The Goldman Sachs Group, Inc. (GS) 10-Year Financial Performance & Capital Metrics

GS • • Banking & Credit

Financial ServicesCapital MarketsInvestment Banking & AdvisoryFull-Service Investment Banks

AboutThe Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services. This segment also offers underwriting services, such as equity underwriting for common and preferred stock and convertible and exchangeable securities; and debt underwriting for various types of debt instruments, including investment-grade and high-yield debt, bank and bridge loans, and emerging-and growth-market debt, as well as originates structured securities. Its Global Markets segment is involved in client execution activities for cash and derivative instruments; credit and interest rate products; and provision of equity intermediation and equity financing, clearing, settlement, and custody services, as well as mortgages, currencies, commodities, and equities related products. The company's Asset Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, as well as invests in corporate, real estate, and infrastructure entities. Its Consumer & Wealth Management segment offers wealth advisory and banking services, including financial planning, investment management, deposit taking, and lending; private banking; and unsecured loans, as well as accepts saving and time deposits. The company was founded in 1869 and is headquartered in New York, New York.Show more

Net Interest Income $8.06B +26.8%
Total Revenue $126.85B +17.0%
Net Income $14.28B +67.6%
Return on Equity 11.95% +64.3%
Net Interest Margin 0.48% +24.2%
Efficiency Ratio 26.62% -16.3%
ROA 0.86% +55.8%
Equity / Assets 7.28% +2.2%
Book Value per Share 365.70 +8.2%
Tangible BV/Share 345.61 +8.8%
Debt/Equity 5.06 +1.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 26.6% efficiency ratio
✓12 consecutive years of dividend growth
✓Momentum leader: RS Rating 82 (top 18%)
✓Share count reduced 3.5% through buybacks
✓Diversified revenue: 35.8% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 5.1x
✗Weak NIM of 0.5%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.21%

