# The Goldman Sachs Group, Inc. (GS)

> Goldman Sachs advises companies and governments, trades and finances financial assets, manages investments, and provides private banking and wealth advice.

- Exchange: New York Stock Exchange · Sector: Financials · Industry: Capital Markets
- Headquarters: New York, New York
- Founded: 1869
- Employees: 46,200
- SEC CIK: 0000886982 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000886982))
- Full page: https://inspectstocks.com/stocks/gs
- Data as of: price 2026-09-25; newest filing used 2026-08-03; latest fiscal period ended 2026-06-30

## Grade

**B** on the balance-sheet rubric used for lenders, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $21B |  |
| Earnings growing overall | passed | $21B | $8.8B |
| Earnings growing recently | passed | $21B | $17.2B |
| Earns well on its assets | failed | 1.0% |  |
| Book value per share growing | passed | $393.49 | $327.25 |

Business quality (the + / − mark): 5 of 8 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 31.7% |  |
| Healthy profit margin | passed | 31.7% |  |
| Good return on equity | passed | 16.8% |  |
| Debt under control | passed | 0.02 |  |
| Turns sales into cash | failed | -62.7% |  |
| Earns a wide spread on lending | failed | 0.8% |  |
| Runs the bank efficiently | failed | 62.3% |  |
| Credit losses well covered | passed | -2.1% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $66.2B |
| Net income, trailing twelve months | $21B |
| Free cash flow, trailing twelve months | -$41.5B |
| Net margin | 31.7% |
| Return on equity | 16.8% |
| Debt to equity | 0.02 |
| Diluted EPS, trailing twelve months | $64.77 |
| Share price | $935.45 |
| Market value | $272.4B |
| Price / earnings | 14.4x |
| Price / sales | 4.1x |

## What the business does

Goldman Sachs helps companies, governments and other clients raise money, buy or sell businesses, and manage financial risks. It also trades stocks, bonds, currencies, commodities and related contracts for clients, manages investments for institutions and individuals, and provides private banking, loans and wealth advice. It is a bank holding company, with businesses subject to financial regulation in the United States and other countries.

### How it makes money

- **Global Banking & Markets** (71.1%) — Earns fees for advising on business sales and mergers and helping clients issue stocks and bonds; also earns trading, financing, lending, transaction banking and investment income.
- **Asset & Wealth Management** (28.6%) — Receives fees for managing investments and advising clients, sometimes earns additional fees tied to investment results, and earns interest on private-bank loans and deposits as well as gains or losses on investments.
- **Platform Solutions** (0.3%) — Earned revenue mainly from issuing credit cards and taking deposits for Apple Card customers, as well as businesses that have been exited. Goldman Sachs agreed to transfer the Apple Card program to another issuer.

### Products

- **Investment banking advice and underwriting** — Advice for companies on mergers, acquisitions, business sales and restructurings; help issuing stocks, bonds and loans to raise money.
- **Trading and market making** — Buying and selling stocks, bonds, currencies, commodities and related contracts for clients, and sometimes taking the other side of a trade when a buyer or seller is not readily available.
- **Prime financing and securities lending** — Loans and borrowed securities that investment funds and other professional investors use to support their trading, including short sales.
- **Investment management** — Investment funds and managed accounts investing in stocks, bonds, private companies, real estate and other assets for institutional and individual clients.
- **Private wealth advice and banking** — Financial planning, investment advice, deposits and loans for wealthy individuals, families and family offices.
- **Transaction banking** — Deposit accounts, payments and cash-management services for companies and institutional clients.

### Customers

- Companies that hire Goldman Sachs for advice on mergers, acquisitions, business sales and restructurings, or to raise money by issuing stocks, bonds or loans; they typically pay fees for completed work.
- Companies, governments and other issuers that buy help selling stocks, bonds and other financial instruments to investors.
- Financial institutions, investment funds and other professional investors that trade financial assets, seek financing, borrow securities or manage investment risks.
- Institutional investors, such as pension funds and foundations, that pay Goldman Sachs to manage investments or advise on portfolios.
- Wealthy individuals, families and family offices that use investment advice, financial planning, deposits and loans.
- Companies that use corporate deposits, payment services and cash management; Apple Card customers have used its card and deposit services while the program transition is pending.

### Competitors

- JPMorgan Chase & Co. (JPM) — Investment banking, trading, lending, asset management and private banking services.
- Morgan Stanley (MS) — Investment banking, trading, investment management and wealth advice.
- Bank of America Corporation (BAC) — Investment banking, trading, lending, wealth advice and banking services for companies and individuals.
- Citigroup Inc. (C) — Investment banking, trading, lending, transaction banking and services for institutional clients.
- UBS Group AG (UBS) — Investment banking, trading, asset management and wealth advice.

### What it depends on

- Revenue depends on financial-market activity, client trading, business deal-making and the value of assets it manages or holds.
- The firm relies on access to deposits, borrowing and other funding, while its bank subsidiaries and parent company must meet capital and liquidity rules.
- Its operations depend on computer systems, data, cybersecurity and services from outside technology providers.
- The Apple Card program is being transferred to another issuer; the filings describe the agreement but do not establish its status after the latest report.

### What could go wrong

- A downturn, falling asset prices or reduced confidence among company executives and investors can reduce trading, deal-making, investment-management fees and the value of positions Goldman Sachs holds.
- Market-making, lending and financing can expose the firm to losses when prices move, markets become less liquid, borrowers default or counterparties fail to meet obligations.
- Extensive financial rules across the United States and other countries can limit trading, lending and investment activities, require additional capital or liquidity, and create legal, compliance and regulatory costs.

## More on this company

- [Overview](https://inspectstocks.com/stocks/gs)
- [Financial statements](https://inspectstocks.com/stocks/gs/financials)
- [Competitors](https://inspectstocks.com/stocks/gs/peers)
- [Earnings](https://inspectstocks.com/stocks/gs/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.