Goldman Sachs (GS)
Market Price (12/27/2025): $906.88 | Market Cap: $280.8 BilSector: Financials | Industry: Investment Banking & Brokerage
Goldman Sachs (GS)
Market Price (12/27/2025): $906.88Market Cap: $280.8 BilSector: FinancialsIndustry: Investment Banking & Brokerage
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 5.6% | Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 18 Bil, FCF LTM is 16 Bil | Key risksGS key risks include [1] regulatory scrutiny and reputational damage from specific past issues such as the 1MDB affair and inaccurate equity order reporting, Show more. | |
| Low stock price volatilityVol 12M is 31% | ||
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 17% | ||
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Fintech & Digital Payments, and AI in Financial Services. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 5.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 18 Bil, FCF LTM is 16 Bil |
| Low stock price volatilityVol 12M is 31% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 17% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Fintech & Digital Payments, and AI in Financial Services. Show more. |
| Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Key risksGS key risks include [1] regulatory scrutiny and reputational damage from specific past issues such as the 1MDB affair and inaccurate equity order reporting, Show more. |
Why The Stock Moved
Qualitative Assessment
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Between August 31, 2025, and December 27, 2025, Goldman Sachs (GS) experienced a notable increase in its stock price. Several key factors contributed to this movement:
<br><br><b>1. Strong Third Quarter 2025 Earnings Beat.</b> Goldman Sachs reported net revenues of $15.18 billion and net earnings of $4.10 billion for the third quarter ended September 30, 2025. Diluted earnings per common share (EPS) was $12.25, significantly surpassing analysts' estimates of $11.09 per share. This strong performance, reflecting a 20% increase in net revenues compared to the third quarter of 2024, signaled healthy profitability and an improving market environment.
<br><br><b>2. Rebound in Investment Banking Activities.</b> The firm's Global Banking & Markets division saw net revenues of $10.12 billion in Q3 2025, an 18% increase from the prior year. Investment banking fees, in particular, jumped by 42%, driven by a rebound in dealmaking, including mergers and acquisitions and debt underwriting activities. Goldman Sachs played key roles in high-profile IPOs during this period, contributing to the revenue surge.
<br><br><b>3. Growth in Asset & Wealth Management.</b> The Asset & Wealth Management segment also demonstrated robust performance, with net revenues rising by 17% year-over-year in the third quarter of 2025. This increase was primarily attributed to higher Management and other fees, reflecting the impact of higher average assets under supervision, and significantly higher net revenues in Private banking and lending.
<br><br><b>4. Strategic Focus and Operational Efficiency through AI.</b> CEO David Solomon highlighted the strength of Goldman Sachs' client franchise and its focus on executing strategic priorities in an improved market environment. The company also indicated plans to operate more efficiently, supported by new AI technologies, which likely instilled investor confidence in future profitability and streamlined operations.
<br><br><b>5. Overall Market Optimism and M&A Renaissance.</b> Broader market trends, including an "M&A Renaissance" in late 2025, contributed to Goldman Sachs' positive stock performance. The financial sector, in general, experienced a surge, with Goldman Sachs reaching an all-time high of $911.03 during this period, fueled by a resilient GDP growth rate and the Federal Reserve's interest rate cuts.
