# Goldman Sachs Group (GS.US)

Canonical: https://gigainvestors.com/s/GS

Analysis as of: 2026-10-16T07:28:53.561Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $891.28 per share; close as of 2026-10-15.

Estimated value: low $340.90 per share, central $426.12 per share, high $568.16 per share. Buy at or below the central value $426.12 per share. Valuation as of 2026-10-16T07:28:53.561Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.37×

Chart: Net income; fiscal year observations.

- FY2016: $7.1B

- FY2017: $3.7B

- FY2018: $9.9B

- FY2019: $7.9B

- FY2020: $8.9B

- FY2021: $21B

- FY2022: $11B

- FY2023: $7.9B

- FY2024: $14B

- FY2025: $16B

### moat: fail

- Tangible common book per share

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.0%

- Cost / income, median: 64.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.9%

- FY2017: 5.6%

- FY2018: 13.2%

- FY2019: 10.6%

- FY2020: 11.2%

- FY2021: 22.4%

- FY2022: 11.0%

- FY2023: 8.0%

- FY2024: 13.3%

- FY2025: 15.8%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 11.2%

- Book return interval: 10 years

- Starting book value per share: $155.65

- Ending book value per share: $324.40

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 8.2%

- FY2017: 1.2%

- FY2018: 21.2%

- FY2019: 5.9%

- FY2020: 15.3%

- FY2021: 23.5%

- FY2022: 7.0%

- FY2023: 8.5%

- FY2024: 12.0%

- FY2025: 11.5%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -3.6%

- Diluted shares, 5-year annual growth: -2.5%

- Share growth excluding flagged crisis recapitalisations: -3.6%

- Five-year share growth excluding flagged crisis recapitalisations: -2.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 5.64×

- Book value created per share: $168.75

- Earnings retained per share after dividends and buybacks: $29.90

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 95

- FY2017: 89

- FY2018: 85

- FY2019: 82

- FY2020: 79

- FY2021: 78

- FY2022: 78

- FY2023: 75

- FY2024: 73

- FY2025: 69

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 17.8%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 8.1% a year forever · "Goldman Sachs Profit Surges, Fueled by Dealmaking Boom" (finance.yahoo.com, Oct 2025) · net income +20.5%

Story as of 2026-10-16T09:58:50.838Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

- 2025-07-17: Goldman Q2 Earnings Beat Estimates on Solid IB Business, Shares Rise ([finance.yahoo.com](https://finance.yahoo.com/news/goldman-q2-earnings-beat-estimates-171200177.html))

- 2025-10-14: Goldman Sachs stock dips after Q3 expenses, headcount climb; earnings and revenue beat ([seekingalpha.com](https://seekingalpha.com/news/4503844-goldman-sachs-stock-dips-after-q3-expenses-headcount-climb-earnings-and-revenue-beat?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-15: Goldman Sachs earnings: Bank tops profit estimates as dealmaking boom bucks Wall Street trend ([finance.yahoo.com](https://finance.yahoo.com/news/goldman-sachs-earnings-bank-tops-profit-estimates-as-dealmaking-boom-bucks-wall-street-trend-125649196.html))

- 2026-04-13: Goldman Sachs tops estimates but sees weak fixed income trading ([finance.yahoo.com](https://finance.yahoo.com/video/goldman-sachs-tops-estimates-sees-181518655.html))

- 2026-07-14: Goldman Sachs Q2 2026 earnings beat on record equities trading ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/goldman-sachs-q2-2026-earnings-120234207.html))

- 2026-09-16: Goldman Sachs stock falls after CEO warns of softer trading ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/goldman-sachs-stock-falls-ceo-195528995.html))

### Net income · FY2025

net income +20.5%; source https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm; observed 2026-02-25.

- FY2016: $7.1B 

- FY2017: $3.7B 

- FY2018: $9.9B 

- FY2019: $7.9B 

- FY2020: $8.9B 

- FY2021: $21B 

- FY2022: $11B 

- FY2023: $7.9B 

- FY2024: $14B 

- FY2025: $16B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 58.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm#000088698226000091 (filed 2026-02-25); FY2025: revenue 58283000000.

