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Goldman Sachs Group

WBAG:GS
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GS
WBAG
$78B
Market Cap
  1. Home
  2. AT
  3. Diversified Financials
Company description

The Goldman Sachs Group, Inc. operates as an investment banking, securities, and investment management company worldwide. The last earnings update was 3 days ago. More info.


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GS Share Price and Events
7 Day Returns
2%
WBAG:GS
3.5%
Europe Capital Markets
3.4%
AT Market
1 Year Returns
-11.1%
WBAG:GS
-10.2%
Europe Capital Markets
-2%
AT Market
GS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Goldman Sachs Group (GS) 2% 1.8% 3.5% -11.1% - -
Europe Capital Markets 3.5% 5.4% 8.7% -10.2% -0.7% -21.2%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • GS underperformed the Market in Austria which returned -2% over the past year.
Price Volatility
GS
Industry
5yr Volatility vs Market

Value

 Is Goldman Sachs Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Goldman Sachs Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Goldman Sachs Group.

WBAG:GS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 18 analysts.
= Stable Book Value * Return on Equity
= $236.52 * 10.8%
$25.50
Book Value of Equity per Share Weighted future Book Value estimates from 18 analysts. $236.52
Discount Rate (Cost of Equity) See below 12.4%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:GS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.734 (1 + (1- 21%) (478.97%))
2.683
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (2 * 5.96%)
12.43%

Discounted Cash Flow Calculation for WBAG:GS using Excess Returns Model Model

The calculations below outline how an intrinsic value for Goldman Sachs Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

WBAG:GS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.8% – 12.43%) * $236.52)
$-3.90
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-3.90 / (12.43% - 0.51%)
$-32.68
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $236.52 + $-32.68
$203.85
WBAG:GS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:GS represents 0.89039x of NYSE:GS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89039x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 203.85 x 0.89039
€181.50
Value per share (EUR) From above. €181.50
Current discount Discount to share price of €183.34
= -1 x (€183.34 - €181.50) / €181.50
-1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Goldman Sachs Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Goldman Sachs Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Goldman Sachs Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:GS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $24.24
NYSE:GS Share Price ** NYSE (2019-04-18) in USD $205.91
Europe Capital Markets Industry PE Ratio Median Figure of 129 Publicly-Listed Capital Markets Companies 17.4x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Goldman Sachs Group.

WBAG:GS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GS Share Price ÷ EPS (both in USD)

= 205.91 ÷ 24.24

8.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs Group is good value based on earnings compared to the Europe Capital Markets industry average.
  • Goldman Sachs Group is good value based on earnings compared to the Austria market.
Price based on expected Growth
Does Goldman Sachs Group's expected growth come at a high price?
Raw Data
WBAG:GS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts
3.7%per year
Europe Capital Markets Industry PEG Ratio Median Figure of 56 Publicly-Listed Capital Markets Companies 1.4x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:GS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.49x ÷ 3.7%

2.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Goldman Sachs Group's assets?
Raw Data
WBAG:GS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $208.35
NYSE:GS Share Price * NYSE (2019-04-18) in USD $205.91
Europe Capital Markets Industry PB Ratio Median Figure of 215 Publicly-Listed Capital Markets Companies 1.36x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:GS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GS Share Price ÷ Book Value per Share (both in USD)

= 205.91 ÷ 208.35

0.99x

* Primary Listing of Goldman Sachs Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs Group is good value based on assets compared to the Europe Capital Markets industry average.
X
Value checks
We assess Goldman Sachs Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Goldman Sachs Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Goldman Sachs Group expected to perform in the next 1 to 3 years based on estimates from 23 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Goldman Sachs Group expected to grow at an attractive rate?
  • Goldman Sachs Group's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Goldman Sachs Group's earnings growth is positive but not above the Austria market average.
  • Goldman Sachs Group's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:GS Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:GS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts 3.7%
WBAG:GS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 2.9%
Europe Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 15.6%
Europe Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:GS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:GS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 40,086 11,021 1
2022-12-31 38,940 10,543 1
2021-12-31 37,173 9,116 10
2020-12-31 36,469 9,053 23
2019-12-31 35,296 8,742 22
WBAG:GS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 34,489 9,286
2018-12-31 35,942 20,421 9,841
2018-09-30 35,918 -4,038 5,376
2018-06-30 35,598 3,989 4,954
2018-03-31 34,083 -15,317 4,236
2017-12-31 32,073 -18,227 3,661
2017-09-30 32,409 -7,449 7,953
2017-06-30 32,251 -14,739 8,022
2017-03-31 32,296 6,053 8,033
2016-12-31 30,608 6,494 7,066
2016-09-30 29,711 10,669 5,491
2016-06-30 28,404 16,516 4,721

