The Goldman Sachs Group, Inc. (GS) Financial Ratios
27 years of historical data (1999–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↑
33.02
↑+34% vs avg
5yr avg: 24.60
30Y Low12.5·High86.5
P/FCF
↓
N/A
—
5yr avg: 54.12
30Y Low2.0·High83.5
P/B Ratio
↑
2.79
↑+93% vs avg
5yr avg: 1.45
30Y Low0.5·High3.7
ROE
↓
13.9%
↓+9% vs avg
5yr avg: 12.8%
30Y Low4%·High30%
Debt/EBITDA
↑
25.36
↓-7% vs avg
5yr avg: 27.29
30Y Low16.8·High47.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
GS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Goldman Sachs Group, Inc. trades at 21.4x earnings, 62% above its 5-year average of 13.2x, sitting at the 96th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 57%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $348.3B | $279.2B | $191.0B | $133.4B | $123.0B | $136.1B | $95.0B | $86.3B | $65.2B | $104.2B | $104.2B |
| Enterprise Value | $793.5B | $724.4B | $625.9B | $475.0B | $315.7B | $362.8B | $360.1B | $347.6B | $299.4B | $368.3B | $304.7B |
| P/E Ratio → | 21.37 | 17.13 | 14.12 | 16.87 | 11.42 | 6.43 | 10.66 | 10.93 | 6.61 | 28.28 | 14.09 |
| P/S Ratio | 2.78 | 2.23 | 1.51 | 1.23 | 1.79 | 2.09 | 1.78 | 1.60 | 1.24 | 2.44 | 2.75 |
| P/B Ratio | 2.79 | 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
GS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Goldman Sachs Group, Inc.'s enterprise value stands at 33.0x EBITDA, 34% above its 5-year average of 24.6x. The Financial Services sector median is 11.4x, placing the stock at a 190% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.79 | 4.93 | 4.38 | 4.59 | 5.58 | 6.73 | 6.45 | 5.72 | 8.61 | 8.04 |
| EV / EBITDA | 33.02 | 30.14 | 30.11 | 30.46 | 19.80 | 12.49 | 25.04 | 28.29 | 21.68 | 29.98 | 26.96 |
| EV / EBIT | 36.31 | 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 |
GS Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Goldman Sachs Group, Inc. earns an operating margin of 17.5%, below the Financial Services sector average of 20.3%. Operating margins have expanded from 9.9% to 17.5% over the past 3 years, signaling improving operational efficiency. ROE of 13.9% is modest. ROIC of 2.2% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
GS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Goldman Sachs Group, Inc. carries a Debt/EBITDA ratio of 25.4x, which is highly leveraged (495% above the sector average of 4.3x). Net debt stands at $445.3B ($609.5B total debt minus $164.3B cash). Interest coverage of just 0.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
GS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.83x is below 1.0, meaning current liabilities exceed current assets — though the company's $164.3B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.94x to 0.83x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
GS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Goldman Sachs Group, Inc. returns 5.1% to shareholders annually — split between a 1.5% dividend yield and 3.5% buyback yield. The payout ratio of 30.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 1.5% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 30.7% | 30.7% | 31.5% | 49.2% | 32.7% | 12.6% | 24.7% | 24.9% | 17.3% | 41.3% | 23.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 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 | 3.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $318M | $334M | $346M | $358M | $356M | $360M | $376M | $390M | $409M | $435M |
Peer Comparison
Compare GS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 GSYou | $348B | 21.4 | 33.0 | — | 47.5% | 17.5% | 13.9% | 2.2% | 25.4 |
 MS | $356B | 21.9 | 27.0 | 7.7 | 57.1% | 19.1% | 15.5% | 3.1% | 17.9 |
 JPM | $909B | 16.2 | 18.5 | 9.0 | 59.9% | 26.0% | 16.1% | 4.5% | 11.6 |
 BAC | $424B | 14.7 | 14.0 | 33.6 | 56.1% | 19.7% | 10.2% | 3.5% | 9.1 |
 C | $267B | 20.5 | 27.4 | 12.0 | 44.6% | 11.8% | 6.7% | 1.7% | 31.0 |
 BX | $97B | 31.9 | 14.9 | 55.6 | 86.0% | 51.9% | 14.6% | 16.1% | 1.8 |
 KKR | $86B | 41.5 | 19.8 | 9.1 | 41.8% | 2.4% | 3.3% | 0.3% | 7.7 |
 LAZ | $4B | 20.4 | 11.6 | 8.2 | 31.8% | 13.0% | 27.0% | 9.5% | 5.7 |
 EVR | $15B | 26.5 | 17.9 | 12.5 | 99.4% | 20.5% | 27.8% | 18.8% | 1.4 |
 PJT | $4B | 23.3 | 9.2 | 7.8 | 32.4% | 21.2% | 18.9% | 20.3% | 1.1 |
 HLI | $10B | 24.2 | 17.1 | 12.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 27 years · Updated daily
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GS — Frequently Asked Questions
Quick answers to the most common questions about buying GS stock.
What is The Goldman Sachs Group, Inc.'s P/E ratio?
The Goldman Sachs Group, Inc.'s current P/E ratio is 21.4x. The historical average is 13.1x. This places it at the 96th percentile of its historical range.
What is The Goldman Sachs Group, Inc.'s EV/EBITDA?
The Goldman Sachs Group, Inc.'s current EV/EBITDA is 33.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.7x.
What is The Goldman Sachs Group, Inc.'s ROE?
The Goldman Sachs Group, Inc.'s return on equity (ROE) is 13.9%. The historical average is 13.9%.
Is GS stock overvalued?
Based on historical data, The Goldman Sachs Group, Inc. is trading at a P/E of 21.4x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is The Goldman Sachs Group, Inc.'s dividend yield?
The Goldman Sachs Group, Inc.'s current dividend yield is 1.52% with a payout ratio of 30.7%.
What are The Goldman Sachs Group, Inc.'s profit margins?
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.
How much debt does The Goldman Sachs Group, Inc. have?
The Goldman Sachs Group, Inc.'s Debt/EBITDA ratio is 25.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.