Comprehensive Stock Comparison
Compare The Goldman Sachs Group, Inc. (GS) vs JPMorgan Chase & Co. (JPM) 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 JPM's 14.6% |
| Value | GS | PEG 1.05 vs 1.07 |
| Quality / Margins | JPM | 21.6% net margin vs GS's 11.3% |
| Stability / Safety | JPM | Beta 1.00 vs GS's 1.36, lower leverage |
| Dividends | JPM | 1.7% yield, 14-year raise streak, vs GS's 1.6% |
| Momentum (1Y) | GS | +40.4% vs JPM's +15.7% |
| Efficiency (ROA) | JPM | 1.3% ROA vs GS's 0.9%, ROIC 5.4% 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
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.
JPMorgan Chase is a global financial services giant that operates as a universal bank offering consumer banking, investment banking, commercial banking, and asset management services. It generates revenue primarily through net interest income from lending activities (about 50% of total revenue) and non-interest income from investment banking fees, trading, asset management, and card services. The company's key competitive advantage lies in its massive scale, diversified revenue streams, and fortress balance sheet—which together create significant barriers to entry and provide stability through economic cycles.
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
JPM leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). GS leads in 1 (Total Returns).
Financial Metrics (TTM)
JPM is the larger business by revenue, generating $270.8B annually — 2.1x GS's $126.9B. JPM is the more profitable business, keeping 21.6% of every revenue dollar as net income compared to GS's 11.3%.
| Metric | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| RevenueTrailing 12 months | $126.9B | $270.8B |
| EBITDAEarnings before interest/tax | $23.4B | $81.3B |
| Net IncomeAfter-tax profit | $16.7B | $58.0B |
| Free Cash FlowCash after capex | $15.8B | -$119.7B |
| Gross MarginGross profit ÷ Revenue | +41.1% | +58.6% |
| Operating MarginEBIT ÷ Revenue | +14.5% | +27.7% |
| Net MarginNet income ÷ Revenue | +11.3% | +21.6% |
| FCF MarginFCF ÷ Revenue | -12.1% | -15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +45.8% | +16.0% |
Valuation Metrics
At 15.2x trailing earnings, JPM trades at a 28% valuation discount to GS's 21.2x P/E. Adjusting for growth (PEG ratio), JPM offers better value at 1.17x vs GS's 1.51x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| Market CapShares × price | $267.0B | $809.7B |
| Enterprise ValueMkt cap + debt − cash | $701.9B | $1.09T |
| Trailing P/EPrice ÷ TTM EPS | 21.20x | 15.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.73x | 13.93x |
| PEG RatioP/E ÷ EPS growth rate | 1.51x | 1.17x |
| EV / EBITDAEnterprise value multiple | 33.76x | 13.15x |
| Price / SalesMarket cap ÷ Revenue | 2.10x | 2.99x |
| Price / BookPrice ÷ Book value/share | 2.35x | 2.51x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
JPM delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $13 for GS. JPM carries lower financial leverage with a 2.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to GS's 5.06x. On the Piotroski fundamental quality scale (0–9), JPM scores 5/9 vs GS's 4/9, reflecting solid financial health.
| Metric | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| ROE (TTM)Return on equity | +12.6% | +16.1% |
| ROA (TTM)Return on assets | +0.9% | +1.3% |
| ROICReturn on invested capital | +1.9% | +5.4% |
| ROCEReturn on capital employed | +3.6% | +8.2% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 5.06x | 2.18x |
| Net DebtTotal debt minus cash | $434.8B | $281.8B |
| Cash & Equiv.Liquid assets | $182.1B | $469.3B |
| Total DebtShort + long-term debt | $616.9B | $751.1B |
| Interest CoverageEBIT ÷ Interest expense | 0.31x | 0.74x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $21,449 for JPM. Over the past 12 months, GS leads with a +40.4% total return vs JPM's +15.7%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs JPM's 30.0% — a key indicator of consistent wealth creation.
| Metric | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| YTD ReturnYear-to-date | -6.0% | -7.3% |
| 1-Year ReturnPast 12 months | +40.4% | +15.7% |
| 3-Year ReturnCumulative with dividends | +154.7% | +119.7% |
| 5-Year ReturnCumulative with dividends | +176.1% | +114.5% |
| 10-Year ReturnCumulative with dividends | +521.2% | +497.7% |
| CAGR (3Y)Annualised 3-year return | +36.6% | +30.0% |
Risk & Volatility
JPM is the less volatile stock with a 1.00 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 | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.36x | 1.00x |
| 52-Week HighHighest price in past year | $984.70 | $337.25 |
| 52-Week LowLowest price in past year | $439.38 | $202.16 |
| % of 52W HighCurrent price vs 52-week peak | +87.3% | +89.0% |
| RSI (14)Momentum oscillator 0–100 | 52.2 | 48.1 |
| Avg Volume (50D)Average daily shares traded | 2.0M | 9.0M |
Analyst Outlook
Wall Street rates GS as "Hold" and JPM as "Buy". Consensus price targets imply 11.9% upside for JPM (target: $336) vs 8.6% for GS (target: $934). For income investors, JPM offers the higher dividend yield at 1.71% vs GS's 1.57%.
