The Goldman Sachs Group, Inc. (GS) Key Metrics
GS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $256.60B
- Enterprise value
- $105.72B
- P/E (TTM)
- 12.7 10-yr median 12.2
- Forward P/E
- 12.8
- PEG ratio
- 1.17
- Price / sales
- 3.6 10-yr median 1.8
- Price / book
- 2.5 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 18.4
- Dividend yield
- 2.27% $20.00 a year
- Beta
- 1.28
GS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsGS valuation Price multiples at each fiscal year-end price.
GS returns How much profit the business earns on the capital it uses.
GS per-share figures Results divided by the shares outstanding at year-end.
GS financial health Debt, liquidity and how easily interest is covered.
GS efficiency & capital use Working capital cycle and where the cash goes.
GS valuation history
GS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GS cash returned to shareholders
GS price vs earnings per share
GS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $279.17B | $191.03B | $133.40B | $122.96B | $136.11B | $95.01B | $86.34B | $65.18B | $104.22B | $104.18B |
| Enterprise value | $264.18B | −$113.87B | −$208.41B | −$164.44B | −$154.85B | $358.70B | $317.25B | $200.33B | $247.46B | $187.82B |
| P/E ratio | 16.3 | 13.4 | 15.7 | 10.9 | 6.3 | 10.0 | 10.2 | 6.2 | 24.3 | 14.1 |
| Price / sales | 2.2 | 1.5 | 1.2 | 1.8 | 2.1 | 1.8 | 1.6 | 1.2 | 2.4 | 2.7 |
| Price / book | 2.2 | 1.6 | 1.1 | 1.0 | 1.2 | 1.0 | 1.0 | 0.7 | 1.3 | 1.2 |
| Price / free cash flow | — | — | — | 24.8 | — | — | 5.6 | 5.2 | — | 38.7 |
| Price / operating cash flow | — | — | — | 14.1 | 147.8 | — | 3.6 | 3.2 | — | 18.7 |
| EV / sales | 2.1 | -0.9 | -1.9 | -2.4 | -2.4 | 6.7 | 5.9 | 3.8 | 5.8 | 5.0 |
| EV / EBITDA | 11.0 | — | — | — | — | 24.9 | 25.8 | 14.5 | 20.1 | 16.6 |
| EV / free cash flow | — | — | — | — | — | — | 20.6 | 16.1 | — | 69.7 |
| Earnings yield | 6.2% | 7.5% | 6.4% | 9.2% | 15.9% | 10.0% | 9.8% | 16.0% | 4.1% | 7.1% |
| Free cash flow yield | −16.9% | −8.0% | −11.2% | 4.0% | −2.8% | −21.1% | 17.9% | 19.1% | −20.1% | 2.6% |
| Dividend yield | 1.9% | 2.4% | 3.1% | 3.0% | 2.0% | 2.5% | 2.4% | 2.8% | 1.7% | 1.6% |
| Shareholder yield (dividends + buybacks) | 6.3% | 7.7% | 8.2% | 5.8% | 7.8% | 4.9% | 9.9% | 7.8% | 9.0% | 7.5% |
| Share price at fiscal year-end | $879.00 | $572.62 | $385.77 | $343.38 | $382.55 | $263.71 | $229.93 | $167.05 | $254.76 | $239.45 |
| Per share | ||||||||||
| Revenue per share | $393.88 | $380.25 | $313.53 | $191.88 | $182.66 | $148.48 | $143.55 | $134.21 | $104.61 | $87.09 |
| Earnings per share | $54.08 | $42.79 | $24.63 | $31.45 | $60.81 | $26.25 | $22.55 | $26.80 | $10.48 | $17.00 |
| Operating cash flow per share | −$142.17 | −$39.60 | −$36.40 | $24.32 | $2.59 | −$38.10 | $63.56 | $52.33 | −$43.37 | $12.80 |
| Free cash flow per share | −$148.67 | −$45.87 | −$43.10 | $13.85 | −$10.53 | −$55.61 | $41.08 | $31.88 | −$51.15 | $6.19 |
| Cash per share | $1,966.39 | $2,763.28 | $2,674.80 | $2,016.07 | $2,188.65 | $434.43 | $354.19 | $333.16 | $564.34 | $548.46 |
| Book value per share | $393.49 | $365.70 | $338.07 | $327.25 | $308.95 | $266.44 | $239.68 | $230.65 | $201.03 | $199.71 |
| Tangible book value per share | $372.11 | $345.61 | $317.56 | $303.84 | $295.74 | $252.67 | $226.80 | $220.19 | $191.16 | $190.30 |
| Dividends per share | $16.62 | $13.48 | $12.11 | $10.28 | $7.66 | $6.48 | $5.60 | $4.64 | $4.32 | $3.92 |
| Capex per share | $6.50 | $6.27 | $6.70 | $10.47 | $13.12 | $17.51 | $22.48 | $20.46 | $7.79 | $6.61 |
| Debt per share | $1,919.19 | $1,849.33 | $1,686.34 | $1,213.48 | $1,370.89 | $1,166.27 | $969.14 | $679.52 | $914.48 | $740.69 |
