NYSE · Financial Services

The Goldman Sachs Group, Inc.

GS · Capital Markets

$1,096.56

▼ -2.58 (-0.23%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Net Income Margin 32.7%

Fin. Health

F⤢

Years to Pay Off Debt 77.2 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.97x

Cash Flow

C⤢

Free Cash Flow -$32.4B

CapEx % of Net Income 10.0%

Owner Earnings $6.7B

Cash Flow

Free Cash Flow -$32.4B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 10.0%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $6.7B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $323.5B

Enterprise Value $46.5B

P/E (TTM) 20.03

Dividend Yield 1.41%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 32.7%

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 $1,096.56.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $1,096.56, the stock trades at a 187% premium to its Graham Number of $382.11. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A
Net Income %	32.7%▼	34.3%•	N/A
Diluted EPS	17.55▲	14.01•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$2,060.2B	$1,809.3B	N/A
Total Debt	$434.7B▲	$386.1B•	N/A
Working Capital	N/A•	N/A•	N/A
Years to Pay Debt	77.22	83.64	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$32.4B▼	-$16.8B•	N/A
Owner Earnings	$6.7B	$5.7B	N/A
CapEx % of Net Income	10.0%	11.5%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-5,543	-58,781
Tax Rate For Calcs	0	0
Total Unusual Items	-42,000	-278,000
Total Unusual Items Excluding Goodwill	-42,000	-278,000
Net Income From Continuing Operation Net Minority Interest	5,630,000	4,617,000
Reconciled Depreciation	495,000	527,000
Net Interest Income	3,555,000	3,708,000
Interest Expense	17,082,000	16,671,000
Interest Income	20,637,000	20,379,000
Normalized Income	5,666,457	4,836,219
Net Income From Continuing And Discontinued Operation	5,630,000	4,617,000
Diluted Average Shares	308,000	312,900
Basic Average Shares	303,800	307,300
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	5,403,000	4,384,000
Net Income Common Stockholders	5,403,000	4,384,000
Preferred Stock Dividends	227,000	233,000
Net Income	5,630,000	4,617,000
Net Income Including Noncontrolling Interests	5,630,000	4,617,000
Net Income Continuous Operations	5,630,000	4,617,000
Tax Provision	856,000	1,238,000
Pretax Income	6,486,000	5,855,000
Special Income Charges	-42,000	-278,000
Other Special Charges	42,000	94,000
Impairment Of Capital Assets			28,000
Depreciation Amortization Depletion Income Statement	495,000	527,000
Depreciation And Amortization In Income Statement	495,000	527,000
Selling General And Administration	5,598,000	4,881,000
Selling And Marketing Expense	186,000	216,000
General And Administrative Expense	5,412,000	4,665,000
Salaries And Wages	5,412,000	4,665,000
Total Revenue	17,227,000	13,454,000
Operating Revenue	17,227,000	13,454,000
Occupancy And Equipment	254,000	249,000
Professional Expense And Contract Services Expense	379,000	474,000
Other Non Interest Expense	3,658,000	3,313,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	640,836	635,519
Preferred Shares Number	91,998	91,998
Ordinary Shares Number	294,574	296,477
Share Issued	935,411	931,995
Net Debt	253,110,000	219,721,000
Total Debt	434,737,000	386,150,000
Tangible Book Value	101,557,000	103,028,000
Invested Capital	541,719,000	493,799,000
Net Tangible Assets	115,260,000	118,181,000
Capital Lease Obligations	2,097,000	2,170,000
Common Stock Equity	109,079,000	109,819,000
Preferred Stock Equity	13,703,000	15,153,000
Total Capitalization	449,248,000	421,184,000
Total Equity Gross Minority Interest	122,782,000	124,972,000
Stockholders Equity	122,782,000	124,972,000
Other Equity Interest	5,798,000	5,795,000
Gains Losses Not Affecting Retained Earnings	-1,912,000	-2,260,000
Other Equity Adjustments	-1,912,000	-2,260,000
Treasury Stock	125,918,000	120,919,000
Retained Earnings	169,316,000	165,288,000
Additional Paid In Capital	61,786,000	61,906,000
Capital Stock	13,712,000	15,162,000
Common Stock	9,000	9,000
Preferred Stock	13,703,000	15,153,000
Total Liabilities Net Minority Interest	1,937,398,000	1,684,348,000
Preferred Securities Outside Stock Equity	954,000	446,000
Derivative Product Liabilities	90,200,000	84,405,000
Employee Benefits	5,536,000	10,231,000
Long Term Debt And Capital Lease Obligation	328,563,000	298,382,000
Long Term Capital Lease Obligation	2,097,000	2,170,000
Long Term Debt	326,466,000	296,212,000
Current Debt And Capital Lease Obligation	106,174,000	87,768,000
Current Debt	106,174,000	87,768,000
Other Current Borrowings	106,174,000	87,768,000
Payables And Accrued Expenses	297,126,000	236,088,000
Current Accrued Expenses			9,427,000
Payables	297,126,000	236,088,000
Total Tax Payable	4,087,000	4,223,000
Income Tax Payable	4,087,000	4,223,000
Accounts Payable	293,039,000	231,865,000
Total Assets	2,060,180,000	1,809,320,000
Investments And Advances	750,294,000	639,464,000
Held To Maturity Securities	63,636,000	57,857,000
Available For Sale Securities	158,525,000	120,452,000
Trading Securities	512,660,000	445,202,000
Long Term Equity Investment	983,000	887,000
Goodwill And Other Intangible Assets	7,522,000	6,791,000
Other Intangible Assets	932,000	842,000
Goodwill	6,590,000	5,949,000
Net PPE	9,504,000	9,524,000
Accumulated Depreciation	-15,400,000	-15,170,000
Gross PPE	24,904,000	24,694,000
Other Properties	24,904,000	24,694,000
Receivables	229,165,000	205,739,000
Other Receivables	19,681,000	19,897,000
Accounts Receivable	209,484,000	185,842,000
Other Short Term Investments	14,490,000	15,066,000
Cash And Cash Equivalents	179,530,000	164,259,000
Cash Cash Equivalents And Federal Funds Sold	332,405,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-32,433,000	-16,807,000
Repurchase Of Capital Stock	-6,450,000	-3,000,000
Repayment Of Debt	-20,475,000	-21,993,000
Issuance Of Debt	58,895,000	29,589,000
Issuance Of Capital Stock	0	0
Capital Expenditure	-565,000	-531,000
Interest Paid Supplemental Data	18,027,000	15,678,000
Income Tax Paid Supplemental Data		1,052,000	863,000
End Cash Position	179,530,000	164,259,000
Beginning Cash Position	164,259,000	169,577,000
Effect Of Exchange Rate Changes	-848,000	-764,000
Changes In Cash	16,119,000	-4,554,000
Financing Cash Flow	104,294,000	16,755,000
Cash Flow From Continuing Financing Activities	104,294,000	16,755,000
Net Other Financing Charges	-1,373,000	1,431,000
Cash Dividends Paid	-1,588,000	-1,463,000
Net Preferred Stock Issuance	-1,450,000	0
Preferred Stock Payments	-1,450,000	0
Preferred Stock Issuance	0	0
Net Common Stock Issuance	-5,000,000	-3,000,000
Common Stock Payments	-5,000,000	-3,000,000
Net Issuance Payments Of Debt	52,886,000	8,836,000
Net Short Term Debt Issuance	14,466,000	1,240,000
Net Long Term Debt Issuance	38,420,000	7,596,000
Long Term Debt Payments	-20,475,000	-21,993,000
Long Term Debt Issuance	58,895,000	29,589,000
Investing Cash Flow	-56,307,000	-5,033,000
Cash Flow From Continuing Investing Activities	-56,307,000	-5,033,000
Net Investment Purchase And Sale	-42,439,000	8,538,000
Sale Of Investment	31,782,000	28,399,000
Purchase Of Investment	-74,221,000	-19,861,000
Net Business Purchase And Sale	-359,000	0
Sale Of Business
Purchase Of Business	-359,000
Net PPE Purchase And Sale	-502,000	-232,000
Sale Of PPE	63,000	299,000
Purchase Of PPE	-565,000	-531,000
Operating Cash Flow	-31,868,000	-16,276,000
Cash Flow From Continuing Operating Activities	-31,868,000	-16,276,000
Change In Working Capital	-35,286,000	-21,122,000
Change In Other Working Capital	-19,237,000	-36,177,000
Other Non Cash Items	-5,505,000	1,210,000
Stock Based Compensation	2,530,000	258,000
Deferred Tax	-47,000	357,000
Deferred Income Tax	-47,000	357,000
Depreciation Amortization Depletion	495,000	527,000
Depreciation And Amortization	495,000	527,000
Net Income From Continuing Operations	5,630,000	4,617,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $15.1B ▲ $17.2B +14.4%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Net Margin