### Why customers stay

It earns 11.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on tangible equity observations [[2016,0.09898735945247573],[2017,0.05553713527851459],[2018,0.13164218958611482],[2019,0.10639272482317279],[2020,0.1117630097659433],[2021,0.2237727465086754],[2022,0.10972141524724015],[2023,0.0801853786165563],[2024,0.13254216359769902],[2025,0.15820941879877315]]; median 0.11074221250659172. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 12.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,1706000000],[2017,1769000000],[2018,1810000000],[2019,2104000000],[2020,2336000000],[2021,2725000000],[2022,3682000000],[2023,4189000000],[2024,4497000000],[2025,5277000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 12360000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GS.US SharesStats.PercentInsiders = 0.551 percentage points; cache date 2026-10-16.

### What could break it

"A failure to protect our computer systems, networks and information" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm (filed 2026-02-25); A failure to protect our computer systems, networks and information

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Price 891.28; FX 1; original perpetual distributable cash 17.044819937681915; discount 0.1; growth 0.08087602107342035. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $178.24 per share

- 2016-11: $219.29 per share

- 2016-12: $239.45 per share

- 2017-01: $229.32 per share

- 2017-02: $248.06 per share

- 2017-03: $229.72 per share

- 2017-04: $223.80 per share

- 2017-05: $211.26 per share

- 2017-06: $221.90 per share

- 2017-07: $225.33 per share

- 2017-08: $223.74 per share

- 2017-09: $237.19 per share

- 2017-10: $242.48 per share

- 2017-11: $247.64 per share

- 2017-12: $254.76 per share

- 2018-01: $267.89 per share

- 2018-02: $262.93 per share

- 2018-03: $251.86 per share

- 2018-04: $238.33 per share

- 2018-05: $225.88 per share

- 2018-06: $220.57 per share

- 2018-07: $237.43 per share

- 2018-08: $237.81 per share

- 2018-09: $224.24 per share

- 2018-10: $225.37 per share

- 2018-11: $190.69 per share

- 2018-12: $167.05 per share

- 2019-01: $198.01 per share

- 2019-02: $196.70 per share

- 2019-03: $191.99 per share

- 2019-04: $205.92 per share

- 2019-05: $182.49 per share

- 2019-06: $204.60 per share

- 2019-07: $220.13 per share

- 2019-08: $203.91 per share

- 2019-09: $207.23 per share

- 2019-10: $213.38 per share

- 2019-11: $221.35 per share

- 2019-12: $229.93 per share

- 2020-01: $237.75 per share

- 2020-02: $200.77 per share

- 2020-03: $154.59 per share

- 2020-04: $183.42 per share

- 2020-05: $196.49 per share

- 2020-06: $197.62 per share

- 2020-07: $197.96 per share

- 2020-08: $204.87 per share

- 2020-09: $200.97 per share

- 2020-10: $189.04 per share

- 2020-11: $230.58 per share

- 2020-12: $263.71 per share

- 2021-01: $271.17 per share

- 2021-02: $319.48 per share

- 2021-03: $327.00 per share

- 2021-04: $348.45 per share

- 2021-05: $372.02 per share

- 2021-06: $379.53 per share

- 2021-07: $374.88 per share

- 2021-08: $413.51 per share

- 2021-09: $378.03 per share

- 2021-10: $413.35 per share

- 2021-11: $380.99 per share

- 2021-12: $382.55 per share

- 2022-01: $354.68 per share

- 2022-02: $341.29 per share

- 2022-03: $330.10 per share

- 2022-04: $305.49 per share

- 2022-05: $326.85 per share