Show moreStock Movement Drivers
Fundamental Drivers
The 13.6% change in GS stock from 9/26/2025 to 12/26/2025 was primarily driven by a 4.7% change in the company's P/E Multiple.| 9262025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 798.55 | 907.04 | 13.59% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 56213.00 | 58698.00 | 4.42% |
| Net Income Margin (%) | 27.68% | 28.40% | 2.58% |
| P/E Multiple | 16.10 | 16.85 | 4.65% |
| Shares Outstanding (Mil) | 313.70 | 309.60 | 1.31% |
| Cumulative Contribution | 13.57% |
Market Drivers
9/26/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| GS | 13.6% | |
| Market (SPY) | 4.3% | 58.5% |
| Sector (XLF) | 3.3% | 66.8% |
Fundamental Drivers
The 32.7% change in GS stock from 6/27/2025 to 12/26/2025 was primarily driven by a 14.3% change in the company's P/E Multiple.| 6272025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 683.74 | 907.04 | 32.66% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 54361.00 | 58698.00 | 7.98% |
| Net Income Margin (%) | 27.38% | 28.40% | 3.74% |
| P/E Multiple | 14.74 | 16.85 | 14.29% |
| Shares Outstanding (Mil) | 320.80 | 309.60 | 3.49% |
| Cumulative Contribution | 32.50% |
Market Drivers
6/27/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| GS | 32.7% | |
| Market (SPY) | 12.6% | 64.4% |
| Sector (XLF) | 7.4% | 70.6% |
Fundamental Drivers
The 59.2% change in GS stock from 12/26/2024 to 12/26/2025 was primarily driven by a 18.9% change in the company's Net Income Margin (%).| 12262024 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 569.61 | 907.04 | 59.24% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 50961.00 | 58698.00 | 15.18% |
| Net Income Margin (%) | 23.89% | 28.40% | 18.89% |
| P/E Multiple | 15.20 | 16.85 | 10.84% |
| Shares Outstanding (Mil) | 324.80 | 309.60 | 4.68% |
| Cumulative Contribution | 58.89% |
Market Drivers
12/26/2024 to 12/26/2025| Return | Correlation | |
|---|---|---|
| GS | 59.2% | |
| Market (SPY) | 15.8% | 82.8% |
| Sector (XLF) | 14.4% | 85.3% |
Fundamental Drivers
The 186.0% change in GS stock from 12/27/2022 to 12/26/2025 was primarily driven by a 108.8% change in the company's P/E Multiple.| 12272022 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 317.15 | 907.04 | 185.99% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 49411.00 | 58698.00 | 18.80% |
| Net Income Margin (%) | 28.07% | 28.40% | 1.17% |
| P/E Multiple | 8.07 | 16.85 | 108.82% |
| Shares Outstanding (Mil) | 352.80 | 309.60 | 12.24% |
| Cumulative Contribution | 181.71% |
Market Drivers
12/27/2023 to 12/26/2025| Return | Correlation | |
|---|---|---|
| GS | 146.6% | |
| Market (SPY) | 48.0% | 73.0% |
| Sector (XLF) | 51.8% | 83.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GS Return | 17% | 48% | -8% | 16% | 52% | 62% | 357% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| GS Win Rate | 67% | 75% | 42% | 42% | 67% | 75% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| GS Max Drawdown | -41% | 0% | -26% | -14% | -2% | -19% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See GS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | GS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.0% | -25.4% |
| % Gain to Breakeven | 51.5% | 34.1% |
| Time to Breakeven | 676 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -46.0% | -33.9% |
| % Gain to Breakeven | 85.0% | 51.3% |
| Time to Breakeven | 273 days | 148 days |
| 2018 Correction | ||
| % Loss | -42.8% | -19.8% |
| % Gain to Breakeven | 74.9% | 24.7% |
| Time to Breakeven | 744 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -79.0% | -56.8% |
| % Gain to Breakeven | 376.8% | 131.3% |
| Time to Breakeven | 3,008 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Goldman Sachs's stock fell -34.0% during the 2022 Inflation Shock from a high on 11/2/2021. A -34.0% loss requires a 51.5% gain to breakeven.
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```html- Like JPMorgan Chase, but specialized in advising large corporations and governments on complex financial deals, and managing wealth for the ultra-rich.
- The "concierge" investment bank for the world's biggest companies and richest individuals, similar to a very high-end version of what Merrill Lynch used to be for investment services.
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- Financial Advisory Services: Provides strategic advice on mergers, acquisitions, divestitures, corporate defense, and restructurings to corporations, financial institutions, and governments.
- Capital Markets Underwriting: Assists companies and governments in raising capital by underwriting and distributing offerings of equity, debt, and other securities in public and private markets.
- Global Markets Sales and Trading: Facilitates client transactions and provides liquidity in global financial markets across various asset classes, including equities, fixed income, currencies, and commodities.
- Asset Management: Offers investment management and advisory services for institutional and individual clients across a broad range of asset classes and investment strategies.
- Wealth Management: Provides comprehensive financial planning, portfolio management, private banking, and lending services to high-net-worth and ultra-high-net-worth individuals and families.
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Goldman Sachs (GS) primarily serves institutional clients, which include other companies, governments, and financial institutions, rather than primarily individuals for its core investment banking and global markets businesses. Due to client confidentiality and the transactional nature of investment banking services, specific major customer names are generally not publicly disclosed.
