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Goldman Sachs Group
(NYSE:GS)
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Rating:63Neutral
Price Target:
$952.00
â–¼(-10.09% Downside)
Action:Reiterated
Date:10/13/26
GS earns a mid-range score driven primarily by strong, upbeat earnings-call fundamentals and improved profitability, supported by reasonable valuation. Offsetting these positives are the biggest risks: persistently negative recent operating/free cash flow and rising leverage, plus clearly bearish technical signals (price below key moving averages and negative MACD).
Positive Factors
M&A leadership and backlog
Goldman’s leading M&A position, record advisory revenue and substantial backlog support a durable competitive advantage in strategic finance. Deep client relationships and market share can help sustain mandate wins and fee generation as corporate transaction activity develops over the next several quarters.
Negative Factors
Persistent negative cash flow
Persistent negative operating and free cash flow contrasts with strong reported profitability and increases reliance on funding and balance-sheet liquidity. If this pattern continues, it could constrain internally generated capital, reduce flexibility during stress, and make earnings conversion less dependable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
M&A leadership and backlog
Goldman’s leading M&A position, record advisory revenue and substantial backlog support a durable competitive advantage in strategic finance. Deep client relationships and market share can help sustain mandate wins and fee generation as corporate transaction activity develops over the next several quarters.
Read all positive factors
Goldman Sachs Group Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Goldman Sachs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Goldman Sachs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyGoldman Sachs Group (GS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$263.43B
Dividend Yield1.99%
Average Volume (3M)2.34M
Price to Earnings (P/E)12.8
Beta (1Y)1.40
Revenue Growth7.50%
EPS Growth41.36%
CountryUS
Employees47,400
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)65.64
Shares Outstanding291,171,420
10 Day Avg. Volume2,616,655
30 Day Avg. Volume2,341,430
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)2.20
Price to Sales (P/S)2.20
P/FCF Ratio-5.82
Enterprise Value/Market Cap3.60
Enterprise Value/Revenue8.04
Enterprise Value/Gross Profit14.03
Enterprise Value/Ebitda30.19
Forecast
1Y Price Target
$1,070.50Price Target Upside1.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)70.47
Revenue Forecast (FY)$72.66B
Goldman Sachs Group Business Overview & Revenue Model
Company Description
The Goldman Sachs Group, Inc. (GS) operates as a prominent global financial services firm, offering an extensive array of services to corporations, financial institutions, governmental bodies, and individuals worldwide. The company's operations ar...
How the Company Makes Money
Goldman Sachs primarily makes money by earning fees, commissions, spreads, and investment returns across its major business lines:
1) Investment Banking (advisory and underwriting fees)
- Advisory fees: Goldman earns fees for advising clients on ...
Goldman Sachs Group Earnings Call Summary
Earnings Call Date:Oct 13, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 19, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Goldman Sachs reported near-record quarterly revenue, record year-to-date revenue, high returns, exceptional Equities and Asset & Wealth Management performance, robust investment banking activity and strong capital and liquidity. The main challenges were macroeconomic and geopolitical uncertainty, lower FICC intermediation revenue, slower sponsor and IPO activity, elevated credit impairments, higher transaction-based expenses and uncertainty surrounding the pace and financing of AI infrastructure investment. Highlights significantly outweighed the lowlights.Positive Updates
Dividend Growth and Continued Capital Deployment Capacity
The quarterly dividend was $5 per share, up 25% year-over-year from $4 and up from $2 five years ago. Management said the firm would prioritize deploying capital into the client franchise, continue investing in sustainable dividend growth and return excess capital to shareholders while maintaining an appropriate buffer.
Negative Updates
Geopolitical and Interest-Rate Uncertainty
Renewed Middle East geopolitical tensions and continued disruption of energy flows increased oil prices, reignited inflation concerns and drove bond yields higher. The Federal Reserve raised rates in September for the first time in three years, while markets were pricing approximately 75 basis points of additional tightening across the U.S., U.K. and Europe.
Read all updates
Q3-2026 Updates
Positive
Negative
Dividend Growth and Continued Capital Deployment Capacity
The quarterly dividend was $5 per share, up 25% year-over-year from $4 and up from $2 five years ago. Management said the firm would prioritize deploying capital into the client franchise, continue investing in sustainable dividend growth and return excess capital to shareholders while maintaining an appropriate buffer.
