The Goldman Sachs Group, Inc.

Financial ServicesFinancial - Capital MarketsNYSE

$944.86

Market Cap: $278.74B

The Goldman Sachs Group, Inc. (GS) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$1,548.79 – $4,763.36	$2,422.06	+161.4%
Growth Exit 10Y	$1,552.61 – $4,262.57	$2,305.29	+148.8%
EBITDA Exit 5Y	$1,031.68 – $1,892.67	$1,428.97	+54.2%
EBITDA Exit 10Y	$1,558.41 – $2,892.92	$2,138.29	+130.8%
▸ Trading Multiples
P/E	$922.00 – $1,054.11	$907.75	-2.0%
EV/EBITDA	—	N/A	—
EV/Revenue	-$15.21 – $879.96	$206.09	-77.8%
▸ PEG
PEG Fair Value	$694.09 – $694.09	$694.09	-25.1%
▸ Earnings Power Value
Earnings Power Value	—	N/A	—
▸ Dividend Discount
Dividend Discount	$273.18 – $525.99	$379.47	-59.0%

Valuation History

DCF Analysis

Fair Value

$2,422.06

Market Price

$944.86

Upside / Downside

+156.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The Goldman Sachs Group, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -49.2% to 17.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 764, DPO 4599, DIO 60). At a 9.0% WACC with mid-year discounting, the terminal value (59% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $2422.06 per share, suggesting GS is undervalued by 156.3% at the current price of $944.86.

FCFF Present Value Calculation

WACC

9.04%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	-2,267	-2,376	-2,428	-2,471	-2,911	-2,984
(−) Net Interest	26,461	27,738	28,338	28,850	33,981	34,831
(+) D&A	2,977	2,503	2,234	2,263	2,345	2,404
EBITDA	27,172	27,865	28,145	28,641	33,415	34,251

(−) Tax	0	0	0	0	0	0
(−) CapEx	2,295	2,406	2,458	2,502	2,948	3,021
(−) ΔWC	-367,191	-9,894	-4,645	-3,963	-39,758	-40,752
Free Cash Flow (FCFF)	392,068	35,352	30,332	30,102	70,226	71,982

Terminal Value						1,100,342
WACC / Discount Rate	9.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	375,461	31,048	24,430	22,234	47,570	713,779

Enterprise Value	1,214,521
Projection Period	500,742	41.2%
Terminal Value	713,779	58.8%

(−) Current Net Debt	445,275

Equity Value	769,246
(/) Outstanding Shares	318

Fair Price	$2422.06

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.0%	$3120	$3409	$3761	$4200	$4763
8.0%	$2545	$2740	$2970	$3245	$3582
9.0%	$2124	$2262	$2422	$2608	$2828
10.0%	$1802	$1905	$2020	$2153	$2305
11.0%	$1549	$1627	$1714	$1811	$1922

Current price: $944.86. Green = undervalued, Red = overvalued.

Fair Value

$2,305.29

Market Price

$944.86

Upside / Downside

+144.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The Goldman Sachs Group, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -49.2% to 5.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 764, DPO 4599, DIO 60). At a 9.0% WACC with mid-year discounting, the terminal value (40% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $2305.29 per share, suggesting GS is undervalued by 144.0% at the current price of $944.86.

FCFF Present Value Calculation

WACC

9.04%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	-2,267	-2,376	-2,428	-2,471	-2,911	-3,357	-3,789	-4,183	-4,514	-4,761	-4,880
(−) Net Interest	26,461	27,738	28,338	28,850	33,981	39,188	44,228	48,825	52,696	55,576	56,965
(+) D&A	2,977	2,503	2,234	2,263	2,345	2,522	2,743	3,029	3,384	3,798	3,893
EBITDA	27,172	27,865	28,145	28,641	33,415	38,353	43,182	47,671	51,566	54,613	55,978

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	2,295	2,406	2,458	2,502	2,948	3,399	3,836	4,235	4,571	4,821	4,941
(−) ΔWC	-367,191	-9,894	-4,645	-3,963	-39,758	-40,342	-39,040	-35,615	-29,994	-22,310	-22,868
Free Cash Flow (FCFF)	392,068	35,352	30,332	30,102	70,226	75,296	78,386	79,051	76,989	72,102	73,905

Terminal Value											1,129,738
WACC / Discount Rate	9.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	375,461	31,048	24,430	22,234	47,570	46,775	44,656	41,301	36,888	31,682	475,390

Enterprise Value	1,177,434
Projection Period	702,045	59.6%
Terminal Value	475,390	40.4%

(−) Current Net Debt	445,275

Equity Value	732,159
(/) Outstanding Shares	318

Fair Price	$2305.29

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.0%	$3062	$3273	$3530	$3851	$4263
8.0%	$2511	$2647	$2807	$3000	$3234
9.0%	$2107	$2199	$2305	$2429	$2575
10.0%	$1797	$1862	$1936	$2020	$2117
11.0%	$1553	$1600	$1653	$1712	$1780

Current price: $944.86. Green = undervalued, Red = overvalued.

