Pricing Log in Create free account
Friday 6 November 2026 Export GS’s income statement to Excel — free account

The Goldman Sachs Group, Inc.

GS Financial Capital Markets

The Goldman Sachs Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $58.3 billion, up 8.92% from fiscal 2024.

Revenue
+23.0%
EPS
+38.8%
Free cash flow
+63.7%
Total debt
+27.3%

Quarter to September 2026, against a year earlier

884.31 15.36 +1.77%
Market cap
$250.6B
P/E
12.4×
Fwd P/E
12.5×
Dividend yield
2.06%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

The Goldman Sachs Group, Inc. (GS) valuation and DCF model

What the price implies · reverse DCF

At $884.31 the price implies 15.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 16.3% a year over the last ten years, 20.7% over the last five. The price asks for close to its ten-year rate. Return on equity averaged 11.7% over ten years; the price implies 16.1% for good.

Price implies
15.8%
Last 5 years, reported
20.7%
Last 10 years, reported
16.3%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
15.8% a year for ten years
$884.31
today’s price
Its base case
16.3% a year for five years, then 9.8%
$733.20
17.1% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record The Goldman Sachs Group, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 15.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against The Goldman Sachs Group, Inc.’s own cost of capital: risk-free 4.3% + beta 1.27 × equity premium 4.5% = 10.0% cost of equity; weighted, 10.0%.

Use 10.0%
Base case value per share $733.20 ten years discounted, and what follows
Current price $884.31 market price per share
Below today’s price 17.1% downside at the base case’s assumptions

How we got there$269.81 10 years of dividends+$463.39 terminal value=$733.20 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 12.38× 14.31× 13.27× 7% below 14.35× 14% below
P/FCF — 14.97× 14.97× — 9.28× —
P/B 2.34× 1.79× 1.48× 59% above 1.36× 72% above
EV/EBITDA — 2.58× 2.58× — 3.38× —
EV/Sales — 1.06× 1.06× — 3.90× —
P/E P/FCF P/B
8.93×15.09×21.24×27.39×10Y avg 13.27×2017201820192020202120222023202420252026

GS trades at 12.38× P/E, against a 10-year average of 13.27× (range 6.36×–29.02×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $948.21 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.