However, the major categories of companies and institutions that constitute Goldman Sachs's clientele are:
- Corporations: This category includes large multinational corporations, public and private companies, and emerging growth companies across various industries globally. Goldman Sachs provides services such as mergers and acquisitions advisory, debt and equity underwriting, corporate financing, and strategic advice.
- Financial Institutions: This encompasses a broad range of entities including asset managers, hedge funds, pension funds, mutual funds, sovereign wealth funds, insurance companies, and other banks. These clients utilize Goldman Sachs for trading and execution services (equities, fixed income, currencies, commodities), prime brokerage, securities lending, and various financing solutions.
- Governments and Public Sector Entities: This includes national governments, state and local municipalities, government agencies, and supranational organizations. Goldman Sachs often advises these entities on debt issuance, financial advisory, and risk management.
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David Solomon, Chairman and Chief Executive Officer
David Solomon has served as Chief Executive Officer of Goldman Sachs since October 2018 and Chairman since January 2019. He joined Goldman Sachs in 1999 as a partner and co-head of its High Yield and Leveraged Loan Business within the Investment Banking Division. Prior to joining Goldman Sachs, he held leadership roles at Irving Trust Company, Drexel Burnham, and Bear Stearns. Outside of his work at Goldman Sachs, he founded Payback Records in December 2018, an initiative where all proceeds are directed towards charitable causes related to addiction, hunger relief, and fighting COVID-19.
Denis Coleman, Chief Financial Officer
Denis Coleman is the Chief Financial Officer of Goldman Sachs, a role he officially assumed in January 2022, after serving as Deputy Chief Financial Officer from September 2021 to December 2021. He joined Goldman Sachs in 1996 as an analyst in the Bank Loan Group and has spent essentially his entire professional career with the company. Throughout his tenure, he has held various leadership positions within the firm, including co-head of U.S. Loan Capital Markets, co-head of U.S. Leveraged Finance, and head of EMEA Credit Finance in London.
John E. Waldron, President and Chief Operating Officer
John E. Waldron became President and Chief Operating Officer of Goldman Sachs in October 2018. He joined Goldman Sachs in 2000 and has held several key positions, including co-head of the Investment Banking Division from 2014 to 2018 and Global Head of Investment Banking Services/Client Coverage. Before joining Goldman Sachs, he began his career at Bear Stearns.
Marc Nachmann, Global Head of Asset & Wealth Management
Marc Nachmann is the Global Head of Asset & Wealth Management at Goldman Sachs. He joined the firm in 1994 in the Investment Banking Division. His previous roles include Global Co-Head of the Global Markets Division, Global Co-Head of the Investment Banking Division (IBD), Head of the Global Financing Group in IBD, and Head of Latin America for the firm.
John F.W. Rogers, Executive Vice President
John F.W. Rogers serves as Executive Vice President, the firm's Chief of Staff, and Secretary to the Board of Directors. He oversees Executive Administration and is responsible for the firm's corporate affairs functions. Mr. Rogers joined Goldman Sachs in 1994 and was named managing director in 1997 and partner in 2000. He is also chairman of the Goldman Sachs Foundation.
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The Goldman Sachs Group, Inc. (GS) faces several key risks inherent to its operations as a global investment banking, securities, and investment management firm.
- Market Fluctuations and Economic Conditions: Goldman Sachs' profitability is highly susceptible to changes in financial markets and broader economic conditions. The firm's investment banking, trading, and asset management activities are directly affected by market volatility, interest rate shifts, and asset value declines. For instance, drops in asset values can directly impact Goldman's bottom line, and a significant rise in volatility can lead to illiquidity and other problems. The CEO has also acknowledged ongoing economic uncertainties that could lead to losses if the economy slows sharply.
- Regulatory Scrutiny, Legal Challenges, and Reputational Damage: As a major financial institution, Goldman Sachs operates under strict regulations and has historically faced substantial regulatory scrutiny, legal issues, and fines. Past scandals, such as the 1MDB affair, have led to calls for significant reparations and put the firm under intense examination by regulators, highlighting potential breakdowns in compliance operations. Inaccurate reporting of equity orders, leading to multi-million dollar fines, further underscores the ongoing risk of regulatory penalties and the importance of data accuracy in maintaining market integrity. Such issues can result in significant financial penalties and damage to the firm's reputation, which is crucial for client trust and business.
