Comprehensive Stock Comparison
Compare Raymond James Financial, Inc. (RJF) vs The Goldman Sachs Group, Inc. (GS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | GS | 17.0% revenue growth vs RJF's 7.9% |
| Value | RJF | Lower P/E (12.6x vs 14.7x), PEG 0.59 vs 1.05 |
| Quality / Margins | RJF | 13.4% net margin vs GS's 11.3% |
| Stability / Safety | RJF | Beta 1.03 vs GS's 1.36, lower leverage |
| Dividends | GS | 1.6% yield, 12-year raise streak, vs RJF's 1.3% |
| Momentum (1Y) | GS | +40.4% vs RJF's +0.3% |
| Efficiency (ROA) | RJF | 2.4% ROA vs GS's 0.9%, ROIC 20.9% vs 1.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, and banking services to individuals, corporations, and institutions. It generates revenue primarily through its Private Client Group — which contributes roughly 60% of earnings via fees and commissions — along with Capital Markets investment banking and trading, Asset Management fees, and banking interest income. The company's key advantage is its integrated advisor-centric model that combines independent and employee advisors with full-service banking and capital markets capabilities under one roof.
Goldman Sachs is a global investment bank and financial services firm that provides investment banking, securities, and investment management services to corporations, governments, and high-net-worth individuals. It generates revenue primarily through investment banking fees (20-25%), trading and market-making in its Global Markets segment (40-45%), and asset management fees from its wealth and investment management divisions (30-35%). The firm's key competitive advantage lies in its elite brand reputation, deep client relationships with the world's largest corporations and governments, and its sophisticated risk management capabilities honed over decades.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
RJF leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). GS leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
GS is the larger business by revenue, generating $126.9B annually — 8.0x RJF's $15.9B. Profitability is closely matched — net margins range from 13.4% (RJF) to 11.3% (GS).
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| RevenueTrailing 12 months | $15.9B | $126.9B |
| EBITDAEarnings before interest/tax | $2.8B | $23.4B |
| Net IncomeAfter-tax profit | $2.1B | $16.7B |
| Free Cash FlowCash after capex | $1.5B | $15.8B |
| Gross MarginGross profit ÷ Revenue | +88.2% | +41.1% |
| Operating MarginEBIT ÷ Revenue | +28.7% | +14.5% |
| Net MarginNet income ÷ Revenue | +13.4% | +11.3% |
| FCF MarginFCF ÷ Revenue | +14.1% | -12.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -2.4% | +45.8% |
Valuation Metrics
At 14.9x trailing earnings, RJF trades at a 30% valuation discount to GS's 21.2x P/E. Adjusting for growth (PEG ratio), RJF offers better value at 0.69x vs GS's 1.51x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| Market CapShares × price | $30.3B | $267.0B |
| Enterprise ValueMkt cap + debt − cash | $23.5B | $701.9B |
| Trailing P/EPrice ÷ TTM EPS | 14.86x | 21.20x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.63x | 14.73x |
| PEG RatioP/E ÷ EPS growth rate | 0.69x | 1.51x |
| EV / EBITDAEnterprise value multiple | 4.94x | 33.76x |
| Price / SalesMarket cap ÷ Revenue | 1.91x | 2.10x |
| Price / BookPrice ÷ Book value/share | 2.53x | 2.35x |
| Price / FCFMarket cap ÷ FCF | 13.50x | — |
Profitability & Efficiency
RJF delivers a 16.8% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $13 for GS. RJF carries lower financial leverage with a 0.36x debt-to-equity ratio, signaling a more conservative balance sheet compared to GS's 5.06x. On the Piotroski fundamental quality scale (0–9), RJF scores 6/9 vs GS's 4/9, reflecting solid financial health.
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| ROE (TTM)Return on equity | +16.8% | +12.6% |
| ROA (TTM)Return on assets | +2.4% | +0.9% |
| ROICReturn on invested capital | +20.9% | +1.9% |
| ROCEReturn on capital employed | +22.0% | +3.6% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 |
| Debt / EquityFinancial leverage | 0.36x | 5.06x |
| Net DebtTotal debt minus cash | -$6.8B | $434.8B |
| Cash & Equiv.Liquid assets | $11.4B | $182.1B |
| Total DebtShort + long-term debt | $4.5B | $616.9B |
| Interest CoverageEBIT ÷ Interest expense | 1.50x | 0.31x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $19,983 for RJF. Over the past 12 months, GS leads with a +40.4% total return vs RJF's +0.3%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs RJF's 13.5% — a key indicator of consistent wealth creation.
