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The Goldman Sachs Group (GOS) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of The Goldman Sachs Group €1,435, price €800, upside +79.2%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · DE · ISIN US38141G1040

TG Broad data Sep 29, 2026

The Goldman Sachs Group

GOS · XETRA

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value €1,435 · Strongly undervalued (+79.2%)
✓Quality 60/100
!Mixed Growth (revenue 5y +18.5 %/yr)
✓Highly profitable · 29.4% net margin (TTM)
!High debt · generates free cash flow
✓1.9% dividend yield · Well covered
✓Wide moat 69/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€990.60 €242.75 Fair Value €1,435 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range €242.75 – €990.60 · fair‑value band €933.98 – €1,793 · the €800.40 price screens below the €1,435 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.

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The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Stock analysis

The Goldman Sachs Group (GOS) currently trades at €800.40, while our model-based Fair Value estimate is €1,435, implying the stock looks roughly 44.2% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €1,686 per share, and 8 of the 13 models we run sit above the €800.40 price.

Bear case: the Asset-Based group reads lowest at €252.20, and 5 of the 13 models stay below the price. Evidence for this calculation is high.

Scenario range: €933.98 (bear) to €1,793 (bull), the price of €800.40 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

The Goldman Sachs Group reported revenue of $125B in FY2025 versus $65.0B in FY2021, a compound +17.8%/yr. Reported net income was $17.2B in FY2025, compounding −5.6%/yr from FY2021.

Key figures

Market cap €289B · P/E ratio 16.7 · P/S ratio 2.29 · EPS (TTM) €48.05 · Dividend yield 1.9% · Net margin 13.7% · Return on equity 14.6% · Return on assets (EBIT) 1.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 19% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −30% fair-value upside, at 79%, GOS screens cheaper than that median.

Fair Value models

Bear €933.98 Fair Value €1,435 Bull €1,793
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€24.61 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF €1,797 €3,197 €5,312 76
Residual Income €370.79 €466.02 €689.50 75
Owner Earnings €1,532 €2,977 €5,300 73
All 13 models by family
DCF Models
Owner Earnings €1,532 €2,977 €5,300 73
5Y P/E Exit €646.69 €1,318 €2,006 69
10Y P/E Exit €1,005 €1,686 €2,489 63
Earnings-Based
Graham-Dodd €351.71 €1,108 €1,475 64
Lynch FV €242.58 €346.54 €450.50 61
Dividend Discount
Gordon GGM €152.85 €333.70 €561.47 65
DDM Multi-Stage €152.85 €259.08 €347.77 66
Multiples
P/E Multiple €1,086 €1,448 €1,810 63
P/B Multiple €659.46 €879.28 €1,099 55
Asset-Based
NCAV (Graham) €188.21 €252.20 €376.41 54
Growth DCF
Growth DCF €1,797 €3,197 €5,312 76
Rev-Margin DCF €382.41 €823.49 €1,288 70
Economic Profit
Residual Income €370.79 €466.02 €689.50 75

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Quality Score breakdown

Overall quality 60/100

Of which business quality 53 · Market factors (momentum, volatility) 50

Profitability 29
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.5%
Start year 2020 (pandemic). Over 10 years: +12.3% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+14.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.0%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.3% vs 14.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 18%
2025 sits 102% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)

Growth Forecast

Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−9.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.3% a year for the forecasts.
Forecast 2026 (sales)−48.0%
Forecast 2027 (sales)+4.9%
Projected 2028 (sales)+4.6%
Projected 2029 (sales)+4.2%
Projected 2030 (sales)+3.8%

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Cite: Fair Value Calculator (2026). "The Goldman Sachs Group Fair Value". https://www.fairvalue-calculator.com/stock/GOS

