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Fairly valued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 751.82 Fair value 910.64 One-star price 1,103.01
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (751.82) to the one-star price (1,103.01).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 896.09 |
| Price - 12 month high | 1,153.78 |
| Price - 12 month low | 754.48 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.02 |
| Market capitalization | 267,667.29 |
| 12 Month High price date | 15 JUL 2026 |
| 12 Month Low price date | 21 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 2.07 |
| Price - 1 Day % Change | -0.29% |
| Price - 13 week price percent change | -12.75% |
| Price - 26 week price percent change | -2.99% |
| Price - 5 Day % Change | -1.72% |
| Price - 52 week price percent change | 14.08% |
| Price - YTD price percent change | 1.32% |
| Price % Change Month To Date | -0.72% |
| EPS excluding extraordinary items - most recent fiscal year | 51.320 |
| EPS excluding extraordinary items - trailing 12 month | 69.550 |
| EPS Normalized - most recent fiscal year | 61.266 |
| Revenue/share - most recent fiscal year | 183.511 |
| Revenue/share - trailing 12 month | 227.288 |
| Book value per share - most recent fiscal year | 350.867 |
| Book value per share - most recent quarter | 360.071 |
| Book value (tangible) per share - most recent fiscal year | 398.618 |
| Book value (tangible) per share - most recent quarter | 400.912 |
| Cash per share - most recent fiscal year | 554.037 |
| Cash per share - most recent quarter | 612.489 |
| Cash Flow per share - most recent fiscal year | 74.789 |
| Cash Flow per share - trailing 12 month | 102.198 |
| Dividend per share - most recent fiscal year | 14.000 |
| Dividends per share - trailing 12 month | 18.000 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 51.950 |
| EPS Basic excluding extraordinary items - trailing 12 month | 70.470 |
| EPS including extraordinary items - most recent fiscal year | 51.950 |
| EPS including extraordinary items - trailing 12 month | 70.480 |
| Free Cash Flow per share - trailing 12 month | 95.275 |
| P/E excluding extraordinary items, most recent fiscal year | 13.34 |
| P/E Normalized, most recent fiscal year | 11.62 |
| Price to sales - most recent fiscal year | 4.08 |
| Price to Tangible Book - most fiscal year | 2.83 |
| Price to Free Cash Flow per Share - most recent fiscal year | 9.74 |
| Price to Cash Flow per share - trailing 12 month | 9.08 |
| Price to Book - most recent fiscal year | 2.58 |
| P/E excluding extraordinary items high, trailing 12 months | 20.23 |
| P/E excluding extraordinary items low, trailing 12 months | 12.59 |
| Net Debt, LFI | 1,233,471.00 |
| Net Debt, LFY | 1,000,341.00 |
| Dividend Yield - 5 Year Average | 2.12% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.00% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.94% |
| Free Cash Flow - most recent fiscal year | 21,689.00 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | 27.28% |
| Total debt/total equity - most recent fiscal year | 931.89% |
| LT debt/equity - most recent quarter | — |
| Total debt/total equity - most recent quarter | 1,128.83% |
| Free Cash Flow - trailing 12 month | 29,216.00 |
| Payout ratio - trailing 12 month | 25.87% |
| Revenue - most recent fiscal year | 58,283.00 |
| Revenue - trailing 12 month | 69,698.00 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 21,852.00 |
| Earnings before taxes - trailing 12 month | 27,907.00 |
| Net Income available to common - most recent fiscal year | 16,300.00 |
| Net Income available to common - trailing 12 months | 21,259.00 |
| Earnings before taxes Normalized - most recent fiscal year | 25,871.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 79.88 |
| Net Profit Margin % - 1st historical fiscal year | 29.47% |
| Net Profit Margin % - trailing 12 month | 31.81% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 40.04% |
| Pretax margin - 1st historical fiscal year | 37.49% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | 33.83% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 29.35% |
| Free Operating Cash Flow/Revenue, TTM | 41.92% |
| Net Profit Margin - 5 year average | 26.96% |
| Return on average assets - most recent fiscal year | 0.97% |
| Return on average assets - trailing 12 month | 1.11% |
| Return on average equity - most recent fiscal year | 16.55% |