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Goldman Sachs Group's earnings are expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
  • Goldman Sachs Group's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:GS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below

All data from Goldman Sachs Group Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:GS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 41.73 41.73 41.73 1.00
2022-12-31 35.78 35.78 35.78 1.00
2021-12-31 26.87 31.32 20.40 8.00
2020-12-31 25.70 27.56 21.25 22.00
2019-12-31 23.31 25.10 20.60 21.00
WBAG:GS Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 24.24
2018-12-31 25.53
2018-09-30 13.86
2018-06-30 12.67
2018-03-31 10.70
2017-12-31 9.12
2017-09-30 19.49
2017-06-30 19.38
2017-03-31 19.11
2016-12-31 16.53
2016-09-30 12.65
2016-06-30 10.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Goldman Sachs Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Goldman Sachs Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Goldman Sachs Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Goldman Sachs Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Goldman Sachs Group's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Goldman Sachs Group's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Goldman Sachs Group's 1-year earnings growth exceeds its 5-year average (119.2% vs -2.5%)
  • Goldman Sachs Group's earnings growth has exceeded the Europe Capital Markets industry average in the past year (119.2% vs -1.2%).
Earnings and Revenue History
Goldman Sachs Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Goldman Sachs Group Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:GS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 34,489.00 9,286.00 14,331.00
2018-12-31 35,942.00 9,841.00 15,091.00
2018-09-30 35,918.00 5,376.00 15,320.00
2018-06-30 35,598.00 4,954.00 15,335.00
2018-03-31 34,083.00 4,236.00 15,059.00
2017-12-31 32,073.00 3,661.00 14,139.00
2017-09-30 32,409.00 7,953.00 14,279.00
2017-06-30 32,251.00 8,022.00 14,331.00
2017-03-31 32,296.00 8,033.00 14,393.00
2016-12-31 30,608.00 7,066.00 13,774.00
2016-09-30 29,711.00 5,491.00 13,464.00
2016-06-30 28,404.00 4,721.00 12,607.00
2016-03-31 29,541.00 3,994.00 13,144.00
2015-12-31 33,820.00 5,546.00 14,970.00
2015-09-30 34,235.00 7,003.00 14,856.00
2015-06-30 35,761.00 7,816.00 15,309.00
2015-03-31 35,817.00 8,853.00 15,411.00
2014-12-31 34,528.00 8,054.00 14,969.00
2014-09-30 35,622.00 8,270.00 15,220.00
2014-06-30 33,957.00 7,555.00 14,773.00
2014-03-31 33,444.00 7,467.00 14,550.00
2013-12-31 34,206.00 7,702.00 14,923.00
2013-09-30 34,660.00 8,282.00 14,686.00
2013-06-30 36,289.00 8,306.00 15,991.00
2013-03-31 34,304.00 7,367.00 15,191.00
2012-12-31 34,163.00 7,257.00 15,195.00
2012-09-30 30,976.00 5,402.00 15,456.00
2012-06-30 26,212.00 3,520.00 13,469.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Goldman Sachs Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Goldman Sachs Group used its assets less efficiently than the Europe Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Goldman Sachs Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Goldman Sachs Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Goldman Sachs Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Goldman Sachs Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Goldman Sachs Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Goldman Sachs Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Goldman Sachs Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Goldman Sachs Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Goldman Sachs Group Company Filings, last reported 2 weeks ago.

