Goldman Sachs Group
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 Year Returns
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.
GS Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Goldman Sachs Group.
| 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.
| 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.
| 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 |
| 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.
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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Goldman Sachs Group's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Goldman Sachs Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Goldman Sachs Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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.
Past performance checks
We assess Goldman Sachs Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Goldman Sachs Group Company Filings, last reported 2 months ago.
| 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.
Financial health checks
We assess Goldman Sachs Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Goldman Sachs Group has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (7.2x coverage).
Income/ dividend checks
We assess Goldman Sachs Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The average tenure for the Goldman Sachs Group management team is less than 2 years, this suggests a new team.
Management Team
David Solomon
Chairman & CEO
$16M
56
0.4 yrs
Lloyd Blankfein
Senior Chairman
$22M
63
0.2 yrs
John Waldron
President & COO
48
0.4 yrs
Stephen Scherr
CFO & Executive VP
53
0.3 yrs
J. Gardner
Director
Justin Gmelich
Co-Chief Operating Officer of the FICC franchise
Brian Lee
Chief Accounting Officer & Controller
51
2 yrs
Chris French
MD, Head & Chairman of European Investment Banking
62
F. De Mallmann
Chair of Investment Banking
1.8 yrs
George Lee
Co-Head of Engg. and Co-Chairman of Tech.
0.4 yrs
Board of Directors Tenure
Average tenure and age of the Goldman Sachs Group board of directors in years:
- The tenure for the Goldman Sachs Group board of directors is about average.
Board of Directors
David Solomon
Chairman & CEO
$16M
56
0.2 yrs
Sonjoy Chatterjee
Chairman & Co-CEO of Goldman Sachs (India) Securities Pvt Ltd
50
8 yrs
Ken Hitchner
Chairman & CEO of Asia Pacific Ex-Japan
57
1.5 yrs
William George
Independent Director
$621K
75
16.3 yrs
Martha Burns
Independent Director
$620K
60
7.4 yrs
Bayo Ogunlesi
Independent Lead Director
$611K
64
4.7 yrs
Peter Oppenheimer
Independent Director
$621K
55
5 yrs
Mark Winkelman
Independent Director
$620K
72
4.3 yrs
Robert Zoellick
Chairman of International Advisors
64
David Viniar
Director
$595K
63
6.2 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Goldman Sachs Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleThe 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 - – Full articleThe 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 - – Full articleWill 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 - – Full articleThe 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 - – Full article4 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 - – Full articleDoes 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 - – Full articleThe 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 - – Full articleShould 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 - – Full articleShould 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 - – Full articleGS 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
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.
