NYSE · Financial Services

The Goldman Sachs Group, Inc.

GS · Capital Markets

$903.91

▼ -19.8 (-2.14%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The Goldman Sachs Group, Inc. at $903.91.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 29.5%

Fin. Health F

Years to Pay Off Debt 22.5 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.43x

Cash Flow C

Free Cash Flow -$47.2B

CapEx % of Net Income 12.0%

Owner Earnings $21.4B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $268.2B

Enterprise Value -$4.7B

P/E (TTM) 16.50

Dividend Yield 1.68%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 29.5%

Company Info

Sector Financial Services

Industry Capital Markets

Employees 47000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Goldman Sachs Group, Inc. at $903.91.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $903.91, the stock trades at a 38% premium to its Graham Number of $655.64. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	29.5% ▲	26.7%	18.4%	23.8%
Diluted EPS	51.32 ▲	40.54	22.87	30.06

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$1,809.3B	$1,676.0B	$1,641.6B	$1,441.8B	N/A
Total Debt	$386.1B ↑	$342.6B	$333.2B	$324.2B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	22.48	24.00	39.13	28.79	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$47.2B ▼	-$15.3B	-$14.9B	$5.0B	N/A
Owner Earnings	$21.4B	$18.8B	$15.7B	$17.5B	N/A
CapEx % of Net Income	12.0%	14.6%	27.2%	33.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-85,380	-104,162	-645,219	-51,810
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-399,000	-465,000	-3,117,000	-314,000
Total Unusual Items Excluding Goodwill	-399,000	-465,000	-3,117,000	-314,000
Net Income From Continuing Operation Net Minority Interest	17,176,000	14,276,000	8,516,000	11,261,000
Reconciled Depreciation	2,182,000	2,392,000	4,856,000	2,455,000
Net Interest Income	13,559,000	8,056,000	6,351,000	7,678,000
Interest Expense	66,814,000	73,341,000	62,164,000	21,346,000
Interest Income	80,373,000	81,397,000	68,515,000	29,024,000
Normalized Income	17,489,620	14,636,838	10,987,781	11,523,190
Net Income From Continuing And Discontinued Operation	17,176,000	14,276,000	8,516,000	11,261,000
Diluted Average Shares	317,600	333,600	345,800	358,100
Basic Average Shares	312,700	328,100	340,800	352,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	16,300,000	13,525,000	7,907,000	10,764,000
Net Income Common Stockholders	16,300,000	13,525,000	7,907,000	10,764,000
Preferred Stock Dividends	876,000	751,000	609,000	497,000
Net Income	17,176,000	14,276,000	8,516,000	11,261,000
Net Income Including Noncontrolling Interests	17,176,000	14,276,000	8,516,000	11,261,000
Net Income Continuous Operations	17,176,000	14,276,000	8,516,000	11,261,000
Tax Provision	4,676,000	4,121,000	2,223,000	2,225,000
Pretax Income	21,852,000	18,397,000	10,739,000	13,486,000
Special Income Charges	-399,000	-465,000	-3,117,000	-314,000
Other Special Charges	215,000	237,000	529,000	576,000
Impairment Of Capital Assets	184,000	228,000	2,588,000	314,000
Depreciation Amortization Depletion Income Statement	2,182,000	2,392,000	2,386,000	2,455,000
Depreciation And Amortization In Income Statement	2,182,000	2,392,000	2,386,000	2,455,000
Selling General And Administration	19,616,000	17,352,000	16,128,000	15,960,000
Selling And Marketing Expense	710,000	646,000	629,000	812,000
General And Administrative Expense	18,906,000	16,706,000	15,499,000	15,148,000
Salaries And Wages	18,906,000	16,706,000	15,499,000	15,148,000
Total Revenue	58,283,000	53,512,000	46,254,000	47,365,000
Operating Revenue	58,283,000	53,512,000	46,254,000	47,365,000
Occupancy And Equipment	958,000	973,000	1,053,000	1,026,000
Professional Expense And Contract Services Expense	1,770,000	1,652,000	1,623,000	1,887,000
Other Non Interest Expense	12,619,000	10,933,000	10,180,000	9,522,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	635,519	616,846	599,519	582,896
Preferred Shares Number	91,998	91,998	91,998	159,998
Ordinary Shares Number	296,477	310,654	323,376	334,919
Share Issued	931,995	927,500	922,895	917,815
Net Debt	219,721,000	158,401,000	89,439,000	80,220,000
Total Debt	386,150,000	342,555,000	333,248,000	324,199,000
Tangible Book Value	103,028,000	102,043,000	98,609,000	98,103,000
Invested Capital	493,799,000	449,236,000	436,718,000	428,531,000
Net Tangible Assets	118,181,000	115,296,000	109,812,000	108,806,000
Capital Lease Obligations	2,170,000	2,062,000	2,232,000	2,154,000
Common Stock Equity	109,819,000	108,743,000	105,702,000	106,486,000
Preferred Stock Equity	15,153,000	13,253,000	11,203,000	10,703,000
Total Capitalization	421,184,000	371,865,000	364,772,000	371,434,000
Total Equity Gross Minority Interest	124,972,000	121,996,000	116,905,000	117,189,000
Stockholders Equity	124,972,000	121,996,000	116,905,000	117,189,000
Other Equity Interest	5,795,000	5,148,000	5,121,000	5,696,000
Gains Losses Not Affecting Retained Earnings	-2,260,000	-2,702,000	-2,918,000	-3,010,000
Other Equity Adjustments	-2,260,000	-2,702,000	-2,918,000	-3,010,000
Treasury Stock	120,919,000	108,500,000	100,445,000	94,631,000
Retained Earnings	165,288,000	153,412,000	143,688,000	139,372,000
Additional Paid In Capital	61,906,000	61,376,000	60,247,000	59,050,000
Capital Stock	15,162,000	13,262,000	11,212,000	10,712,000
Common Stock	9,000	9,000	9,000	9,000
Preferred Stock	15,153,000	13,253,000	11,203,000	10,703,000
Total Liabilities Net Minority Interest	1,684,348,000	1,553,976,000	1,524,689,000	1,324,610,000
Preferred Securities Outside Stock Equity	446,000	417,000	363,000	649,000