WBAG:GS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 90,000.00 373,000.00 451,000.00
2018-12-31 91,753.00 419,209.00 741,251.00
2018-09-30 88,246.00 439,063.00 768,237.00
2018-06-30 87,963.00 445,199.00 777,381.00
2018-03-31 84,207.00 448,471.00 766,410.00
2017-12-31 82,796.00 428,539.00 737,709.00
2017-09-30 86,860.00 417,518.00 751,010.00
2017-06-30 87,197.00 404,460.00 732,482.00
2017-03-31 87,460.00 395,607.00 736,630.00
2016-12-31 87,399.00 377,297.00 719,188.00
2016-09-30 87,548.00 380,073.00 726,169.00
2016-06-30 86,914.00 385,405.00 745,695.00
2016-03-31 87,224.00 389,781.00 733,474.00
2015-12-31 87,187.00 379,917.00 718,887.00
2015-09-30 88,121.00 387,853.00 714,448.00
2015-06-30 88,306.00 388,412.00 701,245.00
2015-03-31 85,546.00 388,069.00 711,288.00
2014-12-31 83,201.00 392,294.00 710,224.00
2014-09-30 82,668.00 397,441.00 721,707.00
2014-06-30 81,842.00 401,105.00 717,279.00
2014-03-31 79,373.00 442,685.00 777,339.00
2013-12-31 78,793.00 464,197.00 776,223.00
2013-09-30 78,024.00 460,649.00 788,573.00
2013-06-30 78,384.00 462,951.00 808,842.00
2013-03-31 77,660.00 466,821.00 822,317.00
2012-12-31 76,224.00 480,978.00 807,578.00
2012-09-30 75,026.00 477,185.00 845,140.00
2012-06-30 74,078.00 464,595.00 837,654.00
  • Goldman Sachs Group's level of debt (414.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (557% vs 414.4% today).
  • Debt is not well covered by operating cash flow (5.5%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Goldman Sachs Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Goldman Sachs Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Goldman Sachs Group has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Goldman Sachs Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.65%
Current annual income from Goldman Sachs Group dividends. Estimated to be 1.79% next year.
If you bought €2,000 of Goldman Sachs Group shares you are expected to receive €33 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Goldman Sachs Group's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • Goldman Sachs Group's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:GS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
Europe Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 105 Stocks 3.5%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:GS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.40 1.00
2022-12-31 4.85 1.00
2021-12-31 3.95 11.00
2020-12-31 3.69 22.00
2019-12-31 3.43 23.00
WBAG:GS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-15 3.400 1.674
2019-02-26 3.200 1.623
2019-01-16 3.200 1.622
2018-11-02 3.200 1.727
2018-10-16 3.200 1.449
2018-08-03 3.200 1.387
2018-07-17 3.200 1.364
2018-05-04 3.200 1.385
2018-04-17 3.200 1.319
2018-02-26 3.000 1.159
2018-01-17 3.000 1.148
2017-11-03 3.000 1.206
2017-10-17 3.000 1.238
2017-08-04 3.000 1.309
2017-07-18 3.000 1.343
2017-05-04 3.000 1.350
2017-04-18 3.000 1.349
2016-11-08 2.600 1.114
2016-11-03 2.600 1.454
2016-10-18 2.600 1.477
2016-04-19 2.600 1.624
2016-03-02 2.600 1.678
2016-02-22 2.600 1.740
2016-01-20 2.600 1.714
2015-07-16 2.600 1.396
2015-05-05 2.600 1.250
2015-04-16 2.600 1.313
2014-10-16 2.400 1.277
2014-04-21 2.200 1.292
2014-01-16 2.200 1.336
2013-10-17 2.200 1.307
2013-09-13 2.000 1.244
2013-08-08 2.000 1.257
2013-07-16 2.000 1.215
2013-05-09 2.000 1.268
2013-04-16 2.000 1.387
2012-10-16 2.000 1.484
2012-07-17 1.840 1.697
2012-04-17 1.840 1.846
2012-01-18 1.400 1.197
2011-10-18 1.400 1.435
2011-07-19 1.400 1.279
2011-04-19 1.400 1.010
2010-11-16 1.400 0.856
2010-11-09 1.400 0.840
2010-10-19 1.400 0.864
2010-08-09 1.400 0.945
2010-07-20 1.400 0.928
2010-01-21 1.400 0.922
2009-10-15 1.400 0.819
2009-08-05 1.400 0.810
2009-07-14 1.400 0.870
2009-04-20 1.400 1.013