- High Leverage and Capital Adequacy: Goldman Sachs' financial health is exposed to risks related to its leverage. Recent analysis indicates a high debt-to-equity ratio, signifying a substantial level of leverage. While the firm is committed to robust risk management and has diversified revenue streams, high leverage can amplify the impact of adverse market movements or economic downturns, potentially affecting its financial strength and ability to navigate challenging financial landscapes.
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The ongoing shift in corporate capital raising methods, particularly the increased adoption of direct listings and the growing sophistication of private capital markets, presents an emerging threat to Goldman Sachs' traditional investment banking revenue from initial public offerings (IPOs).
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Goldman Sachs (GS) operates across several major business segments, offering a diverse range of financial products and services. The addressable markets for these main offerings are substantial globally and within key regions.
Investment Banking
Goldman Sachs provides extensive investment banking services, including mergers and acquisitions (M&A) advisory and underwriting of debt and equity securities.
- Overall Investment Banking Market: The global investment banking market was valued at approximately USD 103.23 billion in 2024 and is projected to reach USD 183.28 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.55%. Another estimate places the global market at USD 184.92 billion in 2024, expanding to USD 472.46 billion by 2035 with a CAGR of 8.90%. North America holds a significant share, accounting for 38.9% of the global investment banking market and generating USD 47.26 billion in revenue in 2023.
- M&A Advisory Services: The global mergers and acquisitions advisory market was valued at about USD 27.87 billion in 2024 and is expected to grow to USD 34.8 billion by 2033, with a CAGR of 2.5%. The United States alone accounted for 38% of the global M&A advisory market share in 2023.
- Debt Underwriting Services: The global debt underwriting services market was valued at USD 26.32 billion in 2024 and is projected to reach USD 37.03 billion by 2031, with a CAGR of 5.0%. North America currently dominates this market.
- Equity Underwriting (Equity Capital Markets): Global equity issuance amounted to USD 504.8 billion in 2024. The IPO market globally saw proceeds of USD 75 billion in 2025.
Global Markets
Goldman Sachs' Global Markets segment involves trading in fixed income, equities, currencies, and commodities.
- Global Fixed Income Market: The global fixed income markets outstanding were valued at approximately USD 141.34 trillion in 2024 and are expected to reach USD 166.81 trillion by 2030, with a CAGR of 2.8%. North America is the leading region in the fixed-income market. The fixed-income trading segment generated revenues of around USD 45 billion globally in 2025.
- Global Equities Market: The global stock market capitalization increased to USD 126.7 trillion in 2024. Another source indicates the global stock market has a total value of USD 127 trillion. The U.S. stock market capitalization is expected to reach USD 54.88 trillion in 2025, representing 49.1% of the global equity market capitalization.
Asset Management
The firm offers investment management solutions across various asset classes for institutional and individual clients.
- Global Asset Management Market: The global asset management market was estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 36.4%. Another estimate places the global assets under management (AUM) market at USD 685 billion in 2024, projected to reach USD 9,509 billion by 2033, with a CAGR of 33.95%. North America accounted for 33.0% of the global asset management market in 2023.
Wealth Management
Goldman Sachs provides wealth management services, including private wealth management.
- Global Wealth Management Market: The global wealth management market reached approximately USD 1.8 trillion in 2023 and is projected to grow to USD 2.5 trillion by 2028 (CAGR of 7.03%), further expanding to USD 3.5 trillion in 2033 (CAGR of 6.94%). North America dominated the global wealth management platform market with a 34.58% share in 2023.
Direct Bank (Consumer Banking)
Goldman Sachs also operates Goldman Sachs Bank USA, a direct bank.
- Global Retail Banking Market (Consumer Banking): The global retail banking market was valued at USD 2.05 trillion in 2024 and is projected to reach USD 3.34 trillion by 2032, with a CAGR of 6.3%. The Asia Pacific region held the largest share of the retail banking market, with 33.7% in 2024.
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Goldman Sachs (GS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
-
Growth in Asset & Wealth Management (AWM) Management Fees and Alternatives: Goldman Sachs continues to emphasize its Asset & Wealth Management division as a significant growth area, aiming for durable revenue expansion, particularly through management and other fees. The firm is strategically focusing on raising institutional capital across its alternatives platform and expanding its assets under supervision. Over the next year, Goldman Sachs anticipates raising between $40 billion and $50 billion in Alternatives across various strategies, with a goal to increase private credit assets from approximately $130 billion to $300 billion over the next five years.