| Return on average equity - trailing 12 month | 21.37% |
| Return on average assets - 5 year average | 0.88% |
| Return on average equity - 5 year average | 14.49% |
| Net Income/employee - most recent fiscal year | 362,362.87 |
| Revenue/employee - most recent fiscal year | 1,229,599.16 |
| Revenue growth rate, 5 year | 5.52% |
| EPS growth rate, 5 year | 15.71% |
| Growth rate% - dividend, 3 year | 15.87% |
| Revenue/share (5 yr growth) | 8.21% |
| Growth rate% - Revenue, 3 year | 7.16% |
| Growth rate% - EPS, 3 year | 19.52% |
| Book value per share growth rate, 5 year | 8.24% |
| Capital Spending growth rate, 5 year | -20.03% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Goldman delivered a strong 3Q result, with equities trading and investment banking comfortably ahead of expectations, offsetting a softer quarter in fixed income. The key takeaway being that activity levels across equity markets and dealmaking remain healthy despite the higher-rate backdrop.
Leading US investment bank Goldman Sachs kicked off bank earnings season with a solid, but mixed quarter. Its equity traders posting a second consecutive all-time record, surpassing their own previous high by more than $1 billion as Iran war-driven volatility turbocharges Wall Street's trading desks.
Goldman Sachs has been on an exceptional run, as have most US banks through 2025, with shares up ~53% over the past year and trading near all-time highs. Our position in the International Equities Portfolio is up ~70%, having initiated the position in April.
Goldman’s stock traders posted the largest quarterly revenue haul in Wall Street history, as volatility sparked by the Trump administration’s trade war spurred a second straight record quarter for the unit. That drove a beat across pretty much all financial metrics:
Commonwealth Bank (CBA) is not the only financial institution trading on a valuation well above its historical norm. Goldman Sachs now trades at a 44% premium to its usual book value, and nearly 30% premium to its usual PE valuation. While uncommon, it’s not without precedent. GS has traded in a broad valuation range since listing in 1999 - on its first trading day, it actually finished up over 40%, which equated to 5x book value at the time.
Overnight, Goldman Sachs’ traders maintained the trend set by its peers, posting their highest quarterly revenue on record, helped by strong equity trading – the stock rose ~2% following the result. The results built on a record year for Goldman in 2024 when the New York-based bank lifted its revenue in its equities division by almost 50%.
US stocks are expected to open sharply lower this evening on tariff concerns, and we are using weakness to add a new position in Goldman Sachs (GS US), a stock that will likely be a key beneficiary later in the year underpinned by pro-growth US policies around lower taxes and regulation.
The premier Wall Street bank has held a substantial valuation premium over the past year, with the share price doubling from its 2023 low.
Goldman has more than doubled from its 2023 low, with the “Trump Bump” arguably just the icing on the cake. Earlier this month, GS reported fourth-quarter results that topped estimates on stronger-than-expected trading revenue, sending the stock up ~5% after the release.
Giant Investment bank GS delivered a robust set of numbers last month, but the stock does appear to be “getting heavy” as it approaches the $US550 area.
MM is neutral on GS ~US$900
MM is bullish towards Goldman around $US890
MM is selling GS US in the International Equities Portfolio, taking profit around $US962
MM is looking to trim GS US ~$US880
MM remains long & bullish GS US
MM is long and bullish GS
MM remains cautiously long & bullish GS US ~$US700
MM is long and bullish GS
MM are buying GS US in the International Equities Portfolio, allocating 5% around $US563.10
MM is looking to buy GS US into weakness ~$US530
Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a significant reach across global financial centers and has been the leading provider of globalmerger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more predictable, fee-based businesses like asset and wealth management, which contributed roughly 30% of postprovision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumercredit card loans.
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