Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 30.5x · ROE 13.9%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $288.4B | $279.2B | $191.0B | $133.4B | $123.0B | $136.1B | $95.0B | $86.3B | $65.2B | $104.2B | $104.2B |
| Enterprise Value | $733.7B | $724.4B | $625.9B | $475.0B | $315.7B | $362.8B | $360.1B | $347.6B | $299.4B | $368.3B | $304.7B |
| P/E Ratio → | 18.25 | 17.13 | 14.12 | 16.87 | 11.42 | 6.43 | 10.66 | 10.93 | 6.61 | 28.28 | 14.09 |
| P/S Ratio | 4.95 | 4.79 | 3.57 | 2.88 | 2.60 | 2.29 | 2.13 | 2.36 | 1.79 | 3.20 | 3.38 |
| P/B Ratio | 2.38 | 2.23 | 1.57 | 1.14 | 1.05 | 1.24 | 0.99 | 0.96 | 0.72 | 1.27 | 1.20 |
| P/FCF | — | — | — | — | 24.79 | 83.45 | — | 5.60 | 5.24 | — | 38.67 |
| P/OCF | — | — | — | — | 14.12 | 21.61 | — | 3.62 | 3.19 | — | 18.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.43 | 11.70 | 10.27 | 6.66 | 6.11 | 8.08 | 9.52 | 8.21 | 11.29 | 9.90 |
| EV / EBITDA | 30.53 | 30.14 | 30.11 | 30.46 | 19.80 | 12.49 | 25.04 | 28.29 | 21.68 | 29.98 | 26.96 |
| EV / EBIT | 33.57 | 33.15 | 34.02 | 44.23 | 23.41 | 13.42 | 28.86 | 32.84 | 23.99 | 33.08 | 29.58 |
| EV / FCF | — | — | — | — | 63.65 | 222.46 | — | 22.53 | 24.07 | — | 113.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.5% | 47.5% | 41.1% | 41.7% | 65.0% | 90.8% | 77.5% | 65.8% | 68.3% | 74.7% | 80.8% |
| Operating Margin | 17.5% | 17.5% | 14.5% | 9.9% | 19.6% | 41.6% | 23.3% | 19.6% | 23.8% | 26.0% | 27.2% |
| Net Profit Margin | 13.7% | 13.7% | 11.3% | 7.9% | 16.4% | 33.3% | 17.7% | 15.7% | 20.0% | 10.0% | 19.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 12.0% | 7.3% | 9.9% | 21.0% | 10.2% | 9.4% | 12.1% | 5.1% | 8.5% |
| ROA | 1.0% | 1.0% | 0.9% | 0.6% | 0.8% | 1.6% | 0.9% | 0.9% | 1.1% | 0.5% | 0.9% |
| ROIC | 2.2% | 2.2% | 1.9% | 1.3% | 1.8% | 3.6% | 1.9% | 1.7% | 2.1% | 1.9% | 1.9% |
| ROCE | 4.0% | 4.0% | 3.6% | 2.2% | 2.8% | 6.0% | 3.1% | 2.7% | 3.0% | 2.6% | 2.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.88 | 4.88 | 5.06 | 4.99 | 3.71 | 4.44 | 4.39 | 4.37 | 4.05 | 4.55 | 3.71 |
| Debt / EBITDA | 25.36 | 25.36 | 29.68 | 37.39 | 27.26 | 16.79 | 29.27 | 32.13 | 26.42 | 30.46 | 28.51 |
| Net Debt / Equity | — | 3.56 | 3.56 | 2.92 | 1.64 | 2.06 | 2.76 | 2.89 | 2.60 | 3.21 | 2.31 |
| Net Debt / EBITDA | 18.53 | 18.53 | 20.92 | 21.90 | 12.09 | 7.80 | 18.44 | 21.26 | 16.96 | 21.50 | 17.75 |
| Debt / FCF | — | — | — | — | 38.86 | 139.01 | — | 16.94 | 18.83 | — | 74.45 |
| Interest Coverage | 0.33 | 0.33 | 0.25 | 0.17 | 0.63 | 4.79 | 1.40 | 0.61 | 0.78 | 1.09 | 1.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 0.93 | 0.94 | 0.89 | 0.97 | 0.96 | 1.00 | 1.08 | 0.69 | 0.71 |
| Quick Ratio | 0.83 | 0.83 | 0.93 | 0.94 | 0.89 | 0.97 | 0.96 | 1.00 | 1.08 | 0.69 | 0.71 |
| Cash Ratio | 0.13 | 0.13 | 0.16 | 0.21 | 0.25 | 0.27 | 0.21 | 0.22 | 0.24 | 0.23 | 0.28 |
| Asset Turnover | — | 0.07 | 0.08 | 0.07 | 0.05 | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.9% | 2.4% | 3.1% | 3.0% | 2.0% | 2.5% | 2.4% | 2.8% | 1.7% | 1.6% |
| Payout Ratio | 30.7% | 30.7% | 31.5% | 49.2% | 32.7% | 12.6% | 24.7% | 24.9% | 17.3% | 41.3% | 23.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.8% | 7.1% | 5.9% | 8.8% | 15.5% | 9.4% | 9.1% | 15.1% | 3.5% | 7.1% |
| FCF Yield | — | — | — | — | 4.0% | 1.2% | — | 17.9% | 19.1% | — | 2.6% |
| Buyback Yield | 4.3% | 4.4% | 5.3% | 5.1% | 2.8% | 5.8% | 2.4% | 7.5% | 5.1% | 7.3% | 5.8% |
| Total Shareholder Yield | 6.1% | 6.3% | 7.7% | 8.2% | 5.8% | 7.8% | 4.9% | 9.9% | 7.8% | 9.0% | 7.5% |
| Shares Outstanding | — | $318M | $334M | $346M | $358M | $356M | $360M | $376M | $390M | $409M | $435M |
Includes 30+ ratios · 27 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GS stock.
