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Goldman Sachs Group
(NYSE:GS)
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Rating:67Neutral
Price Target:
$1,187.00
â–²(28.19% Upside)
Action:Reiterated
Date:06/25/26
The score is driven primarily by mixed financial fundamentals: strong profitability/ROE improvement is materially weighed down by sustained negative operating/free cash flow, revenue decline, and high leverage sensitivity. Technicals are supportive with a clear uptrend and positive momentum, while valuation is only moderate (P/E ~19.7 and ~1.55% yield). Earnings-call tone and guidance were broadly positive with strong results and ongoing shareholder returns, partially offset by efficiency and capital/RWA pressures.
Positive Factors
Improved profitability and returns
Sustained improvement in margins and ROE reflects stronger franchise economics across businesses. Higher operating profitability increases internal capital generation capacity, supports dividends/repurchases and provides a buffer to invest in strategic initiatives, improving long-term shareholder optionality.
Negative Factors
Sustained negative operating cash flow
Persistent negative OCF/FCF weakens earnings quality and reduces internally available capital to fund growth or cushion shocks. Over months, this raises reliance on external funding or asset sales, constraining strategic flexibility and increasing vulnerability to tighter funding markets or lower market activity.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability and returns
Sustained improvement in margins and ROE reflects stronger franchise economics across businesses. Higher operating profitability increases internal capital generation capacity, supports dividends/repurchases and provides a buffer to invest in strategic initiatives, improving long-term shareholder optionality.
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
$301.20B
Dividend Yield1.55%
Average Volume (3M)2.26M
Price to Earnings (P/E)18.4
Beta (1Y)1.38
Revenue Growth2.63%
EPS Growth26.98%
CountryUS
Employees46,600
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)55.44
Shares Outstanding295,007,420
10 Day Avg. Volume2,587,085
30 Day Avg. Volume2,257,563
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 Cap3.54
Enterprise Value/Revenue9.63
Enterprise Value/Gross Profit17.34
Enterprise Value/Ebitda42.78
Forecast
1Y Price Target
$1,034.75Price Target Upside11.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)59.86
Revenue Forecast (FY)$64.25B
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 and spreads across four main revenue streams: (1) Investment banking: Goldman earns advisory fees for mergers, acquisitions, divestitures, restructurings, and other strategic assignments, and ear...
Goldman Sachs Group Earnings Call Summary
Earnings Call Date:Apr 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 14, 2026
Earnings Call Sentiment Positive
The call emphasized a strong quarter with multiple record and near-record outcomes (net revenue, EPS, GBM revenue, equities revenues, AUM/AUS and sustained long-term inflows). Management highlighted strategic wins (Innovator acquisition), digital engagement growth, and continued capital returns while retaining a regulatory capital buffer. Offsetting items included increased macro volatility, some FICC sub‑segment weakness (rates and mortgages), higher provisions ($315M) tied to loan growth and impairments, elevated non‑compensation (transaction) expenses that pushed the efficiency ratio slightly above target, and a quarterly CET1 decline driven by RWA growth and large buybacks. On balance, the positive operational and franchise metrics materially outweigh the measured headwinds and one‑time/regulatory driven capital deployment choices.Positive Updates
Strong overall financial performance
Net revenues of $17.2B, net earnings of $5.6B and EPS of $17.55 (all the second-highest in Goldman Sachs history), producing ROE of 19.8% and ROTE of 21.3%.
Negative Updates
Heightened macro volatility and geopolitical uncertainty
Quarter-end environment featured rising volatility and weaker sentiment driven by AI-driven disruption concerns, software sector stress, private credit scrutiny and the conflict in the Middle East — which tempered IPO and sponsor activity in March.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong overall financial performance
Net revenues of $17.2B, net earnings of $5.6B and EPS of $17.55 (all the second-highest in Goldman Sachs history), producing ROE of 19.8% and ROTE of 21.3%.
