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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
GS — frequently asked questions
Is The Goldman Sachs Group, Inc. overvalued?
In our latest published analysis dated 2026-09-23, GS looks meaningfully overvalued. The price recorded at analysis is USD ۹۴۹ versus our fair value of USD ۶۵۵; the high endpoint is presented separately as potential value of USD ۸۶۶. That implies roughly 31.0% downside to fair value at that date.
Our latest published report, analyzed 2026-09-23, gives GS a fair value of USD ۶۵۵ and a potential value of USD ۸۶۶. The conclusion is triangulated across multiple valuation models and weighted by reliability for The Goldman Sachs Group, Inc.'s archetype; it is a dated research output, not a live price.
Should I buy GS now?
Our latest published rating for GS, analyzed 2026-09-23, is Sell. The Goldman Sachs Group, Inc. looks meaningfully overvalued at the analysis-date price of USD ۹۴۹ versus fair value of USD ۶۵۵; potential value is USD ۸۶۶. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for GS?
The dedicated bear-case section in our report analyzed 2026-09-23 documents The Goldman Sachs Group, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is GS's rating?
Our latest published rating for GS, analyzed 2026-09-23, is Sell, with a published moat assessment of 7.5/10 (Narrow). It reflects our fair value of USD ۶۵۵, the potential value of USD ۸۶۶, and the price recorded at analysis (USD ۹۴۹).
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.
§1 خلاصه اجراییEN
پاسخ ۳۰ ثانیه‌ایSell
قیمت در برابر ارزش
Price
$949.49
Fair value
$655.45
Potential value
$865.74
As of
2026-09-22
چرا این سناریو می‌تواند موفق باشد
A prolonged multi-year acceleration in global corporate mergers and acquisitions, debt refinancing, and equity underwriting drives advisory fees above prior cycle peaks, while accelerating third-party alternatives fundraising expands high-margin recurring management fee revenue.
چه چیزی دیدگاه ما را تغییر می‌دهد
A synchronized freeze in global debt and equity underwriting alongside widening credit spreads that stalls corporate advisory deal completions.
We rate The Goldman Sachs Group Inc. Sell as the shares trade at $949.49 on September 22, 2026, a 44.9% premium above our Fair value of $655.45.4
We assign a Sell rating to The Goldman Sachs Group Inc.. For an ordinary investor, this recommendation means reducing or exiting existing equity holdings and avoiding new capital allocation, as the shares carry an unfavorable risk-reward profile.
The report was prepared at a price of $949.49 on September 22, 2026. This price stands 44.9% above our Fair value of $655.45 and also exceeds our Potential value of $865.74, leaving no upside even under constructive operating assumptions.
The primary downside risk is a cyclical stall in capital markets underwriting combined with regulatory capital friction. If rising macroeconomic interest rate volatility or credit spread widening slows corporate transaction closures, advisory fee revenue would contract sharply, operating margins would compress toward past cyclical lows, and binding leverage constraints would force the bank to halt share repurchases.4,5
The primary upside driver is a sustained acceleration in global investment banking dealmaking and alternatives fundraising. If the record corporate advisory backlog converts into completed mergers and financing mandates while asset management fees compound, operating leverage would lift earnings per share toward our Potential value of $865.74, although this constructive path remains secondary to the downside valuation gap and regulatory capital constraints.5
Preeminent Global Investment Banking Franchise and Record Advisory Backlog
Goldman Sachs holds leadership in global M&A advisory and corporate debt/equity underwriting, with its backlog reaching a five-year high and second-highest on record. Trusted client relationships allow the firm to enter transaction discussions early and alone, driving high fee margins.5
Rapid Expansion of Capital-Light Alternative Asset Management Fees
Alternative AUM reached $459B generating $725M in quarterly management fees, supported by record 1H2026 gross third-party fundraising of $85B. Routing originated private credit into third-party funds generates compounding fee revenues without consuming regulatory balance-sheet equity.5
During cyclical upturns, wholesale banking revenue growth (~40%) substantially outpaces compensation expense growth (30%) and non-compensation expense growth (22%), rapidly expanding pre-tax margins and per-share earnings.5
توصیه داخلی
We rate Goldman Sachs Sell because the market price of $949.49 trades at an unsustainable 44.9% premium to our Fair value of $655.45, fully pricing in cyclical dealmaking recovery while underestimating binding regulatory capital constraints.4,5
نمای کلی شرکت
Through its global sales force, the company maintains relationships with its clients, receiving orders and distributing investment research, trading ideas, market information and analysis. Much of this connectivity between us and its clients is maintained on technology platforms, including Marquee, and operates globally where markets are open for trading. Marquee provides institutional investors with market intelligence, risk analytics, proprietary datasets and trade execution across multiple asset classes. The Goldman Sachs Group, Inc. offers personalized financial planning to individuals and also provide customized investment advisory solutions, and offer structuring and execution capabilities in securities and derivative products across all major global markets. The Goldman Sachs Group, Inc. also raises deposits from consumers through Marcus by Goldman Sachs (Marcus).