The Goldman Sachs Group, Inc.'s current P/E ratio is 18.2x. The historical average is 13.1x. This places it at the 89th percentile of its historical range.
The Goldman Sachs Group, Inc.'s current EV/EBITDA is 30.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.7x.
The Goldman Sachs Group, Inc.'s return on equity (ROE) is 13.9%. The historical average is 13.9%.
Based on historical data, The Goldman Sachs Group, Inc. is trading at a P/E of 18.2x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Goldman Sachs Group, Inc.'s current dividend yield is 1.77% with a payout ratio of 30.7%.
The Goldman Sachs Group, Inc. has 47.5% gross margin and 17.5% operating margin. Operating margin between 10-20% is typical for established companies.
The Goldman Sachs Group, Inc.'s Debt/EBITDA ratio is 25.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory Capital Adequacy Constraints
Metrics are mathematically derived from official filings.
Market Pricing Reflects Earnings Uncertainty
According to recent market data, GS trades at a P/E of 19.87, which appears to discount the firm's historical volatility while failing to fully account for the structural risks associated with its ongoing transition away from capital-intensive consumer banking and toward more stable, fee-based institutional revenue streams.
The current forward P/E of 17.10 suggests that investors are pricing in a moderate recovery in earnings, yet this valuation remains sensitive to the firm's ability to maintain margins amidst shifting regulatory capital requirements. When compared to peers like Morgan Stanley, the valuation gap may indicate that the market remains skeptical of the firm's long-term transition to a more annuity-like revenue profile.
Capital Efficiency Under Structural Pressure
Based on reported figures, the firm's ROIC has languished at 0.6% as of 2026Q1, a significant decline from historical norms that suggests the institution is struggling to generate adequate returns on its massive capital base while navigating a complex and increasingly restrictive global regulatory environment.
The persistent compression in ROE and ROIC over the trailing ten quarters implies that the firm's capital-intensive business model is facing diminishing returns on invested capital. This trend warrants further investigation into whether the firm's current asset allocation strategy is effectively capturing value or if it is merely absorbing capital to meet higher Tier 1 requirements.
Working Capital Volatility Impairs Efficiency
As reported in financial statements, the firm's asset turnover remains stagnant at 0.01, highlighting a structural inability to accelerate balance sheet velocity in a way that would meaningfully improve operational efficiency relative to its institutional peers in the capital markets sector.
The lack of meaningful improvement in asset turnover suggests that the firm's core operations remain heavily tethered to balance-sheet-intensive activities that are difficult to scale without proportional increases in capital. Investors should monitor whether the firm's ongoing technology investments can eventually drive a more efficient utilization of its massive asset base.
Misapplication of Traditional P/B Ratios
Based on an analysis of the firm's financial structure, the Price-to-Book ratio is frequently misapplied to this business model, as it fails to account for the significant portion of the balance sheet comprised of illiquid Level 3 assets and volatile trading inventory that distort book value.
Using P/B as a primary valuation metric obscures the underlying quality of the firm's capital, as it treats all assets as equally liquid and productive. A more appropriate analytical framework would focus on tangible book value adjusted for the risk-weighting of assets, which would provide a clearer picture of the firm's true capacity to absorb losses and generate sustainable returns.