- 2022-06: $297.02 per share

- 2022-07: $333.39 per share

- 2022-08: $332.67 per share

- 2022-09: $293.05 per share

- 2022-10: $344.51 per share

- 2022-11: $386.15 per share

- 2022-12: $343.38 per share

- 2023-01: $365.81 per share

- 2023-02: $351.65 per share

- 2023-03: $327.11 per share

- 2023-04: $343.44 per share

- 2023-05: $323.90 per share

- 2023-06: $322.54 per share

- 2023-07: $355.87 per share

- 2023-08: $327.71 per share

- 2023-09: $323.57 per share

- 2023-10: $303.61 per share

- 2023-11: $341.54 per share

- 2023-12: $385.77 per share

- 2024-01: $384.01 per share

- 2024-02: $389.05 per share

- 2024-03: $417.69 per share

- 2024-04: $426.71 per share

- 2024-05: $456.52 per share

- 2024-06: $452.32 per share

- 2024-07: $509.03 per share

- 2024-08: $510.25 per share

- 2024-09: $495.11 per share

- 2024-10: $517.79 per share

- 2024-11: $608.57 per share

- 2024-12: $572.62 per share

- 2025-01: $640.40 per share

- 2025-02: $622.29 per share

- 2025-03: $546.29 per share

- 2025-04: $547.55 per share

- 2025-05: $600.45 per share

- 2025-06: $707.75 per share

- 2025-07: $723.59 per share

- 2025-08: $745.25 per share

- 2025-09: $796.35 per share

- 2025-10: $789.37 per share

- 2025-11: $826.04 per share

- 2025-12: $879.00 per share

- 2026-01: $935.41 per share

- 2026-02: $859.57 per share

- 2026-03: $845.99 per share

- 2026-04: $923.77 per share

- 2026-05: $1,025.56 per share

- 2026-06: $1,011.37 per share

- 2026-07: $1,018.38 per share

- 2026-08: $1,025.90 per share

- 2026-09: $900.36 per share

- 2026-10: $891.91 per share

## Annual estimated value (USD per share)

- FY2016: low $184.81 per share, central $203.29 per share, high $225.87 per share

- FY2017: low $169.62 per share, central $186.58 per share, high $207.31 per share

- FY2018: low $206.66 per share, central $258.32 per share, high $344.43 per share

- FY2019: low $193.27 per share, central $241.59 per share, high $322.12 per share

- FY2020: low $209.76 per share, central $262.21 per share, high $349.61 per share

- FY2021: low $265.67 per share, central $332.08 per share, high $442.78 per share

- FY2022: low $265.79 per share, central $332.23 per share, high $442.98 per share

- FY2023: low $262.29 per share, central $327.87 per share, high $437.16 per share

- FY2024: low $318.27 per share, central $350.10 per share, high $389.00 per share

- FY2025: low $325.50 per share, central $406.88 per share, high $542.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 134,131 GS shares; USD 135,656,000 reported position value; 0.07% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 27,218 GS shares; USD 27,527,000 reported position value; 0.04% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 20,804 GS shares; USD 18,731,000 reported position value; 1.54% of portfolio; reduce; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 359,360 GS shares; USD 363,446,000 reported position value; 2.77% of portfolio; hold; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 5,200 GS shares; USD 5,259,000 reported position value; 0.07% of portfolio; add; quarter 2026 Q2.

# GS — Goldman Sachs Group

Held by 1 investor · USD 18,731,000 total · 2026 Q3 · reported price USD 900.36 (split-adjusted).
Page: https://gigainvestors.com/s/GS

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 18,731,000 | 1.5% | reduce -6.22% |