Founded in 1869, the company is headquartered in New York and maintain offices in all major financial centers around the world. The Goldman Sachs Group, Inc. manages and report its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Prior periods are presented on a comparable basis. See “Business — Its Business Segments” in Part I, Item 1 of this Form 10-K for further information.
§2 سناریوی نزولیEN
In a severe macroeconomic downturn combining a dealmaking drought with wider credit spreads, the firm's operating margin could retest the FY2023 trough of 9.91%. Total debt of $897,484,980,224 and binding leverage ratio constraints (SLR) would force balance sheet deleveraging, halting buybacks and pushing fair value down toward the bear scenario valuation target of $556.62.
Protracted freeze in debt underwriting and mergers advisory severely reduces fee pools
Oscillating regulatory capital constraints force balance sheet deleveraging and halt repurchases
Valuation multiples compress across capital markets dealers toward cyclical troughs
A downside path exists where protracted capital market stagnation and credit spread widening depress advisory fees and trading volumes. Binding balance sheet constraints across leverage ratios limit client financing capacity, while valuation multiples de-rate across the wholesale banking peer group. Disconfirmation would occur if investment banking revenues rebound briskly across consecutive quarters.
چگونگی شکست این تز
Severe capital markets slump and credit freeze triggering the analyst bear scenario path
25%· Medium
A synchronized freeze in corporate debt issuance and equity underwriting pushes FY2026 diluted EPS below the low analyst consensus estimate of $65.30, reducing fair value by 13%.1
FV impact
-11.4%
سیگنالهای هشدار اولیه برای پایش
پنج تحولی که می‌تواند تز سرمایه‌گذاری ما را تضعیف کند.
01
operating_margin
Operating margin falling below 15.00% indicates severe deal flow deceleration, invalidating the 18.50% normalized margin thesis.
The Goldman Sachs Group Inc. possesses a Narrow economic moat grounded in its preeminent institutional advisory brand and global market-making scale. Deep corporate boardroom and sponsor relationships allow the firm to enter transaction discussions early and alone, generating significant cross-selling into financing and hedging mandates. Management reported an investment banking backlog at its highest level in five years and second-highest on record, underpinned by a record advisory backlog.
However, a Wide moat rating is precluded by the severe earnings cyclicality inherent in capital markets and binding regulatory constraints. Operating margins dropped to 9.91% in FY2023 before recovering to 17.47% in FY2025, demonstrating exposure to wholesale market volumes that pure-play asset managers avoid.
01Institutional advisory brand and deal distribution relationships — Preeminent advisory franchise and deep sponsor relationships secure early trusted advisor access on major corporate transactions, leading directly into financing and hedging mandates, generating $41,453M in FY2025 Global Banking and Markets revenue.Wide
02Global institutional market making scale and execution breadth — Global scale across trading desks connects clients across Americas ($36,548M revenue), EMEA ($14,155M revenue), and Asia ($7,580M revenue), creating high institutional switching costs for liquidity and complex derivatives execution.Wide
تهدیدات شناخته‌شده برای خندق
تهدید
شدت
بازه زمانی
کاهش
Severe cyclical downturn in M&A dealmaking and corporate underwriting
high
12 to 24 months
Active hedging in fixed income and equities financing, alongside growing fee revenues in Asset and Wealth Management ($16,679M in FY2025).8
Regulatory balance sheet constraints and capital buffer inflation under Basel III
Apply a terminal P/E to the dated forward path, then discount that future share value back to the analysis date.
§5 حساسیت
نرخ تنزیل
رشد نهایی
1.5%
2.0%
2.5%
3.0%
3.5%
8.0%
$718.21
$724.67
$732.30
$741.47
$752.69
9.0%
$681.03
$685.66
$690.99
$697.21
$704.57
10.0%
$648.11
$651.55
$655.45
$659.90
$665.04
11.0%
$618.39
$621.03
$623.97
$627.29
$631.04
12.0%
$591.20
$593.27
$595.56
$598.10
$600.94
ردیف‌ها: نرخ تنزیل (Ke برای سود؛ WACC برای جریان نقدی). ستون‌ها: رشد نهایی.
تغییر مدت (سال)
None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.
