The Goldman Sachs Group, Inc. (GS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.1%

$827.37

vs $909.82 price

Levered DCF

-$2,602.94

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.13

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.92×	13.89×	16.74×	11.23×	6.34×	10.54×	10.82×	6.54×
P/B	2.2×	1.54×	1.12×	1.03×	1.22×	0.98×	0.95×	0.71×
P/S	2.2×	1.48×	1.21×	1.76×	2.06×	1.76×	1.59×	1.23×
EV / EBITDA	29.96×	29.95×	30.33×	19.67×	12.42×	24.97×	28.21×	21.63×
Gross margin	47.5%	41.1%	41.7%	65.0%	90.8%	77.5%	65.8%	68.3%
Operating margin	17.5%	14.5%	9.9%	19.6%	41.6%	23.3%	19.6%	23.8%
Net margin	13.7%	11.3%	7.9%	16.4%	33.3%	17.7%	15.7%	20.0%
Current ratio	0.83×	0.93×	0.94×	0.89×	0.97×	0.96×	1×	1.08×
Debt / equity	4.88×	5.06×	4.99×	3.71×	4.44×	4.39×	4.37×	4.05×
Interest coverage	0.33×	0.25×	0.17×	0.63×	4.79×	1.4×	0.61×	0.78×
Dividend yield	1.9%	2.4%	3.2%	3.0%	2.0%	2.5%	2.5%	2.8%
Payout ratio	30.7%	31.5%	49.2%	32.7%	12.6%	24.7%	24.9%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	11.7%	7.3%	9.6%	19.7%	9.9%	9.4%	11.6%
Return on invested capital	1.9%	1.6%	1.0%	1.7%	3.0%	1.6%	1.5%	2.0%
Return on assets	0.9%	0.9%	0.5%	0.8%	1.5%	0.8%	0.9%	1.1%
Free cash flow yield	-17.2%	-8.1%	-11.3%	4.1%	1.2%	-26.4%	18.1%	19.3%
Earnings yield	6.2%	7.6%	6.5%	9.3%	16.1%	10.1%	9.9%	16.2%
Enterprise value	$720.1B	$622.7B	$473B	$313.6B	$360.8B	$359.1B	$346.7B	$298.6B
Net debt / EBITDA	18.53×	20.92×	21.9×	12.09×	7.8×	18.44×	21.26×	16.96×
Cash conversion cycle (days)	-138	-656	-832	-3,194	-14,352	-4,906	-2,916	-3,415