenue beat(8)6
Avg Revenue beat(8)14.23%
Revenue beat(12)10
Avg Revenue beat(12)25.84%
Revenue beat(16)14
Avg Revenue beat(16)26.81%
PT rev (1m)-8.17%
PT rev (3m)-6.96%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.4%
EPS NY rev (1m)-0.13%
EPS NY rev (3m)-3.05%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.43%
Revenue NY rev (1m)-0.95%
Revenue NY rev (3m)-3.05%
Valuation
Industry RankSector Rank
PE 13.88
Fwd PE 11.57
P/S 1.47
P/FCF N/A
P/OCF N/A
P/B 1.52
P/tB 1.61
EV/EBITDA 16.34
EPS(TTM)43.09
EY7.2%
EPS(NY)51.71
Fwd EY8.64%
FCF(TTM)-49.24
FCFYN/A
OCF(TTM)-42.51
OCFYN/A
SpS408.16
BVpS392.54
TBVpS370.98
PEG (NY)0.98
PEG (5Y)0.99
Profitability
Industry RankSector Rank
ROA 0.81%
ROE 11.09%
ROCE 3.21%
ROIC 1.08%
ROICexc 1.25%
ROICexgc 1.26%
OM 14.56%
PM (TTM) 10.66%
GM 36.88%
FCFM N/A
ROA(3y)0.68%
ROA(5y)0.85%
ROE(3y)9.01%
ROE(5y)11.11%
ROIC(3y)0.9%
ROIC(5y)1.18%
ROICexc(3y)1.1%
ROICexc(5y)1.47%
ROICexgc(3y)1.11%
ROICexgc(5y)1.48%
ROCE(3y)2.51%
ROCE(5y)3.11%
ROICexcg growth 3Y-19.38%
ROICexcg growth 5Y-1.43%
ROICexc growth 3Y-19.4%
ROICexc growth 5Y-1.39%
OM growth 3Y-29.54%
OM growth 5Y-5.46%
PM growth 3Y-31.06%
PM growth 5Y-5.81%
GM growth 3Y-24.01%
GM growth 5Y-9.99%
F-Score5
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 8.32
Debt/FCF N/A
Debt/EBITDA 48.68
Cap/Depr 87.42%
Cap/Sales 1.65%
Interest Coverage 0.25
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.29
Quick Ratio 0.29
Altman-Z -0.25
F-Score5
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)95.93%
Cap/Depr(5y)170.22%
Cap/Sales(3y)3.08%
Cap/Sales(5y)5.52%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)68.25%
EPS 3Y-11.93%
EPS 5Y14.07%
EPS Q2Q%21.93%
EPS Next Y14.16%
EPS Next 2Y12.93%
EPS Next 3Y12.02%
EPS Next 5Y7.88%
Revenue 1Y (TTM)9.59%
Revenue growth 3Y24.97%
Revenue growth 5Y18.23%
Sales Q2Q%5.97%
Revenue Next Year6.56%
Revenue Next 2Y5.44%
Revenue Next 3Y4.45%
Revenue Next 5Y2.67%
EBIT growth 1Y59.99%
EBIT growth 3Y-11.94%
EBIT growth 5Y11.78%
EBIT Next Year1.64%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-2.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-4.97%
OCF growth 3YN/A
OCF growth 5YN/A