مرجع حساسیت
The highlighted cell is Fair value when every assumption sits at its base level ($655.45). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $21.2B after modeled reinvestment of $0, with terminal value at 59.2% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Asset & Wealth Management delivers steady fee growth through alternative asset fundraising
Disciplined capital allocation maintains regulatory compliance while funding modest buybacks
Under the base path with 55.0% probability, investment banking activity normalizes, lifting earnings steadily through FY2030, resulting in a target of $655.45 and an expected return of -31.0% from $949.49. For this path to hold, advisory backlog must convert into completed deals while Asset & Wealth Management maintains steady net inflows. Disconfirmation would occur if deal completions stall or operating margins compress.
Upgrade to Reduce; Do not add capital; re-examine operating expense leverage and evaluate whether advisory backlog momentum can sustain into future quarters.
محرک: Diluted earnings per share and advisory revenues exceed consensus expectations driven by strong underwriting activity
While a cyclical beat confirms near-term investment banking strength, the shares trading at $949.49 remain far above $655.45, keeping the risk-reward profile unfavorable.
مطابق
Maintain Sell; Continue trimming exposure on strength; track regulatory capital buffers and fee growth in alternative asset management.
محرک: Quarterly results meet consensus expectations with steady underwriting and asset management fees
Meeting expectations validates the base operating forecast but does not resolve the valuation premium where $949.49 exceeds $655.45.
کمتر از انتظار
Maintain Sell; Accelerate reduction of holdings and re-evaluate exposure to wholesale capital markets dealers.
Earnings falling below expectations exposes operating margin vulnerability and heightens downside risk toward the lower end of the valuation range.
کیفیت سود
Earnings quality is supported by recurring fee expansion in Asset & Wealth Management and robust revenue realization in advisory services. While cash flows fluctuate with balance sheet financing and trading receivables typical of global dealer banks, underlying earnings reflect genuine operating profits rather than accounting accruals, with share repurchases providing consistent per-share accretion.
معیارهای مهم پیش از انتشار
01
معیار:
Global Advisory and Underwriting Backlog
فعلیBacklog reached five-year high underpinned by record advisory engagements across corporate clients.
چرا مهم است
Backlog levels indicate deal completion momentum over subsequent quarters, directly determining advisory fee revenue and operating profit.
02
معیار:
Alternative Assets Third-Party Capital Fundraising
فعلیGross third-party fundraising reached record levels with alternative assets under management expanding steadily.
Reported operating cash flow was negative $45,154M in FY2025 and free cash flow was negative $47,218M. For a global financial institution, GAAP operating cash flow reflects changes in trading assets, collateral, and client financing receivables rather than true economic cash drain. Physical capex was $2,064M in FY2025, well covered by net income of $17,176M.6,7
تخصیص سرمایه
Capital allocation prioritizes client franchise deployment first, maintaining regulatory capital ratios (CET1 and SLR) above regulatory minimums. Excess capital is returned via dividends ($5,277M in FY2025) and repurchases ($12,360M in FY2025), reducing diluted average shares by 8.2% between FY2023 and FY2025.
Operating profitability has recovered from the FY2023 trough (operating margin 9.91%) to 17.47% in FY2025, driven by operating leverage where revenues expanded ~40% against 30% compensation growth.
Return on equity of 16.90% exceeds the cost of equity of 9.98% by 6.92 percentage points, generating positive economic spread.
The Goldman Sachs Group Inc. (GS) trades at 12.7x forward earnings against a peer median of 15.6x. The comparison uses 4 peers: Morgan Stanley, Robinhood Markets, Inc., The Charles Schwab Corporation and BlackRock Inc., as of 2026-09-23.
§10 صنعت و چرخهEN
فاز چرخه
Expansion
Industry capital intensity shows capex to revenue of 1.6% and capex to depreciation of 1.7x, while the firm's FY2025 capex of $2,064M sits slightly below depreciation of $2,182M.7
چرخه صعودی
An accelerating global corporate transaction cycle driven by private equity sponsor monetization, debt refinancing, and corporate restructuring elevates M&A advisory fees, while market volatility spurs institutional hedging and trading volumes across fixed income and equities.
چرخه نزولی
Higher-for-longer interest rates, geopolitical instability, or regulatory friction stall debt and equity underwriting, while risk-off markets compress client trading activity and trigger valuation markdowns across alternative investment portfolios.
روندهای بلندمدت
روند
تأثیر
یادداشت
Private credit expansion and alternative asset institutionalization
positive
Rapid institutional demand for private credit and infrastructure investments enables third-party asset fundraising ($85B in 1H2026) without consuming bank regulatory balance sheet equity.
Basel III Endgame and tightening global capital requirements
negative
Escalating risk-weighted asset requirements and supplementary leverage ratio (SLR) rules constrain wholesale banks' capacity to deploy balance sheet for trading and financing.
AI infrastructure financing and corporate energy transition
positive
Multi-year capital expenditure programs in artificial intelligence infrastructure and energy require complex syndicated debt packages, project finance, and advisory services.
