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Goldman Sachs Group

NYSE:GS
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GS
NYSE
$72B
Market Cap
  1. Home
  2. US
  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 22 days ago. More info.


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GS Share Price and Events
7 Day Returns
-1.5%
NYSE:GS
2.4%
US Capital Markets
1.2%
US Market
1 Year Returns
-25.8%
NYSE:GS
-11.9%
US Capital Markets
3%
US Market
GS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Goldman Sachs Group (GS) -1.5% -2.1% 15.4% -25.8% 26.1% 20.2%
US Capital Markets 2.4% 0.6% 12.7% -11.9% 57% 59.3%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • GS underperformed the Capital Markets industry which returned -11.9% over the past year.
  • GS underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
GS
Industry
5yr Volatility vs Market

GS 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.

NYSE:GS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 19 analysts.
= Stable Book Value * Return on Equity
= $236.27 * 11.3%
$26.67
Book Value of Equity per Share Weighted future Book Value estimates from 15 analysts. $236.27
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 NYSE:GS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
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))
= 0.728 (1 + (1- 21%) (585.8%))
3.074
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)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NYSE: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.

NYSE:GS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.3% – 14.65%) * $236.27)
$-7.95
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-7.95 / (14.65% - 2.73%)
$-66.66
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $236.27 + $-66.66
$169.62
NYSE:GS Discount to Share Price
Calculation Result
Value per share (USD) From above. $169.62
Current discount Discount to share price of $194.32
= -1 x ($194.32 - $169.62) / $169.62
-14.6%

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
NYSE:GS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $25.53
NYSE:GS Share Price ** NYSE (2019-03-20) in USD $194.32
United States of America Capital Markets Industry PE Ratio Median Figure of 76 Publicly-Listed Capital Markets Companies 25.13x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

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

** Primary Listing of Goldman Sachs Group.

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

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

= 194.32 ÷ 25.53

7.61x

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 US Capital Markets industry average.
  • Goldman Sachs Group is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Goldman Sachs Group's expected growth come at a high price?
Raw Data
NYSE:GS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
-0.6%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.17x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.61x ÷ -0.6%

-12.7x

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

  • Goldman Sachs Group earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Goldman Sachs Group's assets?
Raw Data
NYSE:GS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $207.26
NYSE:GS Share Price * NYSE (2019-03-20) in USD $194.32
United States of America Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 4.83x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:GS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 194.32 ÷ 207.26

0.94x

* 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 US 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.

GS Future Performance

 How is Goldman Sachs Group expected to perform in the next 1 to 3 years based on estimates from 21 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
-0.6%
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 are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Goldman Sachs Group's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Goldman Sachs Group's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:GS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:GS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts -0.6%
NYSE:GS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 2.3%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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
NYSE:GS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:GS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 38,724 9,794 7
2020-12-31 37,384 9,511 20
2019-12-31 36,365 9,188 21
NYSE:GS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
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
2016-03-31 29,541 -1,408 3,994

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Goldman Sachs Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Goldman Sachs Group's revenue is expected to grow by 2.3% 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
NYSE:GS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

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

NYSE:GS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 28.32 33.00 23.37 5.00
2020-12-31 26.41 29.50 21.59 18.00
2019-12-31 24.40 26.50 21.44 18.00
NYSE:GS Past Financials Data
Date (Data in USD Millions) EPS *
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
2016-03-31 8.96

*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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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 0/6, 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.

GS 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 (168.8% vs -5.3%)
  • Goldman Sachs Group's earnings growth has exceeded the US Capital Markets industry average in the past year (168.8% vs 34.2%).
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 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
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
2012-03-31 26,866.00 3,645.00 13,900.00

*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 US 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.

GS 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 2.2x 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 months ago.

NYSE:GS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
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
2012-03-31 73,033.00 487,023.00 845,885.00
  • Goldman Sachs Group's level of debt (456.9%) 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 (588.8% vs 456.9% today).
  • Debt is not well covered by operating cash flow (4.9%, 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.

GS 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 1.84% 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 United States of America (1.45%).
  • Goldman Sachs Group's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
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
NYSE: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 21 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

NYSE:GS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.87 8.00
2020-12-31 3.65 22.00
2019-12-31 3.41 23.00
NYSE:GS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
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
2009-04-13 1.400 1.024
2009-03-23 1.400 1.234

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 (8.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7.2x 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 0.8%) - 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.

GS 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 0.4 years
CEO Bio

Mr. David Michael Solomon had served as the President and Chief Operating Officer of The Goldman Sachs Group, Inc. from April 20, 2018 to October 1, 2018. He has been the Chief Executive Officer and Director of Goldman Sachs Group Inc. since October 1, 2018 and serves as its Chairman. 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.
  • David's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

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

0.4
Average Tenure
54.5
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
0.4 yrs

Lloyd Blankfein

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

John Waldron

TITLE
President & COO
AGE
48
TENURE
0.4 yrs

Stephen Scherr

TITLE
CFO & Executive VP
AGE
53
TENURE
0.3 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 yrs