Derivative Product Liabilities	84,405,000	74,980,000	56,754,000	54,735,000
Employee Benefits	10,231,000	8,770,000	7,823,000	7,250,000
Long Term Debt And Capital Lease Obligation	298,382,000	251,931,000	250,099,000	256,399,000
Long Term Capital Lease Obligation	2,170,000	2,062,000	2,232,000	2,154,000
Long Term Debt	296,212,000	249,869,000	247,867,000	254,245,000
Current Debt And Capital Lease Obligation	87,768,000	90,624,000	83,149,000	67,800,000
Current Debt	87,768,000	90,624,000	83,149,000	67,800,000
Other Current Borrowings	87,768,000	90,624,000	81,936,000	66,082,000
Commercial Paper		0	1,213,000	1,718,000	6,730,000
Payables And Accrued Expenses	236,088,000	226,799,000	233,675,000	264,714,000
Current Accrued Expenses		9,427,000	10,438,000	8,733,000	8,146,000
Payables	236,088,000	226,799,000	233,675,000	264,714,000
Total Tax Payable	4,223,000	3,544,000	2,947,000	2,669,000
Income Tax Payable	4,223,000	3,544,000	2,947,000	2,669,000
Accounts Payable	231,865,000	223,255,000	230,728,000	262,045,000
Total Assets	1,809,320,000	1,675,972,000	1,641,594,000	1,441,799,000
Investments And Advances	639,464,000	559,313,000	573,229,000	372,461,000
Held To Maturity Securities	57,857,000	63,264,000	56,835,000	46,343,000
Available For Sale Securities	120,452,000	83,731,000	56,069,000	70,340,000
Trading Securities	445,202,000	374,799,000	426,390,000	241,832,000
Long Term Equity Investment	887,000	1,059,000	762,000	766,000
Goodwill And Other Intangible Assets	6,791,000	6,700,000	7,093,000	8,383,000
Other Intangible Assets	842,000	847,000	1,177,000	2,009,000
Goodwill	5,949,000	5,853,000	5,916,000	6,374,000
Net PPE	9,524,000	9,991,000	13,415,000	19,246,000
Accumulated Depreciation	-15,170,000	-13,640,000	-13,640,000	-12,190,000
Gross PPE	24,694,000	23,631,000	27,055,000	31,436,000
Other Properties	24,694,000	23,631,000	27,055,000	31,436,000
Receivables	205,739,000	151,213,000	148,577,000	147,027,000
Other Receivables	19,897,000	17,496,000	16,082,000	11,579,000
Accounts Receivable	185,842,000	133,717,000	132,495,000	135,448,000
Other Short Term Investments	15,066,000	36,460,000	33,173,000	13,180,000
Cash And Cash Equivalents	164,259,000	182,092,000	241,577,000	241,825,000
Cash Cash Equivalents And Federal Funds Sold	290,266,000	362,154,000	465,382,000	466,942,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-47,218,000	-15,303,000	-14,903,000	4,960,000
Repurchase Of Capital Stock	-12,360,000	-10,200,000	-6,796,000	-3,500,000
Repayment Of Debt	-74,833,000	-76,555,000	-57,636,000	-46,213,000
Issuance Of Debt	94,706,000	72,495,000	50,200,000	86,322,000
Issuance Of Capital Stock	1,895,000	4,239,000	1,496,000	0
Capital Expenditure	-2,064,000	-2,091,000	-2,316,000	-3,748,000
Interest Paid Supplemental Data	65,494,000	72,623,000	60,026,000	19,022,000
Income Tax Paid Supplemental Data	3,990,000	3,673,000	2,389,000	4,555,000
End Cash Position	164,259,000	182,092,000	241,577,000	241,825,000
Beginning Cash Position	182,092,000	241,577,000	241,825,000	261,036,000
Effect Of Exchange Rate Changes	5,448,000	-3,972,000	1,851,000	-11,561,000
Changes In Cash	-23,281,000	-55,513,000	-2,099,000	-7,650,000
Financing Cash Flow	66,100,000	7,323,000	27,800,000	59,602,000
Cash Flow From Continuing Financing Activities	66,100,000	7,323,000	27,800,000	59,602,000
Net Other Financing Charges	75,000	1,306,000	2,279,000	563,000
Cash Dividends Paid	-5,277,000	-4,497,000	-4,189,000	-3,682,000
Net Preferred Stock Issuance	1,895,000	2,039,000	496,000	0
Preferred Stock Payments	0	-2,200,000	-1,000,000	0
Preferred Stock Issuance	1,895,000	4,239,000	1,496,000	0
Net Common Stock Issuance	-12,360,000	-8,000,000	-5,796,000	-3,500,000
Common Stock Payments	-12,360,000	-8,000,000	-5,796,000	-3,500,000
Net Issuance Payments Of Debt	18,984,000	10,581,000	-4,713,000	38,147,000
Net Short Term Debt Issuance	-889,000	14,641,000	2,723,000	-1,962,000
Net Long Term Debt Issuance	19,873,000	-4,060,000	-7,436,000	40,109,000
Long Term Debt Payments	-74,833,000	-76,555,000	-57,636,000	-46,213,000
Long Term Debt Issuance	94,706,000	72,495,000	50,200,000	86,322,000
Investing Cash Flow	-44,227,000	-49,624,000	-17,312,000	-75,960,000
Cash Flow From Continuing Investing Activities	-44,227,000	-49,624,000	-17,312,000	-75,960,000
Net Investment Purchase And Sale	-5,153,000	-35,723,000	-13,408,000	-47,575,000
Sale Of Investment	92,947,000	56,373,000	26,848,000	12,961,000
Purchase Of Investment	-98,100,000	-92,096,000	-40,256,000	-60,536,000
Net Business Purchase And Sale	1,536,000	3,622,000	487,000	-2,115,000
Purchase Of Business				-2,115,000	0
Net PPE Purchase And Sale	-1,261,000	-478,000	962,000	-1,042,000
Sale Of PPE	803,000	1,613,000	3,278,000	2,706,000
Purchase Of PPE	-2,064,000	-2,091,000	-2,316,000	-3,748,000
Operating Cash Flow	-45,154,000	-13,212,000	-12,587,000	8,708,000
Cash Flow From Continuing Operating Activities	-45,154,000	-13,212,000	-12,587,000	8,708,000
Change In Working Capital	-68,907,000	-26,451,000	-24,413,000	-9,481,000
Change In Other Working Capital	-55,512,000	-95,570,000	-186,275,000	88,354,000
Other Non Cash Items	1,859,000	-6,640,000	-3,299,000	87,000
Stock Based Compensation	3,445,000	2,663,000	2,085,000	4,083,000
Deferred Tax	204,000	-800,000	-1,360,000	-2,412,000
Deferred Income Tax	204,000	-800,000	-1,360,000	-2,412,000
Depreciation Amortization Depletion	2,182,000	2,392,000	4,856,000	2,455,000
Depreciation And Amortization	2,182,000	2,392,000	4,856,000	2,455,000
Net Income From Continuing Operations	17,176,000	14,276,000	8,516,000	11,261,000