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| YTD ReturnYear-to-date | -6.1% | -6.0% |
| 1-Year ReturnPast 12 months | +0.3% | +40.4% |
| 3-Year ReturnCumulative with dividends | +46.3% | +154.7% |
| 5-Year ReturnCumulative with dividends | +99.8% | +176.1% |
| 10-Year ReturnCumulative with dividends | +464.9% | +521.2% |
| CAGR (3Y)Annualised 3-year return | +13.5% | +36.6% |
Risk & Volatility
RJF is the less volatile stock with a 1.03 beta — it tends to amplify market swings less than GS's 1.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.03x | 1.36x |
| 52-Week HighHighest price in past year | $177.66 | $984.70 |
| 52-Week LowLowest price in past year | $117.57 | $439.38 |
| % of 52W HighCurrent price vs 52-week peak | +86.2% | +87.3% |
| RSI (14)Momentum oscillator 0–100 | 46.2 | 52.2 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 2.0M |
Analyst Outlook
Wall Street rates RJF as "Hold" and GS as "Hold". Consensus price targets imply 22.2% upside for RJF (target: $187) vs 8.6% for GS (target: $934). For income investors, GS offers the higher dividend yield at 1.57% vs RJF's 1.32%.
| Metric | RJFRaymond James Fin… | GSThe Goldman Sachs… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $187.00 | $933.67 |
| # AnalystsCovering analysts | 23 | 54 |
| Dividend YieldAnnual dividend ÷ price | +1.3% | +1.6% |
| Dividend StreakConsecutive years of raises | 22 | 12 |
| Dividend / ShareAnnual DPS | $2.01 | $13.48 |
| Buyback YieldShare repurchases ÷ mkt cap | +4.2% | +3.8% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Raymond James Finan… (RJF) | 100 | 288.07 | +188.1% |
| The Goldman Sachs G… (GS) | 100 | 451.77 | +351.8% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs Raymond James Finan… (RJF)'s +100%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Raymond James Finan… (RJF) | $5.5B | $15.9B | +191.4% |
| The Goldman Sachs G… (GS) | $37.9B | $126.9B | +234.8% |
Raymond James Financial, Inc.'s revenue grew from $5.5B (2016) to $15.9B (2025) — a 12.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Raymond James Finan… (RJF) | 9.7% | 13.4% | +38.4% |
| The Goldman Sachs G… (GS) | 19.5% | 11.3% | -42.4% |
Raymond James Financial, Inc.'s net margin went from 10% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Raymond James Finan… (RJF) | 20.6 | 15.6 | -24.3% |
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
Raymond James Financial, Inc. has traded in a 13x–21x P/E range over 9 years; current trailing P/E is ~15x. The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Raymond James Finan… (RJF) | 2.44 | 10.3 | +322.1% |
| The Goldman Sachs G… (GS) | 17 | 40.54 | +138.5% |
Raymond James Financial, Inc.'s EPS grew from $2.44 (2016) to $10.30 (2025) — a 17% CAGR.
Chart 6Free Cash Flow — 5 Years
Raymond James Financial, Inc. generated $2B FCF in 2025 (-66% vs 2021). The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021).
RJF vs GS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is RJF or GS a better buy right now?
Raymond James Financial, Inc. (RJF) offers the better valuation at 14.9x trailing P/E (12.6x forward), making it the more compelling value choice. Analysts rate Raymond James Financial, Inc. (RJF) a "Hold" — based on 23 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — RJF or GS?
On trailing P/E, Raymond James Financial, Inc. (RJF) is the cheapest at 14.9x versus The Goldman Sachs Group, Inc. at 21.2x. On forward P/E, Raymond James Financial, Inc. is actually cheaper at 12.6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Raymond James Financial, Inc. wins at 0.59x versus The Goldman Sachs Group, Inc.'s 1.05x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — RJF or GS?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to +99.8% for Raymond James Financial, Inc. (RJF). A $10,000 investment in GS five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: GS returned +521.2% versus RJF's +464.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — RJF or GS?
By beta (market sensitivity over 5 years), Raymond James Financial, Inc. (RJF) is the lower-risk stock at 1.03β versus The Goldman Sachs Group, Inc.'s 1.36β — meaning GS is approximately 33% more volatile than RJF relative to the S&P 500. On balance sheet safety, Raymond James Financial, Inc. (RJF) carries a lower debt/equity ratio of 36% versus 5% for The Goldman Sachs Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — RJF or GS?
Raymond James Financial, Inc. (RJF) is the more profitable company, earning 13.4% net margin versus 11.3% for The Goldman Sachs Group, Inc. — meaning it keeps 13.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RJF leads at 28.7% versus 14.5% for GS. At the gross margin level — before operating expenses — RJF leads at 88.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is RJF or GS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Raymond James Financial, Inc. (RJF) is the more undervalued stock at a PEG of 0.59x versus The Goldman Sachs Group, Inc.'s 1.05x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Raymond James Financial, Inc. (RJF) trades at 12.6x forward P/E versus 14.7x for The Goldman Sachs Group, Inc. — 2.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for RJF: 22.2% to $187.00.
07Which pays a better dividend — RJF or GS?
All stocks in this comparison pay dividends. The Goldman Sachs Group, Inc. (GS) offers the highest yield at 1.6%, versus 1.3% for Raymond James Financial, Inc. (RJF).
08Is RJF or GS better for a retirement portfolio?
For long-horizon retirement investors, Raymond James Financial, Inc. (RJF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.03), 1.3% yield, +464.9% 10Y return). Both have compounded well over 10 years (RJF: +464.9%, GS: +521.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between RJF and GS?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: RJF is a mid-cap deep-value stock; GS is a large-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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