Prior year: 31.5% ▲ 32.7% +1.2pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$17.2B/qtr (≈$68.9B ann.)

vs > $1.5B annualised revenue

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$32.4B

vs Positive

Operating Cash Flow

-$31.9B

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

2.6x

Net Assets: $122.8B

Asset Context — Capital Markets

For banks and financial companies, book value is the most meaningful valuation anchor because assets are primarily financial instruments with known market values. Price-to-Book below 1.0x historically signals stress or deep value in this sector.

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

0.52%

Low — management has little skin in the game

Return on Equity (ROE)

5.2%

Weak — poor returns on equity

Return on Assets (ROA)

0.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$12.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.6% YoY

Debt is growing — management is leveraging up

Leadership Team

David Solomon

Chairman & CEO

Age 63

Pay: $13,603,719

0.242% of net income

John Waldron

President, COO & Director

Age 55

Pay: $16,957,886

0.301% of net income

Denis Coleman III

Chief Financial Officer

Age 50

Pay: $11,829,259

0.210% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.13%	23,989,366
State Street Corporation	6.53%	19,255,058
Vanguard Capital Management LLC	6.23%	18,386,634
JPMORGAN CHASE & CO	2.45%	7,215,462
Vanguard Portfolio Management LLC	2.44%	7,208,245
Geode Capital Management, LLC	2.41%	7,114,833
Fisher Asset Management, LLC	2.31%	6,827,310
Morgan Stanley	2.31%	6,816,599

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.29

Moderate volatility — moves slightly more than market

Short Interest

2.6% 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: $630.01 Current: $1,096.56 High: $1,125.00

Currently at 94% of 52-week range