Chris French

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

F. De Mallmann

TITLE
Chair of Investment Banking
TENURE
1.8 yrs

George Lee

TITLE
Co-Head of Engg. and Co-Chairman of Tech.
TENURE
0.4 yrs
Board of Directors Tenure

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

5
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
0.2 yrs

Sonjoy Chatterjee

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

Ken Hitchner

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

William George

TITLE
Independent Director
COMPENSATION
$621K
AGE
75
TENURE
16.3 yrs

Martha Burns

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

Bayo Ogunlesi

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

Peter Oppenheimer

TITLE
Independent Director
COMPENSATION
$621K
AGE
55
TENURE
5 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
$595K
AGE
63
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • Goldman Sachs Group insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
22. Feb 19 Sell Dane Holmes Individual 20. Feb 19 20. Feb 19 -1,489 $198.31 $-295,284
16. May 18 Sell David Solomon Individual 15. May 18 15. May 18 -405 $242.30 $-98,132
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.

GS News

Simply Wall St News

Should You Think About Buying The Goldman Sachs Group, Inc. (NYSE:GS) Now?

The company's stock. … saw a significant share price rise of over 20% in the past couple of months on the NYSE. … As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock

Simply Wall St -

The Goldman Sachs Group, Inc. (NYSE:GS) Will Pay US$0.80 In Dividends

Investors who want to cash in on The Goldman Sachs Group, Inc.'s (NYSE:GS) upcoming dividend of US$0.80 per share have only 4 days left to buy the shares before its ex-dividend date, 27 February 2019, in time for dividends payable on the 28 March 2019. … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)? … Based on future earnings growth, will it be able to continue to payout dividend at the current rate

Simply Wall St -

The Goldman Sachs Group, Inc. (NYSE:GS): Earnings Expected To Remain Subdued

Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings update The Goldman Sachs Group, Inc.'s (NYSE:GS) released in December 2018a

Simply Wall St -

Will The Goldman Sachs Group, Inc.'s (NYSE:GS) Earnings Grow In Next 12 Months?

On 31 December 2018, The Goldman Sachs Group, Inc. … (NYSE:GS) released its most recent earnings update. … with earnings expected to decline by -6.2% in the upcoming year.

Simply Wall St -

The Goldman Sachs Group, Inc. (NYSE:GS) Insiders Have Been Selling

So we'll take a look at whether insiders have been buying or selling shares in The Goldman Sachs Group, Inc. … The Last 12 Months Of Insider Transactions At Goldman Sachs Group. … In total, Goldman Sachs Group insiders sold more than they bought over the last year

Simply Wall St -

4 Days Left To Cash In On The Goldman Sachs Group Inc (NYSE:GS) Dividend

On the 28 December 2018, The Goldman Sachs Group Inc (NYSE:GS) will be paying shareholders an upcoming dividend amount of US$0.80 per share. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Goldman Sachs Group's latest financial data to analyse its dividend attributes. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

Does The Goldman Sachs Group Inc's (NYSE:GS) PE Ratio Warrant A Buy?

The Goldman Sachs Group Inc (NYSE:GS) trades with a trailing P/E of 17, which is lower than the industry average of 22.6. … While this makes GS appear like a good stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … View our latest analysis for Goldman Sachs Group

Simply Wall St -

The Goldman Sachs Group Inc (NYSE:GS) Is Trading 8.84% Below Its True Value

Valuing GS, a financial stock, can be daunting since these capital market firms generally have cash flows that are impacted by regulations that are not imposed upon other industries. … For example, capital market businesses are required to hold more capital to reduce the risk to shareholders.

Simply Wall St -

Should The Goldman Sachs Group Inc's (NYSE:GS) Recent Earnings Worry You?

For investors with a long-term horizon, assessing earnings trend over time and against industry benchmarks is more valuable than looking at a single earnings announcement in one point in time. … Investors may find my commentary, albeit very high-level and brief, on The Goldman Sachs Group Inc (NYSE:GS) useful as an attempt to give more color around how Goldman Sachs Group is currently performing. … Check out our latest analysis for Goldman Sachs Group?

Simply Wall St -

Should You Be Tempted To Sell The Goldman Sachs Group Inc (NYSE:GS) Because Of Its PE Ratio?

and want to better understand how you can grow your money by investing in The Goldman Sachs Group Inc (NYSE:GS). … The Goldman Sachs Group Inc (NYSE:GS) is currently trading at a trailing P/E of 20.6x, which is higher than the industry average of 15.9x. … While this makes GS appear like a stock to avoid or sell if you own it, you might change your mind after I explain the assumptions behind the P/E ratio

Simply Wall St -

GS 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: NYSE
Founded: 1869
$71,562,226,400
368,270,000
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.PRN DEP 1/1000 SER N New York Stock Exchange US USD 18. Feb 2016
NYSE GS.PRK DEP 1/1000 SER K New York Stock Exchange US USD 23. Apr 2014
NYSE GS.PRJ DEP 1/1000 PFD J New York Stock Exchange US USD 22. Apr 2013
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
DB GOSI 5%-FRN SUB PERP USD 'P' Deutsche Boerse AG DE USD 23. Oct 2017
Number of employees
Current staff
Staff numbers
36,600
Goldman Sachs Group employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:37
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/19
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
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.