These metrics estimate what The Goldman Sachs Group, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$655.64

Margin of Safety

Market Cap ÷ Company Value

3.37

P/B Ratio

2.43

Warren's Owner Earnings

$21.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$58.3B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.68%

vs Uninterrupted dividends

✅ Earnings Growth

+70.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

16.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.43x P/B (P/E×P/B: 40.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	12.0%	14.6%	27.2%	33.3%	N/A
Repurchase of Capital Stock	-$12.4B	-$10.2B	-$6.8B	-$3.5B	N/A
Free Cash Flow	-$47.2B ▼	-$15.3B ▼	-$14.9B ▼	$5.0B •	N/A •
Warren's Owner Earnings	$21.4B	$18.8B	$15.7B	$17.5B	N/A

Peers & Industry

No auto-detected peers for Capital Markets. You can manually compare GS against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.54%

Low — management has little skin in the game

Return on Equity (ROE)

15.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

0.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$12.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.7% YoY

Debt is growing — management is leveraging up

Leadership Team

David Solomon

Chairman & CEO

Age 63

Pay: $13,603,719

0.079% of net income

John Waldron

President, COO & Director

Age 55

Pay: $16,957,886

0.099% of net income

Denis Coleman III

Chief Financial Officer

Age 50

Pay: $11,829,259

0.069% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.84%	29,014,431
Blackrock Inc.	7.88%	23,251,559
State Street Corporation	6.63%	19,564,783
JPMORGAN CHASE & CO	2.67%	7,874,962
Morgan Stanley	2.53%	7,462,643
Fisher Asset Management, LLC	2.30%	6,771,556
Geode Capital Management, LLC	2.28%	6,726,721
Bank of America Corporation	2.03%	5,978,034

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.27

Moderate volatility — moves slightly more than market

Short Interest

2.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

6.79x

High leverage — significant financial risk

Current Ratio

1.50x

Adequate liquidity

52-Week Price Range

Low: $547.06 Current: $903.91 High: $984.70

Currently at 82% of 52-week range

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