5Y18.67%

3Y24.97%

TTM-

Profit (Net Income) CAGR

10Y5.35%

5Y11.02%

3Y-12.94%

TTM36.94%

EPS CAGR

10Y8.51%

5Y14.03%

3Y-11.98%

TTM44.57%

ROCE

10Y Avg3.07%

5Y Avg3.55%

3Y Avg2.89%

Latest3.63%

Peer Comparison

Full-Service Investment Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GSThe Goldman Sachs Group, Inc.	281.38B	938.15	23.14	17%	11.25%	12.59%	5.06
MSMorgan Stanley	290.46B	182.76	22.99	16.83%	12.98%	14.57%	3.42
JEFJefferies Financial Group Inc.	12.82B	62.12	20.78	41.3%	7.07%	7.12%	1.99
MS-PQMorgan Stanley		26.27	3.30	16.83%	12.98%	14.61%	3.42
SFBStifel Financial Corporation 5.20% Senior Notes due 2047		20.50	3.28	37.64%	12.29%	11.53%	0.37
NMRNomura Holdings, Inc.	27.08B	9.23	0.08	13.42%	7.56%	10.49%	8.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	3.06B	2.59B	2.93B	3.77B	4.36B	4.75B	6.47B	7.68B	6.35B	8.06B
NII Growth %	-0.24%	-0.16%	0.13%	0.28%	0.16%	0.09%	0.36%	0.19%	-0.17%	0.27%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	8.45B	9.69B	13.11B	19.68B	21.74B	13.69B	12.12B	29.02B	68.52B	81.4B
Interest Expense	5.39B	7.1B	10.18B	15.91B	17.38B	8.94B	5.65B	21.35B	62.16B	73.34B
Loan Loss Provision	0	182M	657M	674M	1.06B	3.1B	357M	2.71B	1.03B	1.35B
Non-Interest Income+	30.72B	28.2B	29.68B	32.69B	32.16B	39.81B	52.87B	39.69B	39.9B	45.46B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	39.17B	37.89B	42.8B	52.37B	53.9B	53.5B	64.99B	68.71B	108.42B	126.85B
Revenue Growth %	-0.02%	-0.03%	0.13%	0.22%	0.03%	-0.01%	0.21%	0.06%	0.58%	0.17%
Non-Interest Expense	25.01B	20.3B	20.83B	23.3B	24.88B	28.98B	31.94B	31.16B	34.49B	33.77B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	8.78B	10.3B	11.13B	12.48B	10.58B	12.48B	27.04B	13.49B	10.74B	18.4B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.29%	0.17%	0.08%	0.12%	-0.15%	0.18%	1.17%	-0.5%	-0.2%	0.71%
Pretax Income+	8.78B	10.3B	11.13B	12.48B	10.58B	12.48B	27.04B	13.49B	10.74B	18.4B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.69B	2.91B	6.85B	2.02B	2.12B	3.02B	5.41B	2.23B	2.22B	4.12B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	6.08B	7.4B	4.29B	10.46B	8.47B	9.46B	21.64B	11.26B	8.52B	14.28B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.28%	0.22%	-0.42%	1.44%	-0.19%	0.12%	1.29%	-0.48%	-0.24%	0.68%
Net Income (Continuing)	6.08B	7.4B	4.29B	10.46B	8.47B	9.46B	21.64B	11.26B	8.52B	14.28B
EPS (Diluted)+	12.14	17.00	9.01	25.27	21.03	24.74	59.45	30.06	22.87	40.54
EPS Growth %	-0.32%	0.4%	-0.47%	1.8%	-0.17%	0.18%	1.4%	-0.49%	-0.24%	0.77%
EPS (Basic)	12.35	17.00	9.12	25.53	21.25	25.01	60.35	30.57	23.05	41.22
Diluted Shares Outstanding	458.6M	435.1M	409.1M	390.2M	375.5M	360.3M	355.8M	358.1M	345.8M	333.6M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	93.44B	121.71B	110.05B	130.55B	133.55B	155.84B	261.04B	241.82B	241.58B	182.09B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	493.89B	463.28B	503.55B	565.58B	615.3B	710.12B	832.47B	841.82B	1.04T	1.14T
Investments Growth %	0.05%	-0.06%	0.09%	0.12%	0.09%	0.15%	0.17%	0.01%	0.23%	0.1%
Long-Term Investments	359.58B	346.35B	382.72B	190.97B	219.5B	277.49B	314.79B	361.69B	353.19B	396.26B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	3.66B	3.67B	3.67B	3.76B	4.2B	4.33B	4.29B	6.37B	5.92B	5.85B
Intangible Assets	491M	429M	373M	324M	641M	630M	418M	2.01B	1.18B	847M
PP&E (Net)	9.96B	12.07B	15.09B	18.32B	24.25B	25.43B	20.39B	19.25B	13.41B	9.99B
Other Assets	177.22B	183.87B	190.04B	134.22B	134.63B	138.29B	175.2B	183.5B	194.37B	189.98B
Total Current Assets	310.49B	313.78B	324.88B	584.21B	609.75B	716.86B	948.91B	868.98B	1.07T	1.07T