Read all positive updates
Company Guidance
Management's forward-looking guidance emphasized a full‑year effective tax rate of ~20%, a continued push toward a 60% efficiency ratio (Q1 was 60.5%), and a conservative capital posture with CET1 at 12.5% (110 bps above the 11.4% requirement) to allow continued deployment into client franchises (prime brokerage, acquisition financing) while returning $6.4 billion to common shareholders this quarter (record $5.0 billion repurchases and $1.4 billion dividends). They said Platform Solutions revenues (Q1 $411M) should run lower for the rest of the year, alternatives fundraising is on track after $26 billion raised in Q1 (alternatives AUS $429B; private credit raised $10B toward a ~$300B private‑credit target), and they expect to prudently grow financing (FICC + equities financing $3.7B; equities financing $2.6B, +59% YoY) supported by a $253B loan book and Q1 net interest income of $3.7B, while accelerating One GS 3.0 cloud/data/AI investments to improve operating leverage and returns.Goldman Sachs Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 110.77B | 125.10B | 126.85B | 108.42B | 68.71B | 64.99B |
| Gross Profit | 61.53B | 59.40B | 52.16B | 45.23B | 44.65B | 58.98B |
| EBITDA | 24.94B | 24.03B | 20.79B | 15.60B | 15.94B | 29.06B |
| Net Income | 18.07B | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B |
Balance Sheet | ||||||
| Total Assets | 2.06T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Cash, Cash Equivalents and Short-Term Investments | 7.01B | 624.53B | 921.83B | 924.95B | 721.95B | 778.72B |
| Total Debt | 749.47B | 609.53B | 616.93B | 583.13B | 434.55B | 487.76B |
| Total Liabilities | 1.94T | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T |
| Stockholders Equity | 122.78B | 124.97B | 122.00B | 116.91B | 117.19B | 109.93B |
Cash Flow | ||||||
| Free Cash Flow | -41.92B | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B |
| Operating Cash Flow | -39.79B | -45.15B | -13.21B | -12.59B | 8.71B | 6.30B |
| Investing Cash Flow | -77.79B | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B |
| Financing Cash Flow | 127.57B | 66.10B | 7.32B | 27.80B | 59.60B | 134.74B |
Goldman Sachs Group Technical Analysis
Positive
925.95
Price Trends
996.19
Positive
930.83
Positive
882.65
Positive
Market Momentum
7.57
Positive
47.03
Neutral
11.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GS, the sentiment is Positive. The current price of 925.95 is below the 20-day moving average (MA) of 1055.26, below the 50-day MA of 996.19, and above the 200-day MA of 882.65, indicating a neutral trend. The MACD of 7.57 indicates Positive momentum. The RSI at 47.03 is Neutral, neither overbought nor oversold. The STOCH value of 11.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $896.22B | 15.99 | 16.32% | 1.79% | 1.33% | 2.47% | |
74 Outperform | $31.70B | 15.08 | 17.21% | 1.26% | 5.83% | 1.44% | |
73 Outperform | $337.43B | 19.22 | 16.38% | 2.14% | 16.32% | 29.43% | |
72 Outperform | $416.78B | 14.36 | 10.50% | 1.93% | -1.69% | 20.90% | |
72 Outperform | $168.70B | 19.17 | 19.08% | 1.07% | 8.11% | 53.31% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $301.20B | 18.42 | 14.58% | 1.55% | 2.63% | 26.98% |
* Financial Sector Average
GS
Goldman Sachs Group
1,021.00
311.60
43.92%
BAC
Bank of America
58.73
10.84
22.65%
JPM
JPMorgan Chase
334.47
42.72
14.64%
MS
Morgan Stanley
213.93
73.19
52.00%
RJF
Raymond James Financial
162.66
4.82
3.05%
SCHW
Charles Schwab
97.00
6.67
7.38%
Goldman Sachs Group Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Goldman Sachs Increases Dividend After Strong Fed Review
Positive
Jun 24, 2026
On June 24, 2026, the Federal Reserve released its 2026 Comprehensive Capital Analysis and Review results, confirming that Goldman Sachs remains well capitalized to withstand a wide range of economic conditions. In line with unchanged stress capit...
Business Operations and StrategyRegulatory Filings and Compliance
Goldman Sachs Simplifies Capital Structure After Series Redemption
Positive
May 12, 2026
Goldman Sachs Group, a leading global financial services provider, has further streamlined its capital structure by eliminating a class of preferred equity tied to its Restated Certificate of Incorporation. The move reflects ongoing optimization o...
Executive/Board ChangesShareholder Meetings
Goldman Sachs Shareholders Back Board, Reject Governance Changes
Neutral
May 1, 2026
Goldman Sachs Group, a global investment banking and financial services firm, held its annual meeting of shareholders on April 29, 2026, where all 13 nominated directors, including Chief Executive Officer David Solomon and President John Waldron, ...
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.