The Goldman Sachs Group, Inc.GS
NYSE•Financial Services•Capital Markets
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.
Goldman Sachs Group, Inc. (The) (GS) reported trailing twelve months revenue of $60.45B as of March 2026, a 11.2% increase year-over-year. Quarterly revenue reached $17.23B, reflecting continued top-line momentum.
Goldman Sachs Group, Inc. (The) generated $18.07B in TTM net income, with quarterly EBITDA of $6.49B. The operating margin expanded from 37.5% to 37.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (37.7%) and net margin (32.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 31.5% a year ago, signaling stronger bottom-line efficiency.
GS trades at a P/E of 13.6x (below the broader market average) and a P/S of 4.1x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-32.43B, indicating cash consumption over the period. The balance sheet shows $2.06T in total assets with $315.43B in long-term debt against $122.78B in stockholders equity for a debt-to-equity ratio of 2.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~36.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.2% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~20.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~37.7% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio of 2.6 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 7.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation