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Golden State Bancorp (GSBX) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Golden State Bancorp stock $32.75, price $40.00, that is 18.1% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

GS Golden State Bancorp logo Some data Nov 8, 2026

Golden State Bancorp

GSBX · US
Solid, but expensive

Our calculation puts a fair price 18% below what the stock costs today.

Highly profitable · 27.6% net margin (TTM)
Ranks above peers (9/12)
Revenue last quarter +20% vs. a year ago.
Quality 53/100
Mixed Growth (revenue 5y +24.8 %/yr in USD)
Moderate moat 63/100 · thin data
Some data
Fair value $32.75 · Overvalued
⚠ Thinly traded
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

$40.50 $13.60 Fair Value $32.75 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $13.60 – $40.50 · fair‑value band $29.49 – $40.70 · the $40.00 price screens above the $32.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Golden State Bancorp operates as the holding company for Golden State Bank that provides personal and business banking services in Los Angeles, Orange, Riverside, San Diego, Ventura, and San Bernardino counties in California.

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The company accepts checking, savings, deposits, and money market accounts, and cash management services, as well as certificates of deposit.

Its loan products comprise commercial real estate, business operating term, and construction loans, as well as non-owner occupied residential financing, strategic bridge financing solutions, and lines of credit. In addition, the company offers bill pay, and online and mobile banking services.

It serves the business, commercial, and professional markets through its branches located in Glendale, California, and Upland. Golden State Bancorp was incorporated in 2015 and is headquartered in Glendale, California.

Stock analysis

Golden State Bancorp (GSBX) currently trades at $40.00, while our model-based Fair Value estimate is $32.75, 18% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $42.21 per share, and 1 of the 4 models we run sit above the $40.00 price.

Bear case: the Asset-Based group reads lowest at $23.18, and 3 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $29.49 (bear) to $40.70 (bull), the price of $40.00 sits inside 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 53/100 (solid quality), in the Financial Services sector.

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

Golden State Bancorp reported revenue of $35.3M in FY2025 versus $17.7M in FY2021, a compound +18.8%/yr. Reported net income was $9.3M in FY2025, compounding +27.3%/yr from FY2021.

Key figures

Market cap $112M Micro · P/E ratio 10.7 · P/S ratio 2.93 · EPS (TTM) $3.73 · Net margin 27.6% · Return on equity 12.8% · Return on assets (EBIT) 0.4% (5-year average) · Operating margin 41.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).

What moves the price

The share trades about 1% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −18%, GSBX screens cheaper than that median.

Fair Value models

Bear $29.49 Fair Value $32.75 Bull $40.70
Price $40.00 · Downside -18.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.20 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. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income $29.49 $32.75 $40.70 71
P/E Multiple $38.64 $51.52 $64.40 63
P/B Multiple $24.68 $32.90 $41.13 55
All 4 models by family
Multiples
P/E Multiple $38.64 $51.52 $64.40 63
P/B Multiple $24.68 $32.90 $41.13 55
Asset-Based
NCAV (Graham) $17.30 $23.18 $34.60 54
Economic Profit
Residual Income $29.49 $32.75 $40.70 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 57
Are margins and returns getting better?
Cashflow 88
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 53
Does it invest with discipline instead of growing at any price?
Low Volatility 100
How calm the share price moves, does not count
Price momentum 54
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 79
Distance to the 52-week high, does not count
New shares 35
Buys back shares or issues new ones?

Open the full quality analysis →

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. 92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.0%
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.
+11.9%
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.
+24.8%
Start year 2020 (pandemic). Over 10 years: +23.1% a year
Revenue growth 22 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.
+43.6%
What shareholders gained per year (last 5 years) ⓘ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.
+22.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.5%
Dividend (yield on the price)0.0%
⚠ Revenue per share shrinking 4.5%/yr over ~20Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

GSBX screens overvalued: fair value 18% below the price. Compare with China Merchants Bank Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −18.1% · Above median
Profitability
Return on equity (12 months) 12.8% · Above median
Return on assets 1.0% · Above median
Net margin (12 months) 27.6% · Below median
Operating margin (12 months) 41.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) 20.2% · Top 25%
Balance sheet
Debt / equity 0.26× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.7× · Cheaper than median
P/B 1.37× · Pricier than median
P/S (12 months) 2.93× · Cheaper than median
Price / free cash flow (fiscal year) 9.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)9 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)51 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs GSBX
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs GSBX
BNP Paribas SA BNP €91.93 €106.01 +15% vs GSBX
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs GSBX
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs GSBX
UniCredit S.p.A UCG €76.80 €50.44 −34% vs GSBX
Mizuho Financial Group MFG $9.40 $5.89 −37% vs GSBX
DBS Group D05 69.72 SGD 40.39 SGD −42% vs GSBX
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs GSBX
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs GSBX

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Golden State Bancorp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Golden State Bancorp Fair Value". https://www.fairvalue-calculator.com/stock/GSBX

Frequently asked questions

Is Golden State Bancorp (GSBX) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $32.75 versus a price of $40.00, about 18% lower (overvalued).
What is the fair value of GSBX?
Our model-based fair value for Golden State Bancorp is $32.75 (as of Nov 8, 2026), built from audited fundamentals. The current price: $40.00.
What is the quality score of GSBX?
Golden State Bancorp has a Quality Score of 53/100. 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 Golden State Bancorp (GSBX)?
Our model-based price target is the fair value of $32.75 (as of Nov 8, 2026) from 4 valuation models. Cautious scenario $29.49, optimistic scenario $40.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Golden State Bancorp stock forecast for 2026?
Our models put fair value at $32.75, about 18% lower versus a price of $40.00 (overvalued). Cautious scenario $29.49, optimistic scenario $40.70. The calculation is refreshed regularly with new filings.
What is the revenue of Golden State Bancorp (GSBX)?
Golden State Bancorp reported trailing-twelve-month revenue of about $38.2M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Golden State Bancorp (GSBX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Golden State Bancorp it is $32.75 per share (as of Nov 8, 2026), against a price of $40.00. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Golden State Bancorp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, GSBX trades above its calculated fair value: price $40.00, fair value $32.75, a gap of about −18% (overvalued). 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 GSBX?
No. The price is what the market pays today ($40.00); the fair value is what the company's own numbers justify ($32.75). For Golden State Bancorp the two are $7.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Golden State Bancorp worth?
The market values Golden State Bancorp at about $112M (market capitalisation, as of Nov 8, 2026). Per share that is $40.00; our models calculate a fair value of $32.75 per share.
What do the bullish and bearish scenarios say about GSBX?
Our models span a range for Golden State Bancorp: cautious scenario $29.49, base $32.75, optimistic $40.70 per share (as of Nov 8, 2026, price $40.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSBX?
Golden State Bancorp trades at a price-to-earnings ratio of 10.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $32.75 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2019 to 2025), reported earnings: 9.4. Other multiples: P/B 1.4, P/S 2.9.
How solid is the balance sheet of Golden State Bancorp (GSBX)?
Balance-sheet figures for Golden State Bancorp (as of Nov 8, 2026): return on equity 12.8%, debt of 0.26 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is GSBX from its 52-week high?
Golden State Bancorp trades at $40.00, about 1% below its 52-week high of $40.50 and 29% above the low of $31.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $32.75 is for.
Which stocks are comparable to Golden State Bancorp?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Golden State Bancorp stock attractive at the current price?
The data as of Nov 8, 2026: price $40.00, calculated fair value $32.75 (−18%), Quality Score 53/100, from 4 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 GSBX calculated?
We run Golden State Bancorp through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $32.75 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Golden State Bancorp itself currently trades above fair value. 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 Golden State Bancorp (GSBX)?
The closing price on Nov 6, 2026 was $40.00. Our model-based fair value is $32.75, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Golden State Bancorp right now?
Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Golden State Bancorp

How large is the market capitalisation of Golden State Bancorp (GSBX)?
The market capitalisation of Golden State Bancorp is $112M. 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/S ratio of Golden State Bancorp (GSBX)?
The price-to-sales ratio of Golden State Bancorp is 2.93 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Golden State Bancorp (GSBX)?
Earnings per share at Golden State Bancorp are $3.73 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Golden State Bancorp (GSBX)?
The net margin of Golden State Bancorp is 27.6% (last twelve months). 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 Golden State Bancorp (GSBX)?
The return on equity (ROE) of Golden State Bancorp is 12.8% (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 Golden State Bancorp (GSBX)?
On an EBIT basis the return on assets of Golden State Bancorp is 0.4% (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 Golden State Bancorp (GSBX)?
The operating margin of Golden State Bancorp is 41.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Golden State Bancorp (GSBX)?
Revenue at Golden State Bancorp is growing +20.2% versus a year earlier (3y avg +11.9%). 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 Golden State Bancorp (GSBX)?
Earnings per share at Golden State Bancorp are growing +16.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Golden State Bancorp (GSBX) generate?
The free cash flow of Golden State Bancorp is $11.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Golden State Bancorp (GSBX) hold?
Golden State Bancorp holds more cash than debt, $16.5M net (fiscal year 2006). The company holds more cash than debt, a safety cushion.
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