Read all positive updates
Company Guidance
Management expects full year fundraising of roughly $150 billion, incentive fees to remain elevated in the fourth quarter, and a full-year effective tax rate of approximately 20%; it also expects to make a meaningful contribution in the fourth quarter, with contributions pulling forward at least 5 years of planned charitable giving. The firm targets a 50 to 100 basis point capital buffer and feels it has adequate capital to deploy in an active quarter in the fourth quarter, while Wealth Management long-term net inflows for 2026 are annualizing at 12%, well ahead of the 5% target. For 2027, management expects a similar capital-deployment approach, prioritizing the franchise, continuing to invest in the sustainable growth of its dividend, now at $5 a share versus $4 a year ago and $2 a share 5 years ago, and returning excess to shareholders while maintaining the right buffer. The year-to-date compensation ratio of 30% is the best estimate for the year, transaction-based expenses are expected to continue to grow with strong levels of client activity, and management would not expect a significant movement in SLR from current levels.Goldman Sachs Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
54
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 117.94B | 125.10B | 126.85B | 108.42B | 68.71B | 64.99B |
| Gross Profit | 67.57B | 59.40B | 52.16B | 45.23B | 44.65B | 58.98B |
| EBITDA | 31.39B | 24.03B | 20.79B | 15.60B | 15.94B | 29.06B |
| Net Income | 20.97B | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B |
Balance Sheet | ||||||
| Total Assets | 2.13T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Cash, Cash Equivalents and Short-Term Investments | 746.29B | 624.53B | 921.83B | 924.95B | 721.95B | 778.72B |
| Total Debt | 741.87B | 609.53B | 616.93B | 583.13B | 434.55B | 487.76B |
| Total Liabilities | 2.00T | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T |
| Stockholders Equity | 122.74B | 124.97B | 122.00B | 116.91B | 117.19B | 109.93B |
Cash Flow | ||||||
| Free Cash Flow | -41.52B | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B |
| Operating Cash Flow | -39.36B | -45.15B | -13.21B | -12.59B | 8.71B | 6.30B |
| Investing Cash Flow | -95.03B | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B |
| Financing Cash Flow | 171.75B | 66.10B | 7.32B | 27.80B | 59.60B | 134.74B |
Goldman Sachs Group Technical Analysis
Neutral
1058.88
Price Trends
964.56
Negative
1007.30
Negative
952.48
Negative
Market Momentum
-21.63
Negative
45.70
Neutral
40.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GS, the sentiment is Neutral. The current price of 1058.88 is above the 20-day moving average (MA) of 897.45, above the 50-day MA of 964.56, and above the 200-day MA of 952.48, indicating a neutral trend. The MACD of -21.63 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 40.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GS.
Goldman Sachs Group Risk Analysis
Goldman Sachs Group disclosed 31 risk factors in its most recent earnings report. Goldman Sachs Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Goldman Sachs Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $157.18B | 15.56 | 21.29% | 1.34% | 12.30% | 37.56% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $26.10B | 0.30 | 395.36% | 3.49% | 2.94% | 4.45% | |
66 Neutral | $9.70B | 13.13 | 39.83% | 1.37% | 45.68% | 59.92% | |
64 Neutral | $283.33B | 14.76 | 18.09% | 2.22% | 15.75% | 29.33% | |
63 Neutral | $263.43B | 12.84 | 17.90% | 1.99% | 7.50% | 41.36% | |
59 Neutral | $10.34B | 11.58 | 8.81% | 3.55% | 26.48% | 29.87% |
* Financial Sector Average
GS
Goldman Sachs Group
891.30
155.00
21.05%
EVR
Evercore Partners
255.39
-58.90
-18.74%
JEF
Jefferies
45.64
-7.65
-14.36%
MS
Morgan Stanley
183.97
28.19
18.10%
NMR
Nomura Holdings
9.04
2.08
29.89%
SCHW
Charles Schwab
91.44
-1.97
-2.10%
Goldman Sachs Group Corporate Events
Business Operations and StrategyFinancial Disclosures
Goldman Sachs posts strong third-quarter 2026 results
Positive
Oct 13, 2026
On October 13, 2026, Goldman Sachs reported strong financial results for the third quarter ended September 30, 2026, with net revenues of $18.68 billion and net earnings of $5.29 billion. Diluted EPS reached $17.01, annualized ROE was 18.7%, and b...
Business Operations and StrategyRegulatory Filings and Compliance
Goldman Sachs Updates Preferred Stock and Incorporation Terms
Neutral
Aug 11, 2026
On August 10, 2026, Goldman Sachs redeemed all outstanding shares of its 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U, and on August 11, 2026, filed a Certificate of Elimination in Delaware to remove the Series U designations fr...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Goldman Sachs Issues New Series AA Preferred Stock
Positive
Jul 27, 2026
On July 23, 2026, Goldman Sachs Group Inc. filed a Certificate of Designations in Delaware for its 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA, with a liquidation preference of $25,000 per share. The filing supports an offeri...
Business Operations and StrategyPrivate Placements and Financing
Goldman Sachs Plans New Preferred Stock Offering
Neutral
Jul 20, 2026
On July 20, 2026, Goldman Sachs announced a proposed public offering of depositary shares, each representing a 1/25th interest in a new series of Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA. The bank plans to use part of the net pro...
DividendsFinancial Disclosures
Goldman Sachs posts strong Q2 earnings and dividend hike
Positive
Jul 15, 2026
On July 14, 2026, Goldman Sachs reported second-quarter net revenues of $20.34 billion and net earnings of $6.63 billion, with diluted EPS of $20.98, annualized ROE of 23.5% and book value per share rising to $367.67. The firm also announced an in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.