The Goldman Sachs Group, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Goldman Sachs enters Q3 2026 earnings season with four consecutive EPS beats, most recently delivering $17.01 versus a $12.86 estimate (32.3% surprise) following Q2 2026's $20.98 EPS on revenue of $38.4B, up 22.9% YoY.
The stock has sold off to $893.95, trading roughly 9% below its 50-day MA of $987.44 and 7% below its 200-day MA of $959.85, with RSI at 34.4 indicating oversold conditions, while the 13.6x P/E sits at a 4.0% discount to the peer median of 14.2x. The combination of confirmed earnings momentum, a compressed multiple, and technically oversold levels creates an asymmetric entry point, though the 26.1x EV/EBITDA at a 16.3% premium to peers and deeply negative FCF margin of -37.8% in FY2025 warrant caution on upside scope.
What could go wrong
- Revenue volatility. Q1 2026 revenue of $17.2B represented a 45.4% YoY decline, and FY2025 revenue fell 1.4% YoY, showing top-line inconsistency that could undermine the earnings beat streak.
- Elevated EV/EBITDA vs peers. EV/EBITDA of 26.1x trades at a 16.3% premium to the peer median of 22.4x, suggesting the market may already price in significant earnings improvement.
- Persistent insider selling. Over 24 months, insiders net sold 181,107 shares for -$164.4M in net value across 279 transactions, with only 9 acquisitions versus 170 dispositions.
- Negative free cash flow. FY2025 FCF of -$47.2B (FCF margin -37.8%) and FY2024 FCF of -$15.3B reflect structural capital intensity that limits shareholder returns and balance-sheet flexibility.
What would change my mind
Where this comes from: earnings vs estimates, 13 Oct · Q2 2026 results · technicals, 12 Oct · peer comparison. Orin's read on GS; not advice.
How has the share price moved?
Up 15.4% over twelve months, from $789.99 on 27 Oct 2025 to $911.77 at the Tue 27 Oct 2026 close. Its highest close in that time was $1,152.07 on 15 Jul 2026; the last close is 20.9% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 5.6M, on 27 Feb 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
- Rose flags: large share sales by the company's own officers and directors, from the Form 4 each one files after trading.
On file
All GS filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $24.2B | 0.4% |
| State Street | $19.0B | 0.6% |
| Vanguard Capital Management | $18.6B | 0.4% |
| JPMorgan Chase | $8.2B | 0.5% |
| Vanguard Portfolio Management | $7.3B | 0.3% |
| Morgan Stanley | $7.1B | 0.4% |
| Geode Capital Management | $7.0B | 0.4% |
| Bank of America | $6.8B | 0.4% |
| FMR | $3.9B | 0.2% |
| Northern Trust | $3.1B | 0.4% |
164 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 303 Form 4 filings; open-market trades net −$175.6M. Of the 50 on hand, 0 were open-market purchases and 23 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about GS
Orin answers questions about GS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 12.9× its last 12 months of profit (Tue 27 Oct close) — higher than in 2 of its last 5 fiscal years (middle 13.9×); the typical Financial Services company on the NYSE is at 17.6×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 12.9×below usual | 13.9× | 17.6× |
| P/S | 2.15×above usual | 1.76× | — |
| P/B | 2.2×above usual | 1.2× | — |
- P/S: for a bank, sales here are gross revenue — interest income plus non-interest revenue, before the interest it pays — so its P/S reads lower than it would on the net revenue in its filings.
- EV/EBITDA: not used for a lender — the debt in its enterprise value is mostly the deposits it lends out.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $1,131 (from $942 to $1,325) — 24% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$1,131
$942 – $1,325 · +24% against the last close
- 6 buy or overweight
- 10 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 12.9× its last 12 months of profit; the middle P/E of the 4 companies it is compared to that made a profit is 13.0×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| GSThe Goldman Sachs Group, Inc. | $265B | 12.9× | n/a | n/a | 18.0% | 18% |
| BACBank of America Corporation | $351B | 11.9× | n/a | n/a | 16.5% | 11% |
| CCitigroup Inc. | $206B | 11.8× | n/a | n/a | 12.5% | 9% |
| JPMJPMorgan Chase & Co. | $893B | 14.1× | n/a | n/a | 21.9% | 18% |
| MSMorgan Stanley | $295B | 14.7× | n/a | n/a | 15.8% | 18% |
- GS, BAC, C, JPM, MS: gross margin is not used (n/a) for a bank, an insurer or a property trust — what it sells is money or space, not goods.
- GS, BAC, C, JPM, MS: EV/EBITDA is not used (n/a) for a lender — the debt in its enterprise value is mostly the deposits it lends out.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 12.9× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now12.9×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Financial Services companies on the NYSE were priced at a typical 17.6× their yearly profit (Tue 27 Oct close).
- Now17.6×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A cash-flow model is not built for a bank or an insurer — its cash moves with deposits, loans and claims — so none is shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.