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Resurgence in Investment Banking Activity (Advisory, Underwriting, M&A): The company anticipates a strong recovery and acceleration in capital markets and strategic activity. CEO David Solomon has predicted a significant wave of major U.S. mergers and acquisitions (M&A) between 2026 and 2027, driven by increasing CEO confidence and an improving regulatory landscape. Recent performance in Q1 2024 already showed a 32% increase in investment banking fees, fueled by higher activity in debt underwriting, advisory services, and equity underwriting. Goldman Sachs maintains its leading position as an advisor in completed M&A transactions.
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Expansion of Financing Businesses within Global Banking & Markets (GBM): A core strategy for Goldman Sachs is to maximize client wallet share and expand its financing businesses within Global Banking & Markets. The firm has observed consistent strength in financing revenues, with an uptick in both Fixed Income, Currency, and Commodities (FICC) and equities financing in 2023, aligning with its objective to grow client financing. By becoming a more substantial financer of client activities, Goldman Sachs expects to enhance its wallet share and capture additional revenue opportunities within its ecosystem.
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Achieving Profitability and Scale in Platform Solutions: Following initial challenges, Goldman Sachs is now concentrated on scaling and achieving profitability in its Platform Solutions business, with a target of reaching pre-tax breakeven by 2025. This segment, encompassing transaction banking, credit cards, and other fintech offerings, demonstrated a 24% year-over-year increase in net revenues in Q1 2024, primarily due to higher credit card and deposit balances.
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Leveraging Artificial Intelligence (AI) for Productivity and Enhanced Client Service: CEO David Solomon views AI as a significant opportunity and a powerful catalyst for global growth, anticipating considerable productivity gains over the next 36 months. Goldman Sachs plans to boost its investments in AI to improve operational efficiency, enhance client service, and strengthen risk management across the firm. These AI investments are projected to approach $100 billion in the U.S. by 2025. The integration of AI aims to refine existing processes and enable the firm to serve a broader range of clients with advanced tools and capabilities.
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Share Repurchases
- Goldman Sachs repurchased $3.5 billion of stock in 2022, $5.796 billion in 2023, and $8 billion in 2024.
- In February 2023, the board approved a share repurchase program authorizing repurchases of up to $30 billion of common stock with no expiration date.
- In the first quarter of 2025, an additional share repurchase program was approved, authorizing repurchases of up to $40 billion of common stock. As of March 31, 2025, Goldman Sachs had $43.6 billion worth of shares available under authorization.
Share Issuance
- Goldman Sachs's shares outstanding increased by 0.65% in 2022 to 0.358 billion, but subsequently declined by 3.43% in 2023 and 3.53% in 2024 due to repurchases.
- Specific dollar amounts for common share issuance over the last 3-5 years were not explicitly available in the provided information.
- In January 2025, Goldman Sachs announced the introduction of a new series of preferred stock, Series Z.
Inbound Investments
- No information regarding large investments made in Goldman Sachs by third-parties (e.g., strategic partners or private equity firms) was found within the provided timeframe.
Outbound Investments
- In August 2021, Goldman Sachs agreed to acquire NN Investment Partners for €1.7 billion.
- In September 2021, the firm announced the acquisition of GreenSky for approximately $2.24 billion, with the acquisition completed in March 2022.
- Goldman Sachs invested ₹72 crore (₹720,000,000) for 1,500,000 shares in Medi Assist Healthcare in January 2024.
Capital Expenditures
- Goldman Sachs's capital expenditures averaged $3.826 billion annually from fiscal years ending December 2020 to 2024.
- Capital expenditures peaked in December 2020 at $6.309 billion and subsequently decreased each fiscal year, reaching a five-year low of $2.091 billion in December 2024.
- The firm's capital allocation supports its strategic objectives, including investing to operate at scale and enhancing its core businesses, such as Global Banking & Markets and Asset & Wealth Management.