| Metric | GSThe Goldman Sachs… | JPMJPMorgan Chase & … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $933.67 | $336.10 |
| # AnalystsCovering analysts | 54 | 60 |
| Dividend YieldAnnual dividend ÷ price | +1.6% | +1.7% |
| Dividend StreakConsecutive years of raises | 12 | 14 |
| Dividend / ShareAnnual DPS | $13.48 | $5.13 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.8% | +3.5% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| The Goldman Sachs G… (GS) | 100 | 471.35 | +371.4% |
| JPMorgan Chase & Co. (JPM) | 100 | 265.39 | +165.4% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs JPMorgan Chase & Co. (JPM)'s +114%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Goldman Sachs G… (GS) | $39.2B | $126.9B | +223.8% |
| JPMorgan Chase & Co. (JPM) | $101.0B | $270.8B | +168.1% |
The Goldman Sachs Group, Inc.'s revenue grew from $39.2B (2015) to $126.9B (2024) — a 13.9% CAGR. JPMorgan Chase & Co.'s revenue grew from $101.0B (2015) to $270.8B (2024) — a 11.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Goldman Sachs G… (GS) | 15.5% | 11.3% | -27.5% |
| JPMorgan Chase & Co. (JPM) | 24.2% | 21.6% | -10.8% |
The Goldman Sachs Group, Inc.'s net margin went from 16% (2015) to 11% (2024). JPMorgan Chase & Co.'s net margin went from 24% (2015) to 22% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
| JPMorgan Chase & Co. (JPM) | 16.9 | 12.1 | -28.4% |
The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x. JPMorgan Chase & Co. has traded in a 10x–17x P/E range over 8 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Goldman Sachs G… (GS) | 12.14 | 40.54 | +233.9% |
| JPMorgan Chase & Co. (JPM) | 6 | 19.75 | +229.2% |
The Goldman Sachs Group, Inc.'s EPS grew from $12.14 (2015) to $40.54 (2024) — a 14% CAGR. JPMorgan Chase & Co.'s EPS grew from $6.00 (2015) to $19.75 (2024) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021). JPMorgan Chase & Co. generated $-42B FCF in 2024 (-154% vs 2021).
GS vs JPM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is GS or JPM a better buy right now?
JPMorgan Chase & Co. (JPM) offers the better valuation at 15.2x trailing P/E (13.9x forward), making it the more compelling value choice. Analysts rate JPMorgan Chase & Co. (JPM) a "Buy" — based on 60 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 — GS or JPM?
On trailing P/E, JPMorgan Chase & Co. (JPM) is the cheapest at 15.2x versus The Goldman Sachs Group, Inc. at 21.2x. On forward P/E, JPMorgan Chase & Co. is actually cheaper at 13.9x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: The Goldman Sachs Group, Inc. wins at 1.05x versus JPMorgan Chase & Co.'s 1.07x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — GS or JPM?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to +114.5% for JPMorgan Chase & Co. (JPM). 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 JPM's +497.7%. 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 — GS or JPM?
By beta (market sensitivity over 5 years), JPMorgan Chase & Co. (JPM) is the lower-risk stock at 1.00β versus The Goldman Sachs Group, Inc.'s 1.36β — meaning GS is approximately 36% more volatile than JPM relative to the S&P 500. On balance sheet safety, JPMorgan Chase & Co. (JPM) carries a lower debt/equity ratio of 2% versus 5% for The Goldman Sachs Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — GS or JPM?
JPMorgan Chase & Co. (JPM) is the more profitable company, earning 21.6% net margin versus 11.3% for The Goldman Sachs Group, Inc. — meaning it keeps 21.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: JPM leads at 27.7% versus 14.5% for GS. At the gross margin level — before operating expenses — JPM leads at 58.6%, 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 GS or JPM 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, The Goldman Sachs Group, Inc. (GS) is the more undervalued stock at a PEG of 1.05x versus JPMorgan Chase & Co.'s 1.07x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, JPMorgan Chase & Co. (JPM) trades at 13.9x forward P/E versus 14.7x for The Goldman Sachs Group, Inc. — 0.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JPM: 11.9% to $336.10.
07Which pays a better dividend — GS or JPM?
All stocks in this comparison pay dividends. JPMorgan Chase & Co. (JPM) offers the highest yield at 1.7%, versus 1.6% for The Goldman Sachs Group, Inc. (GS).
08Is GS or JPM better for a retirement portfolio?
For long-horizon retirement investors, JPMorgan Chase & Co. (JPM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.00), 1.7% yield, +497.7% 10Y return). Both have compounded well over 10 years (JPM: +497.7%, 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 GS and JPM?
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: GS is a large-cap quality compounder stock; JPM is a large-cap deep-value 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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