## Total held by quarter

- 2006 Q4: USD 1,993,000 · 1 holder · USD 199.30
- 2007 Q1: USD 2,066,000 · 1 holder · USD 206.60
- 2007 Q2: USD 2,167,000 · 1 holder · USD 216.70
- 2007 Q3: USD 2,167,000 · 1 holder · USD 216.70
- 2007 Q4: USD 2,150,000 · 1 holder · USD 215.00
- 2008 Q1: USD 1,654,000 · 1 holder · USD 165.40
- 2008 Q2: USD 1,749,000 · 1 holder · USD 174.90
- 2008 Q3: USD 1,280,000 · 1 holder · USD 128.00
- 2008 Q4: USD 10,199,813 · 2 holders · USD 84.40
- 2009 Q1: USD 12,813,801 · 2 holders · USD 106.02
- 2009 Q2: USD 17,819,788 · 2 holders · USD 147.44
- 2009 Q3: USD 20,437,778 · 1 holder · USD 184.35
- 2009 Q4: USD 18,718,278 · 1 holder · USD 168.84
- 2010 Q1: USD 18,916,724 · 1 holder · USD 170.63
- 2010 Q2: USD 884,972,515 · 3 holders · USD 131.27
- 2010 Q3: USD 852,293,283 · 3 holders · USD 144.58
- 2010 Q4: USD 889,732,336 · 2 holders · USD 168.16
- 2011 Q1: USD 1,024,125,776 · 2 holders · USD 163.78
- 2011 Q2: USD 912,170,112 · 2 holders · USD 140.73
- 2011 Q3: USD 27,413,165 · 1 holder · USD 94.55
- 2011 Q4: USD 19,423,098 · 1 holder · USD 90.43
- 2012 Q1: USD 62,947,388 · 1 holder · USD 124.37
- 2012 Q2: USD 48,517,622 · 1 holder · USD 95.86
- 2012 Q3: USD 22,606,746 · 1 holder · USD 113.68
- 2012 Q4: USD 25,111,844 · 1 holder · USD 127.56
- 2013 Q1: USD 20,875,140 · 1 holder · USD 147.15
- 2013 Q2: USD 32,800,529 · 2 holders · USD 151.25
- 2013 Q3: USD 34,309,895 · 2 holders · USD 158.21
- 2013 Q4: USD 2,271,301,470 · 3 holders · USD 177.26
- 2014 Q1: USD 2,099,474,607 · 3 holders · USD 163.85
- 2014 Q2: USD 2,146,322,942 · 3 holders · USD 167.44
- 2014 Q3: USD 2,334,214,146 · 2 holders · USD 205.92
- 2014 Q4: USD 2,468,824,802 · 3 holders · USD 193.83
- 2015 Q1: USD 2,388,448,132 · 2 holders · USD 187.99
- 2015 Q2: USD 2,652,992,107 · 2 holders · USD 208.79
- 2015 Q3: USD 1,917,361,771 · 2 holders · USD 173.81
- 2015 Q4: USD 1,988,751,359 · 2 holders · USD 180.23
- 2016 Q1: USD 1,732,779,527 · 3 holders · USD 156.98
- 2016 Q2: USD 1,642,050,643 · 3 holders · USD 148.59
- 2016 Q3: USD 1,782,294,938 · 3 holders · USD 161.27
- 2016 Q4: USD 2,742,090,512 · 4 holders · USD 239.45
- 2017 Q1: USD 2,538,777,746 · 3 holders · USD 229.72
- 2017 Q2: USD 2,452,415,993 · 3 holders · USD 221.90
- 2017 Q3: USD 2,626,551,691 · 3 holders · USD 237.19
- 2017 Q4: USD 2,821,115,176 · 3 holders · USD 254.76
- 2018 Q1: USD 2,797,046,989 · 4 holders · USD 251.87
- 2018 Q2: USD 2,962,307,617 · 4 holders · USD 220.57
- 2018 Q3: USD 4,155,478,678 · 4 holders · USD 224.24
- 2018 Q4: USD 3,158,222,310 · 5 holders · USD 167.05
- 2019 Q1: USD 4,258,651,431 · 6 holders · USD 191.99
- 2019 Q2: USD 4,571,798,373 · 6 holders · USD 204.60
- 2019 Q3: USD 4,625,385,180 · 6 holders · USD 207.23
- 2019 Q4: USD 3,653,557,094 · 6 holders · USD 229.93
- 2020 Q1: USD 856,272,864 · 7 holders · USD 154.59
- 2020 Q2: USD 708,211,345 · 5 holders · USD 197.62
- 2020 Q3: USD 731,480,020 · 5 holders · USD 200.97
- 2020 Q4: USD 984,329,583 · 5 holders · USD 263.71
- 2021 Q1: USD 1,088,101,762 · 5 holders · USD 327.00
- 2021 Q2: USD 1,249,697,004 · 5 holders · USD 379.53
- 2021 Q3: USD 985,972,176 · 5 holders · USD 378.03
- 2021 Q4: USD 1,001,476,395 · 5 holders · USD 382.55
- 2022 Q1: USD 888,766,896 · 5 holders · USD 330.10
- 2022 Q2: USD 833,545,783 · 5 holders · USD 297.02
- 2022 Q3: USD 823,659,734 · 5 holders · USD 293.05
- 2022 Q4: USD 953,401,438 · 4 holders · USD 343.38
- 2023 Q1: USD 921,080,918 · 4 holders · USD 327.11
- 2023 Q2: USD 925,135,353 · 4 holders · USD 322.54
- 2023 Q3: USD 949,263,903 · 5 holders · USD 323.57
- 2023 Q4: USD 1,127,402,023 · 4 holders · USD 385.77
- 2024 Q1: USD 4,339,017,014 · 10 holders · USD 417.69
- 2024 Q2: USD 3,347,004,639 · 10 holders · USD 452.32
- 2024 Q3: USD 3,446,649,674 · 9 holders · USD 495.11
- 2024 Q4: USD 2,716,444,102 · 9 holders · USD 572.62
- 2025 Q1: USD 2,173,180,867 · 9 holders · USD 546.29
- 2025 Q2: USD 2,785,907,019 · 9 holders · USD 707.75
- 2025 Q3: USD 2,205,336,480 · 9 holders · USD 796.35
- 2025 Q4: USD 1,891,323,921 · 8 holders · USD 879.00
- 2026 Q1: USD 1,522,903,979 · 6 holders · USD 845.99
- 2026 Q2: USD 554,325,022 · 5 holders · USD 1011.36
- 2026 Q3: USD 18,731,000 · 1 holder · USD 900.36