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| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
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Peer Comparisons for Goldman Sachs
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 175.78 |
| Mkt Cap | 282.9 |
| Rev LTM | 58,197 |
| Op Inc LTM | 11,544 |
| FCF LTM | 12,294 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 13,614 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 282.9 |
| P/S | 4.6 |
| P/EBIT | 22.5 |
| P/E | 33.0 |
| P/CFO | 18.4 |
| Total Yield | 5.2% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Global Banking & Markets | 1,381,247 | 1,169,539 | |||
| Asset & Wealth Management | 191,863 | 214,970 | |||
| Platform Solutions | 68,484 | 57,290 | |||
| Asset Management | 91,115 | 95,751 | 92,102 | ||
| Consumer & Wealth Management | 146,338 | 106,429 | 83,797 | ||
| Global Markets | 1,082,378 | 844,606 | 725,060 | ||
| Investment Banking | 144,157 | 116,242 | 92,009 | ||
| Total | 1,641,594 | 1,441,799 | 1,463,988 | 1,163,028 | 992,968 |
Price Behavior
| Market Price | $907.04 | |
| Market Cap ($ Bil) | 280.8 | |
| First Trading Date | 05/04/1999 | |
| Distance from 52W High | -0.4% | |
| 50 Days | 200 Days | |
| DMA Price | $817.40 | $695.13 |
| DMA Trend | up | up |
| Distance from DMA | 11.0% | 30.5% |
| 3M | 1YR | |
| Volatility | 25.1% | 31.1% |
| Downside Capture | 117.40 | 129.63 |
| Upside Capture | 155.15 | 157.29 |
| Correlation (SPY) | 58.9% | 82.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.18 | 1.07 | 1.16 | 1.34 | 1.32 | 1.21 |
| Up Beta | 0.40 | 1.37 | 1.35 | 1.63 | 1.21 | 1.18 |
| Down Beta | 0.67 | 0.62 | 0.70 | 0.87 | 1.37 | 1.19 |
| Up Capture | 178% | 120% | 143% | 180% | 199% | 219% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 35 | 71 | 136 | 404 |
| Down Capture | 127% | 116% | 123% | 123% | 119% | 104% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 20 | 27 | 54 | 112 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of GS With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| GS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 63.5% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.3% |
| Annualized Volatility | 31.0% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 1.60 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 85.3% | 82.9% | 1.5% | 29.9% | 57.1% | 34.0% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of GS With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| GS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 33.1% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 27.4% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 1.06 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 82.4% | 67.7% | 3.3% | 20.9% | 49.3% | 27.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of GS With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| GS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 19.8% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 29.6% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.67 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 86.1% | 73.6% | -6.4% | 29.7% | 53.6% | 19.6% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/14/2025 | -2.0% | -3.0% | 3.0% |
| 7/16/2025 | 0.9% | -0.3% | 6.0% |
| 4/14/2025 | 1.9% | 1.4% | 22.1% |
| 1/15/2025 | 6.0% | 10.7% | 13.5% |
| 10/15/2024 | -0.1% | -0.9% | 13.4% |
| 7/15/2024 | 2.6% | 1.1% | 1.2% |
| 4/15/2024 | 2.9% | 3.7% | 16.4% |
| 1/16/2024 | 0.7% | 2.2% | 0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 16 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 2.1% | 3.7% | 7.5% |
| Median Negative | -1.6% | -3.0% | -3.3% |
| Max Positive | 6.0% | 10.7% | 24.8% |
| Max Negative | -7.0% | -9.9% | -5.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10312025 | 10-Q 9/30/2025 |
| 6302025 | 8012025 | 10-Q 6/30/2025 |
| 3312025 | 5022025 | 10-Q 3/31/2025 |
| 12312024 | 2272025 | 10-K 12/31/2024 |
| 9302024 | 11042024 | 10-Q 9/30/2024 |
| 6302024 | 8022024 | 10-Q 6/30/2024 |
| 3312024 | 5032024 | 10-Q 3/31/2024 |
| 12312023 | 2232024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2242023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5022022 | 10-Q 3/31/2022 |
| 12312021 | 2252022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | WALDRON JOHN E. | President and COO | 8292025 | Sell | 748.61 | 1,375 | 1,029,339 | 92,181,590 | Form |
| 1 | SOLOMON DAVID M | Chairman of the Board and CEO | 7252025 | Sell | 712.31 | 6,608 | 4,706,944 | 89,876,427 | Form |
| 2 | ROGERS JOHN F.W. | Executive Vice President | 7252025 | Sell | 717.03 | 4,053 | 2,906,123 | 48,554,403 | Form |
| 3 | COLEMAN DENIS P. | Chief Financial Officer | 7252025 | Sell | 723.83 | 5,455 | 3,948,493 | 16,415,017 | Form |
| 4 | SOLOMON DAVID M | Chairman of the Board and CEO | 5152025 | Sell | 607.17 | 5,000 | 3,035,850 | 80,622,461 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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