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Goldman Sachs Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.2x coverage).
X
Income/ dividend checks
We assess Goldman Sachs Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Goldman Sachs Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Goldman Sachs Group has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Goldman Sachs Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Solomon
COMPENSATION $16,376,111
AGE 56
TENURE AS CEO 0.5 years
CEO Bio

Mr. David Michael Solomon has been the Chief Executive Officer and Director of Goldman Sachs Group Inc. since October 1, 2018 and has been its Chairman since January 01, 2019. Mr. Solomon served as the President and Chief Operating Officer of The Goldman Sachs Group, Inc. from April 20, 2018 to October 1, 2018. Mr. Solomon served as the Co-Head of Global Investment Banking of The Goldman Sachs Group, Inc. since July 2006 until December 2016 and also served as its Managing Director until December 2016. Mr. Solomon served as Head of the U S investment bank's financing group of Goldman Sachs Group Inc. Mr. Solomon joined Goldman, Sachs in September 1999 as co-head of its leveraged finance businesses in the Fixed Income Currencies & Commodities division. From January 1991 to September 1999 Mr. Solomon worked at Bear, Stearns & Co., Inc., most recently as a member of its Management & Compensation Committee and co-head of the Investment Banking Division. Prior to joining Bear Stearns, Mr. Solomon worked at Salomon Brothers and at Drexel Burnham Lambert in various capacities in each firm's high yield businesses. Prior to joining Drexel Burnham Lambert, Mr. Solomon worked for Irving Trust Company in its financial institutions group and Irving Securities, Inc. Mr. Solomon served as Director of Brown Jordan International,Inc. (Formerly Winsloew Furniture Inc.) since September 1999 and also served as Director of StreetZebra.

CEO Compensation
  • Insufficient data for David to compare compensation growth.
  • Insufficient data for David to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Goldman Sachs Group management team in years:

0.5
Average Tenure
55
Average Age
  • The average tenure for the Goldman Sachs Group management team is less than 2 years, this suggests a new team.
Management Team

David Solomon

TITLE
Chairman & CEO
COMPENSATION
$16M
AGE
56
TENURE
0.5 yrs

Lloyd Blankfein

TITLE
Senior Chairman
COMPENSATION
$22M
AGE
63
TENURE
0.3 yrs

Marty Chavez

TITLE
Co-Head of Securities Division
COMPENSATION
$17M
AGE
54
TENURE
0.4 yrs

Richard Gnodde

TITLE
Chief Executive Officer of Goldman Sachs International
COMPENSATION
$16M
AGE
57

John Waldron

TITLE
President & COO
AGE
48
TENURE
0.5 yrs

Stephen Scherr

TITLE
Executive VP & CFO
AGE
53
TENURE
0.4 yrs

J. Gardner

TITLE
Director

Justin Gmelich

TITLE
Co-Chief Operating Officer of the FICC franchise

Brian Lee

TITLE
Chief Accounting Officer & Controller
AGE
51
TENURE
2.1 yrs

Chris French

TITLE
MD, Head & Chairman of European Investment Banking
AGE
62
Board of Directors Tenure

Average tenure and age of the Goldman Sachs Group board of directors in years:

5.1
Average Tenure
61.5
Average Age
  • The tenure for the Goldman Sachs Group board of directors is about average.
Board of Directors

David Solomon

TITLE
Chairman & CEO
COMPENSATION
$16M
AGE
56
TENURE
0.3 yrs

Sonjoy Chatterjee

TITLE
Chairman & Co-CEO of Goldman Sachs (India) Securities Pvt Ltd
AGE
50
TENURE
8.1 yrs