| Shares outstanding | 317.6M | 333.6M | 345.8M | 358.1M | 355.8M | 360.3M | 375.5M | 390.2M | 409.1M | 435.1M |
| Change in shares outstanding | −4.8% | −3.5% | −3.4% | +0.6% | −1.2% | −4.0% | −3.8% | −4.6% | −6.0% | −5.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.9% | 12.0% | 7.3% | 9.9% | 21.0% | 10.2% | 9.4% | 12.1% | 5.1% | 8.5% |
| Return on invested capital (ROIC) | — | — | — | — | — | 2.8% | 3.1% | 4.6% | 2.8% | 4.1% |
| Return on assets (ROA) | 1.0% | 0.9% | 0.6% | 0.8% | 1.6% | 0.9% | 0.9% | 1.1% | 0.5% | 0.9% |
| Return on tangible assets | 1.0% | 0.9% | 0.5% | 0.8% | 1.5% | 0.8% | 0.9% | 1.1% | 0.5% | 0.9% |
| Free cash flow margin | −37.7% | −12.1% | −13.7% | 7.2% | −5.8% | −37.5% | 28.6% | 23.8% | −48.9% | 7.1% |
| Income quality (OCF / net income) | −2.63 | −0.93 | −1.48 | 0.77 | 0.04 | −1.45 | 2.82 | 1.95 | −4.14 | 0.75 |
| Financial health | ||||||||||
| Total debt | $609.53B | $616.93B | $583.13B | $434.55B | $487.76B | $420.21B | $363.91B | $265.15B | $374.12B | $322.27B |
| Cash & short-term investments | $624.53B | $921.83B | $924.95B | $721.95B | $778.72B | $156.53B | $133.00B | $130.00B | $230.87B | $238.64B |
| Net debt | −$14.99B | −$304.89B | −$341.81B | −$287.41B | −$290.96B | $263.68B | $230.91B | $135.15B | $143.24B | $83.64B |
| Debt / equity | 4.88 | 5.06 | 4.99 | 3.71 | 4.44 | 4.38 | 4.04 | 2.95 | 4.55 | 3.71 |
| Debt / assets | 0.34 | 0.37 | 0.36 | 0.30 | 0.33 | 0.36 | 0.37 | 0.28 | 0.41 | 0.37 |
| Net debt / EBITDA | −0.62 | −14.67 | −21.92 | −18.03 | −10.01 | 18.34 | 18.79 | 9.79 | 11.66 | 7.40 |
| Current ratio | 0.83 | 0.93 | 0.94 | 0.89 | 0.97 | 1.14 | 0.93 | 2.83 | 0.69 | 0.71 |
| Quick ratio | 0.83 | 0.93 | 1.28 | 2.12 | 1.93 | 4.33 | 3.92 | 5.99 | 2.24 | 2.24 |
| Interest coverage | 0.3 | 0.3 | 0.2 | 0.6 | 4.8 | 1.4 | 0.6 | 0.8 | 1.1 | 1.5 |
| Working capital | −$208.23B | −$85.23B | −$72.70B | −$103.20B | −$26.87B | $33.53B | −$15.00B | $405.00B | −$143.89B | −$127.20B |
| Invested capital | $109.98B | −$182.90B | −$224.91B | −$170.22B | −$181.03B | $359.68B | $320.91B | $225.15B | $225.49B | $170.53B |
| Tangible asset value | $118.18B | $115.30B | $109.81B | $108.81B | $105.22B | $91.04B | $85.16B | $85.92B | $78.20B | $82.80B |
| Net current asset value | −$665.77B | −$480.93B | −$451.17B | −$455.63B | −$405.15B | −$789.47B | −$695.00B | −$217.00B | −$509.66B | −$459.50B |
| Graham number | $691.96 | $593.39 | $432.81 | $481.19 | $650.15 | $396.72 | $348.69 | $372.97 | $217.69 | $276.41 |
| Graham net-net per share | −$2,406.43 | −$1,554.96 | −$1,976.86 | −$3,036.66 | −$2,568.60 | −$3,354.61 | −$2,786.63 | −$1,768.46 | −$2,189.15 | −$1,871.31 |
| Capital allocation | ||||||||||
| Dividends paid | $5.28B | $4.50B | $4.19B | $3.68B | $2.73B | $2.34B | $2.10B | $1.81B | $1.77B | $1.71B |
| Share buybacks (net) | $12.36B | $10.20B | $6.80B | $3.50B | $7.88B | $2.28B | $6.43B | $3.29B | $7.62B | $6.08B |
| Dividend payout ratio | 30.7% | 31.5% | 49.2% | 32.7% | 12.6% | 24.7% | 24.9% | 17.3% | 41.3% | 23.1% |
| Dividends + buybacks / free cash flow | — | — | — | 144.8% | — | — | 55.4% | 41.0% | — | 288.9% |
| Capex / revenue | 1.6% | 1.6% | 2.1% | 5.5% | 7.2% | 11.8% | 15.7% | 15.2% | 7.4% | 7.6% |
| Capex / operating cash flow | — | — | — | 43.0% | 506.7% | — | 35.4% | 39.1% | — | 51.6% |
| Capex / depreciation | 0.95 | 0.87 | 0.48 | 1.53 | 2.32 | 3.32 | 4.95 | 6.01 | 2.76 | 2.88 |
| Stock-based compensation / revenue | 2.8% | 2.1% | 1.9% | 5.9% | 3.6% | 3.6% | 3.7% | 3.5% | 4.1% | 5.6% |
