GS
Goldman Sachs · Financials · Investment Banking & Brokerage
$1,036.28
52w 721.16 – 1,153.99
20y monthly, adjusted
Mkt cap
$301.7B
P/E
17.0
P/FCF
—
FCF yield
-16.2%
ROE
13.7%
Shldr yield
6.0%
div 1.8% + bb 4.2%
Historical multiple lens
At its own median P/OCF of 6.3× across 9 years, GS would trade near $189/share (25th–75th percentile: $117–$413); it trades at 34.7× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+7.2%
Rev 5y
+5.5%
Rev 10y
+5.6%
EPS 5y
+15.7%
EPS 10y
+15.5%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2011–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $20.3B | +39.5% | $6.6B | +78.0% | 20.98 | $6.1B |
| Q1'26 | $17.2B | +14.4% | $5.6B | +18.8% | 17.55 | −$31.9B |
| Q4'25 * | $13.5B | −3.0% | $4.6B | +12.3% | 14.04 | −$16.3B |
| Q3'25 | $15.2B | +19.6% | $4.1B | +37.1% | 12.25 | $2.7B |
| Q2'25 | $14.6B | +14.5% | $3.7B | +22.3% | 10.91 | $5.7B |
| Q1'25 | $15.1B | +6.0% | $4.7B | +14.7% | 14.12 | −$37.2B |
| Q4'24 * | $13.9B | +22.5% | $4.1B | +104.7% | 11.94 | $46.8B |
| Q3'24 | $12.7B | +7.5% | $3.0B | +45.3% | 8.40 | −$38.1B |
| Q2'24 | $12.7B | +16.9% | $3.0B | +150.2% | 8.62 | $6.1B |
| Q1'24 | $14.2B | +16.3% | $4.1B | +27.8% | 11.58 | −$28.0B |
| Q4'23 * | $11.3B | +6.8% | $2.0B | +51.4% | 5.53 | −$28.4B |
| Q3'23 | $11.8B | −1.3% | $2.1B | −32.9% | 5.47 | −$25.5B |
| Q2'23 | $10.9B | −8.2% | $1.2B | −58.5% | 3.08 | $31.9B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +7.2% | +5.5% | +5.6% | — |
| Operating cash flow | −28.5% | +5.0% | −3.8% | — |
| Free cash flow | −31.5% | +5.3% | −8.4% | — |
| EPS (diluted) | +19.5% | +15.7% | +15.5% | — |
| Equity | +2.2% | +5.4% | +3.7% | — |
| LT debt | +8.3% | +7.0% | — | — |
| Diluted shares | −3.9% | −2.5% | −3.6% | — |
| Stock price | +49.8% | +23.0% | +22.3% | +17.8% |
$100, 3 years ago
$336vs $176 in SPY
49.8% vs 20.7%/yr
$100, 5 years ago
$282vs $181 in SPY
23.0% vs 12.6%/yr
$100, 10 years ago
$748vs $412 in SPY
22.3% vs 15.2%/yr
$100, 15 years ago
$1,172vs $813 in SPY
17.8% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$3.97
$208.3B created / $52.5B retained
Last 10 years
$2.83
$234.4B created / $82.8B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
-36.1%
OCF ÷ (equity + debt)
OCF / EV yield
—
MC vs 10× OCF
—
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$50.7B
OCF − capex − SBC
OE yield
-17.4%
Share count 5y
−3.9%
per year; negative = buybacks
Checklist
14 of 20 checks pass · 70%. Checks with structurally missing inputs are excluded.
Growth & Consistency
4/6
- pass
Revenue growth
5.5% · 5y CAGR ≥ 5%
- pass
EPS growth
15.7% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
6 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
5 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
5.0% vs 5.5% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
2/5
- pass
Net margin
29.5% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
13.7% · ≥ 12%
- fail
Cash ROIC
-36.1% · ≥ 12%
- fail
FCF margin
-81.0% · ≥ 5%
- fail
Earnings back their cash
OCF −$45.2B vs NI $17.2B · OCF ≥ net income (latest FY)
Balance Sheet
4/4
- pass
Debt payable from cash flow
no debt · LT debt ≤ 3× FCF
- pass
Cash cushion
— · cash ≥ 50% of LT debt
- pass
Leverage
— · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$125.0B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
2/2
- pass
Share count flat or shrinking
-3.9% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/3
- fail
FCF yield
-16.2% · ≥ 3%
- pass
Earnings multiple
17.0 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
6.0% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 58,283 | — | — | 17,176 | 51.32 | -45,154 | 2,064 | -47,218 | 5,277 | 12,360 | 3,445 | 164,259 | — | 124,972 | 318 |
| 2024 | 53,512 | — | — | 14,276 | 40.54 | -13,212 | 2,091 | -15,303 | 4,497 | 8,000 | 2,663 | 182,092 | — | 121,996 | 334 |
| 2023 | 46,254 | — | — | 8,516 | 22.87 | -12,587 | 2,316 | -14,903 | 4,189 | 5,796 | 2,085 | 241,577 | — | 116,905 | 346 |
| 2022 | 47,365 | — | — | 11,261 | 30.06 | 8,708 | 3,748 | 4,960 | 3,682 | 3,500 | 4,083 | 241,825 | — | 117,189 | 358 |
| 2021 | 59,339 | — | — | 21,635 | 59.45 | 6,298 | 4,667 | 1,631 | 2,725 | 5,200 | 2,348 | 261,036 | — | 109,926 | 356 |
| 2020 | 44,560 | — | — | 9,459 | 24.74 | -18,535 | 6,309 | -24,844 | 2,336 | 1,928 | 1,920 | 155,842 | — | 95,932 | 360 |
| 2019 | 36,546 | — | — | 8,466 | 21.03 | 23,868 | 8,443 | 15,425 | 2,104 | 5,335 | 2,018 | 133,546 | — | 90,265 | 376 |
| 2018 | 36,616 | — | — | 10,459 | 25.27 | 16,564 | 7,982 | 8,582 | 1,810 | 3,294 | 1,831 | 130,547 | 236,027 | 90,185 | 390 |
| 2017 | 32,730 | — | — | 4,286 | 9.01 | -20,489 | 3,184 | -23,673 | 1,769 | 6,772 | 1,769 | 110,051 | 227,579 | 82,243 | 409 |
| 2016 | 30,790 | — | — | 7,398 | 16.29 | 6,494 | 2,865 | 3,629 | 1,706 | 6,078 | 2,111 | 121,711 | 197,491 | 86,893 | 435 |
| 2015 | 33,820 | — | — | 6,083 | 12.14 | 9,481 | 1,833 | 7,648 | 1,681 | 4,135 | 2,272 | 93,439 | 185,942 | 86,728 | 459 |
| 2014 | 34,528 | — | — | 8,477 | 17.07 | -7,932 | 678 | -8,610 | 1,454 | 5,469 | 2,085 | 75,025 | 174,551 | 82,797 | 473 |
| 2013 | 34,206 | — | — | 8,040 | 15.46 | 4,543 | 706 | 3,837 | 1,302 | 6,175 | 2,015 | 78,867 | 168,489 | 78,467 | 500 |
| 2012 | 34,163 | — | — | 7,475 | 14.13 | 12,879 | 961 | 11,918 | 1,086 | 4,640 | 1,319 | 72,669 | 176,270 | 75,716 | 516 |
| 2011 | 28,811 | — | — | 4,442 | 4.51 | 22,501 | 1,184 | 21,317 | 2,771 | 6,048 | 2,849 | 56,008 | 181,724 | 70,379 | 557 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.