Frequently asked questions

Is The Goldman Sachs Group (GOS) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of €1,435 versus a price of €800.40, about +79% upside (undervalued).
What is the fair value of GOS?
Our model-based fair value for The Goldman Sachs Group is €1,435 (as of Sep 29, 2026), built from audited fundamentals. The current price: €800.40.
What is the quality score of GOS?
The Goldman Sachs Group has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for The Goldman Sachs Group (GOS)?
Our model-based price target is the fair value of €1,435 (as of Sep 29, 2026) from 13 valuation models. Cautious scenario €933.98, optimistic scenario €1,793. It is a calculation from audited fundamentals, not an analyst target.
What is the The Goldman Sachs Group stock forecast for 2026?
Our models put fair value at €1,435, about +79% upside versus a price of €800.40 (undervalued). Cautious scenario €933.98, optimistic scenario €1,793. The calculation is refreshed regularly with new filings.
What is the revenue of The Goldman Sachs Group (GOS)?
The Goldman Sachs Group reported trailing-twelve-month revenue of about $61.5B (latest available figure, as of Sep 29, 2026).
Does The Goldman Sachs Group pay a dividend?
The Goldman Sachs Group currently shows a dividend yield of about 1.94% relative to its recent price (as of Sep 29, 2026).
What growth is priced into The Goldman Sachs Group (GOS)?
For today's price to be fair in a discounted-cash-flow model, The Goldman Sachs Group would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.5 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of GOS use?
Our models discount The Goldman Sachs Group at 9.1 %: a base by market capitalisation (mega), damped by beta 1.29, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For The Goldman Sachs Group that is less than minus 40 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has The Goldman Sachs Group (GOS) delivered so far?
Over the past 5 years revenue at The Goldman Sachs Group grew +18.5 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of The Goldman Sachs Group (GOS) growing?
The median revenue growth in the sector is +9.9 % a year. That is the yardstick for the growth priced into The Goldman Sachs Group (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of The Goldman Sachs Group (GOS)?
The free-cash-flow yield on the price is 9.50 %: that much free cash flow The Goldman Sachs Group produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of The Goldman Sachs Group (GOS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Goldman Sachs Group it is €1,435 per share (as of Sep 29, 2026), against a price of €800.40. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is The Goldman Sachs Group stock overvalued or undervalued in 2026?
As of Sep 29, 2026, GOS trades below its calculated fair value: price €800.40, fair value €1,435, a gap of about +79% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GOS?
No. The price is what the market pays today (€800.40); the fair value is what the company's own numbers justify (€1,435). For The Goldman Sachs Group the two are €634.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is The Goldman Sachs Group worth?
The market values The Goldman Sachs Group at about €289B (market capitalisation, as of Sep 29, 2026). Per share that is €800.40; our models calculate a fair value of €1,435 per share.
What do the bullish and bearish scenarios say about GOS?
Our models span a range for The Goldman Sachs Group: cautious scenario €933.98, base €1,435, optimistic €1,793 per share (as of Sep 29, 2026, price €800.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is GOS from its 52-week high?
The Goldman Sachs Group trades at €800.40, about 19% below its 52-week high of €990.60 and 27% above the low of €631.15 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €1,435 is for.
Which stocks are comparable to The Goldman Sachs Group?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Charles Schwab Corporation, Interactive Brokers Group, Robinhood Markets, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is The Goldman Sachs Group stock attractive at the current price?
The data as of Sep 29, 2026: price €800.40, calculated fair value €1,435 (+79%), Quality Score 60/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GOS calculated?
We run The Goldman Sachs Group through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €1,435, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. The Goldman Sachs Group currently trades 44 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of The Goldman Sachs Group (GOS)?
The closing price on Oct 2, 2026 was €800.40. Our model-based fair value is €1,435, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Goldman Sachs Group right now?
The price is below even our cautious bear case (€933.98). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€933.98 to €1,793) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of The Goldman Sachs Group (GOS) come from?
Earnings per share at The Goldman Sachs Group grew +11.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.0 %, EBIT margin −6.9 %, tax rate +1.3 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of The Goldman Sachs Group

How large is the market capitalisation of The Goldman Sachs Group (GOS)?
The market capitalisation of The Goldman Sachs Group is €289B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of The Goldman Sachs Group (GOS)?
The price-to-earnings ratio of The Goldman Sachs Group is 16.7. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of The Goldman Sachs Group (GOS)?
The price-to-sales ratio of The Goldman Sachs Group is 2.29 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of The Goldman Sachs Group (GOS)?
Earnings per share at The Goldman Sachs Group are €48.05 (price ÷ EPS = P/E 16.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of The Goldman Sachs Group (GOS)?
The dividend yield of The Goldman Sachs Group is 1.9% (payout 32.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of The Goldman Sachs Group (GOS)?
The net margin of The Goldman Sachs Group is 13.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of The Goldman Sachs Group (GOS)?
The return on equity (ROE) of The Goldman Sachs Group is 14.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of The Goldman Sachs Group (GOS)?
On an EBIT basis the return on assets of The Goldman Sachs Group is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of The Goldman Sachs Group (GOS)?
The operating margin of The Goldman Sachs Group is 38.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at The Goldman Sachs Group (GOS)?
Revenue at The Goldman Sachs Group is growing +14.5% versus a year earlier (3y avg +22.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at The Goldman Sachs Group (GOS)?
Earnings per share at The Goldman Sachs Group are growing +24.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does The Goldman Sachs Group (GOS) carry?
The net debt of The Goldman Sachs Group is $655B (fiscal year 2025, ≈ 28.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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