| SG&A / revenue | 15.7% | 13.7% | 14.9% | 23.2% | 28.1% | 25.6% | 24.3% | 25.0% | 28.6% | 31.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 795.5 | 431.3 | 497.6 | 842.6 | 817.7 | 668.6 | 1,933.3 | 2,056.1 | 721.3 | 760.4 |
| Days of inventory on hand | — | — | -4,565.0 | -16,098.9 | -51,961.1 | -21,882.2 | -13,492.5 | -15,657.2 | -23,518.9 | -9,466.0 |
| Days payables outstanding | 1,264.2 | 1,109.3 | 1,423.1 | 3,898.5 | 13,456.8 | 5,549.6 | 3,513.2 | 3,941.0 | 6,173.5 | 9,989.6 |
| Cash conversion cycle (days) | -468.7 | -678.0 | -5,490.5 | -19,154.8 | -64,600.2 | -26,763.2 | -15,072.4 | -17,542.1 | -28,971.2 | -18,695.2 |
| Receivables turnover | 0.46 | 0.85 | 0.73 | 0.43 | 0.45 | 0.55 | 0.19 | 0.18 | 0.51 | 0.48 |
| Payables turnover | 0.29 | 0.33 | 0.26 | 0.09 | 0.03 | 0.07 | 0.10 | 0.09 | 0.06 | 0.04 |
| Asset turnover | 0.07 | 0.08 | 0.07 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.04 |
| Average receivables | $272.63B | $149.90B | $147.80B | $158.61B | $145.60B | $98.00B | $285.50B | $295.00B | $84.57B | $78.94B |
| Average payables | $227.56B | $226.99B | $246.39B | $256.99B | $221.47B | $183.00B | $177.50B | $179.08B | $183.31B | $199.41B |
| Average inventory | — | — | −$790.33B | −$1.06T | −$855.15B | −$721.57B | −$681.68B | −$711.48B | −$698.35B | −$188.96B |
| Intangibles / total assets | 0.4% | 0.4% | 0.4% | 0.6% | 0.3% | 0.4% | 0.5% | 0.4% | 0.4% | 0.5% |
Computed from GS's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Goldman Sachs traded at 16.3 times earnings, against a 10-year median of 12.2. Based on the latest twelve months, the trailing P/E is 12.7 and the forward P/E is 12.8. Goldman Sachs earned a return on equity of 13.9% in fiscal 2025. It ended the year with $609.5 billion of debt and $624.5 billion in cash and short-term investments, a net cash position of $15.0 billion. It returned $17.6 billion to shareholders: $5.3 billion in dividends and $12.4 billion in share buybacks. The share count fell 27.0% from 435.1M to 317.6M over 9 years.
See the GS income statement, the GS chart for price history, or the GS stock overview for the latest quote and news.
GS key metrics FAQ
What is Goldman Sachs's P/E ratio?
Goldman Sachs's trailing P/E ratio is 12.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.8. At the end of fiscal 2025 it was 16.3, compared with a 10-year median of 12.2.
What is Goldman Sachs's EV/EBITDA?
Goldman Sachs's enterprise value was 11.0 times EBITDA at the end of fiscal 2025 (enterprise value $264.2 billion, EBITDA $24.0 billion).
What is Goldman Sachs's return on equity?
Goldman Sachs's return on equity (ROE) was 13.9% in fiscal 2025: net income of $17.2 billion on average shareholders' equity of $123.5 billion.
How much debt does Goldman Sachs have?
Goldman Sachs had total debt of $609.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.88 and more cash than debt.
What is Goldman Sachs's dividend yield?
Goldman Sachs's forward dividend yield is 2.27%. Goldman Sachs paid $5.3 billion in dividends in fiscal 2025 ($16.62 per share), a payout ratio of 30.7%.
Does Goldman Sachs buy back its shares?
Yes. Goldman Sachs spent $12.4 billion on net share repurchases in fiscal 2025 Shares outstanding changed −4.8% over the year, to 317.6M..
What is Goldman Sachs's free cash flow yield?
Goldman Sachs generated -$47.2 billion of free cash flow in fiscal 2025, a free cash flow yield of −16.9% on its market value at year-end ($279.2 billion).
What is Goldman Sachs's current ratio?
Goldman Sachs's current ratio was 0.83 at the end of fiscal 2025: current assets were 0.83 times current liabilities.