Fair Value

$1,428.96

Market Price

$944.86

Upside / Downside

+51.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The Goldman Sachs Group, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -49.2% to 17.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 764, DPO 4599, DIO 60). At a 9.0% WACC with mid-year discounting, the terminal value (44% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $1428.97 per share, suggesting GS is undervalued by 51.2% at the current price of $944.86.

FCFF Present Value Calculation

WACC

9.04%

3% – 20%

EV/EBITDA Exit Multiple

17.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	-2,267	-2,376	-2,428	-2,471	-2,911	-2,984
(−) Net Interest	26,461	27,738	28,338	28,850	33,981	34,831
(+) D&A	2,977	2,503	2,234	2,263	2,345	2,404
EBITDA	27,172	27,865	28,145	28,641	33,415	34,251

(−) Tax	0	0	0	0	0	—
(−) CapEx	2,295	2,406	2,458	2,502	2,948	—
(−) ΔWC	-367,191	-9,894	-4,645	-3,963	-39,758	—
Free Cash Flow (FCF)	392,068	35,352	30,332	30,102	70,226	—

Peers' EBITDA Multiple						17.9x
Terminal Value						614,118
WACC / Discount Rate	9.04%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	375,461	31,048	24,430	22,234	47,570	398,371

Enterprise Value	899,113
Projection Period	500,742	55.7%
Terminal Value	398,371	44.3%

(−) Current Net Debt	445,275
Equity Value	453,838
(÷) Outstanding Shares	318M
Fair Price	$1429	+51.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.9x	15.9x	17.9x	19.9x	21.9x
7.0%	$1279	$1432	$1586	$1739	$1893
8.0%	$1212	$1359	$1505	$1652	$1798
9.0%	$1149	$1289	$1429	$1569	$1709
10.0%	$1089	$1223	$1356	$1490	$1624
11.0%	$1032	$1159	$1287	$1415	$1543

Current price: $944.86. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$2,138.28

Market Price

$944.86

Upside / Downside

+126.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The Goldman Sachs Group, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -49.2% to 5.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 764, DPO 4599, DIO 60). At a 9.0% WACC with mid-year discounting, the terminal value (38% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $2138.29 per share, suggesting GS is undervalued by 126.3% at the current price of $944.86.

FCFF Present Value Calculation

WACC

9.04%

3% – 20%

EV/EBITDA Exit Multiple

17.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	-2,267	-2,376	-2,428	-2,471	-2,911	-3,357	-3,789	-4,183	-4,514	-4,761	-4,880
(−) Net Interest	26,461	27,738	28,338	28,850	33,981	39,188	44,228	48,825	52,696	55,576	56,965
(+) D&A	2,977	2,503	2,234	2,263	2,345	2,522	2,743	3,029	3,384	3,798	3,893
EBITDA	27,172	27,865	28,145	28,641	33,415	38,353	43,182	47,671	51,566	54,613	55,978

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	2,295	2,406	2,458	2,502	2,948	3,399	3,836	4,235	4,571	4,821	—
(−) ΔWC	-367,191	-9,894	-4,645	-3,963	-39,758	-40,342	-39,040	-35,615	-29,994	-22,310	—
Free Cash Flow (FCF)	392,068	35,352	30,332	30,102	70,226	75,296	78,386	79,051	76,989	72,102	—

Peers' EBITDA Multiple											17.9x
Terminal Value											1,003,688
WACC / Discount Rate	9.04%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	375,461	31,048	24,430	22,234	47,570	46,775	44,656	41,301	36,888	31,682	422,348

Enterprise Value	1,124,393
Projection Period	702,045	62.4%
Terminal Value	422,348	37.6%

(−) Current Net Debt	445,275
Equity Value	679,118
(÷) Outstanding Shares	318M
Fair Price	$2138	+126.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.9x	15.9x	17.9x	19.9x	21.9x
7.0%	$2179	$2357	$2536	$2714	$2893
8.0%	$2003	$2165	$2328	$2491	$2653
9.0%	$1842	$1990	$2138	$2287	$2435
10.0%	$1694	$1829	$1965	$2100	$2235
11.0%	$1558	$1682	$1806	$1929	$2053

Current price: $944.86. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$907.75

Market Price

$944.86

Upside / Downside

-3.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), The Goldman Sachs Group, Inc. (GS) has a fair value of $907.75 based on 5 comparable companies in the Financial - Capital Markets industry.

