26 years of historical data (1999–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Goldman Sachs Group, Inc. trades at 21.2x earnings, 78% above its 5-year average of 11.9x, sitting at the 96th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 54%.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $267.0B | $191.0B | $133.4B | $123.0B | $136.1B | $95.0B | $86.3B | $65.2B | $104.2B | $104.2B | $82.7B |
| Enterprise Value | $701.9B | $625.9B | $475.0B | $315.7B | $362.8B | $360.1B | $347.6B | $299.4B | $368.3B | $304.7B | $318.7B |
| P/E Ratio → | 21.20 | 14.12 | 16.87 | 11.42 | 6.43 | 10.66 | 10.93 | 6.61 | 28.28 | 14.09 | 14.85 |
| P/S Ratio | 2.10 | 1.51 | 1.23 | 1.79 | 2.09 | 1.78 | 1.60 | 1.24 | 2.44 | 2.75 | 2.11 |
| P/B Ratio | 2.35 | 1.57 | 1.14 | 1.05 | 1.24 | 0.99 | 0.96 | 0.72 | 1.27 | 1.20 | 0.95 |
| P/FCF | — | — | — | 24.79 | 83.45 | — | 5.60 | 5.24 | — | 38.67 | 16.12 |
| P/OCF | — | — | — | 14.12 | 21.61 | — | 3.62 | 3.19 | — | 18.70 | 11.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Goldman Sachs Group, Inc.'s enterprise value stands at 33.8x EBITDA, 43% above its 5-year average of 23.6x. The Financial Services sector median is 11.1x, placing the stock at a 204% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.93 | 4.38 | 4.59 | 5.58 | 6.73 | 6.45 | 5.72 | 8.61 | 8.04 | 8.14 |
| EV / EBITDA | 33.76 | 30.11 | 30.46 | 19.80 | 12.49 | 25.04 | 28.29 | 21.68 | 29.98 | 26.96 | 32.63 |
| EV / EBIT | 38.15 | 34.02 | 44.23 | 23.41 | 13.42 | 28.86 | 32.84 | 23.99 | 33.08 | 29.58 | 36.31 |
| EV / FCF | — | — | — | 63.65 | 222.46 | — | 22.53 | 24.07 | — | 113.12 | 62.16 |
Margins and return-on-capital ratios measuring operating efficiency
The Goldman Sachs Group, Inc. earns an operating margin of 14.5%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 19.6% to 14.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.0% is modest. ROIC of 1.9% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 41.7% | 65.0% | 90.8% | 77.5% | 65.8% | 68.3% | 74.7% | 80.8% | 86.2% |
| Operating Margin | 14.5% | 14.5% | 9.9% | 19.6% | 41.6% | 23.3% | 19.6% | 23.8% | 26.0% | 27.2% | 22.4% |
| Net Profit Margin | 11.3% | 11.3% | 7.9% | 16.4% | 33.3% | 17.7% | 15.7% | 20.0% | 10.0% | 19.5% | 15.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 7.3% | 9.9% | 21.0% | 10.2% | 9.4% | 12.1% | 5.1% | 8.5% | 7.2% |
| ROA | 0.9% | 0.9% | 0.6% | 0.8% | 1.6% | 0.9% | 0.9% | 1.1% | 0.5% | 0.9% | 0.7% |
| ROIC | 1.9% | 1.9% | 1.3% | 1.8% | 3.6% | 1.9% | 1.7% | 2.1% | 1.9% | 1.9% | 1.6% |
| ROCE | 3.6% | 3.6% | 2.2% | 2.8% | 6.0% | 3.1% | 2.7% | 3.0% | 2.6% | 2.5% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
The Goldman Sachs Group, Inc. carries a Debt/EBITDA ratio of 29.7x, which is highly leveraged (623% above the sector average of 4.1x). Net debt stands at $434.8B ($616.9B total debt minus $182.1B 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.06 | 5.06 | 4.99 | 3.71 | 4.44 | 4.39 | 4.37 | 4.05 | 4.55 | 3.71 | 3.80 |
| Debt / EBITDA | 29.68 | 29.68 | 37.39 | 27.26 | 16.79 | 29.27 | 32.13 | 26.42 | 30.46 | 28.51 | 33.73 |
| Net Debt / Equity | — | 3.56 | 2.92 | 1.64 | 2.06 | 2.76 | 2.89 | 2.60 | 3.21 | 2.31 | 2.72 |
| Net Debt / EBITDA | 20.92 | 20.92 | 21.90 | 12.09 | 7.80 | 18.44 | 21.26 | 16.96 | 21.50 | 17.75 | 24.17 |
| Debt / FCF | — | — | — | 38.86 | 139.01 | — | 16.94 | 18.83 | — | 74.45 | 46.04 |