Total Non-Current Assets	550.91B	546.39B	591.9B	347.59B	383.22B	446.16B	515.08B	572.82B	568.07B	602.93B
Total Assets+	861.39B	860.16B	916.78B	931.8B	992.97B	1.16T	1.46T	1.44T	1.64T	1.68T
Asset Growth %	0.01%	-0%	0.07%	0.02%	0.07%	0.17%	0.26%	-0.02%	0.14%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%
Accounts Payable	210.36B	188.46B	178.17B	180.24B	174.82B	190.66B	251.93B	262.05B	230.73B	223.25B
Total Debt+	329.53B	322.27B	374.12B	364.81B	394.78B	420.96B	487.76B	434.55B	583.13B	616.93B
Net Debt	236.09B	200.56B	264.06B	234.26B	261.24B	265.12B	226.73B	192.72B	341.56B	434.84B
Long-Term Debt	186.44B	198.07B	227.58B	236.03B	219.03B	226.02B	263.47B	254.25B	247.87B	249.87B
Short-Term Debt	143.09B	124.2B	146.54B	128.78B	173.37B	192.66B	222.01B	178.15B	333.04B	365B
Other Liabilities	128.9B	134.22B	138.19B	65.79B	70.42B	92.94B	112.53B	96.03B	128.37B	143.77B
Total Current Liabilities	459.32B	440.97B	468.76B	539.79B	610.87B	745.86B	975.78B	972.18B	1.15T	1.16T
Total Non-Current Liabilities	315.34B	332.3B	365.77B	301.82B	291.83B	321.24B	378.28B	352.43B	378.47B	395.7B
Total Liabilities	774.67B	773.27B	834.53B	841.61B	902.7B	1.07T	1.35T	1.32T	1.52T	1.55T
Total Equity+	86.73B	86.89B	82.24B	90.19B	90.27B	95.93B	109.93B	117.19B	116.91B	122B
Equity Growth %	0.05%	0%	-0.05%	0.1%	0%	0.06%	0.15%	0.07%	-0%	0.04%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.07%	0.09%	0.05%	0.12%	0.09%	0.1%	0.21%	0.1%	0.07%	0.12%
Book Value per Share	189.11	199.71	201.03	231.13	240.39	266.26	308.95	327.25	338.07	365.70
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	9M	9M	9M	9M	9M	9M	9M	9M	9M	9M
Additional Paid-in Capital	51.34B	52.64B	53.36B	54.01B	54.88B	55.68B	56.4B	59.05B	60.25B	61.38B
Retained Earnings	83.39B	89.04B	91.52B	100.1B	106.47B	112.95B	131.81B	139.37B	143.69B	153.41B
Accumulated OCI	-718M	-1.22B	-1.88B	693M	-1.48B	-1.43B	-2.07B	-3.01B	-2.92B	-2.7B
Treasury Stock	-62.64B	-68.69B	-75.39B	-78.67B	-84.01B	-85.94B	-91.14B	-94.63B	-100.44B	-108.5B
Preferred Stock	11.2B	11.2B	11.85B	11.2B	11.2B	11.2B	10.7B	10.7B	11.2B	13.25B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.96B	5.57B	-17.74B	20.42B	23.87B	-18.54B	6.3B	8.71B	-12.59B	-13.21B
Operating CF Growth %	1.91%	-0.2%	-4.19%	2.15%	0.17%	-1.78%	1.34%	0.38%	-2.45%	-0.05%
Net Income	6.08B	7.4B	4.29B	10.46B	8.47B	9.46B	21.64B	11.26B	8.52B	14.28B
Depreciation & Amortization	991M	998M	1.15B	1.33B	1.7B	1.9B	2.02B	2.46B	4.86B	2.39B
Deferred Taxes	425M	551M	5.46B	-2.65B	-334M	-833M	5M	-2.41B	-1.36B	-800M
Other Non-Cash Items	-2.55B	15.26B	-10.81B	-22.87B	1.04B	-33.79B	7.12B	2.71B	1.03B	1.35B
Working Capital Changes	-256M	-20.74B	-19.59B	32.31B	10.97B	2.81B	-27.03B	-9.39B	-27.71B	-33.09B
Cash from Investing+	-18.57B	9.27B	-29.12B	-22.68B	-24.24B	-34.36B	-30.46B	-75.96B	-17.31B	-49.62B
Purchase of Investments	-1M	-1.17B	-9.85B	-3.79B	-29.77B	-48.67B	-39.91B	-60.54B	-40.26B	-92.1B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-1.81B	14.92B	-2.38B	-162M	-803M	-231M	3.93B	-2.12B	487M	3.62B
Other Investing	-15.95B	-3.12B	-16.58B	-11.15B	-3.03B	-8.2B	-35.52B	-22.52B	-2.08B	-15.43B
Cash from Financing+	29.12B	13.43B	35.2B	22.75B	3.37B	70.38B	134.74B	59.6B	27.8B	7.32B
Dividends Paid	-1.68B	-1.71B	-1.77B	-1.81B	-2.1B	-2.34B	-2.73B	-3.68B	-4.19B	-4.5B
Share Repurchases	-4.13B	-6.08B	-7.62B	-3.29B	-6.43B	-2.28B	-7.88B	-3.5B	-6.8B	-10.2B
Stock Issued	259M	1.3B	1.5B	38M	1.1B	349M	2.17B	0	1.5B	4.24B
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	15B	11.2B	13.96B	21.38B	35.56B	68.77B	104.52B	30.23B	42B	7.2B
Net Change in Cash+	17.5B	28.27B	-11.66B	20.5B	3B	22.3B	105.19B	-19.21B	-248M	-59.48B