Ken Hitchner

TITLE
Chairman & CEO of Asia Pacific Ex-Japan
AGE
57
TENURE
1.6 yrs

Martha Burns

TITLE
Independent Director
COMPENSATION
$620K
AGE
60
TENURE
7.5 yrs

Bayo Ogunlesi

TITLE
Independent Lead Director
COMPENSATION
$611K
AGE
64
TENURE
4.8 yrs

Peter Oppenheimer

TITLE
Independent Director
COMPENSATION
$621K
AGE
55
TENURE
5.1 yrs

Mark Winkelman

TITLE
Independent Director
COMPENSATION
$620K
AGE
72
TENURE
4.3 yrs

Robert Zoellick

TITLE
Chairman of International Advisors
AGE
64

David Viniar

TITLE
Director
COMPENSATION
$595K
AGE
63
TENURE
6.3 yrs

Jim Johnson

TITLE
Independent Director
COMPENSATION
$721K
AGE
74
TENURE
19.9 yrs
Who owns this company?
Recent Insider Trading
  • Goldman Sachs Group insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
22. Feb 19 Sell Dane Holmes Individual 20. Feb 19 20. Feb 19 -1,489 €174.55 €-259,909
16. May 18 Sell David Solomon Individual 15. May 18 15. May 18 -405 €204.21 €-82,706
X
Management checks
We assess Goldman Sachs Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Goldman Sachs Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

The Goldman Sachs Group, Inc. operates as an investment banking, securities, and investment management company worldwide. It operates in four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients. The Institutional Client Services segment is involved in client execution activities related to making markets in cash and derivative instruments for interest rate products, credit products, mortgages, currencies, commodities, and equities; and provision of securities services comprising financing, securities lending, and other brokerage services, as well as the marketing and clearing of client transactions on various stock, options, and futures exchanges. The Investing & Lending segment invests in and originates longer-term loans; and makes investments in debt securities and loans, public and private equity securities, and infrastructure and real estate entities, as well as provides unsecured and secured loans through its digital platforms. The Investment Management segment offers investment management services; and wealth advisory services consisting of portfolio management, financial planning and counseling, and brokerage and other transaction services. The company serves corporations, financial institutions, governments, and individuals. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Details
Name: The Goldman Sachs Group, Inc.
GS
Exchange: WBAG
Founded: 1869
$69,277,744,115
378,200,000
Website: http://www.goldmansachs.com
Address: The Goldman Sachs Group, Inc.
200 West Street,
New York,
New York, 10282,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GS Common Stock New York Stock Exchange US USD 04. May 1999
DB GOS Common Stock Deutsche Boerse AG DE EUR 04. May 1999
XTRA GOS Common Stock XETRA Trading Platform DE EUR 04. May 1999
LSE 0R3G Common Stock London Stock Exchange GB USD 04. May 1999
SWX GS Common Stock SIX Swiss Exchange CH CHF 04. May 1999
WBAG GS Common Stock Wiener Boerse AG AT EUR 04. May 1999
BVC GS Common Stock Bolsa de Valores de Colombia CO COP 04. May 1999
BMV GS * Common Stock Bolsa Mexicana de Valores MX MXN 04. May 1999
NYSE GS.PRA PFD A 1/1000 New York Stock Exchange US USD 18. Apr 2005
NYSE GS.PRD SHS D 1/1000 New York Stock Exchange US USD 17. May 2006
NYSE GS.PRJ DEP 1/1000 PFD J New York Stock Exchange US USD 22. Apr 2013
NYSE GS.PRK DEP 1/1000 SER K New York Stock Exchange US USD 23. Apr 2014
NYSE GS.PRN DEP 1/1000 SER N New York Stock Exchange US USD 18. Feb 2016
DB GOSI 5%-FRN SUB PERP USD 'P' Deutsche Boerse AG DE USD 23. Oct 2017
Number of employees
Current staff
Staff numbers
35,900
Goldman Sachs Group employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:33
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/04/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.