P/E Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
The Goldman Sachs Group, Inc.GS	300,088	18.4x	19.3x
HSBC Holdings plcHSBC	311,733	14.9x	10.9x
Morgan StanleyMS	302,289	18.7x	19.3x
Royal Bank of CanadaRY	248,261	17.0x	—
American Express CompanyAXP	214,906	20.5x	17.9x
The Charles Schwab CorporationSCHW	159,153	19.5x	15.1x
Industry Median		18.7x	16.5x
(*) Profit after tax		17,176	15,514
Equity Value		320,577	256,023
(/) Outstanding shares		318	318
Fair Price		$1009	$806

Selected Fair Value (avg of trailing + forward)

$907.75

-3.9%

Fair Value

$206.09

Market Price

$944.86

Upside / Downside

-78.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), The Goldman Sachs Group, Inc. (GS) has a fair value of $206.09 based on 5 comparable companies in the Financial - Capital Markets industry.

EV/Revenue Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
The Goldman Sachs Group, Inc.GS	300,088	6.0x	12.6x
HSBC Holdings plcHSBC	311,733	3.5x	7.1x
Morgan StanleyMS	302,289	5.8x	9.5x
Royal Bank of CanadaRY	248,261	7.9x	—
American Express CompanyAXP	214,906	2.8x	2.8x
The Charles Schwab CorporationSCHW	159,153	5.2x	5.4x
Industry Median		5.2x	6.3x
(*) Revenue		125,097	59,053
= Enterprise Value		651,247	370,209
(-) Net Debt		445,275	445,275
Equity Value		205,972	-75,066
(/) Outstanding shares		318	318
Fair Price		$649	$-236

Selected Fair Value (avg of trailing + forward)

$206.09

-78.2%

PEG Fair Value

Fair Value

$694.09

Market Price

$944.86

Upside / Downside

-26.5%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 11.7% plus 1.9% dividend yield, the company has a fair value of $694.09 based on NTM EPS (FY2026) of $59.09. The current PEG ratio is 1.33.

PEG Ratio

1.33Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 15.7 ÷ (9.8% + 1.9%) = 1.33

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	9.8%
Dividend Yield	+1.9%
Adjusted Growth (clamped 8–25%)	11.7%
Fair P/E	11.7x
NTM EPS (FY2026)	$59.09
Fair Value	$694.09

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$51.32	—	—
FY2026E	$59.09	+15.1%	14
FY2027E	$65.06	+10.1%	15
FY2028E	$70.85	+8.9%	10
FY2029E	$74.66	+5.4%	5

4Y Forward EPS CAGR: 9.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$21.6B	$59.45	—
FY2022	$11.3B	$30.06	-49.4%
FY2023	$8.5B	$22.87	-23.9%
FY2024	$14.3B	$40.54	+77.3%
FY2025	$17.2B	$51.32	+26.6%

4Y Historical EPS CAGR: -3.6%

Dividend Discount Model

Fair Value

$379.47

Market Price

$944.86

Upside / Downside

-59.8%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 10.0% and projected dividend growth of 15.0%, the fair value is $379.47 per share. The DDM range is $273.18 – $525.99 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$16.62

Dividend Yield

1.92%

Payout Ratio

30.7%

Dividend Coverage

3.25x

DPS CAGR (4Y)21.4%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$16.62	30.7%	+23.3%
2024	$13.48	31.5%	+11.3%
2023	$12.11	49.2%	+17.8%
2022	$10.28	32.7%	+34.3%
2021	$7.66	12.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$19.11	15.0%	0.9092	$17.37
2027	$21.97	15.0%	0.8267	$18.16
2028	$25.27	15.0%	0.7516	$18.99
2029	$29.06	15.0%	0.6834	$19.86
2030	$33.42	15.0%	0.6213	$20.76
Terminal Value	$34.25 DPS	2.5%		$284.31

PV of Projected Dividends$95.15

PV of Terminal Value$284.31

Fair Value per Share$379.47

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
8.0%	$485	$505	$526	$526	$526
9.0%	$407	$424	$441	$441	$441
10.0%	$351	$365	$379	$379	$379
11.0%	$307	$320	$332	$332	$332
12.0%	$273	$284	$295	$295	$295

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.