GOLDMAN SACHS GROUP INC
$916.56
+2.96 (+0.32%) · delayed · Nov 13, 2026
Five-year price
52w $754.00 to $1,153.99
- Market cap
- $264.4B
- Enterprise value
- $100.1B
- P/E
- 17.9×
- 24.0× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- −17.9%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 12.4%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income -101% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.5%
- ●Shrinking share countDiluted shares -11.9% over 5y
Value
25
- ○P/E below 15P/E 17.9
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -17.9%
- ○Price below Graham NumberGraham Number $707.32
- ●P/B below 3P/B 2.1
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-164.3B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $58.3B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 127%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 24.0
- ○P/E × P/B ≤ 22.5Product 50.7
Valuation lab
What do you have to believe?
Starting cash flow
Net debt −$164.3B · 288M shares · 5y revenue CAGR 5.5%
Intrinsic value
$1,800.64
Price
$916.56
Margin of safety
49%
What the price implies
The market is paying for −11.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 30,790 | 32,730 | 36,616 | 36,546 | 44,560 | 59,339 | 47,365 | 46,254 | 53,512 | 58,283 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 10,304 | 11,132 | 12,481 | 10,583 | 12,479 | 27,044 | 13,486 | 10,739 | 18,397 | 21,852 |
| Income tax | 2,906 | 6,846 | 2,022 | 2,117 | 3,020 | 5,409 | 2,225 | 2,223 | 4,121 | 4,676 |
| Net income | 7,398 | 4,286 | 10,459 | 8,466 | 9,459 | 21,635 | 11,261 | 8,516 | 14,276 | 17,176 |
| EPS (diluted) | 16.29 | 9.01 | 25.27 | 21.03 | 24.74 | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 |
| Diluted shares | 435 | 409 | 390 | 376 | 360 | 356 | 358 | 346 | 334 | 318 |
Who owns it