موقعیت‌یابی
The firm occupies a tier-one position in global dealmaking with an advisory backlog at a five-year high, while strategically shifting origination into Asset & Wealth Management ($16,679M FY2025 revenue) to mitigate regulatory balance sheet constraints.5,8
§11 مدیریت موقعیتEN
اندازه موقعیت
0%
With the shares trading at $949.49 against a Fair value midpoint of $655.45, an underweight or zero allocation is warranted under our Sell rating.4
ریسک
Risk management focuses on protecting capital against valuation compression in an environment where market pricing assumes sustained cyclical expansion. Investors should monitor credit spreads, leverage ratio constraints, and underwriting pipeline conversion.
بخش‌های ورود
سطح
اقدام
چرا
$655.45 (Fair value midpoint)
Re-evaluate valuation support
A pullback to Fair value of $655.45 would eliminate the market premium and restore risk-reward neutrality.
$556.62 (Bear model reference)
Consider initiating disciplined long positions
A decline toward the lower valuation boundary would provide an adequate margin of safety to absorb wholesale banking volatility.
Maintain aggressive underweight stance as cyclical fee recovery stalls.8
cet1_capital_ratio
< 13.00%
§12 دیدگاههای سرمایهگذارانEN
Value Investor
Avoid
Trading at a 44.9% premium to Fair value ($655.45) and a forward P/E of 12.69x, the shares offer no margin of safety against cyclical wholesale downturns.4
Growth Investor
Avoid
While alternative asset fundraising is accelerating ($85B in 1H2026), regulatory capital requirements (CET1/SLR) constrain balance-sheet-intensive trading growth, capping long-term revenue CAGR at 2.5%.5
Income Investor
Hold
The dividend of $20.00 per share is well-supported by $17,176M in annual net income, but share repurchases remain subordinate to regulatory balance sheet constraints.5,7
§14 توصیه نهاییEN
اقدام
فروش
We recommend a Sell rating on The Goldman Sachs Group Inc. as the share price of $949.49 on September 22, 2026 trades at a 44.9% premium to our Fair value of $655.45.4
While the firm benefits from cyclical tailwinds in wholesale dealmaking and an advisory backlog at a five-year high, the market fully discounts an optimistic earnings path while ignoring binding regulatory balance sheet constraints.
§15یادداشتهای شما
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یادداشتهای خصوصی
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۰ نویسه
Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-09-23 · Published 2026-09-23 · Provider-adjusted · cited for ۱ figureCited in سناریوی نزولی, توصیه نهایی
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
The analyst's bear scenario path and multiple as the base case
Trigger
Within 12 months
Valuation de-rating driven by regulatory capital tightening and persistent ROE compression
Oscillating binding regulatory constraints across CET1 and SLR restrict balance sheet capacity, compressing long-term terminal P/E multiple below 10.4x, cutting fair value by 20%.4,5
FV impact
-17.5%
Terminal multiple 20% lower
Trigger
Within 24 months
Prolonged dealmaking downturn reducing medium-term revenue and EPS growth by 10 percentage points
Protracted freeze in M&A advisory and sponsor exits causes medium-term revenue growth in Global Banking and Markets to fall below 13.82% YoY, reducing fair value by 11.1%.8
FV impact
-9.7%
Revenue and EPS growth 10 points lower for five years
Macroeconomic stagflation and sticky interest rates drive the moderate cost of equity above 11.98% from the base 9.98%, eroding equity valuation by 14.4%.2
FV impact
-9.1%
Cost of capital 2 points higher
Trigger
Within 18 months
Full-year diluted EPS falling below the consensus low of $65.30 confirms underwriting volume contraction and activates the bear path.
Private market syndication and client asset distribution network — Alternative AUM reached $459B generating $725M in quarterly management fees, supported by record 1H2026 gross third-party fundraising of $85B and internal routing of private credit originations to wealth management clients.
Moderate
medium
12 to 36 months
Active balance-sheet management and pivoting origination into third-party managed funds rather than retaining assets on balance sheet.5
Limitation: Terminal value is 71.4% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Under the bull path with 20.0% probability, a multi-year global dealmaking boom drives underwriting fees above prior cyclical peaks, producing a target of $865.74 and a return of -8.8% from $949.49. This outcome requires surging corporate restructuring, robust sponsor monetization, and rapid market share gains in Asia. Disconfirmation would appear if market volatility interrupts debt syndication.
Inflows into private equity, private credit, and real assets generate recurring management fees without consuming bank regulatory balance sheet equity.
03
معیار:
Common Equity Tier One and Supplementary Leverage Ratios
فعلیManagement actively navigates oscillating regulatory binding constraints across capital and leverage rules.
چرا مهم است
Regulatory capital ratios dictate balance sheet capacity for client market making and govern the volume of capital return via repurchases.