| Interest Coverage | 0.25 | 0.25 | 0.17 | 0.63 | 4.79 | 1.40 | 0.61 | 0.78 | 1.09 | 1.45 | 1.63 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.93x is below 1.0, meaning current liabilities exceed current assets — though the company's $182.1B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.93 | 0.93 | 0.94 | 0.89 | 0.97 | 0.96 | 1.00 | 1.08 | 0.69 | 0.71 | 0.68 |
| Quick Ratio | 0.93 | 0.93 | 0.94 | 0.89 | 0.97 | 0.96 | 1.00 | 1.08 | 0.69 | 0.71 | 0.68 |
| Cash Ratio | 0.16 | 0.16 | 0.21 | 0.25 | 0.27 | 0.21 | 0.22 | 0.24 | 0.23 | 0.28 | 0.20 |
| Asset Turnover | — | 0.08 | 0.07 | 0.05 | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Goldman Sachs Group, Inc. returns 5.4% to shareholders annually — split between a 1.6% dividend yield and 3.8% buyback yield. The payout ratio of 31.5% 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.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 2.4% | 3.1% | 3.0% | 2.0% | 2.5% | 2.4% | 2.8% | 1.7% | 1.6% | 2.0% |
| Payout Ratio | 31.5% | 31.5% | 49.2% | 32.7% | 12.6% | 24.7% | 24.9% | 17.3% | 41.3% | 23.1% | 27.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 7.1% | 5.9% | 8.8% | 15.5% | 9.4% | 9.1% | 15.1% | 3.5% | 7.1% | 6.7% |
| FCF Yield | — | — | — | 4.0% | 1.2% | — | 17.9% | 19.1% | — | 2.6% | 6.2% |
| Buyback Yield | 3.8% | 5.3% | 5.1% | 2.8% | 5.8% | 2.4% | 7.5% | 5.1% | 7.3% | 5.8% | 5.0% |
| Total Shareholder Yield | 5.4% | 7.7% | 8.2% | 5.8% | 7.8% | 4.9% | 9.9% | 7.8% | 9.0% | 7.5% | 7.0% |
| Shares Outstanding | — | $334M | $346M | $358M | $356M | $360M | $376M | $390M | $409M | $435M | $459M |
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 | $267B | 21.2 | 33.8 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| MS | $265B | 20.9 | 24.2 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| EVR | $27B | 34.0 | 50.5 | 28.1 | 99.4% | 17.8% | 20.3% | 14.6% | 1.7 |
| NMR | $27B | 12.7 | 56.2 | — | 36.9% | 10.5% | 9.7% | 1.0% | 58.7 |
| JEF | $9B | 15.7 | -3.5 | 27.5 | 59.7% | 6.3% | 6.8% | 2.4% | 2.0 |
| PIPR | $5B | 28.9 | 18.6 | 16.6 | 99.6% | 14.7% | 13.3% | 11.0% | 0.4 |
| LAZ | $5B | 18.9 | 13.3 | 6.8 | 35.1% | 12.5% | 41.9% | 10.2% | 5.2 |
| MC | $4B | 33.3 | 22.9 | 10.6 | 100.0% | 14.5% | 32.3% | 20.3% | 1.2 |
| HLI | $3B | 28.1 | 3.7 | 3.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| PWP | $434M | -15.2 | — | 2.1 | 40.1% | -8.9% | -26.0% | -13.7% | — |
| MDBH | $16M | 1.2 | — | — | -803.2% | -1289.4% | 21.8% | -38.9% | — |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 26 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
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Start ComparisonThe Goldman Sachs Group, Inc.'s current P/E ratio is 21.2x. The historical average is 13.0x. This places it at the 96th percentile of its historical range.
The Goldman Sachs Group, Inc.'s current EV/EBITDA is 33.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.0x.
The Goldman Sachs Group, Inc.'s return on equity (ROE) is 12.0%. The historical average is 13.9%.
Based on historical data, The Goldman Sachs Group, Inc. is trading at a P/E of 21.2x. This is at the 96th 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 1.57% with a payout ratio of 31.5%.
The Goldman Sachs Group, Inc. has 41.1% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
The Goldman Sachs Group, Inc.'s Debt/EBITDA ratio is 29.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.