The Goldman Sachs Group, Inc.

Financial Performance

5Y price score: 164

10Y return: 457.5%

DATE RANGE:

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743.1

52-week range

1153.9

881.26

Your model inputs

Required return / cost of capital

FCFF terminal growth rate

Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

(15.9) %

Dividend Yield TTM

2 %

Market cap $

$ 256,598

Price / Earnings TTM

12.7

Price / Book TTM

2.1

PEG TTM

0.5

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

18.1 %

129.7 %

457.4 %

Free cash flow per share growth

172.8 %

(115.6) %

(1,429.6) %

Earnings per share growth

38.9 %

107.4 %

322.7 %

Founded: 1,869

Employees: 46,600

Business Summary:The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services. This segment also offers underwriting services, such as equity underwriting for common and preferred stock and convertible and exchangeable securities; and debt underwriting for various types of debt instruments, including investment-grade and high-yield debt, bank and bridge loans, and emerging-and growth-market debt, as well as originates structured securities. Its Global Markets segment is involved in client execution activities for cash and derivative instruments; credit and interest rate products; and provision of equity intermediation and equity financing, clearing, settlement, and custody services, as well as mortgages, currencies, commodities, and equities related products. The company's Asset Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, as well as invests in corporate, real estate, and infrastructure entities. Its Consumer & Wealth Management segment offers wealth advisory and banking services, including financial planning, investment management, deposit taking, and lending; private banking; and unsecured loans, as well as accepts saving and time deposits. The company was founded in 1869 and is headquartered in New York, New York.

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Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q3 (Oct 13, 2026)

1) Strong Financial Performance
- Generated net revenues of $18.7 billion, the second highest in history.
- Earnings per share (EPS) of $17.01, with a return on equity (ROE) of 18.7% and return on tangible equity (ROTE) of 20.5%.
- Excluding a charitable contribution, adjusted EPS would be approximately $18, with ROE and ROTE around 20% and 21.5%, respectively.
- Year-to-date revenues reached record levels, with ROE at 20.7% and ROTE at 22.4%.

2) Segment Performance Highlights
- Global Banking & Markets revenues were $13.5 billion, contributing to a segment ROE of 23.5% year-to-date.
- Investment Banking advisory revenues hit a record $1.7 billion, up 18% YoY, maintaining a #1 position in M&A with $1.5 trillion in announced transactions.
- Equities revenues rose 72% YoY to $6.4 billion, driven by strong intermediation and financing performance.
- Asset & Wealth Management revenues increased 14% YoY to $5.1 billion, with management fees up 22% to a record $3.6 billion.

3) Challenges and Market Headwinds
- Renewed geopolitical tensions and energy flow disruptions have complicated the economic outlook, increasing oil prices and inflation concerns.
- The Federal Reserve raised rates for the first time in three years, with expectations of further tightening.
- Despite these challenges, the U.S. economy remains resilient, with GDP growth at 2.2% and strong corporate earnings.

4) Strategic Initiatives and Growth Plans
- Continued investment in Asia to drive share gains and enhance client engagement.
- Announced acquisitions of NEOS and LCN Capital Partners to strengthen Asset & Wealth Management capabilities.
- Focus on AI infrastructure investment, with significant capital needs projected for the U.S. data center build-out, creating opportunities for financing solutions.
- Commitment to maintaining a disciplined approach to risk management as financing needs grow more complex.

5) Outlook and Guidance
- Full-year fundraising for Asset & Wealth Management expected to reach approximately $150 billion.
- The firm anticipates continued strong demand for M&A and capital formation, despite potential headwinds from interest rate volatility.
- Management remains confident in the firm's ability to create long-term shareholder value through strategic investments and disciplined capital allocation.

Bottom line: Goldman Sachs demonstrated robust financial performance in Q3 2026, with strong revenue growth across segments and strategic initiatives aimed at enhancing its market position. Despite geopolitical and economic challenges, the firm is well-positioned for continued growth, particularly in Asset & Wealth Management and through its investments in AI infrastructure.

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