| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 47 | 14.5x | 17.6x | Around median | |
Growth | 47 | 6.4% | 7.1% | Around median | |
Quality | 87 | — | — | Top tier | |
Safety | 10 | — | — | Bottom tier | |
Capital Return | 61 | 1.80% | 2.15% | Around median | |
Momentum | 68 | 28.6% | 2.3% | Top tier | |
Sentiment | 72 | 17 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Goldman Sachs Group, Inc. operates through an interconnected ecosystem spanning investment banking, markets, financing, asset management, and wealth management. The group generates revenue from advisory services and equity and debt underwriting; intermediation and financing in equities and fixed income, currency, and commodity products; as well as management and incentive fees, private banking, and lending. In Q2 FY2026, Global Banking & Markets recorded revenue of $15.5 billion, compared with $4.6 billion for Asset & Wealth Management and $221 million for Platform Solutions.
According to EDGAR filings, Q2 FY2026 revenue was approximately $38.4 billion, net income was $6.6 billion, and earnings per share were $20.98, compared with revenue of $31.3 billion, net income of $3.7 billion, and earnings per share of $10.91 in Q2 FY2025. Based on the net revenue measure used in the earnings call, the group achieved a record $20.3 billion, with return on equity of 23.5% and return on tangible equity of 25.5%. The efficiency ratio for the first half of FY2026 also improved by 320 basis points to 58.8%, while the pre-tax margin in Asset & Wealth Management was approximately 24%.
The results mix was driven by broad strength across markets and investment banking; equities revenue reached a record $7.4 billion, FICC revenue rose 32% to $4.6 billion, and transaction advisory revenue increased 17% to $1.4 billion. In Asset & Wealth Management, revenue rose 20% to $4.6 billion, and management and other fees reached a record $3.4 billion, supported by assets under supervision reaching $4 trillion and the thirty-fourth consecutive quarter of long-term net inflows.
The average analyst price target is $1202.33, compared with a wide target range of $995 to $1325 and a “Neutral” consensus. The average is slightly above the 52-week range high of $1153.99, while the highest target exceeds that high and the lowest target falls below it, reflecting disagreement over the sustainability of record markets earnings and the artificial intelligence financing cycle. The data do not include an available earnings multiple, so the valuation of GS here is based on the target range and the 52-week range of $721.16–$1153.99 rather than an undocumented earnings multiple.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Goldman Sachs generated record net revenue of $20.3 billion and record earnings per share of $20.98 in Q2 FY2026. Momentum came primarily from Global Banking & Markets, which recorded $15.5 billion, including $7.4 billion from equities and $4.6 billion from FICC. Equity underwriting revenue also rose 130% to $985 million, and debt underwriting revenue increased 75% to $1 billion. According to EDGAR, revenue was $38.4 billion and net income was $6.6 billion for the same period.
The group entered the second half of FY2026 with its investment banking backlog at its highest level in five years and the second-highest level on record. During the first half, it advised on announced transactions worth $1.2 trillion, approximately $425 billion ahead of its closest competitor. Advisory revenue rose 17% to $1.4 billion in Q2 FY2026. However, management noted that financial sponsor activity remained below its historical averages and that market conditions may not move in a straight line.
Asset & Wealth Management revenue rose 20% to $4.6 billion in Q2 FY2026, and management and other fees reached a record $3.4 billion. Total assets under supervision reached $4 trillion, while wealth management client assets were approximately $2 trillion. The platform recorded $91 billion in long-term net inflows, marking the thirty-fourth consecutive quarter of positive inflows. Management also expects alternatives fundraising to exceed $125 billion during FY2026 after raising $85 billion in the first half.
Automated analysis for informational purposes only — not investment advice.
On August 14, 2026, Goldman Sachs announced an agreement to acquire NEOS Investments in a transaction valued at up to $2.25 billion. NEOS manages approximately $30 billion in options-linked exchange-traded funds, including QQQI and SPYI. The transaction aims to expand the group's presence in the exchange-traded fund market, with the current NEOS management team expected to join to ensure operational continuity. The transaction is part of the targeted acquisition strategy in Asset & Wealth Management, alongside Industry Ventures and Innovator, whose integration management said had shown good momentum.
Management believes that the buildout of artificial intelligence infrastructure is still in its early stages and is driving demand for advisory, financing, risk management, and capital markets execution. In August 2026, Goldman Sachs joined Apollo, BlackRock, Blackstone, Brookfield, and KKR in an initiative targeting the mobilization of more than $500 billion to finance computing infrastructure based on Nvidia technologies. However, management said the cycle could experience slowdowns and recalibrations over six months or 18 months as end demand and pricing become clearer. News on August 14, 2026 also reported that Nvidia's planned guarantees for the OpenAI project were reduced to less than $120 billion, illustrating that commitment sizes are not fixed.
The CET1 ratio was approximately 12.9% at the end of Q2 FY2026, exceeding the 11.4% requirement by 150 basis points. The group repurchased $4 billion of common stock and raised the quarterly dividend to $5 per share, an increase of 25% from the prior year. In contrast, the SLR declined to 4.3% as balance sheet-intensive financing activities expanded. Management therefore emphasized that it will balance client financing, risk-adjusted returns, and capital constraints, and that there is a limit to its appetite for expanding the balance sheet.