Exchange Rate Effect	0	0	0	0	0	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	57.6B	93.44B	121.71B	110.05B	130.55B	133.55B	155.84B	261.04B	241.82B	241.58B
Cash at End	75.11B	121.71B	110.05B	130.55B	133.55B	155.84B	261.04B	241.82B	241.58B	182.09B
Interest Paid	4.82B	7.14B	11.17B	16.72B	18.64B	9.09B	5.52B	19.02B	60.03B	72.62B
Income Taxes Paid	2.65B	1.06B	1.43B	1.27B	1.27B	2.75B	6.2B	4.55B	2.39B	3.67B
Free Cash Flow+	5.13B	2.69B	-20.93B	12.44B	15.43B	-24.84B	1.63B	4.96B	-14.9B	-15.3B
FCF Growth %	1.62%	-0.47%	-8.77%	1.59%	0.24%	-2.61%	1.07%	2.04%	-4%	-0.03%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.18%	8.52%	5.07%	12.13%	9.38%	10.16%	21.02%	9.92%	7.28%	11.95%
Return on Assets (ROA)	0.71%	0.86%	0.48%	1.13%	0.88%	0.88%	1.65%	0.78%	0.55%	0.86%
Net Interest Margin	0.36%	0.3%	0.32%	0.4%	0.44%	0.41%	0.44%	0.53%	0.39%	0.48%
Efficiency Ratio	63.84%	53.58%	48.66%	44.49%	46.15%	54.18%	49.14%	45.36%	31.81%	26.62%
Equity / Assets	10.07%	10.1%	8.97%	9.68%	9.09%	8.25%	7.51%	8.13%	7.12%	7.28%
Book Value / Share	189.11	199.71	201.03	231.13	240.39	266.26	308.95	327.25	338.07	365.7
NII Growth	-24.29%	-15.57%	13.34%	28.48%	15.8%	8.92%	36.18%	18.67%	-17.28%	26.85%
Dividend Payout	27.63%	23.06%	41.27%	17.31%	24.85%	24.7%	12.6%	32.7%	49.19%	31.5%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Global Markets	-	-	-	-	14.78B	21.16B	22.08B	32.49B	30B	34.94B
Global Markets Growth	-	-	-	-	-	43.16%	4.35%	47.15%	-7.67%	16.49%
Investment Management	6.21B	5.79B	6.22B	7.02B	14.17B	13.98B	22.39B	13.38B	13.88B	16.14B
Investment Management Growth	-	-6.74%	7.45%	12.91%	101.77%	-1.33%	60.13%	-40.25%	3.77%	16.30%
Platform Solutions	-	-	-	-	-	-	-	1.5B	2.38B	2.43B
Platform Solutions Growth	-	-	-	-	-	-	-	-	58.32%	2.06%
Investment Banking	7.03B	6.27B	7.37B	7.86B	7.6B	9.42B	14.88B	-	-	-
Investment Banking Growth	-	-10.73%	17.50%	6.66%	-3.35%	24.00%	57.87%	-	-	-
Institutional Client Services	15.15B	14.47B	11.9B	13.48B	-	-	-	-	-	-
Institutional Client Services Growth	-	-4.51%	-17.73%	13.28%	-	-	-	-	-	-
Investing And Lending	5.44B	4.08B	6.58B	8.25B	-	-	-	-	-	-
Investing And Lending Growth	-	-24.94%	61.30%	25.36%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	19.2B	18.14B	19.41B	22.34B	22.15B	27.51B	37.38B	28.67B	29.34B	34.45B
Americas Growth	-	-5.51%	6.95%	15.12%	-0.86%	24.20%	35.88%	-23.30%	2.32%	17.43%
EMEA	8.98B	8.04B	7.85B	9.24B	9.74B	10.87B	14.37B	12.86B	11.74B	12.25B
EMEA Growth	-	-10.48%	-2.34%	17.73%	5.42%	11.52%	32.24%	-10.52%	-8.68%	4.31%
Asia	5.64B	4.42B	4.82B	5.03B	4.65B	6.18B	7.59B	5.84B	5.17B	6.81B
Asia Growth	-	-21.52%	8.86%	4.51%	-7.55%	32.90%	22.70%	-23.09%	-11.33%	31.67%

Frequently Asked Questions

Valuation & Price

The Goldman Sachs Group, Inc. (GS) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

The Goldman Sachs Group, Inc. (GS) grew revenue by 17.0% over the past year. This is strong growth.

Yes, The Goldman Sachs Group, Inc. (GS) is profitable, generating $16.67B in net income for fiscal year 2024 (11.3% net margin).

Dividend & Returns

Yes, The Goldman Sachs Group, Inc. (GS) pays a dividend with a yield of 1.44%. This makes it attractive for income-focused investors.

The Goldman Sachs Group, Inc. (GS) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Industry Metrics

The Goldman Sachs Group, Inc. (GS) has a net interest margin (NIM) of 0.5%. NIM has been under pressure due to interest rate environment.

The Goldman Sachs Group, Inc. (GS) has an efficiency ratio of 26.6%. This is excellent, indicating strong cost control.

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